Humphrey Hospitality Trust, Inc. Announces Third Quarter 2000 Results

Humphrey Hospitality Trust, Inc. (Nasdaq: HUMP) today announced results for the quarter ended September 30, 2000.  For the three months ended September 30, 2000, funds from operations (FFO) per share, on a diluted basis, decreased by 6% to $0.32 from $0.34 for the same quarter in 1999. For the nine months ended September 30, 2000, FFO per share, on a diluted basis increased by 11% to $1.02 from $.92 for the same period in 1999.  For the three months ended September 30, 2000, lease revenues increased to $8.7 million from $3.2 million and total FFO increased to $3.8 million from $1.9 million.  For the nine months ended September 30, 2000, lease revenues increased to $24.7 million from $9.2 million and total FFO increased to $12.3 million from $5.0 million.


The decrease in FFO per share for the three months ended September 30, 2000 was primarily due to two non-recurring items; a $470,000 charge to interest expense for the refinancing and modification of our Marquette Bank loan and a $560,000 charge resulting from additional fees incurred for expanded services provided by a new financial and administrative services agreement retroactively adjusted to begin January 1, 2000.  If these non-recurring items were excluded, FFO per share for the three and nine months ended September 30, 2000 would have been $.41 and $1.11, respectively.


The increase in FFO per share for the nine months ended September 30, 2000, was primarily due to the inclusion of the merged assets of Supertel Hospitality, which was acquired on October 26, 1999. 


If you exclude the non-recurring charges for our new service agreement and Marquette refinancing we continue to grow FFO as a result of the merger.  Lease revenue growth on a same store basis has been lower than expected due to increased competition, ” said Paul J. Schulte, Chairman and CEO of Humphrey Hospitality Trust, Inc.


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