CLEVELAND Boykin Lodging Company, a hotel REIT, reported financial results for the third quarter and nine-month period ending September 30, 2000.
Third quarter results showed funds from operations (FFO) were $14.2 million versus $14.9 million reported for the same period last year. The third-quarter FFO per diluted share was $0.76 for 2000 versus $0.81 for 1999. Total revenue for the third quarter of 2000 was $26.6 million, compared to $24.8 million in 1999.
RevPAR increased 2.6% to $69.89 from $68.12 last year. Occupancy during the third quarter of 2000 was down 2% to 74.1% from 75.6% the prior year, while the average daily rate increased 4.6% to $94.35 from $90.16 in 1999.
Through the first nine months of 2000, FFO was $38.5 million, or $2.07 per
diluted share, as compared with $39.0 million, or $2.13 per diluted share the year earlier period.
Total revenues for the nine-month period were $73.7 million for 2000 and $68.3 million for 1999. (11/2/00)