GERMANTOWN, TN Equity Inns reported stronger than expected growth for the first quarter ended March 31, 2001 with FFO of $10.9 million, compared to $10.6 million for the 2000 first quarter. FFO per share was $0.29, compared to $0.28 in the same period a year ago.
The FFO per share results were $0.07 higher than analysts consensus estimates, due to $0.02 from improved operations, $0.01 from a previously announced vendor agreement with a purchasing company and lower interest expense, and a $0.04 tax benefit from recording a deferred tax asset in Equity Inns taxable REIT subsidiary. Furthermore, the company reported that RevPAR was up 5.4% in the quarter, while occupancy increased by 1% and ADR rose 3.9%. (5/3/01)