PHOENIX— Citing the sluggish economy, the slow down in travel and intense rate pressure from increasing competition, InnSuites Hospitality Trust posted its fiscal year-end 2003 results, showing a 3% decrease in consolidated revenue from $27.7 million to $26.9 million. In addition, the lodging REIT reported recurring FFO for fiscal year 2003 was $1.4 million or $0.69 per basic share, which excludes the one-time charge for the impairment of one of the Trusts hotels, compared to $272,000 or $0.13 per basic share in the prior year, which excludes the one-time charge for an acquisition. The trusts total net loss attributable to Shares of Beneficial Interest for the fiscal year ended January 31, 2003 was $3.4 million or $1.67 per basic share, compared to a loss of $3.5 million or $1.66 per basic share for the prior fiscal year.
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