PHOENIX InnSuites Hospitality Trust reported an increase in Funds From Operations (FFO) to $223,000 from $52,000 for the twelve months ended January 31, 2001 and 2000, respectively. The numbers reflect a charge for uncollectible rent from the Lessee of $2,406,000 before minority interest for the twelve months ended January 31, 2001 and a one-time charge before minority interest of $575,000 for a withdrawn public offering and a charge for uncollectible rent of $1.946 million for the twelve months ended January 31, 2000.
In addition, the Trust has adopted the provisions of the REIT Modernization Act effective on the beginning of our 2002 fiscal year (starting February 1, 2001).
InnSuites Hospitality Trust is a mid-market studio and two-room suite hospitality real estate hotel investment trust with 11 moderate service and full service hotels in Arizona, New Mexico and in Southern California. (5/10/01)