Winston Hotels’ 1Q FFO Drops

RALEIGH, NC— Winston Hotels Inc. reported its first-quarter funds from operations (FFO) dropped 29% as business at its hotels slumped in the wake of the Sept. 11 attacks, according to Reuters. Winston, a real estate investment trust, reported FFO of $5 million, or 27 cents a share. That compared with FFO of $7 million, or 38 cents a share, a year ago. The REIT posted a net loss of $1.1 million, or 16 cents a share, compared with a net loss of $1.7 million, or 20 cents a share, last year, RevPAR fell 9.5% in the quarter and the company said it expects to be flat to down 4% in 2002. Winston said it expected to post FFO of between $1.18 and $1.33 a share for the year, according to Reuters. Winston shares were unchanged at $9.47 in May 6 morning trading on the New York Stock Exchange. Source: Reuters