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Results for the quarter ended September 30, 2005:
Net income was $30.6 million for the quarter ended September 30, 2005, compared to $30.7 million for the same quarter last year. Net income available for common shareholders was $28.7 million, or $0.40 per share, for the quarter ended September 30, 2005, compared to $28.8 million, or $0.43 per share, for the same quarter last year.
Funds from operations (FFO) for the quarter ended September 30, 2005 were $69.7 million, or $0.97 per share. This compares to FFO for the quarter ended September 30, 2004 of $59.9 million, or $0.89 per share.
The weighted average number of common shares outstanding totaled 71.9 million and 67.2 million for the quarters ended September 30, 2005 and 2004, respectively.
Results for the nine months ended September 30, 2005:
Net income was $81.7 million for the nine months ended September 30, 2005, compared to $91.2 million for the same period last year. Net income available for common shareholders was $76.0 million, or $1.10 per share, for the nine months ended September 30, 2005, compared to $80.7 million, or $1.22 per share, for the same period last year.
Funds from operations (FFO) for the nine months ended September 30, 2005 were $197.8 million, or $2.86 per share. This compares to FFO for the nine months ended September 30, 2004 of $176.5 million, or $2.66 per share.
The weighted average number of common shares outstanding totaled 69.2 million and 66.3 million for the nine months ended September 30, 2005 and 2004, respectively.
Financing Activities:
On October 6, 2005, HPT raised its regular quarterly common share dividend by $0.01 to $0.73 per common share ($2.92 per share per year). This regular quarterly dividend will be paid to common shareholders of record as of the close of business on October 21, 2005, and distributed on or about November 17, 2005.
In October 2005, the credit ratings of HPT's senior unsecured debt obligations were raised to "BBB" and "Baa2" from "BBB-" and "Baa3" by Standard & Poor's Rating Services and Moody's Investors Service, respectively. The interest rate on drawings under HPT's revolving credit facility was reduced from LIBOR plus 80 basis points to LIBOR plus 65 basis points as a result of these ratings increases.
Investing Activities:
On September 30, 2005, HPT sold its Prime Hotel(SM) located in Atlanta, Georgia for $3.2 million. This hotel was included in a combination management agreement with Carlson Hotels Worldwide, or Carlson, with 11 other former Prime Hotels(SM). On November 1, 2005, HPT acquired a Country Inn & Suites by Carlson(SM) hotel located in Brooklyn Center, Minnesota with 84 guestrooms from Carlson for $4.1 million as a replacement hotel. The remaining 11 Prime Hotels(SM) were rebranded as Carlson owned brands during the second quarter of 2005 and are currently undergoing renovations.
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