Newton REIT Hospitality Properties Trust has reported normalized funds from operations (FFO) of $110.2 million for the quarter ended June 30, a slight increase from $100 million in FFO during the same period last year.
Net income available for common shareholders was $44.2 million for the quarter ended June 30, compared to $15.7 million for the same quarter last year. Net income available for common shareholders for the quarter ended June 30, 2011 includes a $7.3 million, or 6-cents per share, loss on asset impairment. Net income available for common shareholders for the quarter ended June 30, 2010 includes a $6.7 million loss on extinguishment of debt and a $16.4 million loss on asset impairment.
Normalized FFO for the six months ended June 30, were $212.7 million, compared to $194.3 million in normalized FFO for the same period in 2010.
Net income available for common shareholders was $89.8 million for the six months ended June 30, compared to $49.1 million for the same period last year.
For the quarter ended June 30, the average daily rate, or ADR, increased 3.5 percent to $93.64 compared to the same time a year ago. Occupancy increased 3.3 percentage points to 76.2 percent; and, as a result, revenue per available room, or RevPAR, increased by 8.2 percent to $71.35.
