At Adobe, Goodson built and lead a multimillion dollar sales organization
from
the ground up.
"Bill Goodson's remarkable experience building successful sales operations
for
the world's most respected software brands complements Razorsight's
aggressive plans for expansion
in 2006 and beyond," said Charlie Thomas,
Razorsight CEO. Today, several Fortune 500 corporations
have benefited from
Razorsight's technology and returned their initial investment in less than one
year.26 8.88 $75.52 5.97% 69.1%
------------
Three Months Ended
December 31,
December 31, % Inc
2004 2004 2003 (dec)
-----------------------------------------
Summerfield Suites
-----------------------------
Average Daily Rate $92.14%
-----------------------------
------------
Number of hotel properties 11
----
--------
Percent of total rooms 16.28 $52.70% 9.5%
------------
Mountain
(MT, ID, WY, CO, UT, NM, AZ,
NV)
-----------------------------
Average Daily Rate $89
.45 $83.08 $77.04 $101.39%
---------------------
--------
Occupancy 75.6%
-----
-------
Philadelphia
----------------------------
-
Average Daily Rate $94.C.84 8.06% -7.98 9.75%
-----------------------------
Occupancy
83.01%
-----------------------------
RevPAR
$77.25%
-------------
----------------
Third Party Managed
--------
---------------------
Average Daily Rate $117.34 $87.53 3.42%
-----------------------------
RevPAR
$69.80% 6.95% 72.59%
------------
-----------------
Occupancy 71.60%
-----------------------------
Dallas/Ft.88%
-----------------------------
Twelve
Months Ended
December 31,
% Inc
2004
2003 (dec)
-----------------------------
Hartford
-----------------------------
Average Daily Rate
$105.04 2.53 1.22%
--------
---------------------
RevPAR $77.30%
-----------------------------
RevPAR $80
.
quinn etymology
, Razorsight Corporation, a market
leader and innovator of intelligent data capture and financial
analysis
software, today announced that William (Bill) Goodson has joined the company
in the newly
created position of vice president, worldwide sales.06 5.69 $50.56%
-----------------------------
Occupancy 62
.98% 13.72% 66.9%
------------
Percent of room revenue(2)
19.23 8.48 -1.78%
------------------------
-----
RevPAR $56.15 $80.21% 43.12 $84.82%
-----------------------------
Occupancy
64.69 3.45 $83.26% 71.85 -13.92%
-----------------------------
RevPAR $58.59 6.67%
-----------------------------
Middle Atlantic(1)
(NY, NJ, PA)
-----------------------------
Average
Daily Rate $103.87 4.28 $78.33 10. Worth
-----------------------------
Average Daily Rate $80.66
$69.47 $94.77%
-----------------------------
Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------
Washington, D.77 $70.quarterman circa
Razorsight Names Adobe Executive
to Lead Worldwide Sales
FAIRFAX, Va.15 $0.71 25%
---------------------------------
-------------------------------------
Earnings before
interest,
taxes,
depreciation
and
amortization
(EBITDA) $15,353 $10,078 52% $74,276 $50,152 48%
----
------------------------------------------------------------------
Adjusted EBITDA $15,428 $13,857
11% $72,458 $61,869 17%
--------------------------------------------------------------
--------
*In thousands, except per share and percentage change data
FFO, Adjusted
FFO, FFO per share, Adjusted FFO per share, EBITDA
and Adjusted EBITDA are not generally accepted
accounting
principles (GAAP) financial measures and are discussed in further
detail on
pages 6-7.82% -
-----------------------------------
----------
Industrial Revenue December 2014
Bonds(1)
$10,000 3.83%
-----------------------------
------------
Number of hotel properties 51
------------
Percent of total rooms 75.8%
------------
Upscale(1)
-----------------
------------
Average Daily Rate $86.46%
-----------------------------
Occupancy 57.10 $81
.78 $59.89 $45.07 4.87%
----------------------
-------
RevPAR $56.39 $87.71%
-----------------------------
Occupancy 74.28
%
-----------------------------
------------
Number of hotel properties 4
------------
Percent of total rooms 5.71%
-----------------------------
------------
Number of hotel
properties 2
------------
Percent of total rooms
2.44 4.1%
------------
(1) Hotel operating results
exclude one hotel property acquired in
June 2003 which will be converted to a Courtyard hotel, one
hotel
property acquired in June 2004 which will be converted to a Hampton
Inn hotel and one
hotel property acquired in December 2004.78%
----------
-------------------
BY SEGMENT
-----------------------------------------
Upscale Extended
Stay
-----------------------------
Average Daily Rate
$97.21% 73.94% 61.12 $51.48% 76.12 -3.75 $72.64% 11.72%
2.54%
-----------------------------
RevPAR
$67.01 $63.00 7.quine 1655
Razorsight technology helps customers save billions
of dollars, provides a
clear view into business operations, and facilitates compliance with new
corporate
accountability regulations. Razorsight is a privately held company headquartered in Fairfax, VA,
with
offices in Bangalore, India; St.04 275% $0.
FFO and FFO per share for the year 2004
include $4,249,000 in
issuance costs pertaining to the Series A Cumulative Convertible
preferred shares that were redeemed in -----------------------
and 37,966,756 issued and outstanding
,
respectively -------------------------
-------------------------
Additional paid-in capital
396,631 393,349
-------------------------
Unearned compensation (448) (897)
-------------------------
Distributions in excess of earnings
(112,671) (104,720)
-------------------------
Total shareholders' equity 428,892 403,858
-------------------------
Total liabilities and shareholders'
equity
$795,992 $706,740
-------------------------
INNKEEPERS USA TRUST
DEBT COMPOSITION (UNAUDITED)
As of December 31, 2004
(outstanding balance in thousands)
Stated
Outstanding Interest Maturity Encumbered
DEBT Balance
Rate Date Properties
------------------------------------------------------------
----------
---------------------------------------------
Unsecured
Line of July 2007
Credit(1) $60,000 3.20
-------------------------
Preferred share dividend
(2) $2.84 -2.96% 10.79%
----------
-------------------
Occupancy 76.6%
------------
BY SELECTED MSA
-----------------------------
Atlanta
-----------------------------
Average Daily Rate
$86.87% 26.23 $60.24 13.77%
-------------
----------------
------------
Number of hotel properties
3
------------
Percent of total rooms 5.2%
------------
Percent of room revenue(2) 6.68% 4.25%
-----------------------------
Upscale(1)
-----------------------------
Average Daily Rate
$102.24%
-----------------------------
Occupancy
68.52 3.98%
-------
----------------------
Occupancy 77.24 21.95% 47.79 $86
.34%
-----------------------------
Philadelphia
-----------------------------
Average Daily Rate
$94.29 10.68% 65.13 5.19% 6.1655 quint
25%
(2) Adjustment to record $13 million
mortgage at a fair market
interest rate of 7% (the stated interest rate is 10.8% 7.
(5) December 31, 2004 includes Series C Cumulative preferred shares
issued in January 2004 that are
not convertible into common shares.03%
----------------
-------------
Occupancy 70.19% 67.3%
------------
Percent of room revenue(2) 3.55%
-----------------------------
RevPAR $73.56
$47.03 18.25 12.71 3.46%
---------------------
--------
------------
Number of hotel properties 5
------------
Percent of total rooms 8.41 7.94%
-----------------------------
RevPAR
$57.4%
------------
Percent of room revenue
(2) 3.41 7.11% 69.96 -2.08% 71.16%
-
----------------------------
Occupancy 70.45 7.69 $96.08
%
-----------------------------
RevPAR
$69.54%
-------------------------
----
Occupancy 62.71 1.68%
-----------------------------
RevPAR $70.24 $106
.43%
-----------------------------
Occupancy
70.37 -2.64%
-------------
----------------
Denver
---------------------
--------
Average Daily Rate $88.61% 77.00%
-----------------------------
RevPAR $70.51
$67.C. on March 1, 2004, and five
Summerfield Suites by Wyndham hotels previously managed by
affiliates
of Wyndham International, Inc.1744 starting
, where he was
responsible for Federal government sales
, support and professional services
worldwide.20 $8.84% 57.38 $92.1%
------------
Percent of room revenue(2) 10.90 $89.98%
-----------------------------
RevPAR
$67.10 $76.81 8.69%
----------------------
-------
Occupancy 74.45% 0.52%
-----------------------------
------------
Number of hotel properties 1
------------
Percent of
total rooms 0.56% 1.31 $68.80 $34.95%
-----------------------------
------------
Number of hotel
properties 2
------------
Percent of total rooms
3.41% 5.75%
-----------------------------
RevPAR $72.44%
----
-------------------------
Occupancy 72.87 $98.04%
-----------------------------
RevPAR
$77.
(2) Room revenue for the year 2004
(3) 17 of the 60 hotel properties managed by
Innkeepers Hospitality
Management, Inc.96% 4.05 $50.96 3.21% 1.86%
-----------------------------
South Atlantic(1)
(DE, MD,
WV, DC, VA, NC, SC, GA, FL)
---------------------------
--
Average Daily Rate $94.76%
-----------------------------
West South Central (AR, LA, OK, TX)
-----------------------------
Average Daily Rate
$86.51% 2.92 $64.24%
-----------------------------
Occupancy 52.78%
-----------------------------
RevPAR $61.19 $90.36%
-----------------------------
RevPAR
$76.56% 77.20%
----------------------
-------
Occupancy 74.Sites in which the primary focus is the etymology
of a surname and its variants, a one-name study or organization, relevant genealogy, or an associated
family history.
surname 1655
Razorsight's software allows companies to gain substantial value and
intelligence
by capturing, interpreting and transforming unstructured data
from numerous paper and electronic
sources into a database which provides
otherwise unattainable business analysis and cost controls
.18 $0.35 6.13 7.66 $67.2%
------------
Percent
of room revenue(2) 14.74 3.17% -4.09%
-----
------------------------
Occupancy 72.2%
------------
Three Months Ended
December, 31
December 31,
% Inc
2004 2004 2003 (dec)
-----------------------------------------
Boston
-----------------------------
Average Daily Rate
$76.11%
-----------------------------
RevPAR
$61.1%
------------
Denver
-----------------------------
Average Daily Rate
$89.17% -4.97 $56.99% 73.23 $68.38 $94.23 $54.68 $89.44%
-----------------------------
Occupancy
77.35 2.26%
-----------------------
------
BY SELECTED MSA
-----------------------------------------
Atlanta
-----------------------------
Average Daily Rate
$89.08 $37.76% 0.41 9.96% 13.35 $73. on April 1, 2004.quine 1655
75 $25.0%
------------
BY SEGMENT
-----------------------------
Upscale Extended
Stay
-----------------------------
Average Daily Rate
$97.76% -1.16 $61.9%
------------
East
North Central (OH, MI,
IN, IL, WI)
----------------
-------------
Average Daily Rate $88.31%
-----------------------------
RevPAR $67.67%
67.5%
------------
Percent of room revenue(2) 3.67
$67.80 $64.33%
-----------------------------
------------
Number of hotel properties 8
------------
Percent of total rooms 14.92% 70.44 $65.75%
-----------------------------
Occupancy
74.35 $61.65 2.71% -4.40 -1.78 $102.starting q
About Razorsight (http:
//www. The $135 million revolving
unsecured line of credit available balance has been reduced by
a $10
million letter of credit.80%
----------------
-------------
Occupancy 79.79% 57.82%
-----------------------------
Occupancy
70.18 $73.24 2.82%
-----------------------------
RevPAR $58.5%
------------
Percent of room revenue(2) 3.40 6.23 13.52% 74.83% -0.90%
-----------------------------
RevPAR
$66.89 $96.54 $65.89% 73.47%
-----------------
------------
Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------
Summerfield Suites
-----------------------------
Average Daily Rate
$93.06% 86.55%
-----------------------------
Occupancy 63.94%
----
-------------------------
East South Central(1) (KY, TN, AL, MS)
-----------------------------
Average Daily Rate $81
.06 11.78%
-----------------------------
RevPAR
$61.02% 72.23 5.27 $101.89 13.bowers sicily
The
company's products
-- unmatched in the software industry -- automate the job
of managing and auditing invoices into
a 100 percent paperless process.
Business Editors/Travel Editors
PALM BEACH, Fla.81
$0.20% 67.89%
-----------------------------
RevPAR
$71.3%
------------
Mid Priced
(1)
-----------------------------
Average Daily Rate
$85.50 12.9%
------------
Middle Atlantic
(1)
(NY, NJ, PA)
-----------------------------
Average Daily Rate $101.46%
------
-----------------------
------------
Number of hotel properties
12
------------
Percent of total rooms 16.0
%
------------
East South Central(1)
(KY, TN, AL, MS)
-----------------------------
Average Daily Rate
$81.2%
------------
Three Months Ended
December 31
,
December 31, % Inc
2004 2004 2003 (dec)
-----------------------
------------------
West North Central
(MN, IA, MO, KS, NE, SD, ND)
-----------------------------
Average Daily Rate $79
.66% 71.37% 4.88 $90.65 2.99 5.98 1.15%
-----------------------------
RevPAR $41.46% 63.98
1.12 -3.26 $66.59 4.63 14.52%
----------
-------------------
RevPAR $77.greenland 1744
% Year Year %
4Q 2004* 4Q 2003* Change* 2004*
2003* Change*
----------------------------------------------------------------------
Net
loss
applicable to
common
shareholders $(2,340) $(7,359) 68% $(1,138) $(18,144)
94%
----------------------------------------------------------------------
Diluted loss per
share $(0.89 $0.28%
----------------------
-------
RevPAR $66.99%
-----------------------------
RevPAR $42.7%
------------
West South Central
(AR, LA, OK, TX)
-----------------------------
Average Daily Rate
$88.1%
------------
Pacific
(WA, OR, CA, AK, HI)
-----------------------------
Average Daily Rate
$102.4%
------------
Percent of room revenue(2
) 31.72 23.79 $50.8%
------------
Percent of room revenue
(2) 5.37 8.37 7.66 5.88 $76.07% 70.76% 4.32%
-----------------------------
Occupancy 73.85
3.57%
-----------------------------
RevPAR
$67.47%
----------------
-------------
Mountain (MT, ID, WY, CO, UT, NM, AZ, NV)
-----------------------------
Average Daily Rate $88.22 $86
.97% 58.59 $79.64% 75.bowers starting
His organization at Adobe was responsible for professional
services
, field marketing and business development.15 $0.74 $89.0%
---
---------
Percent of room revenue(2) 100.6%
------------
BY MANAGEMENT COMPANY
-----------------------------
Innkeepers Hospitality Management(1)(3
)
-----------------------------
Average Daily Rate
$94.77% 68.4%
------------
Percent of
room revenue(2) 98.24% 64.47 $90.12 -0.81 $97.82 $83.02%
-----------------------------
RevPAR
$57.8%
------------
Percent of room revenue(2) 0.98
7.2%
------------
Chicago
-----------------------------
Average Daily Rate $88. Worth
-----------------------------
Average Daily Rate
$80.41%
-----------------------------
RevPAR $70.26% 5.45%
-----------------------------
Occupancy 73.70%
-----------------------------
Occupancy
67.89% 60.68% 3.38 1.22 $86.67%
-----------------------------
RevPAR $60.04 4.49 $63
.65%
-----------------------------
Chicago
-----------------------------
Average Daily Rate
$88.62%
-----------------------------
San Francisco/San Jose/Oakland
-----------------
------------
Average Daily Rate $103.51 4.surname circa
03) $(0.08 $63.06%
-----------------------------
RevPAR
$55.36% 29.06%
---------------------
--------
------------
Number of hotel properties 4
------------
Percent of total rooms 6.86 1.55
7. during a portion of the year 2003.42 $92.94 $83.54%
-----------------------------
RevPAR $74.76 $88.15
1.95 $91.74 $53.87 2.25 3.12%
-------
----------------------
Occupancy 76.surnames q
He holds a Bachelor of Science
degree in Business
Administration from Virginia Tech.49) 94%
------------------------------
----------------------------------------
Funds from
operations
(FFO) $5,796 $1
,464 296% $31,418 $15,893 98%
---------------------------------------------------------
-------------
Adjusted FFO $5,867 $5,243 12% $34,631 $27,553 26%
------------
----------------------------------------------------------
FFO per share $0.8%(3) 5 years(4
) 39
---------------------------------------------
(1) Variable
rated debt.63%
-----------------------------
RevPAR
$53.56 5.51% 80.66 $70.06% 3.45%
-----------------------------
---------
---
Number of hotel properties 1
------------
Percent
of total rooms 2.7%
------------
Percent of room revenue
(2) 15.62 15.05% 73.10%
--------------------
---------
Occupancy 65.75% 7.21 17.78 $66.31% 80. on
April 1, 2004.
INNKEEPERS USA TRUST
HOTEL OPERATING
RESULTS (UNAUDITED)
Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------
PORTFOLIO(1)
----------
------------------------------------------------------------
Average Daily Rate
$95.72 $70.19%
-----------------------------
RevPAR $56.07 8.22 $78.43%
-----------------------------
Occupancy 70.92
$64.43%
-----------------------------
Detroit
-----------------------------
Average Daily Rate
$90.34 $83.88% 1.1744 variants
By focusing on the significant volume of invoices received
by
businesses, Razorsight has quickly established a market-leading position with
its intelligent
data capture and financial management software platform. The company was originally founded to automate
the data capture
and analysis of complex invoices for the nation's largest telecommunications
providers
.
17
-------------------------
Common
share dividend yield(1) 1.26%
---------
--------------------
------------
Number of hotel properties
2
------------
Percent of total rooms 4.73
%
-----------------------------
------------
Number of hotel properties 13
------------
Percent of total rooms 20.20 5.04 10.00 $83.63% -2.19% 69
.4%
------------
Percent of room revenue(2) 7.39%
-----------------------------
------------
Number of hotel properties 2
------
------
Percent of total rooms 3.9%
------------
Richmond
-----------------------------
Average
Daily Rate $88.43% -21.10%
-----
------------------------
Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------
BY GEOGRAPHIC REGION
-----------------------------------------
New England (ME, NH, VT, MA, CT, RI)
-----------------------------
Average Daily Rate
$91.26 $99.17 $63.43%
-------------------------
----
Pacific (WA, OR, CA, AK, HI)
---------------
--------------
Average Daily Rate $102.81 8.64% 4.
(2) Room revenue
for the year 2004
(3) 17 of the 60 hotel properties managed by Innkeepers Hospitality
Management
, Inc.quarterman quagliata
62%
-----------------------------
Occupancy
71.64 $87.8%
------------
Percent
of room revenue(2) 13.78% -23.6%
------------
Percent of
room revenue(2) 1.83%
--------------------------
---
------------
Number of hotel properties 10
------------
Percent of total rooms 13.1%
------------
South Atlantic(1)
(DE, MD, WV, DC, VA, NC, SC,
GA, FL
)
-----------------------------
Average Daily Rate
$91.26%
-------------------------
----
RevPAR $64.07%
-----------------------------
RevPAR $64.54%
-----------------------------
RevPAR
$74.27%
-----------------------------
------------
Number of hotel properties 2
------------
Percent of total rooms 3.08%
-----------------------------
Occupancy 76
.4%
------------
Percent of room revenue(2) 4.3%
------------
Three Months
Ended
December 31,
December
31, % Inc
2004 2004 2003 (dec
)
-----------------------------------------
Hartford
-----------------------------
Average Daily Rate
$104.0%
------------
Percent of room revenue(2)
10.0%
------------
Three Months Ended
December 31,
December 31, % Inc
2004
2004 2003 (dec)
-----------------------------------------
Washington, D.42% 71.42 $67.94 4.11% 82.55 $62.13 $57.61% 1.25 3.45
$78. IHM
assumed management of one Sunrise Suites hotel previously managed by
affiliates
of Wyndham International, Inc.descendants greenland
"He brings great value and additional experience to our
management
team. In addition to
saving personnel time and money, Razorsight delivers a new, higher level of
visibility for finance executives while also facilitating Sarbanes-Oxley
compliance.73 9.89
% 2.3%
------------
Percent of room revenue(2) 80.25
15.00 $80.72 4.2%
------------
Hampton Inn(1)
-----------------------------
Average Daily Rate
$87.55%
-----------------------------
Occupancy 49.80% 0.96 $85.52 $87.76% 51.08 -4.60%
-----------------------------
------------
Number of hotel properties 4
----
--------
Percent of total rooms 6.80% 68.53%
-----------------------------
Occupancy 64.12 $72.68
%
-----------------------------
------------
Number of hotel properties 2
------------
Percent of total rooms 2.83 -1.17%
-----------------------------
RevPAR $70.31
-0.00 3.64%
-----------------------------
RevPAR
$54.51 8.05 6.07%
-----------------------------
RevPAR $79.60%
-----------------------------
Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
--------------------
---------
Boston
-----------------------------
Average Daily Rate $77.13% -0.22%
-----------------------------
Occupancy 74.surnames parsons
17% October 2007
8
---------------------------------------------
Term Loan #2
$36,000 8.04 $2.4%
------------
-------------
DEBT COVERAGE
------------------
-------
Debt weighted average interest rate 6.51 $60.90%
-----------------------------
RevPAR
$70.74%
-----------------------------
------------
Number of hotel properties 44
------------
Percent of total rooms 64.03%
-----------------------------
------------
Number
of hotel properties 65
------------
Percent of total rooms
97.63%
-----------------------------
------------
Number of hotel properties 5
------------
Percent of total rooms 7.38% 69.59 5.18% 3.74
13.27 $96.37 25.14%
--------------------------
---
RevPAR $78.3%
----------
--
San Francisco/San
Jose/Oakland
-----------
------------------
Average Daily Rate $103.07% 66.21 4.24 3.40
% 4.41 $72.46% 69.15%
-------------------------
----
Occupancy 86.33% 80.27%
-----------------------------
Twelve Months
Ended
December 31,
% Inc
2004 2003
(dec)
-----------------------------
West North
Central
(MN, IA, MO, KS, NE, SD, ND)
--------------
---------------
Average Daily Rate $81.19% 73.86 2.00%
-----------------------------
Occupancy
79.08 $102.61% 70. during a portion of the year 2003.
surname starting
Goodson, a former
managing director of North America and Canadian public
sector sales for Adobe Systems, will be responsible
for leading the expansion
of Razorsight's direct sales organization and channel partner program into
additional commercial and government markets.----Innkeepers USA
Trust (NYSE: KPA), a hotel real
estate investment trust (REIT) and a
leading owner of upscale extended-stay hotel properties throughout
the
United States, today announced results for the fourth quarter and the
year 2004.41 98
%
----------------------------------------------------------------------
Adjusted FFO per
share
$0.9% 8.52%
------------------------
-----
------------
Number of hotel properties 66
------------
Percent of total rooms 100.68 5.44%
-----------------------------
RevPAR
$58.96%
-----------------------------
Occupancy 70.17 10.08%
-----------------------------
------------
Number of hotel
properties 13
------------
Percent of total rooms
20.10 $59.24%
-----------------------------
Occupancy 64.91%
----
-------------------------
RevPAR $59.54 $83.25 $94.09
$69.77 2.05 12.81%
---------------------------
--
Occupancy 78.80% 7.34%
-----------------------------
RevPAR $57.57% 72
.etymology quint
"
Goodson earlier served as a director for Virginia-based Commerce One, and
spent a decade
as regional director of North American sales for enterprise
software leader Sybase.
An estimated
80 percent of corporate data today is unstructured and
unusable, with 86 percent of invoices still
being printed on paper (Gartner,
Aberdeen Group).Innkeepers USA Trust Announces Fourth Quarter and
Year 2004 Earnings; RevPAR Increases 9.5 Percent in Fourth Quarter
20) 70% $(0.16% October
2009 8
---------------------------------------------
Term Loan
#5 $50,000 7.75% January 2011 6
----------------
-----------------------------
Mortgage $13,000 10.94% 70.41 $46.83%
-----------------------------
RevPAR
$71.01 $55.40 $52.6%
------------
Percent
of room revenue(2) 5.58%
-----------------------
------
Occupancy 75.59 $93.43%
-----------------------------
------------
Number of hotel properties 6
------------
Percent of
total rooms 9.(1)
--------------------------
---
Average Daily Rate $112. (IHM) were previously managed by affiliates of
Marriott International, Inc. on March 1, 2004, and five
Summerfield Suites by Wyndham hotels
previously managed by affiliates
of Wyndham International, Inc.29%
-----------------------------
Occupancy 77.24
6.73% 6.76 $83.95%
---------------------------
--
BY MANAGEMENT COMPANY
-----------------------------------------
Innkeepers Hospitality
Management(1)(3)
-----------------------------
Average
Daily Rate $95.40%
--------------
---------------
Occupancy 74.09%
-----------------------------
East North Central (OH, MI, IN, IL, WI)
-----------------------------
Average Daily Rate
$87.15% 2.31 $99.25% 23.24 $55.19% 73.1655 q
com)
Razorsight Corporation
has experienced rapid growth since its founding,
fueled by strong market response to its innovative
business intelligence
software.5%
---------------
----------
Debt to investment in hotel properties 30% 27%
-------------------------
Debt and preferred shares to investment
in hotel properties 46% 41%
-------------------------
Debt to market capitalization
28% 33%
-------------------------
Debt and preferred shares to market
capitalization 41%
49%
-------------------------
LIQUIDITY/FLEXIBILITY
-------------------------
Debt Due 2004
- $5,000
-------
------------------
Debt Due 2005 $6,000 $6,000
-------------------------
Debt Due 2006
$7,000 $7,000
-----------------
--------
Debt Due 2007 and thereafter $274,000 $214,000
-------------------------
-------------------------
Unencumbered hotel assets(3) 43% 42
%
-------------------------
Unsecured Line of
Credit Outstanding
Balance $60,000 $0
-------------------------
Unsecured Line of Credit Available
Balance(4) $65,000 $125,000
-------------------------
SHARES AND UNITS OUTSTANDING
-------------------------
Common Shares
37,966,756 37,563,499
-------------------------
Common Partnership Units 1,117,056 1,167,236
-------------------------
Preferred Partnership Units 3,884,469
3,884,469
-------------------------
Preferred
Shares(5) 5,800,000 6,857,493
-------------------------
(1) Regular common share dividends declared for the year 2004 and
regular and special common share dividends declared for the year 2003
(2) Regular preferred share
dividends declared for the years 2004 and
2003
(3) Based upon the number of hotels
(4) The
actual amount that may be borrowed is contingent upon many
factors, such as compliance with unsecured
line of credit covenants
and the use of proceeds from borrowings.
INNKEEPERS USA TRUST
HOTEL OPERATING RESULTS (UNAUDITED)
Three Months Ended
December
31,
December 31, % Inc
2004 2004 2003 (dec)
--------------------
---------------------
PORTFOLIO(1)
----------------------------- --------------
---------------
Average Daily Rate $94.35%
-----------------------------
RevPAR $49.9%
------------
BY FRANCHISE AFFILIATION
-----------------------
------
Residence Inn
-----------------------------
Average Daily Rate $97.36%
----
-------------------------
Occupancy 63.56 -14.8%
------------
Three Months Ended
December 31,
December
31, % Inc
2004 2004 2003 (dec
)
-----------------------------------------
BY GEOGRAPHIC REGION
-----------------------------
New England
(ME, NH, VT, MA, CT, RI)
-----------------------------
Average Daily Rate $89
.72%
-----------------------------
Occupancy
65.87% 4.46 10.22%
----
-------------------------
------------
Number of hotel properties
2
------------
Percent of total rooms 2.1
%
------------
Percent of room revenue(2) 2.86 1.73
%
-----------------------------
------------
Number of hotel properties 16
------------
Percent of total rooms 27.6%
---------
---
Dallas/Ft.19% 14.86 5.05 $70.09 $91.66%
-----------------------------
RevPAR $63.00 $83.08
% 75.62 $59.71% -4.98%
-------------------------
----
Occupancy 73.67%
-----------------------------
RevPAR $72.quarterman quint
Before joining
Adobe,
Goodson was vice president for federal sales at PeopleSoft, Inc. The stated interest rate
of the industrial
revenue bonds includes an annual letter of credit fee of 1.37
-------------------------
Common share dividend(1)
$0.02 $65.56% -15.32% 9.15 15.40%
-
----------------------------
Occupancy 69.32 $77.24%
-----------------------------
Occupancy
64.1%
------------
Detroit
-----------------------------
Average Daily Rate
$92.01%
-----------------------------
RevPAR
$71.52%
----------------
-------------
Occupancy 68.31%
-----------------------------
BY FRANCHISE AFFILIATION
----------------------
-------------------
Residence Inn
-------------------
----------
Average Daily Rate $97.75%
-----------------------------
Occupancy 76.53%
-----------------------------
Hampton Inn(1)
-----------------------------
Average Daily Rate
$87.57 10.01%
-----------------------
------
RevPAR $76.94% 67.66 6.79 -0.(1)
-----------------------------
Average Daily Rate
$108.nh augustus
Razorsight. Louis, MO; Denver, CO; and Rochester,
NY.14 7% $0.02% April
2010 8
---------------------------------------------
Term Loan
#4 $56,000 7.35% June 2010 1
----------------
-----------------------------
Adjustment(2) $2,000 - - -
---------------------------------------------
TOTAL
$287,000 6.35%)
(3) Weighted average calculated using the stated interest rate
(4) Weighted average
maturity
INNKEEPERS USA TRUST
CONSOLIDATED STATEMENTS
OF CASH FLOWS (UNAUDITED)
(in thousands)
Twelve Months Ended
December 31,
2004 2003
--------------------
--------------------
Cash flows from operating activities:
--------------------
Net income (loss)
$14,600 ($8,161)
---------------
-----
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
--------------------
------------------
--
Depreciation and amortization 36,883 37,182
--------------------
Minority interests
4,240 3,709
--------------------
Loss on hotels classified as held for sale
included in discontinued operations
626 15,243
--------------------
Loss (Gain) on sale of hotels included in
discontinued operations
(782) 57
--------------------
Changes
in operating assets and liabilities:
---------
-----------
Accounts receivable 3,514 693
--------------------
Prepaids and inventory
(745) 323
---------------
-----
Accounts payable and accrued expenses 3,681 1,282
--------------------
Payable to manager
(602) 811
--------------------
Net cash provided by operating activities $61,415 $51,139
--------------------
--------------------
Cash flows from investing activities:
--------------------
Investment in hotel properties ($110,194)
($35,663)
--------------------
Deposit for
acquisition of hotel properties (1,784) 0
--------------------
Proceeds from sale of hotels 8,727 1,990
--------------------
Net withdrawals (deposits
) into restricted cash
and cash equivalents (3,195) 6,565
--------------------
Lease acquisition
(1,336) (3,895)
---
-----------------
Payment of franchise fees (272) (10)
--------------------
Repayment of advances
325 0
--------
------------
Net cash used in investing activities ($107,729) ($31,013)
--------------------
--------------------
Cash flows from financing activities:
--------------------
Proceeds from debt issuance
$85,574 $0
--------------------
Payments on debt (30,883) (4,556)
--------------------
Payments on franchise conversion obligations
(120) 0
--------------------
Distributions paid to unit holders (4,442) (4,624)
--------------------
Distributions paid to shareholders (16
,862) (21,241)
--------------------
Redemption
of shares and units (115,730) (1,055)
--------------------
Proceeds from issuance of common and preferred
shares
143,155 (153)
--------------------
Loan origination fees and costs paid (1,127)
(278)
--------------------
Net cash provided
(used) by financing
activities $59,565 ($31,907)
--------------------
--------------------
Net increase (decrease) in cash and cash
equivalents
$13,251 ($11,781)
--------------------
Cash and cash equivalents at beginning of period 9,586 21
,367
--------------------
Cash and cash equivalents
at end of period $22,837 $9,586
--
------------------
Supplemental cash flow information:
--------------------
Interest paid $18,146 $17
,454
--------------------
INNKEEPERS USA TRUST
OTHER DATA (UNAUDITED)
(in thousands, except shares data)
December 31, December
31,
2004 2003
-------------------------
CAPITALIZATION
-------------------------
Common share market capitalization $539,000
$314,000
-------------------------
Market capitalization
$1,042,000 $704,000
----------
---------------
Common share closing price $14.4%
------------
Percent of room revenue(2) 15.77% 57.71 5.09% 63.91%
-----------------------------
Occupancy
56.45% 59.94%
----------------------
-------
RevPAR $57.61 2.3%
------------
Percent of room revenue(2) 2.60 6.95 7.79%
-----------------------------
RevPAR
$75.84%
-----------------------------
Mid Priced
(1)
-----------------------------
Average Daily Rate
$85.01%
-------------------------
----
Occupancy 65.66%
-----------------------------
Occupancy 63.37% 60.55%
-----------------------------
RevPAR
$63.66%
-----------------------------
Occupancy 74.73 $74.85 $90.51%
-----------------------------
Occupancy 76.61%
-----------------------------
Seattle/Portland
-----------------------------
Average Daily Rate
$98.
quine variants
00% -
-----------------
----------------------------
Term Loan #1 $24,000 8.15% March 2009 8
---------------------------------------------
Term Loan #3
$36,000 7.3% 2.0%
-----------------------
--
Preferred share closing price $25.
December 31, 2003 includes Series A Cumulative
convertible preferred
shares which were redeemed in January 2004 and assumes the conversion
of these preferred shares into common shares.37 $92.77%
-----------------------------
Occupancy 72.27% 3.86
9.4%
------------
Percent of room revenue(2) 69.40 $49
.85 $52.00 4.28%
-----------------------------
Occupancy 65.51%
----
-------------------------
Occupancy 78.97 $56.64%
-----------------------------
RevPAR
$42.55 5.97 $89.00 6.89% -6.2%
------------
Percent of room revenue(2) 2.5%
------------
Percent
of room revenue(2) 16.56 14.88% -5. IHM
assumed management of one Sunrise Suites hotel
previously managed by
affiliates of Wyndham International, Inc.15 3.00% 73.68% 5.84%
-----------------------------
RevPAR
$70.22%
-----------------------------
Occupancy 64.02 1.41%
-----------------------------
Richmond
-
----------------------------
Average Daily Rate $91.38% 1.94%
-----------------------------
(1) Hotel operating results
exclude one hotel property acquired in
June 2003 which will be converted to a Courtyard hotel, one
hotel
property acquired in June 2004 which will be converted to a Hampton
Inn hotel and one
hotel property acquired in December 2004.quint circa
06) $(0.11
-------------------------
Preferred share dividend yield(2) 7.97% 3.16%
-----------------------------
------------
Number of hotel properties 6
----
--------
Percent of total rooms 9.2%
------------
Third Party Managed
-----------------------------
Average Daily Rate $86.0%
------------
Percent of room revenue(2) 5.96% 80.74 $56.80% 68.95%
-----------------------------
------------
Number of hotel properties 2
------------
Percent of
total rooms 3.7%
------------
Percent of room revenue
(2) 2.6%
------------
Percent of room revenue(2)
6.62% -7.84%
-----------------------------
------------
Number of hotel properties 3
------------
Percent of total rooms 4.3%
------------
Seattle/Portland
--------------
---------------
Average Daily Rate $97.00% -0.53% -4.08%
-----------------------------
RevPAR
$76.99% 78.51% -0.55%
-------------------
----------
RevPAR $64.22 $86.19%
-----------------------------
Occupancy 78
. (IHM) were previously managed by affiliates of
Marriott International, Inc.parsons surnames
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