>MHI Hospitality Corporation Reports Financial Results For Fourth Quarter and Year 2009

Share Button

>WILLIAMSBURG, Va., Feb. 23 /PRNewswire-FirstCall/ — MHI Hospitality Corporation(Nasdaq: MDH) (“the Company”), a self-advised lodging real estate investment trust (REIT), today reported its consolidated results for the fourth quarter and year ended December 31, 2009.

HIGHLIGHTS:

— Funds from Operations (“FFO”) increased 155.9% over fourth quarter 2008,
or approximately $0.7 million to approximately $1.2 million, or $0.11
per share, for fourth quarter 2009.
— FFO for the full year was approximately $6.0 million, or $0.55 per
share, versus approximately $6.3 million, or $0.59 per share, for the
full year 2008.
— Total revenue for the quarter decreased 0.6% over fourth quarter 2008,
or approximately $0.1 million, to approximately $17.5 million.
— Total room revenue for the quarter increased 1.1% over fourth quarter
2008, or approximately $0.1 million, to approximately $11.5 million.
— Adjusted operating income for the quarter decreased 8.5% over fourth
quarter 2008, or approximately $0.3 million, to approximately $3.0
million.
— Total assets of approximately $214.0 million at December 31, 2009,
versus approximately $211.2 million at December 31, 2008.

Read more:

About the Author