NORFOLK, NE -- (MARKET WIRE) -- 05/07/09 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 122 hotels in 24 states, today announced results for the first quarter ended March 31, 2009.
Revenues from continuing operations for the 2009 first quarter declined 9.6 percent to $23.1 million, compared to the 2008 first quarter. Net loss attributable to common shareholders in the 2009 first quarter was $(2.7) million, or $(0.13) per fully diluted share, compared to $(1.1) million, or $(0.05) per diluted share, in the 2008 first quarter.
Funds from operations (FFO) in the 2009 first quarter was $1.1 million, or $0.05 per diluted share, compared to $2.5 million or $0.12 per diluted share in the 2008 first quarter. Adjusted earnings before interest, taxes, depreciation and amortization, non-controlling interest and preferred stock dividends (Adjusted EBITDA) decreased 40.2 percent to $3.4 million, compared to the 2008 first quarter.
First Quarter Highlights
-- Outperformed the hotel industry in revenue per available room (RevPAR)
with a decline of 8.4 percent, compared to an industry-wide decline of 17.7
percent, according to Smith Travel Research data.
-- Sold one hotel, began marketing seven additional hotels for sale.
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