Equity Inns Exhibits 44% AFFO Growth, 8.9% RevPAR Jump in Q3 Results
GERMANTOWN, TN, November 2, 2005. The third quarter results have come in for Equity Inns, Inc. with a 44% year-over-year increase in adjusted funds from operations, which moved from $12.9 million up to $18.6 million.
The REIT also reported that its RevPAR increased 8.9% over the third quarter 2004 mark and its ADR jumped 6.6%. Furthermore, adjusted EBITDA rose from $22.1 million in Q3 2004 to $30.1 million in Q2 2005, which is a 36% rise.
In the quarterly report, Equity Inns also revealed that it completed its $22-million purchase of a 145-room, five-year-old Marriott Courtyard in Carlsbad, CA. Huntington Hotel Group sold the asset to Equity Inns, which received a 9.2% cap rate in the deal. The transaction marks Equity Inns first foray into California.
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