|
WINSTON
HOTELS, INC.
CONSOLIDATED
BALANCE SHEETS
As
of December 31, 2000 and 1999
($
in thousands, except per share amounts)
ASSETS
|
|
2000
|
1999
|
|
Investment
in hotel properties:
|
|
|
|
Land
|
$
41,948
|
$
42,704
|
|
Buildings and
improvements
|
361,768
|
364,481
|
|
Furniture and
equipment
|
40,539
|
38,348
|
|
Operating properties
|
444,255
|
445,533
|
|
Less accumulated
depreciation
|
77,609
|
58,366
|
|
|
366,646
|
387,167
|
|
Properties under
development
|
236
|
1,703
|
|
Net investment in
hotel properties
|
366,882
|
388,870
|
|
|
|
|
|
Corporate
FF&E, net
|
1,285
|
871
|
|
Cash
|
167
|
28
|
|
Lease
revenue receivable
|
7,127
|
7,611
|
|
Note
receivable
|
1,080
|
--
|
|
Investment
in joint ventures
|
8,700
|
183
|
|
Deferred
expenses, net
|
3,375
|
4,072
|
|
Prepaid
expenses and other assets
|
5,694
|
4,436
|
|
|
|
|
|
Total assets
|
$
394,310
|
$
406,071
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
| Long-term
debt |
$
68,872
|
$
69,975
|
| Due
to banks |
103,800
|
104,500
|
| Deferred
percentage lease revenue |
499
|
--
|
| Accounts
payable and accrued expenses |
6,220
|
5,490
|
| Distributions
payable |
6,829
|
6,806
|
| Minority
interest in Partnership |
9,374
|
10,222
|
|
Total liabilities
|
195,594
|
196,993
|
|
|
|
| Commitments
and contingencies |
|
|
|
|
|
| Shareholders’
equity: |
|
|
|
Preferred stock, $.01
par value, 10,000,000 shares authorized,
|
|
|
|
3,000,000 shares issued
and outstanding (liquidation preference of
|
|
|
|
$76,734)
|
30
|
30
|
|
Common stock, $.01 par
value, 50,000,000 shares authorized,
|
|
|
|
16,897,028 and
16,813,823 shares issued and outstanding
|
169
|
168
|
|
Additional paid-in
capital
|
229,796
|
229,106
|
|
Unearned compensation
|
(771)
|
(524)
|
|
Distributions in excess
of earnings
|
(30,508)
|
(19,702)
|
|
Total shareholders’
equity
|
198,716
|
209,078
|
|
Total liabilities and
shareholders’ equity
|
$ 394,310
|
$ 06,071
|
The accompanying notes are an integral
part of the financial statements. |
