|
WINSTON
HOTELS, INC.
CONSOLIDATED
STATEMENTS OF INCOME
For
the years ended December 31, 2000, 1999 and 1998
(in
thousands, except per share amounts)
|
|
2000
|
|
1999
|
|
1998
|
| Revenue: |
|
|
|
|
|
|
| Percentage
lease revenue
|
|
$
62,430 |
|
$
62,237 |
|
$
54,945 |
| Interest,
joint venture and other income
|
|
1,289 |
|
433 |
|
249 |
| Total revenue
|
|
63,719
|
|
62,670
|
|
55,194
|
|
|
|
|
|
|
|
| Expenses: |
|
|
|
|
|
|
| Real
estate taxes and property and casualty insurance
|
|
6,630 |
|
6,356 |
|
5,262 |
| General
and administrative
|
|
4,323 |
|
4,236 |
|
3,889 |
| Interest
|
|
13,491 |
|
12,513 |
|
8,314 |
| Depreciation
|
|
21,092 |
|
20,565 |
|
16,389 |
| Amortization
|
|
933 |
|
834 |
|
465 |
| Total expenses
|
|
46,469
|
|
44,504
|
|
34,319
|
| Income
before loss on sale of properties, allocation to |
|
|
|
|
|
|
| minority
interest and cumulative effect of change in
|
|
|
|
|
|
|
| accounting
principle
|
|
17,250 |
|
18,166 |
|
20,875 |
| Loss
on sale of properties |
|
850
|
|
239
|
|
--
|
| Income before allocation to
minority interest and
|
|
|
|
|
|
|
| cumulative effect
of change in accounting principle
|
|
16,400 |
|
17,927 |
|
20,875 |
| Income
allocation to minority interest |
|
677
|
|
1,026
|
|
1,349
|
| Income before cumulative effect
of change in
|
|
|
|
|
|
|
| accounting principle
|
|
15,723
|
|
16,901
|
|
19,526
|
| Cumulative
effect of change in accounting principle - |
|
|
|
|
|
|
| gross
|
|
(720) |
|
-- |
|
-- |
| Cumulative
effect of change in accounting principle - |
|
|
|
|
|
|
| allocation to minority interest
|
|
52 |
|
-- |
|
-- |
| Cumulative
effect of change in accounting principle - net |
|
(668)
|
|
--
|
|
--
|
| Net income
|
|
15,055 |
|
16,901 |
|
19,526 |
| Preferred
stock distribution |
|
(6,938) |
|
(6,938) |
|
(6,938) |
| Net income applicable to common
shareholders
|
|
$
8,117
|
|
$
9,963
|
|
$
12,588
|
|
|
|
|
|
|
|
| Earnings
per share: |
|
|
|
|
|
|
| Income
before cumulative effect of change in
|
|
|
|
|
|
|
| accounting principle per common
share
|
|
$
0.52
|
|
$
0.61
|
|
$
0.77
|
| Income
before cumulative effect of change in
|
|
|
|
|
|
|
| accounting principle per common
share assuming
|
|
|
|
|
|
|
| dilution
|
|
$
0.52
|
|
$
0.61
|
|
$
0.77
|
|
|
|
|
|
|
|
|
Net
income per common share |
|
$
0.48
|
|
$
0.61
|
|
$
0.77
|
|
Net
income per common share assuming dilution |
|
$
0.48
|
|
$
0.61
|
|
$
0.77
|
|
Weighted
average number of common shares |
|
16,890
|
|
16,467
|
|
16,286
|
|
Weighted
average number of common shares |
|
|
|
|
|
|
| assuming
dilution
|
|
18,188
|
|
18,108
|
|
18,040
|
The accompanying notes
are an integral part of the financial statements.
|
