Supertel Hospitality Inc. (SPPR, Financial) filed Quarterly Report for the period ended 2012-06-30.
Supertel Hospitality Inc has a market cap of $20.1 million; its shares were traded at around $0.85 with a P/E ratio of 4.4 and P/S ratio of 0.3.
The income tax expense from continuing operations is related to the taxable income from our taxable subsidiary, the TRS Lessee. Management believes the combined federal and state income tax rate for the TRS Lessee will be approximately 38%. The tax expense is a result of TRS Lessees income for the three months ended June 30, 2012. The income tax will vary based on the taxable earnings or loss of the TRS Lessee.
Revenues from continuing operations for the six months ended June 30, 2012 compared to the six months ended June 30, 2011, increased $1.5 million or 4.2%, reflecting an increase in ADR for the same store portfolio, in addition to $0.4 million in revenue resulting from the purchase of a Hilton Garden Inn during 2012. The same store portfolio used for comparison of the six months of 2012 over the same period of 2011 consists of the 74 hotels in continuing operations that were owned by the Company as of January 1, 2011. Our 21 upper midscale hotels had increased ADR of 1.8%, an increase in occupancy of 5.3% to 65.9%, and RevPAR of $46.03, up 7.1%. Our six same store midscale hotels reflected an ADR increase of 2.0% to $62.66, an increase in occupancy of 9.1% and a RevPAR increase of 11.3% to $32.27. Our 40 same store economy hotels reflected an ADR increase of 2.3% to $49.25, a 2.8% decrease in occupancy and a RevPAR decrease of 0.6% to $29.48 for the first six months of 2012 over the same period of 2011. Our seven same store extended stay properties reflected an ADR increase of 4.0% to $24.55, a decline in occupancy of 4.1% and a RevPAR decrease of 0.3% to $17.63. During the first six months of 2012 compared to the year ago period, ADR for the entire 74 same store hotel portfolio increased 3.4% to $50.57 and RevPAR increased 2.9% to $31.82. The occupancy for all same store hotels for the six months ended June 30, 2012 decreased 0.5% from that of the year ago period.
On March 29, 2011, we entered into an equity distribution agreement with JMP Securities LLC (JMP) pursuant to which we may offer and sell up to 2.0 million shares of common stock from time to time through JMP. Sales of shares of the Company common stock, if any, under the agreement may be made in negotiated transactions or other transactions that are deemed to be at the market offerings, including sales made directly on the Nasdaq Global Market or sales made to or through a market maker other than on an exchange. The common stock will be sold pursuant to our registration statement on Form S-3 (333-170756). During the six months ended June 30, 2012 no shares were issued.
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Supertel Hospitality Inc has a market cap of $20.1 million; its shares were traded at around $0.85 with a P/E ratio of 4.4 and P/S ratio of 0.3.
Highlight of Business Operations:
Revenues from continuing operations for the three months ended June 30, 2012 compared to the three months ended June 30, 2011, increased $1.1 million or 5.5%. Of the variance, $0.4 million was due to the purchase of a Hilton Garden Inn during the second quarter of 2012, with the remainder of the increase primarily due to the increase in average daily rate (ADR) for the same store portfolio. We refer to our entire portfolio as select service hotels which we further describe as upscale hotels, upper midscale hotels, midscale hotels, economy hotels and extended stay hotels. The same store portfolio used for comparison of the second quarter of 2012 over the same period of 2011 consists of the 74 hotels in continuing operations that were owned by the Company as of April 1, 2011. Compared to the year ago period, ADR for the entire 74 same store hotel portfolio increased 3.1% to $52.54 and revenue per available room (RevPAR) increased 3.9% to $35.69. The occupancy for all same store hotels for the three months ended June 30, 2012 increased 0.7% from that of the year ago period. Our 21 upper midscale hotels reflected an ADR increase of 2.5% to $72.99, an increase in occupancy of 2.4%, and a RevPAR increase of 4.9% to $51.95. Our six same store midscale hotels reflected an ADR increase of 2.0% to $64.83, an increase in occupancy of 18.9% and a RevPAR increase of 21.3% to $36.68 for the second quarter of 2012 over the same period of 2011. Our 40 same store economy hotels reflected an ADR increase of 2.0% to $50.47, a 0.6% decrease in occupancy and a RevPAR increase of 1.4% to $33.54 for the second quarter of 2012 over the same period of 2011. Occupancy for the seven same store extended stay properties dropped 1.9%, and RevPAR was up 2.0% to $17.72. ADR increased 4.0% to $24.71.The income tax expense from continuing operations is related to the taxable income from our taxable subsidiary, the TRS Lessee. Management believes the combined federal and state income tax rate for the TRS Lessee will be approximately 38%. The tax expense is a result of TRS Lessees income for the three months ended June 30, 2012. The income tax will vary based on the taxable earnings or loss of the TRS Lessee.
Revenues from continuing operations for the six months ended June 30, 2012 compared to the six months ended June 30, 2011, increased $1.5 million or 4.2%, reflecting an increase in ADR for the same store portfolio, in addition to $0.4 million in revenue resulting from the purchase of a Hilton Garden Inn during 2012. The same store portfolio used for comparison of the six months of 2012 over the same period of 2011 consists of the 74 hotels in continuing operations that were owned by the Company as of January 1, 2011. Our 21 upper midscale hotels had increased ADR of 1.8%, an increase in occupancy of 5.3% to 65.9%, and RevPAR of $46.03, up 7.1%. Our six same store midscale hotels reflected an ADR increase of 2.0% to $62.66, an increase in occupancy of 9.1% and a RevPAR increase of 11.3% to $32.27. Our 40 same store economy hotels reflected an ADR increase of 2.3% to $49.25, a 2.8% decrease in occupancy and a RevPAR decrease of 0.6% to $29.48 for the first six months of 2012 over the same period of 2011. Our seven same store extended stay properties reflected an ADR increase of 4.0% to $24.55, a decline in occupancy of 4.1% and a RevPAR decrease of 0.3% to $17.63. During the first six months of 2012 compared to the year ago period, ADR for the entire 74 same store hotel portfolio increased 3.4% to $50.57 and RevPAR increased 2.9% to $31.82. The occupancy for all same store hotels for the six months ended June 30, 2012 decreased 0.5% from that of the year ago period.
On March 29, 2011, we entered into an equity distribution agreement with JMP Securities LLC (JMP) pursuant to which we may offer and sell up to 2.0 million shares of common stock from time to time through JMP. Sales of shares of the Company common stock, if any, under the agreement may be made in negotiated transactions or other transactions that are deemed to be at the market offerings, including sales made directly on the Nasdaq Global Market or sales made to or through a market maker other than on an exchange. The common stock will be sold pursuant to our registration statement on Form S-3 (333-170756). During the six months ended June 30, 2012 no shares were issued.
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