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FelCor Lodging Trust Incorporated Message Board

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  • C_Wallis_Jr C_Wallis_Jr Jul 20, 1999 2:13 PM Flag

    Just spoke to company

    Total expenses increased $54.2 million in the
    three months ended MarcH 31, 1999, from $36.0 million
    to $90.2 million, compared to the same period in
    1998. This increase resulted primarily from the
    additional hotels acquired in 1998. Total expenses as a
    percentage of total revenue increased to 71% for thethree
    months ended March 31, 1999, from 63% in the same period
    of 1998.

    The major components of the increase
    in expenses, as a percentage oftotal revenue, are:
    taxes, insurance, and other; and interest expense.


    Taxes, insurance, and other increased $13.7 million
    primarily as a result of the increased number of hotels
    owned. As a percentage of total revenue, taxes,
    insurance, and other increased from 12.6% to 16.5%. The
    majority of the increase, as a percentage of total
    revenue, is attributed to land leases, which represent
    3.2% of total revenue in 1999 but only 0.4% in 1998.
    Land leaseS as a percentage of total revenue increased
    because of the greater number of hotels subject to land
    leases acquired through the Bristol Merger.


    Interest increased as a percentage of total revenue to
    22.4% in the three months ended March 31, 1999, from
    16.9% in the three months ended March 31, 1998. This
    increase in interest expense is attributed to the
    increased use of debt to finance acquisitions and
    renovations and the assumption of debt related to the more
    highly leveraged Bristol assets. Debt, as a Percentage
    of investment in hotels at cost, increased from 28%
    at March 31, 1998 to 38% at March 31, 1999.

 
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