I think FFO of $0.27/share is possible or $0.08 on a fully diluted basis if you assume the 30mm IRSA convertibles into equity and then on top of that the 30MM warrants at $1.20. So with 83mm shares fully diluted, I see this co at $6.3MM in FFO. I basically figure revs of $73MM when Hilton Garden Inn goes for a full year, hotel ops of $53MM or so, D&A 7.6MM, G&A of $4MM, you're at EBIT of $8.4MM. Int exp they are saving $1.1MM with the new deal, so I have them around 6.4MM, so $2MM of EBT. no takes, then calc $3.3MM of preferreds between the $8MM at 8%, $8MM at 10%, and $30MM at 6.25% = net to common of -$1.3MM. add back D&A and you're at $6.3MM FFO.
that's what i'm seeing right now, too. my forecast is for 0.256/share FFO, but adjusting for cap ex they'll still burn $2mln in cash, probably funded by their asset sales. Their Q4 performance showed improved margins, which raised my Q1 2013 forecast, but $8mln in cap ex 2013 is painful.