* Q4 adj. FFO $0.32 vs est. $0.29
* RevPAR down 13.5 pct
* Total hotel expenses down 14 pct
Feb 24 Lodging real estate investment trust
Ashford Hospitality Inc (AHT.N) posted better-than-expected
funds from operations, helped by lower expenses, but said it
expects the operating environment to continue to be challenging
For the fourth quarter, the company posted adjusted funds
from operations (FFO) of 32 cents a share.
Analysts had expected FFO of 29 cents a share, according to
Thomson Reuters I/B/E/S.
Total revenue decreased 18.3 percent to $234.6 million in
the fourth quarter, with revenue per available room (revPAR)
down 13.5 percent, dragged down by a double-digit decline in
Funds from operations, a widely accepted measure of real
estate investment trust performance, removes the
profit-reducing effects of depreciation, while revPAR is a key
metric of lodging industry performance based on occupancy and
Total hotel expenses fell nearly 14 percent in the quarter
and the company said it would continue to focus on controlling
costs in 2010.
Shares of the company, which owns hotel properties operated
by Hilton and Marriott MAR.N among others, closed at $5.71
Wednesday on the New York Stock Exchange.
(Reporting by Abhishek Takle in Bangalore; Editing by