EX-99.1
2
exh991-022205.txt
PRESS RELEASE FOURTH QUARTER 2004

                                                                    Exhibit 99.1
         EQUITY INNS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2004 RESULTS

          ***************************Highlights****************************

     -   Fourth Quarter AFFO Increases 39% to $0.18 Per Diluted Share; Exceeds
         Consensus Estimate -
     -   Fourth Quarter RevPAR Increases 9.5%; Industry RevPAR Increases 8.7% -
     -   Company Closes over $190 Million in Acquisitions in 2004; Pipeline
         Remains Robust -
     -   Balance Sheet Remains Strong -

GERMANTOWN, Tenn., February 22, 2005 -- Equity Inns, Inc. (NYSE: ENN), a hotel
real estate investment trust (REIT), today announced its results for the fourth
quarter and year ended December 31, 2004.

Net loss applicable to common shareholders for the fourth quarter 2004 was $4.3
million, compared to a net loss of $19.7 million in the fourth quarter 2003. Net
loss per diluted share was $0.09, versus a loss of $0.46 in the fourth quarter
2003, an improvement of 80%. The Company reported a loss from continuing
operations for the fourth quarter 2004 of $989,000, versus a loss from
continuing operations of $16.2 million in the prior year quarter. Results for
the fourth quarter 2003 included a $14.5 million net deferred income tax expense
primarily due to the write off of a deferred income tax asset. At year-end 2003,
the Company discontinued recording a deferred income tax benefit.

Net loss applicable to common shareholders for the full year 2004 was $3.5
million, or $0.08 per diluted share, compared to a net loss of $22.9 million, or
$0.56 per diluted share in the prior year. The Company reported income from
continuing operations for 2004 of $5.8 million, versus a loss from continuing
operations of $10.3 million in 2003. Results for 2003 included a $9.8 million
net deferred income tax expense.

Financial Highlights for the Fourth Quarter and Full Year 2004:

Howard A. Silver, President and Chief Executive Officer, stated, "We are
extremely pleased to have completed 2004 with a very strong performance. Our
fourth quarter results reflect, in large part, the early success of our
acquisition strategy. In anticipation of improving business fundamentals, we
executed 20 hotel acquisitions during 2004 that bolstered our revenue and
operating results in the fourth quarter. These 20 hotels delivered a RevPAR
increase of 21.8% in the fourth quarter as compared to the fourth quarter 2003,
thus generating higher margins that largely fueled the Company's fourth quarter
adjusted funds from operations (AFFO) increase of 39%. Ten of these hotels also
benefited from an extraordinary amount of business in Florida related to the
clean up and insurance issues following the large hurricanes that struck Florida
in 2004. Our internal strategies also contributed to the AFFO increase as the 90
hotels that we owned since the onset of 2004 generated a solid RevPAR gain of
6.7%. At year-end 2004, Equity Inns' total market capitalization exceeded $1
billion, representing an increase of 38% from year-end 2003."

In the fourth quarter of 2004, the Company produced its largest quarterly RevPAR
increase in its history. During the quarter, 51 of Equity Inns' 110 hotels had
RevPAR growth in excess of 10%. This RevPAR improvement was the primary driver
of the Company's improved hotel operating results. The Company's gross operating
profit (GOP) margin increased 220 basis points to 38.5% from 36.3% in the fourth
quarter of 2003. The majority of this improvement was attributable to the 20
hotels that the Company acquired during 2004.


AFFO for the fourth quarter 2004 increased $3.5 million to $9.0 million, or
$0.18 per diluted share, versus AFFO of $5.5 million, or $0.13 per diluted
share, for the fourth quarter 2003. Equity Inns' fourth quarter AFFO increase
stems primarily from the $3.0 million accretive effect of its 2004 acquisitions,
most of which was earned in the second half of the year. In addition, same-store
hotel net operating income contributed $1.1 million. Adjusted EBITDA was $18.6
million in the fourth quarter 2004 versus $14.3 million in the same period last
year. For the full year ended December 31, 2004, Equity Inns reported a 13%
increase in AFFO per diluted share to $0.85 as compared to $0.75 in the prior
year.

Fourth quarter 2004 revenue was $66.3 million, an increase of 27.0% from $52.4
million in the fourth quarter 2003. The improvement was driven by incremental
revenue of $10.4 million from acquisitions completed in 2004 and an increase of
$3.5 million from same-store hotel revenue. Hotel room revenue rose 26.8% to
$62.9 million from $49.6 million in the fourth quarter 2003. All comparable
hotel revenue benefited from a 9.5% gain in hotel RevPAR due to a 5.2% increase
in the Company's average daily rate (ADR) and a 260 basis point increase in the
occupancy rate to 65.9%. ADR rose to $81.80 from $77.76 in the fourth quarter of
2003. RevPAR growth was strong throughout the fourth quarter of 2004 - RevPAR
increased 7.7% in October, 11.1% in November and 9.8% in December, as compared
to the same periods in the prior year. Moreover, the strength has continued into
early 2005, with January RevPAR up 14.4%.

Additional Fourth Quarter Events:

o    In early November, the Company completed the acquisition of a Marriott
     Courtyard located in Dalton, Georgia and a Hilton Garden Inn located in
     Louisville, Kentucky for approximately $14.4 million. Both properties are
     five years old and collectively add 205 rooms.

o    On November 19, 2004, Equity Inns completed a refinancing of an existing
     mortgage related to its Hampton Inn in San Antonio, Texas. The Company
     refinanced $5.3 million of 10% senior debt with $5.7 million of senior debt
     at a fixed rate of 5.4% per year. Related to this refinancing, the Company
     incurred a prepayment penalty of $300,000, however, the transaction will
     save the Company over $200,000 in interest expense annually.

o    On December 15, 2004, Equity Inns announced that it had reached an
     agreement to purchase two Marriott hotels in Jacksonville, Florida for
     approximately $12.5 million, expanding the Company's presence in one of the
     nation's fastest growing markets. The hotels include an 81-room Marriott
     Courtyard and a 78-suite Residence Inn by Marriott. The average age of the
     properties is less than five years. The Company still expects to close
     these acquisitions by the end of the first quarter 2005.

o    On December 20, 2004, Equity Inns completed the acquisition of four
     additional hotels from the McKibbon Hotel Group for approximately $29.5
     million, which brings the total to 13 hotels purchased from McKibbon during
     2004. The four properties are Marriott brand hotels with an average age of
     seven years, and collectively add 322 rooms. The hotels acquired include a
     Courtyard in Knoxville, Tennessee, a Residence Inn in Macon, Georgia, a
     Courtyard in Mobile, Alabama and the Company's first Springhill Suites in
     Asheville, North Carolina.

Recent Events:

o    On January 4, 2005, the Company  announced the promotion of Howard A.
     Silver to Chief Executive  Officer,  succeeding  Phillip H. McNeill, Sr.
     who will remain Chairman of the Board. Mr. Silver will continue to serve as
     President of the Company.  Equity Inns also announced that it has hired Ed
     Ansbro as Senior Vice President of Real Estate.


o    On January 26, 2005, the Company completed the sale of a 123-room exterior
     corridor Hampton Inn located in Birmingham, (Vestavia) Alabama for $3.95
     million. In conjunction with this sale, the Company recorded an impairment
     loss of $1.9 million at the end of 2004.

Mr. Silver added, "In January 2005, the Company announced changes to our senior
management team. I am honored to assume the responsibilities of CEO and would
like to thank Phil for his vision and leadership over the past 11 years. We are
fortunate to have continued access to his knowledge and industry insight, as he
will remain as Chairman of the Board. The team we have in place has many years
of experience in areas that are critical to our success, including hotel
operations, finance and real estate, which provides the Company with strong
leadership to ensure that we continue to achieve solid results."

Mr. Silver concluded, "Over the past several years, we have put in-place
internal and external growth strategies with the goal of delivering consistent
results, dividends and long-term shareholder value. Our performance in 2004 also
highlights the growth our strategies deliver when the industry is healthy. We
believe that our strategy of increasing ADR delivers superior RevPAR and AFFO
improvement relative to the industry, while our strategy of upgrading our hotel
portfolio should add measurably to our operating results. The foundation that we
have built over the past several years positions us well for continued growth in
2005 and beyond."

2005 Guidance:

Based upon expectations for continued improvement in the upscale and mid-scale
lodging sectors, recent acquisitions and divestitures, along with planned
expense increases, the Company expects that 2005 adjusted EBITDA will range from
$90.5 million to $95.5 million. The Company also expects 2005 full year RevPAR
increases will be in the range of 3% to 5% and anticipates 2005 capital
expenditures will be approximately $25 million.

As a result of these assumptions, management expects 2005 FFO between $0.92 and
$1.02 per diluted share and net income per share to be in the range of $0.11 to
$0.21. For 2005, the Company does not currently anticipate any differences
between funds from operations (FFO) and AFFO per diluted share.

Equity Inns expects the quarters will contribute to the full year as follows:
first quarter -- 21%, second quarter -- 28%, third quarter -- 33%, and fourth
quarter -- 18%.

Capital Structure:
At December 31, 2004, Equity Inns had $439.2 million of long-term debt
outstanding, which included $72.0 million drawn under its $110 million line of
credit. The weighted average interest rate and life of the Company's debt was 7%
and 4.6 years, respectively. The weighted average interest rate represents a
decrease of 90 basis points since year-end 2003. The total debt represented
39.3% of the historical cost of hotels, remaining low in comparison to prior
years. Fixed rate debt, including variable rate debt hedged by interest rate
swaps, amounted to 92.5% of total debt.

Dividend:

The level of Equity Inns' common dividend will continue to be determined by the
operating results of each quarter, economic conditions, capital requirements,
and other operating trends. For the fourth quarter 2004, Equity Inns paid a
$0.13 common dividend per share and $0.546875 preferred dividend per share. The
cash available for distribution (CAD) payout ratio was approximately 75% for the
twelve-month period ended December 31, 2004.


Conference Call:

Equity Inns will hold a conference call and webcast to discuss the Company's
fourth quarter 2004 results after the market close on February 22, 2005, at 4:30
p.m. (Eastern Time). Interested investors and other parties may listen to the
conference call by dialing (800)-289-0572 or for international participants
(913)-981-5543. A simultaneous webcast of the conference call may be accessed by
logging onto the Company's website at http://www.equityinns.com/ and selecting
the microphone icon.

A replay of the conference call will be available on the Internet at
www.streetevents.com and the Company's website for seven days following the
call. A recording of the call will also be available by telephone until
midnight, on March 1, 2005 by dialing 888-203-1112 or 1-719-457-0820 for
international participants. The pass code is 413099.

Certain matters discussed in this press release which are not historical facts
are "forward-looking statements" within the meaning of the federal securities
laws and involve risks and uncertainties. The words "may," "plan," "project,"
"anticipate," "believe," "estimate," "expect," "intend," "will," and similar
terms are intended to identify forward-looking statements, which include,
without limitation, statements concerning our outlook for the hotel industry,
acquisition and disposition plans for our hotels and assumptions and forecasts
of future results for fiscal year 2004 and 2005 FFO and AFFO per diluted share.
Forward-looking statements are not guarantees of future performance and involve
numerous risks and uncertainties which may cause our actual financial condition,
results of operation and performance to be materially different from the results
of expectations expressed or implied by such statements. General economic
conditions, future acts of terrorism or war, risks associated with the hotel and
hospitality business, the availability of capital, risks associated with our
debt financing, hotel operating risks and numerous other factors, may affect our
future results and performance and achievements. These risks and uncertainties
are described in greater detail in our periodic filings with the United States
Securities and Exchange Commission (SEC), including our Form 8-K dated March 11,
2004. We undertake no obligation and do not intend to publicly update or revise
any forward-looking statement, whether as a result of new information, future
events or otherwise. Although we believe our current expectations to be based
upon reasonable assumptions, we can give no assurance that our expectations will
be attained or that actual results will not differ materially.

Notes to Financial Information

The Company operates as a self-managed and self-administered real estate
investment trust, or REIT. Readers are encouraged to find further detail
regarding Equity Inns organizational structure in its annual report on Form 10-K
for the year ended December 31, 2003 as filed with the SEC.


Non-GAAP Financial Measures

Included in this press release are certain "non-GAAP financial measures," which
are measures of the Company's historical or future financial performance that
are different from measures calculated and presented in accordance with
generally accepted accounting principles, or GAAP, within the meaning of
applicable SEC rules. These include: (i) Funds From Operations (ii) Adjusted
Funds From Operations, (iii) Adjusted EBITDA, (iv) Cash Available for
Distribution (CAD) and (v) CAD Payout Ratio. The following discussion defines
these terms, which the Company believes can be useful measures of its
performance.

FFO

The National Association of Real Estate Investment Trusts, or NAREIT, defines
Funds From Operations, or FFO, as net income (loss) applicable to common
shareholders excluding gains (or losses) from sales of real estate, the
cumulative effect of changes in accounting principles, real estate-related
depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures. FFO is presented on a per share basis after
making adjustments for the effect of dilutive securities. Equity Inns uses FFO
per share as a measure of performance to adjust for certain non-cash expenses
such as depreciation and amortization because historical cost accounting for
real estate assets implicitly assumes that the value of real estate assets
diminishes predictably over time. FFO is also used by management in the annual
budget process.

Because real estate values have historically risen or fallen with market
conditions, many industry investors have considered presentation of operating
results for real estate companies that use historical cost accounting to be less
informative. NAREIT adopted the definition of FFO in order to promote an
industry-wide standard measure of REIT operating performance. Accordingly, as a
member of NAREIT, Equity Inns adopted FFO as a measure to evaluate performance
and facilitate comparisons between the Company and other REITs, although FFO and
FFO per share may not be comparable to those measures or similarly titled
measures as reported by other companies.

Adjusted Funds From Operations

Equity Inns further adjusts FFO for losses on impairment of hotels held for
sale, the loss on redemption of Series A preferred stock, prepayment penalties
on extinguishment of debt, and the Company's non-cash deferred income tax
valuation allowance and deferred income tax benefits. We refer to this as
Adjusted Funds from Operations, or AFFO. The Company's computation of AFFO and
AFFO per diluted share is not comparable to the NAREIT definition of FFO or to
similar measures reported by other REITs, but the Company believes it is an
appropriate measure for this Company. The Company uses AFFO because it believes
that this measure provides investors a useful indicator of the operating
performance of the Company's hotels by adjusting for the effects of certain
non-cash or non- recurring items arising from the Company's financing
activities, tax reporting and impairment charges on hotels held for sale. In
addition to being used by management in the annual budget process, AFFO per
share is also used by the Compensation Committee of the Board of Directors as
one of the criteria for performance-based compensation.

Adjusted EBITDA

Earnings before Interest Expense, Income Taxes, Depreciation and Amortization,
or EBITDA, is a commonly used measure of performance in many industries which
the Company believes provides useful information to investors regarding its
results of operations. EBITDA helps Equity Inns and its investors evaluate the
ongoing operating performance of its properties and facilitates comparisons with
other lodging REITs, hotel owners who are not REITs, and other capital-
intensive companies. The Company uses EBITDA to provide a baseline when
evaluating hotel results.


The Company also uses EBITDA as one measure in determining the value of
acquisitions and dispositions and, like FFO and AFFO, it is also used by
management in the annual budget process.

The Company further adjusts EBITDA to exclude preferred stock dividends, a loss
on redemption of Series A preferred stock, losses from discontinued operations
and minority interests because it believes that including them in EBITDA is not
consistent with reflecting the ongoing performance of the remaining assets.

The Company has historically adjusted EBITDA when evaluating its performance
because management believes that the exclusion of certain non-cash and
non-recurring items described above assists the Company in measuring the
performance of its hotels and reflects the ongoing value of the Company as a
whole. Therefore, the Company modifies EBITDA and refers to this measure as
Adjusted EBITDA.

Cash available for distribution (CAD)

Cash available for distribution (CAD) is defined as AFFO, adjusted for certain
non-cash amortization and an allowance for recurring capital expenditures equal
to four percent of hotel room revenue from continuing operations. The Company
computes the CAD Payout Ratio by dividing common dividends per share and unit
paid over the last twelve months by trailing twelve-month CAD per share for the
same period. The Company believes the CAD Payout Ratio also helps improve equity
holders' ability to understand the Company's ability to make distributions to
its shareholders.

FFO, AFFO, FFO per Share, AFFO per Share, Adjusted EBITDA, CAD, and CAD Payout
Ratio presented, may not be comparable to the same or similarly titled measures
calculated by other companies and may not be helpful to investors when comparing
Equity Inns to other companies. This information should not be considered as an
alternative to net income, income from operations, cash from operations, or any
other operating performance measure prescribed by GAAP. Cash expenditures for
various long-term assets (such as renewal and replacement capital expenditures),
interest expense (for Adjusted EBITDA purposes) and other items have been and
will be incurred and are not reflected in the Adjusted EBITDA, FFO and AFFO per
share presentations. Equity Inns' statement of operations and cash flows include
disclosure of its interest expense, capital expenditures, and other excluded
items, all of which should be considered when evaluating the Company's
performance, as well as the usefulness of its non-GAAP financial measures.
Additionally, FFO, AFFO, FFO per share, AFFO per share, Adjusted EBITDA and CAD
should not be considered as a measure of the Company's liquidity or indicative
of funds available to fund its cash needs, including the Company's ability to
make cash distributions. In addition, FFO per share, AFFO per share and CAD do
not measure, and should not be used as measures of, amounts that accrue directly
to shareholders' benefit.

Hotel Operating Statistics

The Company uses a measure common in the hotel industry to evaluate the
operations of its hotel room revenue per available room, or RevPAR. RevPAR is
the product of the ADR charged and the average daily occupancy achieved. RevPAR
does not include food and beverage or other ancillary revenues such as parking,
telephone, or other guest services generated by the property. Similar to the
reporting periods for the Company's statement of operations, hotel operating
statistics (i.e., RevPAR, ADR and average occupancy) are reported based on a
quarter end. This facilitates year-to-year comparisons of hotel results, as each
reporting period will be comprised of the same number of days of operations as
in the prior year.


About Equity Inns

Equity Inns, Inc. is a self-advised REIT that focuses on the upscale extended
stay, all-suite and midscale limited-service segments of the hotel industry. The
Company currently owns 109 hotels with 13,385 rooms located in 34 states. For
more information about Equity Inns, visit the Company's Web site at
www.equityinns.com.

CONTACT: Equity Inns, Inc.
         Howard Silver
         Mitch Collins, 901/754-7774
                 Or
         Integrated Corporate Relations, Inc.
         Brad Cohen, 203/682-8211





                                EQUITY INNS, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                        (in thousands, except share data)
                                   (unaudited)


December 31, December 31, 2004 2003 ------------ ------------- ASSETS Investment in hotel properties, net $852,755 $681,478 Assets held for sale 3,849 10,242 Cash and cash equivalents 6,991 8,201 Accounts receivable, net of doubtful accounts of $225 and $200, respectively 7,543 5,069 Notes receivable, net - 4,917 Deferred expenses, net 8,679 8,291 Deposits and other assets, net 13,437 6,083 -------- -------- Total assets $893,254 $724,281 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Long-term debt $439,183 $329,774 Accounts payable and accrued expenses 30,366 22,913 Distributions payable 8,090 6,939 Interest rate swaps 119 931 Minority interests in Partnership 9,064 7,338 -------- -------- Total liabilities 486,822 367,895 -------- -------- Commitments and Contingencies Shareholders' equity: Preferred stock (Series B), 8.75%, $.01 par value, 10,000,000 shares authorized, 3,450,000 shares issued and outstanding 83,524 83,524 Common stock, $.01 par value, 100,000,000 shares authorized, 51,872,460 and 43,305,827 shares issued and outstanding 519 433 Additional paid-in capital 542,397 463,691 Treasury stock, at cost, 747,600 shares (5,173) (5,173) Unearned directors' and officers' compensation (2,211) (123) Distributions in excess of net earnings (212,505) (185,035) Unrealized loss on interest rate swaps (119) (931) ------- ------- Total shareholders' equity 406,432 356,386 -------- -------- Total liabilities and shareholders' equity $893,254 $724,281 ======== ========
EQUITY INNS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 ------- ------- -------- -------- Revenue: Room revenue $62,857 $ 49,578 $244,215 $216,735 Other hotel revenue 3,333 2,708 12,265 11,057 Other revenue 102 140 429 623 ------- -------- -------- -------- Total revenue 66,292 52,426 256,909 228,415 Operating expenses: Direct hotel expenses 37,884 30,520 145,474 128,592 Other hotel expenses 2,467 2,033 9,169 8,230 Depreciation 11,477 9,615 40,809 38,105 Property taxes, rental expense and insurance 4,925 3,991 17,965 17,723 General and administrative expenses: Non-cash stock-based compensation 391 128 844 551 Other general and administrative expenses 2,031 1,459 7,421 6,653 ------- -------- -------- -------- Total operating expenses 59,175 47,746 221,682 199,854 Operating income 7,117 4,680 35,227 28,561 Interest expense, net 8,250 6,927 29,535 29,593 ------- -------- -------- -------- Income (loss) from continuing operations before minority interests and income taxes (1,133) (2,247) 5,692 (1,032) Minority interests income (expense) 144 504 91 495 Deferred income tax benefit (expense) - (14,501) - (9,777) ------- -------- -------- -------- Income (loss) from continuing operations (989) (16,244) 5,783 (10,314) Discontinued operations: Gain (loss) on sale of hotel properties 367 26 47 1,248 Loss on impairment of hotels held for sale (1,883) (1,049) (1,883) (4,605) Income (loss) from operations of discontinued operations 110 (561) 136 (18) ------- -------- -------- -------- Loss from discontinued operations (1,406) (1,584) (1,700) (3,375) ------- -------- -------- -------- Net income (loss) (2,395) (17,828) 4,083 (13,689) Loss on redemption of Series A preferred stock - - - (2,408) Preferred stock dividends (1,887) (1,871) (7,547) (6,823) ------- -------- -------- -------- Net loss applicable to common shareholders $(4,282) $(19,699) $ (3,464) $(22,920) ======= ======== ======== ======== Net loss per share data: Basic and diluted income (loss) per share: Continuing operations $ (0.06) $ (0.43) $ (0.04) $ (0.48) Discontinued operations (0.03) (0.03) (0.04) (0.08) ------- -------- -------- -------- Net loss per common share $ (0.09) $ (0.46) $ (0.08) $ (0.56) ======= ======== ======== ======== Weighted average number of common shares outstanding, basic and diluted 49,724 42,363 45,800 40,999 ======= ======== ======== ========
RECONCILIATION OF NET INCOME TO ADJUSTED FUNDS FROM OPERATIONS AND CASH AVAILABLE FOR DISTRIBUTION (unaudited) The following is a reconciliation of net loss to FFO and AFFO, both applicable to common shareholders, and cash available for distribution and illustrates the difference in these measures of operating performance (in thousands, except per share and unit data):
For the Three For the Twelve Months Ended Months Ended December 31, December 31, 2004 2003 2004 2003 ------- -------- ------- -------- Net loss applicable to common shareholders $(4,282) $(19,699) $(3,464) $(22,920) Add: Gain on sale of hotel properties (367) (26) (47) (1,248) Minority interests (income) expense (144) (504) (91) (495) Depreciation 11,477 9,721 40,809 38,472 Depreciation from discontinued operations 97 83 362 898 ------- -------- ------- -------- Funds From Operations (FFO) 6,781 (10,425) 37,569 14,707 Loss on impairment of hotels held for sale 1,883 1,049 1,883 4,605 Loss on redemption of Series A preferred stock - - - 2,408 Prepayment penalty on extinguishment of debt 300 - 300 - Deferred income tax asset valuation allowance - 16,789 - 16,789 Deferred income tax benefit - (1,923) - (7,011) ------- -------- ------- -------- Adjusted Funds From Operations (AFFO) 8,964 5,490 39,752 31,498 Add: Amortization of debt issuance costs 738 375 1,973 2,162 Amortization of deferred expenses and unearned compensation 440 200 1,058 735 Amortization from discontinued operations - - - 6 Capital reserves (2,514) (1,983) (9,769) (8,669) ------- -------- ------- -------- Cash Available for Distribution $ 7,628 $ 4,082 $33,014 $ 25,732 ======= ======== ======= ======== Weighted average number of diluted common shares and Partnership units outstanding 51,003 43,508 47,005 42,151 ======= ======== ======= ======== Funds From Operations per Share and Unit $ 0.13 $ (0.24) $ 0.80 $ 0.35 ======= ======== ======= ======== Adjusted Funds From Operations per Share and Unit $ 0.18 $ 0.13 $ 0.85 $ 0.75 ======= ======== ======= ======== Cash Available for Distribution per Share and Unit $ 0.15 $ 0.09 $ 0.70 $ 0.61 ======= ======== ======= ========
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (unaudited) The following is a reconciliation of net loss applicable to common shareholders to Adjusted EBITDA (in thousands):
For the Three Months Ended For the Twelve Months Ended December 31, December 31, ---------------------------- ----------------------------- 2004 2003 2004 2003 ------- -------- ------- ------- Net loss applicable to common shareholders $(4,282) $(19,699) $(3,464) $(22,920) Add: Preferred stock dividends 1,887 1,871 7,547 6,823 Loss on redemption of Series A preferred stock - - - 2,408 Loss from discontinued operations 1,406 1,584 1,700 3,375 Deferred income tax (benefit) expense - 14,501 - 9,777 Minority interests (income) expense (144) (504) (91) (495) Interest expense, net 8,250 6,927 29,535 29,593 Depreciation 11,477 9,615 40,809 38,105 ------- -------- ------- -------- Adjusted EBITDA $18,594 $ 14,295 $76,036 $ 66,666 ======= ======== ======= ========
Equity Inns, Inc. Hotel Performance For the Three Months Ended December 31, 2004 and 2003 All Comparable (1)
RevPAR (2) Occupancy ADR ----------------------- ---------------------- ---------------------- # of Variance Variance Variance Hotels 2004 to 2003 2004 to 2003 2004 to 2003 ------ ------ -------- ------ --------- ------ ---------- Portfolio 110 $53.93 9.5% 65.9% 2.6 pts. $81.80 5.2% Franchise AmeriSuites 18 $46.25 7.0% 64.9% 2.7 pts. $71.27 2.5% Comfort Inn (3) 2 $38.54 -28.8% 45.8% -19.2 pts. $84.12 1.0% Courtyard 8 $69.68 9.9% 75.5% 5.0 pts. $92.34 2.6% Hampton Inn 49 $46.79 12.5% 61.8% 2.9 pts. $75.69 7.2% Hampton Inn & Suites 1 $97.29 54.5% 86.5% 12.0 pts. $112.48 33.0% Hilton Garden Inn 1 $51.25 5.5% 62.8% 1.2 pts. $81.65 3.5% Holiday Inn 4 $36.12 6.2% 56.6% 5.0 pts. $63.83 -3.1% Homewood Suites 9 $76.92 7.8% 74.3% 2.6 pts. $103.48 3.9% Residence Inn 17 $67.57 7.8% 74.4% 1.8 pts. $90.86 5.2% Springhill Suites 1 $72.61 11.7% 84.7% 6.3 pts. $85.71 3.3% Region East North Central 14 $50.18 8.5% 59.8% 3.3 pts. $83.92 2.5% East South Central 17 $47.06 5.2% 63.9% 0.0 pts. $73.71 5.1% Middle Atlantic 6 $59.68 -3.6% 60.6% -7.2 pts. $98.47 7.8% Mountain 10 $51.70 15.4% 67.7% 6.0 pts. $76.40 5.2% New England 5 $56.78 7.2% 65.0% 3.8 pts. $87.35 0.9% Pacific Northwest 2 $72.24 11.3% 72.1% 2.3 pts. $100.16 7.8% South Atlantic 39 $59.24 12.1% 71.1% 3.0 pts. $83.33 7.4% West North Central 7 $49.42 12.0% 64.2% 4.5 pts. $77.01 4.1% West South Central 10 $47.19 11.1% 62.2% 4.6 pts. $75.85 2.9% Type All Suite 18 $46.25 7.0% 64.9% 2.7 pts. $71.27 2.5% Extended Stay 26 $71.44 7.8% 74.4% 2.1 pts. $96.08 4.7% Full Service (3) 6 $41.83 -4.9% 55.7% -1.7 pts. $75.15 -2.0% Limited Service 60 $50.29 13.1% 63.9% 3.2 pts. $78.70 7.4%
(1) All Comparable is defined as our system-wide gross lodging revenues for hotels that the Company owns at period end. (2) RevPAR is calculated by taking the Company's average daily rate (ADR) times occupancy. (3) During the three months ended December 31, 2004, the Company had 56 rooms out of service due to recent hurricane damage. Equity Inns, Inc. Hotel Performance For the Twelve Months Ended December 31, 2004 and 2003 All Comparable (1)
RevPAR (2) Occupancy ADR ----------------------- ---------------------- --------------------- # of Variance Variance Variance Hotels 2004 to 2003 2004 to 2003 2004 to 2003 ------ ------ --------- ------ --------- ------ --------- Portfolio 110 $56.66 5.3% 69.3% 1.1 pts. $81.79 3.6% Franchise AmeriSuites 18 $49.22 3.0% 67.8% -0.9 pts. $72.55 4.4% Comfort Inn 2 $57.06 -6.0% 65.8% -4.7 pts. $86.71 0.7% Courtyard 8 $70.54 6.2% 76.9% 2.2 pts. $91.73 3.2% Hampton Inn 49 $48.83 6.2% 64.9% 1.3 pts. $75.27 4.0% Hampton Inn & Suites 1 $87.99 30.3% 82.4% 9.7 pts. $106.74 14.9% Hilton Garden Inn 1 $57.41 5.0% 67.4% 1.2 pts. $85.21 3.1% Holiday Inn 4 $39.19 6.2% 59.7% 4.7 pts. $65.64 -2.1% Homewood Suites 9 $79.27 6.1% 77.4% 2.3 pts. $102.37 2.9% Residence Inn 17 $72.19 3.3% 78.6% 0.4 pts. $91.90 2.8% Springhill Suites 1 $63.42 6.7% 78.8% 3.6 pts. $80.46 1.9% Region East North Central 14 $52.79 1.8% 62.4% 0.1 pts. $84.61 1.6% East South Central 17 $49.76 2.4% 67.8% 0.0 pts. $73.42 2.4% Middle Atlantic 6 $68.95 -1.1% 69.7% -2.9 pts. $98.96 3.0% Mountain 10 $55.26 6.7% 71.0% 0.5 pts. $77.81 5.9% New England 5 $54.10 -1.4% 63.7% -0.8 pts. $84.89 -0.2% Pacific Northwest 2 $78.33 8.1% 76.8% 1.6 pts. $102.04 5.9% South Atlantic 39 $61.32 9.2% 74.2% 2.5 pts. $82.65 5.5% West North Central 7 $52.27 7.5% 67.8% 2.9 pts. $77.11 2.9% West South Central 10 $48.98 4.8% 64.6% 2.1 pts. $75.87 1.4% Type All Suite 18 $49.22 3.0% 67.8% -0.9 pts. $72.55 4.4% Extended Stay 26 $75.12 4.5% 78.1% 1.2 pts. $96.20 2.9% Full Service 6 $50.18 2.0% 63.1% 1.3 pts. $79.53 -0.2% Limited Service 60 $51.80 6.9% 66.7% 1.7 pts. $77.71 4.2%
(1) All Comparable is defined as our system-wide gross lodging revenues for hotels that the Company owns at period end. (2) RevPAR is calculated by taking the Company's average daily rate (ADR) times occupancy.

The following information was filed by W2007 Grace Acquisition I Inc (ENN) on Tuesday, February 22, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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