Please find below third quarter results for Supertel, HHTI and the combined companies on a pro forma basis.
HHTI Summary of Third Quarter Financial Highlights Nine Months Ended September 30 1999 1998 Change Lease Revenue $ 9,216,454 $ 7,270,056 +27% FFO $ 5,036,816 $ 4,218,868 +19% FFO per diluted common share $ 0.
For the third quarter of 1999, HHTI pro forma FFO (assuming both companies were combined) on a per share basis improved by 7% to $.
HHTI Pro Forma Summary of Third Quarter Financial Highlights Nine Months Ended September 30, 1999 1998 Change Lease Revenue $25,201,000 $23,075,000 +9% FFO - Diluted $13,652,000 $12,237,000 +12% FFO per diluted common share $ 1.
The selected unaudited pro forma financial data set forth above assumes that the merger was accounted for as a reverse acquisition using the purchase method of accounting, that the companies had been combined for accounting and financial reporting purposes as of January 1, 1998, and that the lessee of HHTI's hotels also leased the Supertel hotels from HHTI beginning January 1, 1998.
The pro forma lease revenue for HHTI for the Supertel hotels were derived by applying the rent provisions of the leases for the Supertel hotels to the historical revenues for those hotels.