EX-99.1 3 dex991.htm EXHIBIT 99.1 EXHIBIT 99.1

Exhibit 99.1

 

Selected Financial Data

 

The following table presents certain selected historical financial data which has been derived from audited consolidated financial statements for the five years ended December 31, 2003. The historical information contained in the following table for our 2003, 2002 and 2001 operations primarily represents gross hotel-level revenues and expenses of our properties. During 2000 and 1999, we owned the hotels but leased them to third-party lessees and, accordingly, during these periods our historical revenues primarily represent rental income generated by our leases.

 

     Fiscal year
     2003
     2002
     2001
    2000
    1999

Income Statement Data:

                                     

Revenues

    $ 3,400     $ 3,466     $ 3,509    $ 1,319    $ 1,219

Income (loss) from continuing operations

      (231 )     (61 )     35      114      164

Income from discontinued operations (1)

      245       45       16      42      47

Net income (loss)

      14       (16 )     51      156      211

Net income (loss) available to common Shareholders

      (21 )     (51 )     19      141      216

Basic earnings (loss) per common share:

                                     

Income (loss) from continuing operations

      (.94 )     (.36 )     .01      .45      .74

Income from discontinued operations

      .87       .17       .07      .19      .21

Net income (loss)

      (.07 )     (.19 )     .08      .64      .95

Diluted earnings (loss) per common share:

                                     

Income (loss) from continuing operations

      (.94 )     (.36 )     .01      .44      .72

Income from discontinued operations

      .87       .17       .07      .19      .20

Net income (loss)

      (.07 )     (.19 )     .08      .63      .92

Cash dividends per common share

      —         —         .78      .91      .84

Balance Sheet Data:

                                     

Total assets

    $ 8,592     $ 8,316     $ 8,338    $ 8,396    $ 8,202

Debt

      5,486       5,638       5,602      5,322      5,069

Convertible Preferred Securities

      475       475       475      475      497

Preferred stock

      339       339       339      196      196
(1) Discontinued operations reflect the disposition of 16 properties since January 1, 2002, including five properties classified as held for sale as of December 31, 2003, the gain on disposition and business interruption proceeds of the New York Marriott World Trade Center hotel as of December 31, 2003 and the dispositions of the Mexico City Airport Marriott and the Dallas/Fort Worth Airport Marriott in 2004.