1 historical highlights 2 hotel overv i e w 3 letter to shareholders 6 pacific region 7 central 8 atlantic 9 form 10 k inside back cover corporate informat o n innkeepers usa trust nyse kpa is a real estate investment and the nation s leading reit owner of upscale extended stay p ro rties throughout united states company owns 67 hotels with total 131 suites or rooms in 23 focuses on acquiring developing residence inn by m rriott other rebranding repositioning pro rt table contents maintaining profitability continuing dividends low levered balance sheet funds from operations per share annual common dividend debt at cost san jose south ca hampton germantown md gaithersburg overview shareholdersto our 2001 will be remembered as one most challenging 12 months industry has
