Maryland | 1-14045 | 36-4219376 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
LASALLE HOTEL PROPERTIES | ||||
Dated: February 20, 2018 | By: | /s/ Kenneth G. Fuller | ||
Kenneth G. Fuller | ||||
Chief Financial Officer, Executive Vice President, Secretary and Treasurer |
![]() | |||
News Release |
Fourth Quarter | Full Year | ||||||||||||||||||||
2017 | 2016 | % Var. | 2017 | 2016 | % Var. | ||||||||||||||||
(dollars in millions except per share/unit data) | |||||||||||||||||||||
Net income attributable to common shareholders(1) | $ | 11.9 | $ | 21.3 | -44.1 | % | $ | 174.6 | $ | 234.6 | -25.6 | % | |||||||||
Net income attributable to common shareholders per diluted share(1) | $ | 0.10 | $ | 0.19 | -47.4 | % | $ | 1.54 | $ | 2.07 | -25.6 | % | |||||||||
Excludes Key West in the Third and Fourth Quarter for Both Years | |||||||||||||||||||||
RevPAR(2) | $ | 188.54 | $ | 194.27 | -3.0 | % | $ | 203.55 | $ | 207.38 | -1.8 | % | |||||||||
Hotel EBITDA Margin(2) | 30.3 | % | 31.0 | % | 33.0 | % | 33.7 | % | |||||||||||||
Hotel EBITDA Margin Change(2) | -70 bps | -64 bps | |||||||||||||||||||
All Properties | |||||||||||||||||||||
RevPAR(2) | $ | 188.79 | $ | 197.81 | -4.6 | % | $ | 203.16 | $ | 208.49 | -2.6 | % | |||||||||
Hotel EBITDA Margin(2) | 31.0 | % | 31.8 | % | 33.1 | % | 33.9 | % | |||||||||||||
Hotel EBITDA Margin Change(2) | -84 bps | -77 bps | |||||||||||||||||||
Total Revenues | $ | 257.5 | $ | 289.5 | -11.1 | % | $ | 1,104.8 | $ | 1,227.6 | -10.0 | % | |||||||||
EBITDA(1,2) | $ | 69.3 | $ | 85.4 | -18.9 | % | $ | 414.8 | $ | 495.0 | -16.2 | % | |||||||||
Adjusted EBITDA(2) | $ | 73.7 | $ | 86.0 | -14.3 | % | $ | 339.4 | $ | 396.8 | -14.5 | % | |||||||||
Note: Adjusted EBITDA in the fourth quarter of 2016 included $8.0 million for assets that the Company sold in 2016 and 2017. Full year 2016 adjusted EBITDA included $49.5 million for assets that the Company sold in 2016 and 2017. | |||||||||||||||||||||
FFO attributable to common shareholders and unitholders(2) | $ | 55.6 | $ | 69.2 | -19.7 | % | $ | 267.5 | $ | 322.6 | -17.1 | % | |||||||||
Adjusted FFO attributable to common shareholders and unitholders(2) | $ | 60.0 | $ | 69.8 | -14.0 | % | $ | 280.1 | $ | 328.9 | -14.8 | % | |||||||||
FFO attributable to common shareholders and unitholders per diluted share/unit(2) | $ | 0.49 | $ | 0.61 | -19.7 | % | $ | 2.36 | $ | 2.85 | -17.2 | % | |||||||||
Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit(2) | $ | 0.53 | $ | 0.62 | -14.5 | % | $ | 2.47 | $ | 2.90 | -14.8 | % |
▪ | Net Income: The Company’s net income attributable to common shareholders was $175 million, which decreased by $60 million from 2016. |
▪ | RevPAR: Excluding Key West in the second half of the year, the Company’s 2017 RevPAR decreased 1.8% to $204, driven by a 1% reduction in average daily rate to $243 and an occupancy decline of 0.8% to 83.8%. |
▪ | Hotel EBITDA Margin: Excluding Key West in the second half of the year, the Company’s hotel EBITDA margin was 33.0%, which was 64 basis points below full year 2016. The Company’s hotel expenses declined by 1.1% from 2016. |
▪ | Adjusted EBITDA: The Company’s adjusted EBITDA was $339 million, a decrease of $57 million from 2016, which included $50 million from seven assets the Company sold between July 2016 and June 2017 (the “Disposed Assets”): Indianapolis Marriott Downtown, the mezzanine loan on Shutters on the Beach and Casa Del Mar, Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton, and Westin Philadelphia. |
Full Year | |||||||||
2017 | 2016 | % Var. | |||||||
(dollars in millions) | |||||||||
Adjusted EBITDA | $ | 339.4 | $ | 396.8 | -14.5 | % | |||
Disposed Assets Hotel EBITDA | (7.1 | ) | (49.5 | ) | |||||
Adjusted EBITDA for Comparable Portfolio | $ | 332.3 | $ | 347.3 | -4.3 | % |
▪ | Adjusted FFO: The Company generated adjusted FFO of $280 million, or $2.47 per diluted share/unit, compared to $329 million, or $2.90 per diluted share/unit, for full year 2016. Similar to adjusted EBITDA, the Disposed Assets provided approximately $47 million of adjusted FFO during 2016. |
▪ | Asset Sales: The Company completed five asset sales during 2017 for $409 million ($405,000 per key) at an average 6.8% trailing net operating income capitalization rate. The asset sales included Hotel Deca, Lansdowne Resort, Alexis Hotel, the leasehold interest in Hotel Triton, and Westin Philadelphia. |
▪ | Capital Investments: The Company invested $120 million of capital in its hotels throughout the year, completing renovations at L’Auberge Del Mar and Embassy Suites Philadelphia - Center City. During the fourth quarter, the Company invested $53 million of capital in its hotels, of which the majority was for ongoing renovations at the end of 2017 and into early 2018. The two largest projects are lifecycle rooms renovations at Westin Copley Place in Boston and Paradise Point Resort and Spa in San Diego. The Company will also be completing room renovations over the next few months at Chamberlain and Le Montrose in West Hollywood, Serrano Hotel and Harbor Court Hotel in San Francisco, and The Heathman Hotel in Portland. |
▪ | Balance Sheet Summary as of December 31, 2017: The Company had total outstanding debt of $1.1 billion, and total net debt to trailing 12 month Corporate EBITDA (as defined in the financial covenant section of the Company’s senior unsecured credit facility, adjusted for all cash and cash equivalents on its balance sheet) was 2.1 times. The Company’s fixed charge coverage ratio was 5.5 times, and its weighted |
▪ | Credit Facility Refinancing: In January 2017, the Company refinanced $1.05 billion of debt, reducing the interest cost on its $750 million revolver and $300 million five-year term loan and extending their maturities to January 2022 (including the exercise of extension options pursuant to certain conditions). |
▪ | Share Repurchase Authorization: In February 2017, the Company’s Board of Trustees authorized an expanded share repurchase program to acquire up to an additional $500 million of the Company’s common shares. Including the previous authorization, the Company has $570 million of capacity remaining in its share repurchase program. The Company did not acquire any common shares during 2017 or to date during the first quarter of 2018. |
▪ | Series H Preferred Share Redemption: In May 2017, the Company redeemed all 2,750,000 of its issued and outstanding 7.5% Series H Cumulative Redeemable Preferred Shares. |
▪ | Interest Rate Hedge: In July 2017, the Company swapped the interest rate on its $300 million senior unsecured term loan to an all-in fixed rate of 3.23% through loan maturity in January 2022. |
Full Year 2018 Base Case | ||||
(dollars in millions except per share/unit data) | ||||
Net income | $ | 68 | ||
RevPAR change | -2.0 | % | ||
Hotel expenses change | 2.0 | % | ||
Hotel EBITDA margin | 30.4 | % | ||
Hotel EBITDA margin change | -275 bps | |||
Adjusted EBITDA | $ | 291 | ||
Adjusted FFO | $ | 235 | ||
Adjusted FFO per diluted share/unit | $ | 2.06 |
Full Year 2017 and 2018 RevPAR Bridge | ||||||||
Inauguration(1) | Key West(2) | San Francisco(2) | Renovation Displacement | Subtotal Anomalies | Market Conditions | Full Year | ||
2017 RevPAR Impact | 60 bps | -75 bps | -125 bps | -5 bps | -145 bps | -115 bps | -2.6 | % |
2018 RevPAR Impact | -70 bps | 40 bps | 65 bps | -70 bps | -35 bps | -165 bps | -2.0 | % |
(1) First quarter 2017 RevPAR (and the 2017 inauguration impact) did not include the results from Mason & Rook Hotel because it was not open for the first quarter of 2016. Mason & Rook Hotel is included in the full year 2018 outlook. | ||||||||
(2) Assumes the Company regains approximately half of the 2017 RevPAR impact in 2018. |
First Quarter 2018 Base Case | ||||
(dollars in millions except per share/unit data) | ||||
Net loss | $ | (7.8 | ) | |
RevPAR change | -8.5 | % | ||
Adjusted EBITDA | $ | 41.5 | ||
Adjusted FFO | $ | 31.0 | ||
Adjusted FFO per diluted share/unit | $ | 0.27 |
First Quarter 2017 and 2018 RevPAR Bridge | ||||||
Inauguration(1) | Renovation Displacement | Subtotal Anomalies | Market Conditions | First Quarter | ||
First Quarter 2017 RevPAR Impact | 275 bps | 100 bps | 375 bps | -235 bps | 1.4 | % |
First Quarter 2018 RevPAR Impact | -330 bps | -265 bps | -595 bps | -255 bps | -8.5 | % |
(1) First quarter 2017 RevPAR (and the 2017 inauguration impact) did not include the results from Mason & Rook Hotel because it was not open for the first quarter of 2016. Mason & Rook Hotel is included in the full year 2018 outlook. |
December 31, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Investment in hotel properties, net | $ | 3,265,615 | $ | 3,672,209 | |||
Property under development | 49,459 | 21,078 | |||||
Assets held for sale | 0 | 23,283 | |||||
Cash and cash equivalents | 400,667 | 134,652 | |||||
Restricted cash reserves | 14,262 | 15,035 | |||||
Hotel receivables (net of allowance for doubtful accounts of $404 and $279, respectively) | 35,916 | 35,403 | |||||
Debt issuance costs for borrowings under credit facilities, net | 3,274 | 1,699 | |||||
Deferred tax assets | 2,136 | 1,902 | |||||
Prepaid expenses and other assets | 43,612 | 38,818 | |||||
Total assets | $ | 3,814,941 | $ | 3,944,079 | |||
Liabilities: | |||||||
Borrowings under credit facilities | $ | 0 | $ | 0 | |||
Term loans, net of unamortized debt issuance costs | 853,195 | 852,758 | |||||
Bonds payable, net of unamortized debt issuance costs | 42,494 | 42,455 | |||||
Mortgage loan, net of unamortized debt issuance costs | 224,432 | 223,494 | |||||
Accounts payable and accrued expenses | 134,216 | 171,965 | |||||
Liabilities of assets held for sale | 0 | 247 | |||||
Advance deposits | 26,625 | 33,232 | |||||
Accrued interest | 2,383 | 2,209 | |||||
Distributions payable | 55,135 | 56,360 | |||||
Total liabilities | 1,338,480 | 1,382,720 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Shareholders’ Equity: | |||||||
Preferred shares of beneficial interest, $0.01 par value (liquidation preference of $260,000 and $328,750, respectively), 40,000,000 shares authorized; 10,400,000 and 13,150,000 shares issued and outstanding, respectively | 104 | 132 | |||||
Common shares of beneficial interest, $0.01 par value, 200,000,000 shares authorized; 113,251,427 shares issued and 113,209,392 shares outstanding, respectively, and 113,115,442 shares issued and 113,088,074 shares outstanding, respectively | 1,132 | 1,131 | |||||
Treasury shares, at cost | (1,181 | ) | (739 | ) | |||
Additional paid-in capital, net of offering costs of $82,842 and $85,223, respectively | 2,767,924 | 2,830,740 | |||||
Accumulated other comprehensive income | 10,880 | 2,365 | |||||
Distributions in excess of retained earnings | (305,708 | ) | (275,564 | ) | |||
Total shareholders’ equity | 2,473,151 | 2,558,065 | |||||
Noncontrolling Interests: | |||||||
Noncontrolling interests in consolidated entities | 18 | 17 | |||||
Noncontrolling interests of common units in Operating Partnership | 3,292 | 3,277 | |||||
Total noncontrolling interests | 3,310 | 3,294 | |||||
Total equity | 2,476,461 | 2,561,359 | |||||
Total liabilities and equity | $ | 3,814,941 | $ | 3,944,079 |
For the three months ended | For the year ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Hotel operating revenues: | |||||||||||||||
Room | $ | 181,518 | $ | 203,419 | $ | 791,287 | $ | 867,882 | |||||||
Food and beverage | 52,477 | 62,568 | 214,280 | 259,658 | |||||||||||
Other operating department | 20,587 | 22,080 | 87,315 | 93,072 | |||||||||||
Total hotel operating revenues | 254,582 | 288,067 | 1,092,882 | 1,220,612 | |||||||||||
Other income | 2,928 | 1,425 | 11,933 | 7,007 | |||||||||||
Total revenues | 257,510 | 289,492 | 1,104,815 | 1,227,619 | |||||||||||
Expenses: | |||||||||||||||
Hotel operating expenses: | |||||||||||||||
Room | 51,775 | 55,753 | 214,843 | 226,349 | |||||||||||
Food and beverage | 37,463 | 42,428 | 154,371 | 179,637 | |||||||||||
Other direct | 2,289 | 3,760 | 11,920 | 16,978 | |||||||||||
Other indirect | 66,036 | 74,333 | 278,076 | 305,265 | |||||||||||
Total hotel operating expenses | 157,563 | 176,274 | 659,210 | 728,229 | |||||||||||
Depreciation and amortization | 43,690 | 47,831 | 178,374 | 192,322 | |||||||||||
Real estate taxes, personal property taxes and insurance | 15,371 | 16,383 | 62,238 | 63,406 | |||||||||||
Ground rent | 3,722 | 3,696 | 15,718 | 16,187 | |||||||||||
General and administrative | 6,805 | 6,980 | 26,751 | 26,529 | |||||||||||
Other expenses | 5,894 | 771 | 12,550 | 6,283 | |||||||||||
Total operating expenses | 233,045 | 251,935 | 954,841 | 1,032,956 | |||||||||||
Operating income | 24,465 | 37,557 | 149,974 | 194,663 | |||||||||||
Interest income | 1,160 | 56 | 2,568 | 3,553 | |||||||||||
Interest expense | (10,090 | ) | (10,094 | ) | (39,366 | ) | (43,775 | ) | |||||||
Loss from extinguishment of debt | 0 | 0 | (1,706 | ) | 0 | ||||||||||
Income before income tax benefit (expense) | 15,535 | 27,519 | 111,470 | 154,441 | |||||||||||
Income tax benefit (expense) | 509 | (685 | ) | (1,699 | ) | (5,784 | ) | ||||||||
Income before net gain on sale of properties and sale of note receivable | 16,044 | 26,834 | 109,771 | 148,657 | |||||||||||
Net gain on sale of properties and sale of note receivable | 0 | (71 | ) | 85,545 | 104,478 | ||||||||||
Net income | 16,044 | 26,763 | 195,316 | 253,135 | |||||||||||
Net income attributable to noncontrolling interests: | |||||||||||||||
Noncontrolling interests in consolidated entities | (8 | ) | (9 | ) | (16 | ) | (17 | ) | |||||||
Noncontrolling interests of common units in Operating Partnership | (24 | ) | (38 | ) | (266 | ) | (337 | ) | |||||||
Net income attributable to noncontrolling interests | (32 | ) | (47 | ) | (282 | ) | (354 | ) | |||||||
Net income attributable to the Company | 16,012 | 26,716 | 195,034 | 252,781 | |||||||||||
Distributions to preferred shareholders | (4,116 | ) | (5,404 | ) | (18,024 | ) | (18,206 | ) | |||||||
Issuance costs of redeemed preferred shares | 0 | 0 | (2,401 | ) | 0 | ||||||||||
Net income attributable to common shareholders | $ | 11,896 | $ | 21,312 | $ | 174,609 | $ | 234,575 |
For the three months ended | For the year ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Earnings per Common Share - Basic: | |||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.10 | $ | 0.19 | $ | 1.54 | $ | 2.07 | |||||||
Earnings per Common Share - Diluted: | |||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.10 | $ | 0.19 | $ | 1.54 | $ | 2.07 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 113,016,763 | 112,821,939 | 112,975,329 | 112,791,839 | |||||||||||
Diluted | 113,372,555 | 113,185,883 | 113,364,092 | 113,164,599 | |||||||||||
Comprehensive Income: | |||||||||||||||
Net income | $ | 16,044 | $ | 26,763 | $ | 195,316 | $ | 253,135 | |||||||
Other comprehensive income: | |||||||||||||||
Unrealized gain (loss) on interest rate derivative instruments | 5,849 | 12,891 | 5,815 | (4,160 | ) | ||||||||||
Reclassification adjustment for amounts recognized in net income | 680 | 1,478 | 2,710 | 6,625 | |||||||||||
22,573 | 41,132 | 203,841 | 255,600 | ||||||||||||
Comprehensive income attributable to noncontrolling interests: | |||||||||||||||
Noncontrolling interests in consolidated entities | (8 | ) | (9 | ) | (16 | ) | (17 | ) | |||||||
Noncontrolling interests of common units in Operating Partnership | (31 | ) | (56 | ) | (276 | ) | (340 | ) | |||||||
Comprehensive income attributable to noncontrolling interests | (39 | ) | (65 | ) | (292 | ) | (357 | ) | |||||||
Comprehensive income attributable to the Company | $ | 22,534 | $ | 41,067 | $ | 203,549 | $ | 255,243 |
For the three months ended | For the year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 16,044 | $ | 26,763 | $ | 195,316 | $ | 253,135 | ||||||||
Depreciation | 43,536 | 47,703 | 177,800 | 191,791 | ||||||||||||
Amortization of deferred lease costs | 113 | 76 | 387 | 320 | ||||||||||||
Less: Gain on sale of properties less costs associated with sale of note receivable | 0 | 71 | (85,545 | ) | (104,478 | ) | ||||||||||
FFO | $ | 59,693 | $ | 74,613 | $ | 287,958 | $ | 340,768 | ||||||||
Distributions to preferred shareholders | (4,116 | ) | (5,404 | ) | (18,024 | ) | (18,206 | ) | ||||||||
Issuance costs of redeemed preferred shares | 0 | 0 | (2,401 | ) | 0 | |||||||||||
FFO attributable to common shareholders and unitholders | $ | 55,577 | $ | 69,209 | $ | 267,533 | $ | 322,562 | ||||||||
Pre-opening, management transition and severance expenses | 200 | 123 | 577 | 4,418 | ||||||||||||
Issuance costs of redeemed preferred shares | 0 | 0 | 2,401 | 0 | ||||||||||||
Loss from extinguishment of debt | 0 | 0 | 1,706 | 0 | ||||||||||||
Estimated hurricane related repairs and cleanup costs | 828 | 0 | 3,166 | 0 | ||||||||||||
Net loss from The Marker Waterfront Resort original development deficiencies | 2,909 | 0 | 2,909 | 0 | ||||||||||||
Non-cash ground rent | 458 | 470 | 1,842 | 1,890 | ||||||||||||
Adjusted FFO attributable to common shareholders and unitholders | $ | 59,972 | $ | 69,802 | $ | 280,134 | $ | 328,870 | ||||||||
Weighted average number of common shares and units outstanding: | ||||||||||||||||
Basic | 113,161,986 | 112,967,162 | 113,120,552 | 112,937,062 | ||||||||||||
Diluted | 113,517,778 | 113,331,106 | 113,509,315 | 113,309,822 | ||||||||||||
FFO attributable to common shareholders and unitholders per diluted share/unit | $ | 0.49 | $ | 0.61 | $ | 2.36 | $ | 2.85 | ||||||||
Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit | $ | 0.53 | $ | 0.62 | $ | 2.47 | $ | 2.90 |
For the three months ended | For the year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 16,044 | $ | 26,763 | $ | 195,316 | $ | 253,135 | ||||||||
Interest expense | 10,090 | 10,094 | 39,366 | 43,775 | ||||||||||||
Income tax (benefit) expense | (509 | ) | 685 | 1,699 | 5,784 | |||||||||||
Depreciation and amortization | 43,690 | 47,831 | 178,374 | 192,322 | ||||||||||||
EBITDA | $ | 69,315 | $ | 85,373 | $ | 414,755 | $ | 495,016 | ||||||||
Pre-opening, management transition and severance expenses | 200 | 123 | 577 | 4,418 | ||||||||||||
Loss from extinguishment of debt | 0 | 0 | 1,706 | 0 | ||||||||||||
Estimated hurricane related repairs and cleanup costs | 828 | 0 | 3,166 | 0 | ||||||||||||
Net loss from The Marker Waterfront Resort original development deficiencies | 2,909 | 0 | 2,909 | 0 | ||||||||||||
Gain on sale of properties less costs associated with sale of note receivable | 0 | 71 | (85,545 | ) | (104,478 | ) | ||||||||||
Non-cash ground rent | 458 | 470 | 1,842 | 1,890 | ||||||||||||
Adjusted EBITDA | $ | 73,710 | $ | 86,037 | $ | 339,410 | $ | 396,846 | ||||||||
Corporate expense | 9,013 | 7,866 | 33,679 | 29,224 | ||||||||||||
Interest and other income | (4,087 | ) | (1,480 | ) | (14,501 | ) | (10,559 | ) | ||||||||
Pro forma hotel level adjustments, net(1) | 256 | (8,683 | ) | (6,835 | ) | (45,513 | ) | |||||||||
Hotel EBITDA for all properties | $ | 78,892 | $ | 83,740 | $ | 351,753 | $ | 369,998 | ||||||||
Pro forma hotel level adjustment related to Key West(2) | (4,522 | ) | (6,279 | ) | (6,844 | ) | (10,838 | ) | ||||||||
Hotel EBITDA excluding Key West | $ | 74,370 | $ | 77,461 | $ | 344,909 | $ | 359,160 |
(1) | Pro forma excludes (i) Mason & Rook Hotel for the first quarter in both 2016 and 2017 because the hotel was closed for renovation during the entire first quarter of 2016, and (ii) Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia due to their dispositions in 2017 and Indianapolis Marriott Downtown due to its disposition in July 2016. |
(2) | The Marker Waterfront Resort and Southernmost Beach Resort Key West are excluded from the third and fourth quarter in both 2016 and 2017 due to their closure during Hurricane Irma in early September 2017 and for a period following the storm due to subsequent building repairs and clean up. |
For the three months ended | For the year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues: | ||||||||||||||||
Room | $ | 181,517 | $ | 190,170 | $ | 771,710 | $ | 793,889 | ||||||||
Food and beverage | 52,477 | 53,905 | 205,197 | 219,510 | ||||||||||||
Other | 20,602 | 19,032 | 85,174 | 78,512 | ||||||||||||
Total hotel revenues | 254,596 | 263,107 | 1,062,081 | 1,091,911 | ||||||||||||
Expenses: | ||||||||||||||||
Room | 51,787 | 52,427 | 210,086 | 209,785 | ||||||||||||
Food and beverage | 37,465 | 38,246 | 148,797 | 157,093 | ||||||||||||
Other direct | 2,284 | 2,265 | 9,981 | 9,840 | ||||||||||||
General and administrative | 19,284 | 19,813 | 76,624 | 77,962 | ||||||||||||
Information and telecommunications systems | 3,951 | 3,995 | 16,016 | 15,613 | ||||||||||||
Sales and marketing | 17,346 | 18,340 | 72,320 | 74,111 | ||||||||||||
Management fees | 8,701 | 9,550 | 36,165 | 37,049 | ||||||||||||
Property operations and maintenance | 8,724 | 8,859 | 35,730 | 35,387 | ||||||||||||
Energy and utilities | 6,197 | 6,197 | 25,696 | 25,536 | ||||||||||||
Property taxes | 13,887 | 14,025 | 54,839 | 54,344 | ||||||||||||
Other fixed expenses(2) | 6,078 | 5,650 | 24,074 | 25,193 | ||||||||||||
Total hotel expenses | 175,704 | 179,367 | 710,328 | 721,913 | ||||||||||||
Hotel EBITDA | $ | 78,892 | $ | 83,740 | $ | 351,753 | $ | 369,998 | ||||||||
Hotel EBITDA Margin | 31.0 | % | 31.8 | % | 33.1 | % | 33.9 | % |
(1) | This schedule includes the operating data for the three months and year ended December 31, 2017 for all properties owned by the Company as of December 31, 2017. Pro forma excludes (i) Mason & Rook Hotel for the first quarter in both 2016 and 2017 because the hotel was closed for renovation during the entire first quarter of 2016, and (ii) Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia due to their dispositions in 2017 and Indianapolis Marriott Downtown due to its disposition in July 2016. |
(2) | Other fixed expenses includes ground rent expense, but excludes ground rent payments for The Roger and Harbor Court in all periods due to the hotels being subject to capital leases of land and building under GAAP. At The Roger, the base ground rent payments were $99 and $397 for the three months and year ended December 31, 2017 and 2016, respectively. At Harbor Court, the base and participating ground rent payments were $251 and $1,172 for the three months and year ended December 31, 2017, respectively, and $275 and $1,279 for the three months and year ended December 31, 2016, respectively. |
For the three months ended | For the year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues: | ||||||||||||||||
Room | $ | 175,066 | $ | 180,391 | $ | 759,774 | $ | 776,036 | ||||||||
Food and beverage | 50,589 | 51,605 | 201,717 | 215,074 | ||||||||||||
Other | 19,865 | 17,913 | 83,444 | 76,159 | ||||||||||||
Total hotel revenues | 245,520 | 249,909 | 1,044,935 | 1,067,269 | ||||||||||||
Expenses: | ||||||||||||||||
Room | 50,642 | 50,642 | 207,473 | 206,199 | ||||||||||||
Food and beverage | 36,174 | 36,700 | 146,261 | 154,010 | ||||||||||||
Other direct | 2,181 | 2,133 | 9,781 | 9,562 | ||||||||||||
General and administrative | 18,682 | 18,916 | 75,366 | 76,251 | ||||||||||||
Information and telecommunications systems | 3,816 | 3,851 | 15,779 | 15,330 | ||||||||||||
Sales and marketing | 17,108 | 17,920 | 71,755 | 73,292 | ||||||||||||
Management fees | 8,941 | 8,941 | 36,078 | 35,965 | ||||||||||||
Property operations and maintenance | 8,378 | 8,318 | 34,900 | 34,335 | ||||||||||||
Energy and utilities | 5,972 | 5,963 | 25,191 | 25,035 | ||||||||||||
Property taxes | 13,618 | 13,935 | 54,309 | 53,978 | ||||||||||||
Other fixed expenses(2) | 5,638 | 5,129 | 23,133 | 24,152 | ||||||||||||
Total hotel expenses | 171,150 | 172,448 | 700,026 | 708,109 | ||||||||||||
Hotel EBITDA | $ | 74,370 | $ | 77,461 | $ | 344,909 | $ | 359,160 | ||||||||
Hotel EBITDA Margin | 30.3 | % | 31.0 | % | 33.0 | % | 33.7 | % |
(1) | This schedule includes the operating data for the three months and year ended December 31, 2017 for all properties owned by the Company as of December 31, 2017. Pro forma excludes (i) Mason & Rook Hotel for the first quarter in both 2016 and 2017 because the hotel was closed for renovation during the entire first quarter of 2016, (ii) The Marker Waterfront Resort and Southernmost Beach Resort Key West for the third and fourth quarters in both 2016 and 2017 due to their closure during Hurricane Irma in early September 2017 and for a period following the storm due to subsequent building repairs and clean up, and (iii) Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton, and Westin Philadelphia due to their dispositions in 2017 and Indianapolis Marriott Downtown due to its disposition in July 2016. |
(2) | Other fixed expenses includes ground rent expense, but excludes ground rent payments for The Roger and Harbor Court in all periods due to the hotels being subject to capital leases of land and building under GAAP. At The Roger, the base ground rent payments were $99 and $397 for the three months and year ended December 31, 2017 and 2016, respectively. At Harbor Court, the base and participating ground rent payments were $251 and $1,172 for the three months and year ended December 31, 2017, respectively, and $275 and $1,279 for the three months and year ended December 31, 2016, respectively. |
For the three months ended | For the year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Total Portfolio | ||||||||||||||||
Occupancy | 79.0 | % | 80.8 | % | 83.8 | % | 84.5 | % | ||||||||
Decrease | (2.3 | )% | (0.8 | )% | ||||||||||||
ADR | $ | 238.62 | $ | 240.31 | $ | 243.00 | $ | 245.53 | ||||||||
Decrease | (0.7 | )% | (1.0 | )% | ||||||||||||
RevPAR | $ | 188.54 | $ | 194.27 | $ | 203.55 | $ | 207.38 | ||||||||
Decrease | (3.0 | )% | (1.8 | )% |
For the three months ended December 31, 2017 | For the year ended December 31, 2017 | |||
Market Detail | RevPAR Variance % | |||
Boston | (3.4)% | 0.6% | ||
Chicago | (9.8)% | (6.4)% | ||
Los Angeles | (5.6)% | (6.0)% | ||
New York | 1.4% | 0.0% | ||
Other(2) | 3.7% | 1.4% | ||
San Diego Downtown | (5.0)% | 0.8% | ||
San Francisco | (6.1)% | (7.2)% | ||
Washington, DC | (2.0)% | 2.1% |
(1) | This schedule includes the statistical data for the three months and year ended December 31, 2017 for all properties owned by the Company as of December 31, 2017. Pro forma excludes (i) Mason & Rook Hotel for the first quarter in both 2016 and 2017 because the hotel was closed for renovation during the entire first quarter of 2016, (ii) The Marker Waterfront Resort and Southernmost Beach Resort Key West for the third and fourth quarters in both 2016 and 2017 due to their closure during Hurricane Irma in early September 2017 and for a period following the storm due to subsequent building repairs and clean up, and (iii) Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia due to their dispositions in 2017 and Indianapolis Marriott Downtown due to its disposition in July 2016. |
(2) | Other includes The Heathman Hotel in Portland, Chaminade Resort in Santa Cruz, Embassy Suites Philadelphia - Center City in Philadelphia, L’Auberge Del Mar in Del Mar, and The Hilton San Diego Resort and Paradise Point Resort in San Diego. |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||
2017 | 2017 | 2017 | 2017 | 2017 | |||||||||||||||
Occupancy | 77.8 | % | 88.1 | % | 89.0 | % | 78.2 | % | 83.3 | % | |||||||||
ADR | $ | 229.92 | $ | 257.75 | $ | 243.77 | $ | 243.82 | $ | 244.28 | |||||||||
RevPAR | $ | 178.81 | $ | 227.18 | $ | 216.95 | $ | 190.61 | $ | 203.52 | |||||||||
Total hotel revenues | $ | 233.6 | $ | 294.7 | $ | 282.7 | $ | 251.9 | $ | 1,062.9 | |||||||||
Less: Total hotel expenses | 169.6 | 182.7 | 184.5 | 173.6 | 710.4 | ||||||||||||||
Hotel EBITDA | $ | 64.0 | $ | 112.0 | $ | 98.2 | $ | 78.3 | $ | 352.5 | |||||||||
Hotel EBITDA Margin | 27.4 | % | 38.0 | % | 34.7 | % | 31.1 | % | 33.2 | % |
(1) | For current year operating data, pro forma excludes Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia due to their dispositions in 2017. |
For the year ended December 31, | ||||
Property Detail | 2017 | 2016 | ||
Westin Copley Place(3) | $242.03 | $243.91 | ||
The Liberty Hotel | $293.99 | $283.81 | ||
Hyatt Regency Boston Harbor | $184.76 | $183.04 | ||
Onyx Hotel | $207.81 | $207.02 | ||
Westin Michigan Avenue | $140.41 | $152.69 | ||
Hotel Chicago | $158.37 | $163.32 | ||
Southernmost Beach Resort | $279.47 | $330.12 | ||
The Marker Waterfront Resort | $226.79 | $276.40 | ||
Chamberlain West Hollywood(3) | $220.25 | $246.99 | ||
Le Montrose Suite Hotel(3) | $206.26 | $223.27 | ||
The Grafton on Sunset | $183.02 | $183.95 | ||
Le Parc Suite Hotel | $210.02 | $229.24 | ||
Hotel Amarano Burbank | $206.88 | $220.62 | ||
Viceroy Santa Monica | $331.91 | $341.53 | ||
Park Central Hotel New York/WestHouse Hotel New York | $214.56 | $216.64 | ||
The Roger | $227.70 | $224.53 | ||
Gild Hall | $205.17 | $195.17 | ||
Embassy Suites Philadelphia - Center City(2) | $143.98 | $152.05 | ||
The Heathman Hotel(3) | $158.70 | $160.99 | ||
San Diego Paradise Point Resort and Spa(4) | $155.28 | $155.52 | ||
The Hilton San Diego Resort and Spa | $172.77 | $171.41 | ||
L’Auberge Del Mar(2) | $307.94 | $277.58 | ||
Hilton San Diego Gaslamp Quarter | $194.52 | $194.54 | ||
Hotel Solamar | $174.95 | $171.62 | ||
Park Central San Francisco | $231.94 | $251.90 | ||
The Marker San Francisco | $207.42 | $202.47 | ||
Harbor Court Hotel(3) | $202.07 | $219.41 | ||
Serrano Hotel(3) | $155.54 | $181.28 | ||
Villa Florence | $156.89 | $180.16 | ||
Hotel Vitale | $331.10 | $344.96 | ||
Chaminade Resort and Conference Center | $149.63 | $135.56 | ||
Hotel Palomar, Washington, DC | $183.78 | $181.77 | ||
Topaz Hotel | $170.43 | $169.39 | ||
Hotel Madera | $181.55 | $184.32 | ||
The Donovan | $185.31 | $183.08 | ||
Hotel Rouge | $159.17 | $165.71 | ||
Mason & Rook Hotel(1) | $192.10 | $169.33 | ||
Hotel George | $229.83 | $216.61 | ||
Sofitel Washington, DC Lafayette Square | $277.51 | $276.85 | ||
The Liaison Capitol Hill | $160.38 | $155.16 |
(1) | Mason & Rook Hotel closed for renovation in October 2015 and reopened in April 2016. As a result, RevPAR above excludes the first quarters of both 2016 and 2017. |
(2) | Denotes a hotel that was under renovation in Q4 2016 - Q1 2017. |
(3) | Denotes a hotel that was under renovation in Q4 2017. |
(4) | Denotes a hotel that was under renovation in Q1 2017 - Q4 2017. |
Property Detail | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||||
Westin Copley Place(5) | $ | 24.4 | $ | 25.8 | $ | 28.7 | $ | 32.7 | $ | 33.3 | $ | 31.5 | ||||||||||||
The Liberty Hotel | 13.3 | 15.8 | 17.2 | 18.2 | 18.5 | 19.0 | ||||||||||||||||||
Hyatt Regency Boston Harbor | 7.3 | 7.7 | 9.3 | 11.1 | 10.8 | 10.8 | ||||||||||||||||||
Onyx Hotel | 2.6 | 2.6 | 3.1 | 3.6 | 3.6 | 3.8 | ||||||||||||||||||
Westin Michigan Avenue | 16.7 | 16.0 | 18.0 | 19.4 | 17.9 | 13.1 | ||||||||||||||||||
Hotel Chicago(3) | 7.3 | 8.4 | 8.5 | 10.4 | 12.4 | 12.3 | ||||||||||||||||||
Southernmost Beach Resort Key West | 10.8 | 14.1 | 17.6 | 19.9 | 21.1 | 17.9 | ||||||||||||||||||
The Marker Waterfront Resort(1) | — | — | — | 4.8 | 5.8 | 4.6 | ||||||||||||||||||
Chaminade Resort and Conference Center | 3.7 | 4.3 | 4.7 | 5.0 | 4.8 | 5.2 | ||||||||||||||||||
Chamberlain West Hollywood(5) | 3.8 | 4.1 | 4.8 | 4.8 | 5.2 | 4.4 | ||||||||||||||||||
Le Montrose Suite Hotel(5) | 4.2 | 5.5 | 5.9 | 5.9 | 6.5 | 5.9 | ||||||||||||||||||
The Grafton on Sunset | 2.2 | 2.0 | 1.5 | 0.9 | 2.8 | 2.8 | ||||||||||||||||||
Le Parc Suite Hotel | 4.7 | 5.3 | 5.6 | 6.1 | 7.0 | 6.1 | ||||||||||||||||||
Hotel Amarano Burbank | 3.3 | 4.2 | 4.7 | 4.4 | 5.7 | 5.4 | ||||||||||||||||||
Viceroy Santa Monica | 6.9 | 7.6 | 8.2 | 8.4 | 7.8 | 7.0 | ||||||||||||||||||
Park Central Hotel New York/WestHouse Hotel New York | 30.1 | 18.8 | 25.0 | 18.1 | 24.0 | 22.0 | ||||||||||||||||||
The Roger | 5.0 | 7.5 | 8.2 | 7.3 | 5.8 | 6.1 | ||||||||||||||||||
Gild Hall | 3.9 | 3.7 | 3.9 | 3.8 | 3.2 | 3.1 | ||||||||||||||||||
Embassy Suites Philadelphia - Center City(4) | 6.6 | 6.9 | 7.3 | 8.0 | 7.7 | 6.6 | ||||||||||||||||||
The Heathman Hotel(5) | 1.9 | 2.4 | 3.0 | 5.7 | 4.4 | 4.3 | ||||||||||||||||||
San Diego Paradise Point Resort and Spa(6) | 13.7 | 14.8 | 16.1 | 16.7 | 14.7 | 16.8 | ||||||||||||||||||
The Hilton San Diego Resort and Spa | 5.2 | 5.5 | 7.0 | 7.9 | 8.3 | 8.8 | ||||||||||||||||||
L’Auberge Del Mar(4) | 5.6 | 7.7 | 8.1 | 9.9 | 9.3 | 9.4 | ||||||||||||||||||
Hilton San Diego Gaslamp Quarter | 8.8 | 8.9 | 9.5 | 10.5 | 10.9 | 11.1 | ||||||||||||||||||
Hotel Solamar | 6.5 | 6.3 | 6.5 | 7.4 | 7.7 | 7.3 | ||||||||||||||||||
Park Central San Francisco(1) | 13.7 | 16.3 | 21.5 | 22.3 | 23.4 | 18.8 | ||||||||||||||||||
The Marker San Francisco | 5.7 | 6.9 | 7.7 | 7.6 | 5.9 | 6.8 | ||||||||||||||||||
Harbor Court Hotel(5) | 3.7 | 4.9 | 5.8 | 6.1 | 5.6 | 5.0 | ||||||||||||||||||
Serrano Hotel(5) | 3.5 | 4.4 | 6.3 | 6.2 | 6.5 | 5.7 | ||||||||||||||||||
Villa Florence | 7.4 | 8.3 | 9.3 | 8.8 | 9.4 | 7.7 | ||||||||||||||||||
Hotel Vitale | 7.4 | 7.3 | 8.6 | 11.0 | 10.3 | 9.8 | ||||||||||||||||||
Hotel Palomar, Washington, DC | 10.6 | 10.5 | 9.8 | 9.5 | 10.8 | 10.9 | ||||||||||||||||||
Topaz Hotel | 2.1 | 2.0 | 1.9 | 2.0 | 2.3 | 2.5 | ||||||||||||||||||
Hotel Madera | 2.2 | 2.0 | 2.1 | 2.5 | 2.7 | 2.3 | ||||||||||||||||||
The Donovan | 3.8 | 4.3 | 5.2 | 5.8 | 6.1 | 6.4 | ||||||||||||||||||
Hotel Rouge | 2.9 | 2.8 | 2.8 | 3.1 | 3.5 | 3.2 | ||||||||||||||||||
Mason & Rook Hotel(2) | 3.4 | 3.2 | 3.2 | 3.0 | 3.6 | 5.8 | ||||||||||||||||||
Hotel George | 4.1 | 4.1 | 4.3 | 5.2 | 5.7 | 6.3 | ||||||||||||||||||
Sofitel Washington, DC Lafayette Square | 7.5 | 8.5 | 8.7 | 8.3 | 10.0 | 10.3 | ||||||||||||||||||
The Liaison Capitol Hill | 9.1 | 8.6 | 4.4 | 6.9 | 6.8 | 7.7 | ||||||||||||||||||
Total Portfolio(7) | $ | 285.9 | $ | 300.2 | $ | 334.2 | $ | 359.2 | $ | 371.9 | $ | 354.4 |
(1) | Pro forma to include operating results of the hotels under previous ownership. Results of the hotels for periods prior to the Company’s ownership were provided by prior owners and have not been adjusted by the Company or audited by its auditors. |
(2) | Mason & Rook Hotel closed for renovation in October 2015 and reopened in April 2016. |
(3) | Hotel EBITDA shown includes retail net operating income for Hotel Chicago. |
(4) | Denotes a hotel that was under renovation in Q4 2016 - Q1 2017. |
(5) | Denotes a hotel that was under renovation in Q4 2017. |
(6) | Denotes a hotel that was under renovation in Q1 2017 - Q4 2017. |
(7) | Totals may not foot due to rounding. |
Market Detail | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||||
Boston | $ | 47.7 | $ | 51.8 | $ | 58.3 | $ | 65.6 | $ | 66.2 | $ | 65.1 | ||||||||||||
Chicago | 24.1 | 24.3 | 26.5 | 29.8 | 30.3 | 25.5 | ||||||||||||||||||
Key West | 10.8 | 14.1 | 17.6 | 24.7 | 26.9 | 22.5 | ||||||||||||||||||
Los Angeles | 25.1 | 28.8 | 30.7 | 30.6 | 35.1 | 31.8 | ||||||||||||||||||
New York | 39.1 | 30.0 | 37.1 | 29.2 | 33.1 | 31.1 | ||||||||||||||||||
San Diego Downtown | 15.3 | 15.2 | 15.9 | 17.9 | 18.6 | 18.3 | ||||||||||||||||||
San Francisco | 41.4 | 48.1 | 59.3 | 61.9 | 61.2 | 53.9 | ||||||||||||||||||
Washington, DC | 45.8 | 46.1 | 42.5 | 46.4 | 51.6 | 55.3 | ||||||||||||||||||
Other(1) | 36.7 | 41.7 | 46.2 | 53.2 | 49.1 | 51.1 | ||||||||||||||||||
Total Portfolio(2) | $ | 285.9 | $ | 300.2 | $ | 334.2 | $ | 359.2 | $ | 371.9 | $ | 354.4 |
(1) | Other includes The Heathman Hotel in Portland, OR, Chaminade Resort in Santa Cruz, CA, Embassy Suites Philadelphia - Center City in Philadelphia, L’Auberge Del Mar in Del Mar, CA, and The Hilton San Diego Resort and Paradise Point Resort in San Diego, CA. |
(2) | Totals may not foot due to rounding. |
For the year ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
Net income | $ | 71,577 | $ | 90,255 | $ | 213,497 | $ | 135,829 | $ | 253,135 | $ | 195,316 | ||||||||||||
Interest expense | 52,896 | 57,516 | 56,628 | 54,333 | 43,775 | 39,366 | ||||||||||||||||||
Income tax expense (benefit) | 9,062 | 470 | 2,306 | (1,292 | ) | 5,784 | 1,699 | |||||||||||||||||
Depreciation and amortization | 124,363 | 143,991 | 155,035 | 180,855 | 192,322 | 178,374 | ||||||||||||||||||
EBITDA | $ | 257,898 | $ | 292,232 | $ | 427,466 | $ | 369,725 | $ | 495,016 | $ | 414,755 | ||||||||||||
Pre-opening, management transition and severance expenses | 1,447 | 6,420 | 3,884 | 13,508 | 4,418 | 577 | ||||||||||||||||||
Loss from extinguishment of debt | 0 | 0 | 2,487 | 831 | 0 | 1,706 | ||||||||||||||||||
Acquisition transaction costs | 4,498 | 2,646 | 2,379 | 499 | 0 | 0 | ||||||||||||||||||
Estimated hurricane related repairs and cleanup costs | 0 | 0 | 0 | 0 | 0 | 3,166 | ||||||||||||||||||
Net loss from The Marker Waterfront Resort original development deficiencies | 0 | 0 | 0 | 0 | 0 | 2,909 | ||||||||||||||||||
Gain on sale of properties less costs associated with sale of note receivable | 0 | 0 | (93,205 | ) | 0 | (104,478 | ) | (85,545 | ) | |||||||||||||||
Non-cash ground rent | 454 | 1,305 | 1,820 | 1,943 | 1,890 | 1,842 | ||||||||||||||||||
Mezzanine loan discount amortization | (1,074 | ) | (2,524 | ) | (986 | ) | 0 | 0 | 0 | |||||||||||||||
Adjusted EBITDA | $ | 263,223 | $ | 300,079 | $ | 343,845 | $ | 386,506 | $ | 396,846 | $ | 339,410 | ||||||||||||
Corporate expense | 23,622 | 29,112 | 29,056 | 29,850 | 29,224 | 33,679 | ||||||||||||||||||
Interest and other income | (9,212 | ) | (16,340 | ) | (8,685 | ) | (10,930 | ) | (10,559 | ) | (14,501 | ) | ||||||||||||
Pro forma hotel level adjustments, net | (2,818 | ) | (1,082 | ) | (8,077 | ) | (4,164 | ) | (13,014 | ) | (6,835 | ) | ||||||||||||
Hotel EBITDA as reported in respective year | $ | 274,815 | $ | 311,769 | $ | 356,139 | $ | 401,262 | $ | 402,497 | $ | 351,753 | ||||||||||||
Pro forma adjustments for acquisitions, dispositions and hotel closures | 7,715 | (15,014 | ) | (25,306 | ) | (44,410 | ) | (33,104 | ) | 1,284 | ||||||||||||||
Non-hotel other income adjustments(2) | 3,362 | 3,423 | 3,383 | 2,382 | 2,537 | 1,381 | ||||||||||||||||||
Hotel EBITDA Pro Forma - all properties owned as of December 31, 2017 including prior to ownership | $ | 285,892 | $ | 300,178 | $ | 334,216 | $ | 359,234 | $ | 371,930 | $ | 354,418 |
(1) | Pro forma to include the results of operations of certain hotels under previous ownership acquired during the periods presented and exclude the results of operations of any hotels sold or closed for renovations during the periods presented. Results for the hotels for periods prior to the Company’s ownership were provided by prior owners and have not been adjusted by the Company or audited by its auditors. |
(2) | Hotel EBITDA shown includes retail net operating income for Hotel Chicago. |
Base Case | ||||||||
For the three months ending | For the year ending | |||||||
March 31, 2018 | December 31, 2018 | |||||||
Net (loss) income | $ | (7.8 | ) | $ | 67.8 | |||
Depreciation and amortization | 42.4 | 181.9 | ||||||
FFO | $ | 34.6 | $ | 249.7 | ||||
Distributions to preferred shareholders | (4.1 | ) | (16.5 | ) | ||||
FFO attributable to common shareholders and unitholders | $ | 30.5 | $ | 233.2 | ||||
Non-cash ground rent | 0.5 | 1.8 | ||||||
Adjusted FFO attributable to common shareholders and unitholders | $ | 31.0 | $ | 235.0 | ||||
Weighted average number of common shares and units outstanding (diluted) | 113.7 | 113.9 | ||||||
FFO attributable to common shareholders and unitholders per diluted share/unit | $ | 0.27 | $ | 2.05 | ||||
Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit | $ | 0.27 | $ | 2.06 |
Base Case | ||||||||
For the three months ending | For the year ending | |||||||
March 31, 2018 | December 31, 2018 | |||||||
Net (loss) income | $ | (7.8 | ) | $ | 67.8 | |||
Interest expense and income tax benefit | 6.4 | 39.4 | ||||||
Depreciation and amortization | 42.4 | 182.0 | ||||||
EBITDA | $ | 41.0 | $ | 289.2 | ||||
Non-cash ground rent | 0.5 | 1.8 | ||||||
Adjusted EBITDA | $ | 41.5 | $ | 291.0 |
([HXI%5(5/8^6O!/NV:Z"B
M@ HHHH :P)4A3@XX.,XKFK7PF;/79]9BU2