(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 13e4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
Press release issued November 5, 2019 |
HERSHA HOSPITALITY TRUST | |||||||||||
Date: November 5, 2019 | By: | /s/ Ashish R. Parikh | |||||||||
Name: | Ashish R. Parikh | ||||||||||
Title: | Chief Financial Officer |
Q4 '19 Outlook | 2019 Outlook | ||||||||||||||||||||||||||||
($'s in millions except per share amounts) | Low | High | Low | High | |||||||||||||||||||||||||
Net income Applicable to Common Shareholders | $ | (9.5) | $ | (7.5) | $ | (28.5) | $ | (26.5) | |||||||||||||||||||||
Net income per share | $ | (0.24) | $ | (0.19) | $ | (0.73) | $ | (0.68) | |||||||||||||||||||||
Comparable Property RevPAR Growth | (2.0) | % | (1.0) | % | 0.75 | % | 1.25 | % | |||||||||||||||||||||
Comparable Property EBITDA Margin Growth | (1.0) | % | (0.5) | % | (1.00) | % | (0.75) | % | |||||||||||||||||||||
Adjusted EBITDA | $ | 41.5 | $ | 43.5 | $ | 165.5 | $ | 167.5 | |||||||||||||||||||||
Adjusted FFO | $ | 22.0 | $ | 24.0 | $ | 84.0 | $ | 86.0 | |||||||||||||||||||||
Adjusted FFO per share | $ | 0.51 | $ | 0.56 | $ | 1.94 | $ | 1.99 |
HERSHA HOSPITALITY TRUST | ||||||||||||||||||||
Balance Sheet (unaudited) | ||||||||||||||||||||
(in thousands, except shares and per share amounts) | ||||||||||||||||||||
September 30, 2019 | December 31, 2018 | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Investment in Hotel Properties, Net of Accumulated Depreciation | $ | 1,989,982 | $ | 2,026,659 | ||||||||||||||||
Investment in Unconsolidated Joint Ventures | 6,624 | 4,004 | ||||||||||||||||||
Cash and Cash Equivalents | 31,621 | 32,598 | ||||||||||||||||||
Escrow Deposits | 10,540 | 8,185 | ||||||||||||||||||
Hotel Accounts Receivable, Net of Allowance for Doubtful Accounts of $0 and $188 | 9,919 | 10,241 | ||||||||||||||||||
Due from Related Parties | 5,714 | 3,294 | ||||||||||||||||||
Intangible Assets, Net of Accumulated Amortization of $6,434 and $7,308 | 2,248 | 13,644 | ||||||||||||||||||
Right of Use Asset | 45,688 | — | ||||||||||||||||||
Other Assets | 36,726 | 40,005 | ||||||||||||||||||
Total Assets | $ | 2,139,062 | $ | 2,138,630 | ||||||||||||||||
Liabilities and Equity: | ||||||||||||||||||||
Line of Credit | $ | 46,000 | $ | 10,000 | ||||||||||||||||
Unsecured Term Loan, Net of Unamortized Deferred Financing Costs | 696,995 | 698,202 | ||||||||||||||||||
Unsecured Notes Payable, Net of Unamortized Deferred Financing Costs | 50,723 | 50,684 | ||||||||||||||||||
Mortgages Payable, Net of Unamortized Premium and Unamortized Deferred Financing Costs | 332,872 | 334,145 | ||||||||||||||||||
Lease Liability | 54,706 | — | ||||||||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 51,882 | 70,947 | ||||||||||||||||||
Dividends and Distributions Payable | 17,046 | 17,129 | ||||||||||||||||||
Total Liabilities | $ | 1,250,224 | $ | 1,181,107 | ||||||||||||||||
Redeemable Noncontrolling Interest - Consolidated Joint Venture | $ | 3,196 | $ | 2,708 | ||||||||||||||||
Equity: | ||||||||||||||||||||
Shareholders' Equity: | ||||||||||||||||||||
Preferred Shares: $.01 Par Value, 29,000,000 Shares Authorized, 3,000,000 Series C, 7,701,700 Series D and 4,001,514 Series E Shares Issued and Outstanding at September 30, 2019 and December 31, 2018, with Liquidation Preferences of $25 Per Share | $ | 147 | $ | 147 | ||||||||||||||||
Common Shares: Class A, $0.01 Par Value, 104,000,000 Shares Authorized at September 30, 2019 and December 31, 2018; 38,609,902 and 39,458,626 Shares Issued and Outstanding at September 30, 2019 and December 31, 2018, respectively | 386 | 395 | ||||||||||||||||||
Common Shares: Class B, $0.01 Par Value, 1,000,000 Shares Authorized, None Issued and Outstanding at September 30, 2019 and December 31, 2018 | — | — | ||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | (4,316) | 4,227 | ||||||||||||||||||
Additional Paid-in Capital | 1,143,764 | 1,155,776 | ||||||||||||||||||
Distributions in Excess of Net Income | (318,610) | (267,740) | ||||||||||||||||||
Total Shareholders' Equity | 821,371 | 892,805 | ||||||||||||||||||
Noncontrolling Interests - Common Units and LTIP Units | 64,271 | 62,010 | ||||||||||||||||||
Total Equity | 885,642 | 954,815 | ||||||||||||||||||
Total Liabilities and Equity | $ | 2,139,062 | $ | 2,138,630 | ||||||||||||||||
HERSHA HOSPITALITY TRUST | |||||||||||||||||||||||||||||||||||
Summary Results (unaudited) | |||||||||||||||||||||||||||||||||||
(in thousands, except shares and per share data) | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Hotel Operating Revenues: | |||||||||||||||||||||||||||||||||||
Room | $ | 108,909 | $ | 103,958 | $ | 319,374 | $ | 292,498 | |||||||||||||||||||||||||||
Food & Beverage | 15,870 | 15,628 | 48,351 | 46,167 | |||||||||||||||||||||||||||||||
Other Operating Revenues | 10,140 | 8,143 | 29,350 | 22,341 | |||||||||||||||||||||||||||||||
Total Hotel Operating Revenues | 134,919 | 127,729 | 397,075 | 361,006 | |||||||||||||||||||||||||||||||
Other Revenue | 76 | 147 | 214 | 321 | |||||||||||||||||||||||||||||||
Total Revenues | 134,995 | 127,876 | 397,289 | 361,327 | |||||||||||||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||||
Hotel Operating Expenses: | |||||||||||||||||||||||||||||||||||
Room | 24,000 | 23,615 | 70,103 | 65,916 | |||||||||||||||||||||||||||||||
Food & Beverage | 12,605 | 12,475 | 39,427 | 37,657 | |||||||||||||||||||||||||||||||
Other Operating Revenues | 43,476 | 40,205 | 128,273 | 116,163 | |||||||||||||||||||||||||||||||
Total Hotel Operating Expenses | 80,081 | 76,295 | 237,803 | 219,736 | |||||||||||||||||||||||||||||||
Gain on Insurance Settlements | — | (5,553) | — | (11,916) | |||||||||||||||||||||||||||||||
Property Losses in Excess of Insurance Recoveries | — | 775 | — | 775 | |||||||||||||||||||||||||||||||
Hotel Ground Rent | 1,228 | 1,328 | 3,452 | 3,605 | |||||||||||||||||||||||||||||||
Real Estate and Personal Property Taxes and Property Insurance | 10,717 | 8,932 | 29,111 | 25,353 | |||||||||||||||||||||||||||||||
General and Administrative | 3,604 | 3,773 | 11,872 | 11,718 | |||||||||||||||||||||||||||||||
Share Based Compensation | 2,009 | 2,068 | 7,441 | 6,797 | |||||||||||||||||||||||||||||||
Acquisition and Terminated Transaction Costs | — | 8 | — | 10 | |||||||||||||||||||||||||||||||
Depreciation and Amortization | 24,092 | 22,764 | 72,184 | 66,364 | |||||||||||||||||||||||||||||||
Total Operating Expenses | 121,731 | 110,390 | 361,863 | 322,442 | |||||||||||||||||||||||||||||||
Operating Income | 13,264 | 17,486 | 35,426 | 38,885 | |||||||||||||||||||||||||||||||
Interest Income | 66 | 23 | 207 | 68 | |||||||||||||||||||||||||||||||
Interest Expense | (12,935) | (12,407) | (39,158) | (35,658) | |||||||||||||||||||||||||||||||
Other Income (Expense) | (246) | (12) | (328) | (718) | |||||||||||||||||||||||||||||||
Gain on Disposition of Hotel Properties | — | — | — | 3,403 | |||||||||||||||||||||||||||||||
Loss on Debt Extinguishment | (231) | — | (265) | (22) | |||||||||||||||||||||||||||||||
(Loss) Income before Results from Unconsolidated Joint Venture Investments and Income Taxes | (82) | 5,090 | (4,118) | 5,958 | |||||||||||||||||||||||||||||||
Income from Unconsolidated Joint Venture Investments | 38 | 582 | 518 | 918 | |||||||||||||||||||||||||||||||
(Loss) Income before Income Taxes | (44) | 5,672 | (3,600) | 6,876 | |||||||||||||||||||||||||||||||
Income Tax Benefit (Expense) | 551 | (2,685) | 1,784 | (1,200) | |||||||||||||||||||||||||||||||
Net Income (Loss) | 507 | 2,987 | (1,816) | 5,676 | |||||||||||||||||||||||||||||||
Loss (Income) Allocated to Noncontrolling Interests | |||||||||||||||||||||||||||||||||||
Common Units | 442 | 72 | 1,554 | 676 | |||||||||||||||||||||||||||||||
Consolidated Joint Venture | (340) | (250) | (188) | 950 | |||||||||||||||||||||||||||||||
Preferred Distributions | (6,044) | (6,044) | (18,131) | (18,131) | |||||||||||||||||||||||||||||||
Net Loss Applicable to Common Shareholders | $ | (5,435) | $ | (3,235) | $ | (18,581) | $ | (10,829) | |||||||||||||||||||||||||||
Earnings per Share: | |||||||||||||||||||||||||||||||||||
BASIC | |||||||||||||||||||||||||||||||||||
Net Loss Applicable to Common Shareholders | $ | (0.15) | $ | (0.09) | $ | (0.50) | $ | (0.29) | |||||||||||||||||||||||||||
DILUTED | |||||||||||||||||||||||||||||||||||
Net Loss Applicable to Common Shareholders | $ | (0.15) | $ | (0.09) | $ | (0.50) | $ | (0.29) | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 38,878,818 | 39,321,062 | 39,039,665 | 39,400,237 | |||||||||||||||||||||||||||||||
Diluted | 38,878,818 | 39,321,062 | 39,039,665 | 39,400,237 |
HERSHA HOSPITALITY TRUST | ||||||||||||||||||||||||||||||||||||||
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) | ||||||||||||||||||||||||||||||||||||||
(in thousands, except shares and per share data) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||||||||||||||||||||||||||
Net loss applicable to common shares | $ | (5,435) | $ | (3,235) | $ | (18,581) | $ | (10,829) | ||||||||||||||||||||||||||||||
(Loss) income allocated to noncontrolling interest | (102) | 178 | (1,366) | (1,626) | ||||||||||||||||||||||||||||||||||
Income from unconsolidated joint ventures | (38) | (582) | (518) | (918) | ||||||||||||||||||||||||||||||||||
Gain on disposition of hotel properties | — | — | — | (3,403) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 24,092 | 22,764 | 72,184 | 66,364 | ||||||||||||||||||||||||||||||||||
Funds from consolidated hotel operations applicable to common shares and Partnership units | 18,517 | 19,125 | 51,719 | 49,588 | ||||||||||||||||||||||||||||||||||
Income from unconsolidated joint venture investments | 38 | 582 | 518 | 918 | ||||||||||||||||||||||||||||||||||
Unrecognized pro rata interest in loss of unconsolidated joint venture | (655) | (290) | (3,664) | (4,216) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization of difference between purchase price and historical cost | 26 | 23 | 73 | 70 | ||||||||||||||||||||||||||||||||||
Interest in depreciation and amortization of unconsolidated joint ventures | 1,305 | 1,175 | 3,879 | 3,281 | ||||||||||||||||||||||||||||||||||
Funds from unconsolidated joint venture operations applicable to common shares and Partnership units | 714 | 1,490 | 806 | 53 | ||||||||||||||||||||||||||||||||||
Funds from Operations applicable to common shares and Partnership units | 19,231 | 20,615 | 52,525 | 49,641 | ||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (551) | 2,685 | (1,784) | 1,200 | ||||||||||||||||||||||||||||||||||
Non-cash share based compensation expense | 2,009 | 2,068 | 7,441 | 6,797 | ||||||||||||||||||||||||||||||||||
Straight-line amortization of lease expense | 128 | 424 | 453 | 1,105 | ||||||||||||||||||||||||||||||||||
Acquisition and terminated transaction costs | — | 8 | — | 10 | ||||||||||||||||||||||||||||||||||
Amortization of discounts, premiums, and deferred financing costs | 427 | 451 | 1,317 | 1,330 | ||||||||||||||||||||||||||||||||||
Amortization of amended interest rate swap liability | 75 | — | 75 | — | ||||||||||||||||||||||||||||||||||
Deferred financing costs and debt premium written off in debt extinguishment | 231 | — | 265 | 22 | ||||||||||||||||||||||||||||||||||
Interest in amortization and write-off of deferred financing costs of unconsolidated joint ventures | 202 | 154 | 606 | 2811 | ||||||||||||||||||||||||||||||||||
Interest in unconsolidated joint venture write off of prior period receivable | 172 | — | 170 | — | ||||||||||||||||||||||||||||||||||
Loss on remediation of hurricane damage, excluding impairment of depreciable assets | — | 775 | — | 775 | ||||||||||||||||||||||||||||||||||
Operating loss incurred on non-operating properties | 185 | 2,456 | 811 | 5,500 | ||||||||||||||||||||||||||||||||||
State and local tax expense related to reassessment of prior period assessment | 617 | — | 121 | — | ||||||||||||||||||||||||||||||||||
Adjusted Funds from Operations | $ | 22,726 | $ | 29,636 | $ | 62,000 | $ | 69,191 | ||||||||||||||||||||||||||||||
AFFO per Diluted Weighted Average Common Shares and Partnership Units Outstanding | $ | 0.53 | $ | 0.69 | $ | 1.43 | $ | 1.60 | ||||||||||||||||||||||||||||||
Diluted Weighted Average Common Shares and Partnership Units Outstanding | 43,195,646 | 43,237,267 | 43,386,630 | 43,274,342 |
HERSHA HOSPITALITY TRUST | ||||||||||||||||||||||||||||||||||||||
EBITDAre and Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 507 | $ | 2,987 | $ | (1,816) | $ | 5,676 | ||||||||||||||||||||||||||||||
Income from unconsolidated joint ventures | (38) | (582) | (518) | (918) | ||||||||||||||||||||||||||||||||||
Interest expense | 12,935 | 12,407 | 39,158 | 35,658 | ||||||||||||||||||||||||||||||||||
Non-operating interest income | (66) | (23) | (207) | (68) | ||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | (551) | 2,685 | (1,784) | 1,200 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 24,092 | 22,764 | 72,184 | 66,364 | ||||||||||||||||||||||||||||||||||
EBITDA from consolidated hotel operations | 36,879 | 40,238 | 107,017 | 107,912 | ||||||||||||||||||||||||||||||||||
Gain on disposition of hotel properties | — | — | — | (3,403) | ||||||||||||||||||||||||||||||||||
Property losses in excess of insurance recoveries and impairment of assets | — | 775 | — | 775 | ||||||||||||||||||||||||||||||||||
EBITDAre from consolidated hotel operations | 36,879 | 41,013 | 107,017 | 105,284 | ||||||||||||||||||||||||||||||||||
Income from unconsolidated joint venture investments | 38 | 582 | 518 | 918 | ||||||||||||||||||||||||||||||||||
Unrecognized pro rata interest in loss of unconsolidated joint venture | (655) | (290) | (3,664) | (4,216) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization of difference between purchase price and historical cost | 26 | 23 | 73 | 70 | ||||||||||||||||||||||||||||||||||
Adjustment for interest in interest expense, depreciation and amortization of unconsolidated joint ventures | 3,375 | 3,194 | 10,175 | 8,764 | ||||||||||||||||||||||||||||||||||
EBITDAre from unconsolidated joint venture operations | 2,784 | 3,509 | 7,102 | 5,536 | ||||||||||||||||||||||||||||||||||
EBITDAre | 39,663 | 44,522 | 114,119 | 110,820 | ||||||||||||||||||||||||||||||||||
Non-cash share based compensation expense | 2,009 | 2,068 | 7,441 | 6,797 | ||||||||||||||||||||||||||||||||||
Straight-line amortization of lease expense | 128 | 424 | 453 | 1,105 | ||||||||||||||||||||||||||||||||||
Acquisition and terminated transaction costs | — | 8 | — | 10 | ||||||||||||||||||||||||||||||||||
Deferred financing costs and debt premium written off in debt extinguishment | 231 | — | 265 | 22 | ||||||||||||||||||||||||||||||||||
Interest in amortization and write-off of deferred financing costs of unconsolidated joint venture | 202 | 154 | 606 | 2,811 | ||||||||||||||||||||||||||||||||||
Interest in unconsolidated joint venture write-off of prior period receivable | 172 | — | 170 | — | ||||||||||||||||||||||||||||||||||
Net operating loss incurred on non-operating properties | 185 | 2,456 | 811 | 5,500 | ||||||||||||||||||||||||||||||||||
State and local tax expense related to reassessment of prior period assessment | 617 | — | 121 | — | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 43,207 | $ | 49,632 | $ | 123,986 | $ | 127,065 |
HERSHA HOSPITALITY TRUST | ||||||||||||||||||||||||||||||||||||||
Hotel EBITDA | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||||||||||||||||||||||||||
Operating income | $ | 13,264 | $ | 17,486 | $ | 35,426 | $ | 38,885 | ||||||||||||||||||||||||||||||
Other revenue | (76) | (147) | (214) | (321) | ||||||||||||||||||||||||||||||||||
Gain on insurance settlement | — | (5,553) | — | (11,916) | ||||||||||||||||||||||||||||||||||
Property losses in excess of insurance recoveries | — | 775 | — | 775 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 24,092 | 22,764 | 72,184 | 66,364 | ||||||||||||||||||||||||||||||||||
General and administrative | 3,604 | 3,773 | 11,872 | 11,718 | ||||||||||||||||||||||||||||||||||
Share based compensation | 2,009 | 2,068 | 7,441 | 6,797 | ||||||||||||||||||||||||||||||||||
Acquisition and terminated transaction costs | — | 8 | — | 10 | ||||||||||||||||||||||||||||||||||
Straight-line amortization of ground lease expense | 128 | 424 | 453 | 1,105 | ||||||||||||||||||||||||||||||||||
State and local tax expense related to reassessment of prior period assessment | 617 | — | 121 | — | ||||||||||||||||||||||||||||||||||
Other | (125) | (298) | (31) | (583) | ||||||||||||||||||||||||||||||||||
Hotel EBITDA | $ | 43,513 | $ | 41,300 | $ | 127,252 | $ | 112,834 |
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) | |||||||||||||||||
Q4 2019 Outlook | |||||||||||||||||
(in millions, except per share data) | Low | High | |||||||||||||||
Net (loss) income applicable to common shareholders | $ | (9.5) | $ | (7.5) | |||||||||||||
(Loss) income allocated to noncontrolling interests | (0.8) | (0.6) | |||||||||||||||
Income from unconsolidated joint ventures | — | (0.1) | |||||||||||||||
Depreciation and amortization | 24.7 | 24.7 | |||||||||||||||
Funds from consolidated hotel operations applicable to common shares and Partnership units | 14.4 | 16.5 | |||||||||||||||
Income from unconsolidated joint venture investments | — | 0.1 | |||||||||||||||
Depreciation and amortization of difference between purchase price and historical cost | 0.03 | 0.03 | |||||||||||||||
Interest in depreciation and amortization and Unrecognized pro rata interest in (loss) income | 1.1 | 1.1 | |||||||||||||||
Funds from unconsolidated joint venture operations applicable to common shares and Partnership units | 1.1 | 1.2 | |||||||||||||||
Funds from Operations applicable to common shares and Partnership units | 15.5 | 17.7 | |||||||||||||||
Interest in amortization and write-off of deferred financing costs of unconsolidated joint venture | 0.2 | 0.2 | |||||||||||||||
Non-cash share based compensation expense | 2.7 | 2.7 | |||||||||||||||
Straight-line amortization of ground lease expense | 0.1 | 0.1 | |||||||||||||||
Income tax expense | 2.7 | 3.0 | |||||||||||||||
Amortization of deferred financing costs | 0.4 | 0.4 | |||||||||||||||
Other | 0.4 | (0.1) | |||||||||||||||
Adjusted Funds from Operations | $ | 22.0 | $ | 24.0 | |||||||||||||
AFFO per Diluted Weighted Average Common Shares and Partnership Units Outstanding | $ | 0.51 | $ | 0.56 | |||||||||||||
Diluted Weighted Average Common Shares and Partnership Units Outstanding | 42.9 | 42.9 |
Adjusted EBITDA | |||||||||||||||||
Q4 2019 Outlook | |||||||||||||||||
($'s in millions) | Low | High | |||||||||||||||
Net (loss) income applicable to common shareholders | $ | (9.5) | $ | (7.5) | |||||||||||||
(Loss) Income allocated to noncontrolling interests | (0.8) | (0.6) | |||||||||||||||
Preferred distributions | 6.0 | 6.0 | |||||||||||||||
Net (loss) income | (4.3) | (2.1) | |||||||||||||||
Loss from unconsolidated joint ventures | — | (0.1) | |||||||||||||||
Interest expense | 12.0 | 12.0 | |||||||||||||||
Non-operating interest income | (0.05) | (0.05) | |||||||||||||||
Income tax expense | 2.7 | 3.0 | |||||||||||||||
Depreciation and amortization | 24.7 | 24.7 | |||||||||||||||
EBITDAre from consolidated hotel operations | 35.1 | 37.5 | |||||||||||||||
Income from unconsolidated joint venture investments | — | 0.1 | |||||||||||||||
Add: | |||||||||||||||||
Depreciation and amortization of difference between purchase price and historical cost | 0.03 | 0.03 | |||||||||||||||
Adjustment for interest in interest expense, depreciation and amortization, and unrecognized pro rata interest in (loss) income | 3.0 | 3.0 | |||||||||||||||
EBITDAre from unconsolidated joint venture hotel operations | 3.0 | 3.1 | |||||||||||||||
EBITDAre | 38.1 | 40.6 | |||||||||||||||
Interest in amortization and write-off of deferred financing costs of unconsolidated joint venture | 0.2 | 0.2 | |||||||||||||||
Non-cash share based compensation expense | 2.7 | 2.7 | |||||||||||||||
Straight-line amortization of ground lease expense | 0.1 | 0.1 | |||||||||||||||
Other | 0.4 | (0.1) | |||||||||||||||
Adjusted EBITDA | $ | 41.5 | $ | 43.5 |
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) | |||||||||||||||||
FY 2019 Outlook | |||||||||||||||||
(in millions, except per share data) | Low | High | |||||||||||||||
Net loss applicable to common shareholders | $ | (28.5) | $ | (26.5) | |||||||||||||
Loss allocated to noncontrolling interests | (1.8) | (1.7) | |||||||||||||||
Income from unconsolidated joint ventures | (0.5) | (0.6) | |||||||||||||||
Depreciation and amortization | 96.9 | 96.9 | |||||||||||||||
Funds from consolidated hotel operations applicable to common shares and Partnership units | 66.1 | 68.1 | |||||||||||||||
Income from unconsolidated joint venture investments | 0.5 | 0.6 | |||||||||||||||
Depreciation and amortization of difference between purchase price and historical cost | 0.1 | 0.1 | |||||||||||||||
Interest in depreciation and amortization and Unrecognized pro rata interest in (loss) income | 1.3 | 1.3 | |||||||||||||||
Funds from unconsolidated joint venture operations applicable to common shares and Partnership units | 1.9 | 2.0 | |||||||||||||||
Funds from Operations applicable to common shares and Partnership units | 68 | 70.1 | |||||||||||||||
Interest in amortization and write-off of deferred financing costs of unconsolidated joint venture | 0.8 | 0.8 | |||||||||||||||
Non-cash share based compensation expense | 10.1 | 10.1 | |||||||||||||||
Straight-line amortization of ground lease expense | 0.6 | 0.6 | |||||||||||||||
Income tax expense | 1.0 | 1.1 | |||||||||||||||
Amortization of deferred financing costs | 2.3 | 2.3 | |||||||||||||||
Net operating loss incurred on non-operating properties | 0.8 | 0.8 | |||||||||||||||
Other | 0.4 | 0.2 | |||||||||||||||
Adjusted Funds from Operations | $ | 84.0 | $ | 86.0 | |||||||||||||
AFFO per Diluted Weighted Average Common Shares and Partnership Units Outstanding | $ | 1.94 | $ | 1.99 | |||||||||||||
Diluted Weighted Average Common Shares and Partnership Units Outstanding | 43.2 | 43.2 |
Adjusted EBITDA | |||||||||||||||||
FY 2019 Outlook | |||||||||||||||||
($'s in millions) | Low | High | |||||||||||||||
Net loss applicable to common shareholders | $ | (28.5) | $ | (26.5) | |||||||||||||
Loss allocated to noncontrolling interests | (1.8) | (1.7) | |||||||||||||||
Preferred distributions | 24.2 | 24.2 | |||||||||||||||
Net (loss) income | (6.1) | (4.0) | |||||||||||||||
Income from unconsolidated joint ventures | (0.5) | (0.6) | |||||||||||||||
Interest expense | 51.1 | 51.1 | |||||||||||||||
Non-operating interest income | (0.3) | (0.3) | |||||||||||||||
Income tax expense | 1.0 | 1.1 | |||||||||||||||
Depreciation and amortization | 96.9 | 96.9 | |||||||||||||||
EBITDAre from consolidated hotel operations | 142.1 | 144.2 | |||||||||||||||
Income from unconsolidated joint venture investments | 0.5 | 0.6 | |||||||||||||||
Add: | |||||||||||||||||
Depreciation and amortization of difference between purchase price and historical cost | 0.1 | 0.1 | |||||||||||||||
Adjustment for interest in interest expense, depreciation and amortization, and unrecognized pro rata interest in (loss) income | 9.7 | 9.7 | |||||||||||||||
EBITDAre from unconsolidated joint venture hotel operations | 10.3 | 10.4 | |||||||||||||||
EBITDAre | 152.4 | 154.6 | |||||||||||||||
Interest in amortization and write-off of deferred financing costs of unconsolidated joint venture | 0.8 | 0.8 | |||||||||||||||
Non-cash share based compensation expense | 10.1 | 10.1 | |||||||||||||||
Straight-line amortization of ground lease expense | 0.6 | 0.6 | |||||||||||||||
Net operating loss incurred on non-operating properties | 0.8 | 0.8 | |||||||||||||||
Other | 0.8 | 0.6 | |||||||||||||||
Adjusted EBITDA | $ | 165.5 | $ | 167.5 |
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