Maryland | 001-31775 | 86-1062192 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS employer identification number) | ||
14185 Dallas Parkway, Suite 1100 | ||||
Dallas, Texas | 75254 | |||
(Address of principal executive offices) | (Zip code) |
ASHFORD HOSPITALITY TRUST, INC. | ||
By: | /s/ DERIC S. EUBANKS | |
Deric S. Eubanks | ||
Chief Financial Officer |
Contact: | Deric Eubanks | Jordan Jennings | Joe Calabrese |
Chief Financial Officer | Investor Relations | Financial Relations Board | |
(972) 490-9600 | (972) 778-9487 | (212) 827-3772 |
• | Opportunistic focus on upper upscale, full-service hotels |
• | Targets moderate leverage levels of approximately 55 - 60% to enhance equity returns |
• | Highly-aligned management team and advisory structure |
• | Attractive dividend yield of approximately 9.3% |
• | Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of: |
▪ | working capital needs at property and corporate levels |
▪ | providing a hedge in the event of uncertain economic times |
▪ | being prepared to pursue accretive investments or stock buybacks as those opportunities arise |
• | Net loss attributable to common stockholders was $38.2 million or $0.40 per diluted share for the quarter |
• | Actual RevPAR for all hotels increased 0.2% to $125.15 during the quarter |
• | Actual RevPAR for all hotels not under renovation increased 0.5% to $125.48 during the quarter |
• | Comparable RevPAR for all hotels decreased 0.6% to $125.15 during the quarter |
• | Comparable RevPAR for all hotels not under renovation decreased 0.4% to $125.48 during the quarter |
• | Adjusted EBITDAre was $101.7 million for the quarter |
• | Adjusted funds from operations (AFFO) was $0.30 per diluted share for the quarter |
• | As of November 1, 2018, the Company’s common stock is trading at an approximate 9.3% dividend yield |
• | During the quarter, the Company entered into a new $100 million acquisition credit facility |
• | Subsequent to quarter end, the Company completed the acquisition of the 157-room La Posada de Santa Fe for $50 million |
• | Capex invested during the quarter was $47.0 million |
• | Comparable RevPAR decreased 0.6% to $125.15 for all hotels on a 1.8% increase in ADR and a 2.3% decrease in occupancy |
• | Comparable RevPAR decreased 0.4% to $125.48 for hotels not under renovation on a 1.7% increase in ADR and a 2.0% decrease in occupancy |
September 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Investments in hotel properties, net | $ | 4,089,985 | $ | 4,035,915 | |||
Cash and cash equivalents | 325,839 | 354,805 | |||||
Restricted cash | 141,092 | 116,787 | |||||
Marketable securities | 24,173 | 26,926 | |||||
Accounts receivable, net of allowance of $608 and $770, respectively | 60,208 | 44,257 | |||||
Inventories | 4,223 | 4,244 | |||||
Investment in Ashford Inc. | 1,763 | 437 | |||||
Investment in OpenKey | 2,751 | 2,518 | |||||
Deferred costs, net | 3,427 | 2,777 | |||||
Prepaid expenses | 29,662 | 19,269 | |||||
Derivative assets | 2,969 | 2,010 | |||||
Other assets | 18,117 | 14,152 | |||||
Intangible asset, net | 9,854 | 9,943 | |||||
Due from third-party hotel managers | 19,277 | 17,387 | |||||
Assets held for sale | — | 18,423 | |||||
Total assets | $ | 4,733,340 | $ | 4,669,850 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Indebtedness, net | $ | 3,894,447 | $ | 3,696,300 | |||
Accounts payable and accrued expenses | 147,808 | 132,401 | |||||
Dividends and distributions payable | 28,095 | 25,045 | |||||
Due to Ashford Inc., net | 5,176 | 15,146 | |||||
Due to related party, net | 1,078 | 1,067 | |||||
Due to third-party hotel managers | 2,745 | 2,431 | |||||
Intangible liabilities, net | 15,572 | 15,839 | |||||
Derivative liabilities, net | 205 | — | |||||
Other liabilities | 19,613 | 18,376 | |||||
Liabilities associated with assets held for sale | — | 13,977 | |||||
Total liabilities | 4,114,739 | 3,920,582 | |||||
Redeemable noncontrolling interests in operating partnership | 118,663 | 116,122 | |||||
Equity: | |||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized : | |||||||
Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at September 30, 2018 and December 31, 2017 | 24 | 24 | |||||
Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2018 and December 31, 2017 | 48 | 48 | |||||
Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2018 and December 31, 2017 | 62 | 62 | |||||
Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at September 30, 2018 and December 31, 2017 | 38 | 38 | |||||
Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at September 30, 2018 and December 31, 2017 | 54 | 54 | |||||
Common stock, $0.01 par value, 400,000,000 shares authorized, 101,038,430 and 97,409,113 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 1,010 | 974 | |||||
Additional paid-in capital | 1,811,391 | 1,784,997 | |||||
Accumulated deficit | (1,313,327 | ) | (1,153,697 | ) | |||
Total shareholders' equity of the Company | 499,300 | 632,500 | |||||
Noncontrolling interests in consolidated entities | 638 | 646 | |||||
Total equity | 499,938 | 633,146 | |||||
Total liabilities and equity | $ | 4,733,340 | $ | 4,669,850 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUE | |||||||||||||||
Rooms | $ | 288,016 | $ | 289,017 | $ | 868,090 | $ | 876,927 | |||||||
Food and beverage | 49,396 | 48,313 | 164,869 | 175,005 | |||||||||||
Other | 17,309 | 15,006 | 51,358 | 43,720 | |||||||||||
Total hotel revenue | 354,721 | 352,336 | 1,084,317 | 1,095,652 | |||||||||||
Other | 1,209 | 989 | 2,984 | 2,052 | |||||||||||
Total revenue | 355,930 | 353,325 | 1,087,301 | 1,097,704 | |||||||||||
EXPENSES | |||||||||||||||
Hotel operating expenses | |||||||||||||||
Rooms | 64,197 | 63,950 | 187,497 | 188,857 | |||||||||||
Food and beverage | 37,649 | 37,173 | 116,270 | 121,619 | |||||||||||
Other expenses | 109,992 | 112,421 | 332,629 | 337,978 | |||||||||||
Management fees | 13,198 | 13,027 | 40,306 | 40,100 | |||||||||||
Total hotel operating expenses | 225,036 | 226,571 | 676,702 | 688,554 | |||||||||||
Property taxes, insurance and other | 20,774 | 18,194 | 59,363 | 55,293 | |||||||||||
Depreciation and amortization | 64,923 | 60,135 | 192,536 | 185,380 | |||||||||||
Impairment charges | (27 | ) | 1,785 | 1,652 | 1,785 | ||||||||||
Transaction costs | — | — | 11 | 11 | |||||||||||
Advisory services fee: | |||||||||||||||
Base advisory fee | 9,156 | 8,579 | 26,644 | 25,934 | |||||||||||
Reimbursable expenses | 2,251 | 1,641 | 5,777 | 5,800 | |||||||||||
Non-cash stock/unit-based compensation | 4,855 | 4,392 | 20,540 | 7,748 | |||||||||||
Incentive fee | (3,457 | ) | — | — | — | ||||||||||
Corporate, general and administrative: | |||||||||||||||
Non-cash stock/unit-based compensation | — | — | 536 | 565 | |||||||||||
Other general and administrative | 3,090 | 2,412 | 7,914 | 10,271 | |||||||||||
Total operating expenses | 326,601 | 323,709 | 991,675 | 981,341 | |||||||||||
OPERATING INCOME (LOSS) | 29,329 | 29,616 | 95,626 | 116,363 | |||||||||||
Equity in earnings (loss) of unconsolidated entities | 310 | (679 | ) | 892 | (3,580 | ) | |||||||||
Interest income | 1,150 | 706 | 2,779 | 1,460 | |||||||||||
Gain (loss) on sale of hotel properties | (9 | ) | 15 | 394 | 14,024 | ||||||||||
Other income (expense), net | (202 | ) | (273 | ) | 80 | (3,539 | ) | ||||||||
Interest expense, net of premium amortization | (54,057 | ) | (54,413 | ) | (159,063 | ) | (156,303 | ) | |||||||
Amortization of loan costs | (6,674 | ) | (2,550 | ) | (14,617 | ) | (10,921 | ) | |||||||
Write-off of premiums, loan costs and exit fees | (1,572 | ) | — | (9,316 | ) | (1,629 | ) | ||||||||
Unrealized gain (loss) on marketable securities | 68 | (936 | ) | (758 | ) | (4,813 | ) | ||||||||
Unrealized gain (loss) on derivatives | (2,085 | ) | (1,479 | ) | (3,672 | ) | (1,804 | ) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | (33,742 | ) | (29,993 | ) | (87,655 | ) | (50,742 | ) | |||||||
Income tax benefit (expense) | (519 | ) | 1,267 | (2,606 | ) | 507 | |||||||||
NET INCOME (LOSS) | (34,261 | ) | (28,726 | ) | (90,261 | ) | (50,235 | ) | |||||||
(Income) loss from consolidated entities attributable to noncontrolling interest | (10 | ) | (22 | ) | 8 | (4 | ) | ||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 6,682 | 6,940 | 18,087 | 13,202 | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (27,589 | ) | (21,808 | ) | (72,166 | ) | (37,037 | ) | |||||||
Preferred dividends | (10,645 | ) | (11,440 | ) | (31,933 | ) | (33,352 | ) | |||||||
Extinguishment of issuance costs uon redemption of prefered stock | — | (4,507 | ) | — | (4,507 | ) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (38,234 | ) | $ | (37,755 | ) | $ | (104,099 | ) | $ | (74,896 | ) | |||
INCOME (LOSS) PER SHARE – BASIC AND DILUTED | |||||||||||||||
Basic: | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (0.40 | ) | $ | (0.40 | ) | $ | (1.09 | ) | $ | (0.80 | ) | |||
Weighted average common shares outstanding – basic | 97,467 | 95,332 | 96,591 | 95,169 | |||||||||||
Diluted: | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (0.40 | ) | $ | (0.40 | ) | $ | (1.09 | ) | $ | (0.80 | ) | |||
Weighted average common shares outstanding – diluted | 97,467 | 95,332 | 96,591 | 95,169 | |||||||||||
Dividends declared per common share: | $ | 0.12 | $ | 0.12 | $ | 0.36 | $ | 0.36 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) | $ | (34,261 | ) | $ | (28,726 | ) | $ | (90,261 | ) | $ | (50,235 | ) | |||
Interest expense and amortization of premiums and loan costs, net | 60,731 | 56,963 | 173,680 | 167,224 | |||||||||||
Depreciation and amortization | 64,923 | 60,135 | 192,536 | 185,380 | |||||||||||
Income tax expense (benefit) | 519 | (1,267 | ) | 2,606 | (507 | ) | |||||||||
Equity in (earnings) loss of unconsolidated entities | (310 | ) | 679 | (892 | ) | 3,632 | |||||||||
Company's portion of EBITDA of Ashford Inc. | (1,607 | ) | (384 | ) | 959 | (20 | ) | ||||||||
Company's portion of EBITDA of OpenKey | (158 | ) | (113 | ) | (419 | ) | (361 | ) | |||||||
EBITDA | 89,837 | 87,287 | 278,209 | 305,113 | |||||||||||
Impairment charges on real estate | (27 | ) | 1,785 | 1,652 | 1,785 | ||||||||||
(Gain) loss on sale of hotel properties | 9 | (15 | ) | (394 | ) | (14,024 | ) | ||||||||
EBITDAre | 89,819 | 89,057 | 279,467 | 292,874 | |||||||||||
Amortization of unfavorable contract liabilities | (39 | ) | (363 | ) | (117 | ) | (1,151 | ) | |||||||
Uninsured hurricane related costs | (43 | ) | 3,711 | (271 | ) | 3,711 | |||||||||
Write-off of premiums, loan costs and exit fees | 1,572 | — | 9,316 | 1,629 | |||||||||||
Other (income) expense, net | 10 | 273 | (80 | ) | 3,539 | ||||||||||
Transaction, acquisition and management conversion costs | 391 | 202 | 596 | 3,770 | |||||||||||
Legal judgment and related legal costs | 1 | 27 | 928 | 4,091 | |||||||||||
Unrealized (gain) loss on marketable securities | (68 | ) | 936 | 758 | 4,813 | ||||||||||
Unrealized (gain) loss on derivatives | 2,085 | 1,479 | 3,672 | 1,804 | |||||||||||
Dead deal costs | 52 | 5 | 55 | 9 | |||||||||||
Software implementation costs | — | — | — | 1,034 | |||||||||||
Non-cash stock/unit-based compensation | 5,143 | 4,613 | 21,946 | 8,751 | |||||||||||
Company's portion of (gain) loss of investment in securities investment fund | — | — | — | (52 | ) | ||||||||||
Company's portion of adjustments to EBITDA of Ashford Inc. | 2,814 | 1,703 | 4,997 | 3,752 | |||||||||||
Company's portion of adjustments to EBITDA of OpenKey | 4 | 2 | 12 | 4 | |||||||||||
Adjusted EBITDAre | $ | 101,741 | $ | 101,645 | $ | 321,279 | $ | 328,578 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) | $ | (34,261 | ) | $ | (28,726 | ) | $ | (90,261 | ) | $ | (50,235 | ) | |||
(Income) loss from consolidated entities attributable to noncontrolling interest | (10 | ) | (22 | ) | 8 | (4 | ) | ||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 6,682 | 6,940 | 18,087 | 13,202 | |||||||||||
Preferred dividends | (10,645 | ) | (11,440 | ) | (31,933 | ) | (33,352 | ) | |||||||
Extinguishment of issuance costs upon redemption of preferred stock | — | (4,507 | ) | — | (4,507 | ) | |||||||||
Net income (loss) attributable to common stockholders | (38,234 | ) | (37,755 | ) | (104,099 | ) | (74,896 | ) | |||||||
Depreciation and amortization on real estate | 64,865 | 60,075 | 192,363 | 185,197 | |||||||||||
Gain (loss) on sale of hotel properties | 9 | (15 | ) | (394 | ) | (14,024 | ) | ||||||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (6,682 | ) | (6,940 | ) | (18,087 | ) | (13,202 | ) | |||||||
Equity in (earnings) loss of unconsolidated entities | (310 | ) | 679 | (892 | ) | 3,632 | |||||||||
Impairment charges on real estate | (27 | ) | 1,785 | 1,652 | 1,785 | ||||||||||
Company's portion of FFO of Ashford Inc. | 470 | (570 | ) | 1,391 | (3,265 | ) | |||||||||
Company's portion of FFO of unconsolidated entities | (160 | ) | (116 | ) | (426 | ) | (366 | ) | |||||||
FFO available to common stockholders and OP unitholders | 19,931 | 17,143 | 71,508 | 84,861 | |||||||||||
Extinguishment of issuance costs upon redemption of preferred stock | — | 4,507 | — | 4,507 | |||||||||||
Write-off of premiums, loan costs and exit fees | 1,572 | — | 9,316 | 1,629 | |||||||||||
Uninsured hurricane related costs | (43 | ) | 3,711 | (271 | ) | 3,711 | |||||||||
Other (income) expense, net | 10 | 273 | (80 | ) | 3,539 | ||||||||||
Transaction, acquisition and management conversion costs | 391 | 202 | 596 | 3,770 | |||||||||||
Legal judgment and related legal costs | 1 | 27 | 928 | 4,091 | |||||||||||
Unrealized (gain) loss on marketable securities | (68 | ) | 936 | 758 | 4,813 | ||||||||||
Unrealized (gain) loss on derivatives | 2,085 | 1,479 | 3,672 | 1,804 | |||||||||||
Dead deal costs | 52 | 5 | 55 | 9 | |||||||||||
Software implementation costs | — | — | — | 1,034 | |||||||||||
Non-cash stock/unit-based compensation | 5,143 | 4,613 | 21,946 | 8,751 | |||||||||||
Amortization of loan costs | 6,673 | 2,549 | 14,612 | 10,917 | |||||||||||
Company's portion of (gain) loss of investment in securities investment fund | — | — | — | (52 | ) | ||||||||||
Company's portion of adjustments to FFO of Ashford Inc. | (1,453 | ) | 1,580 | 730 | 6,130 | ||||||||||
Company's portion of adjustments to FFO of OpenKey | 4 | 2 | 12 | 4 | |||||||||||
Adjusted FFO available to common stockholders and OP unitholders | $ | 34,298 | $ | 37,027 | $ | 123,782 | $ | 139,518 | |||||||
Adjusted FFO per diluted share available to common stockholders and OP unitholders | $ | 0.30 | $ | 0.33 | $ | 1.08 | $ | 1.23 | |||||||
Weighted average diluted shares | 115,318 | 113,777 | 115,016 | 113,203 |
Indebtedness | Maturity | Interest Rate | Fixed-Rate Debt | Floating-Rate Debt | Total Debt | Comparable TTM Hotel EBITDA (7) | Comparable TTM EBITDA Debt Yield | ||||||||||||||||
BAML Le Pavillon - 1 hotel | June 2019 | LIBOR + 5.10% | $ | — | $ | 43,750 | (1) | $ | 43,750 | $ | 2,433 | 5.6 | % | ||||||||||
Omni American Bank Ashton - 1 hotel | July 2019 | 4.00% | 5,267 | — | 5,267 | 1,131 | 21.5 | % | |||||||||||||||
Morgan Stanley Ann Arbor - 1 hotel | July 2019 | LIBOR + 4.15% | — | 35,200 | (2) | 35,200 | 3,731 | 10.6 | % | ||||||||||||||
Morgan Stanley - 8 hotels | July 2019 | LIBOR + 4.09% | — | 144,000 | (2) | 144,000 | 11,785 | 8.2 | % | ||||||||||||||
NorthStar HGI Wisconsin Dells - 1 hotel | August 2019 | LIBOR + 4.95% | — | 7,778 | (3) | 7,778 | 958 | 12.3 | % | ||||||||||||||
Secured credit facility - various | September 2019 | Base Rate(4) + 1.65% or LIBOR + 2.65% | — | — | — | N/A | N/A | ||||||||||||||||
Morgan Stanley Pool - 17 hotels | November 2019 | LIBOR + 3.00% | — | 427,000 | (5) | 427,000 | 50,602 | 11.9 | % | ||||||||||||||
JPMorgan Chase - 8 hotels | February 2020 | LIBOR + 2.92% | — | 395,000 | (5) | 395,000 | 45,379 | 11.5 | % | ||||||||||||||
BAML Highland Pool - 21 hotels | April 2020 | LIBOR + 3.20% | — | 962,575 | (5) | 962,575 | 105,399 | 10.9 | % | ||||||||||||||
BAML Indigo Atlanta - 1 hotel | May 2020 | LIBOR + 2.90% | — | 16,100 | (6) | 16,100 | 2,329 | 14.5 | % | ||||||||||||||
KEYS Pool A - 7 hotels | June 2020 | LIBOR + 3.65% | — | 180,720 | (5) | 180,720 | 21,368 | 11.8 | % | ||||||||||||||
KEYS Pool B - 7 hotels | June 2020 | LIBOR + 3.39% | — | 174,400 | (5) | 174,400 | 21,437 | 12.3 | % | ||||||||||||||
KEYS Pool C - 5 hotels | June 2020 | LIBOR + 3.73% | — | 221,040 | (5) | 221,040 | 25,053 | 11.3 | % | ||||||||||||||
KEYS Pool D - 5 hotels | June 2020 | LIBOR + 4.02% | — | 262,640 | (5) | 262,640 | 28,380 | 10.8 | % | ||||||||||||||
KEYS Pool E - 5 hotels | June 2020 | LIBOR + 2.73% | — | 160,000 | (5) | 160,000 | 24,234 | 15.1 | % | ||||||||||||||
KEYS Pool F - 5 hotels | June 2020 | LIBOR + 3.68% | — | 215,120 | (5) | 215,120 | 24,481 | 11.4 | % | ||||||||||||||
GACC Gateway - 1 hotel | November 2020 | 6.26% | 93,891 | — | 93,891 | 14,194 | 15.1 | % | |||||||||||||||
Aareal Princeton/Nashville - 2 hotels | June 2022 | LIBOR + 3.00% | — | 174,211 | 174,211 | 27,430 | 15.7 | % | |||||||||||||||
Prudential Boston Back Bay - 1 hotel | November 2022 | LIBOR + 2.00% | — | 97,000 | 97,000 | 13,748 | 14.2 | % | |||||||||||||||
Deutsche Bank W Minneapolis - 1 hotel | May 2023 | 5.46% | 53,086 | — | 53,086 | 6,207 | 11.7 | % | |||||||||||||||
Aareal Hilton Alexandria - 1 hotel | June 2023 | LIBOR + 2.45% | — | 73,450 | 73,450 | 8,862 | 12.1 | % | |||||||||||||||
GACC Manchester RI - 1 hotel | January 2024 | 5.49% | 6,913 | — | 6,913 | 1,349 | 19.5 | % | |||||||||||||||
GACC Jacksonville RI - 1 hotel | January 2024 | 5.49% | 10,089 | — | 10,089 | 317 | 3.1 | % | |||||||||||||||
Key Bank Manchester CY - 1 hotel | May 2024 | 4.99% | 6,444 | — | 6,444 | 938 | 14.6 | % | |||||||||||||||
Morgan Stanley Pool C1 - 3 hotels | August 2024 | 5.20% | 65,572 | — | 65,572 | 8,686 | 13.2 | % | |||||||||||||||
Morgan Stanley Pool C2 - 2 hotels | August 2024 | 4.85% | 12,114 | — | 12,114 | 1,832 | 15.1 | % | |||||||||||||||
Morgan Stanley Pool C3 - 3 hotels | August 2024 | 4.90% | 24,215 | — | 24,215 | 3,623 | 15.0 | % | |||||||||||||||
BAML Pool 5 - 2 hotels | February 2025 | 4.45% | 19,962 | — | 19,962 | 2,584 | 12.9 | % | |||||||||||||||
BAML Pool 3 - 3 hotels | February 2025 | 4.45% | 51,633 | — | 51,633 | 6,887 | 13.3% | ||||||||||||||||
Unencumbered hotels | — | — | — | 2,267 | N/A | ||||||||||||||||||
Total | $ | 349,186 | $ | 3,589,984 | $ | 3,939,170 | $ | 467,624 | 11.9 | % | |||||||||||||
Percentage | 8.9 | % | 91.1 | % | 100.0 | % | |||||||||||||||||
Weighted average interest rate | 5.33 | % | 5.55 | % | 5.53 | % |
(1) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2018. |
(2) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in July 2018. |
(3) | This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in August 2018. |
(4) | Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%. |
(5) | This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. |
(6) | This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. |
(7) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | ||||||||||||||||||||||
Secured credit facility - various | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Omni American Bank Ashton - 1 hotel | — | 5,168 | — | — | — | — | 5,168 | |||||||||||||||||||||
BAML Le Pavillon - 1 hotel | — | — | 43,750 | — | — | — | 43,750 | |||||||||||||||||||||
Morgan Stanley - 8 hotels | — | — | 144,000 | — | — | — | 144,000 | |||||||||||||||||||||
Morgan Stanley Ann Arbor - 1 hotel | — | — | 35,200 | — | — | — | 35,200 | |||||||||||||||||||||
NorthStar HGI Wisconsin Dells - 1 hotel | — | — | 7,778 | — | — | — | 7,778 | |||||||||||||||||||||
GACC Gateway - 1 hotel | — | — | 89,886 | — | — | — | 89,886 | |||||||||||||||||||||
BAML Indigo Atlanta - 1 hotel | — | — | — | — | 15,470 | — | 15,470 | |||||||||||||||||||||
Aareal Princeton/Nashville - 2 hotels | — | — | — | — | 168,211 | — | 168,211 | |||||||||||||||||||||
Prudential Boston Back Bay - 1 hotel | — | — | — | — | 97,000 | — | 97,000 | |||||||||||||||||||||
Deutsche Bank W Minneapolis - 1 hotel | — | — | — | — | — | 48,182 | 48,182 | |||||||||||||||||||||
Aareal Hilton Alexandria - 1 hotel | — | — | — | — | — | 73,450 | 73,450 | |||||||||||||||||||||
GACC Jacksonville RI - 1 hotel | — | — | — | — | — | 9,036 | 9,036 | |||||||||||||||||||||
GACC Manchester RI - 1 hotel | — | — | — | — | — | 6,191 | 6,191 | |||||||||||||||||||||
Key Bank Manchester CY - 1 hotel | — | — | — | — | — | 5,671 | 5,671 | |||||||||||||||||||||
Morgan Stanley Pool C1 - 3 hotels | — | — | — | — | — | 58,612 | 58,612 | |||||||||||||||||||||
Morgan Stanley Pool C2 - 2 hotels | — | — | — | — | — | 10,755 | 10,755 | |||||||||||||||||||||
Morgan Stanley Pool C3 - 3 hotels | — | — | — | — | — | 21,522 | 21,522 | |||||||||||||||||||||
Morgan Stanley Pool - 17 hotels | — | — | — | — | — | 427,000 | 427,000 | |||||||||||||||||||||
JPMorgan Chase - 8 hotels | — | — | — | — | — | 395,000 | 395,000 | |||||||||||||||||||||
BAML Pool 3 - 3 hotels | — | — | — | — | — | 44,413 | 44,413 | |||||||||||||||||||||
BAML Pool 5 - 2 hotels | — | — | — | — | — | 17,073 | 17,073 | |||||||||||||||||||||
BAML Highland Pool - 21 hotels | — | — | — | — | — | 962,575 | 962,575 | |||||||||||||||||||||
KEYS Pool A - 7 hotels | — | — | — | — | — | 180,720 | 180,720 | |||||||||||||||||||||
KEYS Pool B - 7 hotels | — | — | — | — | — | 174,400 | 174,400 | |||||||||||||||||||||
KEYS Pool C - 5 hotels | — | — | — | — | — | 221,040 | 221,040 | |||||||||||||||||||||
KEYS Pool D - 5 hotels | — | — | — | — | — | 262,640 | 262,640 | |||||||||||||||||||||
KEYS Pool E - 5 hotels | — | — | — | — | — | 160,000 | 160,000 | |||||||||||||||||||||
KEYS Pool F - 5 hotels | — | — | — | — | — | 215,120 | 215,120 | |||||||||||||||||||||
Principal due in future periods | — | 5,168 | 320,614 | — | 280,681 | 3,293,400 | 3,899,863 | |||||||||||||||||||||
Scheduled amortization payments remaining | 1,604 | 6,554 | 8,035 | 8,170 | 6,805 | 8,139 | 39,307 | |||||||||||||||||||||
Total indebtedness | $ | 1,604 | $ | 11,722 | $ | 328,649 | $ | 8,170 | $ | 287,486 | $ | 3,301,539 | $ | 3,939,170 |
ALL HOTELS: | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 287,104 | $ | — | $ | 287,104 | $ | 287,955 | $ | 705 | $ | 288,660 | (0.30 | )% | (0.54 | )% | ||||||||||||||
RevPAR | $ | 125.15 | $ | — | $ | 125.15 | $ | 124.92 | $ | 59.35 | $ | 125.88 | 0.18 | % | (0.58 | )% | ||||||||||||||
Occupancy | 78.04 | % | — | % | 78.04 | % | 79.68 | % | (41.25 | )% | 79.88 | % | (2.06 | )% | (2.30 | )% | ||||||||||||||
ADR | $ | 160.36 | $ | — | $ | 160.36 | $ | 156.77 | $ | 143.87 | $ | 157.58 | 2.29 | % | 1.77 | % |
ALL HOTELS: | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 864,604 | $ | 4,258 | $ | 868,862 | $ | 872,993 | $ | (6,519 | ) | $ | 866,474 | (0.96 | )% | 0.28 | % | |||||||||||||
RevPAR | $ | 127.19 | $ | 546.51 | $ | 127.67 | $ | 125.61 | $ | (44.87 | ) | $ | 127.33 | 1.26 | % | 0.26 | % | |||||||||||||
Occupancy | 77.59 | % | 165.83 | % | 77.69 | % | 78.57 | % | (62.74 | )% | 78.91 | % | (1.25 | )% | (1.54 | )% | ||||||||||||||
ADR | $ | 163.92 | $ | 329.56 | $ | 164.32 | $ | 159.87 | $ | (71.51 | ) | $ | 161.37 | 2.53 | % | 1.83 | % |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
ALL HOTELS NOT UNDER RENOVATION: | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 243,027 | $ | — | $ | 243,027 | $ | 243,159 | $ | 705 | $ | 243,864 | (0.05 | )% | (0.34 | )% | ||||||||||||||
RevPAR | $ | 125.48 | $ | — | $ | 125.48 | $ | 124.83 | $ | 59.35 | $ | 125.95 | 0.53 | % | (0.37 | )% | ||||||||||||||
Occupancy | 78.95 | % | — | % | 78.95 | % | 80.36 | % | (41.25 | )% | 80.60 | % | (1.75 | )% | (2.04 | )% | ||||||||||||||
ADR | $ | 158.94 | $ | — | $ | 158.94 | $ | 155.34 | $ | 143.87 | $ | 156.28 | 2.32 | % | 1.70 | % |
ALL HOTELS NOT UNDER RENOVATION: | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | |||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 718,187 | $ | 4,258 | $ | 722,445 | $ | 722,943 | $ | (6,519 | ) | $ | 716,424 | (0.66 | )% | 0.84 | % | |||||||||||||
RevPAR | $ | 125.17 | $ | 546.51 | $ | 125.74 | $ | 122.73 | $ | (44.87 | ) | $ | 124.70 | 1.99 | % | 0.84 | % | |||||||||||||
Occupancy | 78.14 | % | 165.83 | % | 78.25 | % | 78.49 | % | (62.74 | )% | 78.88 | % | (0.45 | )% | (0.80 | )% | ||||||||||||||
ADR | $ | 160.20 | $ | 329.56 | $ | 160.68 | $ | 156.37 | $ | (71.51 | ) | $ | 158.08 | 2.45 | % | 1.65 | % |
(1) | The above comparable information assumes the 106 hotel properties owned and included in the Company's operations at September 30, 2018, and not under renovation during the three months ended September 30, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | Excluded Hotels Under Renovation: |
ALL HOTELS: | Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2018 | 2017 | % Variance | 2018 | 2017 | % Variance | ||||||||||||||||
Total hotel revenue | $ | 353,504 | $ | 350,958 | 0.73 | % | $ | 1,079,802 | $ | 1,090,603 | (0.99 | )% | |||||||||
Non-comparable adjustments | — | 2,036 | 7,054 | (5,871 | ) | ||||||||||||||||
Comparable total hotel revenue | $ | 353,504 | $ | 352,994 | 0.14 | % | $ | 1,086,856 | $ | 1,084,732 | 0.20 | % | |||||||||
Hotel EBITDA | $ | 111,389 | $ | 113,302 | (1.69 | )% | $ | 356,795 | $ | 365,253 | (2.32 | )% | |||||||||
Non-comparable adjustments | (60 | ) | 1,904 | 3,705 | 2,762 | ||||||||||||||||
Comparable hotel EBITDA | $ | 111,329 | $ | 115,206 | (3.37 | )% | $ | 360,500 | $ | 368,015 | (2.04 | )% | |||||||||
Hotel EBITDA margin | 31.51 | % | 32.28 | % | (0.77 | )% | 33.04 | % | 33.49 | % | (0.45 | )% | |||||||||
Comparable hotel EBITDA margin | 31.49 | % | 32.64 | % | (1.15 | )% | 33.17 | % | 33.93 | % | (0.76 | )% | |||||||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | 101 | $ | 116 | (12.93 | )% | $ | 258 | $ | 283 | (8.83 | )% | |||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 111,288 | $ | 113,186 | (1.68 | )% | $ | 356,537 | $ | 364,970 | (2.31 | )% | |||||||||
Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 111,228 | $ | 115,090 | (3.36 | )% | $ | 360,242 | $ | 367,732 | (2.04 | )% |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ALL HOTELS NOT UNDER RENOVATION: | Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2018 | 2017 | % Variance | 2018 | 2017 | % Variance | ||||||||||||||||
Total hotel revenue | $ | 294,015 | $ | 291,136 | 0.99 | % | $ | 880,708 | $ | 883,074 | (0.27 | )% | |||||||||
Non-comparable adjustments | — | 2,036 | 7,054 | (5,869 | ) | ||||||||||||||||
Comparable total hotel revenue | $ | 294,015 | $ | 293,172 | 0.29 | % | $ | 887,762 | $ | 877,205 | 1.20 | % | |||||||||
Hotel EBITDA | $ | 96,749 | $ | 97,401 | (0.67 | )% | $ | 299,170 | $ | 300,994 | (0.61 | )% | |||||||||
Non-comparable adjustments | (60 | ) | 1,872 | 3,705 | 2,667 | ||||||||||||||||
Comparable hotel EBITDA | $ | 96,689 | $ | 99,273 | (2.60 | )% | $ | 302,875 | $ | 303,661 | (0.26 | )% | |||||||||
Hotel EBITDA margin | 32.91 | % | 33.46 | % | (0.55 | )% | 33.97 | % | 34.08 | % | (0.11 | )% | |||||||||
Comparable hotel EBITDA margin | 32.89 | % | 33.86 | % | (0.97 | )% | 34.12 | % | 34.62 | % | (0.50 | )% | |||||||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | 101 | $ | 116 | (12.93 | )% | $ | 258 | $ | 283 | (8.83 | )% | |||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 96,648 | $ | 97,285 | (0.65 | )% | $ | 298,912 | $ | 300,711 | (0.60 | )% | |||||||||
Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 96,588 | $ | 99,157 | (2.59 | )% | $ | 302,617 | $ | 303,378 | (0.25 | )% |
(1) | The above comparable information assumes the 106 hotel properties owned and included in the Company's operations at September 30, 2018, and not under renovation during the three months ended September 30, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(4) | Excluded Hotels Under Renovation: |
Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | ||||||||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||||||||||||||||||||||
3rd Quarter | 3rd Quarter | 3rd Quarter | 2nd Quarter | 2nd Quarter | 2nd Quarter | 1st Quarter | 1st Quarter | 1st Quarter | 4th Quarter | 4th Quarter | 4th Quarter | ||||||||||||||||||||||||||||||||||||
Total hotel revenue | $ | 353,504 | $ | — | $ | 353,504 | $ | 386,834 | $ | 5,301 | $ | 392,135 | $ | 339,465 | $ | 1,752 | $ | 341,217 | $ | 339,160 | $ | 2,271 | $ | 341,431 | |||||||||||||||||||||||
Hotel EBITDA | $ | 111,389 | $ | (60 | ) | $ | 111,329 | $ | 136,792 | $ | 2,795 | $ | 139,587 | $ | 108,614 | $ | 970 | $ | 109,584 | $ | 106,630 | $ | 494 | $ | 107,124 | ||||||||||||||||||||||
Hotel EBITDA margin | 31.51 | % | 31.49 | % | 35.36 | % | 35.60 | % | 32.00 | % | 32.12 | % | 31.44 | % | 31.38 | % | |||||||||||||||||||||||||||||||
EBITDA % of total TTM | 24.0 | % | 23.8 | % | 29.5 | % | 29.9 | % | 23.4 | % | 23.4 | % | 23.1 | % | 22.9 | % | |||||||||||||||||||||||||||||||
JV interests in EBITDA | $ | 101 | $ | — | $ | 101 | $ | 108 | $ | — | $ | 108 | $ | 49 | $ | — | $ | 49 | $ | 85 | $ | — | $ | 85 | |||||||||||||||||||||||
Actual | Non-comparable Adjustments | Comparable | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
TTM | TTM | TTM | |||||||||||||||||||||||||||||||||||||||||||||
Total hotel revenue | $ | 1,418,963 | $ | 9,324 | $ | 1,428,287 | |||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA | $ | 463,425 | $ | 4,199 | $ | 467,624 | |||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA margin | 32.66 | % | 32.74 | % | |||||||||||||||||||||||||||||||||||||||||||
EBITDA % of total TTM | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||
JV interests in EBITDA | $ | 343 | $ | — | $ | 343 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | ||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | ||||||||||||||||||||||||||||
Atlanta, GA Area | 9 | 1,425 | $ | 128.47 | $ | — | $ | 128.47 | $ | 128.40 | $ | — | $ | 128.40 | 0.1 | % | 0.1 | % | |||||||||||||||||
Boston, MA Area | 3 | 915 | 217.08 | — | 217.08 | 207.03 | — | 207.03 | 4.9 | % | 4.9 | % | |||||||||||||||||||||||
Dallas / Ft. Worth, TX Area | 7 | 1,518 | 103.19 | — | 103.19 | 106.16 | — | 106.16 | (2.8 | )% | (2.8 | )% | |||||||||||||||||||||||
Houston, TX Area | 3 | 692 | 100.18 | — | 100.18 | 108.41 | — | 108.41 | (7.6 | )% | (7.6 | )% | |||||||||||||||||||||||
Los Angeles, CA Metro Area | 6 | 1,619 | 129.81 | — | 129.81 | 128.06 | — | 128.06 | 1.4 | % | 1.4 | % | |||||||||||||||||||||||
Miami, FL Metro Area | 3 | 587 | 93.92 | — | 93.92 | 99.68 | — | 99.68 | (5.8 | )% | (5.8 | )% | |||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area | 4 | 809 | 133.42 | — | 133.42 | 139.84 | — | 139.84 | (4.6 | )% | (4.6 | )% | |||||||||||||||||||||||
Nashville, TN Area | 1 | 673 | 207.60 | — | 207.60 | 207.06 | — | 207.06 | 0.3 | % | 0.3 | % | |||||||||||||||||||||||
New York / New Jersey Metro Area | 6 | 1,741 | 122.75 | — | 122.75 | 126.74 | — | 126.74 | (3.1 | )% | (3.1 | )% | |||||||||||||||||||||||
Orlando, FL Area | 3 | 734 | 92.44 | — | 92.44 | 99.86 | — | 99.86 | (7.4 | )% | (7.4 | )% | |||||||||||||||||||||||
Philadelphia, PA Area | 3 | 648 | 115.70 | — | 115.70 | 110.73 | — | 110.73 | 4.5 | % | 4.5 | % | |||||||||||||||||||||||
San Diego, CA Area | 2 | 410 | 138.61 | — | 138.61 | 136.22 | — | 136.22 | 1.8 | % | 1.8 | % | |||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area | 6 | 1,369 | 172.17 | — | 172.17 | 165.38 | — | 165.38 | 4.1 | % | 4.1 | % | |||||||||||||||||||||||
Tampa, FL Area | 2 | 571 | 87.28 | — | 87.28 | 90.67 | (92.52 | ) | 90.31 | (3.7 | )% | (3.4 | )% | ||||||||||||||||||||||
Washington D.C. - MD - VA Area | 9 | 2,424 | 126.23 | — | 126.23 | 123.84 | 247.79 | 129.78 | 1.9 | % | (2.7 | )% | |||||||||||||||||||||||
Other Areas | 51 | 8,795 | 113.08 | — | 113.08 | 112.88 | (80.80 | ) | 113.38 | 0.2 | % | (0.3 | )% | ||||||||||||||||||||||
Total Portfolio | 118 | 24,930 | $ | 125.15 | $ | — | $ | 125.15 | $ | 124.92 | $ | 59.35 | $ | 125.88 | 0.2 | % | (0.6 | )% |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Comparable | ||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | ||||||||||||||||||||||||||||||||||
Atlanta, GA Area | 9 | 1,425 | $ | 6,135 | $ | 19 | $ | 6,154 | 5.5 | % | $ | 5,857 | $ | 289 | $ | 6,146 | 5.4 | % | 4.7 | % | 0.1 | % | |||||||||||||||||||
Boston, MA Area | 3 | 915 | 9,110 | — | 9,110 | 8.2 | % | 8,427 | 12 | 8,439 | 7.3 | % | 8.1 | % | 8.0 | % | |||||||||||||||||||||||||
Dallas / Ft. Worth, TX Area | 7 | 1,518 | 5,449 | — | 5,449 | 4.9 | % | 5,453 | 5 | 5,458 | 4.7 | % | (0.1 | )% | (0.2 | )% | |||||||||||||||||||||||||
Houston, TX Area | 3 | 692 | 2,371 | — | 2,371 | 2.1 | % | 2,641 | 19 | 2,660 | 2.3 | % | (10.2 | )% | (10.9 | )% | |||||||||||||||||||||||||
Los Angeles, CA Metro Area | 6 | 1,619 | 7,388 | — | 7,388 | 6.6 | % | 7,742 | 34 | 7,776 | 6.7 | % | (4.6 | )% | (5.0 | )% | |||||||||||||||||||||||||
Miami, FL Metro Area | 3 | 587 | 1,027 | — | 1,027 | 0.9 | % | 1,269 | 4 | 1,273 | 1.1 | % | (19.1 | )% | (19.3 | )% | |||||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area | 4 | 809 | 4,159 | — | 4,159 | 3.7 | % | 4,872 | 6 | 4,878 | 4.2 | % | (14.6 | )% | (14.7 | )% | |||||||||||||||||||||||||
Nashville, TN Area | 1 | 673 | 6,577 | — | 6,577 | 5.9 | % | 6,294 | — | 6,294 | 5.5 | % | 4.5 | % | 4.5 | % | |||||||||||||||||||||||||
New York / New Jersey Metro Area | 6 | 1,741 | 7,527 | — | 7,527 | 6.8 | % | 7,829 | 8 | 7,837 | 6.8 | % | (3.9 | )% | (4.0 | )% | |||||||||||||||||||||||||
Orlando, FL Area | 3 | 734 | 1,350 | — | 1,350 | 1.2 | % | 1,830 | 5 | 1,835 | 1.7 | % | (26.2 | )% | (26.4 | )% | |||||||||||||||||||||||||
Philadelphia, PA Area | 3 | 648 | 2,437 | — | 2,437 | 2.2 | % | 2,383 | 7 | 2,390 | 2.2 | % | 2.3 | % | 2.0 | % | |||||||||||||||||||||||||
San Diego, CA Area | 2 | 410 | 2,180 | — | 2,180 | 2.0 | % | 2,264 | 4 | 2,268 | 2.0 | % | (3.7 | )% | (3.9 | )% | |||||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area | 6 | 1,369 | 10,038 | — | 10,038 | 9.0 | % | 9,378 | 57 | 9,435 | 8.2 | % | 7.0 | % | 6.4 | % | |||||||||||||||||||||||||
Tampa, FL Area | 2 | 571 | 1,185 | (77 | ) | 1,108 | 1.0 | % | 1,564 | (254 | ) | 1,310 | 1.1 | % | (24.2 | )% | (15.4 | )% | |||||||||||||||||||||||
Washington D.C. - MD - VA Area | 9 | 2,424 | 9,743 | — | 9,743 | 8.8 | % | 9,320 | 1,927 | 11,247 | 9.8 | % | 4.5 | % | (13.4 | )% | |||||||||||||||||||||||||
Other Areas | 51 | 8,795 | 34,713 | (2 | ) | 34,711 | 31.2 | % | 36,179 | (219 | ) | 35,960 | 31.0 | % | (4.1 | )% | (3.5 | )% | |||||||||||||||||||||||
Total Portfolio | 118 | 24,930 | $ | 111,389 | $ | (60 | ) | $ | 111,329 | 100.0 | % | $ | 113,302 | $ | 1,904 | $ | 115,206 | 100.0 | % | (1.7 | )% | (3.4 | )% |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | Actual | Non-comparable Adjustments | Comparable | Actual | Comparable | ||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | ||||||||||||||||||||||||||||
Atlanta, GA Area | 9 | 1,425 | $ | 131.43 | $ | — | $ | 131.43 | $ | 122.88 | $ | (88.18 | ) | $ | 130.78 | 7.0 | % | 0.5 | % | ||||||||||||||||
Boston, MA Area | 3 | 915 | 180.33 | — | 180.33 | 178.69 | — | 178.69 | 0.9 | % | 0.9 | % | |||||||||||||||||||||||
Dallas / Ft. Worth, TX Area | 7 | 1,518 | 114.44 | — | 114.44 | 111.49 | — | 111.49 | 2.6 | % | 2.6 | % | |||||||||||||||||||||||
Houston, TX Area | 3 | 692 | 109.04 | — | 109.04 | 111.44 | — | 111.44 | (2.2 | )% | (2.2 | )% | |||||||||||||||||||||||
Los Angeles, CA Metro Area | 6 | 1,619 | 135.55 | — | 135.55 | 133.78 | — | 133.78 | 1.3 | % | 1.3 | % | |||||||||||||||||||||||
Miami, FL Metro Area | 3 | 587 | 137.37 | — | 137.37 | 132.64 | — | 132.64 | 3.6 | % | 3.6 | % | |||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area | 4 | 809 | 127.81 | — | 127.81 | 126.49 | — | 126.49 | 1.0 | % | 1.0 | % | |||||||||||||||||||||||
Nashville, TN Area | 1 | 673 | 207.65 | — | 207.65 | 210.56 | — | 210.56 | (1.4 | )% | (1.4 | )% | |||||||||||||||||||||||
New York / New Jersey Metro Area | 6 | 1,741 | 119.29 | — | 119.29 | 117.68 | — | 117.68 | 1.4 | % | 1.4 | % | |||||||||||||||||||||||
Orlando, FL Area | 3 | 734 | 108.61 | — | 108.61 | 113.90 | — | 113.90 | (4.6 | )% | (4.6 | )% | |||||||||||||||||||||||
Philadelphia, PA Area | 3 | 648 | 105.07 | — | 105.07 | 102.21 | — | 102.21 | 2.8 | % | 2.8 | % | |||||||||||||||||||||||
San Diego, CA Area | 2 | 410 | 127.08 | — | 127.08 | 125.99 | — | 125.99 | 0.9 | % | 0.9 | % | |||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area | 6 | 1,369 | 164.78 | — | 164.78 | 158.53 | — | 158.53 | 3.9 | % | 3.9 | % | |||||||||||||||||||||||
Tampa, FL Area | 2 | 571 | 116.11 | (154.79 | ) | 112.62 | 117.70 | (123.57 | ) | 116.57 | (1.4 | )% | (3.4 | )% | |||||||||||||||||||||
Washington D.C. - MD - VA Area | 9 | 2,424 | 138.94 | 235.98 | 143.14 | 141.92 | 279.77 | 148.53 | (2.1 | )% | (3.6 | )% | |||||||||||||||||||||||
Other Areas | 51 | 8,795 | 112.79 | (48.05 | ) | 112.97 | 111.44 | (66.35 | ) | 112.54 | 1.2 | % | 0.4 | % | |||||||||||||||||||||
Total Portfolio | 118 | 24,930 | $ | 127.19 | $ | 546.51 | $ | 127.67 | $ | 125.61 | $ | (44.87 | ) | $ | 127.33 | 1.3 | % | 0.3 | % |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
Number of Hotels | Number of Rooms | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Non-comparable Adjustments | Comparable | % of Total | Actual | Comparable | ||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | ||||||||||||||||||||||||||||||||||
Atlanta, GA Area | 9 | 1,425 | $ | 18,644 | $ | 31 | $ | 18,675 | 5.2 | % | $ | 21,829 | $ | (2,255 | ) | $ | 19,574 | 5.3 | % | (14.7 | )% | (4.6 | )% | ||||||||||||||||||
Boston, MA Area | 3 | 915 | 19,270 | — | 19,270 | 5.3 | % | 20,523 | 24 | 20,547 | 5.6 | % | (6.1 | )% | (6.2 | )% | |||||||||||||||||||||||||
Dallas / Ft. Worth, TX Area | 7 | 1,518 | 20,626 | — | 20,626 | 5.7 | % | 19,236 | 26 | 19,262 | 5.2 | % | 7.2 | % | 7.1 | % | |||||||||||||||||||||||||
Houston, TX Area | 3 | 692 | 9,008 | — | 9,008 | 2.5 | % | 9,333 | 40 | 9,373 | 2.5 | % | (3.5 | )% | (3.9 | )% | |||||||||||||||||||||||||
Los Angeles, CA Metro Area | 6 | 1,619 | 25,717 | — | 25,717 | 7.1 | % | 26,275 | 77 | 26,352 | 7.2 | % | (2.1 | )% | (2.4 | )% | |||||||||||||||||||||||||
Miami, FL Metro Area | 3 | 587 | 9,373 | — | 9,373 | 2.6 | % | 8,936 | 10 | 8,946 | 2.4 | % | 4.9 | % | 4.8 | % | |||||||||||||||||||||||||
Minneapolis - St. Paul, MN-WI Area | 4 | 809 | 11,519 | — | 11,519 | 3.2 | % | 11,749 | 20 | 11,769 | 3.2 | % | (2.0 | )% | (2.1 | )% | |||||||||||||||||||||||||
Nashville, TN Area | 1 | 673 | 18,666 | — | 18,666 | 5.2 | % | 20,935 | — | 20,935 | 5.7 | % | (10.8 | )% | (10.8 | )% | |||||||||||||||||||||||||
New York / New Jersey Metro Area | 6 | 1,741 | 22,985 | 1 | 22,986 | 6.4 | % | 23,382 | 60 | 23,442 | 6.4 | % | (1.7 | )% | (1.9 | )% | |||||||||||||||||||||||||
Orlando, FL Area | 3 | 734 | 7,181 | — | 7,181 | 2.0 | % | 8,124 | 8 | 8,132 | 2.2 | % | (11.6 | )% | (11.7 | )% | |||||||||||||||||||||||||
Philadelphia, PA Area | 3 | 648 | 6,554 | — | 6,554 | 1.8 | % | 6,047 | 15 | 6,062 | 1.6 | % | 8.4 | % | 8.1 | % | |||||||||||||||||||||||||
San Diego, CA Area | 2 | 410 | 5,774 | — | 5,774 | 1.6 | % | 5,840 | 6 | 5,846 | 1.6 | % | (1.1 | )% | (1.2 | )% | |||||||||||||||||||||||||
San Francisco - Oakland, CA Metro Area | 6 | 1,369 | 28,077 | — | 28,077 | 7.8 | % | 26,824 | 106 | 26,930 | 7.3 | % | 4.7 | % | 4.3 | % | |||||||||||||||||||||||||
Tampa, FL Area | 2 | 571 | 8,968 | (1,131 | ) | 7,837 | 2.2 | % | 9,416 | (1,493 | ) | 7,923 | 2.2 | % | (4.8 | )% | (1.1 | )% | |||||||||||||||||||||||
Washington D.C. - MD - VA Area | 9 | 2,424 | 33,087 | 4,697 | 37,784 | 10.5 | % | 36,103 | 6,603 | 42,706 | 11.6 | % | (8.4 | )% | (11.4 | )% | |||||||||||||||||||||||||
Other Areas | 51 | 8,795 | 111,346 | 107 | 111,453 | 30.9 | % | 110,701 | (485 | ) | 110,216 | 30.0 | % | 0.6 | % | 1.1 | % | ||||||||||||||||||||||||
Total Portfolio | 118 | 24,930 | $ | 356,795 | $ | 3,705 | $ | 360,500 | 100.0 | % | $ | 365,253 | $ | 2,762 | $ | 368,015 | 100.0 | % | (2.3 | )% | (2.0 | )% |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
September 30, 2018 | |||
End of quarter common shares outstanding | 101,038 | ||
Partnership units outstanding | 20,660 | ||
Combined common shares and partnership units outstanding | 121,698 | ||
Common stock price at quarter end | $ | 6.39 | |
Market capitalization at quarter end | $ | 777,650 | |
Series D preferred stock | $ | 59,735 | |
Series F preferred stock | $ | 120,000 | |
Series G preferred stock | $ | 155,000 | |
Series H preferred stock | $ | 95,000 | |
Series I preferred stock | $ | 135,000 | |
Debt on balance sheet date | $ | 3,939,170 | |
Joint venture partner's share of consolidated debt | $ | (2,004 | ) |
Net working capital (see below) | $ | (460,329 | ) |
Total enterprise value (TEV) | $ | 4,819,222 | |
Ashford Inc. Investment: | |||
Common stock owned at end of quarter | 598 | ||
Common stock price at quarter end | $ | 75.87 | |
Market value of Ashford Inc. investment | $ | 45,383 | |
Cash and cash equivalents | $ | 325,716 | |
Restricted cash | $ | 140,886 | |
Accounts receivable, net | $ | 60,184 | |
Prepaid expenses | $ | 29,639 | |
Investment in securities | $ | 24,173 | |
Due from third-party hotel managers, net | $ | 16,528 | |
Market value of Ashford Inc. investment | $ | 45,383 | |
Total current assets | $ | 642,509 | |
Accounts payable, net & accrued expenses | $ | 147,734 | |
Dividends and distributions payable | $ | 28,095 | |
Due to affiliates, net | $ | 6,351 | |
Total current liabilities | $ | 182,180 | |
Net working capital* | $ | 460,329 |
2018 | ||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||
Rooms | Actual | Actual | Actual | Estimated | ||
Courtyard Crystal City Reagan Airport | 272 | x | ||||
Courtyard Denver Airport | 202 | x | ||||
Courtyard Gaithersburg | 210 | x | x | |||
Courtyard Louisville Airport | 150 | x | ||||
Embassy Suites Crystal City | 267 | x | ||||
Embassy Suites Philadelphia Airport | 263 | x | x | |||
Embassy Suites Santa Clara Silicon Valley | 258 | x | x | |||
Hampton Inn Suites Columbus Easton | 145 | x | ||||
Hampton Inn Suites Phoenix Airport | 106 | x | x | |||
Hilton St. Petersburg Bayfront | 333 | x | x | x | ||
Hilton Tampa Westshore | 238 | x | x | x | ||
Hilton Garden Inn BWI Airport | 158 | x | ||||
Hilton Garden Inn Jacksonville | 119 | x | ||||
Hotel Indigo Atlanta Midtown | 140 | x | x | x | ||
Hyatt Regency Coral Gables | 253 | x | x | |||
Le Meridien Chambers Minneapolis | 60 | x | ||||
Le Pavillon Hotel | 226 | x | ||||
Marriott Crystal Gateway | 701 | x | x | x | x | |
Marriott Omaha | 300 | x | ||||
Marriott RTP | 225 | x | ||||
Renaissance Nashville | 673 | x | x | x | x | |
Renaissance Palm Springs | 410 | x | ||||
Residence Inn Jacksonville | 120 | x | x | x | ||
Residence Inn Orlando Sea World | 350 | x | x | x | x | |
Ritz-Carlton Atlanta | 444 | x | x | x | x | |
Sheraton Anchorage | 370 | x | ||||
The Churchill | 173 | x | ||||
Westin Princeton | 296 | x | x | |||
Total | 18 | 13 | 12 | 11 |
(a) | Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2018 are included in this table. |
2018 | 2018 | 2018 | 2017 | September 30, 2018 | |||||||||||||||
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | TTM | |||||||||||||||
Net income (loss) | $ | 42,925 | $ | 68,862 | $ | 40,311 | $ | 33,102 | $ | 185,200 | |||||||||
Non-property adjustments | (17 | ) | (394 | ) | 1,669 | 8,246 | 9,504 | ||||||||||||
Interest income | (73 | ) | (58 | ) | (30 | ) | (28 | ) | (189 | ) | |||||||||
Interest expense | 2,096 | 1,634 | 1,600 | 1,258 | 6,588 | ||||||||||||||
Amortization of loan costs | 149 | 178 | 112 | 73 | 512 | ||||||||||||||
Depreciation and amortization | 64,745 | 64,385 | 62,869 | 61,182 | 253,181 | ||||||||||||||
Income tax expense (benefit) | 14 | 9 | — | 173 | 196 | ||||||||||||||
Non-hotel EBITDA ownership expense | 1,550 | 2,176 | 2,083 | 2,624 | 8,433 | ||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 111,389 | 136,792 | 108,614 | 106,630 | 463,425 | ||||||||||||||
Non-comparable adjustments | (60 | ) | 2,795 | 970 | 494 | 4,199 | |||||||||||||
Comparable hotel EBITDA | $ | 111,329 | $ | 139,587 | $ | 109,584 | $ | 107,124 | $ | 467,624 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
Three Months Ended September 30, 2018 | |||||||||||||||||||||||
Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||
Net income (loss) | $ | 41,995 | $ | 930 | $ | 42,925 | $ | 91 | $ | (77,277 | ) | $ | (34,261 | ) | |||||||||
Non-property adjustments | (2 | ) | (15 | ) | (17 | ) | — | 17 | — | ||||||||||||||
Interest income | (72 | ) | (1 | ) | (73 | ) | — | 73 | — | ||||||||||||||
Interest expense | 1,890 | 206 | 2,096 | — | 51,961 | 54,057 | |||||||||||||||||
Amortization of loan cost | 110 | 39 | 149 | — | 6,525 | 6,674 | |||||||||||||||||
Depreciation and amortization | 51,511 | 13,234 | 64,745 | 128 | 50 | 64,923 | |||||||||||||||||
Income tax expense (benefit) | 14 | — | 14 | — | 505 | 519 | |||||||||||||||||
Non-hotel EBITDA ownership expense | 1,303 | 247 | 1,550 | 9 | (1,559 | ) | — | ||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 96,749 | 14,640 | 111,389 | 228 | (19,705 | ) | 91,912 | ||||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (101 | ) | — | (101 | ) | — | 101 | — | |||||||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | — | — | (310 | ) | (310 | ) | |||||||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | — | — | (1,607 | ) | (1,607 | ) | |||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | (158 | ) | (158 | ) | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 96,648 | $ | 14,640 | $ | 111,288 | $ | 228 | $ | (21,679 | ) | $ | 89,837 | ||||||||||
Non-comparable adjustments | (60 | ) | — | (60 | ) | ||||||||||||||||||
Comparable hotel EBITDA | $ | 96,689 | $ | 14,640 | $ | 111,329 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Three Months Ended June 30, 2018 | |||||||||||||||||||||||
Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||
Net income (loss) | $ | 60,530 | $ | 8,332 | $ | 68,862 | $ | 244 | $ | (92,457 | ) | $ | (23,351 | ) | |||||||||
Non-property adjustments | (429 | ) | 35 | (394 | ) | — | 394 | — | |||||||||||||||
Interest income | (58 | ) | — | (58 | ) | — | 58 | — | |||||||||||||||
Interest expense | 1,438 | 196 | 1,634 | — | 51,082 | 52,716 | |||||||||||||||||
Amortization of loan cost | 140 | 38 | 178 | — | 5,312 | 5,490 | |||||||||||||||||
Depreciation and amortization | 51,743 | 12,642 | 64,385 | 132 | 49 | 64,566 | |||||||||||||||||
Income tax expense (benefit) | 9 | — | 9 | — | 2,964 | 2,973 | |||||||||||||||||
Non-hotel EBITDA ownership expense | 1,709 | 467 | 2,176 | 21 | (2,197 | ) | — | ||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 115,082 | 21,710 | 136,792 | 397 | (34,795 | ) | 102,394 | ||||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (108 | ) | — | (108 | ) | — | 108 | — | |||||||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | — | — | (1,170 | ) | (1,170 | ) | |||||||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | — | — | 3,551 | 3,551 | |||||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | (122 | ) | (122 | ) | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 114,974 | $ | 21,710 | $ | 136,684 | $ | 397 | $ | (32,428 | ) | $ | 104,653 | ||||||||||
Non-comparable adjustments | 2,795 | — | 2,795 | ||||||||||||||||||||
Comparable hotel EBITDA | $ | 117,877 | $ | 21,710 | $ | 139,587 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Three Months Ended March 31, 2018 | |||||||||||||||||||||||
Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||
Net income (loss) | $ | 31,188 | $ | 9,123 | $ | 40,311 | $ | 483 | $ | (73,443 | ) | $ | (32,649 | ) | |||||||||
Non-property adjustments | 1,770 | (101 | ) | 1,669 | — | (1,669 | ) | — | |||||||||||||||
Interest income | (30 | ) | — | (30 | ) | — | 30 | — | |||||||||||||||
Interest expense | 1,419 | 181 | 1,600 | — | 50,690 | 52,290 | |||||||||||||||||
Amortization of loan cost | 74 | 38 | 112 | — | 2,341 | 2,453 | |||||||||||||||||
Depreciation and amortization | 51,250 | 11,619 | 62,869 | 130 | 48 | 63,047 | |||||||||||||||||
Income tax expense (benefit) | — | — | — | — | (886 | ) | (886 | ) | |||||||||||||||
Non-hotel EBITDA ownership expense | 1,668 | 415 | 2,083 | (11 | ) | (2,072 | ) | — | |||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 87,339 | 21,275 | 108,614 | 602 | (24,961 | ) | 84,255 | ||||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (49 | ) | — | (49 | ) | — | 49 | — | |||||||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | — | — | 588 | 588 | |||||||||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | — | — | (964 | ) | (964 | ) | |||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | (139 | ) | (139 | ) | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 87,290 | $ | 21,275 | $ | 108,565 | $ | 602 | $ | (25,427 | ) | $ | 83,740 | ||||||||||
Non-comparable adjustments | 970 | — | 970 | ||||||||||||||||||||
Comparable hotel EBITDA | $ | 88,309 | $ | 21,275 | $ | 109,584 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Three Months Ended December 31, 2017 | |||||||||||||||||||||||
Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||
Net income (loss) | $ | 25,076 | $ | 8,026 | $ | 33,102 | $ | 230 | $ | (71,857 | ) | $ | (38,525 | ) | |||||||||
Non-property adjustments | 8,246 | — | 8,246 | (75 | ) | (8,171 | ) | — | |||||||||||||||
Interest income | (28 | ) | — | (28 | ) | — | 28 | — | |||||||||||||||
Interest expense | 1,086 | 172 | 1,258 | — | 51,851 | 53,109 | |||||||||||||||||
Amortization of loan cost | 36 | 37 | 73 | — | 2,225 | 2,298 | |||||||||||||||||
Depreciation and amortization | 50,454 | 10,728 | 61,182 | 123 | 46 | 61,351 | |||||||||||||||||
Income tax expense (benefit) | 173 | — | 173 | — | (1,884 | ) | (1,711 | ) | |||||||||||||||
Non-hotel EBITDA ownership expense | 2,468 | 156 | 2,624 | 25 | (2,649 | ) | — | ||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 87,511 | 19,119 | 106,630 | 303 | (30,411 | ) | 76,522 | ||||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (85 | ) | — | (85 | ) | — | 85 | — | |||||||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | — | — | 2,286 | 2,286 | |||||||||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | — | — | (1,646 | ) | (1,646 | ) | |||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | (137 | ) | (137 | ) | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 87,426 | $ | 19,119 | $ | 106,545 | $ | 303 | $ | (29,823 | ) | $ | 77,025 | ||||||||||
Non-comparable adjustments | 624 | (130 | ) | 494 | |||||||||||||||||||
Comparable hotel EBITDA | $ | 88,135 | $ | 18,989 | $ | 107,124 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||
Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||
Net income (loss) | $ | 40,683 | $ | 5,218 | $ | 45,901 | $ | 69 | $ | (74,696 | ) | $ | (28,726 | ) | |||||||||
Non-property adjustments | 1,549 | 221 | 1,770 | — | (1,770 | ) | — | ||||||||||||||||
Interest income | (27 | ) | (1 | ) | (28 | ) | — | 28 | — | ||||||||||||||
Interest expense | 528 | 170 | 698 | — | 53,715 | 54,413 | |||||||||||||||||
Amortization of loan cost | — | 37 | 37 | — | 2,513 | 2,550 | |||||||||||||||||
Depreciation and amortization | 49,967 | 9,999 | 59,966 | 120 | 49 | 60,135 | |||||||||||||||||
Income tax expense (benefit) | 33 | — | 33 | — | (1,300 | ) | (1,267 | ) | |||||||||||||||
Non-hotel EBITDA ownership expense | 4,668 | 257 | 4,925 | 7 | (4,932 | ) | — | ||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 97,401 | 15,901 | 113,302 | 196 | (26,393 | ) | 87,105 | ||||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (116 | ) | — | (116 | ) | — | 116 | — | |||||||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | — | — | 679 | 679 | |||||||||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | — | — | (384 | ) | (384 | ) | |||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | (113 | ) | (113 | ) | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 97,285 | $ | 15,901 | $ | 113,186 | $ | 196 | $ | (26,095 | ) | $ | 87,287 | ||||||||||
Non-comparable adjustments | 1,872 | 32 | 1,904 | ||||||||||||||||||||
Comparable hotel EBITDA | $ | 99,273 | $ | 15,933 | $ | 115,206 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Nine Months Ended September 30, 2018 | |||||||||||||||||||||||
Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||
Net income (loss) | $ | 133,713 | $ | 18,385 | $ | 152,098 | $ | 818 | $ | (243,177 | ) | $ | (90,261 | ) | |||||||||
Non-property adjustments | 1,339 | (81 | ) | 1,258 | — | (1,258 | ) | — | |||||||||||||||
Interest income | (160 | ) | (1 | ) | (161 | ) | — | 161 | — | ||||||||||||||
Interest expense | 4,747 | 583 | 5,330 | — | 153,733 | 159,063 | |||||||||||||||||
Amortization of loan cost | 324 | 115 | 439 | — | 14,178 | 14,617 | |||||||||||||||||
Depreciation and amortization | 154,504 | 37,495 | 191,999 | 390 | 147 | 192,536 | |||||||||||||||||
Income tax expense (benefit) | 23 | — | 23 | — | 2,583 | 2,606 | |||||||||||||||||
Non-hotel EBITDA ownership expense | 4,680 | 1,129 | 5,809 | 19 | (5,828 | ) | — | ||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 299,170 | 57,625 | 356,795 | 1,227 | (79,461 | ) | 278,561 | ||||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (258 | ) | — | (258 | ) | — | 258 | — | |||||||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | — | — | (892 | ) | (892 | ) | |||||||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | — | — | 959 | 959 | |||||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | (419 | ) | (419 | ) | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 298,912 | $ | 57,625 | $ | 356,537 | $ | 1,227 | $ | (79,555 | ) | $ | 278,209 | ||||||||||
Non-comparable adjustments | 3,705 | — | 3,705 | ||||||||||||||||||||
Comparable hotel EBITDA | $ | 302,875 | $ | 57,625 | $ | 360,500 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
Hotel Properties Not Under Renovation | Hotel Properties Under Renovation | Hotel Total | Orlando WorldQuest Resort | Corporate / Allocated | Ashford Hospitality Trust, Inc. | ||||||||||||||||||
Net income (loss) | $ | 146,855 | $ | 33,428 | $ | 180,283 | $ | 1,023 | $ | (231,541 | ) | $ | (50,235 | ) | |||||||||
Non-property adjustments | (12,460 | ) | 221 | (12,239 | ) | — | 12,239 | — | |||||||||||||||
Interest income | (94 | ) | (4 | ) | (98 | ) | — | 98 | — | ||||||||||||||
Interest expense | 1,515 | 237 | 1,752 | — | 154,551 | 156,303 | |||||||||||||||||
Amortization of loan cost | 168 | 49 | 217 | — | 10,704 | 10,921 | |||||||||||||||||
Depreciation and amortization | 152,882 | 29,976 | 182,858 | 350 | 2,172 | 185,380 | |||||||||||||||||
Income tax expense (benefit) | 56 | — | 56 | — | (563 | ) | (507 | ) | |||||||||||||||
Non-hotel EBITDA ownership expense | 12,072 | 352 | 12,424 | (6 | ) | (12,418 | ) | — | |||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 300,994 | 64,259 | 365,253 | 1,367 | (64,758 | ) | 301,862 | ||||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (283 | ) | — | (283 | ) | — | 283 | — | |||||||||||||||
Equity in (earnings) loss of unconsolidated entities | — | — | — | — | 3,632 | 3,632 | |||||||||||||||||
Company's portion of EBITDA of Ashford Inc. | — | — | — | — | (20 | ) | (20 | ) | |||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | (361 | ) | (361 | ) | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 300,711 | $ | 64,259 | $ | 364,970 | $ | 1,367 | $ | (61,224 | ) | $ | 305,113 | ||||||||||
Non-comparable adjustments | 2,667 | 95 | 2,762 | ||||||||||||||||||||
Comparable hotel EBITDA | $ | 303,661 | $ | 64,354 | $ | 368,015 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | Excluded Hotels Under Renovation: |
Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||
Atlanta, GA Area | Boston, MA Area | Dallas / Ft. Worth, TX Area | Houston, TX Area | Los Angeles, CA Metro Area | Miami, FL Metro Area | Minneapolis - St. Paul, MN - WI Area | Nashville, TN Area | New York / New Jersey Metro Area | |||||||||||||||||||||||||||
Net income (loss) | $ | 2,514 | $ | 4,363 | $ | 2,042 | $ | 814 | $ | 2,524 | $ | (923 | ) | $ | 1,558 | $ | 4,194 | $ | 3,270 | ||||||||||||||||
Non-property adjustments | — | — | — | 1 | — | (21 | ) | — | — | — | |||||||||||||||||||||||||
Interest income | (1 | ) | — | (2 | ) | — | (4 | ) | (1 | ) | (15 | ) | — | (10 | ) | ||||||||||||||||||||
Interest expense | 206 | 1,014 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of loan costs | 39 | 55 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Depreciation and amortization | 3,318 | 3,607 | 3,392 | 1,386 | 4,623 | 2,000 | 2,567 | 2,371 | 4,079 | ||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 59 | 71 | 17 | 170 | 245 | (28 | ) | 49 | 12 | 188 | |||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 6,135 | 9,110 | 5,449 | 2,371 | 7,388 | 1,027 | 4,159 | 6,577 | 7,527 | ||||||||||||||||||||||||||
Non-comparable adjustments | 19 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 6,154 | $ | 9,110 | $ | 5,449 | $ | 2,371 | $ | 7,388 | $ | 1,027 | $ | 4,159 | $ | 6,577 | $ | 7,527 | |||||||||||||||||
Orlando, FL Area | Philadelphia, PA Area | San Diego, CA Area | San Francisco - Oakland, CA Metro Area | Tampa, FL Area | Washington D.C. - MD - VA Area | Other Areas | Total Portfolio | ||||||||||||||||||||||||||||
Net income (loss) | $ | (684 | ) | $ | 731 | $ | 1,274 | $ | 6,828 | $ | (443 | ) | $ | 1,376 | $ | 13,487 | $ | 42,925 | |||||||||||||||||
Non-property adjustments | 1 | — | — | — | 20 | (4 | ) | (14 | ) | (17 | ) | ||||||||||||||||||||||||
Interest income | (3 | ) | (1 | ) | (2 | ) | (6 | ) | — | (12 | ) | (18 | ) | (75 | ) | ||||||||||||||||||||
Interest expense | — | — | — | — | — | 872 | 4 | 2,096 | |||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | 54 | — | 148 | |||||||||||||||||||||||||||
Depreciation and amortization | 2,008 | 1,653 | 884 | 3,138 | 1,580 | 7,417 | 20,723 | 64,746 | |||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | 14 | 14 | |||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 28 | 54 | 24 | 78 | 28 | 40 | 517 | 1,552 | |||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 1,350 | 2,437 | 2,180 | 10,038 | 1,185 | 9,743 | 34,713 | 111,389 | |||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | (77 | ) | — | (2 | ) | (60 | ) | ||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 1,350 | $ | 2,437 | $ | 2,180 | $ | 10,038 | $ | 1,108 | $ | 9,743 | $ | 34,711 | $ | 111,329 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Atlanta, GA Area | Boston, MA Area | Dallas / Ft. Worth, TX Area | Houston, TX Area | Los Angeles, CA Metro Area | Miami, FL Metro Area | Minneapolis - St. Paul, MN - WI Area | Nashville, TN Area | New York / New Jersey Metro Area | |||||||||||||||||||||||||||
Net income (loss) | $ | 3,126 | $ | 4,824 | $ | 2,073 | $ | (620 | ) | $ | 3,196 | $ | (1,171 | ) | $ | 2,397 | $ | 4,761 | $ | 3,604 | |||||||||||||||
Non-property adjustments | (16 | ) | — | — | 451 | — | 266 | — | — | — | |||||||||||||||||||||||||
Interest income | — | — | (1 | ) | — | (1 | ) | — | (6 | ) | — | (2 | ) | ||||||||||||||||||||||
Interest expense | 170 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of loan costs | 37 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Depreciation and amortization | 2,519 | 3,543 | 3,215 | 1,645 | 4,355 | 1,730 | 2,458 | 1,523 | 4,185 | ||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 21 | 60 | 166 | 1,165 | 192 | 444 | 23 | 10 | 42 | ||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 5,857 | 8,427 | 5,453 | 2,641 | 7,742 | 1,269 | 4,872 | 6,294 | 7,829 | ||||||||||||||||||||||||||
Non-comparable adjustments | 289 | 12 | 5 | 19 | 34 | 4 | 6 | — | 8 | ||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 6,146 | $ | 8,439 | $ | 5,458 | $ | 2,660 | $ | 7,776 | $ | 1,273 | $ | 4,878 | $ | 6,294 | $ | 7,837 | |||||||||||||||||
Orlando, FL Area | Philadelphia, PA Area | San Diego, CA Area | San Francisco - Oakland, CA Metro Area | Tampa, FL Area | Washington D.C. - MD - VA Area | Other Areas | Total Portfolio | ||||||||||||||||||||||||||||
Net income (loss) | $ | 99 | $ | 904 | $ | 1,279 | $ | 6,772 | $ | (423 | ) | $ | 3,335 | $ | 11,745 | $ | 45,901 | ||||||||||||||||||
Non-property adjustments | 43 | — | — | — | 64 | — | 962 | 1,770 | |||||||||||||||||||||||||||
Interest income | (2 | ) | — | — | (5 | ) | — | (4 | ) | (7 | ) | (28 | ) | ||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | 528 | 698 | |||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | 37 | |||||||||||||||||||||||||||
Depreciation and amortization | 1,595 | 1,459 | 955 | 2,579 | 1,661 | 6,304 | 20,240 | 59,966 | |||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | 33 | 33 | |||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 95 | 20 | 30 | 32 | 262 | (315 | ) | 2,678 | 4,925 | ||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 1,830 | 2,383 | 2,264 | 9,378 | 1,564 | 9,320 | 36,179 | 113,302 | |||||||||||||||||||||||||||
Non-comparable adjustments | 5 | 7 | 4 | 57 | (254 | ) | 1,927 | (219 | ) | 1,904 | |||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 1,835 | $ | 2,390 | $ | 2,268 | $ | 9,435 | $ | 1,310 | $ | 11,247 | $ | 35,960 | $ | 115,206 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||
Atlanta, GA Area | Boston, MA Area | Dallas / Ft. Worth, TX Area | Houston, TX Area | Los Angeles, CA Metro Area | Miami, FL Metro Area | Minneapolis - St. Paul, MN - WI Area | Nashville, TN Area | New York / New Jersey Metro Area | |||||||||||||||||||||||||||
Net income (loss) | $ | 8,336 | $ | 4,779 | $ | 10,072 | $ | 4,691 | $ | 11,736 | $ | 3,658 | $ | 3,769 | $ | 12,095 | $ | 10,359 | |||||||||||||||||
Non-property adjustments | — | — | — | (134 | ) | — | (120 | ) | — | — | — | ||||||||||||||||||||||||
Interest income | (3 | ) | — | (5 | ) | — | (7 | ) | (2 | ) | (38 | ) | — | (21 | ) | ||||||||||||||||||||
Interest expense | 583 | 2,846 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of loan costs | 115 | 165 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Depreciation and amortization | 9,231 | 11,176 | 10,280 | 4,102 | 13,758 | 5,716 | 7,639 | 6,526 | 12,387 | ||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 382 | 304 | 279 | 349 | 230 | 121 | 149 | 45 | 260 | ||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 18,644 | 19,270 | 20,626 | 9,008 | 25,717 | 9,373 | 11,519 | 18,666 | 22,985 | ||||||||||||||||||||||||||
Non-comparable adjustments | 31 | — | — | — | — | — | — | — | 1 | ||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 18,675 | $ | 19,270 | $ | 20,626 | $ | 9,008 | $ | 25,717 | $ | 9,373 | $ | 11,519 | $ | 18,666 | $ | 22,986 | |||||||||||||||||
Orlando, FL Area | Philadelphia, PA Area | San Diego, CA Area | San Francisco - Oakland, CA Metro Area | Tampa, FL Area | Washington D.C. - MD - VA Area | Other Areas | Total Portfolio | ||||||||||||||||||||||||||||
Net income (loss) | $ | 1,357 | $ | 1,473 | $ | 2,618 | $ | 18,497 | $ | 4,116 | $ | 9,351 | $ | 45,191 | $ | 152,098 | |||||||||||||||||||
Non-property adjustments | (39 | ) | — | — | — | (374 | ) | 1,941 | (16 | ) | 1,258 | ||||||||||||||||||||||||
Interest income | (7 | ) | (2 | ) | (3 | ) | (15 | ) | — | (23 | ) | (37 | ) | (163 | ) | ||||||||||||||||||||
Interest expense | — | — | — | — | — | 872 | 1,029 | 5,330 | |||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | 54 | 104 | 438 | |||||||||||||||||||||||||||
Depreciation and amortization | 5,816 | 4,894 | 2,691 | 9,287 | 5,068 | 20,598 | 62,831 | 192,000 | |||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | 23 | 23 | |||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 54 | 189 | 468 | 308 | 158 | 294 | 2,221 | 5,811 | |||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 7,181 | 6,554 | 5,774 | 28,077 | 8,968 | 33,087 | 111,346 | 356,795 | |||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | (1,131 | ) | 4,697 | 107 | 3,705 | ||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 7,181 | $ | 6,554 | $ | 5,774 | $ | 28,077 | $ | 7,837 | $ | 37,784 | $ | 111,453 | $ | 360,500 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Atlanta, GA Area | Boston, MA Area | Dallas / Ft. Worth, TX Area | Houston, TX Area | Los Angeles, CA Metro Area | Miami, FL Metro Area | Minneapolis - St. Paul, MN - WI Area | Nashville, TN Area | New York / New Jersey Metro Area | |||||||||||||||||||||||||||
Net income (loss) | $ | 25,304 | $ | 10,068 | $ | 8,970 | $ | 2,414 | $ | 13,137 | $ | (1,450 | ) | $ | 4,152 | $ | 15,716 | $ | 10,354 | ||||||||||||||||
Non-property adjustments | (14,109 | ) | — | — | 451 | — | 266 | — | — | — | |||||||||||||||||||||||||
Interest income | (12 | ) | — | (3 | ) | — | (3 | ) | — | (30 | ) | — | (6 | ) | |||||||||||||||||||||
Interest expense | 237 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of loan costs | 49 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Depreciation and amortization | 10,122 | 10,404 | 9,362 | 5,233 | 12,832 | 5,205 | 7,562 | 5,174 | 12,614 | ||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 238 | 51 | 907 | 1,235 | 309 | 4,915 | 65 | 45 | 420 | ||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 21,829 | 20,523 | 19,236 | 9,333 | 26,275 | 8,936 | 11,749 | 20,935 | 23,382 | ||||||||||||||||||||||||||
Non-comparable adjustments | (2,255 | ) | 24 | 26 | 40 | 77 | 10 | 20 | — | 60 | |||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 19,574 | $ | 20,547 | $ | 19,262 | $ | 9,373 | $ | 26,352 | $ | 8,946 | $ | 11,769 | $ | 20,935 | $ | 23,442 | |||||||||||||||||
Orlando, FL Area | Philadelphia, PA Area | San Diego, CA Area | San Francisco - Oakland, CA Metro Area | Tampa, FL Area | Washington D.C. - MD - VA Area | Other Areas | Total Portfolio | ||||||||||||||||||||||||||||
Net income (loss) | $ | 3,509 | $ | 1,681 | $ | 2,792 | $ | 19,530 | $ | 4,761 | $ | 18,271 | $ | 41,074 | $ | 180,283 | |||||||||||||||||||
Non-property adjustments | 43 | — | — | — | 64 | — | 1,046 | (12,239 | ) | ||||||||||||||||||||||||||
Interest income | (5 | ) | — | — | (14 | ) | — | (12 | ) | (13 | ) | (98 | ) | ||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | 1,515 | 1,752 | |||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | 168 | 217 | |||||||||||||||||||||||||||
Depreciation and amortization | 4,470 | 4,275 | 2,982 | 7,170 | 4,374 | 18,672 | 62,407 | 182,858 | |||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | 56 | 56 | |||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 107 | 91 | 66 | 138 | 217 | (828 | ) | 4,448 | 12,424 | ||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 8,124 | 6,047 | 5,840 | 26,824 | 9,416 | 36,103 | 110,701 | 365,253 | |||||||||||||||||||||||||||
Non-comparable adjustments | 8 | 15 | 6 | 106 | (1,493 | ) | 6,603 | (485 | ) | 2,762 | |||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 8,132 | $ | 6,062 | $ | 5,846 | $ | 26,930 | $ | 7,923 | $ | 42,706 | $ | 110,216 | $ | 368,015 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
TTM Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||
KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 21 hotels | Morgan Stanley Pool - 17 hotels | Morgan Stanley - 8 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,091 | $ | 12,438 | $ | 9,266 | $ | 13,949 | $ | 8,593 | $ | 12,008 | $ | 45,828 | $ | 20,725 | $ | 1,472 | $ | 22,428 | $ | 1,304 | |||||||||||||||||||||
Non-property adjustments | 10,135 | (75 | ) | (60 | ) | 72 | (6 | ) | — | (345 | ) | (132 | ) | — | (29 | ) | (17 | ) | |||||||||||||||||||||||||
Interest income | (17 | ) | (9 | ) | — | — | — | (22 | ) | — | (8 | ) | — | (74 | ) | (2 | ) | ||||||||||||||||||||||||||
Interest expense | (1 | ) | — | — | — | 1,548 | — | — | — | 12 | 4 | — | |||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | 104 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 9,106 | 8,758 | 14,927 | 14,596 | 13,118 | 12,115 | 59,034 | 29,598 | 9,933 | 22,465 | 5,530 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 14 | 63 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 466 | 333 | 965 | (157 | ) | 979 | 392 | 2,566 | 561 | 382 | 665 | 72 | |||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 21,794 | 21,508 | 25,098 | 28,460 | 24,336 | 24,493 | 107,083 | 50,744 | 11,799 | 45,459 | 6,887 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | (426 | ) | (71 | ) | (45 | ) | (80 | ) | (102 | ) | (12 | ) | (1,684 | ) | (142 | ) | (14 | ) | (80 | ) | — | ||||||||||||||||||||||
Comparable hotel EBITDA | $ | 21,368 | $ | 21,437 | $ | 25,053 | $ | 28,380 | $ | 24,234 | $ | 24,481 | $ | 105,399 | $ | 50,602 | $ | 11,785 | $ | 45,379 | $ | 6,887 | |||||||||||||||||||||
Morgan Stanley Pool C1 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | Aareal Princeton / Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Omni American Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 4,462 | $ | 2,271 | $ | 1,914 | $ | 853 | $ | 15,812 | $ | 194 | $ | 2,500 | $ | 602 | $ | 181 | $ | 3,355 | $ | 3,454 | |||||||||||||||||||||
Non-property adjustments | (40 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Interest income | — | — | (5 | ) | (1 | ) | — | (8 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | 872 | — | — | 755 | 3,398 | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | 54 | — | — | 152 | 202 | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,262 | 1,262 | 582 | 939 | 11,718 | 734 | 1,184 | 522 | 1,119 | 6,605 | 11,049 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 18 | 90 | 93 | 48 | (69 | ) | 5 | 57 | 11 | 124 | 209 | (309 | ) | ||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 8,702 | 3,623 | 2,584 | 1,839 | 27,461 | 1,851 | 3,741 | 1,135 | 2,331 | 13,769 | 14,194 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | (16 | ) | — | — | (7 | ) | (31 | ) | 7,011 | (10 | ) | (4 | ) | (2 | ) | (21 | ) | — | |||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 8,686 | $ | 3,623 | $ | 2,584 | $ | 1,832 | $ | 27,430 | $ | 8,862 | $ | 3,731 | $ | 1,131 | $ | 2,329 | $ | 13,748 | $ | 14,194 | |||||||||||||||||||||
GACC Jacksonville RI - 1 hotel | BAML Le Pavillon - 1 hotel | Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | Deutsche Bank W Minneapolis - 1 hotel | NorthStar HGI Wisconsin Dells - 1 hotel | BAML Pool 4 - 2 hotels | NorthStar Gainesville - 1 hotel | Wachovia 5 - 5 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | (1,296 | ) | $ | (1,280 | ) | $ | 330 | $ | 327 | $ | 2,737 | $ | 25 | $ | (13 | ) | $ | (10 | ) | $ | (44 | ) | $ | (1,276 | ) | $ | 185,200 | |||||||||||||||
Non-property adjustments | (38 | ) | — | — | — | — | — | — | — | — | 39 | 9,504 | |||||||||||||||||||||||||||||||
Interest income | — | — | — | — | (46 | ) | — | — | — | — | 3 | (189 | ) | ||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | — | — | 6,588 | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | 512 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,596 | 3,019 | 528 | 951 | 3,421 | 867 | — | — | — | 3,643 | 253,181 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | 57 | 63 | — | — | — | — | — | (1 | ) | 196 | |||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 55 | 732 | 23 | 8 | 95 | 67 | 12 | 10 | 44 | (114 | ) | 8,433 | |||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 317 | 2,471 | 938 | 1,349 | 6,207 | 959 | (1 | ) | — | — | 2,294 | 463,425 | |||||||||||||||||||||||||||||||
Non-comparable adjustments | — | (38 | ) | — | — | — | (1 | ) | 1 | — | — | (27 | ) | 4,199 | |||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 317 | $ | 2,433 | $ | 938 | $ | 1,349 | $ | 6,207 | $ | 958 | $ | — | $ | — | $ | — | $ | 2,267 | $ | 467,624 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||
KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 21 hotels | Morgan Stanley Pool - 17 hotels | Morgan Stanley - 8 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1,997 | $ | 3,647 | $ | 922 | $ | 3,691 | $ | 4,647 | $ | 3,008 | $ | 8,086 | $ | 3,398 | $ | 1,215 | $ | 4,414 | $ | (149 | ) | ||||||||||||||||||||
Non-property adjustments | (5 | ) | — | (21 | ) | — | — | — | 14 | (2 | ) | — | — | — | |||||||||||||||||||||||||||||
Interest income | (5 | ) | (4 | ) | — | — | — | (10 | ) | — | (4 | ) | — | (23 | ) | (2 | ) | ||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | 3 | 1 | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 2,189 | 2,164 | 3,871 | 3,570 | 3,352 | 3,238 | 14,841 | 7,443 | 1,962 | 5,690 | 1,460 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 205 | 41 | 48 | (303 | ) | 131 | 140 | 587 | 4 | 85 | 120 | 5 | |||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 4,381 | 5,848 | 4,820 | 6,958 | 8,130 | 6,376 | 23,528 | 10,839 | 3,265 | 10,202 | 1,314 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | (6 | ) | — | 3 | 3 | (2 | ) | (1 | ) | (59 | ) | — | — | 1 | — | ||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 4,375 | $ | 5,848 | $ | 4,823 | $ | 6,961 | $ | 8,128 | $ | 6,375 | $ | 23,469 | $ | 10,839 | $ | 3,265 | $ | 10,203 | $ | 1,314 | |||||||||||||||||||||
Morgan Stanley Pool C1 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | Aareal Princeton / Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Omni American Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 262 | $ | 603 | $ | 465 | $ | 212 | $ | 3,784 | $ | 194 | $ | 978 | $ | 38 | $ | (162 | ) | $ | 2,202 | $ | (231 | ) | |||||||||||||||||||
Non-property adjustments | 1 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest income | — | — | (2 | ) | — | — | (8 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | 872 | — | — | 205 | 1,015 | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | 54 | — | — | 39 | 56 | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,078 | 307 | 153 | 264 | 3,370 | 734 | 316 | 133 | 365 | 1,755 | 2,785 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 37 | 17 | 53 | 7 | 67 | 5 | 15 | 2 | 1 | 49 | 6 | ||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 1,378 | 927 | 669 | 483 | 7,221 | 1,851 | 1,309 | 173 | 448 | 5,077 | 2,560 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | (1 | ) | — | — | (1 | ) | — | — | — | ||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 1,378 | $ | 927 | $ | 669 | $ | 483 | $ | 7,220 | $ | 1,851 | $ | 1,309 | $ | 172 | $ | 448 | $ | 5,077 | $ | 2,560 | |||||||||||||||||||||
GACC Jacksonville RI - 1 hotel | BAML Le Pavillon - 1 hotel | Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | Deutsche Bank W Minneapolis - 1 hotel | NorthStar HGI Wisconsin Dells - 1 hotel | BAML Pool 4 - 2 hotels | NorthStar Gainesville - 1 hotel | Wachovia 5 - 5 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | (360 | ) | $ | (1,091 | ) | $ | 97 | $ | 170 | $ | 1,068 | $ | 284 | $ | — | $ | — | $ | — | $ | (464 | ) | $ | 42,925 | ||||||||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | (4 | ) | (17 | ) | ||||||||||||||||||||||||||||||
Interest income | — | — | — | — | (15 | ) | — | — | — | — | — | (73 | ) | ||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | — | — | 2,096 | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | 149 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 484 | 826 | 131 | 240 | 866 | 221 | — | — | — | 937 | 64,745 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | (3 | ) | 17 | — | — | — | — | — | — | 14 | |||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 14 | 160 | 18 | 5 | 8 | 13 | — | — | 1 | 9 | 1,550 | ||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 138 | (105 | ) | 243 | 432 | 1,927 | 518 | — | — | 1 | 478 | 111,389 | |||||||||||||||||||||||||||||||
Non-comparable adjustments | — | (1 | ) | — | — | — | — | — | — | (1 | ) | 5 | (60 | ) | |||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 138 | $ | (106 | ) | $ | 243 | $ | 432 | $ | 1,927 | $ | 518 | $ | — | $ | — | $ | — | $ | 483 | $ | 111,329 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
Three Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||
KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 21 hotels | Morgan Stanley Pool - 17 hotels | Morgan Stanley - 8 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,250 | $ | 3,709 | $ | 2,920 | $ | 4,464 | $ | 3,694 | $ | 3,397 | $ | 18,108 | $ | 6,491 | $ | 818 | $ | 7,916 | $ | 501 | |||||||||||||||||||||
Non-property adjustments | (13 | ) | — | — | (5 | ) | — | — | (421 | ) | 43 | — | — | — | |||||||||||||||||||||||||||||
Interest income | (6 | ) | (3 | ) | — | — | — | (7 | ) | — | (3 | ) | — | (23 | ) | (1 | ) | ||||||||||||||||||||||||||
Interest expense | — | — | — | — | 473 | — | — | — | 3 | 1 | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | 85 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 2,201 | 2,196 | 3,790 | 3,687 | 3,419 | 3,082 | 14,733 | 7,610 | 2,623 | 5,774 | 1,415 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 27 | 48 | 219 | 169 | 165 | 50 | 439 | 123 | 28 | 207 | 32 | ||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 5,459 | 5,950 | 6,929 | 8,315 | 7,836 | 6,522 | 32,859 | 14,264 | 3,472 | 13,875 | 1,947 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | (57 | ) | (1 | ) | (1 | ) | (2 | ) | 1 | — | (239 | ) | — | — | — | — | |||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 5,402 | $ | 5,949 | $ | 6,928 | $ | 8,313 | $ | 7,837 | $ | 6,522 | $ | 32,620 | $ | 14,264 | $ | 3,472 | $ | 13,875 | $ | 1,947 | |||||||||||||||||||||
Morgan Stanley Pool C1 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | Aareal Princeton / Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Omni American Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1,118 | $ | 720 | $ | 578 | $ | 346 | $ | 5,709 | $ | — | $ | 713 | $ | 174 | $ | 114 | $ | 1,725 | $ | 1,850 | |||||||||||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest income | — | — | (1 | ) | (1 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | 196 | 961 | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | 38 | 55 | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,061 | 321 | 144 | 239 | 3,175 | — | 295 | 134 | 292 | 1,778 | 2,790 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 32 | 27 | (8 | ) | 14 | 218 | — | 22 | 4 | 29 | 11 | 6 | |||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 2,211 | 1,068 | 713 | 598 | 9,102 | — | 1,030 | 312 | 669 | 4,530 | 4,646 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | — | 3,093 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 2,211 | $ | 1,068 | $ | 713 | $ | 598 | $ | 9,102 | $ | 3,093 | $ | 1,030 | $ | 312 | $ | 669 | $ | 4,530 | $ | 4,646 | |||||||||||||||||||||
GACC Jacksonville RI - 1 hotel | BAML Le Pavillon - 1 hotel | Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | Deutsche Bank W Minneapolis - 1 hotel | NorthStar HGI Wisconsin Dells - 1 hotel | BAML Pool 4 - 2 hotels | NorthStar Gainesville - 1 hotel | Wachovia 5 - 5 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | (796 | ) | $ | (193 | ) | $ | 138 | $ | 202 | $ | 1,058 | $ | 17 | $ | — | $ | — | $ | (1 | ) | $ | 122 | $ | 68,862 | ||||||||||||||||||
Non-property adjustments | 2 | — | — | — | — | — | — | — | — | — | (394 | ) | |||||||||||||||||||||||||||||||
Interest income | — | — | — | — | (13 | ) | — | — | — | — | — | (58 | ) | ||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | — | — | 1,634 | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | 178 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 459 | 776 | 130 | 239 | 853 | 216 | — | — | — | 953 | 64,385 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | 3 | 6 | — | — | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | (1 | ) | 226 | 2 | 1 | 74 | 3 | — | — | — | 9 | 2,176 | |||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | (336 | ) | 809 | 273 | 448 | 1,972 | 236 | — | — | (1 | ) | 1,084 | 136,792 | ||||||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | — | — | — | — | 1 | — | 2,795 | ||||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | (336 | ) | $ | 809 | $ | 273 | $ | 448 | $ | 1,972 | $ | 236 | $ | — | $ | — | $ | — | $ | 1,084 | $ | 139,587 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
Three Months Ended March 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||
KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 21 hotels | Morgan Stanley Pool - 17 hotels | Morgan Stanley - 8 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,554 | $ | 2,506 | $ | 3,314 | $ | 3,324 | $ | 132 | $ | 2,693 | $ | 9,898 | $ | 6,597 | $ | (248 | ) | $ | 4,834 | $ | 883 | ||||||||||||||||||||
Non-property adjustments | 1,971 | — | (39 | ) | 46 | (6 | ) | — | (39 | ) | (146 | ) | — | (20 | ) | (17 | ) | ||||||||||||||||||||||||||
Interest income | (1 | ) | (1 | ) | — | — | — | (3 | ) | — | (1 | ) | — | (14 | ) | — | |||||||||||||||||||||||||||
Interest expense | — | — | — | — | 544 | — | — | — | 3 | 1 | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | 19 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 2,201 | 2,197 | 3,692 | 3,671 | 3,248 | 2,954 | 14,917 | 7,348 | 2,690 | 5,615 | 1,342 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (1 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 72 | 166 | 486 | (12 | ) | 418 | 55 | 460 | 500 | 100 | 31 | (14 | ) | ||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 6,796 | 4,868 | 7,453 | 7,029 | 4,355 | 5,699 | 25,236 | 14,298 | 2,545 | 10,447 | 2,194 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | 14 | — | (2 | ) | — | 1 | 1 | (804 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 6,810 | $ | 4,868 | $ | 7,451 | $ | 7,029 | $ | 4,356 | $ | 5,700 | $ | 24,432 | $ | 14,298 | $ | 2,545 | $ | 10,447 | $ | 2,194 | |||||||||||||||||||||
Morgan Stanley Pool C1 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | Aareal Princeton / Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Omni American Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,002 | $ | 384 | $ | 374 | $ | 209 | $ | 2,582 | $ | — | $ | 125 | $ | 173 | $ | 63 | $ | (1,564 | ) | $ | 32 | ||||||||||||||||||||
Non-property adjustments | (41 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | 181 | 871 | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | 38 | 55 | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,056 | 314 | 144 | 258 | 2,813 | — | 288 | 128 | 222 | 1,567 | 2,774 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | (136 | ) | 25 | 44 | 8 | (388 | ) | — | 6 | 2 | 85 | 58 | 5 | ||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 2,881 | 723 | 562 | 475 | 5,007 | — | 419 | 303 | 589 | 987 | 2,811 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | — | 1,760 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 2,881 | $ | 723 | $ | 562 | $ | 475 | $ | 5,007 | $ | 1,760 | $ | 419 | $ | 303 | $ | 589 | $ | 987 | $ | 2,811 | |||||||||||||||||||||
GACC Jacksonville RI - 1 hotel | BAML Le Pavillon - 1 hotel | Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | Deutsche Bank W Minneapolis - 1 hotel | NorthStar HGI Wisconsin Dells - 1 hotel | BAML Pool 4 - 2 hotels | NorthStar Gainesville - 1 hotel | Wachovia 5 - 5 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | (256 | ) | $ | 16 | $ | 7 | $ | (53 | ) | $ | 413 | $ | (51 | ) | $ | — | $ | — | $ | — | $ | (632 | ) | $ | 40,311 | |||||||||||||||||
Non-property adjustments | (40 | ) | — | — | — | — | — | — | — | — | — | 1,669 | |||||||||||||||||||||||||||||||
Interest income | — | — | — | — | (10 | ) | — | — | — | — | — | (30 | ) | ||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | — | — | 1,600 | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | 112 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 368 | 719 | 130 | 238 | 850 | 216 | — | — | — | 909 | 62,869 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | 1 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | (21 | ) | 167 | 1 | — | 10 | 4 | — | — | — | (49 | ) | 2,083 | ||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 51 | 902 | 138 | 186 | 1,263 | 169 | — | — | — | 228 | 108,614 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | 970 | ||||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 51 | $ | 902 | $ | 138 | $ | 186 | $ | 1,263 | $ | 169 | $ | — | $ | — | $ | — | $ | 228 | $ | 109,584 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
Three Months Ended December 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||
KEYS Pool A - 7 hotels | KEYS Pool B - 7 hotels | KEYS Pool C - 5 hotels | KEYS Pool D - 5 hotels | KEYS Pool E - 5 hotels | KEYS Pool F - 5 hotels | BAML Highland Pool - 21 hotels | Morgan Stanley Pool - 17 hotels | Morgan Stanley - 8 hotels | JP Morgan Chase - 8 hotels | BAML Pool 3 - 3 hotels | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | (5,710 | ) | $ | 2,576 | $ | 2,110 | $ | 2,470 | $ | 120 | $ | 2,910 | $ | 9,736 | $ | 4,239 | $ | (313 | ) | $ | 5,264 | $ | 69 | |||||||||||||||||||
Non-property adjustments | 8,182 | (75 | ) | — | 31 | — | — | 101 | (27 | ) | — | (9 | ) | — | |||||||||||||||||||||||||||||
Interest income | (5 | ) | (1 | ) | — | — | — | (2 | ) | — | — | — | (14 | ) | 1 | ||||||||||||||||||||||||||||
Interest expense | (1 | ) | — | — | — | 531 | — | — | — | 3 | 1 | — | |||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 2,515 | 2,201 | 3,574 | 3,668 | 3,099 | 2,841 | 14,543 | 7,197 | 2,658 | 5,386 | 1,313 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 15 | 63 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 162 | 78 | 212 | (11 | ) | 265 | 147 | 1,080 | (66 | ) | 169 | 307 | 49 | ||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 5,158 | 4,842 | 5,896 | 6,158 | 4,015 | 5,896 | 25,460 | 11,343 | 2,517 | 10,935 | 1,432 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | (377 | ) | (70 | ) | (45 | ) | (81 | ) | (102 | ) | (12 | ) | (582 | ) | (142 | ) | (14 | ) | (81 | ) | — | ||||||||||||||||||||||
Comparable hotel EBITDA | $ | 4,781 | $ | 4,772 | $ | 5,851 | $ | 6,077 | $ | 3,913 | $ | 5,884 | $ | 24,878 | $ | 11,201 | $ | 2,503 | $ | 10,854 | $ | 1,432 | |||||||||||||||||||||
Morgan Stanley Pool C1 - 3 hotels | Morgan Stanley Pool C3 - 3 hotels | BAML Pool 5 - 2 hotels | Morgan Stanley Pool C2 - 2 hotels | Aareal Princeton / Nashville - 2 hotels | Aareal Hilton Alexandria - 1 hotel | Morgan Stanley Ann Arbor - 1 hotel | Omni American Bank Ashton - 1 hotel | BAML Indigo Atlanta - 1 hotel | Prudential Boston Back Bay - 1 hotel | GACC Gateway - 1 hotel | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1,080 | $ | 564 | $ | 497 | $ | 86 | $ | 3,737 | $ | — | $ | 684 | $ | 217 | $ | 166 | $ | 992 | $ | 1,803 | |||||||||||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest income | — | — | (2 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | 173 | 551 | — | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | 37 | 36 | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,067 | 320 | 141 | 178 | 2,360 | — | 285 | 127 | 240 | 1,505 | 2,700 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 85 | 21 | 4 | 19 | 34 | — | 14 | 3 | 9 | 91 | (326 | ) | |||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 2,232 | 905 | 640 | 283 | 6,131 | — | 983 | 347 | 625 | 3,175 | 4,177 | ||||||||||||||||||||||||||||||||
Non-comparable adjustments | (16 | ) | — | — | (7 | ) | (30 | ) | 2,158 | (10 | ) | (3 | ) | (2 | ) | (21 | ) | — | |||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 2,216 | $ | 905 | $ | 640 | $ | 276 | $ | 6,101 | $ | 2,158 | $ | 973 | $ | 344 | $ | 623 | $ | 3,154 | $ | 4,177 | |||||||||||||||||||||
GACC Jacksonville RI - 1 hotel | BAML Le Pavillon - 1 hotel | Key Bank Manchester CY - 1 hotel | GACC Manchester RI - 1 hotel | Deutsche Bank W Minneapolis - 1 hotel | NorthStar HGI Wisconsin Dells - 1 hotel | BAML Pool 4 - 2 hotels | NorthStar Gainesville - 1 hotel | Wachovia 5 - 5 hotels | Unencumbered hotels | Total Portfolio | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 116 | $ | (12 | ) | $ | 88 | $ | 8 | $ | 198 | $ | (225 | ) | $ | (13 | ) | $ | (10 | ) | $ | (43 | ) | $ | (302 | ) | $ | 33,102 | |||||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | 43 | 8,246 | ||||||||||||||||||||||||||||||||
Interest income | — | — | — | — | (8 | ) | — | — | — | — | 3 | (28 | ) | ||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | — | — | 1,258 | ||||||||||||||||||||||||||||||||
Amortization of loan costs | — | — | — | — | — | — | — | — | — | — | 73 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 285 | 698 | 137 | 234 | 852 | 214 | — | — | — | 844 | 61,182 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | 57 | 39 | — | — | — | — | — | (1 | ) | 173 | |||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 63 | 179 | 2 | 2 | 3 | 47 | 12 | 10 | 43 | (83 | ) | 2,624 | |||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 464 | 865 | 284 | 283 | 1,045 | 36 | (1 | ) | — | — | 504 | 106,630 | |||||||||||||||||||||||||||||||
Non-comparable adjustments | — | (37 | ) | — | — | — | (1 | ) | 1 | — | — | (32 | ) | 494 | |||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | 464 | $ | 828 | $ | 284 | $ | 283 | $ | 1,045 | $ | 35 | $ | — | $ | — | $ | — | $ | 472 | $ | 107,124 |
(1) | The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
(2) | The above information does not reflect the operations of Orlando WorldQuest Resort. |
7E(;$Q.2R\R
M-5I7;TMU,SEG,D%X5D]B-C)K=4Q74T=+6C=E)B-X03M2:#A%>6164&(U-'%W
M,U0O041,<6UK87!*<&UV=3!K5&XT8FYU=&1G-$E!<6@O1$-H=E9.43AW95AT
M4VIU2DQH-R]36FI23UI",D\O)B-X03M%:T1::#)09D9766%F<49R<49P2&17
ME%62'!Y3EAT:7%,9S@X*U=R:E=Z;S!.>$TY-$IN=%1+
M3%
J!.H,6VW.WW6CCKK=4,J:25,62QKBB\R\BIM1=*&
M4 -?>[W;K%;I;C<9>C@CT(B:7O>
MO:QQMVN7_>N@#YOU^MM@MLEQN,FY$S0QB:7R/7M8XV[7+_O705WS1F>X9EN;
MZZL
J1G8O