Maryland | 001-34572 | 27-0372343 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1997 Annapolis Exchange Parkway, Suite 410 Annapolis, MD | 21401 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Exhibit Description |
99.1 | Press release dated November 2, 2015. |
Date: November 2, 2015 | CHESAPEAKE LODGING TRUST | |||||
By: | /s/ Graham J. Wootten | |||||
Graham J. Wootten | ||||||
Senior Vice President and Chief Accounting Officer |
Exhibit 99.1 | ||
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
• | RevPAR: 7.2% pro forma increase for the hotel portfolio over the same period in 2014. |
• | Adjusted Hotel EBITDA Margin: 110 basis point pro forma increase to 35.2% for the hotel portfolio over the same period in 2014. |
• | Adjusted Hotel EBITDA: $58.1 million. |
• | Adjusted Corporate EBITDA: $54.1 million. |
• | Adjusted FFO: $42.9 million or $0.73 per diluted common share. |
• | Dividend: Increased third quarter 2015 dividend by 14% to $0.40 per common share (5.8% annualized yield based on the closing price of the Trust’s common shares on October 30, 2015). |
• | Share Repurchase Program: Authorized to acquire up to $100.0 million of its common shares. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total revenue | $ | 165.0 | $ | 130.8 | $ | 436.4 | $ | 354.5 | ||||||||
Net income available to common shareholders | $ | 24.8 | $ | 26.3 | $ | 45.5 | $ | 44.8 | ||||||||
Net income per diluted common share | $ | 0.42 | $ | 0.52 | $ | 0.78 | $ | 0.89 | ||||||||
Adjusted Hotel EBITDA | $ | 58.1 | $ | 47.2 | $ | 142.8 | $ | 116.3 | ||||||||
Adjusted Corporate EBITDA | $ | 54.1 | $ | 43.5 | $ | 129.7 | $ | 104.8 | ||||||||
AFFO available to common shareholders | $ | 42.9 | $ | 32.8 | $ | 97.1 | $ | 76.4 | ||||||||
AFFO per diluted common share | $ | 0.73 | $ | 0.65 | $ | 1.69 | $ | 1.53 | ||||||||
Weighted-average number of diluted common shares outstanding | 58,991,087 | 50,567,849 | 57,536,971 | 49,758,044 |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
2015 | 2014(1) | Change | 2015(1) | 2014(1) | Change | |||||||||||||||
Pro forma Occupancy | 87.9 | % | 83.5 | % | 440 bps | 82.0 | % | 80.8 | % | 120 bps | ||||||||||
Pro forma ADR | $ | 237.33 | $ | 233.06 | 1.8% | $ | 230.75 | $ | 220.30 | 4.7% | ||||||||||
Pro forma RevPAR | $ | 208.58 | $ | 194.50 | 7.2% | $ | 189.32 | $ | 178.09 | 6.3% | ||||||||||
Pro forma Adjusted Hotel EBITDA | $ | 58,087 | $ | 52,989 | 9.6% | $ | 149,630 | $ | 137,445 | 8.9% | ||||||||||
Pro forma Adjusted Hotel EBITDA Margin | 35.2 | % | 34.1 | % | 110 bps | 32.8 | % | 31.8 | % | 100 bps |
(1) | Includes results of operations for certain hotels prior to their acquisition by the Trust. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Fourth Quarter 2015 | Outlook | |||||||
Low | High | |||||||
CONSOLIDATED: | ||||||||
Net income available to common shareholders | $ | 13.6 | $ | 15.2 | ||||
Net income per diluted common share | $ | 0.23 | $ | 0.26 | ||||
Adjusted Corporate EBITDA | $ | 43.4 | $ | 45.2 | ||||
AFFO available to common shareholders | $ | 31.5 | $ | 33.1 | ||||
AFFO per diluted common share | $ | 0.53 | $ | 0.56 | ||||
Corporate cash general and administrative expense | $ | 2.1 | $ | 2.3 | ||||
Corporate non-cash general and administrative expense | $ | 2.0 | $ | 2.0 | ||||
Weighted-average number of diluted common shares outstanding | 59.0 | 59.0 | ||||||
HOTEL PORTFOLIO: | ||||||||
RevPAR | $ | 179.00 | $ | 182.00 | ||||
Pro forma RevPAR increase over 2014(1) | 5.5 | % | 7.5 | % | ||||
Adjusted Hotel EBITDA | $ | 47.5 | $ | 49.5 | ||||
Adjusted Hotel EBITDA Margin | 32.1 | % | 32.9 | % | ||||
Pro forma Adjusted Hotel EBITDA Margin increase over 2014(1) | 185 bps | 260 bps |
(1) | The comparable 2014 period includes results of operations for certain hotels prior to their acquisition by the Trust. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Full Year 2015 | Updated Outlook | Previous Outlook | ||||||||||||||
Low | High | Low | High | |||||||||||||
CONSOLIDATED: | ||||||||||||||||
Net income available to common shareholders | $ | 58.7 | $ | 60.3 | $ | 60.2 | $ | 62.4 | ||||||||
Net income per diluted common share | $ | 1.01 | $ | 1.04 | $ | 1.04 | $ | 1.08 | ||||||||
Adjusted Corporate EBITDA | $ | 173.1 | $ | 174.9 | $ | 173.9 | $ | 176.5 | ||||||||
AFFO available to common shareholders | $ | 128.6 | $ | 130.2 | $ | 129.8 | $ | 132.0 | ||||||||
AFFO per diluted common share | $ | 2.22 | $ | 2.25 | $ | 2.24 | $ | 2.28 | ||||||||
Corporate cash general and administrative expense | $ | 9.6 | $ | 9.8 | $ | 9.3 | $ | 9.7 | ||||||||
Corporate non-cash general and administrative expense | $ | 7.6 | $ | 7.6 | $ | 7.6 | $ | 7.6 | ||||||||
Weighted-average number of diluted common shares outstanding | 57.9 | 57.9 | 57.9 | 57.9 | ||||||||||||
HOTEL PORTFOLIO: | ||||||||||||||||
Pro forma RevPAR | $ | 186.00 | $ | 187.00 | $ | 187.00 | $ | 189.00 | ||||||||
Pro forma RevPAR increase over 2014(1) | 6.1 | % | 6.6 | % | 6.5 | % | 7.25 | % | ||||||||
Pro forma Adjusted Hotel EBITDA | $ | 197.1 | $ | 199.1 | $ | 197.7 | $ | 200.7 | ||||||||
Pro forma Adjusted Hotel EBITDA Margin | 32.6 | % | 32.8 | % | 32.6 | % | 32.8 | % | ||||||||
Pro forma Adjusted Hotel EBITDA Margin increase over 2014(1) | 120 bps | 140 bps | 115 bps | 140 bps |
(1) | The comparable 2014 period includes results of operations for certain hotels prior to their acquisition by the Trust. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
September 30, 2015 | December 31, 2014 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Property and equipment, net | $ | 1,939,257 | $ | 1,580,427 | ||||
Intangible assets, net | 36,558 | 36,992 | ||||||
Cash and cash equivalents | 45,735 | 29,326 | ||||||
Restricted cash | 42,548 | 43,387 | ||||||
Accounts receivable, net | 26,514 | 13,102 | ||||||
Prepaid expenses and other assets | 18,150 | 10,637 | ||||||
Deferred financing costs, net | 6,965 | 6,064 | ||||||
Total assets | $ | 2,115,727 | $ | 1,719,935 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Long-term debt | $ | 783,915 | $ | 551,723 | ||||
Accounts payable and accrued expenses | 66,636 | 53,442 | ||||||
Other liabilities | 46,475 | 32,788 | ||||||
Total liabilities | 897,026 | 637,953 | ||||||
Commitments and contingencies | ||||||||
Preferred shares, $.01 par value; 100,000,000 shares authorized; Series A Cumulative Redeemable Preferred Shares; 5,000,000 shares issued and outstanding ($127,422 liquidation preference) | 50 | 50 | ||||||
Common shares, $.01 par value; 400,000,000 shares authorized; 59,658,985 shares and 54,818,064 shares issued and outstanding, respectively | 597 | 548 | ||||||
Additional paid-in capital | 1,295,970 | 1,138,391 | ||||||
Cumulative dividends in excess of net income | (77,120 | ) | (57,007 | ) | ||||
Accumulated other comprehensive loss | (796 | ) | — | |||||
Total shareholders’ equity | 1,218,701 | 1,081,982 | ||||||
Total liabilities and shareholders’ equity | $ | 2,115,727 | $ | 1,719,935 | ||||
SUPPLEMENTAL CREDIT INFORMATION: | ||||||||
Fixed charge coverage ratio(1) | 2.95 | 2.65 | ||||||
Leverage ratio(1) | 33.1 | % | 31.1 | % |
(1) | Calculated as defined under the Trust’s revolving credit facility. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
REVENUE | ||||||||||||||||
Rooms | $ | 128,388 | $ | 102,473 | $ | 332,948 | $ | 271,430 | ||||||||
Food and beverage | 29,620 | 22,883 | 86,032 | 69,214 | ||||||||||||
Other | 7,001 | 5,484 | 17,464 | 13,835 | ||||||||||||
Total revenue | 165,009 | 130,840 | 436,444 | 354,479 | ||||||||||||
EXPENSES | ||||||||||||||||
Hotel operating expenses: | ||||||||||||||||
Rooms | 27,826 | 21,985 | 75,070 | 61,930 | ||||||||||||
Food and beverage | 22,769 | 17,860 | 64,730 | 52,800 | ||||||||||||
Other direct | 2,061 | 2,234 | 5,300 | 6,013 | ||||||||||||
Indirect | 54,111 | 42,641 | 148,140 | 118,423 | ||||||||||||
Total hotel operating expenses | 106,767 | 84,720 | 293,240 | 239,166 | ||||||||||||
Depreciation and amortization | 18,306 | 12,466 | 51,162 | 37,488 | ||||||||||||
Air rights contract amortization | 130 | 130 | 390 | 390 | ||||||||||||
Corporate general and administrative | 4,019 | 3,694 | 13,094 | 11,505 | ||||||||||||
Hotel acquisition costs | 19 | 60 | 854 | 60 | ||||||||||||
Total operating expenses | 129,241 | 101,070 | 358,740 | 288,609 | ||||||||||||
Operating income | 35,768 | 29,770 | 77,704 | 65,870 | ||||||||||||
Interest income | — | 8 | — | 8 | ||||||||||||
Interest expense | (8,287 | ) | (6,963 | ) | (23,634 | ) | (20,477 | ) | ||||||||
Gain on sale of hotel | — | 7,006 | — | 7,006 | ||||||||||||
Income before income taxes | 27,481 | 29,821 | 54,070 | 52,407 | ||||||||||||
Income tax expense | (301 | ) | (1,133 | ) | (1,293 | ) | (292 | ) | ||||||||
Net income | 27,180 | 28,688 | 52,777 | 52,115 | ||||||||||||
Preferred share dividends | (2,422 | ) | (2,422 | ) | (7,266 | ) | (7,266 | ) | ||||||||
Net income available to common shareholders | $ | 24,758 | $ | 26,266 | $ | 45,511 | $ | 44,849 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.42 | $ | 0.52 | $ | 0.79 | $ | 0.90 | ||||||||
Diluted | $ | 0.42 | $ | 0.52 | $ | 0.78 | $ | 0.89 | ||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic | 58,552,800 | 50,141,513 | 57,107,919 | 49,364,637 | ||||||||||||
Diluted | 58,991,087 | 50,567,849 | 57,536,971 | 49,758,044 |
Nine Months Ended September 30, | ||||||||
2015 | 2014 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 52,777 | $ | 52,115 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 51,162 | 37,488 | ||||||
Air rights contract amortization | 390 | 390 | ||||||
Deferred financing costs amortization | 1,410 | 1,950 | ||||||
Gain on sale of hotel | — | (7,006 | ) | |||||
Share-based compensation | 5,640 | 4,311 | ||||||
Other | (613 | ) | 771 | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | (11,590 | ) | (8,958 | ) | ||||
Prepaid expenses and other assets | (4,821 | ) | 26 | |||||
Accounts payable and accrued expenses | 8,311 | 4,629 | ||||||
Other liabilities | 5,972 | (22 | ) | |||||
Net cash provided by operating activities | 108,638 | 85,694 | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of hotels, net of cash acquired | (255,249 | ) | — | |||||
Disposition of hotel, net of cash sold | — | 31,933 | ||||||
Deposit on hotel acquisition | — | (42,142 | ) | |||||
Improvements and additions to hotels | (30,044 | ) | (67,500 | ) | ||||
Change in restricted cash | 839 | (5,680 | ) | |||||
Net cash used in investing activities | (284,454 | ) | (83,389 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from sale of common shares, net of underwriting fees | 153,962 | 144,320 | ||||||
Payment of offering costs related to sale of common shares | (276 | ) | (378 | ) | ||||
Borrowings under revolving credit facility | 315,000 | 85,000 | ||||||
Repayments under revolving credit facility | (200,000 | ) | (50,000 | ) | ||||
Proceeds from issuance of mortgage debt | — | 90,000 | ||||||
Scheduled principal payments on mortgage debt | (7,650 | ) | (67,326 | ) | ||||
Payment of deferred financing costs | (2,311 | ) | (1,980 | ) | ||||
Payment of dividends to common shareholders | (57,536 | ) | (42,455 | ) | ||||
Payment of dividends to preferred shareholders | (7,266 | ) | (7,266 | ) | ||||
Repurchase of common shares | (1,698 | ) | (438 | ) | ||||
Net cash provided by financing activities | 192,225 | 149,477 | ||||||
Net increase in cash | 16,409 | 151,782 | ||||||
Cash and cash equivalents, beginning of period | 29,326 | 28,713 | ||||||
Cash and cash equivalents, end of period | $ | 45,735 | $ | 180,495 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income | $ | 27,180 | $ | 28,688 | $ | 52,777 | $ | 52,115 | ||||||||
Add: Interest expense | 8,287 | 6,963 | 23,634 | 20,477 | ||||||||||||
Income tax expense | 301 | 1,133 | 1,293 | 292 | ||||||||||||
Depreciation and amortization | 18,306 | 12,466 | 51,162 | 37,488 | ||||||||||||
Air rights contract amortization | 130 | 130 | 390 | 390 | ||||||||||||
Corporate general and administrative | 4,019 | 3,694 | 13,094 | 11,505 | ||||||||||||
Hotel acquisition costs | 19 | 60 | 854 | 60 | ||||||||||||
Less: Interest income | — | (8 | ) | — | (8 | ) | ||||||||||
Hotel EBITDA | 58,242 | 53,126 | 143,204 | 122,319 | ||||||||||||
Less: Non-cash amortization(1) | (155 | ) | 1,119 | (416 | ) | 970 | ||||||||||
Gain on sale of hotel | — | (7,006 | ) | — | (7,006 | ) | ||||||||||
Adjusted Hotel EBITDA | 58,087 | 47,239 | 142,788 | 116,283 | ||||||||||||
Add: Prior owner Hotel EBITDA(2) | — | 6,500 | 6,842 | 23,255 | ||||||||||||
Less: Hotel EBITDA of hotel sold(3) | — | (750 | ) | — | (2,093 | ) | ||||||||||
Pro forma Adjusted Hotel EBITDA | $ | 58,087 | $ | 52,989 | $ | 149,630 | $ | 137,445 | ||||||||
Total revenue | $ | 165,009 | $ | 130,840 | $ | 436,444 | $ | 354,479 | ||||||||
Add: Prior owner total revenue(2) | — | 26,439 | 20,286 | 82,970 | ||||||||||||
Less: Total revenue of hotel sold(3) | — | (1,803 | ) | — | (5,166 | ) | ||||||||||
Pro forma total revenue | $ | 165,009 | $ | 155,476 | $ | 456,730 | $ | 432,283 | ||||||||
Pro forma Adjusted Hotel EBITDA Margin | 35.2 | % | 34.1 | % | 32.8 | % | 31.8 | % |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
(2) | Reflects results of operations for certain hotels prior to our acquisition. |
(3) | Reflects results of operations for the Courtyard Anaheim at Disneyland Resort which was sold on September 30, 2014. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income | $ | 27,180 | $ | 28,688 | $ | 52,777 | $ | 52,115 | ||||||||
Add: Interest expense | 8,287 | 6,963 | 23,634 | 20,477 | ||||||||||||
Income tax expense | 301 | 1,133 | 1,293 | 292 | ||||||||||||
Depreciation and amortization | 18,306 | 12,466 | 51,162 | 37,488 | ||||||||||||
Less: Interest income | — | (8 | ) | — | (8 | ) | ||||||||||
Corporate EBITDA | 54,074 | 49,242 | 128,866 | 110,364 | ||||||||||||
Add: Hotel acquisition costs | 19 | 60 | 854 | 60 | ||||||||||||
Less: Non-cash amortization(1) | (25 | ) | 1,248 | (26 | ) | 1,359 | ||||||||||
Gain on sale of hotel | — | (7,006 | ) | — | (7,006 | ) | ||||||||||
Adjusted Corporate EBITDA | $ | 54,068 | $ | 43,544 | $ | 129,694 | $ | 104,777 |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income | $ | 27,180 | $ | 28,688 | $ | 52,777 | $ | 52,115 | ||||||||
Add: Depreciation and amortization | 18,306 | 12,466 | 51,162 | 37,488 | ||||||||||||
Less: Gain on sale of hotel | — | (7,006 | ) | — | (7,006 | ) | ||||||||||
FFO | 45,486 | 34,148 | 103,939 | 82,597 | ||||||||||||
Less: Preferred share dividends | (2,422 | ) | (2,422 | ) | (7,266 | ) | (7,266 | ) | ||||||||
Dividends declared on unvested time-based awards | (153 | ) | (128 | ) | (426 | ) | (385 | ) | ||||||||
Undistributed earnings allocated to unvested time-based awards | (8 | ) | (84 | ) | — | — | ||||||||||
FFO available to common shareholders | 42,903 | 31,514 | 96,247 | 74,946 | ||||||||||||
Add: Hotel acquisition costs | 19 | 60 | 854 | 60 | ||||||||||||
Less: Non-cash amortization(1) | (25 | ) | 1,248 | (26 | ) | 1,359 | ||||||||||
AFFO available to common shareholders | $ | 42,897 | $ | 32,822 | $ | 97,075 | $ | 76,365 | ||||||||
FFO per common share: | ||||||||||||||||
Basic | $ | 0.73 | $ | 0.63 | $ | 1.69 | $ | 1.52 | ||||||||
Diluted | $ | 0.73 | $ | 0.62 | $ | 1.67 | $ | 1.51 | ||||||||
AFFO per common share: | ||||||||||||||||
Basic | $ | 0.73 | $ | 0.65 | $ | 1.70 | $ | 1.55 | ||||||||
Diluted | $ | 0.73 | $ | 0.65 | $ | 1.69 | $ | 1.53 |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
Three Months Ending December 31, 2015 | Year Ending December 31, 2015 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 16,160 | $ | 17,760 | $ | 68,960 | $ | 70,560 | |||||||
Add: Interest expense | 8,220 | 8,220 | 31,850 | 31,850 | |||||||||||
Income tax expense | 1,100 | 1,300 | 2,390 | 2,590 | |||||||||||
Depreciation and amortization | 17,940 | 17,940 | 69,100 | 69,100 | |||||||||||
Air rights contract amortization | 130 | 130 | 520 | 520 | |||||||||||
Corporate general and administrative | 4,100 | 4,300 | 17,190 | 17,390 | |||||||||||
Hotel acquisition costs | — | — | 860 | 860 | |||||||||||
Hotel EBITDA | 47,650 | 49,650 | 190,870 | 192,870 | |||||||||||
Less: Non-cash amortization(1) | (150 | ) | (150 | ) | (580 | ) | (580 | ) | |||||||
Adjusted Hotel EBITDA | 47,500 | 49,500 | 190,290 | 192,290 | |||||||||||
Add: Prior owner Hotel EBITDA(2) | — | — | 6,840 | 6,840 | |||||||||||
Pro forma Adjusted Hotel EBITDA | $ | 47,500 | $ | 49,500 | $ | 197,130 | $ | 199,130 | |||||||
Total revenue | $ | 147,750 | $ | 150,500 | $ | 584,190 | $ | 586,940 | |||||||
Add: Prior owner total revenue(2) | — | — | 20,290 | 20,290 | |||||||||||
Pro forma total revenue | $ | 147,750 | $ | 150,500 | $ | 604,480 | $ | 607,230 | |||||||
Pro forma Adjusted Hotel EBITDA Margin | 32.1 | % | 32.9 | % | 32.6 | % | 32.8 | % |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
(2) | Reflects results of operations for certain hotels prior to our acquisition. |
Three Months Ending December 31, 2015 | Year Ending December 31, 2015 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 16,160 | $ | 17,760 | $ | 68,960 | $ | 70,560 | |||||||
Add: Interest expense | 8,220 | 8,220 | 31,850 | 31,850 | |||||||||||
Income tax expense | 1,100 | 1,300 | 2,390 | 2,590 | |||||||||||
Depreciation and amortization | 17,940 | 17,940 | 69,100 | 69,100 | |||||||||||
Corporate EBITDA | 43,420 | 45,220 | 172,300 | 174,100 | |||||||||||
Add: Hotel acquisition costs | — | — | 860 | 860 | |||||||||||
Less: Non-cash amortization(1) | (20 | ) | (20 | ) | (60 | ) | (60 | ) | |||||||
Adjusted Corporate EBITDA | $ | 43,400 | $ | 45,200 | $ | 173,100 | $ | 174,900 |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
Three Months Ending December 31, 2015 | Year Ending December 31, 2015 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 16,160 | $ | 17,760 | $ | 68,960 | $ | 70,560 | |||||||
Add: Depreciation and amortization | 17,940 | 17,940 | 69,100 | 69,100 | |||||||||||
FFO | 34,100 | 35,700 | 138,060 | 139,660 | |||||||||||
Less: Preferred share dividends | (2,420 | ) | (2,420 | ) | (9,690 | ) | (9,690 | ) | |||||||
Dividends declared on unvested time-based awards | (130 | ) | (130 | ) | (560 | ) | (560 | ) | |||||||
Undistributed earnings allocated to unvested time-based awards | — | — | — | — | |||||||||||
FFO available to common shareholders | 31,550 | 33,150 | 127,810 | 129,410 | |||||||||||
Add: Hotel acquisition costs | — | — | 860 | 860 | |||||||||||
Less: Non-cash amortization(1) | (20 | ) | (20 | ) | (60 | ) | (60 | ) | |||||||
AFFO available to common shareholders | $ | 31,530 | $ | 33,130 | $ | 128,610 | $ | 130,210 | |||||||
FFO per common share: | |||||||||||||||
Basic | $ | 0.54 | $ | 0.57 | $ | 2.22 | $ | 2.25 | |||||||
Diluted | $ | 0.53 | $ | 0.56 | $ | 2.21 | $ | 2.23 | |||||||
AFFO per common share: | |||||||||||||||
Basic | $ | 0.54 | $ | 0.57 | $ | 2.24 | $ | 2.27 | |||||||
Diluted | $ | 0.53 | $ | 0.56 | $ | 2.22 | $ | 2.25 | |||||||
Weighted-average number of common shares outstanding: | |||||||||||||||
Basic | 58,559 | 58,559 | 57,474 | 57,474 | |||||||||||
Diluted | 59,019 | 59,019 | 57,915 | 57,915 |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
Hotel | Location | Rooms | Acquisition Date | |||||
1 | Hyatt Regency Boston | Boston, MA | 502 | March 18, 2010 | ||||
2 | Hilton Checkers Los Angeles | Los Angeles, CA | 193 | June 1, 2010 | ||||
3 | Boston Marriott Newton | Newton, MA | 430 | July 30, 2010 | ||||
4 | Le Meridien San Francisco | San Francisco, CA | 360 | December 15, 2010 | ||||
5 | Homewood Suites Seattle Convention Center | Seattle, WA | 195 | May 2, 2011 | ||||
6 | W Chicago – City Center | Chicago, IL | 403 | May 10, 2011 | ||||
7 | Hotel Indigo San Diego Gaslamp Quarter | San Diego, CA | 210 | June 17, 2011 | ||||
8 | Courtyard Washington Capitol Hill/Navy Yard | Washington, DC | 204 | June 30, 2011 | ||||
9 | Hotel Adagio San Francisco, Autograph Collection | San Francisco, CA | 171 | July 8, 2011 | ||||
10 | Denver Marriott City Center | Denver, CO | 613 | October 3, 2011 | ||||
11 | Hyatt Herald Square New York | New York, NY | 122 | December 22, 2011 | ||||
12 | W Chicago – Lakeshore | Chicago, IL | 520 | August 21, 2012 | ||||
13 | Hyatt Regency Mission Bay Spa and Marina | San Diego, CA | 429 | September 7, 2012 | ||||
14 | The Hotel Minneapolis, Autograph Collection | Minneapolis, MN | 222 | October 30, 2012 | ||||
15 | Hyatt Place New York Midtown South | New York, NY | 185 | March 14, 2013 | ||||
16 | W New Orleans – French Quarter | New Orleans, LA | 97 | March 28, 2013 | ||||
17 | Le Meridien New Orleans | New Orleans, LA | 410 | April 25, 2013 | ||||
18 | Hyatt Fisherman’s Wharf | San Francisco, CA | 316 | May 31, 2013 | ||||
19 | Hyatt Santa Barbara | Santa Barbara, CA | 205 | June 27, 2013 | ||||
20 | JW Marriott San Francisco Union Square | San Francisco, CA | 337 | October 1, 2014 | ||||
21 | Royal Palm South Beach Miami, a Tribute Portfolio Resort | Miami Beach, FL | 393 | March 9, 2015 | ||||
22 | Ace Hotel and Theater Downtown Los Angeles | Los Angeles, CA | 182 | April 30, 2015 | ||||
6,699 |
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