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 February 18, 2016. |
Date: February 18, 2016 | 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: 3.8% pro forma increase for the hotel portfolio over the same period in 2014. |
• | Adjusted Hotel EBITDA Margin: 240 basis point pro forma increase to 32.7% for the hotel portfolio over the same period in 2014. |
• | Adjusted Hotel EBITDA: $47.8 million. |
• | Adjusted Corporate EBITDA: $42.8 million. |
• | Adjusted FFO: $30.7 million or $0.52 per diluted common share. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total revenue | $ | 146.2 | $ | 123.5 | $ | 582.6 | $ | 478.0 | ||||||||
Net income available to common shareholders | $ | 12.3 | $ | 6.4 | $ | 57.8 | $ | 51.3 | ||||||||
Net income per diluted common share | $ | 0.21 | $ | 0.12 | $ | 0.99 | $ | 1.00 | ||||||||
Adjusted Hotel EBITDA | $ | 47.8 | $ | 37.7 | $ | 190.6 | $ | 154.0 | ||||||||
Adjusted Corporate EBITDA | $ | 42.8 | $ | 33.7 | $ | 172.5 | $ | 138.4 | ||||||||
AFFO available to common shareholders | $ | 30.7 | $ | 24.0 | $ | 127.8 | $ | 100.4 | ||||||||
AFFO per diluted common share | $ | 0.52 | $ | 0.44 | $ | 2.21 | $ | 1.97 | ||||||||
Weighted-average number of diluted common shares outstanding | 59,027,852 | 54,262,749 | 57,926,399 | 50,890,861 |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2015 | 2014(1) | Change | 2015(1) | 2014(1) | Change | |||||||||||||||
Pro forma Occupancy | 79.0 | % | 75.2 | % | 380 bps | 81.3 | % | 79.4 | % | 190 bps | ||||||||||
Pro forma ADR | $ | 222.41 | $ | 225.11 | (1.2)% | $ | 228.70 | $ | 221.44 | 3.3% | ||||||||||
Pro forma RevPAR | $ | 175.68 | $ | 169.29 | 3.8% | $ | 185.88 | $ | 175.87 | 5.7% | ||||||||||
Pro forma Adjusted Hotel EBITDA | $ | 47,763 | $ | 42,668 | 11.9% | $ | 197,393 | $ | 180,113 | 9.6% | ||||||||||
Pro forma Adjusted Hotel EBITDA Margin | 32.7 | % | 30.3 | % | 240 bps | 32.7 | % | 31.4 | % | 130 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 | ||
First Quarter | Full Year | |||||||||||||||
2016 Outlook | 2016 Outlook | |||||||||||||||
Low | High | Low | High | |||||||||||||
CONSOLIDATED: | ||||||||||||||||
Net income available to common shareholders | $ | 3.4 | $ | 5.1 | $ | 72.9 | $ | 78.6 | ||||||||
Net income per diluted common share | $ | 0.06 | $ | 0.09 | $ | 1.24 | $ | 1.34 | ||||||||
Adjusted Corporate EBITDA | $ | 31.2 | $ | 32.7 | $ | 193.6 | $ | 200.1 | ||||||||
AFFO available to common shareholders | $ | 21.8 | $ | 23.6 | $ | 147.1 | $ | 152.8 | ||||||||
AFFO per diluted common share | $ | 0.37 | $ | 0.40 | $ | 2.50 | $ | 2.60 | ||||||||
Corporate cash general and administrative expense | $ | 2.8 | $ | 3.0 | $ | 10.0 | $ | 10.8 | ||||||||
Corporate non-cash general and administrative expense | $ | 2.3 | $ | 2.3 | $ | 9.4 | $ | 9.4 | ||||||||
Weighted-average number of diluted common shares outstanding | 59.2 | 59.2 | 58.9 | 58.9 | ||||||||||||
HOTEL PORTFOLIO: | ||||||||||||||||
RevPAR | $ | 164.00 | $ | 167.00 | $ | 195.00 | $ | 199.00 | ||||||||
Pro forma RevPAR increase over 2015(1) | 6.0 | % | 8.0 | % | 5.0 | % | 7.0 | % | ||||||||
Adjusted Hotel EBITDA | $ | 36.3 | $ | 38.0 | $ | 213.0 | $ | 220.3 | ||||||||
Adjusted Hotel EBITDA Margin | 26.9 | % | 27.6 | % | 33.7 | % | 34.2 | % | ||||||||
Pro forma Adjusted Hotel EBITDA Margin increase over 2015(1) | 200 bps | 275 bps | 100 bps | 150 bps |
(1) | The comparable 2015 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 | ||
December 31, | ||||||||
2015 | 2014 | |||||||
ASSETS | ||||||||
Property and equipment, net | $ | 1,926,944 | $ | 1,580,427 | ||||
Intangible assets, net | 36,414 | 36,992 | ||||||
Cash and cash equivalents | 50,544 | 29,326 | ||||||
Restricted cash | 40,361 | 43,387 | ||||||
Accounts receivable, net | 15,603 | 13,102 | ||||||
Prepaid expenses and other assets | 17,900 | 10,637 | ||||||
Deferred financing costs, net | 6,493 | 6,064 | ||||||
Total assets | $ | 2,094,259 | $ | 1,719,935 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Long-term debt | $ | 776,241 | $ | 551,723 | ||||
Accounts payable and accrued expenses | 62,683 | 53,442 | ||||||
Other liabilities | 45,778 | 32,788 | ||||||
Total liabilities | 884,702 | 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; 59,659,522 shares and 54,818,064 shares issued and outstanding, respectively | 597 | 548 | ||||||
Additional paid-in capital | 1,297,877 | 1,138,391 | ||||||
Cumulative dividends in excess of net income | (88,675 | ) | (57,007 | ) | ||||
Accumulated other comprehensive loss | (292 | ) | — | |||||
Total shareholders’ equity | 1,209,557 | 1,081,982 | ||||||
Total liabilities and shareholders’ equity | $ | 2,094,259 | $ | 1,719,935 | ||||
SUPPLEMENTAL CREDIT INFORMATION: | ||||||||
Fixed charge coverage ratio(1) | 3.04 | 2.65 | ||||||
Leverage ratio(1) | 32.6 | % | 31.1 | % |
(1) | Calculated as defined under the Trust’s revolving credit facility. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(unaudited) | ||||||||||||||||
REVENUE | ||||||||||||||||
Rooms | $ | 108,193 | $ | 93,297 | $ | 441,141 | $ | 364,727 | ||||||||
Food and beverage | 31,139 | 25,093 | 117,171 | 94,307 | ||||||||||||
Other | 6,848 | 5,111 | 24,312 | 18,946 | ||||||||||||
Total revenue | 146,180 | 123,501 | 582,624 | 477,980 | ||||||||||||
EXPENSES | ||||||||||||||||
Hotel operating expenses: | ||||||||||||||||
Rooms | 25,175 | 22,515 | 100,245 | 84,445 | ||||||||||||
Food and beverage | 22,895 | 19,016 | 87,625 | 71,816 | ||||||||||||
Other direct | 1,809 | 2,019 | 7,109 | 8,032 | ||||||||||||
Indirect | 48,383 | 42,166 | 196,523 | 160,589 | ||||||||||||
Total hotel operating expenses | 98,262 | 85,716 | 391,502 | 324,882 | ||||||||||||
Depreciation and amortization | 18,581 | 14,079 | 69,743 | 51,567 | ||||||||||||
Air rights contract amortization | 130 | 130 | 520 | 520 | ||||||||||||
Corporate general and administrative | 4,952 | 4,052 | 18,046 | 15,557 | ||||||||||||
Hotel acquisition costs | — | 3,562 | 854 | 3,622 | ||||||||||||
Total operating expenses | 121,925 | 107,539 | 480,665 | 396,148 | ||||||||||||
Operating income | 24,255 | 15,962 | 101,959 | 81,832 | ||||||||||||
Interest income | — | — | — | 8 | ||||||||||||
Interest expense | (8,222 | ) | (6,880 | ) | (31,856 | ) | (27,357 | ) | ||||||||
Gain on sale of hotel | — | — | — | 7,006 | ||||||||||||
Income before income taxes | 16,033 | 9,082 | 70,103 | 61,489 | ||||||||||||
Income tax expense | (1,302 | ) | (243 | ) | (2,595 | ) | (535 | ) | ||||||||
Net income | 14,731 | 8,839 | 67,508 | 60,954 | ||||||||||||
Preferred share dividends | (2,422 | ) | (2,422 | ) | (9,688 | ) | (9,688 | ) | ||||||||
Net income available to common shareholders | $ | 12,309 | $ | 6,417 | $ | 57,820 | $ | 51,266 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.21 | $ | 0.12 | $ | 1.00 | $ | 1.01 | ||||||||
Diluted | $ | 0.21 | $ | 0.12 | $ | 0.99 | $ | 1.00 | ||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic | 58,561,323 | 53,821,483 | 57,474,256 | 50,488,007 | ||||||||||||
Diluted | 59,027,852 | 54,262,749 | 57,926,399 | 50,890,861 |
Year Ended December 31, | ||||||||
2015 | 2014 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 67,508 | $ | 60,954 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 69,743 | 51,567 | ||||||
Air rights contract amortization | 520 | 520 | ||||||
Deferred financing costs amortization | 1,882 | 2,448 | ||||||
Gain on sale of hotel | — | (7,006 | ) | |||||
Share-based compensation | 7,644 | 5,803 | ||||||
Other | (834 | ) | 625 | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | (679 | ) | 1,277 | |||||
Prepaid expenses and other assets | (4,101 | ) | (290 | ) | ||||
Accounts payable and accrued expenses | 4,069 | 3,766 | ||||||
Other liabilities | 5,961 | (30 | ) | |||||
Net cash provided by operating activities | 151,713 | 119,634 | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of hotels, net of cash acquired | (255,249 | ) | (152,292 | ) | ||||
Disposition of hotel, net of cash sold | — | 31,822 | ||||||
Improvements and additions to hotels | (36,782 | ) | (87,182 | ) | ||||
Change in restricted cash | 3,026 | (2,164 | ) | |||||
Net cash used in investing activities | (289,005 | ) | (209,816 | ) | ||||
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 | (284 | ) | (392 | ) | ||||
Borrowings under revolving credit facility | 330,000 | 100,000 | ||||||
Repayments under revolving credit facility | (220,000 | ) | (100,000 | ) | ||||
Proceeds from issuance of mortgage debt | — | 90,000 | ||||||
Scheduled principal payments on mortgage debt | (10,271 | ) | (69,837 | ) | ||||
Payment of deferred financing costs | (2,311 | ) | (2,011 | ) | ||||
Payment of dividends to common shareholders | (81,111 | ) | (58,892 | ) | ||||
Payment of dividends to preferred shareholders | (9,688 | ) | (9,688 | ) | ||||
Repurchase of common shares | (1,787 | ) | (2,705 | ) | ||||
Net cash provided by financing activities | 158,510 | 90,795 | ||||||
Net increase in cash | 21,218 | 613 | ||||||
Cash and cash equivalents, beginning of period | 29,326 | 28,713 | ||||||
Cash and cash equivalents, end of period | $ | 50,544 | $ | 29,326 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income | $ | 14,731 | $ | 8,839 | $ | 67,508 | $ | 60,954 | ||||||||
Add: Interest expense | 8,222 | 6,880 | 31,856 | 27,357 | ||||||||||||
Income tax expense | 1,302 | 243 | 2,595 | 535 | ||||||||||||
Depreciation and amortization | 18,581 | 14,079 | 69,743 | 51,567 | ||||||||||||
Air rights contract amortization | 130 | 130 | 520 | 520 | ||||||||||||
Corporate general and administrative | 4,952 | 4,052 | 18,046 | 15,557 | ||||||||||||
Hotel acquisition costs | — | 3,562 | 854 | 3,622 | ||||||||||||
Less: Interest income | — | — | — | (8 | ) | |||||||||||
Hotel EBITDA | 47,918 | 37,785 | 191,122 | 160,104 | ||||||||||||
Less: Non-cash amortization(1) | (155 | ) | (81 | ) | (571 | ) | 889 | |||||||||
Gain on sale of hotel | — | — | — | (7,006 | ) | |||||||||||
Adjusted Hotel EBITDA | 47,763 | 37,704 | 190,551 | 153,987 | ||||||||||||
Add: Prior owner Hotel EBITDA(2) | — | 4,964 | 6,842 | 28,219 | ||||||||||||
Less: Hotel EBITDA of hotel sold(3) | — | — | — | (2,093 | ) | |||||||||||
Pro forma Adjusted Hotel EBITDA | $ | 47,763 | $ | 42,668 | $ | 197,393 | $ | 180,113 | ||||||||
Total revenue | $ | 146,180 | $ | 123,501 | $ | 582,624 | $ | 477,980 | ||||||||
Add: Prior owner total revenue(2) | — | 17,341 | 20,286 | 100,311 | ||||||||||||
Less: Total revenue of hotel sold(3) | — | — | — | (5,166 | ) | |||||||||||
Pro forma total revenue | $ | 146,180 | $ | 140,842 | $ | 602,910 | $ | 573,125 | ||||||||
Pro forma Adjusted Hotel EBITDA Margin | 32.7 | % | 30.3 | % | 32.7 | % | 31.4 | % |
(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 December 31, | Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income | $ | 14,731 | $ | 8,839 | $ | 67,508 | $ | 60,954 | ||||||||
Add: Interest expense | 8,222 | 6,880 | 31,856 | 27,357 | ||||||||||||
Income tax expense | 1,302 | 243 | 2,595 | 535 | ||||||||||||
Depreciation and amortization | 18,581 | 14,079 | 69,743 | 51,567 | ||||||||||||
Less: Interest income | — | — | — | (8 | ) | |||||||||||
Corporate EBITDA | 42,836 | 30,041 | 171,702 | 140,405 | ||||||||||||
Add: Hotel acquisition costs | — | 3,562 | 854 | 3,622 | ||||||||||||
Less: Non-cash amortization(1) | (25 | ) | 49 | (51 | ) | 1,408 | ||||||||||
Gain on sale of hotel | — | — | — | (7,006 | ) | |||||||||||
Adjusted Corporate EBITDA | $ | 42,811 | $ | 33,652 | $ | 172,505 | $ | 138,429 |
(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 December 31, | Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income | $ | 14,731 | $ | 8,839 | $ | 67,508 | $ | 60,954 | ||||||||
Add: Depreciation and amortization | 18,581 | 14,079 | 69,743 | 51,567 | ||||||||||||
Less: Gain on sale of hotel | — | — | — | (7,006 | ) | |||||||||||
FFO | 33,312 | 22,918 | 137,251 | 105,515 | ||||||||||||
Less: Preferred share dividends | (2,422 | ) | (2,422 | ) | (9,688 | ) | (9,688 | ) | ||||||||
Dividends declared on unvested time-based awards | (134 | ) | (114 | ) | (560 | ) | (499 | ) | ||||||||
Undistributed earnings allocated to unvested time-based awards | — | — | — | — | ||||||||||||
FFO available to common shareholders | 30,756 | 20,382 | 127,003 | 95,328 | ||||||||||||
Add: Hotel acquisition costs | — | 3,562 | 854 | 3,622 | ||||||||||||
Non-cash amortization(1) | (25 | ) | 49 | (51 | ) | 1,408 | ||||||||||
AFFO available to common shareholders | $ | 30,731 | $ | 23,993 | $ | 127,806 | $ | 100,358 | ||||||||
FFO per common share: | ||||||||||||||||
Basic | $ | 0.53 | $ | 0.38 | $ | 2.21 | $ | 1.89 | ||||||||
Diluted | $ | 0.52 | $ | 0.38 | $ | 2.19 | $ | 1.87 | ||||||||
AFFO per common share: | ||||||||||||||||
Basic | $ | 0.52 | $ | 0.45 | $ | 2.22 | $ | 1.99 | ||||||||
Diluted | $ | 0.52 | $ | 0.44 | $ | 2.21 | $ | 1.97 |
(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 March 31, 2016 | Year Ending December 31, 2016 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 5,950 | $ | 7,700 | $ | 83,130 | $ | 88,880 | |||||||
Add: Interest expense | 8,260 | 8,260 | 33,510 | 33,510 | |||||||||||
Income tax expense (benefit) | (1,500 | ) | (1,700 | ) | 2,750 | 3,500 | |||||||||
Depreciation and amortization | 18,470 | 18,470 | 74,290 | 74,290 | |||||||||||
Air rights contract amortization | 130 | 130 | 520 | 520 | |||||||||||
Corporate general and administrative | 5,100 | 5,300 | 19,420 | 20,170 | |||||||||||
Hotel EBITDA | 36,410 | 38,160 | 213,620 | 220,870 | |||||||||||
Less: Non-cash amortization(1) | (160 | ) | (160 | ) | (620 | ) | (620 | ) | |||||||
Adjusted Hotel EBITDA | $ | 36,250 | $ | 38,000 | $ | 213,000 | $ | 220,250 | |||||||
Total revenue | $ | 134,900 | $ | 137,600 | $ | 631,500 | $ | 643,500 | |||||||
Adjusted Hotel EBITDA Margin | 26.9 | % | 27.6 | % | 33.7 | % | 34.2 | % |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
Three Months Ending March 31, 2016 | Year Ending December 31, 2016 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 5,950 | $ | 7,700 | $ | 83,130 | $ | 88,880 | |||||||
Add: Interest expense | 8,260 | 8,260 | 33,510 | 33,510 | |||||||||||
Income tax expense (benefit) | (1,500 | ) | (1,700 | ) | 2,750 | 3,500 | |||||||||
Depreciation and amortization | 18,470 | 18,470 | 74,290 | 74,290 | |||||||||||
Corporate EBITDA | 31,180 | 32,730 | 193,680 | 200,180 | |||||||||||
Less: Non-cash amortization(1) | (30 | ) | (30 | ) | (100 | ) | (100 | ) | |||||||
Adjusted Corporate EBITDA | $ | 31,150 | $ | 32,700 | $ | 193,580 | $ | 200,080 |
(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 March 31, 2016 | Year Ending December 31, 2016 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 5,950 | $ | 7,700 | $ | 83,130 | $ | 88,880 | |||||||
Add: Depreciation and amortization | 18,470 | 18,470 | 74,290 | 74,290 | |||||||||||
FFO | 24,420 | 26,170 | 157,420 | 163,170 | |||||||||||
Less: Preferred share dividends | (2,420 | ) | (2,420 | ) | (9,690 | ) | (9,690 | ) | |||||||
Dividends declared on unvested time-based awards | (140 | ) | (140 | ) | (560 | ) | (560 | ) | |||||||
Undistributed earnings allocated to unvested time-based awards | — | — | — | — | |||||||||||
FFO available to common shareholders | 21,860 | 23,610 | 147,170 | 152,920 | |||||||||||
Less: Non-cash amortization(1) | (30 | ) | (30 | ) | (100 | ) | (100 | ) | |||||||
AFFO available to common shareholders | $ | 21,830 | $ | 23,580 | $ | 147,070 | $ | 152,820 | |||||||
FFO per common share – basic and diluted | $ | 0.37 | $ | 0.40 | $ | 2.50 | $ | 2.60 | |||||||
AFFO per common share – basic and diluted | $ | 0.37 | $ | 0.40 | $ | 2.50 | $ | 2.60 | |||||||
Weighted-average number of common shares outstanding: | |||||||||||||||
Basic | 58,693 | 58,693 | 58,765 | 58,765 | |||||||||||
Diluted | 59,196 | 59,196 | 58,860 | 58,860 |
(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 | Year Ended | ||||||||||||||||||
March 31, 2015 | June 30, 2015 | September 30, 2015 | December 31, 2015 | December 31, 2015 | |||||||||||||||
HOTEL PORTFOLIO(1): | |||||||||||||||||||
Occupancy | 72.0 | % | 86.0 | % | 87.9 | % | 79.0 | % | 81.3 | % | |||||||||
ADR | $ | 214.86 | $ | 237.11 | $ | 237.33 | $ | 222.41 | $ | 228.70 | |||||||||
RevPAR | $ | 154.78 | $ | 203.99 | $ | 208.58 | $ | 175.68 | $ | 185.88 | |||||||||
Net income | $ | 1,552 | $ | 24,045 | $ | 27,180 | $ | 14,731 | $ | 67,508 | |||||||||
Add: Interest expense | 7,179 | 8,168 | 8,287 | 8,222 | 31,856 | ||||||||||||||
Income tax expense (benefit) | (3,348 | ) | 4,340 | 301 | 1,302 | 2,595 | |||||||||||||
Depreciation and amortization | 14,927 | 17,929 | 18,306 | 18,581 | 69,743 | ||||||||||||||
Air rights contract amortization | 130 | 130 | 130 | 130 | 520 | ||||||||||||||
Corporate general and administrative | 4,577 | 4,498 | 4,019 | 4,952 | 18,046 | ||||||||||||||
Hotel acquisition costs | 369 | 466 | 19 | — | 854 | ||||||||||||||
Hotel EBITDA | 25,386 | 59,576 | 58,242 | 47,918 | 191,122 | ||||||||||||||
Less: Non-cash amortization(2) | (81 | ) | (180 | ) | (155 | ) | (155 | ) | (571 | ) | |||||||||
Adjusted Hotel EBITDA | 25,305 | 59,396 | 58,087 | 47,763 | 190,551 | ||||||||||||||
Add: Prior owner Hotel EBITDA(1) | 6,363 | 479 | — | — | 6,842 | ||||||||||||||
Pro forma Adjusted Hotel EBITDA | $ | 31,668 | $ | 59,875 | $ | 58,087 | $ | 47,763 | $ | 197,393 | |||||||||
Total revenue | $ | 109,290 | $ | 162,145 | $ | 165,009 | $ | 146,180 | $ | 582,624 | |||||||||
Add: Prior owner total revenue(1) | 18,044 | 2,242 | — | — | 20,286 | ||||||||||||||
Pro forma total revenue | $ | 127,334 | $ | 164,387 | $ | 165,009 | $ | 146,180 | $ | 602,910 | |||||||||
Pro forma Adjusted Hotel EBITDA Margin | 24.9 | % | 36.4 | % | 35.2 | % | 32.7 | % | 32.7 | % |
(1) | The hotel operating results for the three months ended March 31, 2015 and June 30, 2015, and for the year ended December 31, 2015, reflect results of operations for certain hotel(s) prior to their acquisition by the Trust. |
(2) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
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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