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 1, 2016. |
Date: November 1, 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: 0.7% decrease for the hotel portfolio over the same period in 2015. |
• | Adjusted Hotel EBITDA Margin: 60 basis point decrease to 34.6% for the hotel portfolio over the same period in 2015. |
• | Adjusted Hotel EBITDA: $57.0 million. |
• | Adjusted Corporate EBITDA: $52.9 million. |
• | Net income available to common shareholders: $23.5 million or $0.40 per diluted common share. |
• | Adjusted FFO: $42.1 million or $0.71 per diluted common share. |
![]() | PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Total revenue | $ | 164.5 | $ | 165.0 | $ | 474.6 | $ | 436.4 | ||||||||
Net income available to common shareholders | $ | 23.5 | $ | 24.8 | $ | 57.3 | $ | 45.5 | ||||||||
Net income per diluted common share | $ | 0.40 | $ | 0.42 | $ | 0.97 | $ | 0.78 | ||||||||
Adjusted Hotel EBITDA | $ | 57.0 | $ | 58.1 | $ | 159.6 | $ | 142.8 | ||||||||
Adjusted Corporate EBITDA | $ | 52.9 | $ | 54.1 | $ | 145.6 | $ | 129.7 | ||||||||
AFFO available to common shareholders | $ | 42.1 | $ | 42.9 | $ | 112.0 | $ | 97.1 | ||||||||
AFFO per diluted common share | $ | 0.71 | $ | 0.73 | $ | 1.90 | $ | 1.69 | ||||||||
Weighted-average number of diluted common shares outstanding | 58,928,433 | 58,991,087 | 58,894,529 | 57,536,971 |
![]() | PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015(1) | Change | |||||||||||||||
Occupancy | 88.8 | % | 87.9 | % | 90 bps | 85.2 | % | 82.0 | % | 320 bps | ||||||||||
ADR | $ | 233.19 | $ | 237.33 | (1.7)% | $ | 229.20 | $ | 230.75 | (0.7)% | ||||||||||
RevPAR | $ | 207.12 | $ | 208.58 | (0.7)% | $ | 195.34 | $ | 189.32 | 3.2% | ||||||||||
Adjusted Hotel EBITDA | $ | 56,983 | $ | 58,087 | (1.9)% | $ | 159,631 | $ | 149,630 | 6.7% | ||||||||||
Adjusted Hotel EBITDA Margin | 34.6 | % | 35.2 | % | (60) bps | 33.6 | % | 32.8 | % | 80 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 2016 | Outlook | |||||||
Low | High | |||||||
CONSOLIDATED: | ||||||||
Net income available to common shareholders | $ | 7.2 | $ | 9.3 | ||||
Net income per diluted common share | $ | 0.12 | $ | 0.16 | ||||
Adjusted Corporate EBITDA | $ | 36.4 | $ | 38.7 | ||||
AFFO available to common shareholders | $ | 26.1 | $ | 28.2 | ||||
AFFO per diluted common share | $ | 0.44 | $ | 0.48 | ||||
Corporate cash general and administrative expense | $ | 2.0 | $ | 2.2 | ||||
Corporate non-cash general and administrative expense | $ | 2.3 | $ | 2.3 | ||||
Weighted-average number of diluted common shares outstanding | 58.8 | 58.8 | ||||||
22-HOTEL PORTFOLIO: | ||||||||
RevPAR | $ | 170.00 | $ | 174.00 | ||||
RevPAR change as compared to 2015 | (3.0 | )% | (1.0 | )% | ||||
Adjusted Hotel EBITDA | $ | 40.8 | $ | 43.3 | ||||
Adjusted Hotel EBITDA Margin | 29.2 | % | 30.2 | % | ||||
Adjusted Hotel EBITDA Margin change as compared to 2015 | (350) bps | (250) bps |
![]() | PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | |
Full Year 2016 | Updated Outlook | Previous Outlook | ||||||||||||||
Low | High | Low | High | |||||||||||||
CONSOLIDATED: | ||||||||||||||||
Net income available to common shareholders | $ | 64.1 | $ | 66.2 | $ | 69.6 | $ | 74.6 | ||||||||
Net income per diluted common share | $ | 1.09 | $ | 1.13 | $ | 1.18 | $ | 1.27 | ||||||||
Adjusted Corporate EBITDA | $ | 182.0 | $ | 184.3 | $ | 188.0 | $ | 193.5 | ||||||||
AFFO available to common shareholders | $ | 138.1 | $ | 140.2 | $ | 143.7 | $ | 148.7 | ||||||||
AFFO per diluted common share | $ | 2.35 | $ | 2.39 | $ | 2.45 | $ | 2.53 | ||||||||
Corporate cash general and administrative expense | $ | 8.9 | $ | 9.1 | $ | 9.5 | $ | 10.0 | ||||||||
Corporate non-cash general and administrative expense | $ | 9.5 | $ | 9.5 | $ | 9.5 | $ | 9.5 | ||||||||
Weighted-average number of diluted common shares outstanding | 58.7 | 58.7 | 58.7 | 58.7 | ||||||||||||
22-HOTEL PORTFOLIO: | ||||||||||||||||
RevPAR | $ | 189.00 | $ | 190.00 | $ | 191.00 | $ | 194.00 | ||||||||
Pro forma RevPAR change as compared to 2015(1) | 1.7 | % | 2.2 | % | 3.0 | % | 4.5 | % | ||||||||
Adjusted Hotel EBITDA | $ | 200.4 | $ | 202.9 | $ | 207.0 | $ | 213.0 | ||||||||
Adjusted Hotel EBITDA Margin | 32.6 | % | 32.8 | % | 33.2 | % | 33.7 | % | ||||||||
Pro forma Adjusted Hotel EBITDA Margin change as compared to 2015(1) | (10) bps | 10 bps | 50 bps | 100 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 | |
September 30, 2016 | December 31, 2015 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Property and equipment, net | $ | 1,887,280 | $ | 1,926,944 | ||||
Intangible assets, net | 35,980 | 36,414 | ||||||
Cash and cash equivalents | 56,909 | 50,544 | ||||||
Restricted cash | 41,171 | 40,361 | ||||||
Accounts receivable, net | 26,812 | 15,603 | ||||||
Prepaid expenses and other assets | 17,274 | 17,900 | ||||||
Total assets | $ | 2,065,426 | $ | 2,087,766 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Long-term debt | $ | 749,979 | $ | 769,748 | ||||
Accounts payable and accrued expenses | 68,498 | 62,683 | ||||||
Other liabilities | 45,153 | 45,778 | ||||||
Total liabilities | 863,630 | 878,209 | ||||||
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; 60,102,459 shares and 59,659,522 shares issued and outstanding, respectively | 601 | 597 | ||||||
Additional paid-in capital | 1,304,829 | 1,297,877 | ||||||
Cumulative dividends in excess of net income | (103,497 | ) | (88,675 | ) | ||||
Accumulated other comprehensive loss | (187 | ) | (292 | ) | ||||
Total shareholders’ equity | 1,201,796 | 1,209,557 | ||||||
Total liabilities and shareholders’ equity | $ | 2,065,426 | $ | 2,087,766 | ||||
SUPPLEMENTAL CREDIT INFORMATION: | ||||||||
Fixed charge coverage ratio(1) | 3.32 | 3.04 | ||||||
Leverage ratio(1) | 31.9 | % | 32.6 | % |
(1) | Calculated as defined under the Trust’s revolving credit facility. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
REVENUE | ||||||||||||||||
Rooms | $ | 127,552 | $ | 128,388 | $ | 358,291 | $ | 332,948 | ||||||||
Food and beverage | 29,633 | 29,620 | 95,852 | 86,032 | ||||||||||||
Other | 7,344 | 7,001 | 20,428 | 17,464 | ||||||||||||
Total revenue | 164,529 | 165,009 | 474,571 | 436,444 | ||||||||||||
EXPENSES | ||||||||||||||||
Hotel operating expenses: | ||||||||||||||||
Rooms | 28,532 | 27,826 | 81,909 | 75,070 | ||||||||||||
Food and beverage | 22,536 | 22,769 | 69,413 | 64,730 | ||||||||||||
Other direct | 1,690 | 2,061 | 4,837 | 5,300 | ||||||||||||
Indirect | 54,633 | 54,111 | 158,316 | 148,140 | ||||||||||||
Total hotel operating expenses | 107,391 | 106,767 | 314,475 | 293,240 | ||||||||||||
Depreciation and amortization | 18,703 | 18,306 | 55,797 | 51,162 | ||||||||||||
Air rights contract amortization | 130 | 130 | 390 | 390 | ||||||||||||
Corporate general and administrative | 4,074 | 4,019 | 14,074 | 13,094 | ||||||||||||
Hotel acquisition costs | — | 19 | — | 854 | ||||||||||||
Total operating expenses | 130,298 | 129,241 | 384,736 | 358,740 | ||||||||||||
Operating income | 34,231 | 35,768 | 89,835 | 77,704 | ||||||||||||
Interest expense | (8,122 | ) | (8,287 | ) | (23,892 | ) | (23,634 | ) | ||||||||
Gain on sale of hotel | — | — | 598 | — | ||||||||||||
Income before income taxes | 26,109 | 27,481 | 66,541 | 54,070 | ||||||||||||
Income tax expense | (162 | ) | (301 | ) | (1,982 | ) | (1,293 | ) | ||||||||
Net income | 25,947 | 27,180 | 64,559 | 52,777 | ||||||||||||
Preferred share dividends | (2,422 | ) | (2,422 | ) | (7,266 | ) | (7,266 | ) | ||||||||
Net income available to common shareholders | $ | 23,525 | $ | 24,758 | $ | 57,293 | $ | 45,511 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.40 | $ | 0.42 | $ | 0.97 | $ | 0.79 | ||||||||
Diluted | $ | 0.40 | $ | 0.42 | $ | 0.97 | $ | 0.78 | ||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic | 58,729,338 | 58,552,800 | 58,711,056 | 57,107,919 | ||||||||||||
Diluted | 58,928,433 | 58,991,087 | 58,894,529 | 57,536,971 |
Nine Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 64,559 | $ | 52,777 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 55,797 | 51,162 | ||||||
Air rights contract amortization | 390 | 390 | ||||||
Deferred financing costs amortization | 1,409 | 1,410 | ||||||
Gain on sale of hotel | (598 | ) | — | |||||
Share-based compensation | 7,150 | 5,640 | ||||||
Other | (681 | ) | (613 | ) | ||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | (11,209 | ) | (11,590 | ) | ||||
Prepaid expenses and other assets | 624 | (4,821 | ) | |||||
Accounts payable and accrued expenses | 4,605 | 8,311 | ||||||
Other liabilities | (33 | ) | 5,972 | |||||
Net cash provided by operating activities | 122,013 | 108,638 | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of hotels, net of cash acquired | — | (255,249 | ) | |||||
Disposition of hotel, net of cash sold | 2,028 | — | ||||||
Improvements and additions to hotels | (17,562 | ) | (30,044 | ) | ||||
Change in restricted cash | (810 | ) | 839 | |||||
Net cash used in investing activities | (16,344 | ) | (284,454 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from sale of common shares, net of underwriting fees | — | 153,962 | ||||||
Payment of offering costs related to sale of common shares | — | (276 | ) | |||||
Borrowings under revolving credit facility | 175,000 | 315,000 | ||||||
Repayments under revolving credit facility | (215,000 | ) | (200,000 | ) | ||||
Proceeds from issuance of mortgage debt | 150,000 | — | ||||||
Principal prepayments on mortgage debt | (122,220 | ) | — | |||||
Scheduled principal payments on mortgage debt | (7,847 | ) | (7,650 | ) | ||||
Payment of deferred financing costs | (935 | ) | (2,311 | ) | ||||
Payment of dividends to common shareholders | (70,842 | ) | (57,536 | ) | ||||
Payment of dividends to preferred shareholders | (7,266 | ) | (7,266 | ) | ||||
Repurchase of common shares | (194 | ) | (1,698 | ) | ||||
Net cash provided by (used in) financing activities | (99,304 | ) | 192,225 | |||||
Net increase in cash | 6,365 | 16,409 | ||||||
Cash and cash equivalents, beginning of period | 50,544 | 29,326 | ||||||
Cash and cash equivalents, end of period | $ | 56,909 | $ | 45,735 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 25,947 | $ | 27,180 | $ | 64,559 | $ | 52,777 | ||||||||
Add: Interest expense | 8,122 | 8,287 | 23,892 | 23,634 | ||||||||||||
Income tax expense | 162 | 301 | 1,982 | 1,293 | ||||||||||||
Depreciation and amortization | 18,703 | 18,306 | 55,797 | 51,162 | ||||||||||||
Air rights contract amortization | 130 | 130 | 390 | 390 | ||||||||||||
Corporate general and administrative | 4,074 | 4,019 | 14,074 | 13,094 | ||||||||||||
Hotel acquisition costs | — | 19 | — | 854 | ||||||||||||
Hotel EBITDA | 57,138 | 58,242 | 160,694 | 143,204 | ||||||||||||
Less: Non-cash amortization(1) | (155 | ) | (155 | ) | (465 | ) | (416 | ) | ||||||||
Gain on sale of hotel | — | — | (598 | ) | — | |||||||||||
Adjusted Hotel EBITDA | 56,983 | 58,087 | 159,631 | 142,788 | ||||||||||||
Add: Prior owner Hotel EBITDA(2) | — | — | — | 6,842 | ||||||||||||
Pro forma Adjusted Hotel EBITDA | $ | 56,983 | $ | 58,087 | $ | 159,631 | $ | 149,630 | ||||||||
Total revenue | $ | 164,529 | $ | 165,009 | $ | 474,571 | $ | 436,444 | ||||||||
Add: Prior owner total revenue(2) | — | — | — | 20,286 | ||||||||||||
Pro forma total revenue | $ | 164,529 | $ | 165,009 | $ | 474,571 | $ | 456,730 | ||||||||
Pro forma Adjusted Hotel EBITDA Margin | 34.6 | % | 35.2 | % | 33.6 | % | 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 Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 25,947 | $ | 27,180 | $ | 64,559 | $ | 52,777 | ||||||||
Add: Interest expense | 8,122 | 8,287 | 23,892 | 23,634 | ||||||||||||
Income tax expense | 162 | 301 | 1,982 | 1,293 | ||||||||||||
Depreciation and amortization | 18,703 | 18,306 | 55,797 | 51,162 | ||||||||||||
Corporate EBITDA | 52,934 | 54,074 | 146,230 | 128,866 | ||||||||||||
Add: Hotel acquisition costs | — | 19 | — | 854 | ||||||||||||
Less: Non-cash amortization(1) | (26 | ) | (25 | ) | (76 | ) | (26 | ) | ||||||||
Gain on sale of hotel | — | — | (598 | ) | — | |||||||||||
Adjusted Corporate EBITDA | $ | 52,908 | $ | 54,068 | $ | 145,556 | $ | 129,694 |
(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, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 25,947 | $ | 27,180 | $ | 64,559 | $ | 52,777 | ||||||||
Add: Depreciation and amortization | 18,703 | 18,306 | 55,797 | 51,162 | ||||||||||||
Less: Gain on sale of hotel | — | — | (598 | ) | — | |||||||||||
FFO | 44,650 | 45,486 | 119,758 | 103,939 | ||||||||||||
Less: Preferred share dividends | (2,422 | ) | (2,422 | ) | (7,266 | ) | (7,266 | ) | ||||||||
Dividends declared on unvested time-based awards | (146 | ) | (153 | ) | (435 | ) | (426 | ) | ||||||||
Undistributed earnings allocated to unvested time-based awards | — | (8 | ) | — | — | |||||||||||
FFO available to common shareholders | 42,082 | 42,903 | 112,057 | 96,247 | ||||||||||||
Add: Hotel acquisition costs | — | 19 | — | 854 | ||||||||||||
Non-cash amortization(1) | (26 | ) | (25 | ) | (76 | ) | (26 | ) | ||||||||
AFFO available to common shareholders | $ | 42,056 | $ | 42,897 | $ | 111,981 | $ | 97,075 | ||||||||
FFO per common share: | ||||||||||||||||
Basic | $ | 0.72 | $ | 0.73 | $ | 1.91 | $ | 1.69 | ||||||||
Diluted | $ | 0.71 | $ | 0.73 | $ | 1.90 | $ | 1.67 | ||||||||
AFFO per common share: | ||||||||||||||||
Basic | $ | 0.72 | $ | 0.73 | $ | 1.91 | $ | 1.70 | ||||||||
Diluted | $ | 0.71 | $ | 0.73 | $ | 1.90 | $ | 1.69 |
(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, 2016 | Year Ending December 31, 2016 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 9,770 | $ | 11,870 | $ | 74,340 | $ | 76,440 | |||||||
Add: Interest expense | 7,970 | 7,970 | 31,860 | 31,860 | |||||||||||
Income tax expense (benefit) | (160 | ) | 40 | 1,820 | 2,020 | ||||||||||
Depreciation and amortization | 18,880 | 18,880 | 74,680 | 74,680 | |||||||||||
Air rights contract amortization | 130 | 130 | 520 | 520 | |||||||||||
Corporate general and administrative | 4,310 | 4,510 | 18,380 | 18,580 | |||||||||||
Hotel EBITDA | 40,900 | 43,400 | 201,600 | 204,100 | |||||||||||
Less: Non-cash amortization(1) | (150 | ) | (150 | ) | (620 | ) | (620 | ) | |||||||
Gain on sale of hotel | — | — | (600 | ) | (600 | ) | |||||||||
Adjusted Hotel EBITDA | $ | 40,750 | $ | 43,250 | $ | 200,380 | $ | 202,880 | |||||||
Total revenue | $ | 139,700 | $ | 143,400 | $ | 614,270 | $ | 617,970 | |||||||
Adjusted Hotel EBITDA Margin | 29.2 | % | 30.2 | % | 32.6 | % | 32.8 | % |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
Three Months Ending December 31, 2016 | Year Ending December 31, 2016 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 9,770 | $ | 11,870 | $ | 74,340 | $ | 76,440 | |||||||
Add: Interest expense | 7,970 | 7,970 | 31,860 | 31,860 | |||||||||||
Income tax expense (benefit) | (160 | ) | 40 | 1,820 | 2,020 | ||||||||||
Depreciation and amortization | 18,880 | 18,880 | 74,680 | 74,680 | |||||||||||
Corporate EBITDA | 36,460 | 38,760 | 182,700 | 185,000 | |||||||||||
Less: Non-cash amortization(1) | (20 | ) | (20 | ) | (100 | ) | (100 | ) | |||||||
Gain on sale of hotel | — | — | (600 | ) | (600 | ) | |||||||||
Adjusted Corporate EBITDA | $ | 36,440 | $ | 38,740 | $ | 182,000 | $ | 184,300 |
(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, 2016 | Year Ending December 31, 2016 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 9,770 | $ | 11,870 | $ | 74,340 | $ | 76,440 | |||||||
Add: Depreciation and amortization | 18,880 | 18,880 | 74,680 | 74,680 | |||||||||||
Less: Gain on sale of hotel | — | — | (600 | ) | (600 | ) | |||||||||
FFO | 28,650 | 30,750 | 148,420 | 150,520 | |||||||||||
Less: Preferred share dividends | (2,420 | ) | (2,420 | ) | (9,690 | ) | (9,690 | ) | |||||||
Dividends declared on unvested time-based awards | (130 | ) | (130 | ) | (570 | ) | (570 | ) | |||||||
Undistributed earnings allocated to unvested time-based awards | — | — | — | — | |||||||||||
FFO available to common shareholders | 26,100 | 28,200 | 138,160 | 140,260 | |||||||||||
Less: Non-cash amortization(1) | (20 | ) | (20 | ) | (100 | ) | (100 | ) | |||||||
AFFO available to common shareholders | $ | 26,080 | $ | 28,180 | $ | 138,060 | $ | 140,160 | |||||||
FFO per common share—basic and diluted | $ | 0.44 | $ | 0.48 | $ | 2.35 | $ | 2.39 | |||||||
AFFO per common share—basic and diluted | $ | 0.44 | $ | 0.48 | $ | 2.35 | $ | 2.39 | |||||||
Weighted-average number of common shares outstanding—basic and diluted | 58,797 | 58,797 | 58,736 | 58,736 |
(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 Centric Fisherman’s Wharf | San Francisco, CA | 316 | May 31, 2013 | ||||
19 | Hyatt Centric Santa Barbara | Santa Barbara, CA | 200 | 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 | ||||
6,694 |
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