EX-99.2 4 d07821exv99w2.txt SECOND QUARTER 2003 SUPPLEMENTAL INFORMATION EXHIBIT 99.2 -------------------------------------------------------------------------------- (FELCOR LODGING TRUST LOGO) FELCOR LODGING TRUST INCORPORATED SUPPLEMENTAL INFORMATION THREE AND SIX MONTHS ENDED JUNE 30, 2003 Date of Issuance July 30, 2003 All dollar amounts shown in this report are in U.S. dollars unless otherwise noted. This Supplemental Information is neither an offer to sell nor a solicitation to buy any securities of FelCor. Any offers to sell or solicitations to buy any securities of FelCor shall be made by means of a prospectus. FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- TABLE OF CONTENTS
PAGE ---- CORPORATE DATA About the Company 3 Board of Directors and Executive Officers 4 Equity Research Coverage 5 FINANCIAL HIGHLIGHTS Supplemental Financial Data 6 Consolidated Statements of Operations 7 Reconciliation of Net Income (Loss) to FFO 8 Reconciliation of FFO to EBITDA 9 Selected Operating Data 10 Hotel Operating Expense Composition 10 Debt Summary 11 PORTFOLIO DATA Portfolio Distribution 13 Detailed Operating Statistics by Brand 14 Detailed Operating Statistics for FelCor's Top Markets 15 Other Performance Statistics 16 Hotel Portfolio Information 17 Hotel Portfolio Listing 20
With the exception of historical information, the matters discussed in this news release include "forward looking statements" within the meaning of the federal securities laws. Forward looking statements are not guarantees of future performance. Numerous risks and uncertainties, and the occurrence of future events, may cause actual results to differ materially from those currently anticipated. General economic conditions, including the timing and magnitude of any recovery from the current soft economy, the impact of U.S. military involvement in the Middle East and elsewhere, future acts of terrorism, the impact on the travel industry of increased security precautions, the availability of capital, the ability to effect sales of non-strategic hotels at anticipated prices, and numerous other factors may affect future results, performance and achievements. Certain of these risks and uncertainties are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that actual results will not differ materially. 2 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- CORPORATE DATA ABOUT THE COMPANY In 1994, FelCor Lodging Trust Incorporated went public as a real estate investment trust (REIT) with six hotels and a market capitalization of $120 million. At July 30, 2003, FelCor was the nation's second largest lodging REIT and the largest owner of full service, all-suite hotels. FelCor's portfolio is comprised of 174 hotels, the operating revenues and expenses of which are reflected in FelCor's consolidated statements of operations because of our ownership of the operating lessees on these hotels. FelCor also owns 50 percent joint venture interests in the operating lessees of six hotels whose operations are accounted for using the equity method. FelCor owns 76 upscale, all-suite hotels, 83 hotels in the upscale or full service segments, and is the largest owner of Embassy Suites Hotels(R) and Doubletree Guest Suites(R) hotels. The Company's hotels are located in 35 states and Canada. FelCor had a market capitalization of approximately $2.9 billion at June 30, 2003. STRATEGY FelCor's hotels are managed by strategic brand managers such as Hilton Hotels, InterContinental Hotels Group, and Starwood Hotels & Resorts. FelCor is competitively positioned to deliver superior stockholder returns through its strong management team, diversified upscale and full-service hotels, strategic brand manager alliances and value creation expertise. STOCK AND DEBT RATINGS Senior Unsecured Debt Preferred Stock Moody's B1 B3 Standard & Poors B CCC+ STOCK EXCHANGE LISTING Common Stock (NYSE: FCH) $1.95 Series A Cumulative Convertible Preferred Stock (NYSE: FCHPRA) 9% Series B Cumulative Redeemable Preferred Stock (NYSE: FCHPRB) FISCAL YEAR END December 31 NUMBER OF EMPLOYEES 65 CORPORATE HEADQUARTERS 545 E. John Carpenter Frwy., Suite 1300 Irving, TX 75062 (972) 444-4900 INVESTOR RELATIONS CONTACT MEDIA CONTACT Stephen A. Schafer Monica L. Hildebrand Director of Investor Relations Vice President of Communications (972) 444-4912 (972) 444-4917 INFORMATION REQUEST information@felcor.com 3 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- BOARD OF DIRECTORS Donald J. McNamara, Chairman of the Board Principal, The Hampstead Group Thomas J. Corcoran, Jr. President and Chief Executive Officer, FelCor Lodging Trust Incorporated Melinda J. Bush, C.H.A. Chairman and Chief Executive Officer, HRW Holdings, LLC Richard S. Ellwood President, R.S. Ellwood and Co., Inc. Richard O. Jacobson Chairman of the Board, Jacobson Warehouse Company, Inc. Charles A. Ledsinger, Jr. President and Chief Executive Officer, Choice Hotels International Robert H. Lutz, Jr. President, RL Investments, Inc. Robert A. Mathewson President, RGC, Inc. Richard C. North Chief Executive Officer, InterContinental Hotels Group Michael D. Rose Chairman, Gaylord Entertainment Company EXECUTIVE OFFICERS Thomas J. Corcoran, Jr., President and Chief Executive Officer Michael A. DeNicola, Executive Vice President and Chief Investment Officer Richard J. O'Brien, Executive Vice President and Chief Financial Officer Lawrence D. Robinson, Executive Vice President, General Counsel and Secretary Jack Eslick, Senior Vice President, Director of Asset Management Lester C. Johnson, Senior Vice President, Controller and Principal Accounting Officer June C. McCutchen, Senior Vice President, Director of Design and Construction Larry J. Mundy, Senior Vice President, Director of Business Initiatives and Assistant General Counsel Andrew J. Welch, Senior Vice President and Treasurer 4 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- EQUITY RESEARCH COVERAGE
Firm Analyst Telephone ---- ------- --------- A.G. Edwards & Sons Art Havener (314) 955-3588 Bear Stearns John D. Mattesich (212) 272-4305 Credit Lyonnais Bryan A. Maher (212) 408-5649 Deutsche Bank Marc Falcone (212) 469-7417 Friedman, Billings, Ramsey David Loeb (703) 469-1289 Green Street Advisors John Arabia (949) 640-8780 JPMorgan Chase Harry C. Curtis (212) 622-6610 Legg Mason Rod F. Petrik (410) 454-4131 Lehman Brothers Joyce R. Minor (212) 526-5132 Merrill Lynch David W. Anders (212) 449-2739 Morgan Stanley Todd Scott (212) 761-8033 Prudential James W. Sullivan (212) 778-2515 Smith Barney Citigroup Michael J. Rietbrock (212) 816-0215 UBS Keith A. Mills (212) 713-3098 Wachovia Securities Jeffrey J. Donnelly (617) 603-4262
5 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS SUPPLEMENTAL FINANCIAL DATA (IN THOUSANDS, EXCEPT PER SHARE INFORMATION, RATIOS AND PERCENTAGES)
June 30, 2003 December 31, 2002 ---------------- ----------------- ENTERPRISE VALUE Common shares outstanding 58,900 58,767 Units not held by FelCor 3,238 3,290 ---------------- ---------------- Combined shares and units 62,138 62,057 Common stock price at end of period $ 7.85 $ 11.44 ---------------- ---------------- Common equity capitalization $ 487,783 $ 709,932 ---------------- ---------------- Series A convertible preferred stock outstanding 5,980 5,980 Series A stock price at end of period $ 19.65 $ 20.85 ---------------- ---------------- $ 117,507 $ 124,683 ---------------- ---------------- Series B non-convertible preferred stock outstanding 6,776 6,776 Series B stock price at end of period $ 22.08 $ 24.60 ---------------- ---------------- $ 149,614 $ 166,689 Consolidated debt 2,058,467 1,877,134 ---------------- ---------------- Total enterprise value $ 2,813,371 $ 2,878,438 ---------------- ================ DIVIDENDS PER SHARE Common dividends declared, trailing 12 months $ 0.30 $ 0.60 Dividends declared (quarter ended): Common $ -- $ 0.15 Series A convertible preferred stock 0.4875 0.4875 Series B non-convertible preferred stock 0.5625 0.5625 SELECTED BALANCE SHEET DATA Investment in hotels at cost(a) $ 4,719,100 $ 4,661,520 Total cash and cash equivalents 182,669 66,542 Total assets 3,919,423 3,780,363 Total debt 2,058,467 1,877,134 Total stockholders' equity 1,574,749 1,616,817 Total stockholders equity less preferred equity 1,255,842 1,297,910 Book value per common share outstanding 21.32 22.08 SELECTED RATIOS Consolidated debt (net of cash) to trailing 12 month EBITDA 7.1x 5.9x Total debt (net of cash) to trailing 12 month EBITDA 7.5x 6.4x Total debt (net of cash) to investment in hotels, at cost 42.1% 41.8% EBITDA to consolidated interest paid(b) 1.6x 1.9x EBITDA to total interest expense(c) 1.5x 1.7x Fixed charge coverage ratio(d) 1.3x 1.5x
(a) Investment in hotels at cost is defined as our pro rata share of consolidated investment in hotels before accumulated depreciation, plus our pro rata share of unconsolidated investment in hotels before accumulated depreciation. (b) EBITDA to consolidated interest paid represents trailing 12 month consolidated EBITDA divided by trailing 12 month interest expense before capitalized interest and amortization of debt costs. (c) EBITDA to total interest expense represents trailing 12 month consolidated EBITDA divided by trailing 12 month interest expense including the Company's pro rata share of unconsolidated interest expense. (d) Fixed charges include preferred dividends, consolidated interest expense and interest expense from unconsolidated entities. 6 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, ---------------------------- ---------------------------- 2003 2002 2003 2002 ------------ ------------ ------------ ------------ REVENUES: Hotel operating revenue: Room ................................................ $ 257,397 $ 275,768 $ 499,124 $ 531,707 Food and beverage ................................... 52,758 56,278 100,561 106,844 Other operating departments ......................... 17,096 17,517 33,126 33,705 Retail space rental and other revenue ................. 236 428 637 1,098 ------------ ------------ ------------ ------------ Total revenues .................................. 327,487 349,991 633,448 673,354 ------------ ------------ ------------ ------------ EXPENSES: Hotel departmental expenses: Room ................................................ 66,554 67,658 129,596 130,468 Food and beverage ................................... 41,041 42,018 79,847 81,875 Other operating departments ......................... 7,949 7,881 15,428 15,165 Other property related costs .......................... 91,801 89,960 182,979 178,501 Management and franchise fees ......................... 16,646 18,017 32,893 33,605 Taxes, insurance and lease expense .................... 33,554 33,697 65,979 68,172 Corporate expenses .................................... 3,737 3,970 7,160 7,716 Depreciation .......................................... 36,658 38,204 72,656 76,822 ------------ ------------ ------------ ------------ Total operating expenses ........................ 297,940 301,405 586,538 592,324 ------------ ------------ ------------ ------------ OPERATING INCOME ......................................... 29,547 48,586 46,910 81,030 Interest expense, net ................................. (41,251) (41,555) (81,504) (82,751) Charge-off of debt related costs ...................... (2,527) -- (1,574) -- Impairment loss ....................................... (7,824) -- (7,824) -- ------------ ------------ ------------ ------------ INCOME (LOSS) BEFORE EQUITY IN INCOME FROM UNCONSOLIDATED ENTITIES, MINORITY INTERESTS AND GAIN ON SALE OF ASSETS ............................. (22,055) 7,031 (43,992) (1,721) Equity in income from unconsolidated entities ......... 726 1,365 578 2,586 Gain on sale of assets ................................ 153 6,061 153 6,061 Minority interests .................................... 1,785 (1,827) 2,912 (526) ------------ ------------ ------------ ------------ INCOME (LOSS) FROM CONTINUING OPERATIONS ................. (19,391) 12,630 (40,349) 6,400 Discontinued operations ............................... (812) 372 (945) 456 ------------ ------------ ------------ ------------ NET INCOME (LOSS) ........................................ (20,203) 13,002 (41,294) 6,856 Preferred dividends ................................... (6,728) (6,688) (13,454) (12,838) ------------ ------------ ------------ ------------ NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS .......................................... $ (26,931) $ 6,314 $ (54,748) $ (5,982) ============ ============ ============ ============ Basic per common share data: Net income (loss) from continuing operations .......... $ (0.45) $ 0.11 $ (0.92) $ (0.12) ============ ============ ============ ============ Net income (loss) ..................................... $ (0.46) $ 0.12 $ (0.93) $ (0.11) ============ ============ ============ ============ Weighted average common shares outstanding ............ 58,591 52,728 58,562 52,721 Diluted per common share data: Net income (loss) from continuing operations .......... $ (0.45) $ 0.11 $ (0.92) $ (0.12) ============ ============ ============ ============ Net income (loss) ..................................... $ (0.46) $ 0.12 $ (0.93) $ (0.11) ============ ============ ============ ============ Weighted average common shares outstanding ............ 58,591 53,093 58,562 52,721
7 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- RECONCILIATION OF NET INCOME (LOSS) TO FFO (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED JUNE 30, ---------------------------------------------------------------------------- 2003 2002 ------------------------------------ ------------------------------------ PER SHARE PER SHARE DOLLARS SHARES AMOUNT DOLLARS SHARES AMOUNT ---------- ---------- ---------- ---------- ---------- ---------- NET INCOME (LOSS) .................................. $ (20,203) 58,591 $ (0.34) $ 13,002 52,728 $ 0.25 Depreciation from continuing operations ......... 36,658 -- 0.63 38,204 -- 0.72 Depreciation from unconsolidated entities and discontinued operations ...................... 3,268 -- 0.06 3,078 -- 0.06 (Gain) loss on sale of assets ................... 330 -- 0.01 (5,861) -- (0.11) Impairment loss ................................. 7,824 -- 0.13 -- -- -- Preferred dividends ............................. (6,728) -- (0.11) (6,688) -- (0.13) Minority interest in FelCor LP. ................. (1,493) 3,254 (0.06) 1,072 9,004 (0.10) Conversion of options and unvested restricted stock ............................ -- 309 -- -- 365 -- ---------- ---------- ---------- ---------- ---------- ---------- FFO(a) ............................................. $ 19,656 62,154 $ 0.32 $ 42,807 62,097 $ 0.69 ========== ========== ========== ========== ========== ==========
SIX MONTHS ENDED JUNE 30, ------------------------------------------------------------------------- 2003 2002 ----------------------------------- ----------------------------------- PER SHARE PER SHARE DOLLARS SHARES AMOUNT DOLLARS SHARES AMOUNT ---------- ---------- ---------- ---------- ---------- ---------- NET INCOME (LOSS) .................................. $ (41,294) 58,562 $ (0.71) $ 6,856 52,721 $ 0.13 Depreciation from continuing operations ......... 72,656 -- 1.24 76,822 -- 1.46 Depreciation from unconsolidated entities and discontinued operations ...................... 6,236 -- 0.11 5,256 -- 0.10 (Gain) loss on sale of assets ................... 330 -- 0.01 (5,861) -- (0.11) Impairment loss ................................. 7,824 -- 0.13 -- -- -- Preferred dividends ............................. (13,454) -- (0.23) (12,838) -- (0.24) Minority interest in FelCor LP. ................. (3,050) 3,271 (0.08) (1,015) 9,005 (0.23) Conversion of options and unvested restricted stock ............................. -- 309 -- -- 362 -- ---------- ---------- ---------- ---------- ---------- ---------- FFO(a) ............................................. $ 29,248 62,142 $ 0.47 $ 69,220 62,088 $ 1.11 ========== ========== ========== ========== ========== ==========
(a) Included in FFO are charge-offs of debt related costs of $2.5 million for the quarter and $1.6 million for the six months, net of gains on the extinguishment of debt. 8 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- RECONCILIATION OF FFO TO EBITDA (in thousands)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ---------------------------- ---------------------------- 2003 2002 2003 2002 ------------ ------------ ------------ ------------ FFO ................................................ $ 19,656 $ 42,807 $ 29,248 $ 69,220 Interest expense ................................ 41,821 42,184 82,449 83,959 Interest expense from unconsolidated entities ... 2,036 2,373 4,375 4,732 Charge-off of line of credit costs .............. 2,834 -- 2,834 -- Gain on early extinguishment of debt ............ (307) -- (1,260) -- Amortization expense ............................ 564 526 1,080 1,035 Preferred dividends ............................. 6,728 6,688 13,454 12,838 ------------ ------------ ------------ ------------ EBITDA ............................................. $ 73,332 $ 94,578 $ 132,180 $ 171,784 ============ ============ ============ ============
Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminish predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measurements of performance to be helpful in evaluating a real estate company's operations. We consider FFO and EBITDA to be key measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance. The White Paper on Funds From Operations approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income or loss (computed in accordance with generally accepted accounting principles), excluding gains or losses from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. We believe that FFO and EBITDA are helpful to investors as a measure of the performance of an equity REIT. We compute FFO in accordance with standards established by NAREIT. This may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than we do. 9 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- SELECTED OPERATING DATA (DOLLARS IN THOUSANDS)
THREE MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, ------------------------- ------------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Total revenue .......................................... $ 327,487 $ 349,991 $ 633,448 $ 673,354 Retail space and other revenue ......................... (236) (428) (637) (1,098) ---------- ---------- ---------- ---------- Hotel revenue .......................................... 327,251 349,563 632,811 672,256 Hotel operating expenses ............................... (223,991) (225,534) (440,743) (439,614) ---------- ---------- ---------- ---------- Hotel operating margin ................................. $ 103,260 $ 124,029 $ 192,068 $ 232,642 ========== ========== ========== ========== Operating margin ....................................... 31.6% 35.5% 30.4% 34.6% Corporate expenses ..................................... $ 3,737 $ 3,970 $ 7,160 $ 7,716 Corporate expenses as a percentage of total revenues ... 1.1% 1.1% 1.1% 1.1%
HOTEL OPERATING EXPENSE COMPOSITION (DOLLARS IN THOUSANDS)
THREE MONTHS ENDED JUNE 30, ----------------------------------------------------- 2003 2002 ------------------------ ------------------------ Hotel departmental expenses: Room ....................................... $ 66,554 29.7% $ 67,658 30.0% Food and beverage .......................... 41,041 18.3 42,018 18.6 Other operating departments ................ 7,949 3.5 7,881 3.5 Other property related costs: Administrative and general ................. 29,959 13.4 31,508 14.0 Marketing and advertising .................. 27,918 12.5 26,865 11.9 Repairs and maintenance .................... 17,696 7.9 17,111 7.6 Energy ..................................... 16,228 7.3 14,476 6.4 ---------- ---------- ---------- ---------- Total other property related costs ....... 91,801 41.1 89,960 39.9 Management and franchise fees ................. 16,646 7.4 18,017 8.0 ---------- ---------- ---------- ---------- Hotel operating expenses ...................... $ 223,991 100.0% $ 225,534 100.0% ========== ========== ========== ========== Supplemental information: Compensation and benefits expense (included in hotel operating expenses) ... $ 104,317 $ 105,276 ========== ========== Reconciliation of hotel operating expense: Total operating expenses ...................... $ 297,940 $ 301,405 Taxes, insurance and lease expense ......... (33,554) (33,697) Corporate expenses ......................... (3,737) (3,970) Depreciation ............................... (36,658) (38,204) ---------- ---------- Hotel operating expenses ...................... $ 223,991 $ 225,534 ========== ========== SIX MONTHS ENDED JUNE 30, --------------------------------------------------- 2003 2002 ----------------------- ------------------------ Hotel departmental expenses: Room ....................................... $ 129,596 29.4% $ 130,468 29.7% Food and beverage .......................... 79,847 18.1 81,875 18.6 Other operating departments ................ 15,428 3.5 15,165 3.5 Other property related costs: Administrative and general ................. 60,185 13.6 62,465 14.2 Marketing and advertising .................. 55,474 12.6 53,231 12.1 Repairs and maintenance .................... 35,265 8.0 33,807 7.7 Energy ..................................... 32,055 7.3 28,998 6.6 ---------- ---------- ---------- ---------- Total other property related costs ....... 182,979 41.5 178,501 40.6 Management and franchise fees ................. 32,893 7.5 33,605 7.6 ---------- ---------- ---------- ---------- Hotel operating expenses ...................... $ 440,743 100.0% $ 439,614 100.0% ========== ========== ========== ========== Supplemental information: Compensation and benefits expense (included in hotel operating expenses) ... $ 207,104 $ 205,629 ========== ========== Reconciliation of hotel operating expense: Total operating expenses ...................... $ 586,538 $ 592,324 Taxes, insurance and lease expense ......... (65,979) (68,172) Corporate expenses ......................... (7,160) (7,716) Depreciation ............................... (72,656) (76,822) ---------- ---------- Hotel operating expenses ...................... $ 440,743 $ 439,614 ========== ==========
10 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- DEBT SUMMARY (DOLLARS IN THOUSANDS) Debt Outstanding
Encumbered Interest Rate At Maturity Hotels June 30, 2003 Date Balance ---------- ---------------- ----------- ---------- Unsecured line of credit none 4.55% Oct. 2004 $ -- Promissory note none 3.34 June 2016 650 Senior unsecured term notes none 4.50(a) Oct. 2004 174,824 Senior unsecured term notes none 5.37(b) Oct. 2007 75,000 Senior unsecured term notes none 7.63 Oct. 2007 49,567 Senior unsecured term notes none 10.00 Sept. 2008 596,530 Senior unsecured term notes none 9.00 June 2011 298,032 ---- ---------- Total unsecured debt 8.52 1,194,603 ---- ---------- Mortgage debt 15 hotels 7.24 Nov. 2007 133,243 Mortgage debt 7 hotels 7.54 April 2009 93,382 Mortgage debt 6 hotels 7.55 June 2009 70,265 Mortgage debt 8 hotels 8.70 May 2010 179,321 Mortgage debt 7 hotels 8.73 May 2010 139,280 Mortgage debt 4 hotels 7.20 2005-2008 41,147 Mortgage debt 10 hotels 3.93 April 2006 149,729 Mortgage debt 8 hotels 7.48 April 2011 50,696 Other 1 hotel 9.08 August 2011 6,801 --------- ---- ---------- Total secured debt 66 hotels 7.24 863,864 ========= ---- ---------- Total 7.98% $2,058,467 ==========
(a) Represents fixed to floating interest rate swaps at six month LIBOR plus 320 basis points. (b) Represents fixed to floating interest rate swaps at six month LIBOR plus 407 basis points. Our fixed to floating interest rate swaps reduced interest expense for the quarter by $1.7 million. Fixed interest rate debt to total debt 80.6% Weighted average maturity of debt 5.8 years Secured debt to total assets 22.0% At June 30, 2003, future scheduled debt principal payments are as follows (in thousands):
Secured Unsecured Year Debt Debt Total ---- ------------ ------------ ------------ 2003 $ 9,204 $ -- $ 9,204 2004 17,876 175,000 192,876 2005 39,521 -- 39,521 2006 156,095(a) -- 156,095 2007 134,123 125,000 259,123 2008 and thereafter 505,282 900,650 1,405,932 Premium/(discount) 1,763 (6,047) (4,284) ------------ ------------ ------------ Total debt $ 863,864 $ 1,194,603 $ 2,058,467 ============ ============ ============
(a) Included is a $150 million non-recourse mortgage loan maturing in 2006, with two, one-year extension options. 11 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- DEBT SUMMARY (CONTINUED) At June 30, 2003, we had unconsolidated 50 percent investments in ventures that owned an aggregate of 21 hotels. These ventures had approximately $215 million of non-recourse mortgage debt, all of which is secured by hotel assets. Additionally, one joint venture had a full recourse loan for a residential condominium development. Our pro rata share of this recourse loan was $15.3 million at June 30, 2003. Financing transactions in 2003: In June 2003, we entered into a new secured debt facility with JPMorgan Chase Bank for up to $200 million. The non-recourse facility has an initial term of 18 months that can be extended for an additional six months at FelCor's option, and carries a floating interest rate of LIBOR plus 2.25 to 2.75 percent. The outstanding balances on the loan facility are expected to be converted into 10-year fixed rate commercial mortgage backed securities loans through JPMorgan Chase Bank. In June 2003, we also reduced our unsecured line of credit commitments to $50 million, and amended covenant levels. In May 2003, we prepaid a $7 million non-recourse mortgage loan maturing in 2005. We recognized a gain of $0.3 million associated with the charge-off of unamortized premium on this loan. In April 2003, we closed on a $150 million non-recourse loan at a floating interest rate of LIBOR plus 250 basis points, secured by 10 of our hotels and maturing in May 2006, with two, one-year extension options. The proceeds of the debt were used to pay off the outstanding balance on our line of credit. In the first quarter of 2003, we refinanced $16 million of secured debt that was to mature in the fourth quarter of 2003. The loan was refinanced by the existing lender, effective August 2003, for a five-year period at a floating interest rate of LIBOR plus 285 basis points with no required amortization. Another secured loan, maturing in 2003, in the amount of $6 million, was prepaid in the first quarter of 2003. In conjunction with this $6 million early retirement of debt, we recognized a $1 million gain related to the unamortized premium on this debt. 12 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- PORTFOLIO DATA (175 CONSOLIDATED HOTELS, SAME STORE BASIS) PORTFOLIO DISTRIBUTION
Brand Hotels Rooms % of Total Rooms % of 2002 EBITDA ----- ------ ----- ---------------- ---------------- Embassy Suites 59 14,842 31% 46% Holiday Inn(R)-branded 53 16,017 34 24 Crowne Plaza(R) 18 5,963 13 9 Sheraton(R)-branded 10 3,269 7 7 Doubletree(R)-branded 13 2,675 6 6 Other 22 4,844 9 7
Top Markets Hotels Rooms % of Total Rooms % of 2002 EBITDA ----------- ------ ----- ---------------- ---------------- Atlanta 12 3,514 7% 8% Dallas 18 5,477 12 8 San Francisco Bay Area 9 3,255 7 5 Orlando 6 2,220 5 4 Houston 9 2,262 5 4 New Orleans 2 746 2 3 Philadelphia 3 1,174 2 3 Phoenix 5 1,245 3 3 Minneapolis 4 955 2 3 Chicago 4 1,239 3 3
Top Four States Hotels Rooms % of Total Rooms % of 2002 EBITDA --------------- ------ ----- ---------------- ---------------- California 19 6,023 13% 14% Texas 41 11,136 23 17 Florida 16 5,346 11 10 Georgia 14 3,868 8 9
Location Hotels Rooms % of Total Rooms % of 2002 EBITDA -------- ------ ----- ---------------- ---------------- Suburban 81 20,035 42% 40% Urban 35 11,252 24 26 Airport 32 9,573 20 22 Highway 15 3,072 6 3 Resort 12 3,678 8 9
Segment Hotels Rooms % of Total Rooms % of 2002 EBITDA ------- ------ ----- ---------------- ---------------- Upscale all-suite 77 18,357 39% 53% Full service 55 17,086 36 26 Upscale 30 10,087 21 19 Limited service 13 2,080 4 2
Hotels Rooms % of Total Rooms % of 2002 EBITDA ------ ----- ---------------- ---------------- Potential Sale Candidates 31 6,198 13% 6%
13 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- DETAILED OPERATING STATISTICS BY BRAND
Occupancy (%) -------------------------------------------------------------------------------------- Three Months Ended June 30, Six Months Ended June 30, ---------------------------------------- ---------------------------------------- 2003 2002 % Variance 2003 2002 % Variance ---------- ---------- ---------- ---------- ---------- ---------- Embassy Suites hotels 69.4 70.1 (0.9) 68.1 68.3 (0.3) Holiday Inn-branded hotels 63.9 66.0 (3.2) 61.1 62.6 (2.5) Crowne Plaza hotels 58.4 63.2 (7.6) 56.9 60.0 (5.2) Doubletree-branded hotels 69.5 70.2 (0.9) 67.2 65.3 2.9 Sheraton-branded hotels 60.3 61.5 (2.0) 59.6 59.0 1.0 Other hotels 53.5 57.0 (6.3) 52.4 56.8 (7.8) Total hotels 64.0 65.9 (3.0) 62.1 63.4 (2.0)
ADR ($) ------------------------------------------------------------------------------------------------ Three Months Ended June 30, Six Months Ended June 30, -------------------------------------------- -------------------------------------------- 2003 2002 % Variance 2003 2002 % Variance ---------- ---------- ---------- ---------- ---------- ---------- Embassy Suites hotels 114.89 119.52 (3.9) 116.98 122.12 (4.2) Holiday Inn-branded hotels 77.68 82.41 (5.7) 77.48 81.45 (4.9) Crowne Plaza hotels 90.79 97.92 (7.3) 90.09 96.09 (6.2) Doubletree-branded hotels 100.11 102.00 (1.9) 100.40 103.49 (3.0) Sheraton-branded hotels 94.26 103.61 (9.0) 96.30 104.22 (7.6) Other hotels 79.08 82.30 (3.9) 80.68 83.62 (3.5) Total hotels 94.34 99.08 (4.8) 95.33 99.77 (4.4)
RevPAR ($) ------------------------------------------------------------------------------------------------ Three Months Ended June 30, Six Months Ended June 30, -------------------------------------------- -------------------------------------------- 2003 2002 % Variance 2003 2002 % Variance ---------- ---------- ---------- ---------- ---------- ---------- Embassy Suites hotels 79.78 83.73 (4.7) 79.64 83.40 (4.5) Holiday Inn-branded hotels 49.66 54.40 (8.7) 47.32 51.03 (7.3) Crowne Plaza hotels 52.98 61.87 (14.4) 51.26 57.66 (11.1) Doubletree-branded hotels 69.61 71.58 (2.8) 67.45 67.58 (0.2) Sheraton-branded hotels 56.82 63.75 (10.9) 57.40 61.49 (6.7) Other hotels 42.28 46.94 (9.9) 42.24 47.51 (11.1) Total hotels 60.33 65.33 (7.6) 59.19 63.24 (6.4)
14 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- DETAILED OPERATING STATISTICS FOR FELCOR'S TOP MARKETS
Occupancy (%) ------------------------------------------------------------------------------------------------ Three Months Ended June 30, Six Months Ended June 30, -------------------------------------------- -------------------------------------------- 2003 2002 % Variance 2003 2002 % Variance ---------- ---------- ---------- ---------- ---------- ---------- Atlanta 63.7 67.4 (5.5) 65.0 68.2 (4.6) Dallas 46.1 50.9 (9.3) 45.8 51.2 (10.5) San Francisco Bay Area 64.8 68.1 (4.8) 62.3 63.2 (1.4) Orlando 74.4 71.1 4.6 70.1 70.3 (0.4) Houston 64.2 66.1 (2.9) 64.1 67.7 (5.3) New Orleans 73.0 73.7 (0.9) 67.6 73.6 (8.1) Philadelphia 67.0 71.8 (6.6) 59.8 62.8 (4.8) Phoenix 67.6 62.5 8.2 74.1 66.0 12.2 Minneapolis 64.1 67.6 (5.1) 61.9 63.4 (2.4) Chicago 72.4 69.7 3.9 65.4 61.5 6.4
ADR ($) ------------------------------------------------------------------------------------------------ Three Months Ended June 30, Six Months Ended June 30, -------------------------------------------- -------------------------------------------- 2003 2002 % Variance 2003 2002 % Variance ---------- ---------- ---------- ---------- ---------- ---------- Atlanta 84.00 90.02 (6.7) 86.73 92.42 (6.2) Dallas 81.65 86.93 (6.1) 83.69 89.33 (6.3) San Francisco Bay Area 108.26 122.28 (11.5) 108.33 120.88 (10.4) Orlando 73.96 79.08 (6.5) 78.40 84.25 (6.9) Houston 72.40 75.43 (4.0) 72.97 75.35 (3.2) New Orleans 130.99 132.51 (1.1) 142.51 148.68 (4.2) Philadelphia 109.51 127.84 (14.3) 105.12 120.47 (12.7) Phoenix 88.47 99.22 (10.8) 104.78 115.09 (9.0) Minneapolis 123.53 125.70 (1.7) 121.77 123.86 (1.7) Chicago 113.98 125.85 (9.4) 108.36 120.06 (9.7)
RevPAR ($) ------------------------------------------------------------------------------------------------ Three Months Ended June 30, Six Months Ended June 30, -------------------------------------------- -------------------------------------------- 2003 2002 % Variance 2003 2002 % Variance ---------- ---------- ---------- ---------- ---------- ---------- Atlanta 53.52 60.67 (11.8) 56.40 63.00 (10.5) Dallas 37.68 44.20 (14.8) 38.37 45.76 (16.2) San Francisco Bay Area 70.17 83.25 (15.7) 67.53 76.38 (11.6) Orlando 55.01 56.25 (2.2) 54.94 59.26 (7.3) Houston 46.49 49.86 (6.8) 46.78 51.00 (8.3) New Orleans 95.61 97.61 (2.1) 96.36 109.39 (11.9) Philadelphia 73.36 91.73 (20.0) 62.91 75.71 (16.9) Phoenix 59.82 61.98 (3.5) 77.61 75.98 2.2 Minneapolis 79.21 84.92 (6.7) 75.34 78.50 (4.0) Chicago 82.57 87.76 (5.9) 70.89 73.83 (4.0)
15 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- OTHER PERFORMANCE STATISTICS VARIANCE TO PRIOR YEAR
Occupancy ADR RevPAR % Variance % Variance % Variance ---------- ---------- ---------- First Quarter 2001 (1.7) 3.6 1.8 Second Quarter 2001 (7.2) (0.2) (7.4) Third Quarter 2001 (13.4) (4.8) (17.5) Fourth Quarter 2001 (15.2) (9.5) (23.3) Year 2001 (9.3) (2.4) (11.5) First Quarter 2002 (11.2) (7.8) (18.2) Second Quarter 2002 (5.1) (6.3) (11.1) Third Quarter 2002 2.4 (4.8) (2.4) Fourth Quarter 2002 4.4 (1.3) 3.1 Year 2002 (2.8) (5.5) (8.1) January 0.3 (3.8) (3.6) February (1.4) (4.4) (5.8) March(a) (2.2) (4.0) (6.1) First Quarter 2003 (1.2) (4.1) (5.3) April(a) (6.9) (4.3) (10.9) May (2.2) (5.0) (7.1) June (0.3) (4.8) (5.2) Second Quarter 2003 (3.0) (4.8) (7.6) First 29 days of July 2003 2.3 (3.0) (0.8)
(a) Includes the lack of comparability due to the occurrence of Easter in April 2003, as compared to March in 2002. 16 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- HOTEL PORTFOLIO INFORMATION PRO RATA SHARE OF ROOMS OWNED
Room Count Hotels at June 30, 2003 ------ ---------------- Total hotels 181 48,546 ------------ 50% joint ventures 29 (3,134) 60% joint ventures 2 (390) 90% joint ventures 6 (148) 97% joint venture 1 (10) ------------ Total joint venture owned rooms (3,682) ------------ Pro rata share of rooms owned 44,864 ============
CAPITAL EXPENDITURES (DOLLARS IN THOUSANDS)
Three Months Six Months Ended Ended Year Ended June 30, 2003 June 30, 2003 December 31, 2002 ---------------- ---------------- ----------------- Consolidated hotels: Improvements and additions to hotels $ 17,240 $ 42,006 $ 62,518 % of total revenue 5.3% 6.6% 4.7% Unconsolidated hotels (pro rata share): Improvements and additions to hotels(a) $ 4,283 $ 6,662 $ 8,580 % of total revenue 19.7% 15.4% 10.5%
(a) Excludes $12.1 and $19.0 million of capital expenditures during the three and six months ended June 30, 2003, respectively, incurred by our joint venture for construction of a residential condominium project. The funds for this project are funded by secured debt. 17 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- HOTEL PORTFOLIO INFORMATION POTENTIAL SALE CANDIDATES In February 2003, FelCor announced its intention to sell 33 non-strategic hotels over the next 36 months. These hotels are generally smaller hotels in secondary and tertiary markets, and certain hotels in Texas and, specifically, Dallas. Through June 30, 2003, FelCor has sold two of these hotels. Of the remaining 31 non-strategic hotels, InterContinental Hotels Group (IHG) manages 24 (principally Holiday Inn hotels), Hilton manages six, and one is managed by an independent company. FelCor has announced the selected brokers to market certain of these hotels. A detailed description of these hotels and listing of brokers can be found on FelCor's Web site at www.felcor.com on the "Hotels" page. For the hotels managed by IHG, FelCor is required to reinvest the proceeds from such sales in IHG-branded hotels (i.e., InterContinental(R), Holiday Inn-branded, Crowne Plaza, or Staybridge Suites(R) hotels) under its pooled management agreement. Operating statistics for FelCor's Consolidated Portfolio:
Three Months Ended June 30, Six Months Ended June 30, ---------------------------------------- ---------------------------------------- 2003 2002 % Variance 2003 2002 % Variance ---------- ---------- ---------- ---------- ---------- ---------- Consolidated (175 hotels) Occupancy (%) 64.0 65.9 (3.0) 62.1 63.4 (2.0) ADR ($) 94.34 99.08 (4.8) 95.33 99.77 (4.4) RevPAR ($) 60.33 65.33 (7.6) 59.19 63.24 (6.4) Potential Sale Candidates (31 hotels) Occupancy (%) 54.5 56.0 (2.8) 52.6 54.0 (2.6) ADR ($) 72.63 73.36 (1.0) 74.43 74.99 (0.7) RevPAR ($) 39.55 41.10 (3.8) 39.14 40.47 (3.3) Core Hotels (144 hotels) Occupancy (%) 65.4 67.4 (3.0) 63.5 64.8 (2.0) ADR ($) 97.04 102.28 (5.1) 97.92 102.86 (4.8) RevPAR ($) 63.44 68.95 (8.0) 62.20 66.64 (6.7)
PORTFOLIO CHANGES IN 2003 o Dispositions - FelCor has sold three hotels and a parking garage in 2003, at a blended cap rate of 5.9% using the 12 months trailing income. o In the second quarter of 2003, FelCor sold two Hampton Inn(R) hotels (one in Davenport, IA and one in Moline, IL) for net proceeds of $6.4 million. This resulted in a realized loss of $0.5 million, which is included in discontinued operations on the Statement of Operations. o In the second quarter of 2003, FelCor sold a parking garage in San Francisco for net proceeds of $5.7 million. This resulted in a realized gain of $0.2 million. o In the third quarter of 2003, FelCor sold the Doubletree Guest Suites in Nashville, TN, for net proceeds of $3.0 million. o In March, FelCor converted an independent, all-suite hotel in Dallas to a Staybridge Suites hotel. o In April, FelCor completed the conversion of the 385-room Hilton Myrtle Beach Resort(R), following a $15 million renovation of the former Wyndham(R)-affiliated property. 18 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- HOTEL PORTFOLIO INFORMATION PORTFOLIO CHANGES IN 2002 o Hotel Dispositions: o In the third quarter of 2002, FelCor sold its 71-room Holiday Inn in Colby, Kansas, for net cash proceeds of $1.7 million. o In the third quarter of 2002, FelCor sold four Holiday Inn-branded hotels and one Hampton Inn hotel in Kansas to a new joint venture, and received as consideration $4.4 million in cash, a preferred right to receive $6 million, and a 50 percent common equity interest in the venture. o In the second quarter of 2002, FelCor sold the 183-room Doubletree Guest Suites in Boca Raton, Florida, for net proceeds of $6.5 million. o Hotel Acquisitions: o Purchased the 208-room SouthPark Suites(R) in Charlotte, North Carolina, in July 2002. This hotel was converted to a Doubletree Guest Suites hotel in October 2002. o Purchased the 385-room Wyndham Myrtle Beach Resort and the Acadian Shores Golf Club in Myrtle Beach, South Carolina, in July 2002. 19 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- HOTEL PORTFOLIO LISTING
State Rooms % Owned (a) Brand ----- ----- ----------- ----------------------- CONSOLIDATED CONTINUING OPERATIONS CORE HOTELS Birmingham AL 242 Embassy Suites Montgomery (East I-85) AL 213 Holiday Inn Phoenix (Camelback) AZ 232 Embassy Suites Phoenix (Crescent) AZ 342 Sheraton Scottsdale (Downtown) AZ 218 50% Fairfield Inn(R) Tempe (ASU) AZ 224 Embassy Suites Anaheim (Disney Area) CA 222 Embassy Suites Burlingame (SF-Airport South) CA 340 Embassy Suites Covina (I-10) CA 259 50% Embassy Suites Dana Point - Doheny Beach CA 195 Doubletree Guest Suites El Segundo (LAX-Airport South) CA 349 97% Embassy Suites Irvine (Orange County Airport) CA 335 Crowne Plaza Milpitas CA 266 Embassy Suites Milpitas (San Jose-North) CA 305 Crowne Plaza Napa CA 205 Embassy Suites Oxnard (Mandalay Beach Resort) CA 248 Embassy Suites Palm Desert CA 198 Embassy Suites Pleasanton CA 244 Crowne Plaza Santa Barbara CA 160 Holiday Inn San Diego (On the Bay) CA 600 Holiday Inn San Francisco (Financial District) CA 565 Holiday Inn San Francisco (Fisherman's Wharf) CA 585 Holiday Inn San Francisco (SF-Airport North) CA 312 Embassy Suites San Francisco (Union Square) CA 403 Crowne Plaza San Rafael (Marin County) CA 235 50% Embassy Suites Aurora (Denver-Southeast) CO 248 90% Doubletree Hartford (Downtown) CT 350 Crowne Plaza Stamford CT 383 Holiday Inn Select(R) Wilmington DE 244 90% Doubletree Boca Raton FL 263 Embassy Suites Cocoa Beach (Oceanfront Resort) FL 500 Holiday Inn Deerfield Beach FL 244 Embassy Suites Ft. Lauderdale FL 358 Embassy Suites Ft. Lauderdale (Cypress Creek) FL 253 Sheraton Suites Jacksonville FL 277 Embassy Suites Kissimmee (Nikki Bird Resort) FL 530 Holiday Inn Miami (Airport) FL 304 Crowne Plaza Miami (Airport) FL 316 Embassy Suites Lake Buena Vista (Walt Disney World) FL 229 Doubletree Guest Suites Orlando (Airport) FL 288 Holiday Inn Select
(a) 100% of real estate interests are owned by FelCor unless otherwise noted. 20 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- HOTEL PORTFOLIO LISTING
State Rooms % Owned (a) Brand ----- ----- ----------- ----------------------- Orlando (International Drive Resort) FL 652 Holiday Inn Orlando (North) FL 277 Embassy Suites Orlando (South) FL 244 Embassy Suites Tampa (Near Busch Gardens) FL 408 Holiday Inn Tampa (Rocky Point) FL 203 Doubletree Guest Suites Atlanta (Airport) GA 378 Crowne Plaza Atlanta (Airport) GA 233 Embassy Suites Atlanta (Airport-Gateway) GA 395 Sheraton Atlanta (Airport-North) GA 493 Holiday Inn Atlanta (Buckhead) GA 317 Embassy Suites Atlanta (Downtown) GA 211 50% Courtyard by Marriott(R) Atlanta (Downtown) GA 242 50% Fairfield Inn Atlanta (Galleria) GA 278 Sheraton Suites Atlanta (Jonesboro South) GA 180 Holiday Inn Atlanta (Perimeter Center) GA 241 50% Embassy Suites Atlanta (Perimeter-Dunwoody) GA 250 Holiday Inn Select Atlanta (Powers Ferry) GA 296 Crowne Plaza Brunswick GA 130 Embassy Suites Columbus (Airport-North) GA 224 Holiday Inn Chicago (Allerton) IL 443 Crowne Plaza Chicago (Lombard) IL 262 50% Embassy Suites Chicago (O'Hare) IL 297 Sheraton Suites Deerfield IL 237 Embassy Suites Indianapolis (North) IN 221 50% Embassy Suites Overland Park KS 199 50% Embassy Suites Lexington KY 174 Hilton Suites(R) Lexington KY 155 Sheraton Suites Baton Rouge LA 223 Embassy Suites New Orleans LA 372 Embassy Suites New Orleans (French Quarter) LA 374 Holiday Inn Boston (Government Center) MA 303 Holiday Inn Select Boston (Marlborough) MA 229 Embassy Suites Baltimore (BWI Airport) MD 251 90% Embassy Suites Troy MI 251 90% Embassy Suites Bloomington MN 219 Embassy Suites Minneapolis (Airport) MN 310 Embassy Suites Minneapolis (Downtown) MN 216 Embassy Suites St. Paul MN 210 Embassy Suites Kansas City (Country Club Plaza) MO 266 50% Embassy Suites Kansas City (Northeast) MO 165 Holiday Inn St. Louis (Downtown) MO 297 Embassy Suites St. Louis (Westport) MO 316 Holiday Inn Olive Branch (Whispering Woods Hotel and MS 181 Independent Conference Center) Charlotte NC 274 50% Embassy Suites Charlotte (SouthPark) NC 208 Doubletree Guest Suites Raleigh NC 225 50% Embassy Suites
(a) 100% of real estate interests are owned by FelCor unless otherwise noted. 21 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- HOTEL PORTFOLIO LISTING
State Rooms % Owned (a) Brand ----- ----- ----------- ----------------------- Raleigh NC 203 Doubletree Guest Suites Omaha (Central) NE 131 Hampton Inn Omaha (I-80) NE 383 Holiday Inn Omaha (Old Mill Northwest) NE 223 Crowne Plaza Omaha (Southwest) NE 108 Homewood Suites Parsippany NJ 274 50% Embassy Suites Piscataway NJ 224 Embassy Suites Secaucus (Meadowlands) NJ 304 Crowne Plaza Secaucus (Meadowlands) NJ 261 50% Embassy Suites Albuquerque (Mountain View) NM 360 Holiday Inn Cleveland OH 268 Embassy Suites Tulsa OK 244 Embassy Suites Philadelphia (Center City) PA 445 Crowne Plaza Philadelphia (Historic District) PA 364 Holiday Inn Philadelphia (Society Hill) PA 365 Sheraton Pittsburgh PA 251 Holiday Inn Select Charleston (Mills House) SC 214 Holiday Inn Myrtle Beach (Kingston Plantation) SC 255 Embassy Suites Myrtle Beach SC 385 Hilton(R) Knoxville (Central) TN 240 Holiday Inn Nashville TN 296 Embassy Suites Nashville (Opryland/Airport) TN 382 Holiday Inn Select Austin (Airport-North) TX 260 50% Embassy Suites Austin (Downtown) TX 189 90% Doubletree Guest Suites Austin (Town Lake) TX 320 Holiday Inn Corpus Christi TX 150 Embassy Suites Dallas (Alpha Road) TX 114 Staybridge Suites Dallas (Campbell Centre) TX 300 90% Doubletree Dallas (DFW Airport-North - Irving) TX 506 Harvey(R) Hotel Dallas (DFW Airport-North - Irving) TX 164 Harvey Suites(R) Dallas (DFW Airport-South - Irving) TX 305 Embassy Suites Dallas (Downtown-West End) TX 309 Hampton Inn Dallas (Love Field) TX 248 Embassy Suites Dallas (Market Center) TX 354 Crowne Plaza Dallas (Market Center) TX 244 Embassy Suites Dallas (Park Central) TX 295 Crowne Plaza Suites(R) Dallas (Park Central) TX 279 Embassy Suites Dallas (Park Central) TX 438 60% Sheraton Dallas (Park Central) TX 536 60% Westin Dallas (Regal Row) TX 204 50% Fairfield Inn Houston (I-10 East) TX 160 50% Fairfield Inn Houston (I-10 East) TX 90 50% Hampton Inn Houston (I-10 West) TX 349 Holiday Inn Select Houston (International Airport) TX 415 Holiday Inn Houston (Medical Center) TX 293 Crowne Plaza Houston (Medical Center) TX 284 Holiday Inn & Suites Houston (Near Gateway Plaza) TX 355 Holiday Inn Select
(a) 100% of real estate interests are owned by FelCor unless otherwise noted. 22 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- HOTEL PORTFOLIO LISTING
State Rooms % Owned (a) Brand ----- ----- ----------- ------------------------------- Houston (Near the Galleria) TX 209 50% Courtyard by Marriott Houston (Near the Galleria) TX 107 50% Fairfield Inn San Antonio (Airport) TX 261 50% Embassy Suites San Antonio (Downtown) TX 315 Holiday Inn San Antonio (International Airport) TX 397 Holiday Inn Select San Antonio (Northwest) TX 216 50% Embassy Suites Salt Lake City (Airport) UT 191 Holiday Inn Vienna (Tysons Corner) VA 437 50% Sheraton Premiere Burlington VT 309 Sheraton Canada Toronto (Airport) Ontario 445 Holiday Inn Select Toronto (Yorkdale) Ontario 370 Holiday Inn NON-STRATEGIC HOTELS Texarkana (I-30) AR 210 Holiday Inn Flagstaff AZ 119 Embassy Suites Phoenix (Airport - 44th St) AZ 229 Embassy Suites Avon (Beaver Creek Resort) CO 72 Independent Moline (Airport) IL 216 Holiday Inn Moline (Airport) IL 110 Holiday Inn Express Davenport IA 279 Holiday Inn Jackson (Downtown) MS 354 Crowne Plaza Jackson (North) MS 222 Holiday Inn & Suites(R) Omaha NE 187 Doubletree Guest Suites Omaha (Southwest) NE 131 Hampton Inn Omaha (Southwest) NE 78 Holiday Inn Express & Suites(R) Syracuse NY 215 Embassy Suites Columbus OH 194 Doubletree Guest Suites Dayton OH 137 Doubletree Guest Suites Greenville (Roper) SC 208 Crowne Plaza Nashville (Airport)(b) TN 138 Doubletree Guest Suites Addison (North Dallas) TX 429 Crowne Plaza Amarillo (I-40) TX 248 Holiday Inn Beaumont (Midtown I-10) TX 190 Holiday Inn Dallas (Park Central) TX 313 Harvey Hotel Midland (Country Villa) TX 250 Holiday Inn Odessa (Centre) TX 186 Holiday Inn Express & Suites Odessa (Parkway Blvd) TX 245 Holiday Inn & Suites Plano TX 279 Harvey Hotel Plano TX 160 Holiday Inn Waco (I-35) TX 170 Holiday Inn Canada Cambridge Ontario 143 Holiday Inn Kitchener (Waterloo) Ontario 182 Holiday Inn Peterborough (Waterfront) Ontario 153 Holiday Inn Sarnia Ontario 151 Holiday Inn
(a) 100% of real estate interests are owned by FelCor unless otherwise noted. (b) This hotel was sold in July 2003, and is treated as discontinued operations for financial statement presentation. 23 FelCor Lodging Trust Incorporated Supplemental Information Three and Six Months Ended June 30, 2003 -------------------------------------------------------------------------------- HOTEL PORTFOLIO LISTING
State Rooms % Owned Brand ---------- ---------- ---------- ---------- UNCONSOLIDATED OPERATIONS Great Bend KS 172 50% Holiday Inn Hays KS 117 50% Hampton Inn Hays KS 191 50% Holiday Inn Salina KS 192 50% Holiday Inn Salina (I-70) KS 93 50% Holiday Inn Express & Suites New Orleans (Chateau LeMoyne) LA 171 50% Holiday Inn
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