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Investment In Hotel Properties (Tables)
 6 Months Ended
Jun. 30, 2016
Investment In Hotel Properties



 

 

 

 

 

 



 

 

 

 

 

 



 

 

June 30, 2016

 

 

December 31, 2015



 

 

 

 

 

 

Land

 

$

 463,969 

 

$

 480,874 

Buildings and Improvements

 

 

 1,362,665 

 

 

 1,518,565 

Furniture, Fixtures and Equipment

 

 

 214,480 

 

 

 227,527 



 

 

 2,041,114 

 

 

 2,226,966 



 

 

 

 

 

 

Less Accumulated Depreciation

 

 

 (358,122)

 

 

 (395,847)



 

 

 

 

 

 

Total Investment in Hotel Properties

 

$

 1,682,992 

 

$

 1,831,119 



Condensed Pro Forma Financial Data



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended June 30,

 

 

Six Months Ended June 30,



 

2016

 

2015

 

2016

 

2015

Pro Forma Total Revenues

 

$

 127,723 

 

 

 133,796 

 

$

 238,031 

 

$

 236,574 



 

 

 

 

 

 

 

 

 

 

 

 

Pro Forma Net Income

 

 

 114,968 

 

 

 21,364 

 

 

 108,780 

 

 

 16,698 

Income Allocated to Noncontrolling Interest

 

 

 (4,748)

 

 

 (470)

 

 

 (4,164)

 

 

 (16)

Preferred Distributions

 

 

 (4,000)

 

 

 (3,589)

 

 

 (7,589)

 

 

 (7,178)

Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares

 

 

 (4,021)

 

 

 -

 

 

 (4,021)

 

 

 -

Pro Forma Income Applicable to Common Shareholders

 

$

 102,199 

 

$

 17,305 

 

$

 93,006 

 

$

 9,504 



 

 

 

 

 

 

 

 

 

 

 

 

Pro Forma Income Applicable to Common Shareholders per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 2.35 

 

$

 0.36 

 

$

 2.12 

 

$

 0.19 

Diluted

 

$

 2.33 

 

$

 0.35 

 

$

 2.10 

 

$

 0.19 



 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 43,427,726 

 

 

 48,530,716 

 

 

 43,903,526 

 

 

 49,053,846 

Diluted

 

 

 43,863,577 

 

 

 49,043,914 

 

 

 44,384,969 

 

 

 49,576,322 



Aquisitions In 2016 [Member]  
Wholly Owned Hotel Properties Acquired



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

Acquisition Date

 

 

Land

 

 

Buildings and Improvements

 

 

Furniture Fixtures and Equipment

 

 

Other Intangibles

 

 

Loan Costs

 

 

Total Purchase Price

 

 

Assumption of Debt

 

Sanctuary Beach Resort, Marina, CA

 

1/28/2016

 

$

 20,014 

 

$

 17,093 

 

$

 2,369 

 

$

 -

 

$

 198 

 

$

 39,674 

 

$

 14,750 

*

Hilton Garden Inn M Street, Washington, DC

 

3/9/2016

 

 

 30,131 

 

 

 65,971 

 

 

 9,621 

 

 

 874 

**

 

 -

 

 

 106,597 

 

 

 -

 

TOTAL

 

 

 

$

 50,145 

 

$

 83,064 

 

$

 11,990 

 

$

 874 

 

$

 198 

 

$

 146,271 

 

$

 14,750 

 



*Assumption of debt includes a $50 premium resulting from the determination that the stated rate of interest is above market rates on the date of acquisition



**Includes an intangible asset for a lease-in-place of $648, advance bookings of $76  and franchise fees of $150.

Results Of Operations For Hotels Acquired With 100% Interest



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended June 30,

 

Six Months Ended June 30,



 

2016

 

2016

Hotel

 

 

Revenue

 

 


Net Income

 

 

Revenue

 

 


 Net Income

Sanctuary Beach Resort, Marina, CA

 

$

 1,662 

 

$

 175 

 

$

 2,564 

 

$

 438 

Hilton Garden Inn M Street, Washington, DC

 

 

 4,903 

 

 

 1,618 

 

 

 6,132 

 

 

 2,109 

Total

 

$

 6,565 

 

$

 1,793 

 

$

 8,696 

 

$

 2,547