Maryland | 001-34572 | 27-0372343 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
4300 Wilson Boulevard, Suite 625 Arlington, VA | 22203 | |
(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 | |
Date: | November 2, 2017 | 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 (571) 349-9452 | ||
• | RevPAR: 3.4% decrease for the 22-hotel portfolio and 3.4% decrease for the 15-hotel portfolio over the same period in 2016. |
• | Adjusted Hotel EBITDA Margin: 100 basis point decrease to 33.6% for the 22-hotel portfolio and 90 basis point decrease to 35.8% for the 15-hotel portfolio over the same period in 2016. |
• | Adjusted Hotel EBITDA: $53.1 million. |
• | Adjusted Corporate EBITDA: $48.9 million. |
• | Net income available to common shareholders: $14.1 million or $0.24 per diluted common share. |
• | Adjusted FFO: $37.7 million or $0.64 per diluted common share. |
• | Preferred share redemption: Redeemed $125.0 million of 7.75% Series A Cumulative Redeemable Preferred Shares. |
• | Disposition: Entered into a definitive agreement to sell the 222-room The Hotel Minneapolis, Autograph Collection for a sale price of $46.0 million. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (571) 349-9452 | ||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Total revenue | $ | 158.3 | $ | 164.5 | $ | 455.6 | $ | 474.6 | ||||||||
Net income available to common shareholders | $ | 14.1 | $ | 23.5 | $ | 38.9 | $ | 57.3 | ||||||||
Net income per diluted common share | $ | 0.24 | $ | 0.40 | $ | 0.65 | $ | 0.97 | ||||||||
Adjusted Hotel EBITDA | $ | 53.1 | $ | 57.0 | $ | 146.1 | $ | 159.6 | ||||||||
Adjusted Corporate EBITDA | $ | 48.9 | $ | 52.9 | $ | 132.3 | $ | 145.6 | ||||||||
AFFO available to common shareholders | $ | 37.7 | $ | 42.1 | $ | 100.2 | $ | 112.0 | ||||||||
AFFO per diluted common share | $ | 0.64 | $ | 0.71 | $ | 1.69 | $ | 1.90 | ||||||||
Weighted-average number of diluted common shares outstanding | 59,287,812 | 58,928,433 | 59,244,803 | 58,894,529 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
22-Hotel Portfolio | ||||||||||||||||||||
Occupancy | 88.5 | % | 88.8 | % | (30) bps | 83.9 | % | 85.2 | % | (130) bps | ||||||||||
ADR | $ | 226.10 | $ | 233.19 | (3.0)% | $ | 224.57 | $ | 229.20 | (2.0)% | ||||||||||
RevPAR | $ | 200.12 | $ | 207.12 | (3.4)% | $ | 188.46 | $ | 195.34 | (3.5)% | ||||||||||
Adjusted Hotel EBITDA | $ | 53,123 | $ | 56,983 | (6.8)% | $ | 146,067 | $ | 159,631 | (8.5)% | ||||||||||
Adjusted Hotel EBITDA Margin | 33.6 | % | 34.6 | % | (100) bps | 32.1 | % | 33.6 | % | (150) bps | ||||||||||
15-Hotel Portfolio | ||||||||||||||||||||
Occupancy | 88.5 | % | 88.3 | % | 20 bps | 85.5 | % | 84.9 | % | 60 bps | ||||||||||
ADR | $ | 220.66 | $ | 228.81 | (3.6)% | $ | 219.67 | $ | 225.06 | (2.4)% | ||||||||||
RevPAR | $ | 195.29 | $ | 202.12 | (3.4)% | $ | 187.78 | $ | 191.18 | (1.8)% | ||||||||||
Adjusted Hotel EBITDA | $ | 32,427 | $ | 34,747 | (6.7)% | $ | 92,602 | $ | 98,319 | (5.8)% | ||||||||||
Adjusted Hotel EBITDA Margin | 35.8 | % | 36.7 | % | (90) bps | 35.1 | % | 36.1 | % | (100) bps |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (571) 349-9452 | ||
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (571) 349-9452 | ||
Fourth Quarter 2017 | Outlook | ||||||
Low | High | ||||||
CONSOLIDATED: | |||||||
Net income available to common shareholders | $ | 15.5 | $ | 17.5 | |||
Net income per diluted common share | $ | 0.26 | $ | 0.29 | |||
Adjusted Corporate EBITDA | $ | 37.1 | $ | 39.3 | |||
AFFO available to common shareholders | $ | 28.1 | $ | 30.0 | |||
AFFO per diluted common share | $ | 0.47 | $ | 0.51 | |||
Corporate cash general and administrative expense | $ | 2.3 | $ | 2.5 | |||
Corporate non-cash general and administrative expense | $ | 1.8 | $ | 1.8 | |||
Weighted-average number of diluted common shares outstanding | 59.3 | 59.3 | |||||
HOTEL PORTFOLIO(1): | |||||||
21-Hotel Portfolio | |||||||
Comparable RevPAR | $ | 174.00 | $ | 178.00 | |||
Comparable RevPAR change as compared to 2016 | (1.0 | )% | 1.0 | % | |||
Comparable Adjusted Hotel EBITDA | $ | 40.8 | $ | 43.0 | |||
Comparable Adjusted Hotel EBITDA Margin | 29.3 | % | 30.3 | % | |||
Comparable Adjusted Hotel EBITDA Margin change as compared to 2016 | (100) bps | 0 bps | |||||
14-Hotel Portfolio | |||||||
Comparable RevPAR | $ | 178.00 | $ | 181.00 | |||
Comparable RevPAR change as compared to 2016 | 0.0% | 2.0 | % | ||||
Comparable Adjusted Hotel EBITDA | $ | 26.9 | $ | 28.3 | |||
Comparable Adjusted Hotel EBITDA Margin | 33.3 | % | 34.3 | % | |||
Comparable Adjusted Hotel EBITDA Margin change as compared to 2016 | (25) bps | 75 bps |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (571) 349-9452 | ||
Full Year 2017 | Updated Outlook | Previous Outlook | |||||||||||||
Low | High | Low | High | ||||||||||||
CONSOLIDATED: | |||||||||||||||
Net income available to common shareholders | $ | 54.1 | $ | 56.0 | $ | 45.3 | $ | 49.8 | |||||||
Net income per diluted common share | $ | 0.91 | $ | 0.95 | $ | 0.77 | $ | 0.84 | |||||||
Adjusted Corporate EBITDA | $ | 169.4 | $ | 171.5 | $ | 169.0 | $ | 174.3 | |||||||
AFFO available to common shareholders | $ | 128.2 | $ | 130.2 | $ | 127.8 | $ | 132.3 | |||||||
AFFO per diluted common share | $ | 2.16 | $ | 2.20 | $ | 2.16 | $ | 2.24 | |||||||
Corporate cash general and administrative expense | $ | 10.4 | $ | 10.6 | $ | 10.5 | $ | 11.3 | |||||||
Corporate non-cash general and administrative expense | $ | 7.5 | $ | 7.5 | $ | 7.5 | $ | 7.5 | |||||||
Weighted-average number of diluted common shares outstanding | 59.3 | 59.3 | 59.1 | 59.1 | |||||||||||
HOTEL PORTFOLIO(1): | |||||||||||||||
21-Hotel Portfolio | |||||||||||||||
Comparable RevPAR | $ | 186.00 | $ | 187.00 | |||||||||||
Comparable RevPAR change as compared to 2016 | (2.8 | )% | (2.3 | )% | |||||||||||
Comparable Adjusted Hotel EBITDA | $ | 184.4 | $ | 186.6 | |||||||||||
Comparable Adjusted Hotel EBITDA Margin | 31.5 | % | 31.7 | % | |||||||||||
Comparable Adjusted Hotel EBITDA Margin change as compared to 2016 | (140) bps | (115) bps | |||||||||||||
14-Hotel Portfolio | |||||||||||||||
Comparable RevPAR | $ | 188.00 | $ | 189.00 | |||||||||||
Comparable RevPAR change as compared to 2016 | (1.0 | )% | (0.5 | )% | |||||||||||
Comparable Adjusted Hotel EBITDA | $ | 117.1 | $ | 118.4 | |||||||||||
Comparable Adjusted Hotel EBITDA Margin | 34.9 | % | 35.1 | % | |||||||||||
Comparable Adjusted Hotel EBITDA Margin change as compared to 2016 | (70) bps | (45) bps |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (571) 349-9452 | ||
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (571) 349-9452 | ||
September 30, 2017 | December 31, 2016 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Property and equipment, net | $ | 1,828,303 | $ | 1,882,869 | ||||
Intangible assets, net | 35,401 | 35,835 | ||||||
Cash and cash equivalents | 43,568 | 43,060 | ||||||
Restricted cash | 34,168 | 36,128 | ||||||
Accounts receivable, net | 28,273 | 19,966 | ||||||
Prepaid expenses and other assets | 19,005 | 17,516 | ||||||
Assets held for sale | 40,179 | — | ||||||
Total assets | $ | 2,028,897 | $ | 2,035,374 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Long-term debt | $ | 877,352 | $ | 737,310 | ||||
Accounts payable and accrued expenses | 68,074 | 64,581 | ||||||
Other liabilities | 42,075 | 44,808 | ||||||
Liabilities related to assets held for sale | 1,451 | — | ||||||
Total liabilities | 988,952 | 846,699 | ||||||
Commitments and contingencies | ||||||||
Preferred shares, $.01 par value; 100,000,000 shares authorized; Series A Cumulative Redeemable Preferred Shares; no shares and 5,000,000 shares issued and outstanding, respectively | — | 50 | ||||||
Common shares, $.01 par value; 400,000,000 shares authorized; 60,115,071 shares and 59,671,964 shares issued and outstanding, respectively | 601 | 597 | ||||||
Additional paid-in capital | 1,188,435 | 1,304,364 | ||||||
Cumulative dividends in excess of net income | (149,110 | ) | (116,297 | ) | ||||
Accumulated other comprehensive income (loss) | 19 | (39 | ) | |||||
Total shareholders’ equity | 1,039,945 | 1,188,675 | ||||||
Total liabilities and shareholders’ equity | $ | 2,028,897 | $ | 2,035,374 | ||||
SUPPLEMENTAL CREDIT INFORMATION: | ||||||||
Fixed charge coverage ratio(1) | 2.93 | 3.24 | ||||||
Leverage ratio(1) | 40.5 | % | 31.9 | % |
(1) | Calculated as defined under the Trust’s revolving credit facility. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUE | ||||||||||||||||
Rooms | $ | 123,241 | $ | 127,552 | $ | 344,410 | $ | 358,291 | ||||||||
Food and beverage | 27,172 | 29,633 | 89,620 | 95,852 | ||||||||||||
Other | 7,864 | 7,344 | 21,582 | 20,428 | ||||||||||||
Total revenue | 158,277 | 164,529 | 455,612 | 474,571 | ||||||||||||
EXPENSES | ||||||||||||||||
Hotel operating expenses: | ||||||||||||||||
Rooms | 28,132 | 28,532 | 80,822 | 81,909 | ||||||||||||
Food and beverage | 21,306 | 22,536 | 66,694 | 69,413 | ||||||||||||
Other direct | 1,480 | 1,690 | 4,136 | 4,837 | ||||||||||||
Indirect | 54,081 | 54,633 | 157,428 | 158,316 | ||||||||||||
Total hotel operating expenses | 104,999 | 107,391 | 309,080 | 314,475 | ||||||||||||
Depreciation and amortization | 19,369 | 18,703 | 57,252 | 55,797 | ||||||||||||
Air rights contract amortization | 130 | 130 | 390 | 390 | ||||||||||||
Corporate general and administrative | 4,216 | 4,074 | 13,798 | 14,074 | ||||||||||||
Total operating expenses | 128,714 | 130,298 | 380,520 | 384,736 | ||||||||||||
Operating income | 29,563 | 34,231 | 75,092 | 89,835 | ||||||||||||
Interest expense | (9,020 | ) | (8,122 | ) | (24,989 | ) | (23,892 | ) | ||||||||
Gain on sale of hotel | — | — | — | 598 | ||||||||||||
Income before income taxes | 20,543 | 26,109 | 50,103 | 66,541 | ||||||||||||
Income tax expense | (1,590 | ) | (162 | ) | (1,470 | ) | (1,982 | ) | ||||||||
Net income | 18,953 | 25,947 | 48,633 | 64,559 | ||||||||||||
Preferred share dividends | (430 | ) | (2,422 | ) | (5,274 | ) | (7,266 | ) | ||||||||
Write-off of issuance costs of redeemed preferred shares | (4,419 | ) | — | (4,419 | ) | — | ||||||||||
Net income available to common shareholders | $ | 14,104 | $ | 23,525 | $ | 38,940 | $ | 57,293 | ||||||||
Net income per common share—basic and diluted | $ | 0.24 | $ | 0.40 | $ | 0.65 | $ | 0.97 | ||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic | 59,043,425 | 58,729,338 | 59,024,497 | 58,711,056 | ||||||||||||
Diluted | 59,287,812 | 58,928,433 | 59,244,803 | 58,894,529 |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 48,633 | $ | 64,559 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 57,252 | 55,797 | ||||||
Air rights contract amortization | 390 | 390 | ||||||
Deferred financing costs amortization | 1,248 | 1,409 | ||||||
Gain on sale of hotel | — | (598 | ) | |||||
Share-based compensation | 5,671 | 7,150 | ||||||
Other | (465 | ) | (642 | ) | ||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | (8,825 | ) | (11,209 | ) | ||||
Prepaid expenses and other assets | (1,907 | ) | 585 | |||||
Accounts payable and accrued expenses | 5,089 | 4,605 | ||||||
Other liabilities | 173 | (33 | ) | |||||
Net cash provided by operating activities | 107,259 | 122,013 | ||||||
Cash flows from investing activities: | ||||||||
Disposition of hotel | — | 2,028 | ||||||
Improvements and additions to hotels | (41,952 | ) | (17,562 | ) | ||||
Change in restricted cash | 1,960 | (810 | ) | |||||
Net cash used in investing activities | (39,992 | ) | (16,344 | ) | ||||
Cash flows from financing activities: | ||||||||
Redemption of preferred shares | (125,000 | ) | — | |||||
Borrowings under revolving credit facility | 300,000 | 175,000 | ||||||
Repayments under revolving credit facility | (250,000 | ) | (215,000 | ) | ||||
Proceeds from issuance of unsecured term loan | 225,000 | — | ||||||
Proceeds from issuance of mortgage debt | — | 150,000 | ||||||
Principal prepayments on mortgage debt | — | (122,220 | ) | |||||
Scheduled principal payments on mortgage debt | (134,435 | ) | (7,847 | ) | ||||
Payment of deferred financing costs | (1,771 | ) | (935 | ) | ||||
Payment of dividends to common shareholders | (72,168 | ) | (70,842 | ) | ||||
Payment of dividends to preferred shareholders | (7,320 | ) | (7,266 | ) | ||||
Repurchase of common shares | (1,065 | ) | (194 | ) | ||||
Net cash used in financing activities | (66,759 | ) | (99,304 | ) | ||||
Net increase in cash | 508 | 6,365 | ||||||
Cash and cash equivalents, beginning of period | 43,060 | 50,544 | ||||||
Cash and cash equivalents, end of period | $ | 43,568 | $ | 56,909 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 18,953 | $ | 25,947 | $ | 48,633 | $ | 64,559 | ||||||||
Add: Interest expense | 9,020 | 8,122 | 24,989 | 23,892 | ||||||||||||
Income tax expense | 1,590 | 162 | 1,470 | 1,982 | ||||||||||||
Depreciation and amortization | 19,369 | 18,703 | 57,252 | 55,797 | ||||||||||||
Air rights contract amortization | 130 | 130 | 390 | 390 | ||||||||||||
Corporate general and administrative | 4,216 | 4,074 | 13,798 | 14,074 | ||||||||||||
Hotel EBITDA | 53,278 | 57,138 | 146,532 | 160,694 | ||||||||||||
Less: Non-cash amortization(1) | (155 | ) | (155 | ) | (465 | ) | (465 | ) | ||||||||
Gain on sale of hotel | — | — | — | (598 | ) | |||||||||||
Adjusted Hotel EBITDA | $ | 53,123 | $ | 56,983 | $ | 146,067 | $ | 159,631 | ||||||||
Total revenue | $ | 158,277 | $ | 164,529 | $ | 455,612 | $ | 474,571 | ||||||||
Adjusted Hotel EBITDA Margin | 33.6 | % | 34.6 | % | 32.1 | % | 33.6 | % |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 18,953 | $ | 25,947 | $ | 48,633 | $ | 64,559 | ||||||||
Add: Interest expense | 9,020 | 8,122 | 24,989 | 23,892 | ||||||||||||
Income tax expense | 1,590 | 162 | 1,470 | 1,982 | ||||||||||||
Depreciation and amortization | 19,369 | 18,703 | 57,252 | 55,797 | ||||||||||||
Corporate EBITDA | 48,932 | 52,934 | 132,344 | 146,230 | ||||||||||||
Less: Non-cash amortization(1) | (25 | ) | (26 | ) | (76 | ) | (76 | ) | ||||||||
Gain on sale of hotel | — | — | — | (598 | ) | |||||||||||
Adjusted Corporate EBITDA | $ | 48,907 | $ | 52,908 | $ | 132,268 | $ | 145,556 |
(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, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 18,953 | $ | 25,947 | $ | 48,633 | $ | 64,559 | ||||||||
Add: Depreciation and amortization | 19,369 | 18,703 | 57,252 | 55,797 | ||||||||||||
Less: Gain on sale of hotel | — | — | — | (598 | ) | |||||||||||
FFO | 38,322 | 44,650 | 105,885 | 119,758 | ||||||||||||
Less: Preferred share dividends | (430 | ) | (2,422 | ) | (5,274 | ) | (7,266 | ) | ||||||||
Write-off of issuance costs of redeemed preferred shares | (4,419 | ) | — | (4,419 | ) | — | ||||||||||
Dividends declared on unvested time-based awards | (124 | ) | (146 | ) | (371 | ) | (435 | ) | ||||||||
Undistributed earnings allocated to unvested time-based awards | — | — | — | — | ||||||||||||
FFO available to common shareholders | 33,349 | 42,082 | 95,821 | 112,057 | ||||||||||||
Add: Write-off of issuance costs of redeemed preferred shares | 4,419 | — | 4,419 | — | ||||||||||||
Less: Non-cash amortization(1) | (25 | ) | (26 | ) | (76 | ) | (76 | ) | ||||||||
AFFO available to common shareholders | $ | 37,743 | $ | 42,056 | $ | 100,164 | $ | 111,981 | ||||||||
FFO per common share: | ||||||||||||||||
Basic | $ | 0.56 | $ | 0.72 | $ | 1.62 | $ | 1.91 | ||||||||
Diluted | $ | 0.56 | $ | 0.71 | $ | 1.62 | $ | 1.90 | ||||||||
AFFO per common share: | ||||||||||||||||
Basic | $ | 0.64 | $ | 0.72 | $ | 1.70 | $ | 1.91 | ||||||||
Diluted | $ | 0.64 | $ | 0.71 | $ | 1.69 | $ | 1.90 |
(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, 2017 | Year Ending December 31, 2017 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 15,620 | $ | 17,570 | $ | 64,270 | $ | 66,220 | |||||||
Add: Interest expense | 8,990 | 8,990 | 33,980 | 33,980 | |||||||||||
Income tax expense (benefit) | (50 | ) | 150 | 1,420 | 1,620 | ||||||||||
Depreciation and amortization | 18,840 | 18,840 | 76,090 | 76,090 | |||||||||||
Air rights contract amortization | 130 | 130 | 520 | 520 | |||||||||||
Corporate general and administrative | 4,130 | 4,330 | 17,930 | 18,130 | |||||||||||
Hotel EBITDA | 47,660 | 50,010 | 194,210 | 196,560 | |||||||||||
Less: Non-cash amortization(1) | (160 | ) | (160 | ) | (640 | ) | (640 | ) | |||||||
Gain on sale of hotel | (6,250 | ) | (6,250 | ) | (6,250 | ) | (6,250 | ) | |||||||
Adjusted Hotel EBITDA | 41,250 | 43,600 | 187,320 | 189,670 | |||||||||||
Less: Hotel EBITDA of hotel to be sold(2) | (500 | ) | (600 | ) | (2,920 | ) | (3,020 | ) | |||||||
Comparable Adjusted Hotel EBITDA(3) | $ | 40,750 | $ | 43,000 | $ | 184,400 | $ | 186,650 | |||||||
Total revenue | $ | 140,400 | $ | 143,500 | $ | 596,010 | $ | 599,110 | |||||||
Less: Total revenue of hotel to be sold(2) | (1,400 | ) | (1,600 | ) | (10,560 | ) | (10,760 | ) | |||||||
Comparable total revenue(3) | $ | 139,000 | $ | 141,900 | $ | 585,450 | $ | 588,350 | |||||||
Comparable Adjusted Hotel EBITDA Margin(3) | 29.3 | % | 30.3 | % | 31.5 | % | 31.7 | % |
(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 The Hotel Minneapolis, Autograph Collection, which is under contract to be sold with completion of the sale expected in Q4 2017. |
(3) | The Trust uses the term "comparable" to refer to metrics that include only those hotels owned for the entirety of the two periods being compared. |
Three Months Ending December 31, 2017 | Year Ending December 31, 2017 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 15,620 | $ | 17,570 | $ | 64,270 | $ | 66,220 | |||||||
Add: Interest expense | 8,990 | 8,990 | 33,980 | 33,980 | |||||||||||
Income tax expense (benefit) | (50 | ) | 150 | 1,420 | 1,620 | ||||||||||
Depreciation and amortization | 18,840 | 18,840 | 76,090 | 76,090 | |||||||||||
Corporate EBITDA | 43,400 | 45,550 | 175,760 | 177,910 | |||||||||||
Less: Non-cash amortization(1) | (30 | ) | (30 | ) | (120 | ) | (120 | ) | |||||||
Gain on sale of hotel | (6,250 | ) | (6,250 | ) | (6,250 | ) | (6,250 | ) | |||||||
Adjusted Corporate EBITDA | $ | 37,120 | $ | 39,270 | $ | 169,390 | $ | 171,540 |
(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, 2017 | Year Ending December 31, 2017 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 15,620 | $ | 17,570 | $ | 64,270 | $ | 66,220 | |||||||
Add: Depreciation and amortization | 18,840 | 18,840 | 76,090 | 76,090 | |||||||||||
Less: Gain on sale of hotel | (6,250 | ) | (6,250 | ) | (6,250 | ) | (6,250 | ) | |||||||
FFO | 28,210 | 30,160 | 134,110 | 136,060 | |||||||||||
Less: Preferred share dividends | — | — | (5,270 | ) | (5,270 | ) | |||||||||
Write-off of issuance costs of redeemed preferred shares | — | — | (4,420 | ) | (4,420 | ) | |||||||||
Dividends declared on unvested time-based awards | (120 | ) | (120 | ) | (490 | ) | (490 | ) | |||||||
Undistributed earnings allocated to unvested time-based awards | — | — | — | — | |||||||||||
FFO available to common shareholders | 28,090 | 30,040 | 123,930 | 125,880 | |||||||||||
Add: Write-off of issuance costs of redeemed preferred shares | — | — | 4,420 | 4,420 | |||||||||||
Less: Non-cash amortization(1) | (30 | ) | (30 | ) | (120 | ) | (120 | ) | |||||||
AFFO available to common shareholders | $ | 28,060 | $ | 30,010 | $ | 128,230 | $ | 130,180 | |||||||
FFO per common share: | |||||||||||||||
Basic | $ | 0.48 | $ | 0.51 | $ | 2.10 | $ | 2.13 | |||||||
Diluted | $ | 0.47 | $ | 0.51 | $ | 2.09 | $ | 2.12 | |||||||
AFFO per common share: | |||||||||||||||
Basic | $ | 0.48 | $ | 0.51 | $ | 2.17 | $ | 2.21 | |||||||
Diluted | $ | 0.47 | $ | 0.51 | $ | 2.16 | $ | 2.20 | |||||||
Weighted-average number of common shares outstanding: | |||||||||||||||
Basic | 59,044 | 59,044 | 59,026 | 59,026 | |||||||||||
Diluted | 59,322 | 59,322 | 59,263 | 59,263 |
(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(1) | 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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