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 | |
Press release dated February 15, 2018. |
Date: February 15, 2018 | 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 | |
• | Comparable RevPAR: 0.3% increase for the 21-hotel portfolio and 1.2% increase for the 14-hotel portfolio over the same period in 2016. |
• | Comparable Adjusted Hotel EBITDA Margin: 40 basis point decrease to 29.9% for the 21-hotel portfolio and 10 basis point decrease to 33.4% for the 14-hotel portfolio over the same period in 2016. |
• | Adjusted Hotel EBITDA: $42.5 million. |
• | Adjusted Corporate EBITDA: $37.3 million. |
• | Net income available to common shareholders: $27.6 million or $0.46 per diluted common share. |
• | Adjusted FFO: $28.4 million or $0.48 per diluted common share. |
• | Disposition: Sold 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 December 31, | Year Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Total revenue | $ | 142.7 | $ | 145.1 | $ | 598.3 | $ | 619.7 | ||||||||
Net income available to common shareholders | $ | 27.6 | $ | 9.7 | $ | 66.5 | $ | 67.0 | ||||||||
Net income per diluted common share | $ | 0.46 | $ | 0.16 | $ | 1.11 | $ | 1.13 | ||||||||
Adjusted Hotel EBITDA | $ | 42.5 | $ | 44.1 | $ | 188.6 | $ | 203.7 | ||||||||
Adjusted Corporate EBITDA | $ | 37.3 | $ | 39.0 | $ | 169.5 | $ | 184.5 | ||||||||
AFFO available to common shareholders | $ | 28.4 | $ | 28.4 | $ | 128.6 | $ | 140.4 | ||||||||
AFFO per diluted common share | $ | 0.48 | $ | 0.48 | $ | 2.17 | $ | 2.39 | ||||||||
Weighted-average number of diluted common shares outstanding | 59,311,061 | 58,737,275 | 59,255,244 | 58,717,647 |
![]() | PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (571) 349-9452 | |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
21-Hotel Portfolio | ||||||||||||||||||||
Comparable Occupancy | 80.5 | % | 80.0 | % | 50 bps | 83.1 | % | 83.9 | % | (80) bps | ||||||||||
Comparable ADR | $ | 219.48 | $ | 220.21 | (0.3)% | $ | 225.21 | $ | 228.58 | (1.5)% | ||||||||||
Comparable RevPAR | $ | 176.73 | $ | 176.15 | 0.3% | $ | 187.22 | $ | 191.89 | (2.4)% | ||||||||||
Comparable Adjusted Hotel EBITDA | $ | 42,219 | $ | 42,990 | (1.8)% | $ | 185,862 | $ | 199,169 | (6.7)% | ||||||||||
Comparable Adjusted Hotel EBITDA Margin | 29.9 | % | 30.3 | % | (40) bps | 31.6 | % | 32.9 | % | (130) bps | ||||||||||
14-Hotel Portfolio | ||||||||||||||||||||
Comparable Occupancy | 82.6 | % | 81.2 | % | 140 bps | 84.9 | % | 84.0 | % | 90 bps | ||||||||||
Comparable ADR | $ | 217.94 | $ | 219.02 | (0.5)% | $ | 222.17 | $ | 226.01 | (1.7)% | ||||||||||
Comparable RevPAR | $ | 179.91 | $ | 177.78 | 1.2% | $ | 188.67 | $ | 189.95 | (0.7)% | ||||||||||
Comparable Adjusted Hotel EBITDA | $ | 27,120 | $ | 27,358 | (0.9)% | $ | 117,300 | $ | 122,226 | (4.0)% | ||||||||||
Comparable Adjusted Hotel EBITDA Margin | 33.4 | % | 33.5 | % | (10) bps | 34.9 | % | 35.6 | % | (70) bps |
![]() | PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (571) 349-9452 | |
First Quarter 2018 Outlook | Full Year 2018 Outlook | ||||||||||||||
Low | High | Low | High | ||||||||||||
CONSOLIDATED: | |||||||||||||||
Net income available to common shareholders | $ | 3.9 | $ | 5.6 | $ | 62.9 | $ | 69.4 | |||||||
Net income per diluted common share | $ | 0.06 | $ | 0.09 | $ | 1.06 | $ | 1.17 | |||||||
Adjusted Corporate EBITDA | $ | 29.6 | $ | 31.1 | $ | 175.5 | $ | 183.0 | |||||||
AFFO available to common shareholders | $ | 23.1 | $ | 24.9 | $ | 138.1 | $ | 144.6 | |||||||
AFFO per diluted common share | $ | 0.39 | $ | 0.42 | $ | 2.33 | $ | 2.43 | |||||||
Corporate cash general and administrative expense | $ | 3.0 | $ | 3.2 | $ | 10.8 | $ | 11.8 | |||||||
Corporate non-cash general and administrative expense | $ | 2.0 | $ | 2.0 | $ | 7.6 | $ | 7.6 | |||||||
Weighted-average number of diluted common shares outstanding | 59.5 | 59.5 | 59.4 | 59.4 | |||||||||||
HOTEL PORTFOLIO: | |||||||||||||||
RevPAR | $ | 168.00 | $ | 172.00 | $ | 193.00 | $ | 197.00 | |||||||
RevPAR change as compared to 2017(1) | 1.0 | % | 3.0 | % | 3.0 | % | 5.0 | % | |||||||
Adjusted Hotel EBITDA | $ | 34.5 | $ | 36.2 | $ | 193.8 | $ | 202.3 | |||||||
Adjusted Hotel EBITDA Margin | 26.2 | % | 27.0 | % | 32.1 | % | 32.9 | % | |||||||
Adjusted Hotel EBITDA Margin change as compared to 2017(1) | (75) bps | 0 bps | 50 bps | 125 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 | |
December 31, | ||||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Property and equipment, net | $ | 1,823,217 | $ | 1,882,869 | ||||
Intangible assets, net | 35,256 | 35,835 | ||||||
Cash and cash equivalents | 44,314 | 43,060 | ||||||
Restricted cash | 30,602 | 36,128 | ||||||
Accounts receivable, net | 20,769 | 19,966 | ||||||
Prepaid expenses and other assets | 21,202 | 17,516 | ||||||
Total assets | $ | 1,975,360 | $ | 2,035,374 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Long-term debt | $ | 829,552 | $ | 737,310 | ||||
Accounts payable and accrued expenses | 65,783 | 64,581 | ||||||
Other liabilities | 31,597 | 44,808 | ||||||
Total liabilities | 926,932 | 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; 59,941,088 shares and 59,671,964 shares issued and outstanding, respectively | 599 | 597 | ||||||
Additional paid-in capital | 1,190,250 | 1,304,364 | ||||||
Cumulative dividends in excess of net income | (144,734 | ) | (116,297 | ) | ||||
Accumulated other comprehensive income (loss) | 2,313 | (39 | ) | |||||
Total shareholders’ equity | 1,048,428 | 1,188,675 | ||||||
Total liabilities and shareholders’ equity | $ | 1,975,360 | $ | 2,035,374 | ||||
SUPPLEMENTAL CREDIT INFORMATION: | ||||||||
Fixed charge coverage ratio(1) | 3.00 | 3.24 | ||||||
Leverage ratio(1) | 39.2 | % | 31.9 | % |
(1) | Calculated as defined under the Trust’s revolving credit facility. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(unaudited) | ||||||||||||||||
REVENUE | ||||||||||||||||
Rooms | $ | 106,402 | $ | 107,505 | $ | 450,812 | $ | 465,796 | ||||||||
Food and beverage | 29,095 | 30,135 | 118,715 | 125,987 | ||||||||||||
Other | 7,158 | 7,488 | 28,740 | 27,916 | ||||||||||||
Total revenue | 142,655 | 145,128 | 598,267 | 619,699 | ||||||||||||
EXPENSES | ||||||||||||||||
Hotel operating expenses: | ||||||||||||||||
Rooms | 26,361 | 26,383 | 107,183 | 108,292 | ||||||||||||
Food and beverage | 21,760 | 22,662 | 88,454 | 92,075 | ||||||||||||
Other direct | 1,321 | 1,438 | 5,457 | 6,275 | ||||||||||||
Indirect | 36,784 | 50,440 | 194,212 | 208,756 | ||||||||||||
Total hotel operating expenses | 86,226 | 100,923 | 395,306 | 415,398 | ||||||||||||
Depreciation and amortization | 18,978 | 18,864 | 76,230 | 74,661 | ||||||||||||
Air rights contract amortization | 130 | 130 | 520 | 520 | ||||||||||||
Corporate general and administrative | 5,252 | 5,093 | 19,050 | 19,167 | ||||||||||||
Total operating expenses | 110,586 | 125,010 | 491,106 | 509,746 | ||||||||||||
Operating income | 32,069 | 20,118 | 107,161 | 109,953 | ||||||||||||
Interest expense | (8,950 | ) | (7,954 | ) | (33,939 | ) | (31,846 | ) | ||||||||
Gain on sale of hotel | 6,102 | — | 6,102 | 598 | ||||||||||||
Income before income taxes | 29,221 | 12,164 | 79,324 | 78,705 | ||||||||||||
Income tax expense | (1,619 | ) | (17 | ) | (3,089 | ) | (1,999 | ) | ||||||||
Net income | 27,602 | 12,147 | 76,235 | 76,706 | ||||||||||||
Preferred share dividends | — | (2,422 | ) | (5,274 | ) | (9,688 | ) | |||||||||
Write-off of issuance costs of redeemed preferred shares | — | — | (4,419 | ) | — | |||||||||||
Net income available to common shareholders | $ | 27,602 | $ | 9,725 | $ | 66,542 | $ | 67,018 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.47 | $ | 0.16 | $ | 1.12 | $ | 1.13 | ||||||||
Diluted | $ | 0.46 | $ | 0.16 | $ | 1.11 | $ | 1.13 | ||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic | 59,044,308 | 58,737,275 | 59,029,490 | 58,717,647 | ||||||||||||
Diluted | 59,311,061 | 58,737,275 | 59,255,244 | 58,717,647 |
Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 76,235 | $ | 76,706 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 76,230 | 74,661 | ||||||
Air rights contract amortization | 520 | 520 | ||||||
Write-off of unfavorable contract liability | (11,815 | ) | — | |||||
Deferred financing costs amortization | 1,682 | 1,850 | ||||||
Gain on sale of hotel | (6,102 | ) | (598 | ) | ||||
Share-based compensation | 7,497 | 9,507 | ||||||
Other | (593 | ) | (796 | ) | ||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | (1,093 | ) | (4,363 | ) | ||||
Prepaid expenses and other assets | (1,976 | ) | 329 | |||||
Accounts payable and accrued expenses | 1,283 | 1,801 | ||||||
Other liabilities | 1,667 | (47 | ) | |||||
Net cash provided by operating activities | 143,535 | 159,570 | ||||||
Cash flows from investing activities: | ||||||||
Disposition of hotels, net of cash sold | 45,991 | 2,028 | ||||||
Improvements and additions to hotels | (55,051 | ) | (32,015 | ) | ||||
Change in restricted cash | 5,526 | 4,233 | ||||||
Net cash used in investing activities | (3,534 | ) | (25,754 | ) | ||||
Cash flows from financing activities: | ||||||||
Redemption of preferred shares | (125,000 | ) | — | |||||
Borrowings under revolving credit facility | 315,000 | 185,000 | ||||||
Repayments under revolving credit facility | (310,000 | ) | (235,000 | ) | ||||
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 | (137,657 | ) | (10,940 | ) | ||||
Payment of deferred financing costs | (1,783 | ) | (952 | ) | ||||
Payment of dividends to common shareholders | (95,909 | ) | (94,480 | ) | ||||
Payment of dividends to preferred shareholders | (7,320 | ) | (9,688 | ) | ||||
Repurchase of common shares | (1,078 | ) | (3,020 | ) | ||||
Net cash used in financing activities | (138,747 | ) | (141,300 | ) | ||||
Net increase (decrease) in cash | 1,254 | (7,484 | ) | |||||
Cash and cash equivalents, beginning of period | 43,060 | 50,544 | ||||||
Cash and cash equivalents, end of period | $ | 44,314 | $ | 43,060 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 27,602 | $ | 12,147 | $ | 76,235 | $ | 76,706 | |||||||
Add: Interest expense | 8,950 | 7,954 | 33,939 | 31,846 | |||||||||||
Income tax expense | 1,619 | 17 | 3,089 | 1,999 | |||||||||||
Depreciation and amortization | 18,978 | 18,864 | 76,230 | 74,661 | |||||||||||
Air rights contract amortization | 130 | 130 | 520 | 520 | |||||||||||
Corporate general and administrative | 5,252 | 5,093 | 19,050 | 19,167 | |||||||||||
Hotel EBITDA | 62,531 | 44,205 | 209,063 | 204,899 | |||||||||||
Less: Non-cash amortization(1) | (129 | ) | (155 | ) | (594 | ) | (620 | ) | |||||||
Hilton Denver City Center change in management(2) | (13,769 | ) | — | (13,769 | ) | — | |||||||||
Gain on sale of hotel | (6,102 | ) | — | (6,102 | ) | (598 | ) | ||||||||
Adjusted Hotel EBITDA | 42,531 | 44,050 | 188,598 | 203,681 | |||||||||||
Less: Hotel EBITDA of hotel sold(3) | (312 | ) | (1,060 | ) | (2,736 | ) | (4,512 | ) | |||||||
Comparable Adjusted Hotel EBITDA(4) | $ | 42,219 | $ | 42,990 | $ | 185,862 | $ | 199,169 | |||||||
Total revenue | $ | 142,655 | $ | 145,128 | $ | 598,267 | $ | 619,699 | |||||||
Less: Total revenue of hotel sold(3) | (1,444 | ) | (3,324 | ) | (10,601 | ) | (13,832 | ) | |||||||
Comparable total revenue(4) | $ | 141,211 | $ | 141,804 | $ | 587,666 | $ | 605,867 | |||||||
Comparable Adjusted Hotel EBITDA Margin(4) | 29.9 | % | 30.3 | % | 31.6 | % | 32.9 | % |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
(2) | Reflects (1) a non-cash write-off of an unfavorable contract liability, (2) a settlement gain, and (3) transition-related expenses, all of which are in connection with the change in management at the Hilton Denver City Center (formerly the Denver Marriott City Center). |
(3) | Reflects results of operations for The Hotel Minneapolis, Autograph Collection, which was sold on November 8, 2017. |
(4) | 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 Ended December 31, | Year Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 27,602 | $ | 12,147 | $ | 76,235 | $ | 76,706 | |||||||
Add: Interest expense | 8,950 | 7,954 | 33,939 | 31,846 | |||||||||||
Income tax expense | 1,619 | 17 | 3,089 | 1,999 | |||||||||||
Depreciation and amortization | 18,978 | 18,864 | 76,230 | 74,661 | |||||||||||
Corporate EBITDA | 57,149 | 38,982 | 189,493 | 185,212 | |||||||||||
Less: Non-cash amortization(1) | 2 | (25 | ) | (74 | ) | (101 | ) | ||||||||
Hilton Denver City Center change in management(2) | (13,769 | ) | — | (13,769 | ) | — | |||||||||
Gain on sale of hotel | (6,102 | ) | — | (6,102 | ) | (598 | ) | ||||||||
Adjusted Corporate EBITDA | $ | 37,280 | $ | 38,957 | $ | 169,548 | $ | 184,513 |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
(2) | Reflects (1) a non-cash write-off of an unfavorable contract liability, (2) a settlement gain, and (3) transition-related expenses, all of which are in connection with the change in management at the Hilton Denver City Center (formerly the Denver Marriott City Center). |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 27,602 | $ | 12,147 | $ | 76,235 | $ | 76,706 | |||||||
Add: Depreciation and amortization | 18,978 | 18,864 | 76,230 | 74,661 | |||||||||||
Less: Gain on sale of hotel | (6,102 | ) | — | (6,102 | ) | (598 | ) | ||||||||
FFO | 40,478 | 31,011 | 146,363 | 150,769 | |||||||||||
Less: Preferred share dividends | — | (2,422 | ) | (5,274 | ) | (9,688 | ) | ||||||||
Write-off of issuance costs of redeemed preferred shares | — | — | (4,419 | ) | — | ||||||||||
Dividends declared on unvested time-based awards | (123 | ) | (126 | ) | (494 | ) | (561 | ) | |||||||
Undistributed earnings allocated to unvested time-based awards | (20 | ) | — | — | — | ||||||||||
FFO available to common shareholders | 40,335 | 28,463 | 136,176 | 140,520 | |||||||||||
Add: Write-off of issuance costs of redeemed preferred shares | — | — | 4,419 | — | |||||||||||
Tax Cuts and Jobs Act income tax adjustment | 1,057 | — | 1,057 | — | |||||||||||
Less: Non-cash amortization(1) | 2 | (25 | ) | (74 | ) | (101 | ) | ||||||||
Hilton Denver City Center change in management(2) | (13,018 | ) | — | (13,018 | ) | — | |||||||||
AFFO available to common shareholders | $ | 28,376 | $ | 28,438 | $ | 128,560 | $ | 140,419 | |||||||
FFO per common share: | |||||||||||||||
Basic | $ | 0.68 | $ | 0.48 | $ | 2.31 | $ | 2.39 | |||||||
Diluted | $ | 0.68 | $ | 0.48 | $ | 2.30 | $ | 2.39 | |||||||
AFFO per common share: | |||||||||||||||
Basic | $ | 0.48 | $ | 0.48 | $ | 2.18 | $ | 2.39 | |||||||
Diluted | $ | 0.48 | $ | 0.48 | $ | 2.17 | $ | 2.39 |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
(2) | Reflects (1) a non-cash write-off of an unfavorable contract liability, (2) a settlement gain, and (3) transition-related expenses, all of which are in connection with the change in management at the Hilton Denver City Center (formerly the Denver Marriott City Center). |
Three Months Ending March 31, 2018 | Year Ending December 31, 2018 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 3,970 | $ | 5,720 | $ | 63,380 | $ | 69,880 | |||||||
Add: Interest expense | 8,900 | 8,900 | 35,600 | 35,600 | |||||||||||
Income tax expense (benefit) | (2,600 | ) | (2,800 | ) | 1,250 | 2,250 | |||||||||
Depreciation and amortization | 19,230 | 19,230 | 75,000 | 75,000 | |||||||||||
Air rights contract amortization | 130 | 130 | 520 | 520 | |||||||||||
Corporate general and administrative | 4,900 | 5,100 | 18,300 | 19,300 | |||||||||||
Hotel EBITDA | 34,530 | 36,280 | 194,050 | 202,550 | |||||||||||
Less: Non-cash amortization(1) | (80 | ) | (80 | ) | (300 | ) | (300 | ) | |||||||
Adjusted Hotel EBITDA | $ | 34,450 | $ | 36,200 | $ | 193,750 | $ | 202,250 | |||||||
Total revenue | $ | 131,350 | $ | 134,200 | $ | 603,000 | $ | 615,250 | |||||||
Adjusted Hotel EBITDA Margin | 26.2 | % | 27.0 | % | 32.1 | % | 32.9 | % |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, and deferred key money. |
Three Months Ending March 31, 2018 | Year Ending December 31, 2018 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 3,970 | $ | 5,720 | $ | 63,380 | $ | 69,880 | |||||||
Add: Interest expense | 8,900 | 8,900 | 35,600 | 35,600 | |||||||||||
Income tax expense (benefit) | (2,600 | ) | (2,800 | ) | 1,250 | 2,250 | |||||||||
Depreciation and amortization | 19,230 | 19,230 | 75,000 | 75,000 | |||||||||||
Corporate EBITDA | 29,500 | 31,050 | 175,230 | 182,730 | |||||||||||
Add: Non-cash amortization(1) | 50 | 50 | 220 | 220 | |||||||||||
Adjusted Corporate EBITDA | $ | 29,550 | $ | 31,100 | $ | 175,450 | $ | 182,950 |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and air rights contract. |
Three Months Ending March 31, 2018 | Year Ending December 31, 2018 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income | $ | 3,970 | $ | 5,720 | $ | 63,380 | $ | 69,880 | |||||||
Add: Depreciation and amortization | 19,230 | 19,230 | 75,000 | 75,000 | |||||||||||
FFO | 23,200 | 24,950 | 138,380 | 144,880 | |||||||||||
Less: Dividends declared on unvested time-based awards | (120 | ) | (120 | ) | (480 | ) | (480 | ) | |||||||
Undistributed earnings allocated to unvested time-based awards | — | — | — | — | |||||||||||
FFO available to common shareholders | 23,080 | 24,830 | 137,900 | 144,400 | |||||||||||
Add: Non-cash amortization(1) | 50 | 50 | 220 | 220 | |||||||||||
AFFO available to common shareholders | $ | 23,130 | $ | 24,880 | $ | 138,120 | $ | 144,620 | |||||||
FFO per common share: | |||||||||||||||
Basic | $ | 0.39 | $ | 0.42 | $ | 2.33 | $ | 2.44 | |||||||
Diluted | $ | 0.39 | $ | 0.42 | $ | 2.32 | $ | 2.43 | |||||||
AFFO per common share: | |||||||||||||||
Basic | $ | 0.39 | $ | 0.42 | $ | 2.34 | $ | 2.45 | |||||||
Diluted | $ | 0.39 | $ | 0.42 | $ | 2.33 | $ | 2.43 | |||||||
Weighted-average number of common shares outstanding: | |||||||||||||||
Basic | 59,108 | 59,108 | 59,145 | 59,145 | |||||||||||
Diluted | 59,464 | 59,464 | 59,394 | 59,394 |
(1) | Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, 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 | Hilton Denver 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 | Hyatt Place New York Midtown South | New York, NY | 185 | March 14, 2013 | ||||
15 | W New Orleans – French Quarter | New Orleans, LA | 97 | March 28, 2013 | ||||
16 | Le Meridien New Orleans | New Orleans, LA | 410 | April 25, 2013 | ||||
17 | Hyatt Centric Fisherman’s Wharf | San Francisco, CA | 316 | May 31, 2013 | ||||
18 | Hyatt Centric Santa Barbara | Santa Barbara, CA | 200 | June 27, 2013 | ||||
19 | JW Marriott San Francisco Union Square | San Francisco, CA | 344 | October 1, 2014 | ||||
20 | Royal Palm South Beach Miami, a Tribute Portfolio Resort | Miami Beach, FL | 393 | March 9, 2015 | ||||
21 | Ace Hotel and Theater Downtown Los Angeles | Los Angeles, CA | 182 | April 30, 2015 | ||||
6,479 |
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