Attached files
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| 8-K - 8-K - Sunstone Hotel Investors, Inc. | sho-20141103x8k.htm |
| EX-99.1 - EX-99.1 - Sunstone Hotel Investors, Inc. | sho-20141103ex991ea462d.htm |
Exhibit 99.2
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Supplemental Financial Information For the quarter ended September 30, 2014 November 3, 2014
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Supplemental Financial Information – Unaudited November 3, 2014 |
Table of Contents
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Supplemental Financial Information – Unaudited November 3, 2014 |
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Supplemental Financial Information – Unaudited November 3, 2014 |
CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR |
Page 3 |
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Supplemental Financial Information – Unaudited November 3, 2014 |
Sunstone Hotel Investors, Inc. (NYSE:SHO) is a lodging real estate investment trust (REIT) that, as of November 3, 2014, has interests in 30 hotels held for investment comprised of 14,303 rooms. Sunstone’s hotels are primarily in the upper upscale segment and are operated under nationally recognized brands, such as Marriott, Hilton, Hyatt, Fairmont and Sheraton.
Sunstone’s mission is to create meaningful value for our stockholders by becoming the premier hotel owner. Our values include transparency, trust, ethical conduct, communication and discipline. As demand for lodging generally fluctuates with the overall economy (we refer to these changes in demand as the lodging cycle), we seek to employ a balanced, cycle-appropriate corporate strategy that encompasses the following:
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Proactive portfolio management; |
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Intensive asset management; |
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Disciplined external growth; and |
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Continued balance sheet strength. |
Corporate Headquarters
120 Vantis, Suite 350
Aliso Viejo, CA 92656
(949) 330-4000
Company Contacts
Ken Cruse
Chief Executive Officer
(949) 382-3012
John Arabia
President
(949) 382-3008
Bryan Giglia
Chief Financial Officer
(949) 382-3036
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR |
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Supplemental Financial Information – Unaudited November 3, 2014 |
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: volatility in the debt or equity markets affecting our ability to acquire or sell hotel assets; international, national and local economic and business conditions, including the likelihood of a U.S. recession or global economic slowdown, as well as any type of flu or disease-related pandemic, affecting the lodging and travel industry; the ability to maintain sufficient liquidity and our access to capital markets; potential terrorist attacks, which would affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt and equity agreements; relationships with property managers and franchisors; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations, which influence or determine wages, prices, construction procedures and costs; our ability to identify, successfully compete for and complete acquisitions; the performance of hotels after they are acquired; necessary capital expenditures and our ability to fund them and complete them with minimum disruption; our ability to continue to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described in the Company’s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information in this presentation is as of November 3, 2014, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
This presentation should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR |
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Supplemental Financial Information – Unaudited November 3, 2014 |
We present the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: Earnings Before Interest Expense, Taxes, Depreciation and Amortization, or EBITDA; Adjusted EBITDA (as defined below); Funds From Operations, or FFO; Adjusted FFO Available to Common Stockholders (as defined below); hotel EBITDA; and hotel EBITDA margin. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. EBITDA, Adjusted EBITDA, FFO, Adjusted FFO Available to Common Stockholders, hotel EBITDA and hotel EBITDA margin as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.
EBITDA is a commonly used measure of performance in many industries. We believe EBITDA is useful to investors in evaluating our operating performance because this measure helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. We also believe the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital-intensive companies. In addition, certain covenants included in our indebtedness use EBITDA as a measure of financial compliance. We also use EBITDA as a measure in determining the value of hotel acquisitions and dispositions.
Historically, we have adjusted EBITDA when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance and that the presentation of Adjusted EBITDA, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance.
We believe that the presentation of FFO provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, amortization of lease intangibles, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO conforms to the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of FFO. This may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently that we do.
We also present Adjusted FFO Available to Common Stockholders when evaluating our operating performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance, and may facilitate comparisons of operating performance between periods and our peer companies.
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR |
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Supplemental Financial Information – Unaudited November 3, 2014 |
We adjust EBITDA and FFO for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDA or Adjusted FFO Available to Common Stockholders:
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Amortization of favorable and unfavorable contracts: we exclude the non-cash amortization of the favorable management contract asset recorded in conjunction with our acquisition of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, along with the favorable tenant lease assets recorded in conjunction with our acquisitions of the Hilton New Orleans St. Charles, the Hyatt Regency San Francisco and the Marriott Wailea, and the unfavorable tenant lease liabilities recorded in conjunction with our acquisitions of the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Regency San Francisco and the Marriott Wailea. The amortization of favorable and unfavorable contracts does not reflect the underlying performance of our hotels. |
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Ground rent adjustments: we exclude the non-cash expense incurred from straightlining our ground lease obligations as this expense does not reflect the underlying performance of our hotels. |
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Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure. |
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Acquisition costs: under GAAP, costs associated with completed acquisitions are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company. |
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Consolidated partnership adjustments: we deduct the non-controlling partner’s pro rata share of any EBITDA or FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership. |
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Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments because they do not reflect our actual performance for that period. |
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Impairment losses: we exclude the effect of impairment losses because we believe that including them in Adjusted EBITDA and Adjusted FFO Available to Common Stockholders is not consistent with reflecting the ongoing performance of our remaining assets. |
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Other adjustments: we exclude other adjustments such as lawsuit settlement costs, prior year property tax assessments and/or credits, management company transition costs, and departmental closing costs, including severance, because we do not believe these costs reflect our actual performance for that period and/or the ongoing operations of our hotels. |
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR |
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Supplemental Financial Information – Unaudited November 3, 2014 |
In addition, to derive Adjusted EBITDA we exclude the non-cash expense incurred with the amortization of deferred stock compensation as this expense does not reflect the underlying performance of our hotels. We also include an adjustment for the cash ground lease expense recorded on the Hyatt Chicago Magnificent Mile’s building lease. Upon acquisition of this hotel, we determined that the building lease was a capital lease, and, therefore, we include a portion of the capital lease payment each month in interest expense. We include an adjustment for ground lease expense on capital leases in order to more accurately reflect the operating performance of the Hyatt Chicago Magnificent Mile. We also exclude the effect of gains and losses on the disposition of depreciable assets because we believe that including them in Adjusted EBITDA is not consistent with reflecting the ongoing performance of our assets. In addition, material gains or losses from the depreciated value of the disposed assets could be less important to investors given that the depreciated asset value often does not reflect its market value.
To derive Adjusted FFO Available to Common Stockholders, we also exclude the non-cash gains or losses on our derivatives, as well as preferred stock dividends and any original issuance costs associated with the redemption of preferred stock, and any federal and state taxes associated with the application of net operating loss carryforwards. We believe that these items are not reflective of our ongoing finance costs.
Reconciliations of net income to EBITDA and Adjusted EBITDA are set forth on page 13 of this supplemental package. Reconciliations of net income to FFO and Adjusted FFO Available to Common Stockholders are set forth on page 14 of this supplemental package.
Our 30 comparable hotels include all hotels held for investment by the Company as of September 30, 2014, and also include prior ownership results for the Hilton New Orleans St. Charles acquired in May 2013, the Boston Park Plaza acquired in July 2013, the Hyatt Regency San Francisco acquired in December 2013, and the Marriott Wailea acquired in July 2014.
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR |
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Supplemental Financial Information – Unaudited November 3, 2014 |
CORPORATE FINANCIAL INFORMATION
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CORPORATE FINANCIAL INFORMATION |
Page 9 |
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Supplemental Financial Information – Unaudited November 3, 2014 |
Condensed Consolidated Balance Sheets
Q3 2014 – Q3 2013
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(In thousands) |
September 30, 2014 (1) |
June 30, 2014 (2) |
March 31, 2014 (3) |
December 31, 2013 (4) |
September 30, 2013 (5) |
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Assets |
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Investment in hotel properties: |
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Land |
$ |
570,011 |
$ |
450,304 |
$ |
439,304 |
$ |
439,304 |
$ |
323,164 | |||||
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Buildings & improvements |
3,216,923 | 3,013,911 | 2,986,687 | 2,977,458 | 2,835,056 | ||||||||||
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Furniture, fixtures, & equipment |
447,712 | 432,572 | 422,676 | 414,192 | 387,680 | ||||||||||
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Other |
236,739 | 218,300 | 224,863 | 207,878 | 201,676 | ||||||||||
| 4,471,385 | 4,115,087 | 4,073,530 | 4,038,832 | 3,747,576 | |||||||||||
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Less accumulated depreciation & amortization |
(924,857) | (884,192) | (845,751) | (807,450) | (770,527) | ||||||||||
| 3,546,528 | 3,230,895 | 3,227,779 | 3,231,382 | 2,977,049 | |||||||||||
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Other assets, net |
32,292 | 47,449 | 38,871 | 39,730 | 40,947 | ||||||||||
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Current assets: |
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Cash and cash equivalents |
135,427 | 360,702 | 94,792 | 104,363 | 100,225 | ||||||||||
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Restricted cash |
93,124 | 87,975 | 82,748 | 89,306 | 84,139 | ||||||||||
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Other current assets, net |
61,959 | 55,939 | 52,852 | 44,017 | 53,326 | ||||||||||
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Total assets |
$ |
3,869,330 |
$ |
3,782,960 |
$ |
3,497,042 |
$ |
3,508,798 |
$ |
3,255,686 | |||||
*Footnotes on following page.
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CORPORATE FINANCIAL INFORMATION |
Page 10 |
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Supplemental Financial Information – Unaudited November 3, 2014 |
Condensed Consolidated Balance Sheets
Q3 2014 – Q3 2013 (cont.)
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(In thousands) |
September 30, 2014 (1) |
June 30, 2014 (2) |
March 31, 2014 (3) |
December 31, 2013 (4) |
September 30, 2013 (5) |
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Liabilities |
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Current liabilities: |
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Current portion of notes payable |
$ |
159,696 |
$ |
122,835 |
$ |
24,008 |
$ |
23,289 |
$ |
23,351 | |||||||||||||||
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Other current liabilities |
119,683 | 107,198 | 102,320 | 96,780 | 100,997 | ||||||||||||||||||||
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Total current liabilities |
279,379 | 230,033 | 126,328 | 120,069 | 124,348 | ||||||||||||||||||||
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Notes payable, less current portion |
1,226,796 | 1,269,587 | 1,374,394 | 1,380,786 | 1,387,006 | ||||||||||||||||||||
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Capital lease obligations, less current portion |
15,576 | 15,576 | 15,577 | 15,586 | 15,594 | ||||||||||||||||||||
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Other liabilities |
34,934 | 34,106 | 40,610 | 39,958 | 39,901 | ||||||||||||||||||||
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Total liabilities |
1,556,685 | 1,549,302 | 1,556,909 | 1,556,399 | 1,566,849 | ||||||||||||||||||||
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Equity |
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Stockholders' equity: |
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8% Series D cumulative redeemable preferred stock |
115,000 | 115,000 | 115,000 | 115,000 | 115,000 | ||||||||||||||||||||
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Common stock, $0.01 par value, 500,000,000 shares authorized |
2,035 | 1,994 | 1,814 | 1,809 | 1,609 | ||||||||||||||||||||
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Additional paid in capital |
2,397,196 | 2,335,709 | 2,071,421 | 2,068,721 | 1,796,656 | ||||||||||||||||||||
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Retained earnings |
292,366 | 260,518 | 218,642 | 224,364 | 219,837 | ||||||||||||||||||||
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Cumulative dividends |
(547,851) | (535,281) | (522,911) | (511,444) | (500,001) | ||||||||||||||||||||
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Total stockholders' equity |
2,258,746 | 2,177,940 | 1,883,966 | 1,898,450 | 1,633,101 | ||||||||||||||||||||
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Non-controlling interest in consolidated joint ventures |
53,899 | 55,718 | 56,167 | 53,949 | 55,736 | ||||||||||||||||||||
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Total equity |
2,312,645 | 2,233,658 | 1,940,133 | 1,952,399 | 1,688,837 | ||||||||||||||||||||
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Total liabilities and equity |
$ |
3,869,330 |
$ |
3,782,960 |
$ |
3,497,042 |
$ |
3,508,798 |
$ |
3,255,686 | |||||||||||||||
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(1) |
As presented on Form 10-Q to be filed in November 2014. |
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(2) |
As presented on Form 10-Q filed August 8, 2014. |
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(3) |
As presented on Form 10-Q filed May 7, 2014. |
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(4) |
As presented on Form 10-K filed February 25, 2014. |
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(5) |
As presented on Form 10-Q filed November 12, 2013. |
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CORPORATE FINANCIAL INFORMATION |
Page 11 |
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Supplemental Financial Information – Unaudited November 3, 2014 |
Consolidated Statements of Operations
Q3 & YTD 2014/2013
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(In thousands, except per share data) |
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2014 |
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2013 |
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2014 |
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2013 |
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Revenues |
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Room |
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$ |
223,877 |
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$ |
181,708 |
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$ |
606,944 |
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$ |
482,591 |
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Food and beverage |
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64,273 |
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53,080 |
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192,917 |
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155,550 |
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Other operating |
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19,633 |
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15,582 |
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52,257 |
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41,788 |
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Total revenues |
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307,783 |
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250,370 |
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852,118 |
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679,929 |
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Operating expenses |
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Room |
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57,492 |
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46,347 |
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159,829 |
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124,338 |
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Food and beverage |
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45,649 |
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37,913 |
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133,666 |
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108,067 |
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Other operating |
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5,475 |
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4,284 |
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15,476 |
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12,413 |
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Advertising and promotion |
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14,114 |
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12,261 |
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40,740 |
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34,766 |
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Repairs and maintenance |
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12,053 |
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9,394 |
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33,640 |
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26,043 |
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Utilities |
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9,511 |
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7,895 |
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25,588 |
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20,207 |
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Franchise costs |
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10,022 |
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8,770 |
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28,360 |
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24,019 |
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Property tax, ground lease and insurance |
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22,550 |
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20,435 |
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63,015 |
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58,200 |
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Property general and administrative |
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32,908 |
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27,067 |
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93,793 |
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75,961 |
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Corporate overhead |
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7,177 |
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6,586 |
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21,410 |
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20,116 |
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Depreciation and amortization |
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40,000 |
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35,050 |
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115,588 |
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101,241 |
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Total operating expenses |
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256,951 |
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216,002 |
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731,105 |
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605,371 |
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Operating income |
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50,832 |
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34,368 |
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121,013 |
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74,558 |
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Interest and other income |
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981 |
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727 |
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2,588 |
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2,078 |
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Interest expense |
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(18,052) |
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(18,854) |
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(54,666) |
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(53,540) |
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Loss on extinguishment of debt |
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(531) |
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— |
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(531) |
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(44) |
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Income before income taxes and discontinued operations |
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33,230 |
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16,241 |
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68,404 |
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23,052 |
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Income tax benefit (provision) |
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413 |
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(424) |
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79 |
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(6,710) |
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Income from continuing operations |
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33,643 |
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15,817 |
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68,483 |
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16,342 |
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Income from discontinued operations |
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— |
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— |
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5,199 |
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48,410 |
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Net income |
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33,643 |
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15,817 |
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73,682 |
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64,752 |
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Income from consolidated joint venture attributable to non-controlling interest |
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(1,795) |
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(1,768) |
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(5,680) |
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(3,291) |
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Distributions to non-controlling interest |
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(8) |
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(8) |
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(24) |
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(24) |
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Dividends paid on unvested restricted stock compensation |
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(94) |
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(101) |
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(291) |
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(101) |
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Preferred stock dividends and redemption charges |
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(2,300) |
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(2,300) |
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(6,900) |
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(16,713) |
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Undistributed income allocated to unvested restricted stock compensation |
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(119) |
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(30) |
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(213) |
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(295) |
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Income available to common stockholders |
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$ |
29,327 |
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$ |
11,610 |
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$ |
60,574 |
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$ |
44,328 |
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Basic and diluted per share amounts: |
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Income (loss) from continuing operations available (attributable) to common stockholders |
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$ |
0.14 |
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$ |
0.07 |
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$ |
0.29 |
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$ |
(0.02) |
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Income from discontinued operations |
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— |
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— |
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0.03 |
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0.30 |
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Basic and diluted income available to common stockholders per common share |
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$ |
0.14 |
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$ |
0.07 |
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$ |
0.32 |
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$ |
0.28 |
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Basic and diluted weighted average common shares outstanding |
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202,800 |
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160,856 |
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188,901 |
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157,628 |
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Dividends declared per common share |
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$ |
0.05 |
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$ |
0.05 |
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$ |
0.15 |
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$ |
0.05 |
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CORPORATE FINANCIAL INFORMATION |
Page 12 |
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Supplemental Financial Information – Unaudited November 3, 2014 |
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q3 & YTD 2014/2013
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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(In thousands) |
2014 |
2013 |
2014 |
2013 |
||||||||
|
Net income |
$ |
33,643 |
$ |
15,817 |
$ |
73,682 |
$ |
64,752 | ||||
|
Operations held for investment: |
||||||||||||
|
Depreciation and amortization |
40,000 | 35,050 | 115,588 | 101,241 | ||||||||
|
Amortization of lease intangibles |
1,028 | 1,028 | 3,086 | 3,084 | ||||||||
|
Interest expense |
18,052 | 18,854 | 54,666 | 53,540 | ||||||||
|
Income tax (benefit) provision |
(413) | 424 | (79) | 6,710 | ||||||||
|
Non-controlling interests: |
||||||||||||
|
Income from consolidated joint venture attributable to non-controlling interest |
(1,795) | (1,768) | (5,680) | (3,291) | ||||||||
|
Depreciation and amortization |
(844) | (811) | (2,489) | (3,149) | ||||||||
|
Interest expense |
(495) | (590) | (1,630) | (1,759) | ||||||||
|
Discontinued operations: |
||||||||||||
|
Interest expense |
— |
— |
— |
99 | ||||||||
|
EBITDA |
89,176 | 68,004 | 237,144 | 221,227 | ||||||||
|
Operations held for investment: |
||||||||||||
|
Amortization of deferred stock compensation |
1,453 | 1,262 | 4,769 | 3,578 | ||||||||
|
Amortization of favorable and unfavorable contracts, net |
38 | 46 | 130 | 275 | ||||||||
|
Non-cash straightline lease expense |
505 | 513 | 1,517 | 1,548 | ||||||||
|
Capital lease obligation interest - cash ground rent |
(351) | (351) | (1,053) | (1,053) | ||||||||
|
Gain on sale of assets |
(27) |
— |
(82) | (5) | ||||||||
|
Loss on extinguishment of debt |
531 |
— |
531 | 44 | ||||||||
|
Closing costs - completed acquisitions |
376 | 446 | 534 | 1,283 | ||||||||
|
Lawsuit settlement costs |
— |
— |
— |
358 | ||||||||
|
Prior year property tax adjustments, net |
(35) |
— |
(3,270) | 106 | ||||||||
|
Non-controlling interests: |
||||||||||||
|
Non-cash straightline lease expense |
(113) | (113) | (338) | (338) | ||||||||
|
Prior year property tax adjustments, net |
— |
— |
696 |
— |
||||||||
|
Loss on extinguishment of debt |
(133) |
— |
(133) |
— |
||||||||
|
Discontinued operations: |
||||||||||||
|
Gain on sale of assets, net |
— |
— |
(5,199) | (51,620) | ||||||||
|
Loss on extinguishment of debt |
— |
— |
— |
3,115 | ||||||||
| 2,244 | 1,803 | (1,898) | (42,709) | |||||||||
|
Adjusted EBITDA |
$ |
91,420 |
$ |
69,807 |
$ |
235,246 |
$ |
178,518 | ||||
|
|
|
|
|
|
|
|
|
|
|
CORPORATE FINANCIAL INFORMATION |
Page 13 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Reconciliation of Net Income to FFO and Adjusted FFO Available to Common Stockholders
Q3 & YTD 2014/2013
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
|
(In thousands, except per share data) |
2014 |
2013 |
2014 |
2013 |
||||||||
|
Net income |
$ |
33,643 |
$ |
15,817 |
$ |
73,682 |
$ |
64,752 | ||||
|
Operations held for investment: |
||||||||||||
|
Real estate depreciation and amortization |
39,600 | 34,694 | 114,401 | 100,197 | ||||||||
|
Amortization of lease intangibles |
1,028 | 1,028 | 3,086 | 3,084 | ||||||||
|
Gain on sale of assets |
(27) |
— |
(82) | (5) | ||||||||
|
Non-controlling interests: |
||||||||||||
|
Income from consolidated joint venture attributable to non-controlling interest |
(1,795) | (1,768) | (5,680) | (3,291) | ||||||||
|
Real estate depreciation and amortization |
(844) | (811) | (2,489) | (3,149) | ||||||||
|
Discontinued operations: |
||||||||||||
|
Gain on sale of assets, net |
— |
— |
(5,199) | (51,620) | ||||||||
|
FFO |
71,605 | 48,960 | 177,719 | 109,968 | ||||||||
|
Operations held for investment: |
||||||||||||
|
Preferred stock dividends and redemption charges |
(2,300) | (2,300) | (6,900) | (16,713) | ||||||||
|
Amortization of favorable and unfavorable contracts, net |
38 | 46 | 130 | 275 | ||||||||
|
Non-cash straightline lease expense |
505 | 513 | 1,517 | 1,548 | ||||||||
|
Non-cash interest related to gain on derivatives, net |
(161) | (12) | (395) | (429) | ||||||||
|
Loss on extinguishment of debt |
531 |
— |
531 | 44 | ||||||||
|
Closing costs - completed acquisitions |
376 | 446 | 534 | 1,283 | ||||||||
|
Lawsuit settlement costs |
— |
— |
— |
358 | ||||||||
|
Prior year property tax adjustments, net |
(35) |
— |
(3,270) | 106 | ||||||||
|
Income tax (benefit) provision related to prior years |
(762) | 424 | (762) | 6,710 | ||||||||
|
Preferred stock redemption charges |
— |
— |
— |
4,770 | ||||||||
|
Non-controlling interests: |
||||||||||||
|
Non-cash straightline lease expense |
(113) | (113) | (338) | (338) | ||||||||
|
Non-cash interest related to loss on derivative |
— |
(1) |
— |
(2) | ||||||||
|
Prior year property tax adjustments, net |
— |
— |
696 |
— |
||||||||
|
Loss on extinguishment of debt |
(133) |
— |
(133) |
— |
||||||||
|
Discontinued operations: |
||||||||||||
|
Loss on extinguishment of debt |
— |
— |
— |
3,115 | ||||||||
| (2,054) | (997) | (8,390) | 727 | |||||||||
|
Adjusted FFO available to common stockholders |
$ |
69,551 |
$ |
47,963 |
$ |
169,329 |
$ |
110,695 | ||||
|
FFO per diluted share |
$ |
0.35 |
$ |
0.30 |
$ |
0.94 |
$ |
0.70 | ||||
|
Adjusted FFO available to common stockholders per diluted share |
$ |
0.34 |
$ |
0.30 |
$ |
0.89 |
$ |
0.70 | ||||
|
Basic weighted average shares outstanding |
202,800 | 160,856 | 188,901 | 157,628 | ||||||||
|
Shares associated with unvested restricted stock awards |
558 | 517 | 503 | 404 | ||||||||
|
Diluted weighted average shares outstanding |
203,358 | 161,373 | 189,404 | 158,032 | ||||||||
|
CORPORATE FINANCIAL INFORMATION |
Page 14 |
||||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Pro Forma Consolidated Statements of Operations
Q3 2014 – Q4 2013, FY 2013
|
Three Months Ended (1) |
Year Ended (1) |
|||||||||||||||||||||||
|
(Unaudited and in thousands) |
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
Dec. 31, |
|||||||||||||||||||
|
2014 |
2014 |
2014 |
2013 |
2013 |
||||||||||||||||||||
|
Revenues |
||||||||||||||||||||||||
|
Room |
$ |
225,714 |
$ |
224,471 |
$ |
181,004 |
$ |
193,186 |
$ |
783,301 | ||||||||||||||
|
Food and beverage |
64,671 | 71,446 | 63,057 | 64,545 | 249,626 | |||||||||||||||||||
|
Other operating |
19,883 | 18,404 | 16,837 | 16,870 | 67,427 | |||||||||||||||||||
|
Total revenues |
310,268 | 314,321 | 260,898 | 274,601 | 1,100,354 | |||||||||||||||||||
|
Operating Expenses |
||||||||||||||||||||||||
|
Room |
57,852 | 55,955 | 51,892 | 52,581 | 208,505 | |||||||||||||||||||
|
Food and beverage |
45,999 | 47,232 | 45,182 | 45,216 | 179,059 | |||||||||||||||||||
|
Other expenses |
107,558 | 105,549 | 98,368 | 100,698 | 402,000 | |||||||||||||||||||
|
Corporate overhead |
7,177 | 7,674 | 6,559 | 6,555 | 26,671 | |||||||||||||||||||
|
Depreciation and amortization |
40,000 | 40,103 | 39,745 | 40,189 | 160,440 | |||||||||||||||||||
|
Total operating expenses |
258,586 | 256,513 | 241,746 | 245,239 | 976,675 | |||||||||||||||||||
|
Operating Income |
51,682 | 57,808 | 19,152 | 29,362 | 123,679 | |||||||||||||||||||
|
Interest and other income |
981 | 891 | 716 | 743 | 3,004 | |||||||||||||||||||
|
Interest expense |
(18,052) | (18,331) | (18,283) | (18,699) | (74,721) | |||||||||||||||||||
|
Loss on extinguishment of debt |
(531) |
— |
— |
— |
— |
|||||||||||||||||||
|
Income before income taxes and discontinued operations |
34,080 | 40,368 | 1,585 | 11,406 | 51,962 | |||||||||||||||||||
|
Income tax benefit (provision) |
413 | (110) | (224) | (1,435) | (8,145) | |||||||||||||||||||
|
Income from continuing operations |
34,493 | 40,258 | 1,361 | 9,971 | 43,817 | |||||||||||||||||||
|
Income from discontinued operations |
— |
5,199 |
— |
— |
48,410 | |||||||||||||||||||
|
Net Income |
$ |
34,493 |
$ |
45,457 |
$ |
1,361 |
$ |
9,971 |
$ |
92,227 | ||||||||||||||
|
Adjusted EBITDA (2) |
$ |
92,270 |
$ |
98,504 |
$ |
56,361 |
$ |
70,968 |
$ |
288,434 | ||||||||||||||
|
(1) |
Includes the Company's ownership results and prior ownership results for the 30 hotel portfolio held for investment by the Company as of September 30, 2014. Excludes interest expense and loss on extinguishment of debt on the Senior Notes due to their repayment in January 2013. Includes the reduction of ground lease expense on the Fairmont Newport Beach due to the Company's land acquisition in June 2014 along with the 11% dividend on the $25.0 million preferred equity investment that the Company retained on the disposition of the four-hotel portfolio (Kahler Grand, Kahler Inn & Suites, Marriott Rochester and Residence Inn by Marriott Rochester) sold in January 2013. |
|
(2) |
Pro Forma Adjusted EBITDA reconciliation for Q3 2014 can be found on page 16 of this supplemental package. Q1 2014, Q2 2014 and Full Year 2013 reconciliations can be found in the supplemental package furnished on Form 8-K to the SEC on August 7, 2014. |
|
|
|
|
|
|
|
|
|
|
|
CORPORATE FINANCIAL INFORMATION |
Page 15 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Reconciliation of Pro Forma Net Income to EBITDA and Adjusted EBITDA
Q3 2014
|
Three Months Ended September 30, 2014 |
||||||||
|
Acquisition: |
Issuance: |
|||||||
|
Marriott |
Common |
Pro |
||||||
|
(In thousands, except per share amounts) |
Actual (1) |
Wailea (2) |
Stock (3) |
Forma (4) |
||||
|
Net income |
$ |
33,643 |
$ |
850 |
$ |
— |
$ |
34,493 |
|
Operations held for investment: |
||||||||
|
Depreciation and amortization |
40,000 |
— |
— |
40,000 | ||||
|
Amortization of lease intangibles |
1,028 |
— |
— |
1,028 | ||||
|
Interest expense |
18,052 |
— |
— |
18,052 | ||||
|
Income tax benefit |
(413) |
— |
— |
(413) | ||||
|
Non-controlling interests: |
||||||||
|
Income from consolidated joint venture attributable to non-controlling interest |
(1,795) |
— |
— |
(1,795) | ||||
|
Depreciation and amortization |
(844) |
— |
— |
(844) | ||||
|
Interest expense |
(495) |
— |
— |
(495) | ||||
|
EBITDA |
89,176 | 850 |
— |
90,026 | ||||
|
Operations held for investment: |
||||||||
|
Amortization of deferred stock compensation |
1,453 |
— |
— |
1,453 | ||||
|
Amortization of favorable and unfavorable contracts, net |
38 |
— |
— |
38 | ||||
|
Non-cash straightline lease expense |
505 |
— |
— |
505 | ||||
|
Capital lease obligation interest - cash ground rent |
(351) |
— |
— |
(351) | ||||
|
Gain on sale of assets |
(27) |
— |
— |
(27) | ||||
|
Loss on extinguishment of debt |
531 |
— |
— |
531 | ||||
|
Closing costs - completed acquisitions |
376 |
— |
— |
376 | ||||
|
Prior year property tax adjustments, net |
(35) |
— |
— |
(35) | ||||
|
Non-controlling interests: |
||||||||
|
Non-cash straightline lease expense |
(113) |
— |
— |
(113) | ||||
|
Loss on extinguishment of debt |
(133) |
— |
— |
(133) | ||||
| 2,244 |
— |
— |
2,244 | |||||
|
Adjusted EBITDA |
$ |
91,420 |
$ |
850 |
$ |
— |
$ |
92,270 |
*Footnotes on page 18
|
CORPORATE FINANCIAL INFORMATION |
Page 16 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Reconciliation of Pro Forma Net Income to FFO and Adjusted FFO Available to Common Stockholders
Q3 2014
|
Three Months Ended September 30, 2014 |
||||||||
|
Acquisition: |
Issuance: |
|||||||
|
Marriott |
Common |
Pro |
||||||
|
(In thousands, except per share amounts) |
Actual (1) |
Wailea (2) |
Stock (3) |
Forma (4) |
||||
|
Net income |
$ |
33,643 |
$ |
850 |
$ |
— |
$ |
34,493 |
|
Operations held for investment: |
||||||||
|
Real estate depreciation and amortization |
39,600 |
— |
— |
39,600 | ||||
|
Amortization of lease intangibles |
1,028 |
— |
— |
1,028 | ||||
|
Gain on sale of assets |
(27) |
— |
— |
(27) | ||||
|
Non-controlling interests: |
||||||||
|
Income from consolidated joint venture attributable to non-controlling interest |
(1,795) |
— |
— |
(1,795) | ||||
|
Real estate depreciation and amortization |
(844) |
— |
— |
(844) | ||||
|
FFO |
71,605 | 850 |
— |
72,455 | ||||
|
Operations held for investment: |
||||||||
|
Preferred stock dividends |
(2,300) |
— |
— |
(2,300) | ||||
|
Amortization of favorable and unfavorable contracts, net |
38 |
— |
— |
38 | ||||
|
Non-cash straightline lease expense |
505 |
— |
— |
505 | ||||
|
Non-cash interest related to gain on derivatives, net |
(161) |
— |
— |
(161) | ||||
|
Loss on extinguishment of debt |
531 |
— |
— |
531 | ||||
|
Closing costs - completed acquisitions |
376 |
— |
— |
376 | ||||
|
Prior year property tax adjustments, net |
(35) |
— |
— |
(35) | ||||
|
Income tax benefit related to prior years |
(762) |
— |
— |
(762) | ||||
|
Non-controlling interests: |
||||||||
|
Non-cash straightline lease expense |
(113) |
— |
— |
(113) | ||||
|
Loss on extinguishment of debt |
(133) |
— |
— |
(133) | ||||
| (2,054) |
— |
— |
(2,054) | |||||
|
Adjusted FFO available to common stockholders |
$ |
69,551 |
$ |
850 |
$ |
— |
$ |
70,401 |
|
FFO per diluted share |
$ |
0.35 |
$ |
0.36 | ||||
|
Adjusted FFO available to common stockholders per diluted share |
$ |
0.34 |
$ |
0.35 | ||||
|
Basic weighted average shares outstanding |
202,800 | 701 | 203,501 | |||||
|
Shares associated with unvested restricted stock awards |
558 |
— |
558 | |||||
|
Diluted weighted average shares outstanding |
203,358 | 701 | 204,059 | |||||
*Footnotes on page 18
|
CORPORATE FINANCIAL INFORMATION |
Page 17 |
||||||||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Reconciliation of Pro Forma Net Income to EBITDA, Adjusted EBITDA,
FFO and Adjusted FFO Available to Common Stockholders
Q3 2014 Footnotes
|
(1) |
Actual represents the Company's ownership results for the 30 hotels in which the Company had interests as of September 30, 2014. |
|
(2) |
Acquisition: Marriott Wailea represents prior ownership results for the hotel which was acquired by the Company on July 17, 2014. |
|
(3) |
Issuance: Common Stock represents the 4,034,970 shares issued directly to the seller of the Marriott Wailea in July 2014. |
|
(4) |
Pro Forma represents the Company's ownership results and prior ownership results for the pro forma 30 hotel portfolio, as well as the effects of the common stock issuance in July 2014. |
|
CORPORATE FINANCIAL INFORMATION |
Page 18 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Reconciliation of Pro Forma Net Income to EBITDA and Adjusted EBITDA
Q3 YTD 2014
|
Nine Months Ended September 30, 2014 |
||||||||||||||||||
|
Acquisition: |
Acquisition: |
Issuance: |
||||||||||||||||
|
Discontinued |
Fairmont Newport |
Marriott |
Common |
Pro |
||||||||||||||
|
(In thousands, except per share amounts) |
Actual (1) |
Operations (2) |
Beach Land (3) |
Wailea (4) |
Stock (5) |
Forma (6) |
||||||||||||
|
Net income |
$ |
73,682 |
$ |
(5,199) |
$ |
279 |
$ |
7,350 |
$ |
— |
$ |
76,112 | ||||||
|
Operations held for investment: |
||||||||||||||||||
|
Depreciation and amortization |
115,588 |
— |
— |
4,260 |
— |
119,848 | ||||||||||||
|
Amortization of lease intangibles |
3,086 |
— |
— |
— |
— |
3,086 | ||||||||||||
|
Interest expense |
54,666 |
— |
— |
— |
— |
54,666 | ||||||||||||
|
Income tax benefit |
(79) |
— |
— |
— |
— |
(79) | ||||||||||||
|
Non-controlling interests: |
||||||||||||||||||
|
Income from consolidated joint venture attributable to non-controlling interest |
(5,680) |
— |
— |
— |
— |
(5,680) | ||||||||||||
|
Depreciation and amortization |
(2,489) |
— |
— |
— |
— |
(2,489) | ||||||||||||
|
Interest expense |
(1,630) |
— |
— |
— |
— |
(1,630) | ||||||||||||
|
EBITDA |
237,144 | (5,199) | 279 | 11,610 |
— |
243,834 | ||||||||||||
|
Operations held for investment: |
||||||||||||||||||
|
Amortization of deferred stock compensation |
4,769 |
— |
— |
— |
— |
4,769 | ||||||||||||
|
Amortization of favorable and unfavorable contracts, net |
130 |
— |
— |
— |
— |
130 | ||||||||||||
|
Non-cash straightline lease expense |
1,517 |
— |
— |
— |
— |
1,517 | ||||||||||||
|
Capital lease obligation interest - cash ground rent |
(1,053) |
— |
— |
— |
— |
(1,053) | ||||||||||||
|
Gain on sale of assets |
(82) |
— |
— |
— |
— |
(82) | ||||||||||||
|
Loss on extinguishment of debt |
531 |
— |
— |
— |
— |
531 | ||||||||||||
|
Closing costs - completed acquisitions |
534 |
— |
— |
— |
— |
534 | ||||||||||||
|
Prior year property tax adjustments, net |
(3,270) |
— |
— |
— |
— |
(3,270) | ||||||||||||
|
Non-controlling interests: |
||||||||||||||||||
|
Non-cash straightline lease expense |
(338) |
— |
— |
— |
— |
(338) | ||||||||||||
|
Prior year property tax adjustments, net |
696 |
— |
— |
— |
— |
696 | ||||||||||||
|
Loss on extinguishment of debt |
(133) |
— |
— |
— |
— |
(133) | ||||||||||||
|
Discontinued Operations: |
||||||||||||||||||
|
Gain on sale of assets, net |
(5,199) | 5,199 |
— |
— |
— |
— |
||||||||||||
| (1,898) | 5,199 |
— |
— |
— |
3,301 | |||||||||||||
|
Adjusted EBITDA |
$ |
235,246 |
$ |
— |
$ |
279 |
$ |
11,610 |
$ |
— |
$ |
247,135 | ||||||
*Footnotes on page 21
|
CORPORATE FINANCIAL INFORMATION |
Page 19 |
||||||||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Reconciliation of Pro Forma Net Income to FFO and Adjusted FFO Available to Common Stockholders
Q3 YTD 2014
|
Nine Months Ended September 30, 2014 |
||||||||||||||||||
|
Acquisition: |
Acquisition: |
Issuance: |
||||||||||||||||
|
Discontinued |
Fairmont Newport |
Marriott |
Common |
Pro |
||||||||||||||
|
(In thousands, except per share amounts) |
Actual (1) |
Operations (2) |
Beach Land (3) |
Wailea (4) |
Stock (5) |
Forma (6) |
||||||||||||
|
Net income |
$ |
73,682 |
$ |
(5,199) |
$ |
279 |
$ |
7,350 |
$ |
— |
$ |
76,112 | ||||||
|
Operations held for investment: |
||||||||||||||||||
|
Real estate depreciation and amortization |
114,401 |
— |
— |
4,260 |
— |
118,661 | ||||||||||||
|
Amortization of lease intangibles |
3,086 |
— |
— |
— |
— |
3,086 | ||||||||||||
|
Gain on sale of assets |
(82) |
— |
— |
— |
— |
(82) | ||||||||||||
|
Non-controlling interests: |
||||||||||||||||||
|
Income from consolidated joint venture attributable to non-controlling interest |
(5,680) |
— |
— |
— |
— |
(5,680) | ||||||||||||
|
Real estate depreciation and amortization |
(2,489) |
— |
— |
— |
— |
(2,489) | ||||||||||||
|
Discontinued Operations: |
||||||||||||||||||
|
Gain on sale of assets, net |
(5,199) | 5,199 |
— |
— |
— |
- |
||||||||||||
|
FFO |
177,719 |
— |
279 | 11,610 |
— |
189,608 | ||||||||||||
|
Operations held for investment: |
||||||||||||||||||
|
Preferred stock dividends |
(6,900) |
— |
— |
— |
— |
(6,900) | ||||||||||||
|
Amortization of favorable and unfavorable contracts, net |
130 |
— |
— |
— |
— |
130 | ||||||||||||
|
Non-cash straightline lease expense |
1,517 |
— |
— |
— |
— |
1,517 | ||||||||||||
|
Non-cash interest related to gain on derivatives, net |
(395) |
— |
— |
— |
— |
(395) | ||||||||||||
|
Loss on extinguishment of debt |
531 |
— |
— |
— |
— |
531 | ||||||||||||
|
Closing costs - completed acquisitions |
534 |
— |
— |
— |
— |
534 | ||||||||||||
|
Prior year property tax adjustments, net |
(3,270) |
— |
— |
— |
— |
(3,270) | ||||||||||||
|
Income tax benefit related to prior years |
(762) |
— |
— |
— |
— |
(762) | ||||||||||||
|
Non-controlling interests: |
||||||||||||||||||
|
Non-cash straightline lease expense |
(338) |
— |
— |
— |
— |
(338) | ||||||||||||
|
Prior year property tax adjustments, net |
696 |
— |
— |
— |
— |
696 | ||||||||||||
|
Loss on extinguishment of debt |
(133) |
— |
— |
— |
— |
(133) | ||||||||||||
| (8,390) |
— |
— |
— |
— |
(8,390) | |||||||||||||
|
Adjusted FFO available to common stockholders |
$ |
169,329 |
$ |
— |
$ |
279 |
$ |
11,610 |
$ |
— |
$ |
181,218 | ||||||
|
FFO per diluted share |
$ |
0.94 |
$ |
0.93 | ||||||||||||||
|
Adjusted FFO available to common stockholders per diluted share |
$ |
0.89 |
$ |
0.89 | ||||||||||||||
|
Basic weighted average shares outstanding |
188,901 | 14,481 | 203,382 | |||||||||||||||
|
Shares associated with unvested restricted stock awards |
503 |
— |
503 | |||||||||||||||
|
Diluted weighted average shares outstanding |
189,404 | 14,481 | 203,885 | |||||||||||||||
*Footnotes on page 21
|
CORPORATE FINANCIAL INFORMATION |
Page 20 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Reconciliation of Pro Forma Net Income to EBITDA, Adjusted EBITDA,
FFO and Adjusted FFO Available to Common Stockholders
Q3 YTD 2014 Footnotes
|
(1) |
Actual represents the Company's ownership results for the 30 hotels in which the Company had interests as of September 30, 2014. |
|
(2) |
Discontinued Operations represents the recognition of a net deferred gain on the January 2013 sale of the Kahler Grand, Kahler Inn & Suites, Marriott Rochester, Residence Inn by Marriott Rochester and the Rochester commercial laundry facility. |
|
(3) |
Acquisition: Fairmont Newport Beach Land represents the reduction in ground lease expense payable to a third party due to the Company's acquisition of approximately seven acres of land underlying the hotel on June 2, 2014. |
|
(4) |
Acquisition: Marriott Wailea represents prior ownership results for the hotel which was acquired by the Company on July 17, 2014, adjusted for the Company's pro forma depreciation expense. |
|
(5) |
Issuance: Common Stock represents the 99,460 shares issued in connection with the Company's ATM program in March 2014, along with the 18,000,000 shares issued by the Company in connection with a common stock offering in June 2014, and the 4,034,970 shares issued directly to the seller of the Marriott Wailea in July 2014. |
|
(6) |
Pro Forma represents the Company's ownership results and prior ownership results for the pro forma 30 hotel portfolio and land acquisition, as well as the effects of the common stock issuances in March 2014, June 2014 and July 2014. |
|
CORPORATE FINANCIAL INFORMATION |
Page 21 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS GUIDANCE |
Page 22 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Earnings Guidance for Q4 and FY 2014
The Company is providing guidance at this time, but does not undertake to make updates for any unanticipated developments in its business or changes in the operating environment. Achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in the Company’s filings with the Securities and Exchange Commission. The Company’s guidance does not take into account the impact of any unannounced hotel acquisitions, dispositions, re-brandings, management changes, transition costs, prior year property tax assessments and/or credits, debt repurchases or unannounced financings during 2014.
For the fourth quarter of 2014, the Company expects:
|
Metric |
Quarter Ended December 31, 2014 Guidance |
|
Comparable Hotel RevPAR Growth |
+5.5% - 7.0% |
|
Net Income ($ millions) |
$16 - $20 |
|
Adjusted EBITDA ($ millions) |
$73 - $77 |
|
Adjusted FFO Available to Common Stockholders ($ millions) |
$52 - $56 |
|
Adjusted FFO Available to Common Stockholders per Diluted Share |
$0.26 - $0.28 |
|
Diluted Weighted Average Shares Outstanding |
204,000,000 |
For the full year 2014, the Company expects:
|
Metric |
Prior 2014 FY Guidance (1) |
Revised 2014 FY Guidance |
Change to Prior 2014 FY Guidance Midpoint |
|
Comparable Hotel RevPAR Growth |
+4.5% - 6.5% |
+6.5% - 7.0% |
+1.25% |
|
Net Income ($ millions) |
$73 - $84 |
$85 - $89 |
+$9 |
|
Adjusted EBITDA ($ millions) |
$296 - $307 |
$309 - $313 |
+$10 |
|
Adjusted FFO Available to Common Stockholders ($ millions) |
$211 - $222 |
$222 - $226 |
+$8 |
|
Adjusted FFO Available to Common Stockholders per Diluted Share |
$1.09 - $1.14 |
$1.15 - $1.17 |
+$0.04 |
|
Diluted Weighted Average Shares Outstanding |
193,500,000 |
193,100,000 |
(400,000) |
|
(1) |
Reflects guidance presented on August 7, 2014. |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS GUIDANCE |
Page 23 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Earnings Guidance for Q4 and FY 2014
Fourth quarter and full year 2014 guidance are based in part on the following assumptions:
|
· |
Full year comparable hotel EBITDA margin expansion of approximately 125 to 200 basis points (an increase of 75 basis points over the midpoint of prior guidance). |
|
· |
Full year corporate overhead expense (excluding stock amortization and one-time expenses related to acquisition closing costs) of approximately $21 million to $22 million. |
|
· |
Full year interest expense of approximately $71 million, including $3 million in amortization of deferred financing fees. |
|
· |
Full year preferred dividends of $9.2 million for the Series D cumulative redeemable preferred stock. |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS GUIDANCE |
Page 24 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Reconciliation of Net Income to Adjusted EBITDA and Adjusted FFO Available to Common Stockholders
Q4 and FY 2014
Reconciliation of Net Income to Adjusted EBITDA
|
Quarter Ended |
Year Ended |
|||||||||||
|
December 31, 2014 |
December 31, 2014 |
|||||||||||
|
(In thousands, except per share data) |
Low |
High |
Low |
High |
||||||||
|
Net income |
$ |
16,100 |
$ |
20,100 |
$ |
85,200 |
$ |
89,200 | ||||
|
Depreciation and amortization |
40,050 | 40,050 | 155,600 | 155,600 | ||||||||
|
Amortization of lease intangibles |
1,000 | 1,000 | 4,000 | 4,000 | ||||||||
|
Interest expense |
17,000 | 17,000 | 71,000 | 71,000 | ||||||||
|
Income tax provision |
300 | 300 | 200 | 200 | ||||||||
|
Non-controlling interests |
(3,000) | (3,000) | (13,000) | (13,000) | ||||||||
|
Amortization of deferred stock compensation |
1,600 | 1,600 | 6,500 | 6,500 | ||||||||
|
Non-cash straightline lease expense |
600 | 600 | 2,000 | 2,000 | ||||||||
|
Capital lease obligation interest - cash ground rent |
(350) | (350) | (1,400) | (1,400) | ||||||||
|
Loss on extinguishment of debt |
— |
— |
500 | 500 | ||||||||
|
Closing costs - completed acquisitions |
— |
— |
500 | 500 | ||||||||
|
Prior year property tax adjustments, net |
— |
— |
(2,600) | (2,600) | ||||||||
|
Adjusted EBITDA |
$ |
73,300 |
$ |
77,300 |
$ |
308,500 |
$ |
312,500 | ||||
Reconciliation of Net Income to Adjusted FFO Available to Common Stockholders
|
Net income |
$ |
16,100 |
$ |
20,100 |
$ |
85,200 |
$ |
89,200 | ||||
|
Preferred stock dividends |
(2,300) | (2,300) | (9,200) | (9,200) | ||||||||
|
Real estate depreciation and amortization |
39,550 | 39,550 | 153,650 | 153,650 | ||||||||
|
Non-controlling interests |
(2,800) | (2,800) | (11,750) | (11,750) | ||||||||
|
Amortization of lease intangibles |
1,000 | 1,000 | 4,000 | 4,000 | ||||||||
|
Non-cash straightline lease expense |
600 | 600 | 2,000 | 2,000 | ||||||||
|
Loss on extinguishment of debt |
— |
— |
500 | 500 | ||||||||
|
Closing costs - completed acquisitions |
— |
— |
500 | 500 | ||||||||
|
Prior year property tax adjustments, net |
— |
— |
(2,600) | (2,600) | ||||||||
|
Income tax benefit related to prior years |
— |
— |
(800) | (800) | ||||||||
|
Adjusted FFO available to common stockholders |
$ |
52,150 |
$ |
56,150 |
$ |
221,500 |
$ |
225,500 | ||||
|
Adjusted FFO available to common stockholdersper diluted share |
$ |
0.26 |
$ |
0.28 |
$ |
1.15 |
$ |
1.17 | ||||
|
Diluted weighted average shares outstanding |
204,000 | 204,000 | 193,100 | 193,100 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS GUIDANCE |
Page 25 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION |
Page 26 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Comparative Capitalization
Q3 2014 – Q3 2013
|
|
|
|
Sept. 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec. 31, |
|
|
Sept. 30, |
|
|
(In thousands, except per share data) |
|
|
2014 |
|
|
2014 |
|
|
2014 |
|
|
2013 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Price & Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At the end of the quarter |
|
$ |
13.82 |
|
$ |
14.93 |
|
$ |
13.73 |
|
$ |
13.40 |
|
$ |
12.74 |
|
|
High during quarter ended |
|
$ |
15.17 |
|
$ |
15.25 |
|
$ |
14.00 |
|
$ |
14.06 |
|
$ |
13.49 |
|
|
Low during quarter ended |
|
$ |
13.71 |
|
$ |
13.22 |
|
$ |
12.46 |
|
$ |
12.50 |
|
$ |
11.87 |
|
|
Common dividends per share |
|
$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares & Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding (1) |
|
|
205,397 |
|
|
205,432 |
|
|
183,349 |
|
|
182,868 |
|
|
182,871 |
|
|
Units outstanding |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total common shares and units outstanding |
|
|
205,397 |
|
|
205,432 |
|
|
183,349 |
|
|
182,868 |
|
|
182,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value of common equity |
|
$ |
2,838,583 |
|
$ |
3,067,094 |
|
$ |
2,517,379 |
|
$ |
2,450,431 |
|
$ |
2,329,777 |
|
|
Liquidation value of preferred equity - Series D |
|
|
115,000 |
|
|
115,000 |
|
|
115,000 |
|
|
115,000 |
|
|
115,000 |
|
|
Consolidated debt |
|
|
1,386,492 |
|
|
1,392,422 |
|
|
1,398,402 |
|
|
1,404,075 |
|
|
1,410,357 |
|
|
Consolidated total capitalization |
|
|
4,340,075 |
|
|
4,574,516 |
|
|
4,030,781 |
|
|
3,969,506 |
|
|
3,855,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest in consolidated debt |
|
|
(57,248) |
|
|
(57,435) |
|
|
(57,650) |
|
|
(57,863) |
|
|
(58,072) |
|
|
Pro rata total capitalization |
|
$ |
4,282,827 |
|
$ |
4,517,081 |
|
$ |
3,973,131 |
|
$ |
3,911,643 |
|
$ |
3,797,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated debt to total capitalization |
|
|
31.9 |
% |
|
30.4 |
% |
|
34.7 |
% |
|
35.4 |
% |
|
36.6 |
% |
|
Pro rata debt to pro rata total capitalization |
|
|
31.0 |
% |
|
29.6 |
% |
|
33.7 |
% |
|
34.4 |
% |
|
35.6 |
% |
|
Consolidated debt and preferred equity to total capitalization |
|
|
34.6 |
% |
|
33.0 |
% |
|
37.5 |
% |
|
38.3 |
% |
|
39.6 |
% |
|
Pro rata debt and preferred equity to total capitalization |
|
|
33.7 |
% |
|
32.1 |
% |
|
36.6 |
% |
|
37.4 |
% |
|
38.6 |
% |
|
(1) |
Reflects shares outstanding at respective dates. Common shares outstanding at June 30, 2014 includes the effects of the Company's direct issuance of 4,034,970 shares to the seller of the Marriott Wailea in July 2014. Common shares outstanding at September 30, 2013 includes the effects of the Company's issuance of 20,000,000 shares in November 2013. |
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION |
Page 27 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Consolidated Debt Summary Schedule
|
(In thousands) |
Interest Rate / |
Maturity |
September 30, 2014 |
Balance At |
||||||||
|
Debt |
Collateral |
Spread |
Date |
Balance |
Maturity |
|||||||
|
Fixed Rate Debt |
||||||||||||
|
Secured Mortgage Debt |
Marriott Houston |
5.34% |
5/1/2015 |
$ |
21,117 |
$ |
20,706 | |||||
|
Secured Mortgage Debt |
Marriott Park City |
5.34% |
5/1/2015 |
13,766 | 13,498 | |||||||
|
Secured Mortgage Debt |
Marriott Philadelphia |
5.34% |
5/1/2015 |
24,943 | 24,457 | |||||||
|
Secured Mortgage Debt |
Marriott Tysons Corner |
5.34% |
5/1/2015 |
41,206 | 40,404 | |||||||
|
Secured Mortgage Debt |
JW Marriott New Orleans |
5.45% |
9/1/2015 |
38,994 | 38,174 | |||||||
|
Secured Mortgage Debt |
Renaissance Harborplace |
5.13% |
1/1/2016 |
89,793 | 85,227 | |||||||
|
Secured Mortgage Debt |
Hilton North Houston |
5.66% |
3/11/2016 |
31,394 | 30,579 | |||||||
|
Secured Mortgage Debt |
Renaissance Orlando at SeaWorld® |
5.52% |
7/1/2016 |
76,482 | 72,418 | |||||||
|
Secured Mortgage Debt |
Embassy Suites Chicago |
5.58% |
3/1/2017 |
69,908 | 65,756 | |||||||
|
Secured Mortgage Debt |
Marriott Boston Long Wharf |
5.58% |
4/11/2017 |
176,000 | 176,000 | |||||||
|
Secured Mortgage Debt |
Boston Park Plaza |
4.40% |
2/1/2018 |
116,944 | 109,813 | |||||||
|
Secured Mortgage Debt |
Embassy Suites La Jolla |
6.60% |
6/1/2019 |
67,232 | 62,284 | |||||||
|
Secured Mortgage Debt |
Hilton Times Square |
4.97% |
11/1/2020 |
87,121 | 76,145 | |||||||
|
Secured Mortgage Debt |
Renaissance Washington DC |
5.95% |
5/1/2021 |
124,810 | 106,855 | |||||||
|
Total Fixed Rate Debt |
979,710 | 922,316 | ||||||||||
|
Secured Mortgage Debt |
Doubletree Guest Suites Times Square |
L + 3.25% |
10/7/2018 |
177,790 | 167,738 | |||||||
|
Secured Mortgage Debt |
Hilton San Diego Bayfront |
L + 2.25% |
8/8/2019 |
228,992 | 213,513 | |||||||
|
Credit Facility |
Unsecured |
L + 1.75% - 3.50% |
11/1/2015 |
— |
— |
|||||||
|
Total Variable Rate Debt |
406,782 | 381,251 | ||||||||||
|
TOTAL CONSOLIDATED DEBT |
$ |
1,386,492 |
$ |
1,303,567 | ||||||||
|
Preferred Stock |
||||||||||||
|
Series D cumulative redeemable preferred |
8.00% |
perpetual |
$ |
115,000 | ||||||||
|
Debt Statistics |
||||||||||||
|
% Fixed Rate Debt |
70.7 |
% |
||||||||||
|
% Floating Rate Debt |
29.3 |
% |
||||||||||
|
Average Interest Rate (1) |
4.68 |
% |
||||||||||
|
Weighted Average Maturity of Debt |
3.5 years |
|
(1) |
Average Interest Rate on variable-rate debt obligations is calculated based on the variable rates at September 30, 2014, and includes the effect of the Company's interest rate derivative agreements. |
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION |
Page 28 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Consolidated Amortization and Debt Maturity Schedule
|
(1) |
Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the September 30, 2014 pro rata total capitalization as presented on page 27. |
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION |
Page 29 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
|
|
|
|
|
|
|
|
|
|
|
PROPERTY-LEVEL DATA |
Page 30 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level Data
|
Hotel |
|
Location |
|
Brand |
|
Number of |
|
% of Total |
|
Ownership |
|
Interest |
|
Leasehold |
|
Year Acquired |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| 1 |
|
Hilton San Diego Bayfront |
|
California |
|
Hilton |
|
1,190 |
|
8.32% |
|
75% |
|
Leasehold |
|
2071 |
|
2011 |
||
| 2 |
|
Boston Park Plaza |
|
Massachusetts |
|
Independent |
|
1,054 |
|
7.37% |
|
100% |
|
Fee Simple |
|
|
|
2013 |
||
| 3 |
|
Renaissance Washington DC |
|
Washington DC |
|
Marriott |
|
807 |
|
5.64% |
|
100% |
|
Fee Simple |
|
|
|
2005 |
||
| 4 |
|
Hyatt Regency San Francisco |
|
California |
|
Hyatt |
|
803 |
|
5.61% |
|
100% |
|
Fee Simple |
|
|
|
2013 |
||
| 5 |
|
Renaissance Orlando at SeaWorld® (2) |
|
Florida |
|
Marriott |
|
781 |
|
5.46% |
|
100% |
|
Fee Simple |
|
|
|
2005 |
||
| 6 |
|
Renaissance Harborplace |
|
Maryland |
|
Marriott |
|
622 |
|
4.35% |
|
100% |
|
Leasehold |
|
2085 |
|
2005 |
||
| 7 |
|
Marriott Wailea |
|
|
Hawaii |
|
Marriott |
|
541 |
|
3.78% |
|
100% |
|
Fee Simple |
|
|
|
2014 |
|
| 8 |
|
Renaissance Los Angeles Airport |
|
California |
|
Marriott |
|
501 |
|
3.50% |
|
100% |
|
Fee Simple |
|
|
|
2007 |
||
| 9 |
|
JW Marriott New Orleans (3) |
|
Louisiana |
|
Marriott |
|
496 |
|
3.47% |
|
100% |
|
Leasehold |
|
2081 |
|
2011 |
||
| 10 |
|
Hilton North Houston |
|
Texas |
|
Hilton |
|
480 |
|
3.36% |
|
100% |
|
Fee Simple |
|
|
|
2002 |
||
| 11 |
|
Doubletree Guest Suites Times Square |
|
New York |
|
Hilton |
|
468 |
|
3.27% |
|
100% |
|
Leasehold |
|
2127 |
|
2011 |
||
| 12 |
|
Marriott Quincy |
|
Massachusetts |
|
Marriott |
|
464 |
|
3.24% |
|
100% |
|
Fee Simple |
|
|
|
2007 |
||
| 13 |
|
Hilton Times Square |
|
New York |
|
Hilton |
|
460 |
|
3.22% |
|
100% |
|
Leasehold |
|
2091 |
|
2006 |
||
| 14 |
|
Fairmont Newport Beach |
|
California |
|
Fairmont |
|
444 |
|
3.10% |
|
100% |
|
Fee Simple |
|
|
|
2005 |
||
| 15 |
|
Hyatt Chicago Magnificent Mile |
|
Illinois |
|
Hyatt |
|
419 |
|
2.93% |
|
100% |
|
Leasehold |
|
2097 |
|
2012 |
||
| 16 |
|
Marriott Boston Long Wharf |
|
Massachusetts |
|
Marriott |
|
412 |
|
2.88% |
|
100% |
|
Fee Simple |
|
|
|
2007 |
||
| 17 |
|
Hyatt Regency Newport Beach |
|
California |
|
Hyatt |
|
407 |
|
2.85% |
|
100% |
|
Leasehold |
|
2048 |
|
2002 |
||
| 18 |
|
Marriott Tysons Corner |
|
Virginia |
|
Marriott |
|
396 |
|
2.77% |
|
100% |
|
Fee Simple |
|
|
|
2002 |
||
| 19 |
|
Marriott Houston |
|
Texas |
|
Marriott |
|
390 |
|
2.73% |
|
100% |
|
Fee Simple |
|
|
|
2002 |
||
| 20 |
|
Renaissance Long Beach |
|
California |
|
Marriott |
|
374 |
|
2.61% |
|
100% |
|
Fee Simple |
|
|
|
2005 |
||
| 21 |
|
Embassy Suites Chicago |
|
Illinois |
|
Hilton |
|
368 |
|
2.57% |
|
100% |
|
Fee Simple |
|
|
|
2002 |
||
| 22 |
|
Hilton Garden Inn Chicago Downtown/Magnificent Mile |
|
Illinois |
|
Hilton |
|
361 |
|
2.52% |
|
100% |
|
Fee Simple |
|
|
|
2012 |
||
| 23 |
|
Renaissance Westchester |
|
New York |
|
Marriott |
|
348 |
|
2.43% |
|
100% |
|
Fee Simple |
|
|
|
2010 |
||
| 24 |
|
Embassy Suites La Jolla |
|
California |
|
Hilton |
|
340 |
|
2.38% |
|
100% |
|
Fee Simple |
|
|
|
2006 |
||
| 25 |
|
Marriott Philadelphia |
|
Pennsylvania |
|
Marriott |
|
289 |
|
2.02% |
|
100% |
|
Fee Simple |
|
|
|
2002 |
||
| 26 |
|
Hilton New Orleans St. Charles |
|
Louisiana |
|
Hilton |
|
250 |
|
1.75% |
|
100% |
|
Fee Simple |
|
|
|
2013 |
||
| 27 |
|
Marriott Portland |
|
Oregon |
|
Marriott |
|
249 |
|
1.74% |
|
100% |
|
Fee Simple |
|
|
|
2000 |
||
| 28 |
|
Sheraton Cerritos |
|
California |
|
Sheraton |
|
203 |
|
1.42% |
|
100% |
|
Leasehold |
|
2087 |
|
2005 |
||
| 29 |
|
Marriott Park City |
|
Utah |
|
Marriott |
|
199 |
|
1.39% |
|
100% |
|
Fee Simple |
|
|
|
1999 |
||
| 30 |
|
Courtyard by Marriott Los Angeles |
|
California |
|
Marriott |
|
187 |
|
1.31% |
|
100% |
|
Leasehold |
|
2096 |
|
1999 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Total portfolio |
|
|
|
|
|
14,303 |
|
100% |
|
|
|
|
|
|
|
|
||
|
(1) |
Assumes the full exercise of all lease extensions. |
|
(2) |
Reflects 100% economic interest in the Renaissance Orlando at SeaWorld®. |
|
(3) |
Hotel is subject to a ground lease that expires in 2081. In addition, it is also subject to a municipal air rights lease that matures in 2044 that applies only to certain balcony space and is not integral to the hotel operation. |
|
|
|
|
|
|
|
|
|
|
|
PROPERTY-LEVEL DATA |
Page 31 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
PROPERTY-LEVEL OPERATING STATISTICS
|
|
|
|
|
|
|
|
|
|
|
PROPERTY-LEVEL OPERATING STATISTICS |
Page 32 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level Operating Statistics
|
Hotels sorted by number of rooms |
ADR |
Occupancy |
RevPAR |
||||||||||||||||||||||||||||||
|
For the Three Months Ended September 30, |
For the Three Months Ended September 30, |
For the Three Months Ended September 30, |
|||||||||||||||||||||||||||||||
|
2014 |
2013 |
Variance |
2014 |
2013 |
Variance |
2014 |
2013 |
Variance |
|||||||||||||||||||||||||
| 1 |
Hilton San Diego Bayfront |
$ |
219.05 |
$ |
210.47 | 4.1% | 88.4% | 90.9% |
-2.8% |
$ |
193.64 |
$ |
191.32 | 1.2% | |||||||||||||||||||
| 2 |
Boston Park Plaza |
$ |
192.50 |
$ |
165.37 | 16.4% | 95.2% | 96.5% |
-1.3% |
$ |
183.26 |
$ |
159.58 | 14.8% | |||||||||||||||||||
| 3 |
Renaissance Washington DC |
$ |
195.72 |
$ |
186.16 | 5.1% | 79.9% | 79.4% | 0.6% |
$ |
156.38 |
$ |
147.81 | 5.8% | |||||||||||||||||||
| 4 |
Hyatt Regency San Francisco |
$ |
273.69 |
$ |
255.48 | 7.1% | 91.7% | 92.0% |
-0.3% |
$ |
250.97 |
$ |
235.04 | 6.8% | |||||||||||||||||||
| 5 |
Renaissance Orlando at SeaWorld ® |
$ |
118.11 |
$ |
114.35 | 3.3% | 76.3% | 74.8% | 2.0% |
$ |
90.12 |
$ |
85.53 | 5.4% | |||||||||||||||||||
| 6 |
Renaissance Harborplace |
$ |
183.64 |
$ |
171.81 | 6.9% | 80.9% | 82.1% |
-1.5% |
$ |
148.56 |
$ |
141.06 | 5.3% | |||||||||||||||||||
| 7 |
Marriott Wailea |
$ |
242.68 |
$ |
262.48 |
-7.5% |
81.5% | 76.9% | 6.0% |
$ |
197.78 |
$ |
201.85 |
-2.0% |
|||||||||||||||||||
| 8 |
Renaissance Los Angeles Airport |
$ |
138.11 |
$ |
113.49 | 21.7% | 89.5% | 92.5% |
-3.2% |
$ |
123.61 |
$ |
104.98 | 17.7% | |||||||||||||||||||
| 9 |
JW Marriott New Orleans |
$ |
155.42 |
$ |
136.80 | 13.6% | 82.4% | 79.6% | 3.5% |
$ |
128.07 |
$ |
108.89 | 17.6% | |||||||||||||||||||
| 10 |
Hilton North Houston |
$ |
106.61 |
$ |
98.09 | 8.7% | 86.0% | 83.1% | 3.5% |
$ |
91.68 |
$ |
81.51 | 12.5% | |||||||||||||||||||
| 11 |
Doubletree Guest Suites Times Square |
$ |
364.32 |
$ |
365.48 |
-0.3% |
99.0% | 98.4% | 0.6% |
$ |
360.68 |
$ |
359.63 | 0.3% | |||||||||||||||||||
| 12 |
Marriott Quincy |
$ |
156.44 |
$ |
144.64 | 8.2% | 86.2% | 84.8% | 1.7% |
$ |
134.85 |
$ |
122.65 | 9.9% | |||||||||||||||||||
| 13 |
Hilton Times Square |
$ |
316.41 |
$ |
310.05 | 2.1% | 99.9% | 98.7% | 1.2% |
$ |
316.09 |
$ |
306.02 | 3.3% | |||||||||||||||||||
| 14 |
Fairmont Newport Beach |
$ |
160.49 |
$ |
149.19 | 7.6% | 84.9% | 80.7% | 5.2% |
$ |
136.26 |
$ |
120.40 | 13.2% | |||||||||||||||||||
| 15 |
Hyatt Chicago Magnificent Mile |
$ |
220.96 |
$ |
190.45 | 16.0% | 84.8% | 87.4% |
-3.0% |
$ |
187.37 |
$ |
166.45 | 12.6% | |||||||||||||||||||
| 16 |
Marriott Boston Long Wharf |
$ |
345.28 |
$ |
304.79 | 13.3% | 94.3% | 94.4% |
-0.1% |
$ |
325.60 |
$ |
287.72 | 13.2% | |||||||||||||||||||
| 17 |
Hyatt Regency Newport Beach |
$ |
178.59 |
$ |
164.07 | 8.8% | 86.9% | 90.1% |
-3.6% |
$ |
155.19 |
$ |
147.83 | 5.0% | |||||||||||||||||||
| 18 |
Marriott Tysons Corner |
$ |
140.49 |
$ |
141.82 |
-0.9% |
81.6% | 67.7% | 20.5% |
$ |
114.64 |
$ |
96.01 | 19.4% | |||||||||||||||||||
| 19 |
Marriott Houston |
$ |
107.75 |
$ |
104.03 | 3.6% | 79.1% | 76.7% | 3.1% |
$ |
85.23 |
$ |
79.79 | 6.8% | |||||||||||||||||||
| 20 |
Renaissance Long Beach |
$ |
149.04 |
$ |
128.82 | 15.7% | 83.5% | 83.4% | 0.1% |
$ |
124.45 |
$ |
107.44 | 15.8% | |||||||||||||||||||
| 21 |
Embassy Suites Chicago |
$ |
228.29 |
$ |
211.17 | 8.1% | 94.1% | 95.3% |
-1.3% |
$ |
214.82 |
$ |
201.25 | 6.7% | |||||||||||||||||||
| 22 |
Hilton Garden Inn Chicago Downtown/Magnificent Mile |
$ |
203.99 |
$ |
186.72 | 9.2% | 92.9% | 90.5% | 2.7% |
$ |
189.51 |
$ |
168.98 | 12.1% | |||||||||||||||||||
| 23 |
Renaissance Westchester |
$ |
148.98 |
$ |
138.14 | 7.8% | 82.9% | 73.9% | 12.2% |
$ |
123.50 |
$ |
102.09 | 21.0% | |||||||||||||||||||
| 24 |
Embassy Suites La Jolla |
$ |
186.70 |
$ |
182.52 | 2.3% | 92.3% | 90.5% | 2.0% |
$ |
172.32 |
$ |
165.18 | 4.3% | |||||||||||||||||||
| 25 |
Marriott Philadelphia |
$ |
168.68 |
$ |
158.05 | 6.7% | 73.1% | 70.3% | 4.0% |
$ |
123.31 |
$ |
111.11 | 11.0% | |||||||||||||||||||
| 26 |
Hilton New Orleans St. Charles |
$ |
141.65 |
$ |
127.43 | 11.2% | 58.6% | 67.2% |
-12.8% |
$ |
83.01 |
$ |
85.63 |
-3.1% |
|||||||||||||||||||
| 27 |
Marriott Portland |
$ |
210.96 |
$ |
185.91 | 13.5% | 94.3% | 93.9% | 0.4% |
$ |
198.94 |
$ |
174.57 | 14.0% | |||||||||||||||||||
| 28 |
Sheraton Cerritos |
$ |
135.22 |
$ |
120.71 | 12.0% | 89.1% | 93.6% |
-4.8% |
$ |
120.48 |
$ |
112.98 | 6.6% | |||||||||||||||||||
| 29 |
Marriott Park City |
$ |
118.47 |
$ |
106.17 | 11.6% | 69.1% | 70.7% |
-2.3% |
$ |
81.86 |
$ |
75.06 | 9.1% | |||||||||||||||||||
| 30 |
Courtyard by Marriott Los Angeles |
$ |
160.78 |
$ |
146.87 | 9.5% | 96.5% | 98.2% |
-1.7% |
$ |
155.15 |
$ |
144.23 | 7.6% | |||||||||||||||||||
|
Comparable Portfolio (1) |
$ |
198.46 |
$ |
185.60 | 6.9% | 86.4% | 85.8% | 0.7% |
$ |
171.47 |
$ |
159.24 | 7.7% | ||||||||||||||||||||
|
(1) |
Comparable Portfolio includes all 30 hotels held for investment by the Company as of September 30, 2014. Includes prior ownership results for the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea acquired July 17, 2014. |
|
|
|
|
|
|
|
|
|
|
|
PROPERTY-LEVEL OPERATING STATISTICS |
Page 33 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level Operating Statistics
|
Hotels sorted by number of rooms |
ADR |
Occupancy |
RevPAR |
|||||||||||||||||||||||||||||||||||||||||
|
For the Nine Months Ended September 30, |
For the Nine Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||||||||||||||||||||||||||||
|
2014 |
2013 |
Variance |
2014 |
2013 |
Variance |
2014 |
2013 |
Variance |
||||||||||||||||||||||||||||||||||||
| 1 |
Hilton San Diego Bayfront |
$ |
218.45 |
$ |
208.56 | 4.7% | 88.5% | 86.0% | 2.9% |
$ |
193.33 |
$ |
179.36 | 7.8% | ||||||||||||||||||||||||||||||
| 2 |
Boston Park Plaza |
$ |
174.97 |
$ |
161.95 | 8.0% | 87.8% | 85.1% | 3.2% |
$ |
153.62 |
$ |
137.82 | 11.5% | ||||||||||||||||||||||||||||||
| 3 |
Renaissance Washington DC |
$ |
205.28 |
$ |
212.07 |
-3.2% |
81.0% | 79.6% | 1.8% |
$ |
166.28 |
$ |
168.81 |
-1.5% |
||||||||||||||||||||||||||||||
| 4 |
Hyatt Regency San Francisco (2) |
$ |
265.92 |
$ |
243.30 | 9.3% | 82.2% | 87.0% |
-5.5% |
$ |
218.59 |
$ |
211.67 | 3.3% | ||||||||||||||||||||||||||||||
| 5 |
Renaissance Orlando at SeaWorld ® |
$ |
144.67 |
$ |
138.87 | 4.2% | 78.6% | 78.6% | 0.0% |
$ |
113.71 |
$ |
109.15 | 4.2% | ||||||||||||||||||||||||||||||
| 6 |
Renaissance Harborplace |
$ |
172.02 |
$ |
164.31 | 4.7% | 75.1% | 74.7% | 0.5% |
$ |
129.19 |
$ |
122.74 | 5.3% | ||||||||||||||||||||||||||||||
| 7 |
Marriott Wailea |
$ |
258.21 |
$ |
264.40 |
-2.3% |
84.3% | 82.1% | 2.7% |
$ |
217.67 |
$ |
217.07 | 0.3% | ||||||||||||||||||||||||||||||
| 8 |
Renaissance Los Angeles Airport |
$ |
130.75 |
$ |
114.38 | 14.3% | 90.8% | 89.2% | 1.8% |
$ |
118.72 |
$ |
102.03 | 16.4% | ||||||||||||||||||||||||||||||
| 9 |
JW Marriott New Orleans |
$ |
188.23 |
$ |
178.71 | 5.3% | 82.3% | 81.4% | 1.1% |
$ |
154.91 |
$ |
145.47 | 6.5% | ||||||||||||||||||||||||||||||
| 10 |
Hilton North Houston |
$ |
113.81 |
$ |
101.38 | 12.3% | 85.7% | 85.9% |
-0.2% |
$ |
97.54 |
$ |
87.09 | 12.0% | ||||||||||||||||||||||||||||||
| 11 |
Doubletree Guest Suites Times Square |
$ |
332.46 |
$ |
340.87 |
-2.5% |
97.3% | 97.5% |
-0.2% |
$ |
323.48 |
$ |
332.35 |
-2.7% |
||||||||||||||||||||||||||||||
| 12 |
Marriott Quincy |
$ |
153.23 |
$ |
147.06 | 4.2% | 78.3% | 74.6% | 5.0% |
$ |
119.98 |
$ |
109.71 | 9.4% | ||||||||||||||||||||||||||||||
| 13 |
Hilton Times Square (2) |
$ |
299.30 |
$ |
304.35 |
-1.7% |
99.6% | 87.0% | 14.5% |
$ |
298.10 |
$ |
264.78 | 12.6% | ||||||||||||||||||||||||||||||
| 14 |
Fairmont Newport Beach |
$ |
153.56 |
$ |
144.26 | 6.4% | 82.2% | 76.7% | 7.2% |
$ |
126.23 |
$ |
110.65 | 14.1% | ||||||||||||||||||||||||||||||
| 15 |
Hyatt Chicago Magnificent Mile (2) |
$ |
202.80 |
$ |
177.72 | 14.1% | 71.5% | 67.1% | 6.6% |
$ |
145.00 |
$ |
119.25 | 21.6% | ||||||||||||||||||||||||||||||
| 16 |
Marriott Boston Long Wharf |
$ |
299.97 |
$ |
272.83 | 9.9% | 88.6% | 87.4% | 1.4% |
$ |
265.77 |
$ |
238.45 | 11.5% | ||||||||||||||||||||||||||||||
| 17 |
Hyatt Regency Newport Beach (2) |
$ |
163.40 |
$ |
148.44 | 10.1% | 85.4% | 75.0% | 13.9% |
$ |
139.54 |
$ |
111.33 | 25.3% | ||||||||||||||||||||||||||||||
| 18 |
Marriott Tysons Corner |
$ |
145.78 |
$ |
156.17 |
-6.7% |
79.5% | 66.3% | 19.9% |
$ |
115.90 |
$ |
103.54 | 11.9% | ||||||||||||||||||||||||||||||
| 19 |
Marriott Houston |
$ |
116.55 |
$ |
105.93 | 10.0% | 80.7% | 81.0% |
-0.4% |
$ |
94.06 |
$ |
85.80 | 9.6% | ||||||||||||||||||||||||||||||
| 20 |
Renaissance Long Beach (2) |
$ |
149.61 |
$ |
143.33 | 4.4% | 77.4% | 80.0% |
-3.3% |
$ |
115.80 |
$ |
114.66 | 1.0% | ||||||||||||||||||||||||||||||
| 21 |
Embassy Suites Chicago |
$ |
201.01 |
$ |
193.15 | 4.1% | 88.0% | 87.0% | 1.1% |
$ |
176.89 |
$ |
168.04 | 5.3% | ||||||||||||||||||||||||||||||
| 22 |
Hilton Garden Inn Chicago Downtown/Magnificent Mile (2) |
$ |
181.38 |
$ |
173.39 | 4.6% | 79.7% | 84.9% |
-6.1% |
$ |
144.56 |
$ |
147.21 |
-1.8% |
||||||||||||||||||||||||||||||
| 23 |
Renaissance Westchester (2) |
$ |
144.48 |
$ |
138.31 | 4.5% | 78.0% | 62.4% | 25.0% |
$ |
112.69 |
$ |
86.31 | 30.6% | ||||||||||||||||||||||||||||||
| 24 |
Embassy Suites La Jolla |
$ |
173.69 |
$ |
167.91 | 3.4% | 87.7% | 86.0% | 2.0% |
$ |
152.33 |
$ |
144.40 | 5.5% | ||||||||||||||||||||||||||||||
| 25 |
Marriott Philadelphia |
$ |
166.73 |
$ |
165.32 | 0.9% | 73.1% | 69.4% | 5.3% |
$ |
121.88 |
$ |
114.73 | 6.2% | ||||||||||||||||||||||||||||||
| 26 |
Hilton New Orleans St. Charles |
$ |
168.48 |
$ |
156.47 | 7.7% | 73.4% | 77.9% |
-5.8% |
$ |
123.66 |
$ |
121.89 | 1.5% | ||||||||||||||||||||||||||||||
| 27 |
Marriott Portland |
$ |
182.37 |
$ |
165.20 | 10.4% | 87.9% | 84.4% | 4.1% |
$ |
160.30 |
$ |
139.43 | 15.0% | ||||||||||||||||||||||||||||||
| 28 |
Sheraton Cerritos |
$ |
131.44 |
$ |
119.38 | 10.1% | 90.6% | 92.1% |
-1.6% |
$ |
119.08 |
$ |
109.95 | 8.3% | ||||||||||||||||||||||||||||||
| 29 |
Marriott Park City |
$ |
157.93 |
$ |
149.50 | 5.6% | 66.7% | 67.6% |
-1.3% |
$ |
105.34 |
$ |
101.06 | 4.2% | ||||||||||||||||||||||||||||||
| 30 |
Courtyard by Marriott Los Angeles |
$ |
154.88 |
$ |
143.93 | 7.6% | 97.0% | 96.4% | 0.6% |
$ |
150.23 |
$ |
138.75 | 8.3% | ||||||||||||||||||||||||||||||
|
Comparable Portfolio (1) |
$ |
193.20 |
$ |
185.00 | 4.4% | 83.7% | 81.5% | 2.7% |
$ |
161.71 |
$ |
150.78 | 7.2% | |||||||||||||||||||||||||||||||
|
Comparable Portfolio Adjusted for Change in Marriott Calendar (3) |
$ |
193.20 |
$ |
185.17 | 4.3% | 83.7% | 81.5% | 2.7% |
$ |
161.71 |
$ |
150.91 | 7.2% | |||||||||||||||||||||||||||||||
*Footnotes on page 35
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PROPERTY-LEVEL OPERATING STATISTICS |
Page 34 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level Operating Statistics
|
(1) |
Comparable Portfolio includes all 30 hotels held for investment by the Company as of September 30, 2014. Includes prior ownership results for the Hilton New Orleans St. Charles acquired May 1, 2013, the Boston Park Plaza acquired July 2, 2013, the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea acquired July 17, 2014. |
|
(2) |
Operating statistics for the first nine months of 2014 are impacted by major room and public space renovations at the following hotels: the Hilton Garden Inn Chicago Downtown/Magnificent Mile; the Hyatt Regency San Francisco; and the Renaissance Long Beach. Operating statistics for the first nine months of 2013 are impacted by major room renovations at the following hotels: the Hilton Times Square; the Hyatt Chicago Magnificent Mile; the Hyatt Regency Newport Beach; and the Renaissance Westchester. |
|
(3) |
Comparable Portfolio Adjusted for Change in Marriott Calendar includes the effects of removing three additional days (December 29, 2012 through December 31, 2012) from Marriott's fiscal 2013 calendar for ten of the Company's Marriott-managed hotels. |
|
PROPERTY-LEVEL OPERATING STATISTICS |
Page 35 |
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Supplemental Financial Information – Unaudited November 3, 2014 |
OPERATING STATISTICS BY BRAND & GEOGRAPHY
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OPERATING STATISTICS BY BRAND & GEOGRAPHY |
Page 36 |
|||||||
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|
Supplemental Financial Information – Unaudited November 3, 2014 |
Comparable Portfolio Operating Statistics by Brand
Q3 & YTD 2014/2013
|
|
|
|
|
For the Three Months Ended September 30, |
|
|||||||||||||||||
|
|
|
|
|
2014 |
|
2013 |
|
|
|
|||||||||||||
|
# of Hotels |
Occ |
ADR |
RevPAR |
Occ |
ADR |
RevPAR |
RevPAR Change |
|||||||||||||||
|
Marriott (1) |
|
16 |
|
82.6% |
|
$ |
174.51 |
|
$ |
144.15 |
|
80.6% |
|
$ |
163.05 |
|
$ |
131.42 |
|
9.7% |
|
|
|
Hilton |
|
8 |
|
90.1% |
|
$ |
231.02 |
|
$ |
208.15 |
|
90.6% |
|
$ |
221.95 |
|
$ |
201.09 |
|
3.5% |
|
|
|
Hyatt (3) |
|
3 |
|
88.7% |
|
$ |
237.45 |
|
$ |
210.62 |
|
90.4% |
|
$ |
216.52 |
|
$ |
195.73 |
|
7.6% |
|
|
|
Other (4) |
|
3 |
|
91.8% |
|
$ |
178.13 |
|
$ |
163.52 |
|
92.0% |
|
$ |
156.18 |
|
$ |
143.69 |
|
13.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Portfolio (5) |
|
30 |
|
86.4% |
|
$ |
198.46 |
|
$ |
171.47 |
|
85.8% |
|
$ |
185.60 |
|
$ |
159.24 |
|
7.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, |
|
|||||||||||||||||
|
|
|
|
|
2014 |
|
2013 |
|
|
|
|||||||||||||
|
# of Hotels |
Occ |
ADR |
RevPAR |
Occ |
ADR |
RevPAR |
RevPAR Change |
|||||||||||||||
|
Marriott (1) |
|
16 |
|
81.0% |
|
$ |
177.03 |
|
$ |
143.39 |
|
78.5% |
|
$ |
171.30 |
|
$ |
134.47 |
|
6.6% |
|
|
|
Hilton (2) |
|
8 |
|
88.6% |
|
$ |
220.46 |
|
$ |
195.33 |
|
86.9% |
|
$ |
213.23 |
|
$ |
185.30 |
|
5.4% |
|
|
|
Hyatt (3) |
|
3 |
|
80.3% |
|
$ |
224.19 |
|
$ |
180.02 |
|
78.9% |
|
$ |
206.46 |
|
$ |
162.90 |
|
10.5% |
|
|
|
Other (4) |
|
3 |
|
86.6% |
|
$ |
164.24 |
|
$ |
142.23 |
|
83.7% |
|
$ |
152.13 |
|
$ |
127.33 |
|
11.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Portfolio (5) |
|
30 |
|
83.7% |
|
$ |
193.20 |
|
$ |
161.71 |
|
81.5% |
|
$ |
185.00 |
|
$ |
150.78 |
|
7.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Portfolio Adjusted for Change in Marriott Calendar (6) |
|
30 |
|
83.7% |
|
$ |
193.20 |
|
$ |
161.71 |
|
81.5% |
|
$ |
185.17 |
|
$ |
150.91 |
|
7.2% |
|
|
|
(1) |
Marriott includes prior ownership results for the Marriott Wailea acquired July 17, 2014. |
|
(2) |
Hilton includes prior ownership results for the Hilton New Orleans St. Charles acquired May 1, 2013. |
|
(3) |
Hyatt includes prior ownership results for the Hyatt Regency San Francisco acquired December 2, 2013. |
|
(4) |
Other includes the Fairmont Newport Beach, the Sheraton Cerritos and the Boston Park Plaza. Includes prior ownership results as applicable for the Boston Park Plaza acquired July 2, 2013. |
|
(5) |
Comparable Portfolio includes all 30 hotels held for investment by the Company as of September 30, 2014. Includes prior ownership results as applicable for the Hilton New Orleans St. Charles acquired May 1, 2013, the Boston Park Plaza acquired July 2, 2013, the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea acquired July 17, 2014. |
|
(6) |
Comparable Portfolio Adjusted for Change in Marriott Calendar includes the effects of removing three additional days (December 29, 2012 through December 31, 2012) from Marriott's fiscal 2013 calendar for ten of the Company's Marriott-managed hotels. |
|
|
|
|
|
|
|
|
|
|
|
OPERATING STATISTICS BY BRAND & GEOGRAPHY |
Page 37 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Comparable Portfolio Property-Level Trailing 12 Month EBITDA Contribution by Brand
Note: Includes 30 hotel Comparable Portfolio
|
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|
|
OPERATING STATISTICS BY BRAND & GEOGRAPHY |
Page 38 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Comparable Portfolio Operating Statistics by Region
Q3 & YTD 2014/2013
|
|
|
|
|
For the Three Months Ended September 30, |
|
|||||||||||||||||
|
|
|
|
|
2014 |
|
2013 |
|
|
|
|||||||||||||
|
# of Hotels |
Occ |
ADR |
RevPAR |
Occ |
ADR |
RevPAR |
RevPAR Change |
|||||||||||||||
|
California (1) |
|
9 |
|
88.9% |
|
$ |
196.28 |
|
$ |
174.49 |
|
90.0% |
|
$ |
182.15 |
|
$ |
163.94 |
|
6.4% |
|
|
|
Other West (2) |
|
5 |
|
82.6% |
|
$ |
162.97 |
|
$ |
134.61 |
|
80.1% |
|
$ |
159.94 |
|
$ |
128.11 |
|
5.1% |
|
|
|
Midwest |
|
3 |
|
90.3% |
|
$ |
217.92 |
|
$ |
196.78 |
|
90.9% |
|
$ |
196.28 |
|
$ |
178.42 |
|
10.3% |
|
|
|
East |
|
13 |
|
85.2% |
|
$ |
205.82 |
|
$ |
175.36 |
|
83.8% |
|
$ |
192.76 |
|
$ |
161.53 |
|
8.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Portfolio (4) |
|
30 |
|
86.4% |
|
$ |
198.46 |
|
$ |
171.47 |
|
85.8% |
|
$ |
185.60 |
|
$ |
159.24 |
|
7.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, |
|
|||||||||||||||||
|
|
|
|
|
2014 |
|
2013 |
|
|
|
|||||||||||||
|
# of Hotels |
Occ |
ADR |
RevPAR |
Occ |
ADR |
RevPAR |
RevPAR Change |
|||||||||||||||
|
California (1) |
|
9 |
|
86.2% |
|
$ |
189.22 |
|
$ |
163.11 |
|
84.8% |
|
$ |
177.26 |
|
$ |
150.32 |
|
8.5% |
|
|
|
Other West (2) |
|
5 |
|
82.5% |
|
$ |
170.99 |
|
$ |
141.07 |
|
81.6% |
|
$ |
163.33 |
|
$ |
133.28 |
|
5.8% |
|
|
|
Midwest |
|
3 |
|
79.3% |
|
$ |
195.42 |
|
$ |
154.97 |
|
79.1% |
|
$ |
181.74 |
|
$ |
143.76 |
|
7.8% |
|
|
|
East (3) |
|
13 |
|
83.1% |
|
$ |
201.52 |
|
$ |
167.46 |
|
79.7% |
|
$ |
196.87 |
|
$ |
156.91 |
|
6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Portfolio (4) |
|
30 |
|
83.7% |
|
$ |
193.20 |
|
$ |
161.71 |
|
81.5% |
|
$ |
185.00 |
|
$ |
150.78 |
|
7.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Portfolio Adjusted for Change in Marriott Calendar (5) |
|
30 |
|
83.7% |
|
$ |
193.20 |
|
$ |
161.71 |
|
81.5% |
|
$ |
185.17 |
|
$ |
150.91 |
|
7.2% |
|
|
|
(1) |
California includes prior ownership results for the Hyatt Regency San Francisco acquired December 2, 2013. |
|
(2) |
Other West includes prior ownership results for the Marriott Wailea acquired July 17, 2014. |
|
(3) |
East includes prior ownership results as applicable for the Hilton New Orleans St. Charles acquired May 1, 2013, and the Boston Park Plaza acquired July 2, 2013. |
|
(4) |
Comparable Portfolio includes all 30 hotels held for investment by the Company as of September 30, 2014. Includes prior ownership results as applicable for the Hilton New Orleans St. Charles acquired May 1, 2013, the Boston Park Plaza acquired July 2, 2013, the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea acquired July 17, 2014. |
|
(5) |
Comparable Portfolio Adjusted for Change in Marriott Calendar includes the effects of removing three additional days (December 29, 2012 through December 31, 2012) from Marriott's fiscal 2013 calendar for ten of the Company's Marriott-managed hotels. |
|
|
|
|
|
|
|
|
|
|
|
OPERATING STATISTICS BY BRAND & GEOGRAPHY |
Page 39 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
PROPERTY-LEVEL EBITDA & EBITDA MARGINS
|
|
|
|
|
|
|
|
|
|
|
PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 40 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level EBITDA
Q3 & YTD 2014/2013
|
Hotels sorted by number of rooms |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||||||
|
(In thousands) |
2014 |
2013 |
2014 |
2013 |
|||||||||||||||||
|
Hotel EBITDA (2) |
Hotel EBITDA (2) |
% Change |
Hotel EBITDA (2) |
Hotel EBITDA (2) |
% Change |
||||||||||||||||
| 1 |
Hilton San Diego Bayfront (1) (3) |
$ |
13,520 |
$ |
13,122 | 3% |
$ |
41,109 |
$ |
34,167 | 20% | ||||||||||
| 2 |
Boston Park Plaza |
7,369 | 6,714 | 10% | 15,740 | 14,502 | 9% | ||||||||||||||
| 3 |
Renaissance Washington DC |
4,723 | 3,512 | 34% | 16,879 | 17,901 |
-6% |
||||||||||||||
| 4 |
Hyatt Regency San Francisco (3) |
6,535 | 5,063 | 29% | 13,724 | 12,788 | 7% | ||||||||||||||
| 5 |
Renaissance Orlando at SeaWorld ® |
2,925 | 1,626 | 80% | 15,167 | 11,500 | 32% | ||||||||||||||
| 6 |
Renaissance Harborplace |
3,980 | 3,707 | 7% | 9,923 | 8,778 | 13% | ||||||||||||||
| 7 |
Marriott Wailea |
4,150 | 4,637 |
-11% |
14,910 | 15,632 |
-5% |
||||||||||||||
| 8 |
Renaissance Los Angeles Airport |
1,800 | 1,385 | 30% | 5,302 | 3,856 | 38% | ||||||||||||||
| 9 |
JW Marriott New Orleans |
2,220 | 1,558 | 42% | 10,079 | 9,090 | 11% | ||||||||||||||
| 10 |
Hilton North Houston |
1,116 | 668 | 67% | 4,603 | 3,095 | 49% | ||||||||||||||
| 11 |
Doubletree Guest Suites Times Square (1) |
6,526 | 6,583 |
-1% |
14,891 | 15,582 |
-4% |
||||||||||||||
| 12 |
Marriott Quincy (4) |
2,666 | 2,310 | 15% | 6,477 | 6,122 | 6% | ||||||||||||||
| 13 |
Hilton Times Square (4) |
4,323 | 4,185 | 3% | 11,340 | 9,055 | 25% | ||||||||||||||
| 14 |
Fairmont Newport Beach (3) |
2,523 | 1,727 | 46% | 6,158 | 4,290 | 44% | ||||||||||||||
| 15 |
Hyatt Chicago Magnificent Mile (4) |
2,927 | 2,255 | 30% | 4,483 | 1,080 | 315% | ||||||||||||||
| 16 |
Marriott Boston Long Wharf |
7,320 | 6,415 | 14% | 16,198 | 14,348 | 13% | ||||||||||||||
| 17 |
Hyatt Regency Newport Beach (3) (4) |
2,601 | 2,228 | 17% | 6,411 | 3,455 | 86% | ||||||||||||||
| 18 |
Marriott Tysons Corner |
1,702 | 1,276 | 33% | 5,257 | 4,514 | 16% | ||||||||||||||
| 19 |
Marriott Houston |
966 | 687 | 41% | 3,412 | 2,600 | 31% | ||||||||||||||
| 20 |
Renaissance Long Beach (3) |
1,679 | 1,327 | 27% | 4,246 | 4,745 |
-11% |
||||||||||||||
| 21 |
Embassy Suites Chicago (3) (4) |
3,751 | 3,614 | 4% | 8,373 | 7,655 | 9% | ||||||||||||||
| 22 |
Hilton Garden Inn Chicago Downtown/Magnificent Mile (3) (4) |
3,191 | 2,581 | 24% | 5,878 | 5,886 | 0% | ||||||||||||||
| 23 |
Renaissance Westchester (4) |
1,061 | 276 | 284% | 2,436 | (120) | 2130% | ||||||||||||||
| 24 |
Embassy Suites La Jolla |
2,828 | 2,753 | 3% | 7,081 | 6,880 | 3% | ||||||||||||||
| 25 |
Marriott Philadelphia |
1,395 | 1,091 | 28% | 3,696 | 3,596 | 3% | ||||||||||||||
| 26 |
Hilton New Orleans St. Charles |
463 | 636 |
-27% |
3,718 | 3,399 | 9% | ||||||||||||||
| 27 |
Marriott Portland |
2,686 | 2,344 | 15% | 6,023 | 4,989 | 21% | ||||||||||||||
| 28 |
Sheraton Cerritos |
895 | 691 | 30% | 2,735 | 2,449 | 12% | ||||||||||||||
| 29 |
Marriott Park City |
334 | 252 | 33% | 2,024 | 1,967 | 3% | ||||||||||||||
| 30 |
Courtyard by Marriott Los Angeles (3) |
1,132 | 1,107 | 2% | 3,159 | 2,879 | 10% | ||||||||||||||
|
Comparable Portfolio (5) |
$ |
99,307 |
$ |
86,330 | 15% |
$ |
271,432 |
$ |
236,680 | 15% | |||||||||||
*Footnotes on page 42
|
|
|
|
|
|
|
|
|
|
|
PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 41 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level EBITDA
Q3 & YTD 2014/2013 Footnotes
|
(1) |
Reflects 100% ownership. |
|
(2) |
Reconciliations to Net Income (Loss) provided on pages 45, 46, 48 and 49. |
|
(3) |
Hotel EBITDA for the third quarter of 2014 is impacted by $35,000 in property tax credits received at the Fairmont Newport Beach. Hotel EBITDA for the first nine months of 2014 is impacted by major room and public space renovations at the following hotels: the Hilton Garden Inn Chicago Downtown/Magnificent Mile; the Hyatt Regency San Francisco; and the Renaissance Long Beach. Hotel EBITDA for the first nine months of 2014 is also impacted by a total of $3.3 million in property tax credits (assessments) net of appeal fees as applicable received at the following hotels: the Courtyard by Marriott Los Angeles $(7,000); the Embassy Suites Chicago $174,000; the Fairmont Newport Beach $118,000; the Hilton Garden Inn Chicago Downtown/Magnificent Mile $195,000; the Hilton San Diego Bayfront $2.8 million; and the Hyatt Regency Newport Beach $3,000. |
|
(4) |
Hotel EBITDA for the first nine months of 2013 is impacted by major room renovations during the first half of the year at the following hotels: Hilton Times Square; Hyatt Chicago Magnificent Mile; Hyatt Regency Newport Beach; and Renaissance Westchester. Hotel EBITDA for the first nine months of 2013 is also impacted by a total of $(0.1) million in property tax (assessments) net of credits received at the following hotels: Embassy Suites Chicago $(168,000); Hilton Garden Inn Chicago Downtown/Magnificent Mile $(91,000); Hyatt Chicago Magnificent Mile $(223,000); and Marriott Quincy $376,000. |
|
(5) |
Comparable Portfolio includes all 30 hotels held for investment by the Company as of September 30, 2014. Includes the Company's ownership results and prior ownership results as applicable for the Hilton New Orleans St. Charles acquired May 1, 2013, the Boston Park Plaza acquired July 2, 2013, the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea acquired July 17, 2014. Prior ownership for the Boston Park Plaza during 2013 includes management fees reported at the prior owner's expense of 4.0% of total revenues. Based on the Company's current contract with the hotel's third-party manager which assesses management fees at 2.5%, the hotel's EBITDA would have been $15.0 million for the nine months ended September 30, 2013. |
|
PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 42 |
|||||||
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Supplemental Financial Information – Unaudited November 3, 2014 |
||||||||
Property-Level EBITDA Margins
Q3 & YTD 2014/2013
|
Hotels sorted by number of rooms |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||||||||
|
2014 Hotel EBITDA |
2013 Hotel EBITDA |
Change in |
2014 Hotel EBITDA |
2013 Hotel EBITDA |
Change in |
|||||||||||||||||||
|
Margin |
Margin |
bps |
Margin |
Margin |
bps |
|||||||||||||||||||
| 1 |
Hilton San Diego Bayfront (1) (2) |
38.5% | 38.8% |
(30) bps |
40.9% | 36.5% |
440 bps |
|||||||||||||||||
| 2 |
Boston Park Plaza |
34.4% | 33.7% |
70 bps |
28.1% | 27.4% |
70 bps |
|||||||||||||||||
| 3 |
Renaissance Washington DC |
26.2% | 21.5% |
470 bps |
29.1% | 30.3% |
(120) bps |
|||||||||||||||||
| 4 |
Hyatt Regency San Francisco (2) |
26.5% | 22.4% |
410 bps |
21.1% | 19.9% |
120 bps |
|||||||||||||||||
| 5 |
Renaissance Orlando at SeaWorld ® |
22.0% | 14.2% |
780 bps |
31.5% | 27.0% |
450 bps |
|||||||||||||||||
| 6 |
Renaissance Harborplace |
33.3% | 32.0% |
130 bps |
29.8% | 27.8% |
200 bps |
|||||||||||||||||
| 7 |
Marriott Wailea |
30.2% | 34.0% |
(380) bps |
33.4% | 36.0% |
(260) bps |
|||||||||||||||||
| 8 |
Renaissance Los Angeles Airport |
24.1% | 21.6% |
250 bps |
24.2% | 20.4% |
380 bps |
|||||||||||||||||
| 9 |
JW Marriott New Orleans |
28.5% | 23.1% |
540 bps |
36.5% | 35.1% |
140 bps |
|||||||||||||||||
| 10 |
Hilton North Houston |
19.8% | 13.2% |
660 bps |
24.1% | 18.5% |
560 bps |
|||||||||||||||||
| 11 |
Doubletree Guest Suites Times Square (1) |
35.2% | 36.3% |
(110) bps |
30.4% | 31.7% |
(130) bps |
|||||||||||||||||
| 12 |
Marriott Quincy (3) |
33.5% | 30.2% |
330 bps |
29.4% | 29.4% |
— bps |
|||||||||||||||||
| 13 |
Hilton Times Square (3) |
29.9% | 30.1% |
(20) bps |
27.7% | 24.9% |
280 bps |
|||||||||||||||||
| 14 |
Fairmont Newport Beach (2) |
29.2% | 23.4% |
580 bps |
26.3% | 20.8% |
550 bps |
|||||||||||||||||
| 15 |
Hyatt Chicago Magnificent Mile (3) |
30.6% | 26.6% |
400 bps |
19.7% | 6.1% |
1,360 bps |
|||||||||||||||||
| 16 |
Marriott Boston Long Wharf |
44.8% | 43.2% |
160 bps |
39.3% | 37.6% |
170 bps |
|||||||||||||||||
| 17 |
Hyatt Regency Newport Beach (2) (3) |
26.0% | 23.7% |
230 bps |
23.4% | 15.7% |
770 bps |
|||||||||||||||||
| 18 |
Marriott Tysons Corner |
31.6% | 28.1% |
350 bps |
32.4% | 30.5% |
190 bps |
|||||||||||||||||
| 19 |
Marriott Houston |
23.3% | 19.0% |
430 bps |
25.4% | 22.1% |
330 bps |
|||||||||||||||||
| 20 |
Renaissance Long Beach (2) |
27.7% | 24.6% |
310 bps |
25.1% | 27.9% |
(280) bps |
|||||||||||||||||
| 21 |
Embassy Suites Chicago (2) (3) |
44.8% | 45.2% |
(40) bps |
40.1% | 38.5% |
160 bps |
|||||||||||||||||
| 22 |
Hilton Garden Inn Chicago Downtown/Magnificent Mile (2) (3) |
46.4% | 42.4% |
400 bps |
37.5% | 37.1% |
40 bps |
|||||||||||||||||
| 23 |
Renaissance Westchester (3) |
17.7% | 6.1% |
1,160 bps |
15.0% |
-1.0% |
1,600 bps |
|||||||||||||||||
| 24 |
Embassy Suites La Jolla |
45.8% | 46.3% |
(50) bps |
43.0% | 43.7% |
(70) bps |
|||||||||||||||||
| 25 |
Marriott Philadelphia |
31.0% | 25.6% |
540 bps |
26.8% | 26.1% |
70 bps |
|||||||||||||||||
| 26 |
Hilton New Orleans St. Charles |
20.8% | 27.3% |
(650) bps |
38.3% | 36.5% |
180 bps |
|||||||||||||||||
| 27 |
Marriott Portland |
51.0% | 49.4% |
160 bps |
46.6% | 44.0% |
260 bps |
|||||||||||||||||
| 28 |
Sheraton Cerritos |
26.6% | 23.1% |
350 bps |
27.7% | 26.2% |
150 bps |
|||||||||||||||||
| 29 |
Marriott Park City |
15.3% | 12.8% |
250 bps |
25.8% | 25.9% |
(10) bps |
|||||||||||||||||
| 30 |
Courtyard by Marriott Los Angeles (2) |
35.8% | 38.1% |
(230) bps |
34.9% | 34.5% |
40 bps |
|||||||||||||||||
|
Comparable Portfolio (4) |
32.2% | 30.3% |
190 bps |
30.8% | 28.8% |
200 bps |
||||||||||||||||||
|
Adjusted Comparable Portfolio (5) |
32.2% | 30.3% |
190 bps |
30.5% | 28.8% |
170 bps |
||||||||||||||||||
*Footnotes on page 44
|
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|
|
|
|
|
PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 43 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level EBITDA Margins
Q3 & YTD 2014/2013 Footnotes
|
(1) |
Reflects 100% ownership. |
|
(2) |
Hotel EBITDA for the third quarter of 2014 is impacted by $35,000 in property tax credits received at the Fairmont Newport Beach. Hotel EBITDA for the first nine months of 2014 is impacted by major room and public space renovations during the first half of the year at the following hotels: the Hilton Garden Inn Chicago Downtown/Magnificent Mile; the Hyatt Regency San Francisco; and the Renaissance Long Beach. Hotel EBITDA for the first nine months of 2014 is also impacted by a total of $3.3 million in property tax credits (assessments) net of appeal fees as applicable received at the following hotels: the Courtyard by Marriott Los Angeles $(7,000); the Embassy Suites Chicago $174,000; the Fairmont Newport Beach $118,000; the Hilton Garden Inn Chicago Downtown/Magnificent Mile $195,000; the Hilton San Diego Bayfront $2.8 million; and the Hyatt Regency Newport Beach $3,000. |
|
(3) |
Hotel EBITDA for the first nine months of 2013 is impacted by major room renovations during the first half of the year at the following hotels: Hilton Times Square; Hyatt Chicago Magnificent Mile; Hyatt Regency Newport Beach; and Renaissance Westchester. Hotel EBITDA for the first nine months of 2013 is also impacted by a total of $(0.1) million in property tax (assessments) net of credits received at the following hotels: Embassy Suites Chicago $(168,000); Hilton Garden Inn Chicago Downtown/Magnificent Mile $(91,000); Hyatt Chicago Magnificent Mile $(223,000); and Marriott Quincy $376,000. |
|
(4) |
Comparable Portfolio includes all 30 hotels held for investment by the Company as of September 30, 2014. Includes the Company's ownership results and prior ownership results as applicable for the Hilton New Orleans St. Charles acquired May 1, 2013, the Boston Park Plaza acquired July 2, 2013, the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea acquired July 17, 2014. During the nine months ended September 30, 2013, prior ownership for the Boston Park Plaza includes management fees reported at the prior owner's expense of 4.0% of total revenues. Based on the Company's current contract with the hotel's third-party manager which assesses management fees at 2.5%, the hotel's EBITDA margin would have been 28.3% for the nine months ended September 30, 2013. |
|
(5) |
Adjusted Comparable Portfolio represents the 30 hotel Comparable Portfolio adjusted to exclude the non-current year property tax related items noted in Footnotes 2 and 3 above. Excluding these non-current year property tax items, Comparable Portfolio EBITDA margins would have been 32.2% and 30.3% for the three months ended September 30, 2014 and 2013, respectively, and 30.5% and 28.8% for the nine months ended September 30, 2014 and 2013, respectively. |
|
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|
PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 44 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level EBITDA Reconciliation Q3 2014
|
Hotels sorted by number of rooms |
For the Three Months Ended September 30, 2014 |
||||||||||||||||||||||||||||||||||||||||||||||||||
|
(In thousands) |
Plus: |
Plus: |
Plus: |
Equals: |
Hotel |
||||||||||||||||||||||||||||||||||||||||||||||
|
Total |
Net Income / |
Other |
Hotel |
EBITDA |
|||||||||||||||||||||||||||||||||||||||||||||||
|
Revenues |
(Loss) |
Adjustments (2) |
Depreciation |
Interest Expense |
EBITDA |
Margins |
|||||||||||||||||||||||||||||||||||||||||||||
| 1 |
Hilton San Diego Bayfront (1) |
$ |
35,111 |
$ |
7,712 |
$ |
450 |
$ |
3,377 |
$ |
1,981 |
$ |
13,520 | 38.5% | |||||||||||||||||||||||||||||||||||||
| 2 |
Boston Park Plaza |
21,394 | 3,140 |
— |
2,898 | 1,331 | 7,369 | 34.4% | |||||||||||||||||||||||||||||||||||||||||||
| 3 |
Renaissance Washington DC |
18,038 | 426 |
— |
2,414 | 1,883 | 4,723 | 26.2% | |||||||||||||||||||||||||||||||||||||||||||
| 4 |
Hyatt Regency San Francisco |
24,660 | 3,597 |
— |
2,938 |
— |
6,535 | 26.5% | |||||||||||||||||||||||||||||||||||||||||||
| 5 |
Renaissance Orlando at SeaWorld ® |
13,305 | (397) |
— |
2,236 | 1,086 | 2,925 | 22.0% | |||||||||||||||||||||||||||||||||||||||||||
| 6 |
Renaissance Harborplace |
11,949 | 1,055 |
— |
1,723 | 1,202 | 3,980 | 33.3% | |||||||||||||||||||||||||||||||||||||||||||
| 7 |
Marriott Wailea |
13,748 | 2,020 |
— |
2,130 |
— |
4,150 | 30.2% | |||||||||||||||||||||||||||||||||||||||||||
| 8 |
Renaissance Los Angeles Airport |
7,461 | 1,085 |
— |
715 |
— |
1,800 | 24.1% | |||||||||||||||||||||||||||||||||||||||||||
| 9 |
JW Marriott New Orleans |
7,803 | 480 | 1 | 1,341 | 398 | 2,220 | 28.5% | |||||||||||||||||||||||||||||||||||||||||||
| 10 |
Hilton North Houston |
5,643 | (271) |
— |
922 | 465 | 1,116 | 19.8% | |||||||||||||||||||||||||||||||||||||||||||
| 11 |
Doubletree Guest Suites Times Square (1) |
18,529 | 2,259 | 994 | 1,558 | 1,715 | 6,526 | 35.2% | |||||||||||||||||||||||||||||||||||||||||||
| 12 |
Marriott Quincy |
7,967 | 1,543 |
— |
1,123 |
— |
2,666 | 33.5% | |||||||||||||||||||||||||||||||||||||||||||
| 13 |
Hilton Times Square |
14,441 | 460 | 88 | 2,533 | 1,242 | 4,323 | 29.9% | |||||||||||||||||||||||||||||||||||||||||||
| 14 |
Fairmont Newport Beach (3) |
8,639 | 1,396 |
— |
1,127 |
— |
2,523 | 29.2% | |||||||||||||||||||||||||||||||||||||||||||
| 15 |
Hyatt Chicago Magnificent Mile |
9,554 | 1,513 |
— |
1,414 |
— |
2,927 | 30.6% | |||||||||||||||||||||||||||||||||||||||||||
| 16 |
Marriott Boston Long Wharf |
16,345 | 2,685 |
— |
2,121 | 2,514 | 7,320 | 44.8% | |||||||||||||||||||||||||||||||||||||||||||
| 17 |
Hyatt Regency Newport Beach |
10,019 | 1,756 |
— |
845 |
— |
2,601 | 26.0% | |||||||||||||||||||||||||||||||||||||||||||
| 18 |
Marriott Tysons Corner |
5,391 | 304 |
— |
829 | 569 | 1,702 | 31.6% | |||||||||||||||||||||||||||||||||||||||||||
| 19 |
Marriott Houston |
4,154 | 111 |
— |
562 | 293 | 966 | 23.3% | |||||||||||||||||||||||||||||||||||||||||||
| 20 |
Renaissance Long Beach |
6,061 | 897 |
— |
782 |
— |
1,679 | 27.7% | |||||||||||||||||||||||||||||||||||||||||||
| 21 |
Embassy Suites Chicago |
8,381 | 1,814 |
— |
931 | 1,006 | 3,751 | 44.8% | |||||||||||||||||||||||||||||||||||||||||||
| 22 |
Hilton Garden Inn Chicago Downtown/Magnificent Mile |
6,875 | 2,470 |
— |
721 |
— |
3,191 | 46.4% | |||||||||||||||||||||||||||||||||||||||||||
| 23 |
Renaissance Westchester |
6,004 | 277 |
— |
784 |
— |
1,061 | 17.7% | |||||||||||||||||||||||||||||||||||||||||||
| 24 |
Embassy Suites La Jolla |
6,175 | 855 |
— |
859 | 1,114 | 2,828 | 45.8% | |||||||||||||||||||||||||||||||||||||||||||
| 25 |
Marriott Philadelphia |
4,501 | 576 |
— |
474 | 345 | 1,395 | 31.0% | |||||||||||||||||||||||||||||||||||||||||||
| 26 |
Hilton New Orleans St. Charles |
2,230 | 89 |
— |
374 |
— |
463 | 20.8% | |||||||||||||||||||||||||||||||||||||||||||
| 27 |
Marriott Portland |
5,270 | 2,271 |
— |
415 |
— |
2,686 | 51.0% | |||||||||||||||||||||||||||||||||||||||||||
| 28 |
Sheraton Cerritos |
3,369 | 473 |
— |
422 |
— |
895 | 26.6% | |||||||||||||||||||||||||||||||||||||||||||
| 29 |
Marriott Park City |
2,183 | (299) |
— |
441 | 192 | 334 | 15.3% | |||||||||||||||||||||||||||||||||||||||||||
| 30 |
Courtyard by Marriott Los Angeles |
3,164 | 826 |
— |
306 |
— |
1,132 | 35.8% | |||||||||||||||||||||||||||||||||||||||||||
|
Comparable Portfolio (4) |
308,364 | 41,123 | 1,533 | 39,315 | 17,336 | 99,307 | 32.2% | ||||||||||||||||||||||||||||||||||||||||||||
|
Less: Prior Ownership (5) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Marriott Wailea |
2,485 | 850 |
— |
— |
— |
850 | 34.2% | ||||||||||||||||||||||||||||||||||||||||||||
|
Actual Portfolio (6) |
$ |
305,879 |
$ |
40,273 |
$ |
1,533 |
$ |
39,315 |
$ |
17,336 |
$ |
98,457 | 32.2% | ||||||||||||||||||||||||||||||||||||||
*Footnotes on page 47
|
|
|
|
|
|
|
|
|
|
|
PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 45 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level EBITDA Reconciliation Q3 2013
|
Hotels sorted by number of rooms |
For the Three Months Ended September 30, 2013 |
|||||||||||||||||||||||||
|
(In thousands) |
Plus: |
Plus: |
Plus: |
Equals: |
Hotel |
|||||||||||||||||||||
|
Total |
Net Income / |
Other |
Hotel |
EBITDA |
||||||||||||||||||||||
|
Revenues |
(Loss) |
Adjustments (2) |
Depreciation |
Interest Expense |
EBITDA |
Margins |
||||||||||||||||||||
| 1 |
Hilton San Diego Bayfront (1) |
$ |
33,846 |
$ |
7,068 |
$ |
450 |
$ |
3,244 |
$ |
2,360 |
$ |
13,122 | 38.8% | ||||||||||||
| 2 |
Boston Park Plaza |
19,938 | 2,543 |
— |
2,833 | 1,338 | 6,714 | 33.7% | ||||||||||||||||||
| 3 |
Renaissance Washington DC |
16,353 | (825) |
— |
2,422 | 1,915 | 3,512 | 21.5% | ||||||||||||||||||
| 4 |
Hyatt Regency San Francisco |
22,627 | 2,327 |
— |
2,736 |
— |
5,063 | 22.4% | ||||||||||||||||||
| 5 |
Renaissance Orlando at SeaWorld ® |
11,444 | (1,267) |
— |
1,776 | 1,117 | 1,626 | 14.2% | ||||||||||||||||||
| 6 |
Renaissance Harborplace |
11,591 | 704 |
— |
1,756 | 1,247 | 3,707 | 32.0% | ||||||||||||||||||
| 7 |
Marriott Wailea |
13,644 | 2,507 |
— |
2,130 |
— |
4,637 | 34.0% | ||||||||||||||||||
| 8 |
Renaissance Los Angeles Airport |
6,414 | 620 |
— |
765 |
— |
1,385 | 21.6% | ||||||||||||||||||
| 9 |
JW Marriott New Orleans |
6,757 | (293) | 1 | 1,347 | 503 | 1,558 | 23.1% | ||||||||||||||||||
| 10 |
Hilton North Houston |
5,079 | (756) |
— |
952 | 472 | 668 | 13.2% | ||||||||||||||||||
| 11 |
Doubletree Guest Suites Times Square (1) |
18,125 | 1,727 | 998 | 2,031 | 1,827 | 6,583 | 36.3% | ||||||||||||||||||
| 12 |
Marriott Quincy |
7,659 | 1,170 |
— |
1,140 |
— |
2,310 | 30.2% | ||||||||||||||||||
| 13 |
Hilton Times Square |
13,888 | 313 | 92 | 2,535 | 1,245 | 4,185 | 30.1% | ||||||||||||||||||
| 14 |
Fairmont Newport Beach |
7,375 | 521 |
— |
1,206 |
— |
1,727 | 23.4% | ||||||||||||||||||
| 15 |
Hyatt Chicago Magnificent Mile |
8,480 | 690 |
— |
1,565 |
— |
2,255 | 26.6% | ||||||||||||||||||
| 16 |
Marriott Boston Long Wharf |
14,866 | 1,808 |
— |
2,093 | 2,514 | 6,415 | 43.2% | ||||||||||||||||||
| 17 |
Hyatt Regency Newport Beach |
9,413 | 1,363 |
— |
865 |
— |
2,228 | 23.7% | ||||||||||||||||||
| 18 |
Marriott Tysons Corner |
4,547 | (120) |
— |
808 | 588 | 1,276 | 28.1% | ||||||||||||||||||
| 19 |
Marriott Houston |
3,613 | (191) |
— |
576 | 302 | 687 | 19.0% | ||||||||||||||||||
| 20 |
Renaissance Long Beach |
5,401 | 740 |
— |
587 |
— |
1,327 | 24.6% | ||||||||||||||||||
| 21 |
Embassy Suites Chicago |
8,003 | 1,659 |
— |
927 | 1,028 | 3,614 | 45.2% | ||||||||||||||||||
| 22 |
Hilton Garden Inn Chicago Downtown/Magnificent Mile |
6,088 | 1,424 |
— |
1,157 |
— |
2,581 | 42.4% | ||||||||||||||||||
| 23 |
Renaissance Westchester |
4,561 | (429) |
— |
705 |
— |
276 | 6.1% | ||||||||||||||||||
| 24 |
Embassy Suites La Jolla |
5,949 | 736 |
— |
888 | 1,129 | 2,753 | 46.3% | ||||||||||||||||||
| 25 |
Marriott Philadelphia |
4,268 | 261 |
— |
473 | 357 | 1,091 | 25.6% | ||||||||||||||||||
| 26 |
Hilton New Orleans St. Charles |
2,331 | 94 |
— |
542 |
— |
636 | 27.3% | ||||||||||||||||||
| 27 |
Marriott Portland |
4,741 | 1,920 |
— |
424 |
— |
2,344 | 49.4% | ||||||||||||||||||
| 28 |
Sheraton Cerritos |
2,992 | 286 |
— |
405 |
— |
691 | 23.1% | ||||||||||||||||||
| 29 |
Marriott Park City |
1,963 | (308) |
— |
362 | 198 | 252 | 12.8% | ||||||||||||||||||
| 30 |
Courtyard by Marriott Los Angeles |
2,902 | 799 |
— |
308 |
— |
1,107 | 38.1% | ||||||||||||||||||
|
Comparable Portfolio (4) |
284,858 | 27,091 | 1,541 | 39,558 | 18,140 | 86,330 | 30.3% | |||||||||||||||||||
|
Less: Prior Ownership (5) |
||||||||||||||||||||||||||
|
Hyatt Regency San Francisco |
22,627 | 2,327 |
— |
2,736 |
— |
5,063 | 22.4% | |||||||||||||||||||
|
Marriott Wailea |
13,644 | 2,507 |
— |
2,130 |
— |
4,637 | 34.0% | |||||||||||||||||||
|
Actual Portfolio (6) |
$ |
248,587 |
$ |
22,257 |
$ |
1,541 |
$ |
34,692 |
$ |
18,140 |
$ |
76,630 | 30.8% | |||||||||||||
*Footnotes on page 47
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PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 46 |
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|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level EBITDA Reconciliation
Q3 2014/2013 Footnotes
|
(1) |
Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront. |
|
(2) |
Other Adjustments for both the three months ended September 30, 2014 and 2013 include: a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; and a total of $0.5 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans. |
|
(3) |
Hotel EBITDA for the third quarter of 2014 is impacted by $35,000 in property tax credits received at the Fairmont Newport Beach. |
|
(4) |
Comparable Portfolio for the three months ended September 30, 2014 and 2013 includes all 30 hotels held for investment by the Company as of September 30, 2014. Includes the Company's ownership results, prior ownership results and the Company's pro forma depreciation expense as applicable for the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea acquired July 17, 2014. |
|
(5) |
Prior Ownership for the three months ended September 30, 2014 includes prior ownership results for the Marriott Wailea acquired July 17, 2014. Prior Ownership for the three months ended September 30, 2013 includes prior ownership results and the Company's pro forma depreciation expense for the the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea. |
|
(6) |
Actual Portfolio for the three months ended September 30, 2014 includes the Company’s ownership results for all 30 hotels held for investment by the Company as of September 30, 2014. Actual Portfolio for the three months ended September 30, 2013 includes the Company's ownership results for all 28 hotels held for investment by the Company as of September 30, 2013. |
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PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 47 |
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|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level EBITDA Reconciliation Q3 YTD 2014
|
Hotels sorted by number of rooms |
For the Nine Months Ended September 30, 2014 |
|||||||||||||||||||||||||
|
(In thousands) |
Plus: |
Plus: |
Plus: |
Equals: |
Hotel |
|||||||||||||||||||||
|
Total |
Net Income / |
Other |
Hotel |
EBITDA |
||||||||||||||||||||||
|
Revenues |
(Loss) |
Adjustments (2) |
Depreciation |
Interest Expense |
EBITDA |
Margins |
||||||||||||||||||||
| 1 |
Hilton San Diego Bayfront (1) (3) |
$ |
100,624 |
$ |
23,279 |
$ |
1,351 |
$ |
9,956 |
$ |
6,523 |
$ |
41,109 | 40.9% | ||||||||||||
| 2 |
Boston Park Plaza |
55,943 | 3,144 |
— |
8,628 | 3,968 | 15,740 | 28.1% | ||||||||||||||||||
| 3 |
Renaissance Washington DC |
57,928 | 3,971 |
— |
7,234 | 5,674 | 16,879 | 29.1% | ||||||||||||||||||
| 4 |
Hyatt Regency San Francisco (3) |
65,193 | 5,200 |
— |
8,524 |
— |
13,724 | 21.1% | ||||||||||||||||||
| 5 |
Renaissance Orlando at SeaWorld ® |
48,142 | 5,277 |
— |
6,643 | 3,247 | 15,167 | 31.5% | ||||||||||||||||||
| 6 |
Renaissance Harborplace |
33,270 | 1,189 |
— |
5,133 | 3,601 | 9,923 | 29.8% | ||||||||||||||||||
| 7 |
Marriott Wailea |
44,632 | 8,520 |
— |
6,390 |
— |
14,910 | 33.4% | ||||||||||||||||||
| 8 |
Renaissance Los Angeles Airport |
21,927 | 3,154 |
— |
2,148 |
— |
5,302 | 24.2% | ||||||||||||||||||
| 9 |
JW Marriott New Orleans |
27,576 | 4,787 | (2) | 4,036 | 1,258 | 10,079 | 36.5% | ||||||||||||||||||
| 10 |
Hilton North Houston |
19,136 | 450 |
— |
2,768 | 1,385 | 4,603 | 24.1% | ||||||||||||||||||
| 11 |
Doubletree Guest Suites Times Square (1) |
48,904 | 2,332 | 2,985 | 4,413 | 5,161 | 14,891 | 30.4% | ||||||||||||||||||
| 12 |
Marriott Quincy |
22,008 | 3,077 |
— |
3,400 |
— |
6,477 | 29.4% | ||||||||||||||||||
| 13 |
Hilton Times Square |
40,920 | (237) | 269 | 7,616 | 3,692 | 11,340 | 27.7% | ||||||||||||||||||
| 14 |
Fairmont Newport Beach (3) |
23,400 | 2,745 |
— |
3,413 |
— |
6,158 | 26.3% | ||||||||||||||||||
| 15 |
Hyatt Chicago Magnificent Mile |
22,812 | (79) |
— |
4,562 |
— |
4,483 | 19.7% | ||||||||||||||||||
| 16 |
Marriott Boston Long Wharf |
41,203 | 2,405 |
— |
6,334 | 7,459 | 16,198 | 39.3% | ||||||||||||||||||
| 17 |
Hyatt Regency Newport Beach (3) |
27,436 | 3,852 |
— |
2,559 |
— |
6,411 | 23.4% | ||||||||||||||||||
| 18 |
Marriott Tysons Corner |
16,241 | 1,081 |
— |
2,471 | 1,705 | 5,257 | 32.4% | ||||||||||||||||||
| 19 |
Marriott Houston |
13,412 | 848 |
— |
1,689 | 875 | 3,412 | 25.4% | ||||||||||||||||||
| 20 |
Renaissance Long Beach (3) |
16,903 | 1,982 |
— |
2,264 |
— |
4,246 | 25.1% | ||||||||||||||||||
| 21 |
Embassy Suites Chicago (3) |
20,860 | 2,576 |
— |
2,796 | 3,001 | 8,373 | 40.1% | ||||||||||||||||||
| 22 |
Hilton Garden Inn Chicago Downtown/Magnificent Mile (3) |
15,686 | 2,950 |
— |
2,928 |
— |
5,878 | 37.5% | ||||||||||||||||||
| 23 |
Renaissance Westchester |
16,276 | 117 |
— |
2,319 |
— |
2,436 | 15.0% | ||||||||||||||||||
| 24 |
Embassy Suites La Jolla |
16,466 | 1,087 |
— |
2,640 | 3,354 | 7,081 | 43.0% | ||||||||||||||||||
| 25 |
Marriott Philadelphia |
13,810 | 1,222 |
— |
1,422 | 1,052 | 3,696 | 26.8% | ||||||||||||||||||
| 26 |
Hilton New Orleans St. Charles |
9,704 | 2,364 |
— |
1,354 |
— |
3,718 | 38.3% | ||||||||||||||||||
| 27 |
Marriott Portland |
12,916 | 4,779 |
— |
1,244 |
— |
6,023 | 46.6% | ||||||||||||||||||
| 28 |
Sheraton Cerritos |
9,885 | 1,480 |
— |
1,255 |
— |
2,735 | 27.7% | ||||||||||||||||||
| 29 |
Marriott Park City |
7,836 | 127 |
— |
1,323 | 574 | 2,024 | 25.8% | ||||||||||||||||||
| 30 |
Courtyard by Marriott Los Angeles (3) |
9,061 | 2,243 |
— |
916 |
— |
3,159 | 34.9% | ||||||||||||||||||
|
Comparable Portfolio (4) |
880,110 | 95,922 | 4,603 | 118,378 | 52,529 | 271,432 | 30.8% | |||||||||||||||||||
|
Less: Prior Ownership (5) |
||||||||||||||||||||||||||
|
Marriott Wailea |
33,369 | 7,350 |
— |
4,260 |
— |
11,610 | 34.8% | |||||||||||||||||||
|
Actual Portfolio (6) |
$ |
846,741 |
$ |
88,572 |
$ |
4,603 |
$ |
114,118 |
$ |
52,529 |
$ |
259,822 | 30.7% | |||||||||||||
*Footnotes on page 50
|
PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 48 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level EBITDA Reconciliation Q3 YTD 2013
|
Hotels sorted by number of rooms |
For the Nine Months Ended September 30, 2013 |
|||||||||||||||||||||||||||||||||||||||||
|
(In thousands) |
Plus: |
Plus: |
Plus: |
Equals: |
Hotel |
|||||||||||||||||||||||||||||||||||||
|
Total |
Net Income / |
Other |
Hotel |
EBITDA |
||||||||||||||||||||||||||||||||||||||
|
Revenues |
(Loss) |
Adjustments (2) |
Depreciation |
Interest Expense |
EBITDA |
Margins |
||||||||||||||||||||||||||||||||||||
| 1 |
Hilton San Diego Bayfront (1) |
$ |
93,528 |
$ |
13,186 |
$ |
1,350 |
$ |
12,595 |
$ |
7,036 |
$ |
34,167 | 36.5% | ||||||||||||||||||||||||||||
| 2 |
Boston Park Plaza |
52,915 | 3,986 |
— |
6,531 | 3,985 | 14,502 | 27.4% | ||||||||||||||||||||||||||||||||||
| 3 |
Renaissance Washington DC |
59,125 | 4,747 |
— |
7,386 | 5,768 | 17,901 | 30.3% | ||||||||||||||||||||||||||||||||||
| 4 |
Hyatt Regency San Francisco |
64,385 | 4,580 |
— |
8,208 |
— |
12,788 | 19.9% | ||||||||||||||||||||||||||||||||||
| 5 |
Renaissance Orlando at SeaWorld ® |
42,656 | 2,710 |
— |
5,454 | 3,336 | 11,500 | 27.0% | ||||||||||||||||||||||||||||||||||
| 6 |
Renaissance Harborplace |
31,597 | (286) |
— |
5,332 | 3,732 | 8,778 | 27.8% | ||||||||||||||||||||||||||||||||||
| 7 |
Marriott Wailea |
43,437 | 9,242 |
— |
6,390 |
— |
15,632 | 36.0% | ||||||||||||||||||||||||||||||||||
| 8 |
Renaissance Los Angeles Airport |
18,909 | 1,589 |
— |
2,267 |
— |
3,856 | 20.4% | ||||||||||||||||||||||||||||||||||
| 9 |
JW Marriott New Orleans |
25,909 | 3,543 | 3 | 4,281 | 1,263 | 9,090 | 35.1% | ||||||||||||||||||||||||||||||||||
| 10 |
Hilton North Houston |
16,772 | (1,152) |
— |
2,790 | 1,457 | 3,095 | 18.5% | ||||||||||||||||||||||||||||||||||
| 11 |
Doubletree Guest Suites Times Square (1) |
49,189 | 931 | 2,995 | 6,342 | 5,314 | 15,582 | 31.7% | ||||||||||||||||||||||||||||||||||
| 12 |
Marriott Quincy (3) |
20,832 | 2,702 |
— |
3,420 |
— |
6,122 | 29.4% | ||||||||||||||||||||||||||||||||||
| 13 |
Hilton Times Square (3) |
36,329 | (2,252) | 284 | 7,312 | 3,711 | 9,055 | 24.9% | ||||||||||||||||||||||||||||||||||
| 14 |
Fairmont Newport Beach |
20,578 | 566 |
— |
3,724 |
— |
4,290 | 20.8% | ||||||||||||||||||||||||||||||||||
| 15 |
Hyatt Chicago Magnificent Mile (3) |
17,789 | (3,536) |
— |
4,616 |
— |
1,080 | 6.1% | ||||||||||||||||||||||||||||||||||
| 16 |
Marriott Boston Long Wharf |
38,173 | 603 |
— |
6,286 | 7,459 | 14,348 | 37.6% | ||||||||||||||||||||||||||||||||||
| 17 |
Hyatt Regency Newport Beach (3) |
21,956 | 1,194 |
— |
2,261 |
— |
3,455 | 15.7% | ||||||||||||||||||||||||||||||||||
| 18 |
Marriott Tysons Corner |
14,777 | 210 |
— |
2,546 | 1,758 | 4,514 | 30.5% | ||||||||||||||||||||||||||||||||||
| 19 |
Marriott Houston |
11,739 | (16) |
— |
1,714 | 902 | 2,600 | 22.1% | ||||||||||||||||||||||||||||||||||
| 20 |
Renaissance Long Beach |
17,032 | 2,955 |
— |
1,790 |
— |
4,745 | 27.9% | ||||||||||||||||||||||||||||||||||
| 21 |
Embassy Suites Chicago (3) |
19,866 | 1,893 |
— |
2,696 | 3,066 | 7,655 | 38.5% | ||||||||||||||||||||||||||||||||||
| 22 |
Hilton Garden Inn Chicago Downtown/Magnificent Mile (3) |
15,860 | 2,423 |
— |
3,463 |
— |
5,886 | 37.1% | ||||||||||||||||||||||||||||||||||
| 23 |
Renaissance Westchester (3) |
12,002 | (1,804) |
— |
1,684 |
— |
(120) |
-1.0% |
||||||||||||||||||||||||||||||||||
| 24 |
Embassy Suites La Jolla |
15,759 | 800 |
— |
2,683 | 3,397 | 6,880 | 43.7% | ||||||||||||||||||||||||||||||||||
| 25 |
Marriott Philadelphia |
13,755 | 1,121 |
— |
1,407 | 1,068 | 3,596 | 26.1% | ||||||||||||||||||||||||||||||||||
| 26 |
Hilton New Orleans St. Charles |
9,303 | 1,787 |
— |
1,612 |
— |
3,399 | 36.5% | ||||||||||||||||||||||||||||||||||
| 27 |
Marriott Portland |
11,330 | 3,824 |
— |
1,165 |
— |
4,989 | 44.0% | ||||||||||||||||||||||||||||||||||
| 28 |
Sheraton Cerritos |
9,362 | 1,217 |
— |
1,232 |
— |
2,449 | 26.2% | ||||||||||||||||||||||||||||||||||
| 29 |
Marriott Park City |
7,590 | 282 |
— |
1,093 | 592 | 1,967 | 25.9% | ||||||||||||||||||||||||||||||||||
| 30 |
Courtyard by Marriott Los Angeles |
8,340 | 1,954 |
— |
925 |
— |
2,879 | 34.5% | ||||||||||||||||||||||||||||||||||
|
Comparable Portfolio (4) |
820,794 | 58,999 | 4,632 | 119,205 | 53,844 | 236,680 | 28.8% | |||||||||||||||||||||||||||||||||||
|
Less: Prior Ownership (5) |
||||||||||||||||||||||||||||||||||||||||||
|
Hilton New Orleans St. Charles |
5,025 | 1,348 |
— |
714 |
— |
2,062 | 41.0% | |||||||||||||||||||||||||||||||||||
|
Boston Park Plaza |
32,977 | 1,443 |
— |
3,698 | 2,647 | 7,788 | 23.6% | |||||||||||||||||||||||||||||||||||
|
Hyatt Regency San Francisco |
64,385 | 4,580 |
— |
8,208 |
— |
12,788 | 19.9% | |||||||||||||||||||||||||||||||||||
|
Marriott Wailea |
43,437 | 9,242 |
— |
6,390 |
— |
15,632 | 36.0% | |||||||||||||||||||||||||||||||||||
|
Actual Portfolio (6) |
$ |
674,970 |
$ |
42,386 |
$ |
4,632 |
$ |
100,195 |
$ |
51,197 |
$ |
198,410 | 29.4% | |||||||||||||||||||||||||||||
*Footnotes on page 50
|
PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 49 |
|||||||
|
|
Supplemental Financial Information – Unaudited November 3, 2014 |
Property-Level EBITDA Reconciliation
Q3 YTD 2014/2013 Footnotes
|
(1) |
Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront. |
|
(2) |
Other Adjustments for both the nine months ended September 30, 2014 and 2013 include: a total of $3.1 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; and a total of $1.5 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans. |
|
(3) |
Hotel EBITDA for the first nine months of 2014 is impacted by major room and public space renovations at the following hotels: the Hilton Garden Inn Chicago Downtown/Magnificent Mile; the Hyatt Regency San Francisco; and the Renaissance Long Beach. Hotel EBITDA for the first nine months of 2014 is also impacted by a total of $3.3 million in property tax credits (assessments) net of appeal fees as applicable received at the following hotels: the Courtyard by Marriott Los Angeles $(7,000); the Embassy Suites Chicago $174,000; the Fairmont Newport Beach $118,000; the Hilton Garden Inn Chicago Downtown/Magnificent Mile $195,000; the Hilton San Diego Bayfront $2.8 million; and the Hyatt Regency Newport Beach $3,000. Hotel EBITDA for the first nine months of 2013 is impacted by major room renovations during the first half of the year at the following hotels: Hilton Times Square; Hyatt Chicago Magnificent Mile; Hyatt Regency Newport Beach; and Renaissance Westchester. Hotel EBITDA for the first nine months of 2013 is also impacted by a total of $(0.1) million in property tax (assessments) net of credits received at the following hotels: Embassy Suites Chicago $(168,000); Hilton Garden Inn Chicago Downtown/Magnificent Mile $(91,000); Hyatt Chicago Magnificent Mile $(223,000); and Marriott Quincy $376,000. |
|
(4) |
Comparable Portfolio includes all 30 hotels held for investment by the Company as of September 30, 2014. Includes the Company's ownership results, prior ownership results and the Company's pro forma depreciation and interest expense as applicable for the Hilton New Orleans St. Charles acquired May 1, 2013, the Boston Park Plaza acquired July 2, 2013, the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea acquired July 17, 2014. |
|
(5) |
Prior Ownership for the nine months ended September 30, 2014 includes prior ownership results and the Company's pro forma depreciation expense for the Marriott Wailea acquired July 17, 2014. Prior Ownership for the nine months ended September 30, 2013 includes prior ownership results and the Company's pro forma depreciation and interest expense as applicable for the Hilton New Orleans St. Charles acquired May 1, 2013, the Boston Park Plaza acquired July 2, 2013, the Hyatt Regency San Francisco acquired December 2, 2013, and the Marriott Wailea. |
|
(6) |
Actual Portfolio for the nine months ended September 30, 2014 includes the Company's ownership results for all 30 hotels held for investment by the Company as of September 30, 2014. Actual Portfolio for the nine months ended September 30, 2013 includes the Company's ownership results for all 28 hotels held for investment by the Company as of September 30, 2013. |
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|
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|
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|
PROPERTY-LEVEL EBITDA & EBITDA MARGINS |
Page 50 |
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