News Release
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Chatham Lodging Trust Announces Fourth Quarter 2019 Results
Company Beats AFFO Guidance as Margins Outperform, Introduces 2020 Guidance
Fourth Quarter 2019 Key Metrics
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Portfolio Revenue per
Available Room (RevPAR) - Declined 4.9 percent to$118 , compared to the 2018 fourth quarter, ahead of guidance expectations of a decline of 5 percent to 6.5 percent. The 2018 fourth quarter benefited from one-time-business related to the northBoston gas explosions and border patrol demand inSan Diego . Average daily rate (ADR) decreased 4.1 percent to$157 , and occupancy slipped 0.8 percent to 76 percent. -
Net (loss) - Weakened
$2.2 million to a loss of$2.4 million , compared to the 2018 fourth quarter, due primarily to$1.2 million of one-time incremental losses in its joint ventures related to property impairments and a loss on the sale of one joint venture hotel. Net loss per diluted share was$0.05 versus$0.01 . -
Adjusted EBITDA - Decreased
$3.0 million to$25.9 million but exceeded the upper end of the company’s guidance of$25.1 million . -
Adjusted FFO - Declined
$3.1 million to$15.3 million but exceeded the upper end of the company’s guidance of$14.6 million . Adjusted FFO per diluted share was$0.32 , above guidance of$0.28-$0.31 per share. - Operating Margins - Comparable hotel gross operating profit margins lessened 150 basis points to 42.6 percent. Comparable hotel EBITDA margins were down 200 basis points to 34.4 percent, above the company’s guidance range.
The following chart summarizes the consolidated financial results for the three and 12 months ended
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Three Months Ended |
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Twelve Months Ended |
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2019 |
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2018 |
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2019 |
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2018 |
Net income (loss) |
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Diluted net income (loss) per common share |
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GOP Margin |
42.1% |
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44.0% |
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46.0% |
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46.4% |
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33.9% |
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36.3% |
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38.3% |
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39.0% |
Adjusted EBITDA |
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AFFO |
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AFFO per diluted share |
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Dividends per share |
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The below chart summarizes key hotel financial statistics for the 40 comparable operating hotels owned as of
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Three Months Ended |
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Twelve Months Ended |
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2019 |
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2018 |
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2019 |
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2018 |
RevPAR |
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ADR |
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Occupancy |
75.6% |
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76.3% |
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80.2% |
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80.4% |
GOP Margin |
42.6% |
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44.1% |
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46.3% |
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46.7% |
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34.4% |
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36.4% |
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38.6% |
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39.3% |
2019 Highlights
“STR describes the current state of lodging as ‘Flat is the New Up,’ with most metrics showing minimal growth. Industry RevPAR rose 0.9 percent, while occupancy was unchanged at 66.1 percent in 2019. Supply and demand growth offset each other after both increased 2.0 percent. By most metrics, 2019 industry performance finished below most industry pundits’ initial expectations,” said
“Chatham’s comparable full-year RevPAR decline was primarily attributable to some extremely tough RevPAR comparisons from the 2018 fourth quarter. Despite the decline in RevPAR, I was extremely pleased with our overall performance given the challenging top-line:
- minimized gross operating profit margin erosion to only 40 basis points, despite a 1.6 percent RevPAR decline, through aggressive asset management and highly effective collaboration with Island Hospitality
-
generated a 22 percent rise in other income of
$3.0 million due primarily to the continued improvement in parking revenue and room-cancellation revenue collections - reduced leverage to 34.1 percent from 34.7 percent based on the ratio of Chatham’s net debt to investment in hotels, at cost
- commenced construction on the company’s first ground-up development since its initial public offering in 2010
-
raised approximately
$7 million through the company’s share plans with an average issuance price of over$20 per share, using proceeds to partially fund development -
sold two, non-core hotels for approximately
$10 million at an approximate six percent net operating income capitalization rate -
invested almost
$36 million in capital improvements at existing hotels
Fourth Quarter Operating Results
“We faced extremely tough comparisons in the 2019 fourth quarter, and RevPAR declined 4.9 percent due to one-time-business we received in the 2018 fourth quarter related to the north
Chatham’s six largest markets comprise approximately 60 percent of its hotel EBITDA. Fourth quarter 2019 RevPAR performance for these key markets include:
-
Silicon Valley RevPAR declined 4.2 percent to
$158 at its four hotels with two hotels under renovation during the quarter. -
RevPAR at its two
San Diego hotels decreased 19.2 percent, facing tough comparisons to 2018 related to border patrol room demand. -
Washington, D.C. RevPAR rose 2.9 percent with all three hotels showing gains, led by the freshly renovated Tyson’s Corner, Va. hotel where RevPAR rose 9.1 percent. -
RevPAR at its three coastal hotels in
Maine andNew Hampshire fell 8.4 percent following a gain of 17.5 percent in the 2018 fourth quarter related to demand from the northBoston gas explosions at its twoNew Hampshire hotels -
At its four
Houston hotels, RevPAR dropped 11.8 percent to$83 due primarily to the impact of new supply at theHouston Medical Center and downtown -
Two
Los Angeles -area hotels experienced a 4.3 percent RevPAR decline.
At its 40 comparable operating hotels, gross operating profit margins in the 2019 fourth quarter were off 150 basis points to 42.6 percent.
“Our strong margins during an unusual quarter were the primary driver behind our adjusted EBITDA and FFO per share outperformance as we collaborate with Island Hospitality on a frequent basis to increase revenue and reduce operating expenses or minimize expense increases,” emphasized
Other revenue was up
On a per occupied room basis at its 40 comparable Island-managed hotels, payroll and benefits costs increased 3.6 percent in the 2019 fourth quarter, reducing margins by 120 basis points, due largely to historically low unemployment.
“Throughout 2019, on a year-over-year basis, we were aided by reduced employee benefits costs which were down almost six percent in 2019 due to lower claims costs and refinements to our employee benefit plans. This partially offset payroll costs that rose almost 5 percent on a per occupied room basis,” Craven concluded.
Strategic Capital Recycling Program and
During the 2019 fourth quarter, the company substantially completed the renovations of the
During 2020, Chatham plans to commence renovations on four hotels comprising 554 rooms, compared to six hotels encompassing 814 rooms that underwent renovation in 2019 (including two hotels with approximately 408 rooms located in
Development on a very select basis is part of Chatham’s long-term growth strategy. Chatham is actively developing and constructing a hotel in the Warner Center submarket of
Capital Markets & Capital Structure
As of
Chatham’s leverage ratio was approximately 34.1 percent on
On
“During 2019, we raised
“Since the beginning of 2017, we generated gross proceeds of approximately
Joint Venture Investments
During the 2019 fourth quarter, the Innkeepers and Inland joint ventures contributed Adjusted EBITDA and Adjusted FFO of approximately
For the entire year, the joint ventures contributed Adjusted EBITDA and Adjusted FFO of approximately
Chatham received distributions from its joint venture investments of
During the fourth quarter, Colony Capital and Chatham closed on the refinancing of the debt securing the hotels in the Innkeepers portfolio. The loan is interest only, incurs interest based on one-month LIBOR plus an applicable credit spread and has a fully extended maturity date in 2026. A comparison of the key terms of the new and old loans is as follows:
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New |
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Loans outstanding (in millions) |
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Credit spread (basis points) |
282 bps |
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279 bps |
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In connection with the refinancing of the Innkeepers portfolio, no additional capital was required to be invested.
“The Chatham and Colony teams seamlessly executed this new loan, working closely with our lenders. We have extended the maturity to 2026 and amended key terms of the loan, including a funding mechanism to ensure that we have adequate reserves to fund necessary capital expenditures and maintain the competitive position of the hotels,” Wegner commented.
Dividend
Chatham currently pays a monthly dividend of
2020 Guidance
The company provides guidance but does not undertake to update it for any developments in its business. Achievement of the results is subject to the risks disclosed in the company’s filings with the
The company’s 2020 guidance reflects the following assumptions:
-
Industrywide RevPAR down 0.5 percent to up 0.5 percent in 2020
- STR projected industry RevPAR growth of 0.0 percent with ADR rising 0.3 percent and occupancy declining 0.3 percent.
-
Hilton Hotels & Resorts systemwide RevPAR growth of 0.0 to 1.0 percent - Marriott International’s 2020 forecast was not known as of this release date
-
Renovations commencing at the following hotels:
-
Residence Inn Anaheim , Calif. andResidence Inn New Rochelle , New York in the first quarter -
Residence Inn Holtsville , New York andResidence Inn Washington , D.C. in the fourth quarter
-
-
Capital expenditures of
$23 million on existing hotels and$30 million on its development project - No material impact from COVID-19
- No additional acquisitions, dispositions, debt or equity issuance
The following bridges 2019 Adjusted FFO per share to the midpoint of the company’s 2020 guidance:
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2019 Adjusted FFO per share |
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Same store EBITDA decline |
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<0.09> |
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Reduction in interest expense |
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0.03 |
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Other |
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<0.03> |
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2020 Adjusted FFO per share at guidance midpoint |
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Q1 2020 |
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2020 Forecast |
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RevPAR |
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RevPAR growth |
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-2.0% to -0.5% |
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-1.25% to 0.25% |
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Total hotel revenue |
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Net income (loss) |
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Net income (loss) per diluted share |
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Adjusted EBITDA |
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Adjusted FFO |
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Adjusted FFO per diluted share |
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33.1% to 33.7% |
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36.9% to 37.4% |
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Corporate cash administrative expenses |
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Corporate non-cash administrative expenses |
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Interest expense (excluding fee amortization) |
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Non-cash amortization of deferred fees |
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Chatham’s share of JV EBITDA |
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Chatham’s share of JV FFO |
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Weighted average shares/units outstanding |
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47.8 M |
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47.9 M |
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Funds from operations (FFO), Adjusted FFO (AFFO), EBITDA, Adjusted EBITDA and |
Earnings Call
The company will hold its fourth quarter and full-year 2019 conference later today at
About
Non-GAAP Financial Measures
Included in this press release are certain “non-GAAP financial measures,” within the meaning of
FFO As Defined by NAREIT and Adjusted FFO
The company calculates FFO in accordance with standards established by the
The company calculates Adjusted FFO by further adjusting FFO for certain additional items that are not addressed in NAREIT’s definition of FFO, including other charges (2018 includes expenses related to the previously planned
EBITDA, EBITDAre, Adjusted EBITDA and
The company calculates EBITDA for purposes of the credit facility debt as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; and (4) unconsolidated real estate entity items including interest, depreciation and amortization excluding gains and losses from sales of real estate. The company believes EBITDA is useful to investors in evaluating and facilitating comparisons of its operating performance because it helps investors compare the company’s operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, the company uses EBITDA as one measure in determining the value of hotel acquisitions and dispositions.
The company calculates EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. We believe that the presentation of EBITDAre provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.
The company calculates Adjusted EBITDA by further adjusting EBITDA for certain additional items, including other charges (2018 includes expenses related to the previously planned
Although the company presents FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and
-
FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect the company’s cash expenditures, or future requirements, for capital expenditures or contractual commitments; -
FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect changes in, or cash requirements for, the company’s working capital needs; -
FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect funds available to make cash distributions; -
EBITDA, EBITDAre, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the company’s debts; -
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may need to be replaced in the future, and FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect any cash requirements for such replacements; - Non-cash compensation is and will remain a key element of the company’s overall long-term incentive compensation package, although the company excludes it as an expense when evaluating its ongoing operating performance for a particular period using adjusted EBITDA;
-
Adjusted FFO, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect the impact of certain cash charges (including acquisition transaction costs) that result from matters the company considers not to be indicative of the underlying performance of its hotel properties; and -
Other companies in the company’s industry may calculate FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and
Adjusted Hotel EBITDA differently than the company does, limiting their usefulness as a comparative measure.
In addition, FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and
The company’s reconciliation of FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and
Forward-Looking Statement Safe Harbor
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumption and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which 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: national and local economic and business conditions, including the effect on travel of potential terrorist attacks, that will affect occupancy rates at the company’s hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of the company’s indebtedness and its ability to meet covenants in its debt agreements; relationships with property managers; the company’s ability to maintain its properties in a Fourth-class manner, including meeting capital expenditure requirements; the company’s 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; the company’s ability to complete acquisitions and dispositions; and the company’s ability to continue to satisfy complex rules in order for the company to remain a REIT for federal income tax purposes and other risks and uncertainties associated with the company’s business described in the company's filings with the
Consolidated Balance Sheets (In thousands, except share and per share data) |
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Assets: |
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Investment in hotel properties, net |
$ |
1,347,116 |
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$ |
1,373,773 |
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Investment in hotel properties under development |
20,496 |
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— |
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Cash and cash equivalents |
6,620 |
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7,192 |
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Restricted cash |
13,562 |
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25,145 |
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Investment in unconsolidated real estate entities |
17,969 |
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21,545 |
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Right of use asset, net |
21,270 |
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— |
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Hotel receivables (net of allowance for doubtful accounts of |
4,626 |
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|
4,495 |
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Deferred costs, net |
4,271 |
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|
5,070 |
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Prepaid expenses and other assets |
2,615 |
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|
2,431 |
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Deferred tax asset, net |
29 |
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|
58 |
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Total assets |
$ |
1,438,574 |
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$ |
1,439,709 |
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Liabilities and Equity: |
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Mortgage debt, net |
$ |
495,465 |
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$ |
501,782 |
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Revolving credit facility |
90,000 |
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|
81,500 |
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Accounts payable and accrued expenses |
33,012 |
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33,692 |
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Distributions and losses in excess of investments of unconsolidated real estate entities |
15,214 |
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|
9,650 |
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Lease liability, net |
23,717 |
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— |
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Distributions payable |
6,142 |
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5,667 |
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Total liabilities |
663,550 |
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632,291 |
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Commitments and contingencies |
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Equity: |
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Shareholders’ Equity: |
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Preferred shares, |
— |
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— |
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Common shares, |
469 |
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|
465 |
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Additional paid-in capital |
904,273 |
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|
896,286 |
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Retained earnings (distributions in excess of retained earnings) |
(142,365 |
) |
|
(99,285 |
) |
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Total shareholders’ equity |
762,377 |
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|
797,466 |
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Noncontrolling interests: |
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Noncontrolling interest in |
12,647 |
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9,952 |
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Total equity |
775,024 |
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|
807,418 |
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Total liabilities and equity |
$ |
1,438,574 |
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$ |
1,439,709 |
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Consolidated Statements of Operations (In thousands, except share and per share data) (unaudited) |
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For the three months ended |
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For the years ended |
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2019 |
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2018 |
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2019 |
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2018 |
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Revenue: |
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Room |
$ |
66,405 |
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$ |
69,914 |
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$ |
296,267 |
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$ |
295,897 |
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Food and beverage |
2,426 |
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2,296 |
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9,824 |
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|
8,880 |
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Other |
4,422 |
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3,426 |
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16,567 |
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13,710 |
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Cost reimbursements from unconsolidated real estate entities |
1,445 |
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1,409 |
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5,670 |
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5,743 |
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Total revenue |
74,698 |
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|
77,045 |
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328,328 |
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|
324,230 |
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Expenses: |
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Hotel operating expenses: |
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Room |
16,040 |
|
|
16,118 |
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|
65,270 |
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|
63,877 |
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Food and beverage |
2,134 |
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|
1,963 |
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|
8,396 |
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|
7,312 |
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Telephone |
386 |
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|
450 |
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|
1,638 |
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|
1,766 |
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Other hotel operating |
1,000 |
|
|
894 |
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|
4,039 |
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|
3,296 |
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General and administrative |
6,535 |
|
|
6,246 |
|
|
25,641 |
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|
25,567 |
|
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Franchise and marketing fees |
5,788 |
|
|
5,903 |
|
|
25,850 |
|
|
24,864 |
|
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Advertising and promotions |
1,541 |
|
|
1,550 |
|
|
6,043 |
|
|
6,227 |
|
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Utilities |
2,559 |
|
|
2,625 |
|
|
10,867 |
|
|
10,835 |
|
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Repairs and maintenance |
3,642 |
|
|
3,667 |
|
|
14,321 |
|
|
14,710 |
|
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Management fees |
2,436 |
|
|
2,597 |
|
|
10,822 |
|
|
10,754 |
|
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Insurance |
327 |
|
|
342 |
|
|
1,364 |
|
|
1,354 |
|
||||
Total hotel operating expenses |
42,388 |
|
|
42,355 |
|
|
174,251 |
|
|
170,562 |
|
||||
Depreciation and amortization |
12,811 |
|
|
12,249 |
|
|
51,505 |
|
|
48,169 |
|
||||
Property taxes, ground rent and insurance |
6,053 |
|
|
5,804 |
|
|
24,717 |
|
|
23,678 |
|
||||
General and administrative |
3,465 |
|
|
3,302 |
|
|
14,077 |
|
|
14,120 |
|
||||
Other charges |
1,090 |
|
|
3,550 |
|
|
1,441 |
|
|
3,806 |
|
||||
Reimbursed costs from unconsolidated real estate entities |
1,445 |
|
|
1,409 |
|
|
5,670 |
|
|
5,743 |
|
||||
Total operating expenses |
67,252 |
|
|
68,669 |
|
|
271,661 |
|
|
266,078 |
|
||||
Operating income before gain (loss) on sale of hotel property |
7,446 |
|
|
8,376 |
|
|
56,667 |
|
|
58,152 |
|
||||
Gain (loss) on sale of hotel property |
14 |
|
|
— |
|
|
(3,282 |
) |
|
(18 |
) |
||||
Operating income |
7,460 |
|
|
8,376 |
|
|
53,385 |
|
|
58,134 |
|
||||
Interest and other income |
35 |
|
|
110 |
|
|
190 |
|
|
462 |
|
||||
Interest expense, including amortization of deferred fees |
(6,868 |
) |
|
(6,873 |
) |
|
(28,247 |
) |
|
(26,878 |
) |
||||
Income (loss) from unconsolidated real estate entities |
(2,998 |
) |
|
(1,815 |
) |
|
(6,448 |
) |
|
(876 |
) |
||||
Income (loss) before income tax expense |
(2,371 |
) |
|
(202 |
) |
|
18,880 |
|
|
30,842 |
|
||||
Income tax expense |
— |
|
|
28 |
|
|
— |
|
|
28 |
|
||||
Net income (loss) |
(2,371 |
) |
|
(174 |
) |
|
18,880 |
|
|
30,870 |
|
||||
Net income (loss) attributable to noncontrolling interests |
23 |
|
|
2 |
|
|
(177 |
) |
|
(229 |
) |
||||
Net income (loss) attributable to common shareholders |
$ |
(2,348 |
) |
|
$ |
(172 |
) |
|
$ |
18,703 |
|
|
$ |
30,641 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per Common Share - Basic: |
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to common shareholders |
$ |
(0.05 |
) |
|
$ |
(0.01 |
) |
|
0.39 |
|
|
$ |
0.66 |
|
|
Income (loss) per Common Share - Diluted: |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common shareholders |
$ |
(0.05 |
) |
|
(0.01 |
) |
|
$ |
0.39 |
|
|
0.66 |
|
||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
46,919,035 |
|
|
46,513,688 |
|
|
46,788,784 |
|
|
46,073,515 |
|
||||
Diluted |
47,220,671 |
|
|
46,765,797 |
|
|
47,023,280 |
|
|
46,243,660 |
|
||||
Distributions paid per common share: |
$ |
0.33 |
|
|
$ |
0.33 |
|
|
$ |
1.32 |
|
|
$ |
1.32 |
|
FFO and EBITDA (In thousands, except share and per share data) |
|||||||||||||||
|
For the three months ended |
|
For the years ended |
||||||||||||
|
|
|
|
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Funds From Operations (“FFO”): |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(2,371 |
) |
|
$ |
(174 |
) |
|
$ |
18,880 |
|
|
$ |
30,870 |
|
Loss (gain) on sale of hotel property |
(14 |
) |
|
— |
|
|
3,282 |
|
|
18 |
|
||||
Loss on the sale of assets within unconsolidated real estate entities |
219 |
|
|
— |
|
|
219 |
|
|
— |
|
||||
Depreciation |
12,750 |
|
|
12,188 |
|
|
51,258 |
|
|
47,932 |
|
||||
Impairment loss from unconsolidated real estate entities |
859 |
|
|
— |
|
|
4,197 |
|
|
— |
|
||||
Adjustments for unconsolidated real estate entity items |
1,901 |
|
|
1,790 |
|
|
7,493 |
|
|
6,992 |
|
||||
FFO attributable to common share and unit holders |
13,344 |
|
|
13,804 |
|
|
85,329 |
|
|
85,812 |
|
||||
Other charges |
1,090 |
|
|
3,550 |
|
|
1,441 |
|
|
3,806 |
|
||||
Adjustments for unconsolidated real estate entity items |
913 |
|
|
1,062 |
|
|
1,028 |
|
|
1,078 |
|
||||
Adjusted FFO attributable to common share and unit holders |
$ |
15,347 |
|
|
$ |
18,416 |
|
|
$ |
87,798 |
|
|
$ |
90,696 |
|
Weighted average number of common shares and units |
|
|
|
|
|
|
|
||||||||
Basic |
47,381,433 |
|
|
46,876,155 |
|
|
47,238,309 |
|
|
46,428,387 |
|
||||
Diluted |
47,683,069 |
|
|
47,128,264 |
|
|
47,472,805 |
|
|
46,598,532 |
|
|
For the three months ended |
|
For the years ended |
||||||||||||
|
|
|
|
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”): |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(2,371 |
) |
|
$ |
(174 |
) |
|
$ |
18,880 |
|
|
$ |
30,870 |
|
Interest expense |
6,868 |
|
|
6,873 |
|
|
28,247 |
|
|
26,878 |
|
||||
Income tax (benefit) expense |
— |
|
|
(28 |
) |
|
— |
|
|
(28 |
) |
||||
Depreciation and amortization |
12,811 |
|
|
12,249 |
|
|
51,505 |
|
|
48,169 |
|
||||
Adjustments for unconsolidated real estate entity items |
5,063 |
|
|
4,327 |
|
|
18,214 |
|
|
16,495 |
|
||||
EBITDA |
22,371 |
|
|
23,247 |
|
|
116,846 |
|
|
122,384 |
|
||||
Impairment loss from unconsolidated real estate entities |
859 |
|
|
— |
|
|
4,197 |
|
|
— |
|
||||
Loss (gain) on sale of hotel property |
(14 |
) |
|
— |
|
|
3,282 |
|
|
18 |
|
||||
Loss on the sale of assets within unconsolidated real estate entities |
219 |
|
|
|
|
219 |
|
|
|
||||||
EBITDAre |
23,435 |
|
|
23,247 |
|
|
124,544 |
|
|
122,402 |
|
||||
Other charges |
1,090 |
|
|
3,550 |
|
|
1,441 |
|
|
3,806 |
|
||||
Adjustments for unconsolidated real estate entity items |
164 |
|
|
1,063 |
|
|
293 |
|
|
1,081 |
|
||||
Share based compensation |
1,211 |
|
|
1,050 |
|
|
4,719 |
|
|
4,210 |
|
||||
Adjusted EBITDA |
$ |
25,900 |
|
|
$ |
28,910 |
|
|
$ |
130,997 |
|
|
$ |
131,499 |
|
ADJUSTED HOTEL EBITDA (In thousands, except share and per share data) |
||||||||||||||||
|
|
For the three months ended |
|
For the years ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Income (loss) |
$ |
(2,371 |
) |
|
$ |
(174 |
) |
|
$ |
18,880 |
|
|
$ |
30,870 |
|
|
Add: |
Interest expense |
6,868 |
|
|
6,873 |
|
|
28,247 |
|
|
26,878 |
|
||||
|
Depreciation and amortization |
12,811 |
|
|
12,249 |
|
|
51,505 |
|
|
48,169 |
|
||||
|
Corporate general and administrative |
3,465 |
|
|
3,302 |
|
|
14,077 |
|
|
14,120 |
|
||||
|
Other charges |
1,090 |
|
|
3,550 |
|
|
1,441 |
|
|
3,806 |
|
||||
|
Loss from unconsolidated real estate entities |
2,998 |
|
|
1,815 |
|
|
6,448 |
|
|
876 |
|
||||
|
Loss on sale of hotel property |
— |
|
|
— |
|
|
3,282 |
|
|
18 |
|
||||
Less: |
Interest and other income |
(35 |
) |
|
(110 |
) |
|
(190 |
) |
|
(462 |
) |
||||
|
Gain on sale of hotel property |
(14 |
) |
|
— |
|
|
— |
|
|
— |
|
||||
|
Income tax benefit |
$ |
— |
|
|
$ |
(28 |
) |
|
$ |
— |
|
|
$ |
(28 |
) |
|
|
$ |
24,812 |
|
|
$ |
27,477 |
|
|
$ |
123,690 |
|
|
$ |
124,247 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200226005191/en/
Chief Operating Officer
(561) 227-1386
(703) 435-6293
Source:
Dennis Craven (Company)
Chief Operating Officer
(561) 227-1386
Chris Daly (Media)
Daly Gray, Inc.
(703) 435-6293