News Release
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Chatham Lodging Trust Announces Fourth Quarter 2020 Results
Generated Positive Adjusted EBITDA in 2020, Balance Sheet Remains Strong
Fourth Quarter 2020 Operating Results
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Portfolio Revenue Per Available Room (RevPAR) – All Chatham hotels have remained open throughout the pandemic. For the 39 comparable hotels owned as ofDecember 31, 2020 , RevPAR declined 60 percent to$47 , compared to the 2019 fourth quarter. Average daily rate (ADR) decreased 34 percent to$104 , and occupancy dropped 40 percent to 45 percent.
-
Net Loss – Worsened
$1.0 million to a loss of$(3.4) million for the 2020 fourth quarter, compared to the 2019 fourth quarter. Net loss per diluted share was$(0.07) versus net loss per diluted share of$(0.05) for the same period last year. During the quarter, Chatham recognized a gain of$21.1 million on the sale of theResidence Inn San Diego Mission Valley .
-
GOP Margin – Generated positive
GOP margins of 25 percent during the 2020 fourth quarter, compared to 42 percent in the 2019 fourth quarter.
-
Adjusted EBITDA – Produced positive Adjusted EBITDA for the second consecutive quarter, generating Adjusted EBITDA of
$0.2 million , versus$25.9 million in the 2019 fourth quarter.
-
Adjusted FFO – Declined
$24.0 million to$(8.7) million . Adjusted FFO per diluted share was$(0.18) , compared to$0.32 in the 2019 fourth quarter.
-
Cash Burn Before Capital Expenditures – Fourth quarter 2020 cash burn was
$9.5 million versus$5.1 million in the third quarter and$12.8 million in the second quarter. Cash burn includes$2.3 million of principal amortization per quarter.
The following chart summarizes the consolidated financial results for the three and twelve months ended
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Three Months Ended |
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Twelve Months Ended |
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2020 |
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2019 |
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2020 |
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2019 |
Net income (loss) |
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Diluted net income (loss) per common share |
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GOP Margin |
24.9% |
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42.1% |
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32.2% |
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46.0% |
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7.9% |
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33.9% |
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15.9% |
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38.3% |
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 39 comparable operating hotels owned as of
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Three Months Ended |
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Twelve Months Ended |
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2020 |
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2019 |
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2020 |
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2019 |
RevPAR |
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ADR |
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Occupancy |
45.4% |
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75.8% |
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48.2% |
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79.8% |
GOP Margin |
25.4% |
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42.1% |
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31.7% |
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46.0% |
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8.4% |
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34.0% |
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15.2% |
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38.4% |
Fourth quarter 2020 RevPAR performance for Chatham’s six largest markets are presented below:
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Q4 2020 RevPAR |
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% Change vs. Q4 2019 |
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Q3 2020 RevPAR |
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Q2 2020 RevPAR |
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(71)% |
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(43)% |
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(71)% |
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Coastal |
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(53)% |
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(58)% |
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(47)% |
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“Obviously, 2020 was the most challenging lodging environment in history,” commented
- Maximizing hotel operating results through aggressive sales strategies and expense controls
- Minimizing cash burn through reducing headcount at the corporate and hotel levels, implementing temporary salary reductions and significantly cutting capital expenditures
- Improving liquidity through the opportunistic sale of hotels at non-discounted pricing
- Preserving balance sheet strength by maintaining flexibility and capacity on our credit facility and obtaining new financing on our hotel development.
“We were able to execute on these essential points, and for that, I am thankful to all of the employees of Chatham and Island for their above and beyond efforts during 2020,” Fisher stated. “Despite a global pandemic, we generated positive Adjusted EBITDA for the full year, we paid all debt service which includes principal amortization of
“Operationally, Chatham continued to generate some of the best operating metrics of all lodging REITs during 2020, supporting our longstanding belief that our platform working alongside Island Hospitality is the best among lodging REITs. Examples of some incredible results in the midst of a global pandemic include:
- Produced the highest absolute RevPAR of any lodging REIT over the last three quarters of 2020
- Generated some of, if not the, highest operating margins of all lodging REITs in 2020
- Generated the second highest hotel EBITDA per room of all lodging REITs during the pandemic
- Gained significant market share throughout the pandemic with an average monthly RevPAR index of 136 over the last nine months of 2020, compared to an index of 118 in 2019, an increase of 15 percent
- Kept all hotels open, maximizing revenue, cash flow and allowing us to employ more people.
“Our outperformance is a testament to great portfolio attributes, high-quality, extended-stay hotels and premium-branded, select-service hotels in locations that generate room revenue from diverse demand sources. Chatham has the largest concentration of extended-stay rooms of all lodging REITs. For years, we have touted the benefits of a portfolio such as ours through all phases of a lodging cycle, and our performance over the past year certainly proves that. As COVID-19 vaccinations roll-out across
The below chart summarizes monthly RevPAR statistics by month for the company’s 39 comparable hotels:
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October |
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November |
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December |
|
January |
Occupancy – 2020/2021 |
52% |
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44% |
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40% |
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46% |
ADR – 2020/2021 |
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RevPAR – 2020/2021 |
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RevPAR – 2019/2020 |
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% Change in RevPAR |
(61)% |
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(62)% |
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(58)% |
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(55)% |
RevPAR Index |
126 |
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132 |
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129 |
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132 |
Approximately 80 percent of Chatham’s hotel EBITDA is generated from its
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Hilton
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Occupancy - 2020 |
54% |
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47% |
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32% |
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30% |
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55% |
ADR – 2020 |
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RevPAR – 2020 |
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RevPAR – 2019 |
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% Change in RevPAR |
(56)% |
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(62)% |
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(69)% |
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(71)% |
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(48%) |
The below chart summarizes key hotel operating performance measures per month during the 2020 fourth quarter and for the three months ended
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October |
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November |
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December |
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Q4 2020 |
RevPAR – 2020 |
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Gross operating profit |
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Sale of
In late November, Chatham completed the sale of the 192-room Residence by
“As we have always strategized, we aim to be opportunistic with respect to acquisitions and dispositions, and this sale checks all the boxes for a successful transaction,” emphasized
Credit Facility Amendment
In
Key terms of this amendment, which are applicable during the waiver period, are as follows:
-
Waiver of key financial covenants through
December 31, 2021 .-
Testing of covenants as of
March 31, 2022 .
-
Testing of covenants as of
-
Continued full availability of entire
$250 million credit facility, including the ability to use capacity under the credit facility to acquire hotels. -
Maintain applicable margin on borrowings at LIBOR plus 250 basis points if borrowings on the credit facility are under
$200 million and LIBOR plus 300 basis points if borrowings are over$200 million . -
Maintain minimum liquidity of
$25 million whether in cash or available capacity under the credit facility. - Certain limitations on the incurrence of additional indebtedness.
- Common share dividends are allowed but limited to 100 percent of REIT taxable income, and any dividends paid would include a cash component no greater than the minimum percentage allowed under the Internal Revenue Code.
Participating lenders in the credit facility include Barclays Bank PLC,
“We deeply understand our responsibility to protect long-term value for our equity holders,” commented
COVID-19 Corporate Update
In addition to the hotel sale and the credit facility amendments, Chatham has taken aggressive corporate actions to mitigate the operating and financial impact of the COVID-19 (coronavirus) pandemic in an all-out effort to protect its balance sheet, preserve its liquidity and minimize cash burn. Some of the major steps include:
- Suspended its monthly dividend.
- Paying all scheduled debt service.
-
Closed on a
$40 million construction loan which fully funds the remaining capital expenditures on its development in the Warner Center submarket ofLos Angeles . -
Significantly reduced its 2020 budgeted capital expenditures from
$23 million to approximately$14 million , which included extensive renovations at two hotels. -
Temporarily reduced compensation for its executive officers, employees and
Board of Trustees between 25 percent and 50 percent for the last nine months of 2020. Such reductions were significantly more than most lodging REITs.
The below chart summarizes key financial performance measures for the three months ended
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October |
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November |
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December |
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Q4 2020 |
RevPAR – 2020 |
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Corporate EBITDA |
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Debt service |
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Cash used before CAPEX |
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Chatham has estimated liquidity of
During the 2020 fourth quarter, the company substantially completed the renovation of the
During 2021, Chatham expects capital expenditures of
Chatham is developing a hotel in the Warner Center submarket of
Capital Markets & Capital Structure
As of
Chatham’s leverage ratio was approximately 35.8 percent on
On a pro forma basis as of
Joint Venture Investments
On
Chatham’s investment in the Inland joint venture is fully impaired, and Chatham’s financial results no longer include its share of equity income or EBITDA from the Inland joint venture. Colony Capital and Chatham are fully cooperating with the receiver who is in full control of the portfolio.
The debt of the joint ventures is non-recourse to Chatham except for customary non-recourse carveout provisions such as fraud, material and intentional misrepresentations and misapplication of funds. Defaults under the joint venture debt do not trigger cross-defaults under any Chatham debt.
Dividend
Chatham paid 2020 dividends of
2021 Guidance
Due to uncertainty surrounding the impact of the pandemic on the hotel industry, the company is not providing guidance.
Earnings Call
The company will hold its fourth quarter 2020 conference call 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, losses on the early extinguishment of debt and similar items related to its unconsolidated real estate entities that it believes do not represent costs related to hotel operations. The company believes that Adjusted FFO provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs that make similar adjustments to FFO.
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, losses on the early extinguishment of debt, amortization of non-cash share-based compensation and similar items related to its unconsolidated real estate entities, which it believes are not indicative of the performance of its underlying hotel properties entities. The company believes that Adjusted EBITDA provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs that report similar measures.
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 include those with regard to the potential future impact of the COVID-19 pandemic, within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements include information about possible or assumed future results of the lodging industry and our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. These statements generally are characterized by the use of the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements. Important factors that we think could cause our actual results to differ materially from expected results are summarized below.
One of the most significant factors, however, is the ongoing impact of the current outbreak of the COVID-19 pandemic on
Other 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 |
$ |
1,265,174 |
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$ |
1,347,116 |
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Investment in hotel properties under development |
43,651 |
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20,496 |
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Cash and cash equivalents |
21,124 |
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6,620 |
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Restricted cash |
10,329 |
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|
13,562 |
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Investment in unconsolidated real estate entities |
— |
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17,969 |
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Right of use asset, net |
20,641 |
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|
21,270 |
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Hotel receivables (net of allowance for doubtful accounts of |
1,688 |
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|
4,626 |
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Deferred costs, net |
5,384 |
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|
4,271 |
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Prepaid expenses and other assets |
2,266 |
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|
2,615 |
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Deferred tax asset, net |
— |
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|
29 |
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Total assets |
$ |
1,370,257 |
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|
$ |
1,438,574 |
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Liabilities and Equity: |
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Mortgage debt, net |
$ |
460,145 |
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$ |
495,465 |
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Revolving credit facility |
135,300 |
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|
90,000 |
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Construction loan |
13,325 |
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— |
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Accounts payable and accrued expenses |
25,374 |
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33,012 |
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Distributions and losses in excess of investments in unconsolidated real estate entities |
19,951 |
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15,214 |
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Lease liability, net |
23,233 |
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23,717 |
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Distributions payable |
469 |
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6,142 |
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Total liabilities |
677,797 |
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|
663,550 |
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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, |
470 |
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|
469 |
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Additional paid-in capital |
906,000 |
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|
904,273 |
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Accumulated deficit |
(228,718) |
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|
(142,365) |
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Total shareholders’ equity |
677,752 |
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|
762,377 |
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Noncontrolling Interests: |
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Noncontrolling Interest in |
14,708 |
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|
12,647 |
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Total equity |
692,460 |
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|
775,024 |
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Total liabilities and equity |
$ |
1,370,257 |
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$ |
1,438,574 |
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Consolidated Statements of Operations (In thousands, except share and per share data) |
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For the three months ended |
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For the years ended |
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2020 |
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2019 |
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2020 |
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2019 |
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Revenue: |
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Room |
$ |
26,360 |
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$ |
66,735 |
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$ |
130,564 |
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$ |
296,267 |
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Food and beverage |
301 |
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2,426 |
|
2,718 |
|
9,824 |
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Other |
2,029 |
|
4,092 |
|
7,589 |
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16,567 |
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Reimbursable costs from unconsolidated real estate entities |
875 |
|
1,445 |
|
4,045 |
|
5,670 |
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Total revenue |
29,565 |
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|
74,698 |
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|
144,916 |
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328,328 |
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Expenses: |
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Hotel operating expenses: |
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Room |
7,069 |
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|
16,040 |
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|
31,883 |
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|
65,270 |
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Food and beverage |
254 |
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|
2,134 |
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|
2,456 |
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8,396 |
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Telephone |
378 |
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|
386 |
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|
1,451 |
|
|
1,638 |
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Other hotel operating |
326 |
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|
1,000 |
|
|
1,629 |
|
|
4,039 |
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General and administrative |
4,187 |
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|
6,535 |
|
|
16,733 |
|
|
25,641 |
|
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Franchise and marketing fees |
2,375 |
|
|
5,788 |
|
|
11,608 |
|
|
25,850 |
|
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Advertising and promotions |
772 |
|
|
1,541 |
|
|
3,983 |
|
|
6,043 |
|
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Utilities |
2,259 |
|
|
2,559 |
|
|
9,229 |
|
|
10,867 |
|
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Repairs and maintenance |
2,448 |
|
|
3,642 |
|
|
9,799 |
|
|
14,321 |
|
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Management fees |
1,125 |
|
|
2,436 |
|
|
5,289 |
|
|
10,822 |
|
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Insurance |
357 |
|
|
327 |
|
|
1,438 |
|
|
1,364 |
|
||||
Total hotel operating expenses |
21,550 |
|
|
42,388 |
|
|
95,498 |
|
|
174,251 |
|
||||
Depreciation and amortization |
13,522 |
|
|
12,811 |
|
|
53,871 |
|
|
51,505 |
|
||||
Impairment loss on investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
15,282 |
|
|
— |
|
||||
Property taxes, ground rent and insurance |
4,879 |
|
|
6,053 |
|
|
23,040 |
|
|
24,717 |
|
||||
General and administrative |
3,353 |
|
|
3,465 |
|
|
11,564 |
|
|
14,077 |
|
||||
Other charges |
1,601 |
|
|
1,090 |
|
|
4,385 |
|
|
1,441 |
|
||||
Reimbursable costs from unconsolidated real estate entities |
875 |
|
|
1,445 |
|
|
4,045 |
|
|
5,670 |
|
||||
Total operating expenses |
45,780 |
|
|
67,252 |
|
|
207,685 |
|
|
271,661 |
|
||||
Operating (loss) income before gain (loss) on sale of hotel property |
(16,215) |
|
|
7,446 |
|
|
(62,769) |
|
|
56,667 |
|
||||
Gain (loss) on sale of hotel property |
21,113 |
|
|
14 |
|
|
21,116 |
|
|
(3,282) |
|
||||
Operating (loss) income |
4,898 |
|
|
7,460 |
|
|
(41,653) |
|
|
53,385 |
|
||||
Interest and other income |
32 |
|
|
35 |
|
|
179 |
|
|
190 |
|
||||
Interest expense net of amounts capitalized, including amortization of deferred fees |
(7,010) |
|
|
(6,868) |
|
|
(28,122) |
|
|
(28,247) |
|
||||
Loss from unconsolidated real estate entities |
(1,325) |
|
|
(2,998) |
|
|
(7,424) |
|
|
(6,448) |
|
||||
(Loss ) income before income tax expense |
(3,405) |
|
|
(2,371) |
|
|
(77,020) |
|
|
18,880 |
|
||||
Income tax expense |
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Net (loss) income |
(3,405) |
|
|
(2,371) |
|
|
(77,020) |
|
|
18,880 |
|
||||
Net (loss) income attributable to non-controlling interest |
49 |
|
|
23 |
|
|
997 |
|
|
(177) |
|
||||
Net (loss) income attributable to common shareholders |
$ |
(3,356) |
|
|
$ |
(2,348) |
|
|
$ |
(76,023) |
|
|
$ |
18,703 |
|
(Loss) income per Common Share - Basic: |
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to common shareholders |
$ |
(0.07) |
|
|
$ |
(0.05) |
|
|
$ |
(1.62) |
|
|
$ |
0.39 |
|
(Loss) income per Common Share - Diluted: |
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to common shareholders |
$ |
(0.07) |
|
|
$ |
(0.05) |
|
|
$ |
(1.62) |
|
|
$ |
0.39 |
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
46,969,483 |
|
|
46,919,035 |
|
|
46,961,039 |
|
|
46,788,784 |
|
||||
Diluted |
46,969,483 |
|
|
47,220,671 |
|
|
46,961,039 |
|
|
47,023,280 |
|
||||
Distributions per common share: |
$ |
— |
|
|
$ |
0.33 |
|
|
$ |
0.22 |
|
|
$ |
1.32 |
|
FFO and EBITDA (In thousands, except share and per share data) |
|||||||||||||||
|
For the three months ended |
|
For the years ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Funds From Operations (“FFO”): |
|
|
|
|
|
|
|
||||||||
Net (loss) income |
$ |
(3,405) |
|
|
$ |
(2,371) |
|
|
$ |
(77,020) |
|
|
$ |
18,880 |
|
(Gain) loss on sale of hotel property |
(21,113) |
|
|
(14) |
|
|
(21,116) |
|
|
3,282 |
|
||||
(Gain) loss on the sale of assets within unconsolidated real estate entities |
(1) |
|
|
219 |
|
|
2 |
|
|
219 |
|
||||
Depreciation |
13,461 |
|
|
12,750 |
|
|
53,627 |
|
|
51,258 |
|
||||
Impairment loss on investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
15,282 |
|
|
— |
|
||||
Impairment loss from unconsolidated real estate entities |
— |
|
|
859 |
|
|
1,388 |
|
|
4,197 |
|
||||
Adjustments for unconsolidated real estate entity items |
793 |
|
|
1,901 |
|
|
4,434 |
|
|
7,493 |
|
||||
FFO attributed to common share and unit holders |
(10,265) |
|
|
13,344 |
|
|
(23,403) |
|
|
85,329 |
|
||||
Other charges |
1,601 |
|
|
1,090 |
|
|
4,385 |
|
|
1,441 |
|
||||
Adjustments for unconsolidated real estate entity items |
4 |
|
|
913 |
|
|
9 |
|
|
1,028 |
|
||||
Adjusted FFO attributed to common share and unit holders |
$ |
(8,660) |
|
|
$ |
15,347 |
|
|
$ |
(19,009) |
|
|
$ |
87,798 |
|
Weighted average number of common shares and units |
|
|
|
|
|
|
|
||||||||
Basic |
47,686,099 |
|
|
47,381,433 |
|
|
47,635,600 |
|
|
47,238,309 |
|
||||
Diluted |
47,686,099 |
|
|
47,683,069 |
|
|
47,635,600 |
|
|
47,472,805 |
|
|
For the three months ended |
|
For the years ended |
||||||||||||
|
|
|
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”): |
|
|
|
|
|
|
|
||||||||
Net (loss) income |
$ |
(3,405) |
|
|
$ |
(2,371) |
|
|
$ |
(77,020) |
|
|
$ |
18,880 |
|
Interest expense |
7,010 |
|
|
6,868 |
|
|
28,122 |
|
|
28,247 |
|
||||
Depreciation and amortization |
13,522 |
|
|
12,811 |
|
|
53,871 |
|
|
51,505 |
|
||||
Adjustments for unconsolidated real estate entity items |
1,488 |
|
|
5,063 |
|
|
8,965 |
|
|
18,214 |
|
||||
EBITDA |
18,615 |
|
|
22,371 |
|
|
13,938 |
|
|
116,846 |
|
||||
Impairment loss on investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
15,282 |
|
|
— |
|
||||
Impairment loss from unconsolidated real estate entities |
— |
|
|
859 |
|
|
1,388 |
|
|
4,197 |
|
||||
(Gain) loss on sale of hotel property |
(21,113) |
|
|
(14) |
|
|
(21,116) |
|
|
3,282 |
|
||||
(Gain) loss on the sale of assets within unconsolidated real estate entities |
(1) |
|
|
219 |
|
|
2 |
|
|
219 |
|
||||
EBITDAre |
(2,499) |
|
|
23,435 |
|
|
9,494 |
|
|
124,544 |
|
||||
Other charges |
1,601 |
|
|
1,090 |
|
|
4,385 |
|
|
1,441 |
|
||||
Adjustments for unconsolidated real estate entity items |
4 |
|
|
164 |
|
|
9 |
|
|
293 |
|
||||
Share based compensation |
1,125 |
|
|
1,211 |
|
|
4,597 |
|
|
4,719 |
|
||||
Adjusted EBITDA |
$ |
231 |
|
|
$ |
25,900 |
|
|
$ |
18,485 |
|
|
$ |
130,997 |
|
ADJUSTED HOTEL EBITDA (In thousands, except share and per share data) |
||||||||||||||||
|
|
For the three months ended |
|
For the years ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
$ |
(3,405) |
|
|
$ |
(2,371) |
|
|
$ |
(77,020) |
|
|
$ |
18,880 |
|
Add: |
Interest expense |
7,010 |
|
|
6,868 |
|
|
28,122 |
|
|
28,247 |
|
||||
|
Depreciation and amortization |
13,522 |
|
|
12,811 |
|
|
53,871 |
|
|
51,505 |
|
||||
|
Corporate general and administrative |
3,353 |
|
|
3,465 |
|
|
11,564 |
|
|
14,077 |
|
||||
|
Other charges |
1,601 |
|
|
1,090 |
|
|
4,385 |
|
|
1,441 |
|
||||
|
Loss from unconsolidated real estate entities |
1,325 |
|
|
2,998 |
|
|
7,424 |
|
|
6,448 |
|
||||
|
Impairment loss on investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
15,282 |
|
|
— |
|
||||
|
Loss on sale of hotel property |
— |
|
|
— |
|
|
— |
|
|
3,282 |
|
||||
Less: |
Interest and other income |
(34) |
|
|
(35) |
|
|
(179) |
|
|
(190) |
|
||||
|
Gain on sale of hotel property |
(21,113) |
|
|
(14) |
|
|
(21,116) |
|
|
— |
|
||||
|
|
$ |
2,259 |
|
|
$ |
24,812 |
|
|
$ |
22,333 |
|
|
$ |
123,690 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005158/en/
Chief Operating Officer
(561) 227-1386
DG Public Relations
(703) 864-6293
Source: