News Release
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Chatham Lodging Trust Announces Strong Third Quarter 2021 Results
Strong Performance Continues, Acquired Hotels Outperforming, Portfolio Set for Growth
Third Quarter 2021 Operating Results
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Portfolio Revenue Per Available Room (RevPAR) – Increased 92 percent to$107 compared to the 2020 third quarter. Average daily rate (ADR) accelerated 39 percent to$150 , and occupancy jumped 38 percent to 71 percent for the 40 comparable hotels owned as ofSeptember 30, 2021 (excludes oneAustin hotel acquired inAugust 2021 that opened inJune 2021 ).
-
Net loss – Lessened
$16.9 million to a net loss of$1.4 million from a net loss of$18.3 million in the 2020 third quarter. Net loss per diluted common share was$(0.07) versus net loss per diluted common share of$(0.38) for the same period last year.
-
GOP Margin – Grew margins a significant 25 percent to a portfolio-wide
GOP margin of 45 percent in the 2021 third quarter compared to 36 percent in the 2020 third quarter.
-
Adjusted EBITDA – Nearly quadrupled Adjusted EBITDA, finishing the quarter at
$19.6 million compared to Adjusted EBITDA of$5.1 million in the 2020 third quarter.
-
Adjusted FFO – Jumped
$14.7 million to$10.5 million in the 2021 third quarter, compared to a loss of$4.2 million in the 2020 third quarter. Adjusted FFO per diluted share was$0.21 , compared to an FFO loss of$(0.09) in the 2020 third quarter.
-
Cash Flow/Burn Before Capital Expenditures – Generated third quarter 2021 cash flow before capital expenditures of
$10.0 million , up 150 percent over 2021 second quarter flow of$4.0 million and compared to cash burn of$7.6 million in the 2021 first quarter. Cash flow/burn includes$2.2 million of principal amortization per quarter.
-
Enhanced Portfolio with Acquisition of
Two High-Quality Extended-Stay Hotels inAustin, Texas at the Domain – Acquired in August theResidence Inn and TownePlace Suites (TPS) hotels for$71 million . The TPS opened inJune 2021 . September ADR, Occupancy and RevPAR for the two hotels was$122 , 81 percent and$98 .
-
Amends and Extends Revolving Credit Facility – Amended successfully and extended its credit facility subsequent to the end of the quarter, extending the maturity date to
March 2024 including extension options and waived key financial covenants throughJune 30, 2022 .
The following chart summarizes the consolidated financial results for the three and nine months ended
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Three Months Ended |
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Nine Months Ended |
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2021 |
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2020 |
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2021 |
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2020 |
Net loss |
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Diluted net loss per common share |
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GOP Margin |
44.7% |
|
36.0% |
|
41.0% |
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34.1% |
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35.2% |
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17.9% |
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28.6% |
|
17.9% |
Adjusted EBITDA |
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AFFO |
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AFFO per diluted share |
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The below chart summarizes key hotel financial statistics for the 40 comparable hotels owned as of
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Q3 2021
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Q2 2021
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Q1 2021
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Occupancy |
71% |
|
69% |
|
53% |
ADR |
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RevPAR |
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% Change in RevPAR to Prior Year |
92% |
|
177% |
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(41)% |
The below chart summarizes RevPAR statistics by month for the company’s 40 comparable hotels:
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July |
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August |
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September |
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October |
Occupancy - 2021 |
75% |
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70% |
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70% |
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72% |
ADR - 2021 |
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RevPAR - 2021 |
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RevPAR - 2020 |
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% Change in RevPAR |
128% |
|
77% |
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76% |
|
90% |
“After a robust July which was our best month since the beginning of the pandemic, we expected to see a bit of a falloff as students returned to in-class learning, adults returned to offices and the adverse impact on travel attributable to the
Fisher continued, “Third quarter RevPAR at our 40 comparable hotels was
“Our performance has been outstanding since the start of the pandemic, but one key thing to take away is that we have done so well despite our largest market,
RevPAR performance for Chatham’s six largest markets based on hotel EBITDA contribution over the last twelve months is presented below:
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Q3 2021
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|
% Change
|
|
Q2 2021
|
|
Q1 2021
|
|
Q3 2020
|
40 - |
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92% |
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49% |
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Coastal Northeast |
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101% |
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84% |
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95% |
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99% |
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104% |
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“Two of our top three markets produced significant sequential gains in the third quarter, with our three Coastal Northeastern hotels in
“Our strong performance is driven broadly across our portfolio as nineteen of our comparable forty hotels had third quarter occupancy exceeding 75 percent in the quarter, and 14 of our hotels drove ADR’s higher than the 2019 third quarter,” Craven noted.
Approximately 60 percent of Chatham’s hotel EBITDA over the last twelve months was generated from its Residence Inn and Homewood Suites hotels. Chatham has the highest concentration of extended-stay rooms of any public lodging REIT at 60 percent. Third quarter 2021 occupancy, ADR and RevPAR for each of the company’s major brands, based on the 40 comparable hotels, is presented below (number of hotels in parentheses):
|
Residence
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Courtyard
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Hilton
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Occupancy - 2021 |
75% |
|
69% |
|
62% |
|
63% |
|
85% |
ADR – 2021 |
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RevPAR – 2021 |
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RevPAR – 2020 |
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% Change in RevPAR |
68% |
|
105% |
|
143% |
|
124% |
|
111% |
The below chart summarizes key hotel operating performance measures per month during the 2021 third quarter and for the three months ended
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July |
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August |
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September |
|
Q3 2021 |
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Q2 2021 |
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Q1 2021 |
RevPAR – 2021 |
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Gross operating profit |
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46% |
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44% |
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44% |
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45% |
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43% |
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30% |
|
37% |
|
35% |
|
34% |
|
35% |
|
31% |
|
11% |
“Our best-in-class platform working alongside Island Hospitality continues to deliver outstanding results. We generated third quarter
Corporate Update
The below chart summarizes key financial performance measures during the third quarter and for the three months ended
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July |
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August |
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September |
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Q3 2021 |
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Q2 2021 |
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Q1 2021 |
RevPAR – 2021 |
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Corporate EBITDA |
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1.1 |
Debt Service & Preferred |
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Cash flow/(burn) before CAPEX |
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Chatham has estimated liquidity of
During the third quarter in an off-market transaction, Chatham acquired two hotels comprising 269 rooms at The Domain in
“We have been looking for the right opportunity to expand our footprint into
During the 2021 third quarter, the company incurred capital expenditures of
Chatham is developing a hotel in the Warner Center submarket of
Capital Markets & Capital Structure
On
As of
On
Based on the ratio of the company’s net debt to hotel investments at cost, Chatham’s leverage ratio was approximately 30.6 percent on
Subsequent to the end of the quarter, Chatham completed a successful amendment and extension of its credit facility, which extends the final maturity date to
“We very much appreciate the efforts of our participating lenders who worked with us to execute this extension which further strengthens our financial position,” stated
Dividend
Although not expected, any dividend required for Chatham to maintain its REIT status for 2021 will be declared in the 2021 fourth quarter and paid in
2021 Guidance
Due to uncertainty surrounding the impact of the pandemic on the hotel industry, the company is not providing guidance at this time.
Earnings Call
The company will hold its third quarter 2021 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
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 Third-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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(unaudited) |
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Assets: |
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|
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Investment in hotel properties, net |
$ |
1,299,296 |
|
|
$ |
1,265,174 |
|
Investment in hotel properties under development |
64,168 |
|
|
43,651 |
|
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Cash and cash equivalents |
18,580 |
|
|
21,124 |
|
||
Restricted cash |
10,986 |
|
|
10,329 |
|
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Right of use asset, net |
20,151 |
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|
20,641 |
|
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Hotel receivables (net of allowance for doubtful accounts of |
3,235 |
|
|
1,688 |
|
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Deferred costs, net |
4,413 |
|
|
5,384 |
|
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Prepaid expenses and other assets |
5,138 |
|
|
2,266 |
|
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Total assets |
$ |
1,425,967 |
|
|
$ |
1,370,257 |
|
Liabilities and Equity: |
|
|
|
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Mortgage debt, net |
$ |
441,414 |
|
|
$ |
460,145 |
|
Revolving credit facility |
70,000 |
|
|
135,300 |
|
||
Construction loan |
32,283 |
|
|
13,325 |
|
||
Accounts payable and accrued expenses |
30,772 |
|
|
25,374 |
|
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Distributions and losses in excess of investments in unconsolidated real estate entities |
— |
|
|
19,951 |
|
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Lease liability, net |
22,836 |
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|
23,233 |
|
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Distributions payable |
2,134 |
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|
469 |
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Total liabilities |
599,439 |
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|
677,797 |
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Commitments and contingencies |
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Equity: |
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Shareholders’ Equity: |
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Preferred shares, |
48 |
|
|
— |
|
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Common shares, |
487 |
|
|
470 |
|
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Additional paid-in capital |
1,048,059 |
|
|
906,000 |
|
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Accumulated deficit |
(237,927 |
) |
|
(228,718 |
) |
||
Total shareholders’ equity |
810,667 |
|
|
677,752 |
|
||
Noncontrolling interests: |
|
|
|
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Noncontrolling interest in |
15,861 |
|
|
14,708 |
|
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Total equity |
826,528 |
|
|
692,460 |
|
||
Total liabilities and equity |
$ |
1,425,967 |
|
|
$ |
1,370,257 |
|
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 nine months ended |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenue: |
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Room |
$ |
59,305 |
|
|
$ |
32,307 |
|
|
$ |
135,210 |
|
|
$ |
104,205 |
|
Food and beverage |
|
1,025 |
|
|
|
237 |
|
|
|
2,145 |
|
|
|
2,417 |
|
Other |
|
3,679 |
|
|
|
1,630 |
|
|
|
7,898 |
|
|
|
5,560 |
|
Reimbursable costs from unconsolidated entities |
|
286 |
|
|
|
795 |
|
|
|
1,400 |
|
|
|
3,169 |
|
Total revenue |
|
64,295 |
|
|
|
34,969 |
|
|
|
146,653 |
|
|
|
115,351 |
|
Expenses: |
|
|
|
|
|
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|
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Hotel operating expenses: |
|
|
|
|
|
|
|
||||||||
Room |
|
11,884 |
|
|
|
6,903 |
|
|
|
28,537 |
|
|
|
24,814 |
|
Food and beverage |
|
717 |
|
|
|
184 |
|
|
|
1,493 |
|
|
|
2,202 |
|
Telephone |
|
366 |
|
|
|
344 |
|
|
|
1,114 |
|
|
|
1,073 |
|
Other hotel operating |
|
743 |
|
|
|
312 |
|
|
|
1,652 |
|
|
|
1,303 |
|
General and administrative |
|
6,082 |
|
|
|
3,907 |
|
|
|
14,950 |
|
|
|
12,543 |
|
Franchise and marketing fees |
|
5,294 |
|
|
|
2,876 |
|
|
|
11,983 |
|
|
|
9,232 |
|
Advertising and promotions |
|
1,078 |
|
|
|
848 |
|
|
|
2,670 |
|
|
|
3,212 |
|
Utilities |
|
3,059 |
|
|
|
2,592 |
|
|
|
7,698 |
|
|
|
6,971 |
|
Repairs and maintenance |
|
3,253 |
|
|
|
2,250 |
|
|
|
8,433 |
|
|
|
7,352 |
|
Management fees |
|
2,185 |
|
|
|
1,292 |
|
|
|
5,141 |
|
|
|
4,164 |
|
Insurance |
|
716 |
|
|
|
361 |
|
|
|
2,072 |
|
|
|
1,082 |
|
Total hotel operating expenses |
|
35,377 |
|
|
|
21,869 |
|
|
|
85,743 |
|
|
|
73,948 |
|
Depreciation and amortization |
|
13,668 |
|
|
|
13,620 |
|
|
|
40,355 |
|
|
|
40,349 |
|
Impairment loss on investment in unconsolidated real estate entities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,282 |
|
Property taxes, ground rent and insurance |
|
6,114 |
|
|
|
6,171 |
|
|
|
17,947 |
|
|
|
18,161 |
|
General and administrative |
|
4,147 |
|
|
|
2,958 |
|
|
|
11,993 |
|
|
|
8,210 |
|
Other charges |
|
256 |
|
|
|
(199 |
) |
|
|
633 |
|
|
|
2,785 |
|
Reimbursable costs from unconsolidated entities |
|
286 |
|
|
|
795 |
|
|
|
1,400 |
|
|
|
3,169 |
|
Total operating expenses |
|
59,848 |
|
|
|
45,214 |
|
|
|
158,071 |
|
|
|
161,904 |
|
Operating income (loss) before (loss) gain on sale of hotel property |
|
4,447 |
|
|
|
(10,245 |
) |
|
|
(11,418 |
) |
|
|
(46,553 |
) |
(Loss) gain on sale of hotel property |
|
(7 |
) |
|
|
— |
|
|
|
(21 |
) |
|
|
3 |
|
Operating income (loss) |
|
4,440 |
|
|
|
(10,245 |
) |
|
|
(11,439 |
) |
|
|
(46,550 |
) |
Interest and other income |
|
— |
|
|
|
25 |
|
|
|
103 |
|
|
|
145 |
|
Interest expense, including amortization of deferred fees |
|
(5,823 |
) |
|
|
(7,245 |
) |
|
|
(18,649 |
) |
|
|
(21,112 |
) |
Loss from unconsolidated real estate entities |
|
— |
|
|
|
(847 |
) |
|
|
(1,231 |
) |
|
|
(6,099 |
) |
Gain on sale of investment in unconsolidated real estate entities |
|
— |
|
|
|
— |
|
|
|
23,817 |
|
|
|
— |
|
Loss before income tax expense |
|
(1,383 |
) |
|
|
(18,312 |
) |
|
|
(7,399 |
) |
|
|
(73,616 |
) |
Income tax expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
(1,383 |
) |
|
|
(18,312 |
) |
|
|
(7,399 |
) |
|
|
(73,616 |
) |
Net loss attributable to noncontrolling interests |
|
64 |
|
|
|
255 |
|
|
|
178 |
|
|
|
949 |
|
Net loss attributable to |
|
(1,319 |
) |
|
|
(18,057 |
) |
|
|
(7,221 |
) |
|
|
(72,667 |
) |
Preferred dividends |
|
(1,988 |
) |
|
|
— |
|
|
|
(1,988 |
) |
|
|
— |
|
Net loss attributable to common shareholders |
$ |
(3,307 |
) |
|
$ |
(18,057 |
) |
|
$ |
(9,209 |
) |
|
$ |
(72,667 |
) |
Loss per Common Share - Basic: |
|
|
|
|
|
|
|
||||||||
Net loss attributable to common shareholders |
$ |
(0.07 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.19 |
) |
|
$ |
(1.55 |
) |
Loss per Common Share - Diluted: |
|
|
|
|
|
|
|
||||||||
Net loss attributable to common shareholders |
$ |
(0.07 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.19 |
) |
|
$ |
(1.55 |
) |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
48,755,561 |
|
|
|
46,965,526 |
|
|
|
48,211,612 |
|
|
|
46,958,143 |
|
Diluted |
|
48,755,561 |
|
|
|
46,965,526 |
|
|
|
48,211,612 |
|
|
|
46,958,143 |
|
Distributions declared per common share: |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.22 |
|
FFO and EBITDA (In thousands, except share and per share data) |
|||||||||||||||
|
For the three months ended |
|
For the nine months ended |
||||||||||||
|
|
|
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Funds From Operations (“FFO”): |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(1,383 |
) |
|
$ |
(18,312 |
) |
|
$ |
(7,399 |
) |
|
$ |
(73,616 |
) |
Preferred dividends |
(1,988 |
) |
|
— |
|
|
(1,988 |
) |
|
— |
|
||||
Net loss attributable to common shares and common units |
(3,371 |
) |
|
(18,312 |
) |
|
(9,387 |
) |
|
(73,616 |
) |
||||
Loss (gain) on sale of hotel property |
7 |
|
|
— |
|
|
21 |
|
|
(3 |
) |
||||
Loss on sale of assets within the unconsolidated real estate entities |
— |
|
|
1 |
|
|
— |
|
|
2 |
|
||||
Gain on sale of investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
(23,817 |
) |
|
— |
|
||||
Depreciation |
13,605 |
|
|
13,559 |
|
|
40,172 |
|
|
40,165 |
|
||||
Impairment loss on investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
— |
|
|
15,282 |
|
||||
Impairment loss within the unconsolidated real estate entities |
— |
|
|
— |
|
|
— |
|
|
1,388 |
|
||||
Adjustments for unconsolidated real estate entity items |
— |
|
|
778 |
|
|
568 |
|
|
3,641 |
|
||||
FFO attributable to common share and unit holders |
10,241 |
|
|
(3,974 |
) |
|
7,557 |
|
|
(13,141 |
) |
||||
Other charges |
256 |
|
|
(199 |
) |
|
633 |
|
|
2,785 |
|
||||
Adjustments for unconsolidated real estate entity items |
— |
|
|
— |
|
|
46 |
|
|
5 |
|
||||
Adjusted FFO attributable to common share and unit holders |
$ |
10,497 |
|
|
$ |
(4,173 |
) |
|
$ |
8,236 |
|
|
$ |
(10,351 |
) |
Weighted average number of common shares and units |
|
|
|
|
|
|
|
||||||||
Basic |
49,731,663 |
|
|
47,682,142 |
|
|
49,129,734 |
|
|
47,618,584 |
|
||||
Diluted |
49,941,959 |
|
|
47,682,142 |
|
|
49,311,113 |
|
|
47,618,584 |
|
|
For the three months ended |
|
For the nine months ended |
||||||||||||
|
|
|
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”): |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(1,383 |
) |
|
$ |
(18,312 |
) |
|
$ |
(7,399 |
) |
|
$ |
(73,616 |
) |
Interest expense |
5,823 |
|
|
7,245 |
|
|
18,649 |
|
|
21,112 |
|
||||
Depreciation and amortization |
13,668 |
|
|
13,620 |
|
|
40,355 |
|
|
40,349 |
|
||||
Adjustments for unconsolidated real estate entity items |
— |
|
|
1,576 |
|
|
1,184 |
|
|
7,477 |
|
||||
EBITDA |
18,108 |
|
|
4,129 |
|
|
52,789 |
|
|
(4,678 |
) |
||||
Impairment loss on investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
— |
|
|
15,282 |
|
||||
Impairment loss within the unconsolidated real estate entities |
— |
|
|
— |
|
|
— |
|
|
1,388 |
|
||||
Loss (gain) on sale of hotel property |
7 |
|
|
— |
|
|
21 |
|
|
(3 |
) |
||||
Loss on the sale of assets within unconsolidated real estate entities |
— |
|
|
1 |
|
|
— |
|
|
2 |
|
||||
Gain on sale of investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
(23,817 |
) |
|
— |
|
||||
EBITDAre |
18,115 |
|
|
4,130 |
|
|
28,993 |
|
|
11,991 |
|
||||
Other charges |
256 |
|
|
(199 |
) |
|
633 |
|
|
2,785 |
|
||||
Adjustments for unconsolidated real estate entity items |
— |
|
|
— |
|
|
46 |
|
|
5 |
|
||||
Share based compensation |
1,235 |
|
|
1,125 |
|
|
3,585 |
|
|
3,473 |
|
||||
Adjusted EBITDA |
$ |
19,606 |
|
|
$ |
5,056 |
|
|
$ |
33,257 |
|
|
$ |
18,254 |
|
ADJUSTED HOTEL EBITDA (In thousands, except share and per share data) |
||||||||||||||||
|
|
For the three months ended |
|
For the nine months ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(1,383 |
) |
|
$ |
(18,312 |
) |
|
$ |
(7,399 |
) |
|
$ |
(73,616 |
) |
Add: |
Interest expense |
5,823 |
|
|
7,245 |
|
|
18,649 |
|
|
21,112 |
|
||||
|
Depreciation and amortization |
13,668 |
|
|
13,620 |
|
|
40,355 |
|
|
40,349 |
|
||||
|
Corporate general and administrative |
4,147 |
|
|
2,958 |
|
|
11,993 |
|
|
8,210 |
|
||||
|
Other charges |
256 |
|
|
— |
|
|
633 |
|
|
2,785 |
|
||||
|
Loss from unconsolidated real estate entities |
— |
|
|
847 |
|
|
1,231 |
|
|
6,099 |
|
||||
|
Impairment loss on investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
— |
|
|
15,282 |
|
||||
|
Loss on sale of hotel property |
7 |
|
|
— |
|
|
21 |
|
|
— |
|
||||
Less: |
Interest and other income |
— |
|
|
(25 |
) |
|
(103 |
) |
|
(145 |
) |
||||
|
Other charges |
— |
|
|
(199 |
) |
|
— |
|
|
— |
|
||||
|
Gain on sale of hotel property |
— |
|
|
— |
|
|
— |
|
|
(3 |
) |
||||
|
Gain on sale of investment in unconsolidated real estate entities |
— |
|
|
— |
|
|
(23,817 |
) |
|
— |
|
||||
|
|
$ |
22,518 |
|
|
$ |
6,134 |
|
|
$ |
41,563 |
|
|
$ |
20,073 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211104005246/en/
Contact:
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DG Public Relations
(703) 864-5553
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