Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - STRATEGIC HOTELS & RESORTS, INC | d380498d8k.htm |
 Investor
Presentation July 2012
Exhibit 99.1 |
 I.
BEE’s Unique Value Proposition
II.
Company Overview
III.
Industry Update
IV.
Operating Trends
V.
Financial Overview
BEE’s Unique Value Proposition
1 |
 o
The only pure play high-end lodging REIT
o
High-end outperforms the industry in a recovery
o
Industry leading asset management expertise
o
Assets are in pristine condition
o
Embedded organic growth through revenue growth and ROI opportunities
o
Historically low supply growth environment, particularly in BEE markets
o
Replacement cost, excluding land, approximately $700,000 per key
o
Balance sheet positioned for growth
The best investment proposition in the lodging space
2
BEE’s Unique Value Proposition |
 BEE’s
Unique Value Proposition Proven
Investment
Track Record
Industry Leading
Asset
Management
High-end, Unique
& Irreplaceable
Hotel & Resort
Portfolio
3 |
 Highlights
o
Best portfolio in public markets
o
Locations in high-barrier-to-entry markets
o
City-center and resort destinations
o
World-class amenities
o
No new supply in BEE’s markets
Four Seasons Jackson Hole
Ritz-Carlton Laguna Niguel
InterContinental Chicago
BEE’s Unique Value Proposition
Industry
As
High-end, Unique
& Irreplaceable
Hotel & Resort
Portfolio
4 |
 Highlights
o
Execution of complex and accretive restructurings
o
Assessment and development of ROI projects
o
Recent success in acquiring hotels through
off-market transactions
o
Maximized proceeds through well-timed
asset sales
Hotel del Coronado
Michael Jordan’s Steak House
Fairmont Scottsdale Princess
BEE’s Unique Value Proposition
Proven
Investment
Track Record
5 |
 Industry
Leading Asset
Management
Highlights
o
Highest EBITDA per room in competitive
set
o
Sustained market share penetration
and revenue growth
o
Implemented cost cutting initiatives
in advance of recession
o
Maintaining fixed cost reductions
in recovery
o
Strong relationships with and rigorous
oversight of brand managers
EBITDA Per Available Room
Annual RevPAR Index
BEE’s Unique Value Proposition
Note:
All
metrics
represent
full-year
2011
results.
BEE
portfolio
reflects
Total
United
States
portfolio
as
of
12/31/2011.
Source:
Public
filings
Source: Smith Travel Research
107.5
108.5
107.0
110.7
113.7
118.1
100
104
108
112
116
120
2007
2008
2009
2010
2011
Q1 2012
6 |
 I.
BEE’s Unique Value Proposition
II.
Company Overview
III.
Industry Update
IV.
Operating Trends
V.
Financial Overview
Company Overview
7 |
 Top-Tier
Market Exposure 17
hotels
located
in
primary
gateway
cities
and
high
barrier
to
entry
markets;
including
7,762
rooms
and
840,000
square
feet
of
meeting
space
8 |
 o
InterContinental
Miami
–
Guestroom
renovation
o
InterContinental
Chicago
–
Michael
Jordan’s
Steak
House
o
Four
Seasons
Washington,
D.C.
–
Retail
outlet
renovation
o
Marriott
Lincolnshire
Resort
–
Lobby
renovation
o
Westin
St.
Francis
–
Michael
Mina
Steakhouse
conversion
o
Four
Seasons
Washington,
D.C.
–
Lobby
renovation,
11-room
expansion,
new
restaurant,
63-room
and
suite
renovation
o
Westin
St.
Francis
–
Clock
Bar
o
Fairmont
Chicago
–
ENO
wine
tasting
room,
lobby
renovation,
guestroom
renovation,
new
spa
and
fitness
center
o
Four
Seasons
Punta
Mita
Resort
–
New
lobby
bar
o
Ritz-Carlton
Half
Moon
Bay
–
ENO
wine
tasting
room,
restaurant
and
lounge
renovation,
suite
renovation
Notable 2008
capital projects
Notable 2009
capital projects
Notable 2010
capital projects
Notable 2011
capital projects
Fairmont Chicago Lobby
Four Seasons Washington, D.C. Lobby
Westin St. Francis Michael Mina
Bourbon Steak
InterContinental Miami Guestroom
Portfolio Well-Positioned to Enhance Cash Flow Growth
9 |
 Four Seasons
Washington, D.C. o
ENO Wine Room
o
Retail space optimization
Four Seasons Silicon Valley
o
Qauttro patio renovation
o
Meeting room renovation
Four Seasons Jackson Hole
o
Restaurant re-concept
InterContinental Chicago
o
North tower guestroom renovation
o
Meeting space expansion
o
Michigan Ave. façade optimization
Ritz-Carlton Laguna Niguel
o
35-room fire pit addition
o
Pool deck upgrades
InterContinental Miami
o
Public space revitalization
o
Meeting space expansion
o
Pool deck refurbishment
Fairmont Chicago
o
Meeting space renovation
o
Restaurant re-concept
Westin St. Francis
o
ENO Wine Room
Loews Santa Monica Beach Hotel
o
Exterior / interior upgrade
Significant
ROI
capital
investment
opportunities
within
existing
portfolio;
rigorous
analysis
and
approval
process
for
each
project
Potential Capital Projects in the Pipeline
10 |
 I.
BEE’s Unique Value Proposition
II.
Company Overview
III.
Industry Update
IV.
Operating Trends
V.
Financial Overview
Industry Update
11 |
 o
Lodging demand historically correlates with GDP (~80%) but potential exists for
near-term disconnect, particularly at the high-end
o
Customer
demographics
for
luxury
/
high-end
very
strong
–
corporate
America
and
college
educated
consumers
o
Supply growth remains historically low and development pipeline indicates muted supply for
the next several years
Total U.S. Supply & Demand Change (TTM)
Demand growth exceeds supply growth by 400 bps which should
result in significant ADR growth as recovery continues
Lodging Outlook
12 |
 Source: Smith Travel Research
Note: Data represents trends within the United States
o
Luxury supply growth was historically lower leading into the recent recession
o
Projects in planning or under construction have decreased significantly
o
No new competitive luxury or upper-upscale supply projected in BEE markets
o
1-2 years estimated time to permit; 3 years estimated time to build a luxury hotel
o
Economic proposition of hotel construction challenging with replacement cost estimated
at over $700,000 per key
Favorable Supply Outlook
Year-Over-Year % Supply Growth
1988 –
Q1 2012
Average: 4.0%
Supply Growth in
BEE Markets = 0.0%
(4%)
(2%)
0%
2%
4%
6%
8%
10%
12%
14%
13 |
 14
Source: Smith Travel Research and PWC
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Total U.S.
Luxury
Source: Smith Travel Research
Luxury
Outperformance:
2.2% CAGR
Luxury
Outperformance:
4.1% CAGR
Annual % Change in RevPAR
Quarterly Luxury Room Night Demand (000s)
o
Luxury
hotels
have
experienced
prolonged
RevPAR
growth
following
past
industry
downturns
o
1992
–
2000:
9
consecutive
years
of
annual
luxury
RevPAR
growth
totaling
109%
or
8.5%
annually
o
2002
–
2007:
5
consecutive
years
of
annual
luxury
RevPAR
growth
totaling
48%
or
8.2%
annually
o
Overall
luxury
room
nights
sold
is
at
an
all-time
high;
30%
higher
than
2007
Luxury outperformed Total U.S. hotels
2.0% -
4.0% in previous two downturns
Luxury room night demand
currently at all-time highs
Luxury Hotels Outperform in a Recovery
14 |
 Note:
All
metrics
represent
full-year
2011
results
BEE
portfolio
reflects
Total
United
States
portfolio
as
of
12/31/2011
Source:
Public
filings
BEE delivers industry leading results
BEE Outperforms Competitors
15 |
  o
Total RevPAR is key top-line performance metric
o
Focus on maximizing RevPAR, non-rooms revenue, and yield per square foot
BEE Total Revenue Mix
Peers Total Revenue Mix
Note: All metrics represent the full-year 2011. BEE portfolio reflects the
North America Same Store portfolio Peers include: DRH, HST, LHO, PEB,
SHO Source: Public filings
BEE
revenue
driven
more
heavily
by
non-rooms
revenue
relative
to
peers,
maximizing
yield
per
square
foot
from
our
hotels
BEE Revenue Mix Compared to Peers
54%
36%
10%
Rooms
Other
Food &
Beverage
65%
29%
6%
Rooms
Other
Food &
Beverage
16 |
 36%
21%
10%
27%
6%
40%
20%
9%
26%
5%
17
Note: Statistics represent the full year 2011. Portfolio reflects the North America
Same Store portfolio BEE Occupied Room Nights Mix
BEE Room Revenue Mix
o
Targeted mix of business ~50% / 50% group / transient
o
Group business typically yields higher non-rooms revenue than transient business
43% Group
40% Group
57% Transient
60% Transient
BEE
total
revenue
driven
heavily
by
group
business
and
ancillary
group
spend;
still
significant
capacity
to
grow
group
business
BEE Revenue Mix
Transient - Other
Transient - Negotiated
Group - Association
Group - Corporate
Group - Other
17 |
       BEE
(1)
Peers
Peer margins
@ BEE
Revenue Mix
Revenue
Rooms
54%
65%
54%
Food & Beverage
36%
29%
36%
Other
10%
6%
10%
Total
100%
100%
100%
Departmental Profit Margin
Rooms
71%
73%
73%
Food & Beverage
26%
27%
27%
EBITDA
21%
24%
18%
3% better than peers
(1) Portfolio includes all North American hotels owned for the full year 2011
Peers include: DRH, HST, LHO, PEB, & SHO
Source: Public filings
BEE’s
margins
significantly
outperform
when
adjusted
for
same
revenue
mix
Industry Leading Operating Margins
18 |
 I.
BEE’s Unique Value Proposition
II.
Company Overview
III.
Industry Update
IV.
Operating Trends
V.
Financial Overview
Operating Trends
19 |
 o
Group pace remains the most reliable forward looking indicator
o
Booking window has shortened forcing more reliance on room nights booked ITYFTY
(“in-the-year-for-the-year”)
Year-Over-Year Group Pace
Assuming similar production as 2011,
group room nights 14% below peak
*2012 production in the year assumes the same production as in 2011
Group room nights on the books for 2012 are up approximately 0.5% compared
to same time last year; ADR up approximately 4.5% compared to 2011 rate
Group room nights on the books for 2013 are up approximately 6% compared
to 2012; ADR up approximately 2% compared to 2012 rate
Group Booking Outlook
20
0
200,000
400,000
600,000
800,000
1,000,000
2007
2008
2009
2010
2011
2012*
Definite through June
Production in the year |
 Occupancy
ADR
RevPAR
Property EBITDA (in millions)
Note:
Same
store
North
America
portfolio,
excludes:
Hotel
del
Coronado,
Fairmont
Scottsdale
Princess,
Four
Seasons
Jackson
Hole,
Four
Seasons
Silicon
Valley
2012
forecast
assumes
midpoint
of
guidance
range
Operating
performance
improving;
still
below
peak
Embedded Portfolio Growth
21 |
 I.
BEE’s Unique Value Proposition
II.
Company Overview
III.
Industry Update
IV.
Operating Trends
V.
Financial Overview
Financial Overview
22 |
 Raised $665
million in equity: o
$335 mm secondary offering (May 2010)
o
$145 mm Woodbridge transaction acquiring two
Four Seasons hotels plus PIPE (February 2011)
o
$70 mm equity placement to GIC for share in
InterContinental Chicago (June 2011)
o
$115 mm overnight equity offering (April 2012)
Asset sales:
o
Sold InterContinental Prague for €110.6mm
(December 2010)
o
Sold leasehold position at Marriott Paris Champs-
Elysees for approximately $60 million (April 2011)
o
Sold stake in BuyEfficient for $9mm (January 2011)
Debt repayments:
o
Tendered and fully retired $180mm unsecured
convertible recourse notes (May 2010)
Hotel del Coronado complex restructuring
(February 2011):
o
Negotiated new joint-venture with Blackstone and
KSL
o
Closed new CMBS mortgage financing totaling
$425mm
Accomplishments Since January 1
st
, 2010
23
Fairmont Scottsdale Princess complex restructuring
(June 2011):
o
Negotiated new joint venture structure with Walton
Street Capital
o
Negotiated amendment and extension to CMBS debt
for four years at below market terms
New line of credit (June 2011):
o
Reduced lenders in bank syndicate from 21 banks to 10
banks
o
Achieved three year term with one year extension
Debt refinancings:
o
Six property loans refinanced totaling nearly $800
million
Preferred equity tender (December 2011):
o
Successfully tendered for approximately 22% of
outstanding preferred equity at a 15% discount to par
plus accrued preferred dividends
Reinstatement of preferred equity dividends (June
2012):
o
Paid 14 quarters of preferred equity dividends |
 Key Stats
(a)(b)
Net Debt/EBITDA
6.7x
Net Debt+Pref /EBITDA
8.4x
Net Debt/TEV
41.1%
Avg. Maturity (yrs)
5.1
Unencumbered assets
2
Corporate liquidity (MM)
$300.0
Mix of Debt
Bank Debt
37.8%
Life Insurance Co.
31.6%
CMBS
30.7%
$115.5
$130.0
$195.0
$52.2
$315.7
$66.5
$145.8
$145.0
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Bank
Life Co.
CMBS
Corporate
$300.0
Capacity
$275.8
$148.9
$124.9
$220.0
$173.5
$614.5
$194.8
$358.0
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Bank
Life Co.
CMBS
Corporate
$834.5
$875.2
January 1, 2010
March 31, 2012
BEE’s balance sheet is structured for growth
Strong Recapitalized Balance Sheet ($ in millions)
Note: Assumes full extension periods for all loans.
(a)
Pro-forma for April 2012 equity offering and June 2012 preferred dividend
payment. (b)
EBITDA reflects mid-point of 2012 guidance range.
Key Stats
Net Debt/EBITDA
14.3x
Net Debt+Pref /EBITDA
17.4x
Net Debt/TEV
76.9%
Avg. Maturity (yrs)
3.4
Unencumbered assets
0
Corporate liquidity (MM)
$105.0
Mix of Debt
Bank Debt
18.5%
Life Insurance Co.
26.6%
CMBS
54.8%
24 |
 (a)
Excludes
Fairmont
Scottsdale
Princess,
Four
Seasons
Jackson
Hole,
Four
Seasons
Silicon
Valley,
and
Hotel
del
Coronado
1
st
Quarter 2012 Results (EBITDA in millions)
2011 Actual
2012 Actual
Operations
(Same Store N.A. Portfolio)
(a)
ADR
$226
5.1%
$238
RevPAR
$146
9.4%
$160
Total RevPAR
$279
7.7%
$301
EBITDA Margins
15.5%
170 bps
17.2%
Corporate Results
Comparable EBITDA
$28.7
15.9%
$33.3
Comparable FFO / share
($0.02)
N/A
$0.02
25 |
 (a)
Portfolio excludes Fairmont Scottsdale Princess, Four Seasons Jackson Hole, Four
Seasons Silicon Valley, and Hotel del Coronado (b)
2011 Comparable FFO / share excludes one-time gain associated with preferred
equity tender 2012 Guidance (EBITDA in millions)
2011 Actual
2012 Guidance
Operations
(Same Store N.A. Portfolio)
(a)
RevPAR
$170
6%-8%
$180-$183
Total RevPAR
$314
5%-7%
$330-$336
EBITDA Margins
21.1%
100 - 175bps
22.1%-22.9%
Corporate Results
Comparable EBITDA
$155
7%-16%
$165-$180
Comparable FFO / share
$0.14
50%-107%
$0.21-$0.29
(b)
26 |
 o
The only pure play high-end lodging REIT
o
High-end outperforms the industry in a recovery
o
Industry leading asset management expertise
o
Assets are in pristine condition
o
Embedded organic growth through revenue growth and ROI opportunities
o
Historically low supply growth environment, particularly in BEE markets
o
Replacement cost, excluding land, approximately $700,000 per key
o
Balance sheet positioned for growth
The best investment proposition in the lodging space
BEE’s Unique Value Proposition
27 |
 Except
for
historical
information,
the
matters
discussed
in
this
presentation
are
forward-looking
statements
subject
to
certain
risks
and
uncertainties.
Forward-looking
statements
relate
to
expectations,
beliefs,
projections,
future
plans
and
strategies,
anticipated
events
or
trends,
and
similar
expressions
concerning
matters
that
are
not
historical
facts.
These
forward-looking
statements
are
identified
by
their
use
of
such
terms
and
phrases
such
as
“anticipate,”
“believe,”
“could,”
“estimate,”
“expect,”
“intend,”
“may,”
“plan,”
“predict,”
“project,”
“should,”
“will,”
“continue”
and
other
similar
terms
and
phrases,
including
references
to
assumptions
and
forecasts
of
future
results.
Forward-looking
statements
are
not
guarantees
of
future
performance.
Actual
results
could
differ
materially
from
the
Company’s
projections.
Factors
that
may
contribute
to
these
differences
include,
but
are
not
limited
to
the
following:
the
effects
of
the
recent
global
economic
recession
upon
business
and
leisure
travel
and
the
hotel
markets
in
which
the
Company
invests;
the
Company’s
liquidity
and
refinancing
demands;
the
Company’s
ability
to
obtain
or
refinance
maturing
debt;
the
Company’s
ability
to
maintain
compliance
with
covenants
contained
in
the
Company’s
debt
facilities;
stagnation
or
further
deterioration
in
economic
and
market
conditions,
particularly
impacting
business
and
lei
sure travel
spending
in
the
markets
where
the
Company’s
hotels
operate
and
in
which
the
Company
invests,
including
luxury
and
upper
upscale
product;
general
volatility
of
the
capital
markets
and
the
market
price
of
the
Company’s
shares
of
common
stock;
availability
of
capital;
the
Company’s
ability
to
dispose
of
properties
in
a
manner
consistent
with
the
Company’s
investment
strategy
and
liquidity
needs;
hostilities
and
security
concerns,
including
future
terrorist
attacks,
or
the
apprehension
of
hostilities,
in
each
case
that
affect
travel
within
or
to
the
United
States,
Mexico,
Germany,
England
or
other
countries
where
the
Company
invests;
difficulties
in
identifying
properties
to
acquire
and
completing
acquisitions;
the
Company’s
failure
to
maintain
effective
internal
control
over
financial
reporting
and
disclosure
controls
and
procedures;
risks
related
to
natural
disasters;
increases
in
interest
rates
and
operating
costs,
including
insurance
premiums
and
real
property
taxes;
contagious
disease
outbreaks,
such
as
the
H1N1
virus
outbreak;
delays
and
cost-overruns
in
construction
and
development;
marketing
challenges
associated
with
entering
new
lines
of
business
or
pursuing
new
business
strategies;
the
Company’s
failure
to
maintain
the
Company’s
status
as
a
REIT;
changes
in
the
competitive
environment
in
the
Company’s
industry
and
the
markets
where
the
Company
invests;
changes
in
real
estate
and
zoning
laws
or
regulations;
legislative
or
regulatory
changes,
including
changes
to
laws
governing
the
taxation
of
REITS;
changes
in
generally
accepted
accounting
principles,
policies
and
guidelines;
and
litigation,
judgments
or
settlements.
Additional
risks
are
discussed
in
the
Company’s
filings
with
the
Securities
and
Exchange
Commission,
including
those
appearing
under
the
heading
“Item
1A.
Risk
Factors”
in
the
Company’s
most
recent
Form
10-K
and
subsequent
Form
10-Qs.
Although
the
Company
believes
the
expectations
reflected
in
such
forward-looking
statements
are
based
on
reasonable
assumptions,
it
can
give
no
assurance
that
its
expectations
will
be
attained.
The
forward-looking
statements
are
made
as
of
the
date
of
this
press
release,
and
the
Company
undertakes
no
obligation
to
publicly
update
or
revise
any
forward-looking
statement,
whether
as
a
result
of
new
information,
future
events
or
otherwise,
except
as
required
by
law.
Disclaimer
28 |
 Non-GAAP
to GAAP Reconciliations 29
Reconciliation of Net Debt / EBITDA
($ in 000s)
YE 2009
(a)
1Q 2012
(b)(c)
Consolidated debt
$1,658,745
$1,046,128
Pro rata share of unconsolidated debt
282,825
212,275
Pro rata share of consolidated debt
(107,065)
(45,548)
Cash and cash equivalents
(116,310)
(58,205)
Net Debt
$1,718,195
$1,154,650
Comparable EBITDA
$119,953
$172,500
Net Debt / EBITDA
14.3x
6.7x
(a) All figures taken from year-end 2009 financial statements.
(b) Comparable EBITDA reflects mid-point of guidance range.
(c) All figures taken from 1st quarter 2012 financial statements and adjusted
for April 2012 equity offering and June 2012 preferred dividend
payment. Reconciliation of Net Debt + Preferred Equity / EBITDA
($ in 000s)
YE 2009
(a)
1Q 2012
(b)(c)
Preferred equity capitalization
$370,236
$289,102
Consolidated debt
1,658,745
1,046,128
Pro rata share of unconsolidated debt
282,825
212,275
Pro rata share of consolidated debt
(107,065)
(45,548)
Cash and cash equivalents
(116,310)
(58,205)
Net Debt + Preferreds
$2,088,431
$1,443,752
Comparable EBITDA
$119,953
$172,500
Net Debt + Preferreds / EBITDA
17.4x
8.4x
(a) All figures taken from year-end 2009 financial statements.
(b) Comparable EBITDA reflects mid-point of guidance range.
(c) All figures taken from 1st quarter 2012 financial statements and adjusted
for April 2012 equity offering and June 2012 preferred dividend
payment. Reconciliation of Net Debt / TEV
($ in 000s)
YE 2009
(a)
1Q 2012
(b)
Consolidated Debt
$1,658,745
$1,046,128
Pro rata share of unconsolidated debt
282,825
212,275
Pro rata share of consolidated debt
(107,065)
(45,548)
Cash and cash equivalents
(116,310)
(58,205)
Net Debt
$1,718,195
$1,154,650
Market Capitalization
$144,966
$1,364,370
Total Debt
1,834,505
1,212,855
Preferred Equity
370,236
289,102
Cash and cash equivalents
(116,310)
(58,205)
Total Enterprise Value
$2,233,397
$2,808,122
Net Debt / Enterprise Value
76.9%
41.1%
(a) All figures taken from year-end 2009 financial statements.
(b) All figures taken from 1st quarter 2012 financial statements and adjusted
for April 2012 equity offering and June 2012 preferred dividend
payment. |
 Non-GAAP
to GAAP Reconciliations 2012
2011
Net loss attributable to SHR common shareholders
(31,516)
$
(35,407)
$
Depreciation and amortization
25,490
30,605
Interest expense
19,605
19,548
Income taxes - continuing operations
465
(1,648)
Income taxes - discontinued operations
-
359
Noncontrolling interests
(117)
(138)
Adjustments from consolidated
affiliates (1,257)
(1,329)
Adjustments from unconsolidated affiliates
6,682
3,890
Preferred shareholder dividends
6,041
7,721
EBITDA
25,393
23,601
Realized portion of deferred gain on sale-leaseback -
continuing operations (51)
(53)
Realized portion of
deferred gain on sale-leaseback - discontinued operations
-
(1,152)
Gain on sale of assets - continuing operations
-
(2,640)
Gain on sale of assets - discontinued
operations -
(14)
Foreign currency exchange
loss (gain) - continuing operations (a) 5
(139)
Foreign currency exchange gain -
discontinued operations (a) -
(58)
Adjustment for Value
Creation Plan 7,939
9,181
Comparable EBITDA
33,286
$
28,726
$
(a)
Foreign currency exchange gains or losses applicable to
third-party and inter-company debt and certain balance sheet items held by
foreign subsidiaries.
March 31,
Reconciliation of Net Loss Attributable to SHR Common Shareholders to
EBITDA and Comparable EBITDA (in thousands)
Three Months Ended
30 |
 Non-GAAP
to GAAP Reconciliations 2012
2011
Net loss attributable to SHR common shareholders
(31,516)
$
(35,407)
$
Depreciation and amortization
25,490
30,605
Corporate depreciation
(265)
(299)
Gain on sale of assets
- continuing operations -
(2,640)
Gain on sale of assets - discontinued
operations -
(14)
Realized
portion of deferred gain on sale-leaseback - continuing operations
(51)
(53)
Realized
portion of deferred gain on sale-leaseback - discontinued operations
-
(1,152)
Deferred tax expense on realized portion of
deferred gain on sale-leasebacks -
359
Noncontrolling
interests adjustments (133)
(157)
Adjustments from
consolidated affiliates (667)
(1,561)
Adjustments from unconsolidated
affiliates 3,764
1,839
FFO
(3,378)
(8,480)
Redeemable noncontrolling interests
16
19
FFO
- Fully Diluted (3,362)
(8,461)
Non-cash mark to market of interest rate
swaps (1,530)
(4,366)
Foreign currency exchange loss (gain) -
continuing operations (a) 5
(139)
Foreign currency exchange
gain - discontinued operations (a) -
(58)
Adjustment for
Value Creation Plan 7,939
9,181
Comparable FFO
3,052
$
(3,843)
$
Comparable FFO per diluted share
0.02
$
(0.02)
$
Weighted average diluted shares
188,787
157,333
(a)
Foreign currency exchange gains or losses applicable to
third-party and inter-company debt and certain balance sheet items held by foreign
subsidiaries.
March 31,
Three Months Ended
31 |
 Non-GAAP
to GAAP Reconciliations Operational Guidance
Low Range
High Range
North American same store Total RevPAR growth (a)
5.0%
7.0%
North American same store RevPAR growth (a)
6.0%
8.0%
(a) Includes North American hotels which are consolidated in our
financial results, but excludes the Four Seasons Jackson Hole and Four
Seasons Silicon Valley hotels, which were acquired in 2011.
Comparable EBITDA Guidance
Low Range
High Range
Net loss attributable to common shareholders
(79.3)
$
(64.3)
$
Depreciation and amortization
105.0
105.0
Interest expense
83.1
83.1
Income taxes
1.1
1.1
Noncontrolling
interests (0.3)
(0.3)
Adjustments from consolidated
affiliates (5.7)
(5.7)
Adjustments from unconsolidated
affiliates 28.3
28.3
Preferred shareholder dividends
24.2
24.2
Realized portion of deferred gain on
sale-leasebacks (0.2)
(0.2)
Adjustment for Value Creation Plan
8.8
8.8
Comparable
EBITDA 165.0
$
180.0
$
Comparable FFO Guidance
Low Range
High Range
Net loss attributable to common shareholders
(79.3)
$
(64.3)
$
Depreciation and amortization
103.8
103.8
Realized portion of deferred gain on
sale-leasebacks (0.2)
(0.2)
Noncontrolling interests
(0.2)
(0.2)
Adjustments from consolidated
affiliates (2.9)
(2.9)
Adjustments from unconsolidated
affiliates 15.5
15.5
Adjustment for Value Creation Plan
8.8
8.8
Other adjustments
(1.5)
(1.5)
Comparable FFO
44.0
$
59.0
$
Comparable FFO per diluted share
(b) 0.21
$
0.29
$
(b) Comparable FFO per diluted share has been
adjusted to reflect the 18.4 million shares issued in the Company's common equity offering which
closed on April 23, 2012.
2012 Guidance
(in millions, except per share data)
Year Ended
December 31, 2012
December 31, 2012
Year Ended
December 31, 2012
Year Ended
32 |
 33
Thank You |