Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ASHFORD HOSPITALITY TRUST INC | d429259d8k.htm |
Exhibit 99.1
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NEWS RELEASE | |||
| Contact: | David Kimichik | Elise Chittick | Scott Eckstein | |||
| Chief Financial Officer | Investor Relations | Financial Relations Board | ||||
| (972) 490-9600 | (972) 778-9487 | (212) 827-3766 |
ASHFORD HOSPITALITY TRUST REPORTS
THIRD QUARTER RESULTS
RevPAR Growth of 6.6% for All Legacy Hotels
Adjusted EBITDA increased 14.4% for the Third Quarter
Hotel EBITDA Margin Improved 216 Basis Points for All Hotels
DALLAS, October 31, 2012 — Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the third quarter ended September 30, 2012. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are proforma. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2012, with the third quarter ended September 30, 2011 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS
| • | Adjusted EBITDA increased $10.1 million or 14.4% during the quarter |
| • | RevPAR increased 6.6% for all Legacy hotels in continuing operations, driven by a 5.2% increase in ADR and a 102 basis point increase in occupancy |
| • | RevPAR for all hotels in continuing operations, including the Highland Hospitality portfolio, increased 5.9% during the quarter |
| • | RevPAR increased 3.4% for all hotels in the Highland Hospitality portfolio, driven by a 4.7% increase in ADR |
| • | RevPAR for hotels in the Washington D.C. market area increased 6.1% during the quarter |
| • | Hotel operating profit for all hotels, including the Highland Hospitality portfolio, increased by $10.3 million, or 13.0% |
| • | Hotel operating profit margin increased 249 basis points for all Legacy hotels not under renovation in continuing operations |
| • | Hotel operating profit margin increased 230 basis points for all Highland Hospitality hotels not under renovation in continuing operations |
| • | Net loss attributable to common shareholders was $23.6 million, or $0.35 per diluted share, compared with net loss attributable to common shareholders of $28.6 million, or $0.43 per diluted share, in the prior-year quarter |
| • | Adjusted funds from operations (AFFO) was $0.31 per diluted share for the quarter as compared with $0.38 from the prior-year quarter; Interest Rate Derivative Income decreased by $10.2 million as the benefits from our Flooridor terminated in 2011, impacting AFFO per share by $0.12 |
| • | In September 2012, the Company added a new participant to its senior credit facility, upsizing this facility to $165 million from $145 million |
| • | During the quarter a receiver was appointed to take over operations of the Hilton El Conquistador |
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AHT Reports Third Quarter Results
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October 31, 2012
| Resort in Tucson, AZ; the receiver now has full control of the hotel operations and cash flows; hotel cash flows since the appointment of the receiver have been excluded for purposes of calculating Adjusted EBITDA and AFFO |
| • | At the end of the third quarter 2012, Ashford had cash and cash equivalents of $146 million |
CAPITAL ALLOCATION
| • | Capex invested in the quarter for the Legacy portfolio was $18.5 million bringing the year-to-date total to $62.6 million |
| • | Ashford’s pro rata share of capex invested in the quarter for the Highland Hospitality portfolio was $6.7 million bringing the year-to-date total to $19.9 million |
CAPITAL STRUCTURE
At September 30, 2012, Ashford had total assets of $3.5 billion in continuing operations and $4.5 billion overall including the Highland Hospitality portfolio which is not consolidated. As of September 30, 2012, the Company had $2.3 billion of mortgage debt in continuing operations and $3.1 billion overall including Highland Hospitality. The Company’s total combined debt had a blended average interest rate of 4.9%, with a weighted average debt maturity of 3.6 years.
During the third quarter of 2012, Ashford added a new participant to its senior credit facility, upsizing the revolving commitments under this facility to $165 million from $145 million. The terms of the credit facility remain unchanged including the option, subject to lender approval, to further expand the revolving commitments under the facility to an aggregate size of $225 million. As part of the expansion, Bank of America Merrill Lynch has been added to the syndicate of banks supporting the facility, which now consists of six banks including Bank of America Merrill Lynch, Deutsche Bank, Morgan Stanley, UBS, Credit Suisse, and KeyBank as lead agent. The senior credit facility remains undrawn and all other Company debt is non-recourse.
Ashford continues to make progress regarding the refinancing or extension of its $101 million of loans in the Highland Hospitality portfolio set to mature in early 2013. The trailing 12-month NOI debt yield on this high quality portfolio is currently 17.5%. At this time, given the potential loan proceeds, there is no anticipated pay down required. Further, Ashford has been in discussions with lenders regarding the refinancing of its $154 million non-recourse loan set to mature in December 2015, with a combined interest rate of 12.72%. Given the current favorable interest rate environment and improved hotel performance, Ashford believes it is an appropriate time to address this portfolio loan. The loan is secured by five hotels including: the Embassy Suites Crystal City, Embassy Suites Orlando Airport, Embassy Suites Santa Clara, Embassy Suites Portland and the Hilton Costa Mesa.
During the quarter a receiver was appointed to take over the Hilton El Conquistador in Tucson, AZ. The receiver has been granted possession and full control of the property including all accounts and cash flow. Despite Ashford having no control of the property or cash flows and no ongoing liability, for GAAP purposes, the property will continue to be included in our consolidated financial statements until title to the property has been transferred from Ashford. For purposes of calculating Adjusted EBITDA and AFFO, we have adjusted the results of operations for the period beginning when the receiver was appointed and Ashford no longer had any control or financial obligations for the hotel. At the time the receiver was appointed, the hotel had $19.7 million of non-recourse mortgage debt and a trailing twelve-month EBITDA of negative $1.7 million. By transferring this hotel to the lender, the Company will lower its overall debt level while increasing both EBITDA and AFFO.
The Company also received a payment of $5 million during the quarter from a guarantor on a previously impaired mezzanine loan. This payment is reflected on the income statement as a negative impairment charge and has been excluded for purposes of calculating Adjusted EBITDA and AFFO.
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AHT Reports Third Quarter Results
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October 31, 2012
PORTFOLIO REVPAR
As of September 30, 2012, the Company’s Legacy portfolio consisted of direct hotel investments with 95 properties classified in continuing operations, excluding the Hilton El Conquistador. During the third quarter of 2012, 86 of the hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for continuing operations on a proforma total basis (all 95 hotels) and proforma not under renovation basis (86 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its direct hotel portfolio. Details of each category are provided in the tables attached to this release.
| • | Proforma RevPAR increased 6.6% to $101.93 for all hotels in the Legacy portfolio on a 5.2% increase in ADR and a 102 basis point increase in occupancy |
| • | Proforma RevPAR increased 7.3% to $105.01 for hotels not under renovation in the Legacy portfolio on a 5.3% increase in ADR and a 148 basis point increase in occupancy |
| • | Proforma RevPAR increased 3.4% to $100.59 for all hotels in the Highland Hospitality portfolio on a 4.7% increase in ADR and a 90 basis point decrease in occupancy |
| • | Proforma RevPAR increased 4.3% to $100.00 for hotels not under renovation in the Highland Hospitality portfolio on a 4.7% increase in ADR and a 30 basis point decrease in occupancy |
HIGHLAND HOSPITALITY PORTFOLIO UPDATE
The Highland Hospitality portfolio experienced RevPAR growth of 3.4% during the third quarter of 2012, with RevPAR growth for hotels not under renovation in continuing operations of 4.3%. The Highland Hospitality portfolio continued to experience strong EBITDA flow-through during the third quarter as a result of improved property management and the benefits of capital expenditures previously completed. For all 28 hotels in the Highland Hospitality portfolio, Hotel EBITDA Margin increased 189 bps and Hotel EBITDA flow-through was 97%. For the 25 hotels not under renovation during the third quarter 2012, Hotel EBITDA Margin increased 230 basis points and Hotel EBITDA flow-through was 95%. Hotel EBITDA increased 10.5% in the third quarter for all hotels in the Highland Hospitality portfolio, and since the closing of the acquisition, trailing 12-month EBITDA has increased 18.5%.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
During the quarter, Hotel operating profit (Hotel EBITDA) for all Legacy hotels increased 13.8% to $70.2 million. For the 86 hotels that were not under renovation, Proforma Hotel EBITDA increased 15.2% to $65.9 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 249 basis points to 31.8% for the 86 Legacy hotels not under renovation. For all 95 Legacy hotels included in continuing operations, Proforma Hotel EBITDA margin increased 221 basis points to 31.2%.
For the Company’s 71.74% share of all hotels in the Highland Hospitality portfolio, Hotel operating profit (Hotel EBITDA) increased 10.5% to $19.4 million. For the 25 hotels in the Highland Hospitality portfolio that were not under renovation, Proforma Hotel EBITDA increased 13.1% to $16.7 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 230 basis points to 26.7% for the 25 Highland Hospitality hotels not under renovation. For all 28 Highland Hospitality hotels included in continuing operations, Proforma Hotel EBITDA margin increased 189 basis points to 27.0%.
Starting with its second quarter 2012 financial results, the Company added additional disclosure information regarding property level trailing 12-month Hotel EBITDA by debt pool. The Company believes this additional disclosure will assist the investment community in analyzing Ashford and help analysts and investors see the benefits of the non-recourse nature of its property level debt. Prior to providing this information, the investment community could only reference the Company’s total EBITDA and total debt when applying a valuation multiple. With this additional disclosure, analysts and investors can analyze the EBITDA of the Company by
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AHT Reports Third Quarter Results
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October 31, 2012
debt pool and when using a valuation multiple approach, can see where the market might be inadvertently implying negative equity value to certain debt pools. Implied negative equity value in any debt pools may underestimate the benefits of non-recourse debt, and all of the Company’s property level debt is non-recourse.
Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company’s portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel EBITDA margin for the current and certain prior-year periods based upon the number of core hotels in the portfolio as well as its pro-rata share of the Highland Hospitality portfolio as of the end of the current period. As Ashford’s portfolio mix changes from time to time so will the seasonality for Proforma Hotel EBITDA and Proforma Hotel EBITDA margin. The details of the quarterly calculations for the previous four quarters for the current portfolio of 95 Legacy hotels included in continuing operations together with Ashford’s pro-rata share of the Highland portfolio are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On September 14, 2012, Ashford announced that its Board of Directors had declared a quarterly cash dividend of $0.11 per diluted share for the Company’s common stock for the third quarter ending September 30, 2012, payable October 15, 2012, to shareholders of record as of September 28, 2012.
Monty J. Bennett, Chief Executive Officer, commented, “Our third quarter results demonstrate the continuing improvement in the U.S. lodging industry as we make further progress in key areas such as operating margin expansion, RevPAR growth, and risk mitigation. Year to date, our capital markets strategies continued to focus on improving our financial liquidity while addressing near-term debt maturities, both of which are top priorities for us. Given the improving trends we are seeing in the real estate and debt markets, now is an opportune time for us to take advantage of these attractive interest rates to actively address our debt maturity schedule. We remain committed to these objectives, which we consider essential to creating both near term and long term shareholder value within an environment where we continue to see improving trends in the hotel industry and the U.S. economy in general.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, November 1, 2012, at 11:00 a.m. ET. The number to call for this interactive teleconference is (480) 629-9819. A replay of the conference call will be available through Thursday November 8, 2012, by dialing (303) 590-3030 and entering the confirmation number, 4569160.
The Company will also provide an online simulcast and rebroadcast of its third quarter 2012 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s web site, www.ahtreit.com on Thursday, November 1, 2012, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company’s operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel Operating Profit. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. Neither FFO, AFFO, EBITDA, nor Hotel Operating Profit
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AHT Reports Third Quarter Results
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October 31, 2012
represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, and Hotel Operating Profit to be meaningful measures of a REIT’s performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.
* * * * *
Ashford is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure. Additional information can be found on the Company’s website at www.ahtreit.com.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the timing for closing, the impact of the transaction on our business and future financial condition, our business and investment strategy, our understanding of our competition and current market trends and opportunities and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford’s filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property’s annual net operating income by the purchase price. Net operating income is the property’s funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Funds from operations (“FFO”), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”) in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
| September 30, 2012 |
December 31, 2011 |
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| (Unaudited) | ||||||||
| ASSETS |
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| Investment in hotel properties, net |
$ | 2,911,638 | $ | 2,957,899 | ||||
| Cash and cash equivalents |
146,393 | 167,609 | ||||||
| Restricted cash |
76,878 | 84,069 | ||||||
| Accounts receivable, net of allowance of $224 and $212, respectively |
35,399 | 28,623 | ||||||
| Inventories |
2,369 | 2,371 | ||||||
| Notes receivable |
11,297 | 11,199 | ||||||
| Investment in unconsolidated joint ventures |
161,873 | 179,527 | ||||||
| Investments in securities and other |
24,298 | 21,374 | ||||||
| Deferred costs, net |
16,581 | 17,421 | ||||||
| Prepaid expenses |
11,304 | 11,308 | ||||||
| Derivative assets |
14,247 | 37,918 | ||||||
| Other assets |
5,773 | 4,851 | ||||||
| Intangible asset, net |
2,743 | 2,810 | ||||||
| Due from third-party hotel managers |
64,239 | 62,747 | ||||||
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| Total assets |
$ | 3,485,032 | $ | 3,589,726 | ||||
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| LIABILITIES AND EQUITY |
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| Liabilities: |
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| Indebtedness |
$ | 2,312,208 | $ | 2,362,458 | ||||
| Accounts payable and accrued expenses |
100,285 | 82,282 | ||||||
| Dividends payable |
18,259 | 16,941 | ||||||
| Unfavorable management contract liabilities |
11,918 | 13,611 | ||||||
| Due to related party, net |
2,456 | 2,569 | ||||||
| Due to third-party hotel managers |
2,035 | 1,602 | ||||||
| Liabilities associated with investments in securities and other |
3,028 | 2,246 | ||||||
| Other liabilities |
5,938 | 5,400 | ||||||
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| Total liabilities |
2,456,127 | 2,487,109 | ||||||
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| Redeemable noncontrolling interests in operating partnership |
129,918 | 112,796 | ||||||
| Equity: |
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| Preferred stock, $0.01 par value, 50,000,000 shares authorized: |
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| Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at |
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| September 30, 2012 and 1,487,900 shares issued and outstanding at December 31, 2011 |
17 | 15 | ||||||
| Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at |
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| September 30, 2012 and 8,966,797 shares issued and outstanding at December 31, 2011 |
95 | 90 | ||||||
| Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding |
46 | 46 | ||||||
| Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares issued, 68,159,616 and 68,032,289 shares outstanding, respectively |
1,249 | 1,249 | ||||||
| Additional paid-in capital |
1,762,755 | 1,746,259 | ||||||
| Accumulated other comprehensive loss |
(283 | ) | (184 | ) | ||||
| Accumulated deficit |
(716,316 | ) | (609,272 | ) | ||||
| Treasury stock, at cost (56,737,149 shares and 56,864,476 shares, respectively) |
(164,846 | ) | (164,796 | ) | ||||
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| Total shareholders’ equity of the Company |
882,717 | 973,407 | ||||||
| Noncontrolling interests in consolidated joint ventures |
16,270 | 16,414 | ||||||
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| Total equity |
898,987 | 989,821 | ||||||
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| Total liabilities and equity |
$ | 3,485,032 | $ | 3,589,726 | ||||
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| REVENUE |
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| Rooms |
$ | 184,966 | $ | 169,145 | $ | 553,702 | $ | 508,934 | ||||||||
| Food and beverage |
35,034 | 33,486 | 121,151 | 113,135 | ||||||||||||
| Rental income from operating leases |
— | 1,304 | — | 4,008 | ||||||||||||
| Other |
10,069 | 10,583 | 30,084 | 30,182 | ||||||||||||
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| Total hotel revenue |
230,069 | 214,518 | 704,937 | 656,259 | ||||||||||||
| Asset management fees and other |
100 | 69 | 252 | 217 | ||||||||||||
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| Total Revenue |
230,169 | 214,587 | 705,189 | 656,476 | ||||||||||||
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| EXPENSES |
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| Hotel operating expenses |
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| Rooms |
42,677 | 39,863 | 125,268 | 116,114 | ||||||||||||
| Food and beverage |
25,911 | 25,155 | 83,311 | 78,757 | ||||||||||||
| Other expenses |
72,121 | 68,351 | 217,182 | 202,753 | ||||||||||||
| Management fees |
9,378 | 8,466 | 28,576 | 26,509 | ||||||||||||
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| Total hotel operating expenses |
150,087 | 141,835 | 454,337 | 424,133 | ||||||||||||
| Property taxes, insurance, and other |
11,876 | 12,297 | 34,556 | 34,953 | ||||||||||||
| Depreciation and amortization |
34,200 | 33,776 | 102,739 | 99,580 | ||||||||||||
| Impairment charges |
(5,066 | ) | (92 | ) | (1,133 | ) | (4,748 | ) | ||||||||
| Gain on insurance settlement |
— | — | — | (1,905 | ) | |||||||||||
| Transaction acquisition costs |
— | 27 | — | (791 | ) | |||||||||||
| Corporate, general, and administrative: |
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| Stock/unit-based compensation |
4,332 | 3,069 | 13,701 | 8,428 | ||||||||||||
| Other general and administrative |
6,519 | 6,025 | 19,326 | 25,554 | ||||||||||||
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| Total Operating Expenses |
201,948 | 196,937 | 623,526 | 585,204 | ||||||||||||
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| OPERATING INCOME |
28,221 | 17,650 | 81,663 | 71,272 | ||||||||||||
| Equity in earnings (loss) of unconsolidated joint ventures |
(7,373 | ) | (6,228 | ) | (17,654 | ) | 19,596 | |||||||||
| Interest income |
30 | 11 | 84 | 70 | ||||||||||||
| Other income |
8,671 | 17,349 | 22,988 | 83,509 | ||||||||||||
| Interest expense |
(35,928 | ) | (33,388 | ) | (105,045 | ) | (100,384 | ) | ||||||||
| Amortization of loan costs |
(1,612 | ) | (1,142 | ) | (4,289 | ) | (3,532 | ) | ||||||||
| Write-off of deferred loan costs |
— | (729 | ) | — | (729 | ) | ||||||||||
| Unrealized gain (loss) on investments |
(48 | ) | (352 | ) | 3,365 | (314 | ) | |||||||||
| Unrealized loss on derivatives |
(9,353 | ) | (16,727 | ) | (26,753 | ) | (51,276 | ) | ||||||||
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| INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
(17,392 | ) | (23,556 | ) | (45,641 | ) | 18,212 | |||||||||
| Income tax expense |
(639 | ) | (1,077 | ) | (2,884 | ) | (2,407 | ) | ||||||||
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| INCOME (LOSS) FROM CONTINUING OPERATIONS |
(18,031 | ) | (24,633 | ) | (48,525 | ) | 15,805 | |||||||||
| Loss from discontinued operations |
— | (351 | ) | — | (4,170 | ) | ||||||||||
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| NET INCOME (LOSS) |
(18,031 | ) | (24,984 | ) | (48,525 | ) | 11,635 | |||||||||
| (Income) loss from consolidated joint ventures attributable to noncontrolling interests |
219 | 832 | 444 | (537 | ) | |||||||||||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
2,665 | 2,935 | 6,902 | 1,207 | ||||||||||||
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| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
(15,147 | ) | (21,217 | ) | (41,179 | ) | 12,305 | |||||||||
| Preferred dividends |
(8,490 | ) | (7,415 | ) | (25,312 | ) | (38,741 | ) | ||||||||
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| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS |
$ | (23,637 | ) | $ | (28,632 | ) | $ | (66,491 | ) | $ | (26,436 | ) | ||||
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| INCOME PER SHARE – BASIC AND DILUTED: |
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| Basic: |
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| Income (loss) from continuing operations attributable to common shareholders |
$ | (0.35 | ) | $ | (0.43 | ) | $ | (0.99 | ) | $ | (0.37 | ) | ||||
| Loss from discontinued operations attributable to common shareholders |
— | — | — | (0.07 | ) | |||||||||||
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| Net income (loss) attributable to common shareholders |
$ | (0.35 | ) | $ | (0.43 | ) | $ | (0.99 | ) | $ | (0.44 | ) | ||||
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| Weighted average common shares outstanding – basic |
67,659 | 66,801 | 67,484 | 60,601 | ||||||||||||
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| Diluted: |
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| Income (loss) from continuing operations attributable to common shareholders |
$ | (0.35 | ) | $ | (0.43 | ) | $ | (0.99 | ) | $ | (0.37 | ) | ||||
| Loss from discontinued operations attributable to common shareholders |
— | $ | — | — | (0.07 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) attributable to common shareholders |
$ | (0.35 | ) | $ | (0.43 | ) | $ | (0.99 | ) | $ | (0.44 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average common shares outstanding – diluted |
67,659 | 66,801 | 67,484 | 60,601 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Dividends declared per common share: |
$ | 0.11 | $ | 0.10 | $ | 0.33 | $ | 0.30 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Amounts attributable to common shareholders: |
||||||||||||||||
| Income (loss) from continuing operations, net of tax |
$ | (15,147 | ) | $ | (20,906 | ) | $ | (41,179 | ) | $ | 16,862 | |||||
| Loss from discontinued operations, net of tax |
— | (311 | ) | — | (4,557 | ) | ||||||||||
| Preferred dividends |
(8,490 | ) | (7,415 | ) | (25,312 | ) | (38,741 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (income) attributable to common shareholders |
$ | (23,637 | ) | $ | (28,632 | ) | $ | (66,491 | ) | $ | (26,436 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
-MORE-
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
(in thousands)
(Unaudited)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Net income (loss) |
$ | (18,031 | ) | $ | (24,984 | ) | $ | (48,525 | ) | $ | 11,635 | |||||
| (Income) loss from consolidated joint ventures attributable to noncontrolling interests |
219 | 832 | 444 | (537 | ) | |||||||||||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
2,665 | 2,935 | 6,902 | 1,207 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) attributable to the Company |
(15,147 | ) | (21,217 | ) | (41,179 | ) | 12,305 | |||||||||
| Interest income |
(30 | ) | (11 | ) | (84 | ) | (70 | ) | ||||||||
| Interest expense and amortization of loan costs |
37,190 | 34,071 | 108,280 | 103,233 | ||||||||||||
| Depreciation and amortization |
33,434 | 32,947 | 100,451 | 97,510 | ||||||||||||
| Impairment charges |
(5,066 | ) | (92 | ) | (1,133 | ) | 1,489 | |||||||||
| Income tax expense |
639 | 1,077 | 2,884 | 2,492 | ||||||||||||
| Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
(2,665 | ) | (2,935 | ) | (6,902 | ) | (1,207 | ) | ||||||||
| Equity in (earnings) loss of unconsolidated joint ventures |
7,373 | 6,228 | 17,654 | (19,596 | ) | |||||||||||
| Company’s portion of EBITDA of unconsolidated joint ventures |
17,996 | 18,276 | 57,676 | 86,185 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA |
73,724 | 68,344 | 237,647 | 282,341 | ||||||||||||
| Amortization of unfavorable management contract liabilities |
(565 | ) | (565 | ) | (1,694 | ) | (1,694 | ) | ||||||||
| Gain on sale/disposition of properties |
— | 311 | — | (2,650 | ) | |||||||||||
| Non-cash gain on insurance settlements |
— | — | — | (1,157 | ) | |||||||||||
| Write-off of loan costs, premiums, and exit fees, net |
— | 729 | — | 1,677 | ||||||||||||
| Other income (1) |
(8,671 | ) | (17,349 | ) | (22,988 | ) | (83,509 | ) | ||||||||
| Transaction acquisition costs |
— | 27 | — | (791 | ) | |||||||||||
| Legal costs related to litigation settlements (2) |
755 | — | 2,463 | 6,875 | ||||||||||||
| Unrealized (gain) loss on investments |
48 | 352 | (3,365 | ) | 314 | |||||||||||
| Unrealized loss on derivatives |
9,353 | 16,727 | 26,753 | 51,276 | ||||||||||||
| El Conquistador results since appointment of receiver |
897 | — | 897 | — | ||||||||||||
| Equity-based compensation |
4,332 | 3,069 | 13,701 | 8,428 | ||||||||||||
| Company’s portion of adjustments to EBITDA of unconsolidated joint ventures |
81 | (1,772 | ) | 225 | (41,566 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
$ | 79,954 | $ | 69,873 | $ | 253,639 | $ | 219,544 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Other income primarily consisting of income from interest rate derivatives in both periods, net realized (gain) loss on investments in securities and other in both periods, and a $30.0 million litigation settlement in the nine months ended September 30, 2011 are excluded from Adjusted EBITDA. |
| (2) | Legal costs associated with litigation settlements are excluded from Adjusted EBITDA. |
| NOTE: | The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ after August 15, 2012. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”)
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Net income (loss) |
$ | (18,031 | ) | $ | (24,984 | ) | $ | (48,525 | ) | $ | 11,635 | |||||
| (Income) loss from consolidated joint ventures attributable to noncontrolling interests |
219 | 832 | 444 | (537 | ) | |||||||||||
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
2,665 | 2,935 | 6,902 | 1,207 | ||||||||||||
| Preferred dividends |
(8,490 | ) | (7,415 | ) | (25,312 | ) | (38,741 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) attributable to common shareholders |
(23,637 | ) | (28,632 | ) | (66,491 | ) | (26,436 | ) | ||||||||
| Depreciation and amortization on real estate |
33,398 | 32,883 | 100,289 | 97,322 | ||||||||||||
| Impairment charges |
(5,066 | ) | (92 | ) | (1,133 | ) | 1,489 | |||||||||
| Gain on sale/dispoistion of properties |
— | 311 | — | (2,650 | ) | |||||||||||
| Non-cash gain on insurance settlements |
— | — | — | (1,157 | ) | |||||||||||
| Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
(2,665 | ) | (2,935 | ) | (6,902 | ) | (1,207 | ) | ||||||||
| Equity in (earnings) loss of unconsolidated joint ventures |
7,373 | 6,228 | 17,654 | (19,596 | ) | |||||||||||
| Company’s portion of FFO of unconsolidated joint ventures |
5,845 | 4,453 | 21,255 | 3,454 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| FFO available to common shareholders |
15,248 | 12,216 | 64,672 | 51,219 | ||||||||||||
| Dividends on convertible preferred stock |
— | — | — | 1,374 | ||||||||||||
| Write-off of loan costs, premiums, and exit fees, net |
— | 729 | — | 1,677 | ||||||||||||
| Transaction acquisition costs |
— | 27 | — | (791 | ) | |||||||||||
| Legal costs related to litigation settlements (2) |
755 | — | 2,463 | 6,875 | ||||||||||||
| Other income (1) |
(607 | ) | 853 | 1,065 | (29,147 | ) | ||||||||||
| Unrealized (gain) loss on investments |
48 | 352 | (3,365 | ) | 314 | |||||||||||
| Unrealized loss on derivatives |
9,353 | 16,727 | 26,753 | 51,276 | ||||||||||||
| Non-cash dividends on Series B-1 preferred stock |
— | — | — | 17,363 | ||||||||||||
| El Conquistador results, interest, and amortization of deferred loan costs since appointment of receiver |
1,144 | — | 1,144 | — | ||||||||||||
| Equity-based compensation adjustment related to modified employment terms |
— | — | 480 | — | ||||||||||||
| Company’s portion of adjustments to FFO of unconsolidated joint ventures |
89 | 836 | 233 | 15,114 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted FFO available to common shareholders |
$ | 26,030 | $ | 31,740 | $ | 93,445 | $ | 115,274 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted FFO per diluted share available to common shareholders |
$ | 0.31 | $ | 0.38 | $ | 1.10 | $ | 1.44 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average diluted shares |
85,344 | 83,512 | 84,976 | 79,885 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Other income primarily consisting of net realized (gain) loss on investments in securities and other in both periods and a $30.0 million litigation settlement in the nine months ended September 30, 2011 are excluded from Adjusted FFO. |
| (2) | Legal costs associated with litigation settlements are excluded from Adjusted FFO. |
| NOTE: | The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ after August 15, 2012. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
-MORE-
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
LEGACY PORTFOLIO ONLY
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS
SEPTEMBER 30, 2012
(dollars in thousands)
(Unaudited)
| Indebtedness |
Maturity |
Interest Rate |
Fixed-Rate Debt |
Floating-Rate Debt |
Total Debt |
TTM Hotel EBITDA |
TTM EBITDA Debt Yield |
|||||||||||||||||
| Aareal - 2 hotels |
August 2013 | LIBOR + 2.75% | $ | — | $ | 142,667 | $ | 142,667 | $ | 24,533 | 17.2 | % | ||||||||||||
| BoA MIP - 5 hotels |
March 2014 | LIBOR + 4.50% | — | 175,083 | (1) | 175,083 | 18,548 | 10.6 | % | |||||||||||||||
| JPM Floater - 9 hotels |
May 2014 | LIBOR + 6.50% | — | 135,000 | (2) | 135,000 | 16,098 | 11.9 | % | |||||||||||||||
| GEMSA Manchester - 1 hotel |
May 2014 | 8.32% | 5,350 | — | 5,350 | 509 | 9.5 | % | ||||||||||||||||
| Senior credit facility -Various |
September 2014 | LIBOR + 2.75% to 3.5% | — | — | — | N/A | N/A | |||||||||||||||||
| UBS 1- 8 hotels |
December 2014 | 5.75% | 105,246 | — | 105,246 | 12,292 | 11.7 | % | ||||||||||||||||
| Merrill 1 - 10 hotels |
July 2015 | 5.22% | 153,638 | — | 153,638 | 19,246 | 12.5 | % | ||||||||||||||||
| UBS 2 - 8 hotels |
December 2015 | 5.70% | 97,394 | — | 97,394 | 13,190 | 13.5 | % | ||||||||||||||||
| Prudential/Wheelock - 5 hotels |
December 2015 | 12.72% | 153,859 | — | 153,859 | 24,170 | 15.7 | % | ||||||||||||||||
| Merrill 2 - 5 hotels |
February 2016 | 5.53% | 110,945 | — | 110,945 | 17,065 | 15.4 | % | ||||||||||||||||
| Merrill 3 - 5 hotels |
February 2016 | 5.53% | 92,007 | — | 92,007 | 15,133 | 16.4 | % | ||||||||||||||||
| Merrill 7 - 5 hotels |
February 2016 | 5.53% | 79,699 | — | 79,699 | 12,635 | 15.9 | % | ||||||||||||||||
| Wachovia Philly CY - 1 hotel |
April 2017 | 5.91% | 34,838 | — | 34,838 | 9,637 | 27.7 | % | ||||||||||||||||
| Wachovia 3 - 2 hotels |
April 2017 | 5.95% | 127,665 | — | 127,665 | 13,882 | 10.9 | % | ||||||||||||||||
| Wachovia 7 - 3 hotels |
April 2017 | 5.95% | 259,786 | — | 259,786 | 23,354 | 9.0 | % | ||||||||||||||||
| Wachovia 1 - 5 hotels |
April 2017 | 5.95% | 115,071 | — | 115,071 | 10,508 | 9.1 | % | ||||||||||||||||
| Wachovia 5 - 5 hotels |
April 2017 | 5.95% | 103,431 | — | 103,431 | 9,316 | 9.0 | % | ||||||||||||||||
| Wachovia 6 - 5 hotels |
April 2017 | 5.95% | 157,382 | — | 157,382 | 15,022 | 9.5 | % | ||||||||||||||||
| Wachovia 2 - 7 hotels |
April 2017 | 5.95% | 125,887 | — | 125,887 | 11,424 | 9.1 | % | ||||||||||||||||
| TIF Philly CY - 1 hotel |
June 2018 | 12.85% | 8,098 | — | 8,098 | N/A | N/A | |||||||||||||||||
| GACC Gateway -1 hotel |
November 2020 | 6.26% | 102,877 | — | 102,877 | 16,485 | 16.0 | % | ||||||||||||||||
| Zion Jacksonville RI - 1 hotel |
April 2034 | Greater of 6% or Prime + 1% | — | 6,545 | 6,545 | 1,099 | 16.8 | % | ||||||||||||||||
| Unencumbered hotels |
— | — | — | 2,724 | N/A | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
$ | 1,833,173 | $ | 459,295 | $ | 2,292,468 | $ | 286,870 | 12.5 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Percentage |
80.0 | % | 20.0 | % | 100.0 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Weighted average interest rate |
6.44 | % | 4.78 | % | 6.11 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total indebtedness with effect of interest rate swaps |
$ | 1,833,173 | $ | 459,295 | $ | 2,292,468 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Percentage with the effect of interest rate swaps |
80.0 | % | 20.0 | % | 100.0 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Weighted average interest rate with the effect of interest rate swaps |
4.72 | % (3) | 4.78 | % (3) | 4.73 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
All indebtedness is non-recourse with the exception of the credit facility.
| (1) | This mortgage loan has a one-year extension option beginning March 2014, subject to satisfaction of certain conditions. |
| (2) | This mortgage loan has three one-year extension options beginning May 2014, subject to satisfaction of certain conditions. |
| (3) | These rates are calculated assuming the LIBOR rate stays at the September 30, 2012 level and with the effect of our interest rate derivatives. |
| NOTE: | The above table excludes the debt associated with the Hilton El Conquistador in Tucson, AZ. During the third quarter a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
SUMMARY OF INDEBTEDNESS
ASHFORD’S PRO RATA 71.74% SHARE
SEPTEMBER 30, 2012
(dollars in thousands)
(Unaudited)
| Indebtedness |
Maturity |
Interest Rate |
Fixed-Rate Debt |
Floating-Rate Debt |
Total Debt |
TTM Hotel EBITDA |
TTM EBITDA Debt Yield |
|||||||||||||||||
| CIGNA Boston Back Bay - 1 hotel |
January 2013 | 5.96% | $ | 45,426 | $ | — | $ | 45,426 | $ | 9,003 | 19.82 | % | ||||||||||||
| CIGNA Westin Princeton - 1 hotel |
February 2013 | 5.97% | 23,081 | — | 23,081 | 3,396 | 14.71 | % | ||||||||||||||||
| CIGNA Nashville Renaissance - 1 hotel |
April 2013 | 6.11% | 32,330 | — | 32,330 | 8,247 | 25.51 | % | ||||||||||||||||
| Wells Senior - 25 hotels |
March 2014 | LIBOR + 2.75% | — | 380,222 | (1) | 380,222 | 60,392 | 15.88 | % | |||||||||||||||
| Mezz 1 - 28 hotels |
March 2014 | Greater of 7.00% or LIBOR + 6.00% | — | 103,512 | (1) | 103,512 | 81,038 | 13.86 | % | |||||||||||||||
| Mezz 2 - 28 hotels |
March 2014 | Greater of 8.00% or LIBOR + 7.00% | — | 98,541 | (1) | 98,541 | 81,038 | 11.86 | % | |||||||||||||||
| Mezz 3 - 28 hotels |
March 2014 | Greater of 10.50% or LIBOR + 9.50% | — | 84,464 | (1) | 84,464 | 81,038 | 10.56 | % | |||||||||||||||
| Mezz 4 - 28 hotels |
March 2014 | LIBOR + 2.00% | 13,218 | (1) | 13,218 | 81,038 | 10.38 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total (Ashford’s 71.74% share only) |
$ | 100,837 | $ | 679,957 | $ | 780,794 | $ | 81,038 | 10.38 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Percentage |
12.9 | % | 87.1 | % | 100.0 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Weighted average interest rate |
6.01 | % | 5.23 | % | 5.33 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Percentage with the effect of interest rate swaps |
12.9 | % | 87.1 | % | 100.0 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total Ashford plus Ashford’s 71.74% share of PIM Highland Holding LLC |
$ | 1,934,010 | $ | 1,139,252 | $ | 3,073,262 | $ | 367,908 | 11.97 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Percentage with the effect of interest rate swaps |
62.9 | % | 37.1 | % | 100.0 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Weighted average interest rate with the effect of interest rate swaps |
4.79 | % | 5.05 | % | 4.88 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (1) | Each of these loans has two one-year extension options beginning March 2014. |
| NOTE: | The above table excludes the debt associated with the Hilton El Conquistador in Tucson, AZ. During the third quarter a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
-MORE-
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
LEGACY PORTFOLIO ONLY
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
SEPTEMBER 30, 2012
(in thousands)
(Unaudited)
| 2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | Total | ||||||||||||||||||||||
| Aareal - 2 hotels |
$ | — | $ | 140,167 | $ | — | $ | — | $ | — | $ | — | 140,167 | |||||||||||||||
| GEMSA Manchester - 1 hotel |
— | — | 5,004 | — | — | — | 5,004 | |||||||||||||||||||||
| Senior credit facility - Various |
— | — | — | — | — | — | — | |||||||||||||||||||||
| UBS 1 - 8 hotels |
— | — | 100,119 | — | — | — | 100,119 | |||||||||||||||||||||
| BoA MIP - 5 hotels |
— | — | — | 176,400 | — | — | 176,400 | |||||||||||||||||||||
| Merrill 1 - 10 hotels |
— | — | — | 142,922 | — | — | 142,922 | |||||||||||||||||||||
| UBS 2 - 8 hotels |
— | — | — | 90,680 | — | — | 90,680 | |||||||||||||||||||||
| Prudential/Wheelock - 5 hotels |
— | — | — | 147,683 | — | — | 147,683 | |||||||||||||||||||||
| Merrill 2 - 5 hotels |
— | — | — | — | 101,740 | — | 101,740 | |||||||||||||||||||||
| Merrill 3 - 5 hotels |
— | — | — | — | 84,374 | — | 84,374 | |||||||||||||||||||||
| Merrill 7 - 5 hotels |
— | — | — | — | 73,086 | — | 73,086 | |||||||||||||||||||||
| JPM Floater - 9 hotels |
— | — | — | — | — | 135,000 | 135,000 | |||||||||||||||||||||
| Wachovia Philly CY - 1 hotel |
— | — | — | — | — | 32,532 | 32,532 | |||||||||||||||||||||
| Wachovia 3 - 2 hotels |
— | — | — | — | — | 119,245 | 119,245 | |||||||||||||||||||||
| Wachovia 7 - 3 hotels |
— | — | — | — | — | 242,201 | 242,201 | |||||||||||||||||||||
| Wachovia 1 - 5 hotels |
— | — | — | — | — | 107,351 | 107,351 | |||||||||||||||||||||
| Wachovia 5 - 5 hotels |
— | — | — | — | — | 96,491 | 96,491 | |||||||||||||||||||||
| Wachovia 6 - 5 hotels |
— | — | — | — | — | 146,823 | 146,823 | |||||||||||||||||||||
| Wachovia 2 - 7 hotels |
— | — | — | — | — | 117,441 | 117,441 | |||||||||||||||||||||
| TIF Philly CY - 1 hotel |
— | — | — | — | — | 8,098 | 8,098 | |||||||||||||||||||||
| GACC Gateway - 1 hotel |
— | — | — | — | — | 89,886 | 89,886 | |||||||||||||||||||||
| Zion Jacksonville RI - 1 hotel |
— | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Principal due in future periods |
$ | — | $ | 140,167 | $ | 105,123 | $ | 557,685 | $ | 259,200 | $ | 1,095,068 | $ | 2,157,243 | ||||||||||||||
| Scheduled amortization payments remaining |
10,507 | 31,030 | 30,978 | 28,230 | 16,723 | 17,757 | 135,225 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total indebtedness of continuing operations |
$ | 10,507 | $ | 171,197 | $ | 136,101 | $ | 585,915 | $ | 275,923 | $ | 1,112,825 | $ | 2,292,468 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NOTE: These maturities assume no event of default would occur.
NOTE: The above table excludes the debt associated with the Hilton El Conquistador in Tucson, AZ. During the third quarter a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow.
HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
INDEBTEDNESS BY MATURITY
ASSUMING EXTENSION OPTIONS ARE EXERCISED
ASHFORD’S PRO RATA 71.74% SHARE
SEPTEMBER 30, 2012
(in thousands)
(Unaudited)
| 2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | Total | ||||||||||||||||||||||
| CIGNA Boston Back Bay - 1 hotel |
$ | — | $ | 45,215 | $ | — | $ | — | $ | — | $ | — | $ | 45,215 | ||||||||||||||
| CIGNA Westin Princeton - 1 hotel |
— | 22,939 | — | — | — | — | 22,939 | |||||||||||||||||||||
| CIGNA Nashville Renaissance - 1 hotel |
— | 31,774 | — | — | — | — | 31,774 | |||||||||||||||||||||
| Wells Senior - 25 hotels |
— | — | — | — | 380,222 | — | 380,222 | |||||||||||||||||||||
| Mezz 1 - 28 hotels |
— | — | — | — | 103,512 | — | 103,512 | |||||||||||||||||||||
| Mezz 2 - 28 hotels |
— | — | — | — | 98,541 | — | 98,541 | |||||||||||||||||||||
| Mezz 3 - 28 hotels |
— | — | — | — | 84,464 | — | 84,464 | |||||||||||||||||||||
| Mezz 4 - 28 hotels |
— | — | — | — | 13,218 | — | 13,218 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Principal due in future periods |
$ | — | $ | 99,928 | $ | — | $ | — | $ | 679,957 | $ | — | $ | 779,885 | ||||||||||||||
| Scheduled amortization payments remaining |
447 | 462 | — | — | — | — | 909 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total indebtedness of continuing operations (Ashford’s 71.74% share only) |
$ | 447 | $ | 100,390 | $ | — | $ | — | $ | 679,957 | $ | — | $ | 780,794 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total indebtedness of continuing operations plus Ashford’s 71.74% share of PIM Highland Holding LLC |
$ | 10,954 | $ | 271,587 | $ | 136,101 | $ | 585,915 | $ | 955,880 | $ | 1,112,825 | $ | 3,073,262 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NOTE: The above table excludes the debt associated with the Hilton El Conquistador in Tucson, AZ. During the third quarter a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow.
-MORE-
ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS—PRO FORMA
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)
| Three Months
Ended September 30, |
Nine Months
Ended September 30, |
|||||||||||||||||||||||
| 2012 | 2011 | % Variance | 2012 | 2011 | % Variance | |||||||||||||||||||
| ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: |
||||||||||||||||||||||||
| Room revenues (in thousands) |
$ | 182,019 | $ | 170,699 | 6.63 | % | $ | 542,244 | $ | 512,928 | 5.72 | % | ||||||||||||
| RevPAR |
$ | 101.93 | $ | 95.59 | 6.63 | % | $ | 101.63 | $ | 96.32 | 5.51 | % | ||||||||||||
| Occupancy |
76.46 | % | 75.44 | % | 1.02 | % | 75.40 | % | 74.10 | % | 1.30 | % | ||||||||||||
| ADR |
$ | 133.32 | $ | 126.71 | 5.22 | % | $ | 134.78 | $ | 129.99 | 3.68 | % | ||||||||||||
NOTES:
| (1) | The above pro forma table assumes the 95 hotel properties owned and included in continuing operations at September 30, 2012 were owned as of the beginning of the period presented. |
| (2) | The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
| ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: |
||||||||||||||||||||||||
| Room revenues (in thousands) |
$ | 168,923 | $ | 157,434 | 7.30 | % | $ | 500,290 | $ | 473,013 | 5.77 | % | ||||||||||||
| RevPAR |
$ | 105.01 | $ | 97.86 | 7.31 | % | $ | 104.08 | $ | 98.59 | 5.57 | % | ||||||||||||
| Occupancy |
77.25 | % | 75.77 | % | 1.48 | % | 75.86 | % | 74.48 | % | 1.38 | % | ||||||||||||
| ADR |
$ | 135.95 | $ | 129.15 | 5.27 | % | $ | 137.21 | $ | 132.38 | 3.65 | % |
NOTES:
| (1) | The above pro forma table assumes the 86 hotel properties owned and included in continuing operations at September 30, 2012 but not under renovation for three and nine months ended September 30, 2012 were owned as of the beginning of the periods presented. |
| (2) | Excluded Hotels Under Renovation: |
Hampton Inn Evansville, Sheraton Indy City Center, Hilton Costa Mesa, Sheraton San Diego Mission Valley, Courtyard Ft. Lauderdale Weston, Courtyard Palm Desert, Residence Inn Dallas Plano, Residence Inn Palm Desert, Residence Inn Salt Lake City
| (3) | The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
KEY PERFORMANCE INDICATORS—PRO FORMA
(dollars in thousands)
(Unaudited)
THE FOLLOWING TABLE PRESENTS THE PRO FORMA PERFORMANCE OF THE HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC) AS IF THESE HOTELS WERE OWNED AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
| Three Months
Ended September 30, |
Nine Months
Ended September 30, |
|||||||||||||||||||||||
| 2012 | 2011 | % Variance | 2012 | 2011 | % Variance | |||||||||||||||||||
| 71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: |
||||||||||||||||||||||||
| Room revenues (in thousands) |
$ | 52,573 | $ | 50,855 | 3.38 | % | $ | 157,648 | $ | 151,430 | 4.11 | % | ||||||||||||
| RevPAR |
$ | 100.59 | $ | 97.30 | 3.38 | % | $ | 101.12 | $ | 97.41 | 3.81 | % | ||||||||||||
| Occupancy |
73.26 | % | 74.16 | % | -0.90 | % | 72.66 | % | 72.02 | % | 0.64 | % | ||||||||||||
| ADR |
$ | 137.31 | $ | 131.21 | 4.65 | % | $ | 139.16 | $ | 135.25 | 2.89 | % | ||||||||||||
| NOTE: | The above pro forma table assumes the 28 hotel properties owned and included in continuing operations at September 30, 2012 were owned as of the beginning of the periods presented. |
| 71.74% PRO-RATA SHARE OF ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: |
|
|||||||||||||||||||||||
| Room revenues (in thousands) |
$ | 46,020 | $ | 44,131 | 4.28 | % | $ | 139,368 | $ | 133,519 | 4.38 | % | ||||||||||||
| RevPAR |
$ | 100.00 | $ | 95.89 | 4.29 | % | $ | 101.53 | $ | 97.55 | 4.08 | % | ||||||||||||
| Occupancy |
72.66 | % | 72.96 | % | -0.30 | % | 72.67 | % | 71.46 | % | 1.21 | % | ||||||||||||
| ADR |
$ | 137.61 | $ | 131.43 | 4.70 | % | $ | 139.72 | $ | 136.50 | 2.36 | % | ||||||||||||
NOTES:
| (1) | The above pro forma table assumes the 25 hotel properties owned and included in continuing operations at September 30, 2012 but not under renovation for the three and nine months ended September 30, 2012 were owned as of the beginning of the periods presented. |
| (2) | Excluded Hotels Under Renovation: |
Hyatt Regency Wind Watch, Courtyard Boston Tremont, Marriott Omaha
-MORE-
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
| Three Months
Ended September 30, |
Nine Months
Ended September 30, |
|||||||||||||||||||||||
| 2012 | 2011 | % Variance | 2012 | 2011 | % Variance | |||||||||||||||||||
| REVENUE |
||||||||||||||||||||||||
| Rooms |
$ | 182,019 | $ | 170,699 | 6.6 | % | $ | 542,244 | $ | 512,928 | 5.7 | % | ||||||||||||
| Food and beverage |
33,850 | 32,794 | 3.2 | % | 115,827 | 109,837 | 5.5 | % | ||||||||||||||||
| Other |
8,735 | 8,988 | -2.8 | % | 25,253 | 24,749 | 2.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total hotel revenue |
224,604 | 212,481 | 5.7 | % | 683,324 | 647,514 | 5.5 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| EXPENSES |
||||||||||||||||||||||||
| Rooms |
41,626 | 39,898 | 4.3 | % | 121,945 | 116,403 | 4.8 | % | ||||||||||||||||
| Food and beverage |
24,626 | 24,346 | 1.2 | % | 78,878 | 76,021 | 3.8 | % | ||||||||||||||||
| Other direct |
4,752 | 4,504 | 5.5 | % | 13,941 | 13,265 | 5.1 | % | ||||||||||||||||
| Indirect |
61,409 | 61,135 | 0.4 | % | 183,167 | 179,720 | 1.9 | % | ||||||||||||||||
| Management fees, includes base and incentive fees |
10,363 | 8,563 | 21.0 | % | 32,710 | 28,884 | 13.2 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total hotel operating expenses |
142,776 | 138,446 | 3.1 | % | 430,641 | 414,293 | 3.9 | % | ||||||||||||||||
| Property taxes, insurance, and other |
11,663 | 12,358 | -5.6 | % | 33,509 | 34,991 | -4.2 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| HOTEL OPERATING PROFIT (Hotel EBITDA) |
70,165 | 61,677 | 13.8 | % | 219,174 | 198,230 | 10.6 | % | ||||||||||||||||
| Hotel EBITDA Margin |
31.24 | % | 29.03 | % | 2.21 | % | 32.07 | % | 30.61 | % | 1.46 | % | ||||||||||||
| Minority interest in earnings of consolidated joint ventures |
1,575 | 1,313 | 20.0 | % | 4,984 | 4,767 | 4.6 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures |
$ | 68,590 | $ | 60,364 | 13.6 | % | $ | 214,190 | $ | 193,463 | 10.7 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
NOTES:
| (1) | The above pro forma table assumes the 95 hotel properties owned and included in continuing operations at were owned as of the beginning of the period presented. |
| (2) | The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
| Three Months
Ended September 30, |
Nine Months
Ended September 30, |
|||||||||||||||||||||||
| 2012 | 2011 | % Variance | 2012 | 2011 | % Variance | |||||||||||||||||||
| REVENUE |
||||||||||||||||||||||||
| Rooms |
$ | 168,923 | $ | 157,434 | 7.3 | % | $ | 500,290 | $ | 473,013 | 5.8 | % | ||||||||||||
| Food and beverage |
30,609 | 29,978 | 2.1 | % | 104,945 | 101,011 | 3.9 | % | ||||||||||||||||
| Other |
7,848 | 7,950 | -1.3 | % | 22,482 | 21,836 | 3.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total hotel revenue |
207,380 | 195,362 | 6.2 | % | 627,717 | 595,860 | 5.3 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| EXPENSES |
||||||||||||||||||||||||
| Rooms |
38,227 | 36,592 | 4.5 | % | 111,757 | 106,864 | 4.6 | % | ||||||||||||||||
| Food and beverage |
22,178 | 22,118 | 0.3 | % | 71,125 | 69,162 | 2.8 | % | ||||||||||||||||
| Other direct |
4,465 | 4,215 | 5.9 | % | 13,024 | 12,383 | 5.2 | % | ||||||||||||||||
| Indirect |
56,467 | 55,980 | 0.9 | % | 167,884 | 164,710 | 1.9 | % | ||||||||||||||||
| Management fees, includes base and incentive fees |
9,579 | 7,773 | 23.2 | % | 30,135 | 26,611 | 13.2 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total hotel operating expenses |
130,916 | 126,678 | 3.3 | % | 393,925 | 379,730 | 3.7 | % | ||||||||||||||||
| Property taxes, insurance, and other |
10,606 | 11,501 | -7.8 | % | 30,548 | 31,999 | -4.5 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| HOTEL OPERATING PROFIT (Hotel EBITDA) |
65,858 | 57,183 | 15.2 | % | 203,244 | 184,131 | 10.4 | % | ||||||||||||||||
| Hotel EBITDA Margin |
31.76 | % | 29.27 | % | 2.49 | % | 32.38 | % | 30.90 | % | 1.48 | % | ||||||||||||
| Minority interest in earnings of consolidated joint ventures |
1,575 | 1,313 | 20.0 | % | 4,984 | 4,767 | 4.6 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures |
$ | 64,283 | $ | 55,870 | 15.1 | % | $ | 198,260 | $ | 179,364 | 10.5 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
NOTES:
| (1) | The above pro forma table assumes the 86 hotel properties owned and included in continuing operations at September 30, 2012 but not under renovation for three and nine months ended September 30, 2012 were owned as of the beginning of the periods presented. |
| (2) | Excluded Hotels Under Renovation: |
Hampton Inn Evansville, Sheraton Indy City Center, Hilton Costa Mesa, Sheraton San Diego Mission Valley, Courtyard Ft. Lauderdale Weston, Courtyard Palm Desert, Residence Inn Dallas Plano, Residence Inn Palm Desert, Residence Inn Salt Lake City
| (3) | The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
-MORE-
HIGHLAND HOSPITALITY PORTFOLIO
(PIM Highland Holding LLC)
PRO FORMA HOTEL OPERATING PROFIT
(dollars in thousands)
(Unaudited)
71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO CONTINUING OPERATIONS:
| Three Months
Ended September 30, |
Nine Months
Ended September 30, |
|||||||||||||||||||||||
| 2012 | 2011 | % Variance | 2012 | 2011 | % Variance | |||||||||||||||||||
| REVENUE |
||||||||||||||||||||||||
| Rooms |
$ | 52,573 | $ | 50,855 | 3.4 | % | $ | 157,648 | $ | 151,430 | 4.1 | % | ||||||||||||
| Food and beverage |
16,383 | 16,176 | 1.3 | % | 53,733 | 53,047 | 1.3 | % | ||||||||||||||||
| Other |
2,774 | 2,815 | -1.5 | % | 8,078 | 8,702 | -7.2 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total hotel revenue |
71,730 | 69,846 | 2.7 | % | 219,459 | 213,179 | 2.9 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| EXPENSES |
||||||||||||||||||||||||
| Rooms |
11,754 | 11,707 | 0.4 | % | 35,126 | 35,278 | -0.4 | % | ||||||||||||||||
| Food and beverage |
11,481 | 11,624 | -1.2 | % | 35,964 | 36,923 | -2.6 | % | ||||||||||||||||
| Other direct |
1,287 | 1,392 | -7.5 | % | 3,859 | 4,079 | -5.4 | % | ||||||||||||||||
| Indirect |
21,352 | 21,031 | 1.5 | % | 63,925 | 62,090 | 3.0 | % | ||||||||||||||||
| Management fees, includes base and incentive fees |
2,557 | 2,358 | 8.4 | % | 8,008 | 7,093 | 12.9 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total hotel operating expenses |
48,431 | 48,112 | 0.7 | % | 146,882 | 145,463 | 1.0 | % | ||||||||||||||||
| Property taxes, insurance, and other |
3,929 | 4,197 | -6.4 | % | 10,582 | 12,399 | -14.7 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| HOTEL OPERATING PROFIT (Hotel EBITDA) |
$ | 19,370 | $ | 17,537 | 10.5 | % | $ | 61,995 | $ | 55,317 | 12.1 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Hotel EBITDA Margin |
27.00 | % | 25.11 | % | 1.89 | % | 28.25 | % | 25.95 | % | 2.30 | % | ||||||||||||
| NOTE: | The above pro forma table assumes the 28 hotel properties owned and included in continuing operations at September 30, 2012 were owned as of the beginning of the periods presented. |
71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN PIM HIGHLAND PORTFOLIO CONTINUING OPERATIONS NOT UNDER RENOVATION:
| Three Months
Ended September 30, |
Nine Months
Ended September 30, |
|||||||||||||||||||||||
| 2012 | 2011 | % Variance | 2012 | 2011 | % Variance | |||||||||||||||||||
| REVENUE |
||||||||||||||||||||||||
| Rooms |
$ | 46,020 | $ | 44,131 | 4.3 | % | $ | 139,368 | $ | 133,519 | 4.4 | % | ||||||||||||
| Food and beverage |
14,222 | 14,080 | 1.0 | % | 47,650 | 46,632 | 2.2 | % | ||||||||||||||||
| Other |
2,504 | 2,492 | 0.5 | % | 7,283 | 7,817 | -6.8 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total hotel revenue |
62,746 | 60,703 | 3.4 | % | 194,301 | 187,968 | 3.4 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| EXPENSES |
||||||||||||||||||||||||
| Rooms |
10,261 | 10,172 | 0.9 | % | 30,904 | 30,861 | 0.1 | % | ||||||||||||||||
| Food and beverage |
10,122 | 10,289 | -1.6 | % | 32,024 | 32,735 | -2.2 | % | ||||||||||||||||
| Other direct |
1,222 | 1,325 | -7.8 | % | 3,660 | 3,860 | -5.2 | % | ||||||||||||||||
| Indirect |
18,803 | 18,531 | 1.5 | % | 56,579 | 54,911 | 3.0 | % | ||||||||||||||||
| Management fees, includes base and incentive fees |
2,178 | 2,013 | 8.2 | % | 6,937 | 6,159 | 12.6 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total hotel operating expenses |
42,586 | 42,330 | 0.6 | % | 130,104 | 128,526 | 1.2 | % | ||||||||||||||||
| Property taxes, insurance, and other |
3,411 | 3,564 | -4.3 | % | 9,465 | 10,642 | -11.1 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| HOTEL OPERATING PROFIT (Hotel EBITDA) |
$ | 16,749 | $ | 14,809 | 13.1 | % | $ | 54,732 | $ | 48,800 | 12.2 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Hotel EBITDA Margin |
26.69 | % | 24.40 | % | 2.30 | % | 28.17 | % | 25.96 | % | 2.21 | % | ||||||||||||
NOTES:
| (1) | The above pro forma table assumes the 25 hotel properties owned and included in continuing operations at September 30, 2012 but not under renovation for the three and nine months ended September 30, 2012 were owned as of the beginning of the periods presented. |
| (2) | Excluded Hotels Under Renovation: |
Hyatt Regency Wind Watch, Courtyard Boston Tremont, Marriott Omaha
-MORE-
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)
THE FOLLOWING PRO FORMA HOTEL OPERATING PROFIT MARGIN PRESENTS THE 95 HOTELS INCLUDED IN THE COMPANY’S CONTINUING OPERATIONS AND THE 28 HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC) AS IF THESE HOTELS WERE OWNED AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
| 95 Legacy Properties |
PIM Highland Holding LLC 28 Properties |
|||||||
| HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN: |
||||||||
| 3rd Quarter 2012 |
31.24 | % | 27.00 | % | ||||
| 3rd Quarter 2011 |
29.03 | % | 25.11 | % | ||||
|
|
|
|
|
|||||
| Variance |
2.21 | % | 1.89 | % | ||||
|
|
|
|
|
|||||
| HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN: |
|
|||||||
| Rooms |
0.23 | % | 0.39 | % | ||||
| Food & Beverage and Other Departmental |
0.50 | % | 0.84 | % | ||||
| Administrative & General |
0.31 | % | 0.50 | % | ||||
| Sales & Marketing |
0.27 | % | 0.39 | % | ||||
| Hospitality |
0.02 | % | -0.01 | % | ||||
| Repair & Maintenance |
0.21 | % | 0.03 | % | ||||
| Energy |
0.38 | % | 0.27 | % | ||||
| Franchise Fee |
0.15 | % | -1.25 | % | ||||
| Management Fee |
-0.20 | % | -0.01 | % | ||||
| Incentive Management Fee |
-0.39 | % | -0.18 | % | ||||
| Insurance |
0.48 | % | 0.60 | % | ||||
| Property Taxes |
0.12 | % | -0.06 | % | ||||
| Other Taxes |
0.02 | % | -0.01 | % | ||||
| Leases/Other |
0.11 | % | 0.39 | % | ||||
|
|
|
|
|
|||||
| Total |
2.21 | % | 1.89 | % | ||||
|
|
|
|
|
|||||
NOTES:
| (1) | For comparative purposes, data in the table above for PIM Highland LLC properties has been adjusted to eliminate one-time real estate tax refunds received by prior owner. |
| (2) | The Legacy table above excludes the operating results for the Hilton El Conquistador in Tucson, AZ. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
-MORE-
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(Unaudited)
THE FOLLOWING PRO FORMA SEASONALITY TABLES REFLECT: (I) ALL 95 HOTELS INCLUDED IN
THE COMPANY’S CONTINUING OPERATIONS, (II) THE COMPANY’S 71.74% SHARE OF THE 28 HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC), AND (III) THE COMBINED PORTFOLIO, AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
| 2012 | 2012 | 2012 | 2011 | |||||||||||||||||
| 3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | TTM | ||||||||||||||||
| Legacy Portfolio |
||||||||||||||||||||
| Total Hotel Revenue |
$ | 224,604 | $ | 241,199 | $ | 217,523 | $ | 231,829 | $ | 915,155 | ||||||||||
| Hotel EBITDA |
$ | 70,165 | $ | 82,668 | $ | 66,341 | $ | 67,695 | $ | 286,870 | ||||||||||
| Hotel EBITDA Margin |
31.2 | % | 34.3 | % | 30.5 | % | 29.2 | % | 31.3 | % | ||||||||||
| EBITDA % of Total TTM |
24.5 | % | 28.8 | % | 23.1 | % | 23.6 | % | 100.0 | % | ||||||||||
| JV Interests in EBITDA |
$ | 1,575 | $ | 2,069 | $ | 1,340 | $ | 1,366 | $ | 6,350 | ||||||||||
| PIM Highland Holding LLC Portfolio |
||||||||||||||||||||
| Total Hotel Revenue |
$ | 71,730 | $ | 80,878 | $ | 66,852 | $ | 74,859 | $ | 294,319 | ||||||||||
| Hotel EBITDA |
$ | 19,370 | $ | 26,856 | $ | 15,770 | $ | 19,042 | $ | 81,038 | ||||||||||
| Hotel EBITDA Margin |
27.0 | % | 33.2 | % | 23.6 | % | 25.4 | % | 27.5 | % | ||||||||||
| EBITDA % of Total TTM |
23.9 | % | 33.1 | % | 19.5 | % | 23.5 | % | 100.0 | % | ||||||||||
| Legacy and PIM Highland Holding LLC Combined |
|
|||||||||||||||||||
| Total Hotel Revenue |
$ | 296,334 | $ | 322,077 | $ | 284,375 | $ | 306,688 | $ | 1,209,474 | ||||||||||
| Hotel EBITDA |
$ | 89,535 | $ | 109,524 | $ | 82,111 | $ | 86,737 | $ | 367,908 | ||||||||||
| Hotel EBITDA Margin |
30.2 | % | 34.0 | % | 28.9 | % | 28.3 | % | 30.4 | % | ||||||||||
| EBITDA % of Total TTM |
24.3 | % | 29.8 | % | 22.3 | % | 23.6 | % | 100.0 | % | ||||||||||
| JV Interests in EBITDA |
$ | 1,575 | $ | 2,069 | $ | 1,340 | $ | 1,366 | $ | 6,350 | ||||||||||
NOTES:
| (1) | For comparative purposes, data in the tables above for Highland Hospitality Portfolio (PIM Highland Holding LLC) properties have been adjusted to eliminate one-time real estate tax refunds received by prior owner. |
| (2) | The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
-MORE-
ASHFORD HOSPITALITY TRUST, INC.
LEGACY AND ASHFORD’S 71.74% SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC)
PRO FORMA HOTEL REVPAR BY MARKET
(Unaudited)
| Number
of Hotels |
Number
of Rooms |
Three Months Ended September 30, |
Nine Months
Ended September 30, |
|||||||||||||||||||||||||||||
| Region |
2012 | 2011 | % Change | 2012 | 2011 | % Change | ||||||||||||||||||||||||||
| Atlanta, GA Area |
9 | 1,429 | $ | 80.87 | $ | 79.80 | 1.3 | % | $ | 81.42 | $ | 76.49 | 6.5 | % | ||||||||||||||||||
| Boston, MA Area |
2 | 506 | $ | 185.38 | $ | 175.87 | 5.4 | % | $ | 165.30 | $ | 152.75 | 8.2 | % | ||||||||||||||||||
| Dallas / Ft. Worth Area |
7 | 1,745 | $ | 87.13 | $ | 82.84 | 5.2 | % | $ | 92.38 | $ | 91.52 | 0.9 | % | ||||||||||||||||||
| Houston, TX Area |
3 | 608 | $ | 97.42 | $ | 84.27 | 15.6 | % | $ | 102.63 | $ | 91.39 | 12.3 | % | ||||||||||||||||||
| Los Angeles, CA Metro Area |
8 | 1,785 | $ | 87.61 | $ | 84.73 | 3.4 | % | $ | 90.99 | $ | 86.59 | 5.1 | % | ||||||||||||||||||
| Miami, FL Metro Area |
3 | 576 | $ | 75.05 | $ | 73.13 | 2.6 | % | $ | 105.26 | $ | 100.36 | 4.9 | % | ||||||||||||||||||
| Minneapolis - St. Paul, MN-WI Area |
2 | 522 | $ | 98.05 | $ | 97.90 | 0.2 | % | $ | 89.97 | $ | 89.78 | 0.2 | % | ||||||||||||||||||
| New York / New Jersey Metro Area |
7 | 1,560 | $ | 100.12 | $ | 102.43 | -2.3 | % | $ | 96.73 | $ | 95.99 | 0.8 | % | ||||||||||||||||||
| Orlando, FL Area |
6 | 1,834 | $ | 69.65 | $ | 63.83 | 9.1 | % | $ | 78.70 | $ | 75.55 | 4.2 | % | ||||||||||||||||||
| Philadelphia, PA Area |
4 | 1,147 | $ | 108.75 | $ | 100.29 | 8.4 | % | $ | 106.44 | $ | 97.80 | 8.8 | % | ||||||||||||||||||
| San Diego, CA Area |
3 | 706 | $ | 130.24 | $ | 121.78 | 7.0 | % | $ | 115.87 | $ | 105.92 | 9.4 | % | ||||||||||||||||||
| San Francisco - Oakland, CA Metro Area |
6 | 1,416 | $ | 130.73 | $ | 115.33 | 13.4 | % | $ | 121.54 | $ | 109.26 | 11.2 | % | ||||||||||||||||||
| Seattle, WA Area |
2 | 608 | $ | 189.16 | $ | 177.13 | 6.8 | % | $ | 139.00 | $ | 129.45 | 7.4 | % | ||||||||||||||||||
| Tampa, FL Area |
4 | 875 | $ | 90.59 | $ | 76.28 | 18.8 | % | $ | 104.46 | $ | 90.79 | 15.1 | % | ||||||||||||||||||
| Washington DC - MD - VA Area |
11 | 2,698 | $ | 127.78 | $ | 120.41 | 6.1 | % | $ | 134.60 | $ | 133.11 | 1.1 | % | ||||||||||||||||||
| Other Areas |
46 | 7,752 | $ | 92.93 | $ | 88.61 | 4.9 | % | $ | 91.46 | $ | 87.34 | 4.7 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total Portfolio |
123 | 25,767 | $ | 101.63 | $ | 95.98 | 5.9 | % | $ | 101.51 | $ | 96.57 | 5.1 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
NOTES:
| (1) | The above pro forma table presents the 95 hotel properties included in Company’s continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented. |
| (2) | The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
ASHFORD HOSPITALITY TRUST, INC.
LEGACY AND ASHFORD’S 71.74% SHARE OF PIM HIGHLAND HOLDING LLC
PRO FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET
(Unaudited)
| Number
of Hotels |
Number
of Rooms |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
| Region |
2012 | % of Total |
2011 | % of Total |
% Change | 2012 | % of Total |
2011 | % of Total |
% Change | ||||||||||||||||||||||||||||||||||||||
| Atlanta, GA Area |
9 | 1,429 | $ | 3,434 | 3.8 | % | $ | 3,028 | 3.8 | % | 13.4 | % | $ | 10,081 | 3.6 | % | $ | 8,348 | 3.3 | % | 20.8 | % | ||||||||||||||||||||||||||
| Boston, MA Area |
2 | 506 | 4,169 | 4.7 | % | 3,883 | 4.9 | % | 7.4 | % | 10,088 | 3.6 | % | 9,026 | 3.6 | % | 11.8 | % | ||||||||||||||||||||||||||||||
| Dallas / Ft. Worth Area |
7 | 1,745 | 4,656 | 5.2 | % | 4,402 | 5.6 | % | 5.8 | % | 17,254 | 6.1 | % | 16,845 | 6.6 | % | 2.4 | % | ||||||||||||||||||||||||||||||
| Houston, TX Area |
3 | 608 | 2,192 | 2.4 | % | 1,803 | 2.3 | % | 21.6 | % | 8,037 | 2.9 | % | 6,344 | 2.5 | % | 26.7 | % | ||||||||||||||||||||||||||||||
| Los Angeles, CA Metro Area |
8 | 1,785 | 4,830 | 5.4 | % | 4,374 | 5.5 | % | 10.4 | % | 17,320 | 6.2 | % | 14,950 | 5.9 | % | 15.9 | % | ||||||||||||||||||||||||||||||
| Miami, FL Metro Area |
3 | 576 | 348 | 0.4 | % | 224 | 0.3 | % | 55.4 | % | 5,607 | 2.0 | % | 4,756 | 1.9 | % | 17.9 | % | ||||||||||||||||||||||||||||||
| Minneapolis - St. Paul, MN-WI Area |
2 | 522 | 2,369 | 2.6 | % | 2,382 | 3.0 | % | -0.5 | % | 5,990 | 2.1 | % | 6,003 | 2.4 | % | -0.2 | % | ||||||||||||||||||||||||||||||
| New York / New Jersey Metro Area |
7 | 1,560 | 5,605 | 6.3 | % | 5,499 | 6.9 | % | 1.9 | % | 16,639 | 5.9 | % | 15,579 | 6.1 | % | 6.8 | % | ||||||||||||||||||||||||||||||
| Orlando, FL Area |
6 | 1,834 | 2,723 | 3.0 | % | 1,827 | 2.3 | % | 49.0 | % | 11,428 | 4.1 | % | 10,358 | 4.1 | % | 10.3 | % | ||||||||||||||||||||||||||||||
| Philadelphia, PA Area |
4 | 1,147 | 4,070 | 4.5 | % | 3,090 | 3.9 | % | 31.7 | % | 12,084 | 4.3 | % | 9,276 | 3.7 | % | 30.3 | % | ||||||||||||||||||||||||||||||
| San Diego, CA Area |
3 | 706 | 4,275 | 4.8 | % | 3,890 | 4.9 | % | 9.9 | % | 11,383 | 4.0 | % | 10,500 | 4.1 | % | 8.4 | % | ||||||||||||||||||||||||||||||
| San Francisco - Oakland, CA Metro Area |
6 | 1,416 | 6,810 | 7.6 | % | 5,120 | 6.5 | % | 33.0 | % | 17,565 | 6.2 | % | 14,726 | 5.8 | % | 19.3 | % | ||||||||||||||||||||||||||||||
| Seattle, WA Area |
2 | 608 | 5,300 | 5.9 | % | 5,192 | 6.6 | % | 2.1 | % | 10,884 | 3.9 | % | 10,268 | 4.0 | % | 6.0 | % | ||||||||||||||||||||||||||||||
| Tampa, FL Area |
4 | 875 | 2,185 | 2.4 | % | 1,087 | 1.4 | % | 101.0 | % | 9,883 | 3.5 | % | 7,230 | 2.9 | % | 36.7 | % | ||||||||||||||||||||||||||||||
| Washington DC - MD - VA Area |
11 | 2,698 | 12,343 | 13.8 | % | 11,168 | 14.1 | % | 10.5 | % | 42,181 | 15.0 | % | 41,871 | 16.5 | % | 0.7 | % | ||||||||||||||||||||||||||||||
| Other Areas |
46 | 7,752 | 24,227 | 27.1 | % | 22,244 | 28.1 | % | 8.9 | % | 74,747 | 26.6 | % | 67,468 | 26.6 | % | 10.8 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total Portfolio |
123 | 25,767 | $ | 89,534 | 100.0 | % | $ | 79,214 | 100.0 | % | 13.0 | % | $ | 281,169 | 100.0 | % | $ | 253,547 | 100.0 | % | 10.9 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
NOTES:
| (1) | The above pro forma table presents the 95 hotel properties included in Company’s continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented. |
| (2) | The above pro forma table includes hotel operating profit for 100% of the 95 hotel properties included in the Company’s continuting operations and the Company’s 71.74% share of the 28 hotels included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the biginning of the periods presented. |
| (3) | The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ. During the third quarter 2012, a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow. |
-MORE-
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
SEPTEMBER 30, 2012
(dollars in thousands)
(Unaudited)
| September 30, 2012 |
||||
| End of quarter common shares outstanding |
68,160 | |||
| Partnership units outstanding (common share equivalents) |
17,610 | |||
| Combined common shares and partnership units outstanding |
85,770 | |||
| Common stock price at quarter end |
$ | 8.40 | ||
| Market capitalization at quarter end |
$ | 720,468 | ||
| Series A preferred stock |
$ | 41,430 | ||
| Series D preferred stock |
$ | 236,718 | ||
| Series E preferred stock |
$ | 115,750 | ||
| Consolidated debt on balance sheet date |
$ | 2,292,468 | ||
| Joint venture partners’ share of consolidated debt |
$ | (36,469 | ) | |
| Ashford’s share of Highland portfolio debt |
$ | 780,794 | ||
| Cash and cash equivalents |
$ | (145,779 | ) | |
|
|
|
|||
| Total enterprise value (TEV) as of September 30, 2012 |
$ | 4,005,380 | ||
|
|
|
|||
NOTE: The above table excludes the debt associated with the Hilton El Conquistador in Tucson, AZ. During the third quarter a receiver was appointed to take over this hotel and the receiver now has full control of the hotel operations and cash flow.
-MORE-
Ashford Hospitality Trust, Inc.
Anticipated Capital Expenditures Calendar
Legacy Hotels (a)
| Rooms | 2012 | |||||||||||||||||||
| 1st Quarter Actual |
2nd Quarter Actual |
3rd Quarter Actual |
4th Quarter Estimated |
|||||||||||||||||
| Hilton Santa Fe |
157 | x | x | x | ||||||||||||||||
| Crowne Plaza Key West |
160 | x | x | |||||||||||||||||
| Embassy Suites Flagstaff |
119 | x | x | |||||||||||||||||
| Hilton Capital |
408 | x | x | |||||||||||||||||
| SpringHill Suites Manhattan Beach |
164 | x | x | |||||||||||||||||
| Hilton Costa Mesa |
486 | x | x | x | ||||||||||||||||
| Sheraton San Diego Mission Valley |
260 | x | x | x | ||||||||||||||||
| Courtyard Hartford Manchester |
90 | x | x | |||||||||||||||||
| Courtyard Seattle Downtown Lake Union |
250 | x | x | |||||||||||||||||
| Embassy Suites Houston |
150 | x | ||||||||||||||||||
| Embassy Suites Walnut Creek |
249 | x | ||||||||||||||||||
| Hilton Nassau Bay |
243 | x | ||||||||||||||||||
| Embassy Suites Portland Downtown |
276 | x | ||||||||||||||||||
| Courtyard Basking Ridge |
235 | x | ||||||||||||||||||
| Courtyard Oakland Airport |
156 | x | ||||||||||||||||||
| Courtyard Philadelphia Downtown |
498 | x | ||||||||||||||||||
| Embassy Suites Santa Clara |
257 | x | ||||||||||||||||||
| Historic Inn Annapolis |
124 | x | ||||||||||||||||||
| Marriott Bridgewater |
347 | x | ||||||||||||||||||
| Residence Inn Jacksonville |
120 | x | ||||||||||||||||||
| Residence Inn Las Vegas |
256 | x | ||||||||||||||||||
| Springhill Suites Buford Mall of Georgia |
96 | x | ||||||||||||||||||
| Springhill Suites Charlotte |
136 | x | ||||||||||||||||||
| Springhill Suites Philadelphia |
199 | x | ||||||||||||||||||
| Sheraton Indy City Center |
371 | x | x | x | ||||||||||||||||
| Hampton Inn Evansville |
141 | x | x | x | ||||||||||||||||
| Courtyard Atlanta Alpharetta |
154 | x | ||||||||||||||||||
| Residence Inn Dallas Plano |
126 | x | x | |||||||||||||||||
| Courtyard Ft.Lauderdale Weston |
174 | x | x | |||||||||||||||||
| Courtyard Palm Desert |
151 | x | x | |||||||||||||||||
| Residence Inn Palm Desert |
130 | x | x | |||||||||||||||||
| Residence Inn Salt Lake City |
144 | x | x | |||||||||||||||||
| Hilton LaJolla Torrey Pines |
296 | x | ||||||||||||||||||
| Courtyard Dallas Plano in Legacy Park |
153 | x | ||||||||||||||||||
| Embassy Suites Dulles |
150 | x | ||||||||||||||||||
| Embassy Suites East Syracuse |
215 | x | ||||||||||||||||||
| Hilton Garden Inn Jacksonville |
119 | x | ||||||||||||||||||
| Residence Inn Atlanta Buckhead Lenox Park |
150 | x | ||||||||||||||||||
| Hampton Inn Terre Haute |
112 | |||||||||||||||||||
| Hampton Inn Buford |
92 | |||||||||||||||||||
| Embassy Suites Dallas |
150 | |||||||||||||||||||
| Embassy Suites Palm Beach Garden |
160 | |||||||||||||||||||
| Hampton Inn Lawrenceville |
86 | |||||||||||||||||||
| Residence Inn Lake Buena Vista |
210 | |||||||||||||||||||
| Embassy Suites Austin |
150 | |||||||||||||||||||
| Marriott Seattle Waterfront |
358 | |||||||||||||||||||
| Courtyard Marriott Village at LBV |
312 | |||||||||||||||||||
| Marriott Dallas Plano Legacy |
404 | |||||||||||||||||||
| Residence Inn San Diego Sorrento Mesa |
150 | |||||||||||||||||||
| Residence Inn Evansville |
78 | |||||||||||||||||||
| Courtyard Columbus Tipton Lakes |
90 | |||||||||||||||||||
| Courtyard Kansas City Overland Park |
168 | |||||||||||||||||||
| Residence Inn Newark |
168 | |||||||||||||||||||
| Courtyard Bloomington |
117 | |||||||||||||||||||
| Courtyard Philadelphia |
498 | |||||||||||||||||||
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2012-2013 are included in this table.
Ashford Hospitality Trust, Inc.
Anticipated Capital Expenditures Calendar
Legacy Hotels (a)
| Rooms | 2013 | |||||||||||||||||||
| 1st Quarter Estimated |
2nd Quarter Estimated |
3rd Quarter Estimated |
4th Quarter Estimated |
|||||||||||||||||
| Hilton Santa Fe |
157 | x | ||||||||||||||||||
| Crowne Plaza Key West |
160 | |||||||||||||||||||
| Embassy Suites Flagstaff |
119 | |||||||||||||||||||
| Hilton Capital |
408 | |||||||||||||||||||
| SpringHill Suites Manhattan Beach |
164 | |||||||||||||||||||
| Hilton Costa Mesa |
486 | x | ||||||||||||||||||
| Sheraton San Diego Mission Valley |
260 | |||||||||||||||||||
| Courtyard Hartford Manchester |
90 | x | ||||||||||||||||||
| Courtyard Seattle Downtown Lake Union |
250 | x | ||||||||||||||||||
| Embassy Suites Houston |
150 | x | x | |||||||||||||||||
| Embassy Suites Walnut Creek |
249 | x | ||||||||||||||||||
| Hilton Nassau Bay |
243 | x | ||||||||||||||||||
| Embassy Suites Portland Downtown |
276 | x | ||||||||||||||||||
| Courtyard Basking Ridge |
235 | |||||||||||||||||||
| Courtyard Oakland Airport |
156 | |||||||||||||||||||
| Courtyard Philadelphia Downtown |
498 | |||||||||||||||||||
| Embassy Suites Santa Clara |
257 | |||||||||||||||||||
| Historic Inn Annapolis |
124 | |||||||||||||||||||
| Marriott Bridgewater |
347 | |||||||||||||||||||
| Residence Inn Jacksonville |
120 | |||||||||||||||||||
| Residence Inn Las Vegas |
256 | |||||||||||||||||||
| Springhill Suites Buford Mall of Georgia |
96 | |||||||||||||||||||
| Springhill Suites Charlotte |
136 | |||||||||||||||||||
| Springhill Suites Philadelphia |
199 | |||||||||||||||||||
| Sheraton Indy City Center |
371 | x | ||||||||||||||||||
| Hampton Inn Evansville |
141 | |||||||||||||||||||
| Courtyard Atlanta Alpharetta |
154 | |||||||||||||||||||
| Residence Inn Dallas Plano |
126 | x | ||||||||||||||||||
| Courtyard Ft.Lauderdale Weston |
174 | |||||||||||||||||||
| Courtyard Palm Desert |
151 | |||||||||||||||||||
| Residence Inn Palm Desert |
130 | |||||||||||||||||||
| Residence Inn Salt Lake City |
144 | |||||||||||||||||||
| Hilton LaJolla Torrey Pines |
296 | x | x | |||||||||||||||||
| Courtyard Dallas Plano in Legacy Park |
153 | x | ||||||||||||||||||
| Embassy Suites Dulles |
150 | x | ||||||||||||||||||
| Embassy Suites East Syracuse |
215 | x | ||||||||||||||||||
| Hilton Garden Inn Jacksonville |
119 | x | ||||||||||||||||||
| Residence Inn Atlanta Buckhead Lenox Park |
150 | x | ||||||||||||||||||
| Hampton Inn Terre Haute |
112 | x | x | x | ||||||||||||||||
| Hampton Inn Buford |
92 | x | x | |||||||||||||||||
| Embassy Suites Dallas |
150 | x | x | |||||||||||||||||
| Embassy Suites Palm Beach Garden |
160 | x | ||||||||||||||||||
| Hampton Inn Lawrenceville |
86 | x | ||||||||||||||||||
| Residence Inn Lake Buena Vista |
210 | x | ||||||||||||||||||
| Embassy Suites Austin |
150 | x | ||||||||||||||||||
| Marriott Seattle Waterfront |
358 | x | ||||||||||||||||||
| Courtyard Marriott Village at LBV |
312 | x | x | |||||||||||||||||
| Marriott Dallas Plano Legacy |
404 | x | x | |||||||||||||||||
| Residence Inn San Diego Sorrento Mesa |
150 | x | x | |||||||||||||||||
| Residence Inn Evansville |
78 | x | ||||||||||||||||||
| Courtyard Columbus Tipton Lakes |
90 | x | ||||||||||||||||||
| Courtyard Kansas City Overland Park |
168 | x | ||||||||||||||||||
| Residence Inn Newark |
168 | x | ||||||||||||||||||
| Courtyard Bloomington |
117 | x | ||||||||||||||||||
| Courtyard Philadelphia |
498 | x | ||||||||||||||||||
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2012-2013 are included in this table.
PIM Highland Holding LLC
Anticipated Capital Expenditures Calendar
Highland Hotels (a)
| Rooms | 2012 | |||||||||||||||||||
| 1st Quarter Actual |
2nd Quarter Actual |
3rd Quarter Actual |
4th Quarter Estimated |
|||||||||||||||||
| Courtyard Boston Tremont |
315 | x | x | x | x | |||||||||||||||
| Courtyard Savannah |
156 | x | x | x | ||||||||||||||||
| The Melrose |
240 | x | x | x | ||||||||||||||||
| Marriott San Antonio Plaza |
251 | x | x | x | ||||||||||||||||
| Hilton Garden Inn Virginia Beach |
176 | x | x | |||||||||||||||||
| Ritz-Carlton Atlanta |
444 | x | ||||||||||||||||||
| The Churchill |
173 | x | ||||||||||||||||||
| Hyatt Regency Wind Watch |
358 | x | x | x | ||||||||||||||||
| Marriott Omaha |
300 | x | x | |||||||||||||||||
| Hilton Boston Back Bay |
390 | x | ||||||||||||||||||
| Marriott Sugarland |
300 | x | ||||||||||||||||||
| Hyatt Regency Savannah |
351 | x | ||||||||||||||||||
| Marriott DFW |
491 | |||||||||||||||||||
| Hilton Parsippany |
354 | |||||||||||||||||||
| Silversmith |
143 | |||||||||||||||||||
| Hilton Garden Inn BWI |
158 | |||||||||||||||||||
| Crowne Plaza Ravinia |
495 | |||||||||||||||||||
| Rooms | 2013 | |||||||||||||||||||
| 1st Quarter Estimated |
2nd Quarter Estimated |
3rd Quarter Estimated |
4th Quarter Estimated |
|||||||||||||||||
| Courtyard Boston Tremont |
315 | x | x | x | ||||||||||||||||
| Courtyard Savannah |
156 | x | ||||||||||||||||||
| The Melrose |
240 | x | ||||||||||||||||||
| Marriott San Antonio Plaza |
251 | |||||||||||||||||||
| Hilton Garden Inn Virginia Beach |
176 | |||||||||||||||||||
| Ritz-Carlton Atlanta |
444 | |||||||||||||||||||
| The Churchill |
173 | |||||||||||||||||||
| Hyatt Regency Wind Watch |
358 | x | x | x | x | |||||||||||||||
| Marriott Omaha |
300 | |||||||||||||||||||
| Hilton Boston Back Bay |
390 | x | x | |||||||||||||||||
| Marriott Sugarland |
300 | x | x | x | ||||||||||||||||
| Hyatt Regency Savannah |
351 | x | ||||||||||||||||||
| Marriott DFW |
491 | x | x | |||||||||||||||||
| Hilton Parsippany |
354 | x | x | x | ||||||||||||||||
| Silversmith |
143 | x | x | |||||||||||||||||
| Hilton Garden Inn BWI |
158 | x | ||||||||||||||||||
| Crowne Plaza Ravinia |
495 | x | ||||||||||||||||||
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2012-2013 are included in this table.