This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MHI Hospitality Corporation Reports Financial Results For The Fourth Quarter And Year 2011

MHI Hospitality Corporation (NASDAQ: MDH) (“MHI” or the “Company”), a self-managed and self-administered lodging real estate investment trust (“REIT”), today reported consolidated results for the fourth quarter and the year ended December 31, 2011. The Company’s results include the following *:

   
Three months ended Year ended
December 31, 2011   December 31, 2010   December 31, 2011   December 31, 2010
($ in thousands except per share data)
 
Total Revenue $ 19,492 $ 18,820 $ 81,173 $ 77,382
Net loss attributable to the Company (2,556 ) (854 ) (4,844 ) (2,383 )
 
EBITDA 2,127

 

3,789

 

15,081

 

16,477
Adjusted EBITDA 3,648

 

3,602

 

17,052

 

15,646
Hotel EBITDA 4,049

 

4,000

 

18,708

 

17,640
 
FFO (890 )

 

1,190

 

2,924

 

5,972
Adjusted FFO 625

 

849

 

5,578

 

5,315
 
Net loss per diluted share attributable to the Company $ (0.26 )

 

$ (0.09 )

 

$ (0.50 )

 

$ (0.25 )
FFO per diluted share and unit (0.07 )

 

0.09

 

0.23

 

0.46
Adjusted FFO per diluted share and unit 0.05

 

0.07

 

0.43

 

0.41
 
(*) Earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, hotel EBITDA, funds from operations (“FFO”), adjusted FFO, FFO per share and adjusted FFO per share are non-GAAP financial measures. See further discussion of these non-GAAP measures, including definitions related thereto, and reconciliations to net income (loss) later in this press release.
 

HIGHLIGHTS:

  • Common Dividends. Consistent with the Company’s announcement in July 2011 that it has reinstated payment of quarterly dividends on its common stock, the Company declared another quarterly dividend (distribution) of $0.02 per common share (and unit), payable on April 11, 2012 to stockholders (and unitholders) of record as of March 15, 2012.
  • RevPAR. Room revenue per available room (“RevPAR”) for the Company’s wholly-owned properties increased 5.3 percent over the fourth quarter 2010 to $66.75 driven by a 5.1 percent increase in average daily rate (“ADR”). For the year 2011, RevPAR increased 5.8 percent over 2010 to $72.94.
  • Hotel EBITDA. The Company generated hotel EBITDA of approximately $4.0 million during the fourth quarter 2011, bringing its annual total hotel EBITDA to $18.7 million, an increase of approximately $1.1 million over 2010.
  • Adjusted EBITDA. The Company generated adjusted EBITDA of approximately $3.6 million during the fourth quarter 2011, bringing its total annual adjusted EBITDA to approximately $17.1 million, an increase of approximately $1.5 million over 2010.
  • Adjusted FFO. The Company generated adjusted FFO of approximately $0.6 million during the fourth quarter 2011 and approximately $5.6 million for the year 2011, an increase of approximately $0.3 million over adjusted FFO for 2010.
  • Capital Expenditures. In 2011, the Company invested approximately $6.0 million of capital throughout its portfolio, including approximately $3.0 million at its property in Raleigh, North Carolina, which became the Doubletree by Hilton Brownstone-University during the fourth quarter 2011.

Andrew M. Sims, Chairman and CEO of MHI Hospitality Corporation, commented, “2011 was a significant year for the Company. Early in the year, we completed a preferred transaction that permitted an extension of all debt maturities, thus allowing us to transact a series of single asset property financings that we expect to ultimately lead to a pay off of our syndicated credit facility. The balance sheet restructuring allowed us to increase our liquidity, reinstate our common dividend and be in a position to begin the process of growing our portfolio.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs