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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.”

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