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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MHI Hospitality Corporation Reports Financial Results For the First Quarter 2012

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 first quarter ended March 31, 2012. The Company’s results include the following *:

           
Three Months ended
March 31, 2012 March 31, 2011
($ in thousands except per share data)
 
Total Revenue $ 20,025 $ 18,536
Net loss attributable to the Company

(2,294

)

(989 )
 
EBITDA 2,836 3,658
Adjusted EBITDA 4,014 3,585
Hotel EBITDA 4,448 3,856
 
FFO

(663

)

917
Adjusted FFO 1,206 829
 
Net loss per diluted share attributable to the Company

$

(0.23

)

$

(0.10

)

FFO per diluted share and unit

(0.05

)

0.07
Adjusted FFO per diluted share and unit 0.09 0.06
 

(*) 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 July 11, 2012 to stockholders (and unitholders) of record as of June 15, 2012.
  • RevPAR. Room revenue per available room (“RevPAR”) for the Company’s wholly-owned properties increased 6.7 percent over the first quarter 2011 to $72.52 driven by a 4.8 percent increase in occupancy.
  • Hotel EBITDA. The Company generated hotel EBITDA of approximately $4.4 million during the first quarter 2012, an increase of 15.3% or approximately $0.5 million over the first quarter 2011.
  • Adjusted EBITDA. The Company generated adjusted EBITDA of approximately $4.0 million during the first quarter 2012, an increase of 12.0% or approximately $0.4 million over the first quarter 2011.
  • Adjusted FFO. The Company generated adjusted FFO of approximately $1.2 million during the first quarter 2012, an increase of 45.4% or approximately $0.4 million over the first quarter 2011.

Andrew M. Sims, Chairman and Chief Executive Officer of MHI Hospitality Corporation, commented, “The first quarter of 2012 was one of our most successful reporting periods in the past several years. First and foremost, we retired the syndicated line of credit, the constraints of which had become burdensome during the recent downturn. Our hotels exceeded expectations in the first quarter, performing at a very high level. We continued to strengthen our balance sheet by adding liquidity, extending our debt maturities and releasing our Tampa, Florida asset from any encumbrances.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,967.17 +47.58 0.28%
S&P 500 1,984.26 +2.66 0.13%
NASDAQ 4,528.8460 +1.3320 0.03%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs