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)|
|Net loss attributable to the Company||(2,294||)||(989||)|
|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.
- 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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV