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MHI Hospitality Corporation Reports Financial Results For Second Quarter 2012

MHI Hospitality Corporation (NASDAQ: MDH) (“MHI” or the “Company”), a self-managed and self-administered lodging real estate investment trust (a “REIT”), today reported its consolidated results for the second quarter ended June 30, 2012. The Company’s results include the following *:
Three months ended Six months ended
June 30, 2012     June 30, 2011 June 30, 2012     June 30, 2011
($ in thousands except per share data)
Total Revenue $ 25,113 $ 23,130 $ 45,138 $ 41,665
Net loss attributable to the Company (1,654 ) (183 ) (3,948 ) (1,172 )
EBITDA 5,580 5,655 8,416 9,313
Adjusted EBITDA 7,124 6,135 11,138 9,719
Hotel EBITDA 7,714 6,597 12,161 10,453
FFO 232 2,038 (430 ) 2,955
Adjusted FFO 4,237 3,300 5,442 4,129
Net loss per diluted share attributable to the Company $ (0.17 ) $ (0.02 ) $ (0.40 ) $ (0.12 )
FFO per share and unit 0.02 0.16 (0.03 ) 0.23
Adjusted FFO per share and unit 0.33 0.25 0.42 0.32

(*) Earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, hotel EBITDA, funds from operations (“FFO”), adjusted FFO, FFO per share and unit and adjusted FFO per share and unit 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. All references in this release to the “Company”, “MHI”, “we”, “us” and “our” refer to MHI Hospitality Corporation, its operating partnership and its subsidiaries and predecessors, unless the context otherwise requires or where otherwise indicated.

  • Common Dividends. As previously reported on July 24, 2012, the Company announced a 50% increase in the quarterly dividend on its common stock and declared a dividend (distribution) of $0.03 per share (and unit), payable on October 11, 2012 to stockholders (and unitholders) of record as of September 14, 2012.
  • RevPAR. Room revenue per available room (“RevPAR”) for the Company’s wholly-owned properties during the second quarter 2012 increased 9.7 percent over the second quarter 2011 to $92.35 as a result of a 4.8 percent increase in occupancy and a 4.7 percent increase in average daily rate (“ADR”).
  • Hotel EBITDA. The Company generated hotel EBITDA of approximately $7.7 million during the second quarter 2012, an increase of 16.9 percent or approximately $1.1 million over the second quarter 2011. Hotel EBITDA margin increased 210 basis points to 30.9 percent compared to the same period in 2011.
  • Adjusted EBITDA. The Company generated adjusted EBITDA of approximately $7.1 million during the second quarter 2012, an increase of 16.1 percent or approximately $1.0 million over the second quarter 2011.
  • Adjusted FFO. The Company generated adjusted FFO of approximately $4.2 million during the second quarter 2012, an increase of 28.4 percent or approximately $0.9 million over the second quarter 2011.

Andrew M. Sims, Chairman and Chief Executive Officer of MHI Hospitality Corporation, commented, “Our hotel portfolio experienced the strongest quarter since going public in 2004. Operating results were solid, with above market year-over-year increases in RevPAR and Hotel EBITDA. The Company continued the process of restructuring its balance sheet by mortgaging the Crowne Plaza Tampa Westshore hotel, enabling MHI to redeem approximately 45.0% of its outstanding preferred stock. Overall, MHI’s second quarter 2012 was extremely strong.”

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