MHI Hospitality Corporation Reports Financial Results For Third 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 third quarter ended September 30, 2012. The Company’s results include the following ^*:

		Three months ended										Nine months ended
		September 30, 2012					September 30, 2011					September 30, 2012					September 30, 2011
		($ in thousands except per share data)
Total Revenue		$	21,771				$	20,015				$	66,909				$	61,680
Net loss attributable to the Company			(1,615	)				(1,117	)				(5,563	)				(2,289	)
EBITDA			2,767					3,641					11,183					12,951
Adjusted EBITDA			4,432					3,685					15,570					13,401
Hotel EBITDA			5,187					4,206					17,349					14,659
FFO			190					859					(240	)				3,814
Adjusted FFO			1,882					827					7,324					4,955
Net loss per diluted share attributable to the Company		$	(0.15	)			$	(0.11	)			$	(0.53	)			$	(0.23	)
FFO per share and unit			0.01					0.07					(0.02	)				0.29
Adjusted FFO per share and unit			0.15					0.06					0.56					0.38

^(*) 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.

HIGHLIGHTS:

• Common Dividends. As previously reported on October 23, 2012, the Company announced a quarterly dividend (distribution) on its common stock of $0.03 per share (and unit), payable on January 11, 2013 to stockholders (and unitholders) of record as of December 14, 2012.
• RevPAR. Room revenue per available room (“RevPAR”) for the Company’s wholly-owned properties during the third quarter 2012 increased 10.0 percent over the third quarter 2011 to $80.15 as a result of a 3.6 percent increase in occupancy and a 6.2 percent increase in average daily rate (“ADR”).
• Hotel EBITDA. The Company generated hotel EBITDA of approximately $5.2 million during the third quarter 2012, an increase of 23.3 percent or approximately $1.0 million over the third quarter 2011. Hotel EBITDA margin increased 275 basis points to 24.0 percent compared to the same period in 2011.
• Adjusted EBITDA. The Company generated adjusted EBITDA of approximately $4.4 million during the third quarter 2012, an increase of 20.3 percent or approximately $0.7 million over the third quarter 2011.
• Adjusted FFO. The Company generated adjusted FFO of approximately $1.9 million during the third quarter 2012, an increase of 127.7 percent or approximately $1.1 million over the third quarter 2011.

Andrew M. Sims, Chairman and Chief Executive Officer of MHI Hospitality Corporation, commented, “Our strong operating performance continued in the third quarter with robust year-over-year increases in RevPAR, Hotel EBITDA and Adjusted EBITDA. We more than doubled Adjusted FFO from the prior year’s third quarter, representing a 127.7% increase. We continued the process of restructuring our balance sheet by securing a new loan on our Jacksonville property with favorable terms. Overall, we had a very strong quarter.”

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