This Day On The Street
Continue to site
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

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.

  • 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.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs