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LaSalle Hotel Properties Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: LHO

LaSalle Hotel Properties (NYSE: LHO) today announced results for the fourth quarter and year ended December 31, 2012. The Company’s results include the following:

Fourth Quarter Year-to-Date
2012 2011 2012 2011
($'s in millions except per share/unit data)
Total Revenue $ 215.7 $ 179.0 $ 867.1 $ 719.0
Net income to common shareholders $ 10.0 $ 0.6 $ 45.1 $ 12.9
Net income to common shareholders per diluted share $ 0.11 $ 0.01 $ 0.52 $ 0.16
EBITDA (1) $ 62.3 $ 47.1 $ 253.5 $ 201.0
Adjusted EBITDA (1) $ 62.2 $ 49.2 $ 263.2 $ 204.4
FFO (1) $ 41.4 $ 28.2 $ 169.6 $ 123.3
Adjusted FFO (1) $ 41.3 $ 30.3 $ 179.3 $ 127.7
FFO per diluted share/unit (1) $ 0.47 $ 0.34 $ 1.97 $ 1.52
Adjusted FFO per diluted share/unit (1) $ 0.47 $ 0.36 $ 2.08 $ 1.57
RevPAR $ 154.88 $ 149.25 $ 160.38 $ 153.39
RevPAR growth 3.8 % 4.6 %
Hotel EBITDA Margin 30.6 % 30.7 % 32.1 % 31.0 %
Hotel EBITDA Margin growth -17 bps 113 bps


(1) See tables later in press release, which list adjustments that reconcile net income to earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, funds from operations ("FFO"), FFO per share/unit, adjusted FFO, adjusted FFO per share/unit and hotel EBITDA. EBITDA, adjusted EBITDA, FFO, FFO per share/unit, adjusted FFO, adjusted FFO per share/unit and hotel EBITDA are non-GAAP financial measures. See further discussion of these non-GAAP measures and reconciliations to net income later in this press release.

Fourth Quarter Highlights

  • RevPAR: Room revenue per available room (“RevPAR”) for the quarter ended December 31, 2012 increased 3.8 percent to $154.88, as a result of a 3.4 percent increase in average daily rate (“ADR”) to $209.06 and a 0.3 percent increase in occupancy to 74.1 percent.
  • RevPAR excluding Washington, DC: Excluding Washington, DC, RevPAR during the fourth quarter increased 5.8 percent, comprised of a 4.9 percent improvement in ADR and a 0.9 percent increase in occupancy.
  • Hotel EBITDA Margin: The Company’s hotel EBITDA margin for the fourth quarter was 30.6 percent.
  • Adjusted EBITDA: The Company’s adjusted EBITDA was $62.2 million, an increase of 26.3 percent over the fourth quarter of 2011 .
  • Adjusted FFO: The Company generated fourth quarter adjusted FFO of $41.3 million, or $0.47 per diluted share/unit, compared to $30.3 million or $0.36 per diluted share/unit for the comparable prior year period. Adjusted FFO per share/unit increased 30.6 percent.
  • Acquisitions: The Company acquired L’Auberge Del Mar in Del Mar, California for $76.9 million. The Company also acquired a majority interest in The Liberty Hotel in Boston, Massachusetts through a joint venture with the original developer and co-owner, an entity controlled by Dick Friedman of Carpenter & Company, Inc. The total value of the Liberty transaction was $170.0 million.
  • Capital Markets: On December 19, 2012, the Company sold 9,200,000 common shares of beneficial interest, including the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $23.70 per share. The majority of the offering’s $209.1 million of net proceeds were used to acquire a majority interest in The Liberty Hotel.
  • Capital Investments: The Company invested $19.0 million of capital in its hotels, including the commencement of the renovation of the Park Central Hotel and WestHouse in Manhattan and Hotel Monaco San Francisco.
  • Dividends: On December 14, 2012, the Company declared a fourth quarter 2012 dividend of $0.20 per common share of beneficial interest.
  • Election of Board Member: The Company announced that Denise Coll has been elected to the Company’s Board of Trustees, effective March 2, 2013.

“We are very proud of our accomplishments during the fourth quarter and for the entire year 2012,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “Our portfolio delivered another year of outstanding performance, setting portfolio records in average daily rate, occupancy, RevPAR and hotel EBITDA margins, resulting in substantial adjusted corporate EBITDA and adjusted FFO per share growth.”

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