Balance Sheet and Capital Structure
On May 18, 2012, the Company refinanced two loans and structured in their place one first mortgage loan totaling $85.0 million. The loan has a base term of four years and a one-year extension option. The loan requires payments of interest only during the base term and bears a floating rate of LIBOR plus 235 basis points.
On November 20, 2012, the Company completed a $700.0 million unsecured facility that is expandable to $1.2 billion, subject to certain conditions. It consists of a five-year and a seven-year unsecured term loan for an aggregate amount of $400.0 million and a $300.0 million unsecured revolving credit facility that replaced the Company’s prior credit facility.
As of December 31, 2012, the Company had $115.9 million of unrestricted cash on its balance sheet and $284.0 million available on its unsecured revolving credit facility. The Company had $1.4 billion of outstanding debt, including $16.0 million outstanding on its unsecured revolving credit facility. The Company’s ratio of net debt to Adjusted EBITDA for the trailing twelve month period was 4.7 times.Dividends The Company’s Board of Trustees declared a cash dividend of $0.205 per common share of beneficial interest in the fourth quarter. The dividend was paid on January 15, 2013, to shareholders of record as of December 31, 2012. For the year ended December 31, 2012, the Company distributed a total of $0.70 per common share of beneficial interest, representing an increase of 16.7% versus prior year’s annualized rate. 2013 Outlook The Company’s outlook excludes potential future acquisitions and dispositions, which could result in a material change to the Company’s outlook. The Company’s 2013 outlook is also based on a number of other assumptions, many of which are outside the Company’s control and all of which are subject to change. Pro forma operating statistics include prior owner results and assumes that the Company owned all 145 of its hotels since January 1, 2012. For the full year 2013, the Company anticipates:
|Pro forma RevPAR growth (1)||5.5% to 7.5%|
|Pro forma Hotel EBITDA Margin (1)||34.0% to 35.0%|
|Pro forma Consolidated Hotel EBITDA||$310.0M to $330.0M|
|Corporate cash general and administrative expenses||$23.5M to $24.5M|
|(1)||Pro forma RevPAR growth and Pro forma Hotel EBITDA Margin exclude one non-comparable hotel, Hotel Indigo New Orleans Garden District, which was closed and under renovation for most of 2012.|
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 Plus 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