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LaSalle Hotel Properties Provides Preliminary Fourth Quarter And Full Year 2013 Results

Stocks in this article: LHO

LaSalle Hotel Properties (NYSE: LHO) today announced preliminary results for the fourth quarter and year ended December 31, 2013. The Company’s preliminary results are as follows:

       
Fourth Quarter Year-to-Date
2013

2012

2013 2012
($'s in millions except per share/unit data)
 

Portfolio excluding Park Central Hotel

RevPAR $ 157.05 $ 149.24 $ 167.39 $ 158.48
RevPAR growth 5.2% 5.6%
Hotel EBITDA Margin 29.9% 32.3%
Hotel EBITDA Margin growth 142bps 84bps
 

Entire Portfolio (Including Park Central Hotel)

RevPAR $ 163.96 $ 158.78 $ 167.62 $ 163.10
RevPAR growth 3.3% 2.8%
Hotel EBITDA Margin 30.6% 32.2%
Hotel EBITDA Margin growth 20bps 19bps
 
Total Revenue $ 252.0 $ 215.7 $ 977.3 $ 867.1
EBITDA (1) $ 68.0 $ 62.3 $ 290.0 $ 253.5
Adjusted EBITDA (1) $ 72.9 $ 62.2 $ 300.1 $ 263.2
FFO (1) $ 51.2 $ 41.4 $ 214.9 $ 169.6
Adjusted FFO (1) $ 56.1 $ 41.3 $ 224.9 $ 179.3
FFO per diluted share/unit (1) $ 0.50 $ 0.47 $ 2.20 $ 1.97
Adjusted FFO per diluted share/unit (1) $ 0.55 $ 0.47 $ 2.31 $ 2.08
Net income attributable to common shareholders $ 14.3 $ 10.0 $ 70.6 $ 45.1
Net income attributable to common shareholders per diluted share $ 0.14 $ 0.11 $ 0.72 $ 0.52
 

(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 and adjusted FFO per share/unit. EBITDA, adjusted EBITDA, FFO, FFO per share/unit, adjusted FFO and adjusted FFO per share/unit are non-GAAP financial measures. See further discussion of these non-GAAP measures and reconciliations to net income later in this press release.

“We are very pleased with our results during the fourth quarter as well as the full year 2013,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “Our portfolio delivered another year of excellent performance, achieving new portfolio records in average daily rate, occupancy, RevPAR and hotel EBITDA margins and we remain encouraged that there is still substantial room to grow.”

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