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LaSalle Hotel Properties Reports Fourth Quarter And Full Year 2013 Results

LaSalle Hotel Properties (NYSE: LHO) today announced results for the quarter and year ended December 31, 2013. The Company’s results include the following:
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) $ 68.6 $ 62.3 $ 290.7 $ 253.5
Adjusted EBITDA (1) $ 72.9 $ 62.2 $ 300.1 $ 263.2
FFO (1) $ 51.5 $ 41.4 $ 215.2 $ 169.6
Adjusted FFO (1) $ 55.8 $ 41.3 $ 224.6 $ 179.3
FFO per diluted share/unit (1) $ 0.50 $ 0.47 $ 2.21 $ 1.97
Adjusted FFO per diluted share/unit (1) $ 0.55 $ 0.47 $ 2.30 $ 2.08
Net income attributable to common shareholders $ 14.7 $ 10.0 $ 71.0 $ 45.1
Net income attributable to common shareholders per diluted share $ 0.14 $ 0.11 $ 0.73 $ 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, 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 Results and Activities

Results excluding Park Central Hotel
  • RevPAR excluding Park Central Hotel: Room revenue per available room (“RevPAR”) for the quarter ended December 31, 2013 increased 5.2 percent to $157.05, as a result of a 3.3 percent increase in average daily rate (“ADR”) to $212.21 and a 1.9 percent increase in occupancy to 74.0 percent.
  • Hotel EBITDA Margin excluding Park Central Hotel: The Company’s hotel EBITDA margin for the fourth quarter was 29.9 percent, a 142 basis point improvement compared to the comparable prior year period.

Entire Portfolio Results
  • RevPAR: RevPAR for the quarter ended December 31, 2013 increased 3.3 percent to $163.96, as a result of a 2.5 percent increase in ADR to $218.55 and a 0.7 percent increase in occupancy to 75.0 percent.
  • Hotel EBITDA Margin: The Company’s hotel EBITDA margin for the fourth quarter was 30.6 percent, a 20 basis point increase compared to the comparable prior year period.
  • Adjusted EBITDA: The Company’s adjusted EBITDA was $72.9 million, an increase of 17.2 percent over the fourth quarter of 2012 . During the fourth quarter of 2013, the Company’s financial results were impacted by $3.3 million of EBITDA displacement from the Park Central and WestHouse renovation project.
  • Adjusted FFO: The Company generated fourth quarter adjusted FFO of $55.8 million, or $0.55 per diluted share/unit, compared to $41.3 million or $0.47 per diluted share/unit for the comparable prior year period.
  • Capital Markets: During the fourth quarter 2013, the Company sold 7,705,000 common shares of beneficial interest, including the exercise of the underwriters’ option to purchase additional shares, at a public offering price of $30.05 per share, resulting in net proceeds of $228.4 million.
  • Capital Investments: The Company invested $34.6 million of capital in its hotels, much of which pertained to the continuation of the Park Central Hotel and WestHouse renovation in New York City. During the fourth quarter, the Company also completed a guestroom renovation at Viceroy Santa Monica. Renovations were commenced at Onyx Hotel in Boston, Hilton Alexandria Old Town, as well as Hotel George and Donovan House in Washington, DC.
  • Dividends: On December 13, 2013, the Company declared a fourth quarter 2013 dividend of $0.28 per common share of beneficial interest.

“We were pleased to complete 2013 with another quarter of strong results, topping off a successful year for the Company,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “LaSalle had a solid year operationally and with respect to acquisitions and capital markets activities. We achieved new portfolio records for ADR, Occupancy, RevPAR and hotel EBITDA margins. As a result, our corporate adjusted EBITDA grew 14 percent during 2013 and AFFO per share was up 11 percent.”

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