|Three months ended||Year ended|
|December 31, 2011||December 31, 2010||December 31, 2011||December 31, 2010|
|($ in thousands except per share data)|
|Net loss attributable to the Company||(2,556||)||(854||)||(4,844||)||(2,383||)|
|Net loss per diluted share attributable to the Company||$||(0.26||)||$||(0.09||)||$||(0.50||)||$||(0.25||)|
|FFO per diluted share and unit||(0.07||)||0.09||0.23||0.46|
|Adjusted FFO per diluted share and unit||0.05||0.07||0.43||0.41|
|(*) Earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, hotel EBITDA, funds from operations (“FFO”), adjusted FFO, FFO per share and adjusted FFO per share 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.|
- Common Dividends. Consistent with the Company’s announcement in July 2011 that it has reinstated payment of quarterly dividends on its common stock, the Company declared another quarterly dividend (distribution) of $0.02 per common share (and unit), payable on April 11, 2012 to stockholders (and unitholders) of record as of March 15, 2012.
- RevPAR. Room revenue per available room (“RevPAR”) for the Company’s wholly-owned properties increased 5.3 percent over the fourth quarter 2010 to $66.75 driven by a 5.1 percent increase in average daily rate (“ADR”). For the year 2011, RevPAR increased 5.8 percent over 2010 to $72.94.
- Hotel EBITDA. The Company generated hotel EBITDA of approximately $4.0 million during the fourth quarter 2011, bringing its annual total hotel EBITDA to $18.7 million, an increase of approximately $1.1 million over 2010.
- Adjusted EBITDA. The Company generated adjusted EBITDA of approximately $3.6 million during the fourth quarter 2011, bringing its total annual adjusted EBITDA to approximately $17.1 million, an increase of approximately $1.5 million over 2010.
- Adjusted FFO. The Company generated adjusted FFO of approximately $0.6 million during the fourth quarter 2011 and approximately $5.6 million for the year 2011, an increase of approximately $0.3 million over adjusted FFO for 2010.
- Capital Expenditures. In 2011, the Company invested approximately $6.0 million of capital throughout its portfolio, including approximately $3.0 million at its property in Raleigh, North Carolina, which became the Doubletree by Hilton Brownstone-University during the fourth quarter 2011.