|($'s in millions except per share/unit data)|
|Net income (loss) to common shareholders||$||24.8||$||16.7||$||8.7||$||(2.5||)|
|Net income (loss) to common shareholders per diluted share||$||0.29||$||0.20||$||0.10||$||(0.03||)|
|Adjusted EBITDA (1)||$||85.3||$||67.5||$||119.3||$||92.4|
|Adjusted FFO (1)||$||61.8||$||45.0||$||79.6||$||55.0|
|FFO per diluted share/unit (1)||$||0.65||$||0.54||$||0.82||$||0.68|
|Adjusted FFO per diluted share/unit (1)||$||0.72||$||0.55||$||0.93||$||0.70|
|Hotel EBITDA Margin||37.0%||35.5%||30.8%||29.4%|
|Hotel EBITDA Margin growth||152 bps||143 bps|
|(1) See tables later in press release, which list adjustments that reconcile net income (loss) 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 (loss) later in this press release.|
- RevPAR: Room revenue per available room (“RevPAR”) for the quarter ended June 30, 2012 increased 3.8 percent to $180.14, as a result of a 5.8 percent increase in average daily rate (“ADR”) to $215.92, offset by a 2.0 percent decline in occupancy to 83.4 percent. RevPAR was impacted by renovations at Hotel Roger Williams and Le Montrose Suite Hotel and management transitions at the Donovan House and Hotel Sax Chicago. Excluding these properties, the Company’s portfolio RevPAR increased 5.9 percent for the second quarter.
- Hotel EBITDA Margin: The Company’s hotel EBITDA margin for the second quarter was 37.0 percent, a 152 basis point improvement compared to the comparable prior year period.
- Adjusted EBITDA: The Company’s adjusted EBITDA was $85.3 million, an increase of 26.4 percent over the second quarter of 2011 .
- Adjusted FFO: The Company generated second quarter adjusted FFO of $61.8 million, or $0.72 per diluted share/unit, compared to $45.0 million or $0.55 per diluted share/unit for the comparable prior year period, an increase of 30.9 percent in adjusted FFO per diluted share/unit.
- Capital Markets: The Company completed the following capital markets initiatives during the second quarter:
- The Company sold 641,069 common shares through its ATM program at an average net price of $27.03 per share for net proceeds of $17.3 million.
- On May 16, 2012, the Company entered into a new $177.5 million unsecured loan with a seven-year term maturing on May 16, 2019. The term loan’s interest rate will be 3.87 percent when the Company’s leverage ratio is between 4.0 and 4.75 times.
- On May 21, 2012, the Company redeemed all 7.5% Series D Cumulative Redeemable Preferred Shares and 8.0% Series E Cumulative Redeemable Preferred Shares. Total combined redemption value for the Series D and E Preferred Shares was approximately $166.8 million.
- Capital Investments: The Company invested $16.7 million of capital in its hotels, including the following projects:
- The completion of the 33 guestroom and public space expansion at Hotel Amarano Burbank;
- The completion of the guestroom, corridor and lobby renovation of Hotel Roger Williams in Manhattan; and
- The continuation of the guestroom renovation of Le Montrose Suite Hotel in West Hollywood, which has since been completed.
- Dividends: On April 18, 2012, the Company declared a second quarter 2012 dividend of $0.20 per common share of beneficial interest.