Capital MarketsOn April 4, 2013, the joint venture that owns the Manhattan Collection successfully completed a new $50.0 million interest-only, non-recourse, secured loan at a fixed annual interest rate of 3.14 percent and a term of five years. The loan is collateralized by a first mortgage on the 242-room Affinia Dumont hotel in New York, New York. On April 11, 2013, the underwriters exercised in full their over-allotment option to purchase an additional 400,000 shares of the Company’s 6.50% Series C Cumulative Redeemable Preferred Shares, resulting in additional net proceeds of approximately $9.6 million. During the second quarter of 2013, the Company issued and sold 171,293 common shares under its ATM offering program at an average price of $28.09 per share, for total net proceeds of $4.7 million. Year-to-Date Highlights
- Same-Property RevPAR, ADR and Occupancy: Same-Property RevPAR for the six months ended June 30, 2013 increased 7.2 percent over the same period of 2012 to $177.97. Year-to-date, Same-Property ADR grew 3.9 percent from the comparable period of 2012 to $215.20, while year-to-date Same-Property Occupancy climbed 3.2 percent to 82.7 percent.
- Same-Property Hotel EBITDA: The Company’s hotels generated $71.8 million of Same-Property Hotel EBITDA for the six months ended June 30, 2013, an improvement of 10.8 percent compared with the same period of 2012. Same-Property Hotel Revenues grew 5.7 percent, while Same-Property Hotel Expenses rose 4.0 percent. As a result, Same-Property Hotel EBITDA Margin for the six months ended June 30, 2013 increased 121 basis points to 26.5 percent as compared to the same period last year.
- Adjusted EBITDA: The Company’s Adjusted EBITDA increased 38.3 percent, or $18.0 million, to $64.8 million from $46.9 million in the prior year period.
- Adjusted FFO: The Company’s Adjusted FFO climbed 50.1 percent to $38.4 million from $25.6 million in the prior year period.