Ashford Prime Reports Fourth Quarter And Year End 2013 Results
PR Newswire Association LLC |
FINANCIAL AND OPERATING HIGHLIGHTS
- During the quarter, the Company completed its spin-off from
Ashford Trust and began trading under the ticker symbol "AHP" onNovember 20, 2013 , on theNew York Stock Exchange - RevPAR for Ashford Prime hotels not under renovation increased 10.1% during the quarter
- RevPAR for all Ashford Prime hotels increased 6.9% during the quarter
- Due to Marriott's change to calendar reporting in 2013, the prior year fourth quarter included twenty more days than the fourth quarter 2013 which significantly impacted year over year comparisons; 6 of the initial 8 hotels are managed by Marriott
- Adjusted EBITDA was
$10.7 million for the quarter compared to$14.2 million in the prior year quarter - Net loss attributable to common shareholders for the Company was
$11.4 million , or$0.71 per diluted share, compared with net loss attributable to common shareholders of$1.0 million , or$0.06 per diluted share, in the prior-year quarter - Adjusted funds from operations (AFFO) for the Company was
$0.09 per diluted share for the quarter as compared with$0.23 from the prior-year quarter - In connection with the spin-off, Ashford Prime entered into a new
$150 million secured credit facility, with the opportunity to expand the borrowing capacity's aggregate size up to$300 million - On
February 24th , Ashford Prime announced that it closed on the acquisition of the 415-roomSofitel Chicago Water Tower for a total consideration of$153 million in cash ($369,000 per key) and financed it with an$80 million mortgage - The Company expects to complete the acquisition of the 142-room
Pier House Resort fromAshford Trust onFebruary 28, 2014 for a total consideration of$92.7 million ($653,000 per key) - At the end of the fourth quarter 2013, the Company had total net working capital of
$145 million - Subsequent to quarter end, the Company completed its underwritten public offering of 8,000,000 shares of common stock at a price of
$16.50 per share; with the underwriters fully exercising their option to purchase an additional 1,200,000 shares for total gross proceeds of$151.8 million
CAPITAL EXPENDITURES
- Capex invested in the quarter for the Ashford Prime Portfolio was
$7.1 million - For the full-year 2013, capex invested in the Ashford Prime Portfolio was
$24.5 million
CAPITAL STRUCTURE
At
On
In connection with the spin-off, Ashford Prime entered into a new
Ashford Prime is externally advised by
Subsequent to the end of the fourth quarter, on
On
The Company expects to close its acquisition of the
PORTFOLIO REVPAR
As of
- Pro forma RevPAR increased 6.9% to
$134.12 for all hotels in the Ashford Prime Portfolio on a 5.5% increase in ADR and a 93 basis point increase in occupancy - Pro forma RevPAR increased 10.1% to
$143.48 for hotels not under renovation in the Ashford Prime Portfolio 4.9% increase in ADR and a 354 basis point increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year <location>Hotel EBITDA and
COMMON STOCK DIVIDEND
On
The Board also approved the Company's dividend policy for 2014. The Company expects to pay a quarterly cash dividend of
"We are pleased to report our fourth quarter 2013 results, which demonstrate strong RevPAR growth and solid performance in all our operating metrics. Additionally, we have taken steps to increase our liquidity position such as our new secured credit facility and recent public offering, which gives us more dry powder to continue building out the Ashford Prime portfolio," commented
INVESTOR CONFERENCE CALL AND SIMULCAST
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2013 earnings release conference call. The live broadcast of
Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and
Follow Chairman and CEO
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Prime's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Prime's filings with the
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
|
|||||||
COMBINED CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands, except share amounts) |
|||||||
|
|
||||||
2013 |
2012 |
||||||
(Unaudited) |
|||||||
ASSETS |
|||||||
Cash and cash equivalents |
$ 143,776 |
$ 20,313 |
|||||
Investment in hotel properties, net |
765,326 |
771,936 |
|||||
Restricted cash |
5,951 |
16,891 |
|||||
Accounts receivable, net of allowance of |
7,029 |
5,892 |
|||||
Inventories |
318 |
304 |
|||||
Note receivable |
8,098 |
8,098 |
|||||
Deferred costs, net |
4,064 |
2,064 |
|||||
Prepaid expenses |
1,558 |
1,402 |
|||||
Other assets |
4,501 |
1,518 |
|||||
Intangible asset, net |
2,631 |
2,721 |
|||||
Due from third-party hotel managers |
18,480 |
16,141 |
|||||
Total assets |
$ 961,732 |
$ 847,280 |
|||||
LIABILITIES AND EQUITY |
|||||||
Liabilities: |
|||||||
Indebtedness |
$ 621,882 |
$ 570,809 |
|||||
Accounts payable and accrued expenses |
16,604 |
18,109 |
|||||
Dividends payable |
1,245 |
- |
|||||
Unfavorable management contract liabilities |
474 |
633 |
|||||
Intangible liability, net |
3,795 |
3,852 |
|||||
Due to related parties, net |
13,030 |
- |
|||||
Due to third-party hotel managers |
649 |
585 |
|||||
Other liabilities |
926 |
914 |
|||||
</td> | |||||||
Total liabilities |
658,605 |
594,902 |
|||||
Redeemable noncontrolling interests in operating partnership |
159,726 |
- |
|||||
Equity: |
|||||||
Common stock, |
|||||||
issued and outstanding at |
161 |
- |
|||||
Additional paid-in capital |
246,928 |
272,376 |
|||||
Accumulated deficit |
(101,062) |
(32,513) |
|||||
Total shareholders' equity of the Company |
146,027 |
239,863 |
|||||
Noncontrolling interest in consolidated entity |
(2,626) |
<span class="prnews_span">12,515 |
|||||
Total equity |
143,401 |
252,378 |
|||||
Total liabilities and equity |
$ 961,732 |
$ 847,280 |
|||||
|
||||||||||
COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||
(in thousands, except per share amounts) |
||||||||||
Three Months Ended |
Year Ended |
|||||||||
December 31, |
December 31, |
|||||||||
2013 |
2012 |
2013 |
2012 |
|||||||
(Unaudited) |
(Unaudited) |
|||||||||
REVENUE |
||||||||||
Rooms |
$ 38,818 |
$ 43,757 |
$ 171,670 |
$ 160,811 |
||||||
Food and beverage |
13,036 |
14,635 |
50,835 |
50,784 |
||||||
Other |
3,232 |
2,766 |
10,969 |
9,593 |
||||||
Total hotel revenue |
55,086 |
61,158 |
233,474 |
221,188 |
||||||
Other |
22 |
- |
22 |
- |
||||||
Total Revenue |
55,108 |
61,158 |
233,496 |
221,188 |
||||||
EXPENSES |
||||||||||
Hotel operating expenses |
||||||||||
Rooms |
9,698 |
10,335 |
39,881 |
37,001 |
||||||
Food and beverage |
8,371 |
9,530 |
33,694 |
33,377 |
||||||
Other expenses |
15,180 |
16,617 |
61,779 |
59,013 |
||||||
Management fees |
2,348 |
2,660 |
9,999 |
9,360 |
||||||
Total hotel operating expenses |
35,597 |
39,142 |
145,353 |
138,751 |
||||||
Property taxes, insurance and other |
3,048 |
2,600 |
11,753 |
10,236 |
||||||
Depreciation and amortization |
7,998 |
7,352 |
30,862 |
29,549 |
||||||
Advisory services fee |
1,047 |
- |
1,047 |
- |
||||||
Transaction costs |
13,577 |
- |
13,577 |
- |
||||||
Corporate, general and administrative: |
||||||||||
Stock/unit-based compensation |
900 |
965 |
5,204 |
4,503 |
||||||
Other general and administrative |
1,372 |
1,887 |
6,290 |
6,343 |
||||||
Total operating expenses |
63,539 |
51,946 |
214,086 |
189,382 |
||||||
OPERATING INCOME |
(8,431) |
9,212 |
19,410 |
31,806 |
||||||
Interest income |
4 |
10 |
23 |
29 |
||||||
Interest expense |
(8,239) |
(7,509) |
(32,266) |
(29,991) |
||||||
Amortization of loan costs |
(201) |
(313) |
(745) |
(1,253) |
||||||
Write-off of loan costs and exit fees |
- |
- |
(1,971) |
- |
||||||
Unrealized loss on derivatives |
(5) |
- |
(36) |
- |
||||||
LOSS BEFORE INCOME TAXES |
(16,872) |
1,400 |
(15,585) |
591 |
||||||
Income tax expense |
(88) |
(1,097) |
(2,343) |
(4,384) |
||||||
NET LOSS |
(16,960) |
303 |
(17,928) |
(3,793) |
||||||
Income from consolidated entity attributable to noncontrolling interest |
(1,509) |
(1,223) |
(934) |
(752) |
||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
7,080 |
- |
7,080 |
- |
||||||
NET LOSS ATTRIBUTABLE TO THE COMPANY |
(11,389) |
(920) |
(11,782) |
(4,545) |
||||||
LOSS PER SHARE – BASIC AND DILUTED |
||||||||||
Basic: |
||||||||||
Net loss attributable to common shareholders |
$ (0.71) |
$ (0.06) |
$ (0.73) |
$ (0.28) |
||||||
Weighted average common shares outstanding – basic |
16,045 |
<br /> |
16,045 |
16,045 |
16,045 |
|||||
Diluted: |
||||||||||
Net loss attributable to common shareholders |
$ (0.71) |
$ (0.06) |
$ (0.73) |
$ (0.28) |
||||||
Weighted average common shares outstanding – diluted |
16,045 |
16,045 |
16,045 |
16,045 |
||||||
Dividends declared per common share: |
$ 0.05 |
$ - |
$ 0.05 |
$ - |
||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||
RECONCILIATION OF NET LOSS TO EBITDA |
|||||||||
(in thousands) |
|||||||||
(Unaudited) |
|||||||||
Three Months Ended |
Year Ended |
||||||||
December 31, |
December 31, |
||||||||
2013 |
2012 |
2013 |
2012 |
||||||
Net income (loss) |
$ (16,960) |
$ 303 |
$ (17,928) |
$ (3,793) |
|||||
Income from consolidated entities attributable to noncontrolling interests |
(1,509) |
(1,223) |
(934) |
(752) |
|||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
7,080 |
- |
7,080 |
- |
|||||
Net loss attributable to the Company |
(11,389) |
(920) |
(11,782) |
(4,545) |
|||||
Interest income |
(4) |
(10) |
(22) |
(28) |
|||||
Interest expense and amortization of loan costs |
7,964 |
7,490 |
31,182 |
29,917 |
|||||
Depreciation and amortization |
7,193 |
6,613 |
27,691 |
26,625 |
|||||
Income tax expense |
88 |
1,097 |
2,343 |
4,384 |
|||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
(7,080) |
- |
(7,080) |
- |
|||||
EBITDA |
(3,228) |
14,270 |
42,332 |
56,353 |
|||||
Amortization of unfavorable management contract liabilities |
(40) |
(49) |
(120) |
(158) |
|||||
Write-off of loan costs and exit fees |
- |
- |
1,971 |
- |
|||||
Transaction costs |
13,577 |
- |
13,750 |
||||||
Unrealized loss on derivatives |
5 |
- |
36 |
- |
|||||
Modification of rent terms |
- |
- |
539 |
- |
|||||
Equity-based compensation (1) |
342 |
- |
342 |
- |
|||||
Adjusted EBITDA |
$ 10,656 |
$ 14,221 |
$ 58,850 |
$ 56,195 |
|||||
(1) |
Represents equity-based compensation expense related to stock grants issued subsequent to the spin-off. |
||||||||
RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS ("FFO") |
|||||||||
(in thousands, except per share amounts) |
|||||||||
(Unaudited) |
|||||||||
Three Months Ended |
Year Ended |
||||||||
December 31, |
December 31, |
||||||||
2013 |
2012 |
2013 |
2012 |
||||||
Net income (loss) |
$ (16,960) |
$ 303 |
$ (17,928) |
$ (3,793) |
|||||
Income from consolidated entities attributable to noncontrolling interests |
(1,509) |
(1,223) |
(934) |
(752) |
|||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
7,080 |
- |
7,080 |
- |
|||||
Net loss attributable to common shareholders |
(11,389) |
(920) |
(11,782) |
(4,545) |
|||||
Depreciation and amortization on real estate |
7,193 |
6,613 |
27,691 |
26,625 |
|||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
(7,080) |
- |
(7,080) |
- |
|||||
FFO available to common shareholders |
(11,276) |
5,693 |
8,829 |
22,080 |
|||||
Unrealized loss on derivatives |
5 |
- |
36 |
- |
|||||
Transaction costs |
13,577 |
- |
13,750 |
- |
|||||
Write-off of loan costs and exit fees |
- |
- |
1,971 |
- |
|||||
Modification of rent terms |
- |
<span class="prnews_span">- |
539 |
- |
|||||
Adjusted FFO available to common shareholders |
$ 2,306 |
$ 5,693 |
$ 25,125 |
$ 22,080 |
|||||
Adjusted FFO per diluted share available to common shareholders |
$ 0.09 |
$ 0.23 |
$ 1.01 |
$ 0.89 |
|||||
Weighted average diluted shares |
24,905 |
24,905 |
24,905 |
24,905 |
|||||
|
||||||||||||||
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS |
||||||||||||||
|
||||||||||||||
(dollars in thousands) |
||||||||||||||
(Unaudited) |
||||||||||||||
Proforma |
Proforma |
|||||||||||||
Fixed-Rate |
Floating-Rate |
Total |
TTM Hotel |
TTM EBITDA |
||||||||||
Indebtedness |
Maturity |
Interest Rate |
Debt |
Debt |
Debt |
EBITDA |
Debt Yield |
|||||||
Senior credit facility - Various |
|
|
$ - |
$ - |
(1) |
$ - |
N/A |
N/A |
||||||
Wachovia Philly CY - 1 hotel |
|
5.91% |
34,310 |
- |
34,310 |
10,370 |
30.2% |
|||||||
Wachovia 3 - 2 hotels |
|
5.95% |
125,748 |
- |
125,748 |
17,350 |
13.8% |
|||||||
Wachovia 7 - 3 hotels |
|
5.95% |
255,886 |
- |
255,886 |
25,591 |
10.0% |
|||||||
Aareal - 2 hotels |
|
|
- |
197,840 |
197,840 |
24,595 |
12.4% |
|||||||
TIF Philly CY - 1 hotel |
|
12.85% |
8,098 |
- |
8,098 |
N/A |
N/A |
|||||||
Total |
$ 424,042 |
$ 197,840 |
$ 621,882 |
$ 77,906 |
12.5% |
|||||||||
Percentage |
68.2% |
31.8% |
100.0% |
|||||||||||
Weighted average interest rate |
6.08% |
3.67% |
5.31% |
|||||||||||
All indebtedness is non-recourse. |
||||||||||||||
(1) This credit facility has two one-year extension options subject to advance notice, certain conditions and a 0.25% extension fee beginning |
||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. |
||||||||||||||||
INDEBTEDNESS BY MATURITY |
||||||||||||||||
DECEMBER 31, 2013 |
||||||||||||||||
(in thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
2014 |
2015 |
2016 |
2017 |
2018 |
Thereafter |
Total |
||||||||||
Senior credit facility - Various |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||||||
Wachovia Philly CY - 1 hotel |
- |
- |
- |
32,532 |
- |
- |
32,532 |
|||||||||
Wachovia 3 - 2 hotels |
- |
- |
- |
119,245 |
- |
- |
119,245 |
|||||||||
Wachovia 7 - 3 hotels |
- |
- |
- |
242,201 |
- |
- |
242,201 |
|||||||||
Aareal - 2 hotels |
- |
- |
- |
- |
186,259 |
- |
186,259 |
|||||||||
TIF Philly CY - 1 hotel |
- |
- |
- |
- |
8,098 |
- |
8,098 |
|||||||||
Principal due in future periods |
$ - |
$ - |
$ - |
$ 393,978 |
$ 194,357 |
$ - |
$ 588,335 |
|||||||||
Scheduled amortization payments remaining |
8,403 |
8,917 |
9,464 |
6,233 |
530 |
- |
33,547 |
|||||||||
Total indebtedness of continuing operations |
$ 8,403 |
$ 8,917 |
$ 9,464 |
$ 400,211 |
$ 194,887 |
$ - |
$ 621,882 |
|||||||||
|
|||||||||||||
KEY PERFORMANCE INDICATORS - PRO FORMA |
|||||||||||||
(dollars in thousands) |
|||||||||||||
(Unaudited) |
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
|
|
||||||||||||
2013 |
2012 |
% Variance |
2013 |
2012 |
% Variance |
||||||||
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: |
|||||||||||||
Room revenues (in thousands) |
$ 38,818 |
$ 35,487 |
9.39% |
$ 171,670 |
$ 160,811 |
6.75% |
|||||||
RevPAR |
$ 134.12 |
$ 125.48 |
6.89% |
$ 148.64 |
$ 140.20 |
6.02% |
|||||||
Occupancy |
72.44% |
71.51% |
0.93% |
78.40% |
77.40% |
1.00% |
|||||||
ADR |
$ 185.15 |
$ 175.47 |
5.52% |
$ 189.60 |
$ 181.13 |
4.68% |
|||||||
NOTES: |
|||||||||||||
(1) |
The above pro forma table assumes the eight hotel properties owned and included in continuing operations at |
||||||||||||
beginning of the period presented. |
|||||||||||||
(2) |
On |
||||||||||||
quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for |
|||||||||||||
all periods presented. |
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
|
|
||||||||||||
2013 |
2012 |
% Variance |
2013 |
2012 |
% Variance |
||||||||
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN |
|||||||||||||
CONTINUING OPERATIONS: |
|||||||||||||
Room revenues (in thousands) |
$ 29,620 |
$ 26,400 |
12.20% |
$ 131,348 |
$ 122,181 |
7.50% |
|||||||
RevPAR |
$ 143.48 |
$ 130.35 |
10.07% |
$ 159.60 |
$ 149.24 |
6.94% |
|||||||
Occupancy |
75.67% |
72.12% |
3.54% |
80.98% |
79.27% |
1.70% |
|||||||
ADR |
$ 189.61 |
$ 180.73 |
4.92% |
$ 197.09 |
$ 188.26 |
4.69% |
|||||||
NOTES: |
|||||||||||||
(1) |
The above pro forma table assumes the six hotel properties included in continuing operations at |
||||||||||||
three and twelve months ended |
|||||||||||||
(2) |
Excluded Hotels Under Renovation: |
||||||||||||
|
|||||||||||||
(3) |
On |
||||||||||||
quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for |
|||||||||||||
all periods presented. |
|||||||||||||
|
|||||||
PRO FORMA HOTEL OPERATING PROFIT MARGIN |
|||||||
(Unaudited) |
|||||||
THE FOLLOWING PRO FORMA EBITDA MARGIN TABLE REFLECTS THE EIGHT HOTELS INCLUDED IN THE COMPANY'S CONTINUING OPERATIONS AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD. |
|||||||
3 months Ended |
12 Months Ended |
||||||
|
|
||||||
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN: |
|||||||
2013 |
30.06% |
33.37% |
|||||
2012 |
31.27% |
33.02% |
|||||
Variance |
-1.21% |
0.35% |
|||||
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN: |
|||||||
Rooms |
-0.95% |
-0.35% |
|||||
Food & Beverage and Other Departmental |
0.71% |
0.73% |
|||||
Administrative & General |
0.12% |
0.27% |
|||||
Sales & Marketing |
0.06% |
0.25% |
|||||
Hospitality |
0.00% |
0.00% |
|||||
Repair & Maintenance |
0.00% |
0.15% |
|||||
Energy |
0.23% |
0.31% |
|||||
Franchise Fee |
0.00% |
0.00% |
|||||
Management Fee |
-0.05% |
-0.05% |
|||||
Incentive Management Fee |
-0.65% |
-0.63% |
|||||
Insurance |
0.00% |
-0.02% |
|||||
Property Taxes |
-0.56% |
||||||
Other Taxes |
0.04% |
-0.03% |
|||||
Leases/Other |
-0.16% |
-0.03% |
|||||
Total |
-1.21% |
0.35% |
|||||
NOTE: |
|||||||
On |
|||||||
|
|||||||||
Selected Pro Forma Financial and Operating Information by Property |
|||||||||
(in thousands, except operating information) |
|||||||||
The following tables present selected financial and operating information by property for the eight properties included in |
|||||||||
Three Months Ended |
Twelve Months Ended |
||||||||
|
|
||||||||
2013 |
2012 |
% Variance |
2013 |
2012 |
% Variance |
||||
CAPITAL HILTON |
|||||||||
Selected Financial Information: |
|||||||||
Room Revenue |
$ 7,962 |
$ 7,934 |
0.35% |
$ 35,945 |
$ 35,060 |
2.52% |
|||
Total Revenue |
$ 12,071 |
$ 11,404 |
5.85% |
$ 50,790 |
$ 49,162 |
3.31% |
|||
EBITDA |
$ 3,459 |
$ 3,057 |
13.15% |
$ 15,603 |
$ 15,285 |
2.08% |
|||
EBITDA Margin |
28.66% |
26.81% |
1.85% |
30.72% |
31.09% |
-0.37% |
|||
Selected Operating Information: |
|||||||||
RevPAR |
$ 159.09 |
$ 158.52 |
0.36% |
$ 181.03 |
$ 176.09 |
2.81% |
|||
Occupancy |
73.23% |
74.42% |
-1.18% |
83.66% |
82.31% |
1.35% |
|||
ADR |
$ 217.23 |
$ 213.02 </td> |
1.98% |
$ 216.40 |
$ 213.93 |
1.15% |
|||
|
|||||||||
Selected Financial Information: |
|||||||||
Room Revenue |
$ 4,371 |
$ 3,637 |
20.18% |
$ 18,949 |
$ 18,197 |
4.13% |
|||
Total Revenue |
$ 7,868 |
$ 6,832 |
15.16% |
$ 31,767 |
$ 30,934 |
2.69% |
|||
EBITDA |
$ 2,091 |
$ 1,807 |
15.72% |
$ 8,992 |
$ 8,899 |
1.05% |
|||
EBITDA Margin |
26.58% |
26.45% |
0.13% |
28.31% |
28.77% |
-0.46% |
|||
Selected Operating Information: |
|||||||||
RevPAR |
$ 120.59 |
$ 100.33 |
20.19% |
$ 131.76 |
$ 126.19 |
4.41% |
|||
Occupancy |
78.14% |
63.44% |
14.70% |
78.23% |
75.83% |
2.40% |
|||
ADR |
$ 154.33 |
$ 158.17 |
-2.43% |
$ 168.43 |
$ 166.41 |
1.22% |
|||
|
|||||||||
Selected Financial Information: |
|||||||||
Room Revenue |
$ 4,957 |
$ 5,079 |
-2.40% |
$ 23,151 |
$ 22,761 |
1.71% |
|||
Total Revenue |
$ 6,235 |
$ 6,210 |
0.40% |
$ 28,176 |
$ 27,476 |
2.55% |
|||
EBITDA |
$ 1,948 |
$ 2,109 |
-7.63% |
$ 10,370 |
$ 9,805 |
5.76% |
|||
EBITDA Margin |
31.24% |
33.96% |
-2.72% |
36.80% |
35.69% |
1.12% |
|||
Selected Operating Information: |
|||||||||
RevPAR |
$ 108.19 |
$ 114.59 |
-5.59% |
$ 126.33 |
$ 125.56 |
0.61%</span> |
|||
Occupancy |
64.64% |
71.56% |
-6.92% |
76.55% |
77.89% |
-1.34% |
|||
ADR |
$ 167.37 |
$ 160.12 |
4.53% |
$ 165.02 |
$ 161.20 |
2.37% |
|||
|
|||||||||
Selected Financial Information: |
|||||||||
Room Revenue |
$ 4,241 |
$ 4,008 |
5.81% |
$ 17,171 |
$ 15,869 |
8.20% |
|||
Total Revenue |
$ 6,342 |
$ 6,491 |
-2.30% |
$ 25,914 |
$ 25,330 |
2.31% |
|||
EBITDA |
$ 2,139 |
$ 2,112 |
1.28% |
$ 8,711 |
$ 8,391 |
3.81% |
|||
EBITDA Margin |
33.73% |
32.54% |
1.19% |
33.62% |
33.13% |
0.49% |
|||
Selected Operating Information: |
|||||||||
RevPAR |
$ 114.10 |
$ 111.47 |
2.36% |
$ 115.49 |
$ 107.91 |
7.02% |
|||
Occupancy |
64.11% |
67.99% |
-3.88% |
66.40% |
66.37% |
0.02% |
|||
ADR |
$ 177.98 |
$ 163.95 |
8.56% |
$ 173.95 |
$ 162.59 |
6.98% |
|||
|
|||||||||
Selected Financial Information: |
|||||||||
Room Revenue |
$ 7,271 |
$ 5,899 |
23.26% |
$ 29,895 |
$ 26,043 |
14.79% |
|||
Total Revenue |
$ 8,478 |
$ 6,846 |
23.84% |
$ 34,667 |
$ 30,233 |
14.67% |
|||
EBITDA |
$ 2,320 |
$ 2,384 |
-2.68% |
$ 11,937 |
$ 10,135 |
17.78% |
|||
EBITDA Margin |
27.36% |
34.82% |
-7.46% |
34.43% |
33.52% |
0.91% |
|||
Selected Operating Information: </td> | |||||||||
RevPAR |
$ 195.15 |
$ 163.67 |
19.23% |
$ 200.58 |
$ 176.66 |
13.54% |
|||
Occupancy |
83.31% |
80.49% |
2.81% |
88.39% |
85.36% |
3.03% |
|||
ADR |
$ 234.26 |
$ 203.33 |
15.21% |
$ 226.92 |
$ 206.95 |
9.65% |
|||
|
|||||||||
Selected Financial Information: |
|||||||||
Room Revenue |
$ 2,336 |
$ 2,056 |
13.62% |
$ 11,239 |
$ 9,739 |
15.40% |
|||
Total Revenue |
$ 2,786 |
$ 2,458 |
13.34% |
$ 13,129 |
$ 11,423 |
14.93% |
|||
EBITDA |
$ 1,165 |
$ 959 |
21.48% |
$ 5,413 |
$ 4,859 |
11.40% |
|||
EBITDA Margin |
41.82% |
39.02% |
2.80% |
41.23% |
42.54% |
-1.31% |
|||
Selected Operating Information: |
|||||||||
RevPAR |
$ 101.55 |
$ 92.42 |
9.88% |
$ 122.16 |
$ 107.02 |
14.15% |
|||
Occupancy |
72.94% |
68.70% |
4.24% |
75.96% |
72.03% |
3.93% |
|||
ADR |
$ 139.23 |
$ 134.53 |
3.49% |
$ 160.83 |
$ 148.58 |
8.25% |
|||
|
|||||||||
Selected Financial Information: |
|||||||||
Room Revenue |
$ 4,673 |
$ 4,158 |
12.39% |
$ 22,456 |
$ 20,282 |
10.72% |
|||
Total Revenue |
$ 6,420 |
$ 5,776 |
11.15% |
$ 29,635 |
$ 27,195 |
8.97% |
|||
EBITDA |
$ 2,135 |
$ 2,213 |
-3.52% |
$ 11,815 |
$ 10,521 |
12.30% |
|||
EBITDA Margin |
33.26% |
38.31% |
-5.06% |
39.87% |
38.69% |
1.18% |
|||
Selected Operating Information: |
|||||||||
RevPAR |
$ 141.90 |
$ 130.50 |
8.74% |
$ 170.45 |
$ 155.64 |
9.52% |
|||
Occupancy |
70.56% |
71.49% |
-0.93% |
77.80% |
77.69% |
0.11% |
|||
ADR |
$ 201.11 |
$ 182.54 |
10.17% |
$ 219.09 |
$ 200.34 |
9.36% |
|||
|
|||||||||
Selected Financial Information: |
|||||||||
Room Revenue |
$ 3,007 |
$ 2,716 |
10.71% |
$ 12,865 |
$ 12,860 |
0.04% |
|||
Total Revenue |
$ 4,886 |
$ 4,332 |
12.79% |
$ 19,397 |
$ 19,435 |
-0.20% |
|||
EBITDA |
$ 1,301 |
$ 1,103 |
17.95% |
$ 5,065 |
$ 5,144 |
-1.54% |
|||
EBITDA Margin |
26.63% |
25.46% |
1.17% |
26.11% |
26.47% |
-0.36% |
|||
Selected Operating Information: |
|||||||||
RevPAR |
$ 111.55 |
$ 104.14 |
7.12% |
$ 119.31 |
$ 120.57 |
-1.05% |
|||
Occupancy |
74.88% |
71.93% |
2.94% |
77.63% |
77.95% |
-0.32% |
|||
ADR |
$ 148.97 |
$ 144.78 |
2.90% |
$ 153.70 |
$ 154.68 |
-0.64% |
|||
PRIME PROPERTIES TOTAL (8) |
|||||||||
Selected Financial Information: |
|||||||||
Room Revenue |
$ 38,818 |
$ 35,487 |
9.39% |
$ 171,670 |
$ 160,811 |
6.75% |
|||
Total Revenue |
$ 55,087 |
$ 50,349 |
9.41% |
$ 233,475 |
$ 221,188 |
5.56% |
|||
EBITDA |
$ 16,558 |
$ 15,743 |
5.18% |
$ 77,906 |
$ 73,039 |
6.66% |
|||
EBITDA Margin |
30.06% |
31.27% |
-1.21% |
33.37% |
33.02% |
0.35% |
|||
Selected Operating Information: |
|||||||||
RevPAR |
$ 134.12 |
$ 125.48 |
6.89% |
$ 148.64 |
$ 140.20 |
6.02% |
|||
Occupancy |
72.44% |
71.51% |
0.93% |
78.40% |
77.40% |
1.00% |
|||
ADR |
$ 185.15 |
$ 175.47 |
5.52% |
$ 189.60 |
$ 181.13 |
4.68% |
|||
ASHFORD HOSPITALITY PRIME, INC. |
|||||||||||||
PRO FORMA HOTEL OPERATING PROFIT |
|||||||||||||
(dollars in thousands) |
|||||||||||||
(Unaudited) |
|||||||||||||
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: |
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
December 31, |
December 31, |
||||||||||||
2013 |
2012 |
% Variance |
2013 |
2012 |
% Variance |
||||||||
REVENUE |
|||||||||||||
Rooms |
$ 38,818 |
$ 35,487 |
9.4% |
$ 171,670 |
$ 160,811 |
6.8% |
|||||||
Food and beverage |
13,037 |
12,613 |
3.4% |
50,836 |
50,784 |
0.1% |
|||||||
Other |
3,232 |
2,249 |
43.7% |
10,969 |
9,593 |
14.3% |
|||||||
Total hotel revenue |
55,087 |
50,349 |
9.4% |
233,475 |
221,188 |
5.6% |
|||||||
EXPENSES |
|||||||||||||
Rooms |
9,698 |
8,387 |
15.6% |
39,881 |
37,001 |
7.8% |
|||||||
Food and beverage |
8,371 |
8,031 |
4.2% |
33,694 |
33,377 |
0.9% |
|||||||
Other direct |
968 |
864 |
12.0% |
4,099 |
4,035 |
1.6% |
|||||||
Indirect |
13,287 |
12,269 |
8.3% |
53,549 |
52,846 |
1.3% |
|||||||
Management fees, includes base and incentive fees |
3,161 |
2,538 |
24.5% |
12,855 |
10,665 |
20.5% |
|||||||
Total hotel operating expenses |
35,485 |
32,089 |
10.6% |
144,078 |
137,924 |
4.5% |
|||||||
Property taxes, insurance, and other |
3,044 |
2,517</p> |
20.9% |
11,491 |
10,225 |
12.4% |
|||||||
HOTEL OPERATING PROFIT ( |
16,558 |
15,743 |
5.2% |
77,906 |
73,039 |
6.7% |
|||||||
Hotel EBITDA Margin |
30.06% |
31.27% |
-1.21% |
33.37% |
33.02% |
0.35% |
|||||||
Minority interest in earnings of consolidated joint ventures |
1,387 |
1,216 |
14.1% |
6,149 |
6,046 |
1.7% |
|||||||
HOTEL OPERATING PROFIT ( |
<br /> | ||||||||||||
excluding minority interest in joint ventures |
$ 15,171 |
$ 14,527 |
4.4% |
$ 71,757 |
$ 66,993 |
7.1% |
|||||||
NOTES: |
|||||||||||||
(1) |
The above pro forma table assumes the eight hotel properties owned and included in continuing operations at |
||||||||||||
beginning of the periods presented. |
|||||||||||||
(2) |
On |
||||||||||||
quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for |
|||||||||||||
all periods presented. |
|||||||||||||
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: |
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
December 31, |
December 31, |
||||||||||||
2013 |
2012 |
% Variance |
2013 |
2012 |
% Variance |
||||||||
REVENUE |
|||||||||||||
Rooms |
$ 29,620 |
$ 26,400 |
12.2% |
$ 131,348 |
$ 122,181 |
7.5% |
|||||||
Food and beverage |
10,290 |
9,411 |
9.3% |
39,069 |
38,370 |
1.8% |
|||||||
Other |
2,599 |
1,837 |
41.5% |
8,968 |
7,831 |
14.5% |
|||||||
Total hotel revenue |
42,509 |
37,648 |
12.9% |
179,385 |
168,382 |
6.5% | |||||||
EXPENSES |
|||||||||||||
Rooms |
7,609 |
6,478 |
17.5% |
31,291 |
28,849 |
8.5% |
|||||||
Food and beverage |
6,794 |
6,318 |
7.5% |
26,928 |
26,399 |
2.0% |
|||||||
Other direct |
832 |
736 |
13.0% |
3,530 |
3,471 |
1.7% |
|||||||
Indirect |
9,940 |
9,006 |
10.4% |
40,138 |
39,263 |
2.2% |
|||||||
Management fees, includes base and incentive fees |
2,315 |
1,562 |
48.2% |
9,097 |
7,091 |
28.3% |
|||||||
Total hotel operating expenses |
27,490 |
24,100 |
14.1% |
110,984 |
105,073 |
5.6% |
|||||||
Property taxes, insurance, and other |
2,548 |
2,025 |
25.8% |
9,576 |
8,466 |
13.1% |
|||||||
HOTEL OPERATING PROFIT ( |
12,471 |
11,523 |
8.2% |
58,825 |
54,843 |
7.3% |
|||||||
Hotel EBITDA Margin |
29.34% |
30.61% |
-1.27% |
32.79% |
32.57% |
0.22% |
|||||||
Minority interest in earnings of consolidated joint ventures |
1,387 |
1,216 |
14.1% |
6,149 |
6,046 |
1.7% |
|||||||
HOTEL OPERATING PROFIT ( |
|||||||||||||
excluding minority interest in joint ventures |
$ 11,084 |
$ 10,307 |
7.5% |
$ 52,676 |
$ 48,797 |
7.9% |
|||||||
NOTES: |
|||||||||||||
(1) |
The above pro forma table assumes the six hotel properties owned and included in continuing operations at |
||||||||||||
three and twelve months ended |
|||||||||||||
(2) |
Excluded Hotels Under Renovation: |
||||||||||||
|
|||||||||||||
(3) |
On |
||||||||||||
quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for |
|||||||||||||
all periods presented. |
|||||||||||||
|
||||||||||||
PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS |
||||||||||||
(dollars in thousands) |
||||||||||||
(Unaudited) |
||||||||||||
THE FOLLOWING PRO FORMA SEASONALITY TABLE REFLECTS THE EIGHT HOTELS INCLUDED IN |
||||||||||||
THE COMPANY'S CONTINUING OPERATIONS AS IF THESE HOTELS WERE OWNED AT THE BEGINNING |
||||||||||||
OF THE FIRST COMPARATIVE REPORTING PERIOD. |
||||||||||||
2013 |
2013 |
2013 |
2013 |
|||||||||
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
TTM |
||||||||
Prime Portfolio |
||||||||||||
|
$ 55,087 |
$ 60,961 |
$ 63,341 |
$ 54,086 |
$ 233,475 |
|||||||
|
$ 16,558 |
$ 20,849 |
$ 23,952 |
$ 16,547 |
$ 77,906 |
|||||||
|
30.06% |
34.20% |
37.81% |
30.59% |
33.37% |
|||||||
EBITDA % of Total TTM |
21.3% |
26.8% |
30.7% |
21.2% |
100.0% |
|||||||
JV Interests in EBITDA |
$ 1,387 |
$ 1,349 |
$ 2,056 |
$ 1,357 |
$ 6,149 |
|||||||
NOTE: |
||||||||||||
On |
||||||||||||
of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma tables assume the |
||||||||||||
Marriott-managed properties were reported on calendar quarters for all periods presented. |
||||||||||||
ASHFORD HOSPITALITY PRIME, INC. |
||
TOTAL ENTERPRISE VALUE |
||
|
||
(in thousands except share price) |
||
(Unaudited) |
||
December 31, |
||
2013 |
||
End of quarter common shares outstanding |
16,129 |
|
Partnership units outstanding (common share equivalents) |
8,776 |
|
Combined common shares and partnership units outstanding |
24,905 |
|
Common stock price at quarter end |
$ |
18.20 |
Market capitalization at quarter end |
$ |
453,271 |
Debt on balance sheet date |
$ |
621,882 |
Joint venture partners' share of consolidated debt |
$ |
(49,460) |
Net working capital (see below) |
$ |
(145,266) |
Total enterprise value (TEV)* |
$ |
880,427 |
Cash & cash equivalents |
$ |
143,776 |
Restricted cash |
5,951 |
|
Accounts receivable, net |
7,029 |
|
Prepaid expenses |
1,558 |
|
Due from affiliates, net |
(13,030) |
|
Due from 3rd party hotel managers, net |
17,831 |
|
Total current assets |
$ |
163,115 |
Accounts payable, net & accrued expenses |
$ |
16,604 |
Dividends payable |
1,245 |
|
Total current liabilities |
$ |
17,849 |
Net working capital |
$ |
145,266 |
* Calculation varies from TEV in the Advisory Agreement by utilizing shares outstanding and |
||
share price at period end in lieu of average shares outstanding and average share price. |
||
In addition, the calculation above reduces TEV by |
||
|
||||||||||
Anticipated Capital Expenditures Calendar (a) |
||||||||||
<br /> | ||||||||||
2013 |
2014 |
|||||||||
Rooms |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
||
Actual |
Actual |
Actual |
Actual |
Estimated |
Estimated |
Estimated |
Estimated |
|||
Hilton LaJolla Torrey Pines |
394 |
x |
x |
|||||||
|
404 |
x |
x |
x |
x |
|||||
Courtyard Philadelphia Downtown |
498 |
x |
x |
|||||||
|
358 |
x |
x |
|||||||
Renaissance |
293 |
x |
x |
|||||||
Courtyard |
250 |
x |
||||||||
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2013-2014 are included in this table. |
||||||||||
SOURCE
Wordcount: | 7910 |
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