Ashford Prime Reports First Quarter 2016 Results
Adjusted EBITDA Increased 32%
Adjusted Funds From Operations per Share Increased 46%
Announced Conclusion of Strategic Review Process and Strategic Initiatives to Enhance Shareholder Value
DALLAS, May 4, 2016 /PRNewswire/ -- Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") today reported the following results and performance measures for the first quarter ended March 31, 2016. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company's hotel portfolio as of March 31, 2016 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2016, with the first quarter ended March 31, 2015 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
OVERVIEW
- Focused strategy of investing in luxury hotels in resort and gateway markets
- Targets conservative leverage levels of Net Debt/EBITDA of 5.0x or less
- Highly-aligned management team and advisory structure
- Dividend yield of approximately 4.2%
FINANCIAL AND OPERATING HIGHLIGHTS
- Comparable RevPAR for all hotels increased 2.1% to $192.56 during the first quarter
- Comparable Hotel EBITDA Margin increased 90 bps to 29.5%
- Comparable Hotel EBITDA flow-through was 77%
- Adjusted EBITDA was $24.4 million, which reflected 32% growth over the prior year
- Adjusted funds from operations (AFFO) was $0.38 per diluted share for the quarter as compared with $0.26 from the prior-year quarter representing 46% growth over the prior year period
- Capex invested in the quarter was $3.4 million
CONCLUSION OF STRATEGIC REVIEW
On April 8, 2016, the Company announced that its independent directors concluded the previously announced review of strategic alternatives. This review, conducted with the support of independent financial and legal advisors, was deliberate and comprehensive in its evaluation of all potential alternatives including a sale of the Company, sales of individual assets, joint ventures, mergers, various recombination opportunities with other Ashford entities, share repurchases, and capital raising across various structures. The Company received indications of interest from a number of financial and strategic buyers to acquire the Company; however, none of the indications were at levels that the independent directors, following consultation with their independent advisor, believed would provide adequate value to stockholders.
The Ashford Prime Board is committed to maximizing long-term value for shareholders. Taking into account feedback from the investor community and the analysis completed through the strategic review process, the Company announced a number of immediate and longer-term initiatives designed to enhance value for its stockholders, which include:
- Utilizing up to $50 million to initiate a stock repurchase program;
- Amending the Company's 2016 dividend policy commencing with the second quarter by increasing the expected quarterly cash dividend for the Company's common stock by 20%, from $0.10 per diluted share to $0.12 per diluted share. This equates to an annual rate of $0.48 per diluted share, representing a 4.2% yield;
- Liquidating its investment in the AIM Real Estate Hedged Equity investment fund and utilizing the cash to fund the share repurchase plan;
- Immediately unwinding the OP Unit enfranchisement preferred equity transaction for the Company's OP unit holders, previously announced on February 2, 2016; and
- Commencing the sale process for up to four of the Company's assets that do not have the RevPAR level and product quality consistent with the long-term vision of Ashford Prime. The assets include the Courtyard Philadelphia Downtown Hotel, Courtyard Seattle Downtown Hotel, Renaissance Tampa Hotel and Marriott Legacy Center Hotel in Plano, Texas.
CAPITAL STRUCTURE
At March 31, 2016, the Company had total assets of $1.3 billion in continuing operations. As of March 31, 2016, the Company had $838 million of mortgage debt in continuing operations of which $49 million related to its joint venture partner's share of debt on the Capital Hilton and Hilton La Jolla Torrey Pines. Ashford Prime's total combined debt had a blended average interest rate of 4.7%.
PORTFOLIO REVPAR
As of March 31, 2016, the Ashford Prime portfolio consisted of direct hotel investments with 12 properties classified in continuing operations. No hotels were under renovation during the quarter.
- Comparable RevPAR increased 2.1% to $192.56 for all hotels on a 3.3% increase in ADR and a 1.2% decrease in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company's portfolio, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the twelve hotels included in continuing operations are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On March 14, 2016, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.10 per diluted share for the Company's common stock for the first quarter ending March 31, 2016, payable on April 15, 2016, to shareholders of record as of March 31, 2016.
Subsequent to quarter-end, as part of the initiatives designed to enhance shareholder value announced in conjunction with the conclusion of the strategic review, the Company announced that it will be amending its 2016 dividend policy commencing with the second quarter to increase the expected quarterly cash dividend for the Company's common stock by 20%, from $0.10 per diluted share to $0.12 per diluted share. This equates to an annual rate of $0.48 per diluted share, representing a 4.2% yield.
"We have already begun to execute on the initiatives designed to enhance value for our stockholders announced in conjunction with the conclusion of the strategic review process by engaging brokers to market the four assets that we have identified for sale. These hotels do not have the RevPAR level and product quality consistent with the long-term vision of Ashford Prime," commented Monty J. Bennett, Ashford Prime's Chairman and Chief Executive Officer. "In addition to these initiatives, our management team and the Board will continue to focus on additional opportunities to create long-term value for shareholders."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Prime, Inc. will conduct a conference call on Thursday, May 5, 2016, at 9:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-2464. A replay of the conference call will be available through Thursday, May 12, 2016, by dialing (719) 457-0820 and entering the confirmation number, 6588430.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2016 earnings release conference call. The live broadcast of Ashford Hospitality Prime's quarterly conference call will be available online at the Company's web site, www.ahpreit.com on Thursday, May 5, 2016, beginning at 9:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
Substantially all of our non-current assets consist of real estate 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 Hotel EBITDA. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. Neither FFO, AFFO, EBITDA, nor Hotel EBITDA represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, and Hotel EBITDA to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.
* * * * *
Ashford Hospitality Prime is a real estate investment trust (REIT) focused on investing in luxury hotels located in resort and gateway markets.
Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."
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. Forward-looking statements in this press release include, among others, statements about the implied share price for the Company's common stock. 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; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Prime's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.
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.
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands, except share amounts) |
|||||||
(unaudited) |
|||||||
March 31, |
December 31, |
||||||
2016 |
2015 |
||||||
ASSETS |
|||||||
Investments in hotel properties, net |
$ 1,082,812 |
$ 1,091,479 |
|||||
Cash and cash equivalents |
101,891 |
105,039 |
|||||
Restricted cash |
36,374 |
33,135 |
|||||
Accounts receivable, net of allowance of $70 and $68, respectively |
14,562 |
13,370 |
|||||
Inventories |
1,467 |
1,451 |
|||||
Note receivable |
8,098 |
8,098 |
|||||
Deferred costs, net |
550 |
755 |
|||||
Prepaid expenses |
5,056 |
3,132 |
|||||
Investment in securities investment fund |
45,715 |
48,365 |
|||||
Investment in Ashford Inc., at fair value |
8,884 |
10,377 |
|||||
Derivative assets |
4,404 |
753 |
|||||
Other assets |
3,445 |
2,543 |
|||||
Intangible asset, net |
23,080 |
23,160 |
|||||
Due from related party, net |
682 |
371 |
|||||
Due from third-party hotel managers |
12,692 |
10,722 |
|||||
Total assets |
$ 1,349,712 |
$ 1,352,750 |
|||||
LIABILITIES AND EQUITY |
|||||||
Liabilities: |
|||||||
Indebtedness, net |
$ 834,110 |
$ 835,592 |
|||||
Accounts payable and accrued expenses |
47,762 |
43,568 |
|||||
Dividends payable |
4,325 |
3,439 |
|||||
Unfavorable management contract liabilities |
119 |
158 |
|||||
Due to Ashford Trust OP, net |
13 |
528 |
|||||
Due to Ashford Inc. |
5,286 |
6,369 |
|||||
Due to third-party hotel managers |
1,254 |
1,158 |
|||||
Intangible liability, net |
3,668 |
3,682 |
|||||
Other liabilities |
1,239 |
1,181 |
|||||
Total liabilities |
897,776 |
895,675 |
|||||
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 2,600,000 shares issued and |
|||||||
outstanding at March 31, 2016 and December 31, 2015 |
62,236 |
62,248 |
|||||
Redeemable noncontrolling interests in operating partnership |
50,858 |
61,781 |
|||||
Equity: |
|||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 28,461,767 and 28,471,775 shares issued and |
|||||||
outstanding at March 31, 2016 and December 31, 2015, respectively |
285 |
285 |
|||||
Additional paid-in capital |
436,881 |
438,347 |
|||||
Accumulated deficit |
(92,656) |
(99,773) |
|||||
Total stockholders' equity of the Company |
344,510 |
338,859 |
|||||
Noncontrolling interest in consolidated entities |
(5,668) |
(5,813) |
|||||
Total equity |
338,842 |
333,046 |
|||||
Total liabilities and equity |
$ 1,349,712 |
$ 1,352,750 |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||
(in thousands, except per share amounts) |
||||||
(unaudited) |
||||||
Three Months Ended |
||||||
March 31, |
||||||
2016 |
2015 |
|||||
REVENUE |
||||||
Rooms |
$ 69,251 |
$ 54,497 |
||||
Food and beverage |
24,865 |
20,230 |
||||
Other |
5,648 |
3,022 |
||||
Total hotel revenue |
99,764 |
77,749 |
||||
Other |
33 |
40 |
||||
Total revenue |
99,797 |
77,789 |
||||
EXPENSES |
||||||
Hotel operating expenses |
||||||
Rooms |
15,819 |
12,978 |
||||
Food and beverage |
17,445 |
13,069 |
||||
Other expenses |
28,339 |
20,924 |
||||
Management fees |
3,807 |
3,104 |
||||
Total hotel operating expenses |
65,410 |
50,075 |
||||
Property taxes, insurance and other |
5,043 |
4,595 |
||||
Depreciation and amortization |
11,904 |
10,517 |
||||
Advisory services fee: |
||||||
Base advisory fee |
2,025 |
2,205 |
||||
Reimbursable expenses |
652 |
546 |
||||
Non-cash stock/unit-based compensation |
(613) |
469 |
||||
Corporate, general and administrative: |
||||||
Other general and administrative |
3,923 |
1,123 |
||||
Total operating expenses |
88,344 |
69,530 |
||||
OPERATING INCOME |
11,453 |
8,259 |
||||
Equity in loss of unconsolidated joint ventures |
- |
|||||
Equity in earnings (loss) of unconsolidated entity |
(2,650) |
- |
||||
Interest income |
32 |
4 |
||||
Other income (expense) |
(10) |
139 |
||||
Interest expense |
(9,753) |
(8,891) |
||||
Amortization of loan costs |
(881) |
(692) |
||||
Write-off of loan costs and exit fees |
- |
(54) |
||||
Unrealized gain (loss) on investments |
(1,493) |
1,323 |
||||
Unrealized gain (loss) on derivatives |
3,533 |
(32) |
||||
INCOME BEFORE INCOME TAXES |
231 |
56 |
||||
Income tax expense |
(370) |
(481) |
||||
NET LOSS |
(139) |
(425) |
||||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(145) |
147 |
||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
150 |
72 |
||||
NET LOSS ATTRIBUTABLE TO THE COMPANY |
(134) |
(206) |
||||
Preferred dividends |
(894) |
- |
||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ (1,028) |
$ (206) |
||||
LOSS PER SHARE – BASIC AND DILUTED |
||||||
Basic: |
||||||
Net loss attributable to common stockholders |
$ (0.04) |
$ (0.01) |
||||
Weighted average common shares outstanding – basic |
28,343 |
24,070 |
||||
Diluted: |
||||||
Net loss attributable to common stockholders |
$ (0.04) |
$ (0.01) |
||||
Weighted average common shares outstanding – diluted |
28,343 |
24,070 |
||||
Dividends declared per common share: |
$ 0.10 |
$ 0.05 |
||||
Amounts attributable to common stockholders: |
||||||
Net income (loss) attributable to the Company |
$ (134) |
$ (206) |
||||
Preferred dividends |
(894) |
- |
||||
Net loss attributable to common stockholders |
$ (1,028) |
$ (206) |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||
RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA |
|||||
(in thousands) |
|||||
(unaudited) |
|||||
Three Months Ended |
|||||
March 31, |
|||||
2016 |
2015 |
||||
Net loss |
$ (139) |
$ (425) |
|||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(145) |
147 |
|||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
150 |
72 |
|||
Net loss attributable to the Company |
(134) |
(206) |
|||
Interest income |
(32) |
(4) |
|||
Interest expense and amortization of loan costs |
10,229 |
9,208 |
|||
Depreciation and amortization |
11,200 |
9,788 |
|||
Income tax expense |
370 |
481 |
|||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
(150) |
(72) |
|||
EBITDA available to common stockholders and OP unitholders |
21,483 |
19,195 |
|||
Amortization of unfavorable management contract liabilities |
(39) |
(39) |
|||
Write-off of loan costs and exit fees |
- |
54 |
|||
Unrealized (gain) loss on investments |
1,493 |
(1,323) |
|||
Unrealized (gain) loss on derivatives |
(3,533) |
29 |
|||
Other (income) expense (1) |
10 |
(139) |
|||
Non-cash, non-employee stock/unit-based compensation |
(613) |
469 |
|||
Strategic alternatives and other deal costs |
3,313 |
272 |
|||
Advisory services incentive fee (2) |
(319) |
- |
|||
Company's portion of unrealized loss of investment in securities investment fund |
2,650 |
- |
|||
Adjusted EBITDA available to common stockholders and OP unitholders |
$ 24,445 |
$ 18,518 |
|||
(1) |
Other (income) expense, primarily consisting of net realized gain on marketable securities is excluded from Adjusted EBITDA. |
||||
(2) |
The advisory services incentive fee is subject to the FCCR Condition (as defined in the advisory agreement) and is payable in arrears in three equal annual installments with the first installment payable on January 15 following the applicable year for which the advisory services incentive fee relates and on January 15 of the next two successive years. The adjustment for the three months ended March 31, 2016 reflects the pro-rata portion of the second installment payable on January 15, 2017, subject to the FCCR Condition. |
||||
RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO |
|||||
(in thousands, except per share amounts) |
|||||
(unaudited) |
|||||
Three Months Ended |
|||||
March 31, |
|||||
2016 |
2015 |
||||
Net loss |
$ (139) |
$ (425) |
|||
(Income) loss from consolidated entities attributable to noncontrolling interest |
(145) |
147 |
|||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
150 |
72 |
|||
Preferred dividends |
(894) |
- |
|||
Net loss attributable to common stockholders |
(1,028) |
(206) |
|||
Depreciation and amortization on real estate |
11,200 |
9,788 |
|||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
(150) |
(72) |
|||
FFO available to common stockholders and OP unitholders |
10,022 |
9,510 |
|||
Preferred dividends |
894 |
- |
|||
Unrealized (gain) loss on investments |
1,493 |
(1,323) |
|||
Unrealized (gain) loss on derivatives |
(3,533) |
29 |
|||
Other (income) expense (1) |
10 |
(139) |
|||
Non-cash, non-employee stock/unit-based compensation |
(613) |
469 |
|||
Strategic alternatives and other deal costs |
3,313 |
272 |
|||
Write-off of loan costs and exit fees |
- |
54 |
|||
Advisory services incentive fee (2) |
(319) |
- |
|||
Company's portion of unrealized loss of investment in securities investment fund |
2,650 |
- |
|||
Adjusted FFO available to the Company and OP unitholders |
$ 13,917 |
$ 8,872 |
|||
Adjusted FFO per diluted share available to common stockholders and OP unitholders |
$ 0.38 |
$ 0.26 |
|||
Weighted average diluted shares |
36,290 |
32,622 |
|||
NOTES: |
|||||
(1) |
Other (income) expense, primarily consisting of net realized gain/loss on marketable securities is excluded from Adjusted FFO. |
||||
(2) |
The advisory services incentive fee is subject to the FCCR Condition (as defined in the advisory agreement) and is payable in arrears in three equal annual installments with the first installment payable on January 15 following the applicable year for which the advisory services incentive fee relates and on January 15 of the next two successive years. The adjustment for the three months ended March 31, 2016 reflects the pro-rata portion of the second installment payable on January 15, 2017, subject to the FCCR Condition. |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
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SUMMARY OF INDEBTEDNESS |
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MARCH 31, 2016 |
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(dollars in thousands) |
||||||||||||||
(unaudited) |
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Comparable |
Comparable |
|||||||||||||
Fixed-Rate |
Floating-Rate |
Total |
TTM Hotel |
TTM EBITDA |
||||||||||
Indebtedness |
Maturity |
Interest Rate |
Debt |
Debt |
Debt |
EBITDA (6) |
Debt Yield |
|||||||
Senior credit facility - Various |
November 2016 |
Base Rate(5)+ 1.25% to 2.75% or LIBOR + 2.25% to 3.75% |
$ - |
$ - |
(1) |
$ - |
$ N/A |
N/A |
||||||
GACC Sofitel - 1 hotel |
March 2017 |
LIBOR + 2.30% |
- |
80,000 |
(4) |
80,000 |
8,248 |
10.3% |
||||||
Credit Agricole Pier House - 1 hotel |
March 2017 |
LIBOR + 2.25% |
- |
70,000 |
(2) |
70,000 |
9,894 |
14.1% |
||||||
Wachovia Philly CY - 1 hotel |
April 2017 |
5.91% |
33,256 |
- |
33,256 |
12,236 |
36.8% |
|||||||
Wachovia 3 - 2 hotels |
April 2017 |
5.95% |
121,918 |
- |
121,918 |
20,793 |
17.1% |
|||||||
Wachovia 7 - 3 hotels |
April 2017 |
5.95% |
248,092 |
- |
248,092 |
31,793 |
12.8% |
|||||||
Column Financial Bardessono - 1 hotel |
December 2017 |
LIBOR + 4.95% |
- |
40,000 |
(2) |
40,000 |
4,237 |
10.6% |
||||||
Apollo Ritz-Carlton St. Thomas - 1 hotel |
December 2017 |
LIBOR + 4.95% |
- |
42,000 |
(2) |
42,000 |
9,328 |
22.2% |
||||||
TIF Philly CY - 1 hotel |
June 2018 |
12.85% |
8,098 |
- |
8,098 |
N/A |
N/A |
|||||||
Aareal - 2 hotels |
November 2019 |
LIBOR + 2.65% |
- |
194,725 |
(3) |
194,725 |
28,155 |
14.5% |
||||||
Total |
$ 411,364 |
$ 426,725 |
$ 838,089 |
$ 124,684 |
14.9% |
|||||||||
Percentage |
49.1% |
50.9% |
100.0% |
|||||||||||
Weighted average interest rate |
6.08% |
3.40% |
4.72% |
|||||||||||
All indebtedness is non-recourse with the exception of the senior credit facility. |
||||||||||||||
(1)This credit facility has two one-year extension options subject to advance notice, certain conditions and a 0.25% extension fee beginning November 2016. |
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(2)This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. |
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(3)This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. |
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(4)This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in March 2016. |
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(5)Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%. |
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(6)See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED |
|||||||||||||||
MARCH 31, 2016 |
|||||||||||||||
(in thousands) |
|||||||||||||||
(unaudited) |
|||||||||||||||
2016 |
2017 |
2018 |
2019 |
2020 |
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 |
- |
242,202 |
- |
- |
- |
- |
242,202 |
||||||||
TIF Philly CY - 1 hotel |
- |
- |
8,098 |
- |
- |
- |
8,098 |
||||||||
GACC Sofitel - 1 hotel |
- |
- |
- |
80,000 |
- |
- |
80,000 |
||||||||
Credit Agricole Pier House - 1 hotel |
- |
- |
- |
- |
70,000 |
- |
70,000 |
||||||||
Column Financial Bardessono - 1 hotel |
- |
- |
- |
- |
40,000 |
- |
40,000 |
||||||||
Apollo Ritz-Carlton St. Thomas - 1 hotel |
- |
- |
- |
- |
42,000 |
- |
42,000 |
||||||||
Aareal - 2 hotels |
- |
- |
- |
- |
- |
177,486 |
177,486 |
||||||||
Principal due in future periods |
$ - |
$ 393,979 |
$ 8,098 |
$ 80,000 |
$ 152,000 |
$ 177,486 |
$ 811,563 |
||||||||
Scheduled amortization payments remaining |
6,713 |
7,526 |
2,939 |
3,120 |
3,312 |
2,916 |
26,526 |
||||||||
Total indebtedness |
$ 6,713 |
$ 401,505 |
$ 11,037 |
$ 83,120 |
$ 155,312 |
$ 180,402 |
$ 838,089 |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
||||||||||||||||||
KEY PERFORMANCE INDICATORS |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
ALL HOTELS: |
Three Months Ended |
|||||||||||||||||
March 31, |
||||||||||||||||||
Actual |
Pre-acquisition |
Comparable |
Actual |
Pre-acquisition |
Comparable |
Actual |
Comparable |
|||||||||||
2016 |
2016 |
2016 |
2015 |
2015 |
2015 |
% Variance |
% Variance |
|||||||||||
Rooms revenue (in thousands) |
$ 69,251 |
$ - |
$ 69,251 |
$ 54,497 |
$ 12,566 |
$ 67,063 |
27.07% |
3.26% |
||||||||||
RevPAR |
$ 192.56 |
$ - |
$ 192.56 |
$ 163.35 |
$ 576.97 |
$ 188.69 |
17.89% |
2.05% |
||||||||||
Occupancy |
77.77% |
- |
77.77% |
78.54% |
80.87% |
78.69% |
(0.99%) |
(1.17%) |
||||||||||
ADR |
$ 247.62 |
$ - |
$ 247.62 |
$ 207.97 |
$ 713.44 |
$ 239.81 |
19.07% |
3.26% |
||||||||||
NOTES: |
||||||||||||||||||
(1) |
The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016, were owned as of the |
|||||||||||||||||
beginning of each of the periods presented. |
||||||||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. The financial statements for the Bardessono Hotel and Spa as of and for the six months ended June 30, 2015, were reviewed by independent auditors and were included in our Current Report on Form 8-K/A filed on February 3, 2016. The financial statements for the Ritz-Carlton St. Thomas as of and for the nine months ended September 30, 2015, were reviewed by our auditors and were included in our Current Report on Form 8-K/A filed on February 26, 2016. |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
||||||||
HOTEL EBITDA |
||||||||
(dollars in thousands) |
||||||||
(unaudited) |
||||||||
ALL HOTELS: |
Three Months Ended |
|||||||
March 31, |
||||||||
2016 |
2015 |
% Variance |
||||||
Total hotel revenue |
$ 99,764 |
$ 77,749 |
28.32% |
|||||
Pre-acquisition adjustments |
- |
20,163 |
(100.00%) |
|||||
Comparable total hotel revenue |
$ 99,764 |
$ 97,912 |
1.89% |
|||||
Hotel EBITDA |
$ 29,442 |
$ 23,523 |
25.16% |
|||||
Pre-acquisition adjustments |
- |
4,491 |
(100.00%) |
|||||
Comparable Hotel EBITDA |
$ 29,442 |
$ 28,014 |
5.10% |
|||||
Hotel EBITDA Margin |
29.51% |
30.26% |
(0.74%) |
|||||
Comparable Hotel EBITDA Margin |
29.51% |
28.61% |
0.90% |
|||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
$ 1,760 |
$ 1,676 |
5.01% |
|||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 27,682 |
$ 21,847 |
26.71% |
|||||
Comparable Hotel EBITDA attributable to the Company and OP unitholders |
$ 27,682 |
$ 26,338 |
5.10% |
|||||
NOTES: |
||||||||
(1) |
The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016 were owned as of the beginning of each of the periods presented. |
|||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. The financial statements for the Bardessono Hotel and Spa as of and for the six months ended June 30, 2015, were reviewed by independent auditors and were included in our Current Report on Form 8-K/A filed on February 3, 2016. The financial statements for the Ritz-Carlton St. Thomas as of and for the nine months ended September 30, 2015, were reviewed by our auditors and were included in our Current Report on Form 8-K/A filed on February 26, 2016. |
|||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. |
||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the Bardessono Hotel and Spa. |
||||||||
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
|||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY |
|||||||||||||||||
(in thousands, except operating information) |
|||||||||||||||||
(unaudited) |
|||||||||||||||||
THE FOLLOWING TABLE PRESENTS SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY FOR THE TWELVE HOTEL PROPERTIES |
|||||||||||||||||
Three Months Ended March 31, |
|||||||||||||||||
Actual |
Pre-acquisition |
Comparable |
Actual |
Pre-acquisition |
Comparable |
Actual |
Comparable |
||||||||||
2016 |
2016 |
2016 |
2015 |
2015 |
2015 |
% Variance |
% Variance |
||||||||||
CAPITAL HILTON WASHINGTON DC |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 9,226 |
$ - |
$ 9,226 |
$ 8,374 |
$ - |
$ 8,374 |
10.17% |
10.17% |
|||||||||
Total Hotel Revenue |
$ 13,766 |
$ - |
$ 13,766 |
$ 13,239 |
$ - |
$ 13,239 |
3.98% |
3.98% |
|||||||||
Hotel EBITDA |
$ 3,615 |
$ - |
$ 3,615 |
$ 3,103 |
$ - |
$ 3,103 |
16.50% |
16.50% |
|||||||||
Hotel EBITDA Margin |
26.26% |
- |
26.26% |
23.44% |
- |
23.44% |
2.82% |
2.82% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 184.35 |
$ - |
$ 184.35 |
$ 170.10 |
$ - |
$ 170.10 |
8.38% |
8.38% |
|||||||||
Occupancy |
81.45% |
- |
81.45% |
78.00% |
- |
78.00% |
4.43% |
4.43% |
|||||||||
ADR |
$ 226.32 |
$ - |
$ 226.32 |
$ 218.08 |
$ - |
$ 218.08 |
3.78% |
3.78% |
|||||||||
LA JOLLA HILTON TORREY PINES |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 5,824 |
$ - |
$ 5,824 |
$ 5,882 |
$ - |
$ 5,882 |
(0.99%) |
(0.99%) |
|||||||||
Total Hotel Revenue |
$ 10,839 |
$ - |
$ 10,839 |
$ 10,803 |
$ - |
$ 10,803 |
0.33% |
0.33% |
|||||||||
Hotel EBITDA |
$ 3,425 |
$ - |
$ 3,425 |
$ 3,600 |
$ - |
$ 3,600 |
(4.86%) |
(4.86%) |
|||||||||
Hotel EBITDA Margin |
31.60% |
- |
31.60% |
33.32% |
- |
33.32% |
(1.73%) |
(1.73%) |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 162.44 |
$ - |
$ 162.44 |
$ 165.89 |
$ - |
$ 165.89 |
(2.08%) |
(2.08%) |
|||||||||
Occupancy |
77.94% |
- |
77.94% |
83.21% |
- |
83.21% |
(6.33%) |
(6.33%) |
|||||||||
ADR |
$ 208.42 |
$ - |
$ 208.42 |
$ 199.37 |
$ - |
$ 199.37 |
4.54% |
4.54% |
|||||||||
CHICAGO SOFITEL WATER TOWER |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 3,618 |
$ - |
$ 3,618 |
$ 3,857 |
$ - |
$ 3,857 |
(6.20%) |
(6.20%) |
|||||||||
Total Hotel Revenue |
$ 5,260 |
$ - |
$ 5,260 |
$ 5,624 |
$ - |
$ 5,624 |
(6.47%) |
(6.47%) |
|||||||||
Hotel EBITDA |
$ (723) |
$ - |
$ (723) |
$ (611) |
$ - |
$ (611) |
(18.33%) |
(18.33%) |
|||||||||
Hotel EBITDA Margin |
(13.75%) |
- |
(13.75%) |
(10.86%) |
- |
(10.86%) |
(2.88%) |
(2.88%) |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 95.80 |
$ - |
$ 95.80 |
$ 103.26 |
$ - |
$ 103.26 |
(7.23%) |
(7.23%) |
|||||||||
Occupancy |
65.07% |
- |
65.07% |
66.24% |
- |
66.24% |
(1.77%) |
(1.77%) |
|||||||||
ADR |
$ 147.23 |
$ - |
$ 147.23 |
$ 155.89 |
$ - |
$ 155.89 |
(5.55%) |
(5.55%) |
|||||||||
BARDESSONO HOTEL AND SPA |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 2,290 |
$ - |
$ 2,290 |
$ - |
$ 2,160 |
$ 2,160 |
0.00% |
6.02% |
|||||||||
Total Hotel Revenue |
$ 3,452 |
$ - |
$ 3,452 |
$ - |
$ 3,253 |
$ 3,253 |
0.00% |
6.12% |
|||||||||
Hotel EBITDA |
$ 85 |
$ - |
$ 85 |
$ - |
$ (308) |
$ (308) |
0.00% |
127.60% |
|||||||||
Hotel EBITDA Margin |
2.46% |
- |
2.46% |
- |
(9.47%) |
(9.47%) |
0.00% |
11.93% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 405.89 |
$ - |
$ 405.89 |
$ - |
$ 387.21 |
$ 387.21 |
0.00% |
4.83% |
|||||||||
Occupancy |
75.31% |
- |
75.31% |
0.00% |
72.71% |
72.71% |
0.00% |
3.58% |
|||||||||
ADR |
$ 538.96 |
$ - |
$ 538.96 |
$ - |
$ 532.57 |
$ 532.57 |
0.00% |
1.20% |
|||||||||
KEY WEST PIER HOUSE RESORT |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 5,844 |
$ - |
$ 5,844 |
$ 5,734 |
$ - |
$ 5,734 |
1.92% |
1.92% |
|||||||||
Total Hotel Revenue |
$ 7,072 |
$ - |
$ 7,072 |
$ 6,954 |
$ - |
$ 6,954 |
1.70% |
1.70% |
|||||||||
Hotel EBITDA |
$ 3,668 |
$ - |
$ 3,668 |
$ 3,502 |
$ - |
$ 3,502 |
4.74% |
4.74% |
|||||||||
Hotel EBITDA Margin |
51.87% |
- |
51.87% |
50.36% |
- |
50.36% |
1.51% |
1.51% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 452.26 |
$ - |
$ 452.26 |
$ 448.66 |
$ - |
$ 448.66 |
0.80% |
0.80% |
|||||||||
Occupancy |
92.87% |
- |
92.87% |
93.47% |
- |
93.47% |
(0.64%) |
(0.64%) |
|||||||||
ADR |
$ 486.97 |
$ - |
$ 486.97 |
$ 479.98 |
$ - |
$ 479.98 |
1.46% |
1.46% |
|||||||||
PHILADELPHIA COURTYARD DOWNTOWN |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 5,065 |
$ - |
$ 5,065 |
$ 5,311 |
$ - |
$ 5,311 |
(4.63%) |
(4.63%) |
|||||||||
Total Hotel Revenue |
$ 6,265 |
$ - |
$ 6,265 |
$ 6,548 |
$ - |
$ 6,548 |
(4.32%) |
(4.32%) |
|||||||||
Hotel EBITDA |
$ 1,697 |
$ - |
$ 1,697 |
$ 1,979 |
$ - |
$ 1,979 |
(14.25%) |
(14.25%) |
|||||||||
Hotel EBITDA Margin |
27.09% |
- |
27.09% |
30.22% |
- |
30.22% |
(3.14%) |
(3.14%) |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 111.54 |
$ - |
$ 111.54 |
$ 118.27 |
$ - |
$ 118.27 |
(5.69%) |
(5.69%) |
|||||||||
Occupancy |
75.31% |
- |
75.31% |
76.82% |
- |
76.82% |
(1.97%) |
(1.97%) |
|||||||||
ADR |
$ 148.10 |
$ - |
$ 148.10 |
$ 153.95 |
$ - |
$ 153.95 |
(3.80%) |
(3.80%) |
|||||||||
PLANO MARRIOTT LEGACY TOWN CENTER |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 5,217 |
$ - |
$ 5,217 |
$ 5,050 |
$ - |
$ 5,050 |
3.31% |
3.31% |
|||||||||
Total Hotel Revenue |
$ 8,541 |
$ - |
$ 8,541 |
$ 8,206 |
$ - |
$ 8,206 |
4.08% |
4.08% |
|||||||||
Hotel EBITDA |
$ 2,976 |
$ - |
$ 2,976 |
$ 2,933 |
$ - |
$ 2,933 |
1.47% |
1.47% |
|||||||||
Hotel EBITDA Margin |
34.84% |
- |
34.84% |
35.74% |
- |
35.74% |
(0.90%) |
(0.90%) |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 141.92 |
$ - |
$ 141.92 |
$ 138.89 |
$ - |
$ 138.89 |
2.18% |
2.18% |
|||||||||
Occupancy |
68.97% |
- |
68.97% |
70.67% |
- |
70.67% |
(2.41%) |
(2.41%) |
|||||||||
ADR |
$ 205.78 |
$ - |
$ 205.78 |
$ 196.53 |
$ - |
$ 196.53 |
4.71% |
4.71% |
|||||||||
SAN FRANCISCO COURTYARD DOWNTOWN |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 9,399 |
$ - |
$ 9,399 |
$ 8,235 |
$ - |
$ 8,235 |
14.13% |
14.13% |
|||||||||
Total Hotel Revenue |
$ 10,778 |
$ - |
$ 10,778 |
$ 9,755 |
$ - |
$ 9,755 |
10.49% |
10.49% |
|||||||||
Hotel EBITDA |
$ 3,526 |
$ - |
$ 3,526 |
$ 3,087 |
$ - |
$ 3,087 |
14.22% |
14.22% |
|||||||||
Hotel EBITDA Margin |
32.71% |
- |
32.71% |
31.65% |
- |
31.65% |
1.07% |
1.07% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 255.02 |
$ - |
$ 255.02 |
$ 225.94 |
$ - |
$ 225.94 |
12.87% |
12.87% |
|||||||||
Occupancy |
87.73% |
- |
87.73% |
90.80% |
- |
90.80% |
(3.38%) |
(3.38%) |
|||||||||
ADR |
$ 290.70 |
$ - |
$ 290.70 |
$ 248.83 |
$ - |
$ 248.83 |
16.82% |
16.82% |
|||||||||
SEATTLE COURTYARD DOWNTOWN |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 2,736 |
$ - |
$ 2,736 |
$ 2,521 |
$ - |
$ 2,521 |
8.53% |
8.53% |
|||||||||
Total Hotel Revenue |
$ 3,187 |
$ - |
$ 3,187 |
$ 2,892 |
$ - |
$ 2,892 |
10.20% |
10.20% |
|||||||||
Hotel EBITDA |
$ 1,268 |
$ - |
$ 1,268 |
$ 1,163 |
$ - |
$ 1,163 |
9.03% |
9.03% |
|||||||||
Hotel EBITDA Margin |
39.79% |
- |
39.79% |
40.21% |
- |
40.21% |
(0.43%) |
(0.43%) |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 120.26 |
$ - |
$ 120.26 |
$ 112.03 |
$ - |
$ 112.03 |
7.34% |
7.34% |
|||||||||
Occupancy |
78.01% |
- |
78.01% |
74.56% |
- |
74.56% |
4.62% |
4.62% |
|||||||||
ADR |
$ 154.16 |
$ - |
$ 154.16 |
$ 150.25 |
$ - |
$ 150.25 |
2.60% |
2.60% |
|||||||||
SEATTLE MARRIOTT WATERFRONT |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 4,987 |
$ - |
$ 4,987 |
$ 4,874 |
$ - |
$ 4,874 |
2.32% |
2.32% |
|||||||||
Total Hotel Revenue |
$ 6,864 |
$ - |
$ 6,864 |
$ 6,949 |
$ - |
$ 6,949 |
(1.22%) |
(1.22%) |
|||||||||
Hotel EBITDA |
$ 2,166 |
$ - |
$ 2,166 |
$ 2,370 |
$ - |
$ 2,370 |
(8.61%) |
(8.61%) |
|||||||||
Hotel EBITDA Margin |
31.56% |
- |
31.56% |
34.11% |
- |
34.11% |
(2.55%) |
(2.55%) |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 153.08 |
$ - |
$ 153.08 |
$ 151.26 |
$ - |
$ 151.26 |
1.20% |
1.20% |
|||||||||
Occupancy |
73.56% |
- |
73.56% |
75.60% |
- |
75.60% |
(2.69%) |
(2.69%) |
|||||||||
ADR |
$ 208.09 |
$ - |
$ 208.09 |
$ 200.09 |
$ - |
$ 200.09 |
4.00% |
4.00% |
|||||||||
ST THOMAS RITZ-CARLTON |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 9,837 |
$ - |
$ 9,837 |
$ - |
$ 10,406 |
$ 10,406 |
0.00% |
(5.47%) |
|||||||||
Total Hotel Revenue |
$ 16,319 |
$ - |
$ 16,319 |
$ - |
$ 16,910 |
$ 16,910 |
0.00% |
(3.49%) |
|||||||||
Hotel EBITDA |
$ 4,970 |
$ - |
$ 4,970 |
$ - |
$ 4,799 |
$ 4,799 |
0.00% |
3.56% |
|||||||||
Hotel EBITDA Margin |
30.46% |
- |
30.46% |
- |
28.38% |
28.38% |
0.00% |
2.08% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 600.53 |
$ - |
$ 600.53 |
$ - |
$ 642.34 |
$ 642.34 |
0.00% |
(6.51%) |
|||||||||
Occupancy |
79.47% |
- |
79.47% |
0.00% |
83.69% |
83.69% |
0.00% |
(5.03%) |
|||||||||
ADR |
$ 755.62 |
$ - |
$ 755.62 |
$ - |
$ 767.56 |
$ 767.56 |
0.00% |
(1.56%) |
|||||||||
TAMPA RENAISSANCE |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 5,208 |
$ - |
$ 5,208 |
$ 4,659 |
$ - |
$ 4,659 |
11.78% |
11.78% |
|||||||||
Total Hotel Revenue |
$ 7,421 |
$ - |
$ 7,421 |
$ 6,779 |
$ - |
$ 6,779 |
9.47% |
9.47% |
|||||||||
Hotel EBITDA |
$ 2,769 |
$ - |
$ 2,769 |
$ 2,397 |
$ - |
$ 2,397 |
15.52% |
15.52% |
|||||||||
Hotel EBITDA Margin |
37.31% |
- |
37.31% |
35.36% |
- |
35.36% |
1.95% |
1.95% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 195.32 |
$ - |
$ 195.32 |
$ 176.66 |
$ - |
$ 176.66 |
10.56% |
10.56% |
|||||||||
Occupancy |
88.19% |
- |
88.19% |
87.30% |
- |
87.30% |
1.02% |
1.02% |
|||||||||
ADR |
$ 221.47 |
$ - |
$ 221.47 |
$ 202.36 |
$ - |
$ 202.36 |
9.44% |
9.44% |
|||||||||
PRIME PROPERTIES TOTAL (12) |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 69,251 |
$ - |
$ 69,251 |
$ 54,497 |
$ 12,566 |
$ 67,063 |
27.07% |
3.26% |
|||||||||
Total Hotel Revenue |
$ 99,764 |
$ - |
$ 99,764 |
$ 77,749 |
$ 20,163 |
$ 97,912 |
28.32% |
1.89% |
|||||||||
Hotel EBITDA |
$ 29,442 |
$ - |
$ 29,442 |
$ 23,523 |
$ 4,491 |
$ 28,014 |
25.16% |
5.10% |
|||||||||
Hotel EBITDA Margin |
29.51% |
- |
29.51% |
30.26% |
22.27% |
28.61% |
(0.74%) |
0.90% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 192.56 |
$ - |
$ 192.56 |
$ 163.35 |
$ 576.97 |
$ 188.69 |
17.89% |
2.05% |
|||||||||
Occupancy |
77.77% |
- |
77.77% |
78.54% |
80.87% |
78.69% |
(0.99%) |
(1.17%) |
|||||||||
ADR |
$ 247.62 |
$ - |
$ 247.62 |
$ 207.97 |
$ 713.44 |
$ 239.81 |
19.07% |
3.26% |
|||||||||
NOTES: |
|||||||||||||||||
(1) |
The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016 were owned as of the beginning of each of the periods presented. |
||||||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. The financial statements for the Bardessono Hotel and Spa as of and for the six months ended June 30, 2015, were reviewed by independent auditors and were included in our Current Report on Form 8-K/A filed on February 3, 2016. The financial statements for the Ritz-Carlton St. Thomas as of and for the nine months ended September 30, 2015, were reviewed by our auditors and were included in our Current Report on Form 8-K/A filed on February 26, 2016. Adjustments have been made to the pre-acquisition results as indicated below: |
||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. |
|||||||||||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the Bardessono Hotel and Spa. |
|||||||||||||||||
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY |
|||||||||
(in thousands, except operating information) |
|||||||||
(unaudited) |
|||||||||
THE FOLLOWING TABLE PRESENTS SELECTED FINANCIAL AND OPERATING INFORMATION |
|||||||||
TTM Ended March 31, |
|||||||||
Actual |
Pre-acquisition |
Comparable |
|||||||
2016 |
2016 |
2016 |
|||||||
CAPITAL HILTON WASHINGTON DC |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 38,897 |
$ - |
$ 38,897 |
||||||
Total Hotel Revenue |
$ 54,951 |
$ - |
$ 54,951 |
||||||
Hotel EBITDA |
$ 15,809 |
$ - |
$ 15,809 |
||||||
Hotel EBITDA Margin |
28.77% |
- |
28.77% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 193.34 |
$ - |
$ 193.34 |
||||||
Occupancy |
86.26% |
- |
86.26% |
||||||
ADR |
$ 224.13 |
$ - |
$ 224.13 |
||||||
LA JOLLA HILTON TORREY PINES |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 23,405 |
$ - |
$ 23,405 |
||||||
Total Hotel Revenue |
$ 40,576 |
$ - |
$ 40,576 |
||||||
Hotel EBITDA |
$ 12,346 |
$ - |
$ 12,346 |
||||||
Hotel EBITDA Margin |
30.43% |
- |
30.43% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 162.31 |
$ - |
$ 162.31 |
||||||
Occupancy |
84.04% |
- |
84.04% |
||||||
ADR |
$ 193.14 |
$ - |
$ 193.14 |
||||||
CHICAGO SOFITEL WATER TOWER |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 26,741 |
$ - |
$ 26,741 |
||||||
Total Hotel Revenue |
$ 36,958 |
$ - |
$ 36,958 |
||||||
Hotel EBITDA |
$ 8,248 |
$ - |
$ 8,248 |
||||||
Hotel EBITDA Margin |
22.32% |
- |
22.32% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 176.05 |
$ - |
$ 176.05 |
||||||
Occupancy |
79.70% |
- |
79.70% |
||||||
ADR |
$ 220.89 |
$ - |
$ 220.89 |
||||||
BARDESSONO HOTEL AND SPA |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 9,145 |
$ 3,754 |
$ 12,899 |
||||||
Total Hotel Revenue |
$ 13,135 |
$ 5,553 |
$ 18,688 |
||||||
Hotel EBITDA |
$ 2,876 |
$ 1,361 |
$ 4,237 |
||||||
Hotel EBITDA Margin |
21.90% |
24.51% |
22.67% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 552.41 |
$ 611.50 |
$ 568.39 |
||||||
Occupancy |
78.20% |
82.47% |
79.35% |
||||||
ADR |
$ 706.42 |
$ 741.48 |
$ 716.28 |
||||||
KEY WEST PIER HOUSE RESORT |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 18,659 |
$ - |
$ 18,659 |
||||||
Total Hotel Revenue |
$ 23,310 |
$ - |
$ 23,310 |
||||||
Hotel EBITDA |
$ 9,894 |
$ - |
$ 9,894 |
||||||
Hotel EBITDA Margin |
42.45% |
- |
42.45% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 359.03 |
$ - |
$ 359.03 |
||||||
Occupancy |
90.01% |
- |
90.01% |
||||||
ADR |
$ 398.89 |
$ - |
$ 398.89 |
||||||
PHILADELPHIA COURTYARD DOWNTOWN |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 26,215 |
$ - |
$ 26,215 |
||||||
Total Hotel Revenue |
$ 31,762 |
$ - |
$ 31,762 |
||||||
Hotel EBITDA |
$ 12,236 |
$ - |
$ 12,236 |
||||||
Hotel EBITDA Margin |
38.52% |
- |
38.52% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 143.54 |
$ - |
$ 143.54 |
||||||
Occupancy |
82.23% |
- |
82.23% |
||||||
ADR |
$ 174.57 |
$ - |
$ 174.57 |
||||||
PLANO MARRIOTT LEGACY TOWN CENTER |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 20,430 |
$ - |
$ 20,430 |
||||||
Total Hotel Revenue |
$ 32,368 |
$ - |
$ 32,368 |
||||||
Hotel EBITDA |
$ 11,130 |
$ - |
$ 11,130 |
||||||
Hotel EBITDA Margin |
34.39% |
- |
34.39% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 138.17 |
$ - |
$ 138.17 |
||||||
Occupancy |
70.61% |
- |
70.61% |
||||||
ADR |
$ 195.69 |
$ - |
$ 195.69 |
||||||
SAN FRANCISCO COURTYARD DOWNTOWN |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 37,152 |
$ - |
$ 37,152 |
||||||
Total Hotel Revenue |
$ 42,961 |
$ - |
$ 42,961 |
||||||
Hotel EBITDA |
$ 14,127 |
$ - |
$ 14,127 |
||||||
Hotel EBITDA Margin |
32.88% |
- |
32.88% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 250.64 |
$ - |
$ 250.64 |
||||||
Occupancy |
90.33% |
- |
90.33% |
||||||
ADR |
$ 277.46 |
$ - |
$ 277.46 |
||||||
SEATTLE COURTYARD DOWNTOWN |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 14,368 |
$ - |
$ 14,368 |
||||||
Total Hotel Revenue |
$ 16,554 |
$ - |
$ 16,554 |
||||||
Hotel EBITDA |
$ 6,666 |
$ - |
$ 6,666 |
||||||
Hotel EBITDA Margin |
40.27% |
- |
40.27% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 157.03 |
$ - |
$ 157.03 |
||||||
Occupancy |
80.23% |
- |
80.23% |
||||||
ADR |
$ 195.72 |
$ - |
$ 195.72 |
||||||
SEATTLE MARRIOTT WATERFRONT |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 27,533 |
$ - |
$ 27,533 |
||||||
Total Hotel Revenue |
$ 36,059 |
$ - |
$ 36,059 |
||||||
Hotel EBITDA |
$ 14,436 |
$ - |
$ 14,436 |
||||||
Hotel EBITDA Margin |
40.03% |
- |
40.03% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 210.13 |
$ - |
$ 210.13 |
||||||
Occupancy |
81.70% |
- |
81.70% |
||||||
ADR |
$ 257.20 |
$ - |
$ 257.20 |
||||||
ST THOMAS RITZ-CARLTON |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 12,478 |
$ 15,835 |
$ 28,313 |
||||||
Total Hotel Revenue |
$ 20,203 |
$ 31,469 |
$ 51,672 |
||||||
Hotel EBITDA |
$ 6,459 |
$ 2,869 |
$ 9,328 |
||||||
Hotel EBITDA Margin |
31.97% |
9.12% |
18.05% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 641.89 |
$ 340.98 |
$ 429.77 |
||||||
Occupancy |
78.48% |
78.73% |
78.66% |
||||||
ADR |
$ 817.88 |
$ 433.10 |
$ 546.39 |
||||||
TAMPA RENAISSANCE |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 15,174 |
$ - |
$ 15,174 |
||||||
Total Hotel Revenue |
$ 22,576 |
$ - |
$ 22,576 |
||||||
Hotel EBITDA |
$ 6,227 |
$ - |
$ 6,227 |
||||||
Hotel EBITDA Margin |
27.58% |
- |
27.58% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 141.50 |
$ - |
$ 141.50 |
||||||
Occupancy |
78.21% |
- |
78.21% |
||||||
ADR |
$ 180.92 |
$ - |
$ 180.92 |
||||||
PRIME PROPERTIES TOTAL (12) |
|||||||||
Selected Financial Information: |
|||||||||
Rooms Revenue |
$ 270,197 |
$ 19,589 |
$ 289,786 |
||||||
Total Hotel Revenue |
$ 371,413 |
$ 37,022 |
$ 408,435 |
||||||
Hotel EBITDA |
$ 120,454 |
$ 4,230 |
$ 124,684 |
||||||
Hotel EBITDA Margin |
32.43% |
11.43% |
30.53% |
||||||
Selected Operating Information: |
|||||||||
RevPAR |
$ 193.87 |
$ 372.56 |
$ 200.36 |
||||||
Occupancy |
82.05% |
79.17% |
81.95% |
||||||
ADR |
$ 236.27 |
$ 470.60 |
$ 244.50 |
||||||
NOTES: |
|||||||||
(1) |
The above comparable information assumes the twelve hotel properties owned and included in the Company's |
||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review |
||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. |
|||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the |
|||||||||
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS |
|||||||||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||
THE FOLLOWING SEASONALITY TABLE REFLECTS THE TWELVE HOTEL PROPERTIES INCLUDED IN THE COMPANY'S OPERATIONS AT MARCH 31, 2016: |
|||||||||||||||||||||||||||
Actual |
Pre- |
Comparable |
Actual |
Pre- |
Comparable |
Actual |
Pre- |
Comparable |
Actual |
Pre- |
Comparable |
||||||||||||||||
2016 |
2016 |
2016 |
2015 |
2015 |
2015 |
2015 |
2015 |
2015 |
2015 |
2015 |
2015 |
||||||||||||||||
1st Quarter |
1st Quarter |
1st Quarter |
4th Quarter |
4th Quarter |
4th Quarter |
3rd Quarter |
3rd Quarter |
3rd Quarter |
2nd Quarter |
2nd Quarter |
2nd Quarter |
||||||||||||||||
Total Hotel Revenue |
$ 99,764 |
$ - |
$ 99,764 |
$ 88,124 |
$ 7,706 |
$ 95,830 |
$ 90,725 |
$ 10,597 |
$ 101,322 |
$ 92,800 |
$ 18,719 |
$ 111,519 |
|||||||||||||||
Hotel EBITDA |
$ 29,442 |
$ - |
$ 29,442 |
$ 27,029 |
$ (1) |
$ 27,028 |
$ 30,081 |
$ 774 |
$ 30,855 |
$ 33,902 |
$ 3,457 |
$ 37,359 |
|||||||||||||||
Hotel EBITDA Margin |
29.51% |
- |
29.51% |
30.67% |
(0.01%) |
28.20% |
33.16% |
7.30% |
30.45% |
36.53% |
18.47% |
33.50% |
|||||||||||||||
EBITDA % of Total TTM |
24.44% |
- |
23.6% |
22.44% |
(0.02%) |
21.7% |
24.97% |
18.30% |
24.7% |
28.15% |
81.73% |
30.0% |
|||||||||||||||
JV Interests in EBITDA |
$ 1,760 |
$ - |
$ 1,760 |
$ 1,339 |
$ - |
$ 1,339 |
$ 1,427 |
$ - |
$ 1,427 |
$ 2,513 |
$ - |
$ 2,513 |
|||||||||||||||
Actual |
Pre- |
Comparable |
|||||||||||||||||||||||||
2016 |
2016 |
2016 |
|||||||||||||||||||||||||
TTM |
TTM |
TTM |
|||||||||||||||||||||||||
Total Hotel Revenue |
$ 371,413 |
$ 37,022 |
$ 408,435 |
||||||||||||||||||||||||
Hotel EBITDA |
$ 120,454 |
$ 4,230 |
$ 124,684 |
||||||||||||||||||||||||
Hotel EBITDA Margin |
32.43% |
11.43% |
30.53% |
||||||||||||||||||||||||
EBITDA % of Total TTM |
100.00% |
100.00% |
100.0% |
||||||||||||||||||||||||
JV Interests in EBITDA |
$ 7,039 |
$ - |
$ 7,039 |
||||||||||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||
(1) |
The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016 were owned as of the beginning of each of the periods presented. |
||||||||||||||||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. The financial statements for the Bardessono Hotel and Spa as of and for the six months ended June 30, 2015, were reviewed by independent auditors and were included in our Current Report on Form 8-K/A filed on February 3, 2016. The financial statements for the Ritz-Carlton St. Thomas as of and for the nine months ended September 30, 2015, were reviewed by our auditors and were included in our Current Report on Form 8-K/A filed on February 26, 2016. Adjustments have been made to the pre-acquisition results as indicated below: |
||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. |
|||||||||||||||||||||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the Bardessono Hotel and Spa. |
|||||||||||||||||||||||||||
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|
TOTAL ENTERPRISE VALUE |
|
MARCH 31, 2016 |
|
(in thousands, except share price) |
|
(unaudited) |
|
March 31, |
|
2016 |
|
End of quarter common shares outstanding |
28,462 |
Partnership units outstanding (common stock equivalents) |
4,764 |
Combined common shares and partnership units outstanding |
33,226 |
Common stock price at quarter end |
$ 11.67 |
Market capitalization at quarter end |
$ 387,747 |
Series B convertible preferred stock |
$ 65,000 |
Debt on balance sheet date |
$ 838,089 |
Joint venture partner's share of consolidated debt |
$ (48,681) |
Net working capital (see below) |
$ (165,847) |
Total enterprise value (TEV) |
$ 1,076,308 |
Ashford Inc. Investment: |
|
Common stock owned at end of quarter |
195 |
Common stock price at quarter end |
$ 45.59 |
Market value of Ashford Inc. investment |
$ 8,884 |
Cash and cash equivalents |
$ 99,677 |
Restricted cash |
34,699 |
Accounts receivable, net |
13,545 |
Prepaid expenses |
4,675 |
Investment in securities investment fund |
45,715 |
Due from affiliates, net |
(4,269) |
Due from third-party hotel managers, net |
11,715 |
Market value of Ashford Inc. investment |
8,884 |
Total current assets |
$ 214,641 |
Accounts payable, net & accrued expenses |
$ 44,469 |
Dividends payable |
4,325 |
Total current liabilities |
$ 48,794 |
Net working capital* |
$ 165,847 |
* Includes the Company's pro rata share of net working capital in joint ventures. |
|
Ashford Hospitality Prime, Inc. and Subsidiaries |
|||||
Anticipated Capital Expenditures Calendar (a) |
|||||
2016 |
|||||
Rooms |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Actual |
Estimated |
Estimated |
Estimated |
||
Courtyard San Francisco |
405 |
x |
|||
Marriott Seattle Waterfront |
358 |
x |
|||
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2016 are included in this table. |
Exhibit 1 |
||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
||||||||||
RECONCILIATION OF NET INCOME TO HOTEL EBITDA |
||||||||||
(in thousands) |
||||||||||
(unaudited) |
||||||||||
2016 |
2015 |
2015 |
2015 |
March 31, 2016 |
||||||
1st Quarter |
4th Quarter |
3rd Quarter |
2nd Quarter |
TTM |
||||||
Net income |
$ 15,585 |
$ 13,688 |
$ 17,314 |
$ 22,022 |
$ 68,609 |
|||||
(Income) loss from consolidated entities attributable |
(1,120) |
(632) |
(699) |
(1,778) |
(4,229) |
|||||
Net (income) loss attributable to redeemable |
- |
- |
- |
- |
- |
|||||
Net income attributable to the Company |
14,465 |
13,056 |
16,615 |
20,244 |
64,380 |
|||||
Non-property adjustments |
32 |
(14) |
- |
(1) |
17 |
|||||
Interest income |
(8) |
(9) |
(11) |
(4) |
(32) |
|||||
Interest expense |
1,607 |
1,125 |
1,016 |
1,005 |
4,753 |
|||||
Amortization of loan costs |
256 |
194 |
183 |
182 |
815 |
|||||
Depreciation and amortization |
11,904 |
11,440 |
11,308 |
10,559 |
45,211 |
|||||
Income tax expense (benefit) |
(30) |
(86) |
10 |
102 |
(4) |
|||||
Non-Hotel EBITDA ownership expense |
96 |
693 |
261 |
36 |
1,086 |
|||||
Income from consolidated entities attributable to noncontrolling interests |
1,120 |
630 |
699 |
1,779 |
4,228 |
|||||
Hotel EBITDA including amounts attributable to |
29,442 |
27,029 |
30,081 |
33,902 |
120,454 |
|||||
Pre-acquisition Hotel EBITDA |
- |
(1) |
774 |
3,457 |
4,230 |
|||||
Comparable Hotel EBITDA |
$ 29,442 |
$ 27,028 |
$ 30,855 |
$ 37,359 |
$ 124,684 |
|||||
NOTES: |
||||||||||
(1) The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016, |
||||||||||
were owned as of the beginning of each of the periods presented. |
||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
||||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the Bardessono Hotel and Spa |
||||||||||
Exhibit 1 |
|||||||||||||||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
Three months Ended March 31, 2016 |
|||||||||||||||||||||||||||||
Capital Hilton Washington DC |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Water Tower |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. |
|||||||||||||||
Net income (loss) |
$ 2,267 |
$ 1,986 |
$ (2,770) |
$ (618) |
$ 3,005 |
$ (258) |
$ 1,888 |
$ 2,945 |
$ 727 |
$ 1,218 |
$ 3,411 |
$ 1,784 |
$ 15,585 |
$ (15,724) |
$ (139) |
||||||||||||||
(Income) loss from consolidated entities |
(600) |
(520) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1,120) |
975 |
(145) |
||||||||||||||
Net loss attributable to redeemable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
150 |
150 |
||||||||||||||
Net income (loss) attributable to the Company |
1,667 |
1,466 |
(2,770) |
(618) |
3,005 |
(258) |
1,888 |
2,945 |
727 |
1,218 |
3,411 |
1,784 |
14,465 |
(14,599) |
(134) |
||||||||||||||
Non-property adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
32 |
- |
32 |
(32) |
- |
||||||||||||||
Interest Income |
- |
- |
- |
- |
- |
(1) |
- |
(4) |
- |
(2) |
(1) |
- |
(8) |
(24) |
(32) |
||||||||||||||
Interest expense |
- |
- |
550 |
- |
- |
486 |
- |
- |
- |
- |
571 |
- |
1,607 |
8,146 |
9,753 |
||||||||||||||
Amortization of loan costs |
- |
- |
119 |
- |
- |
8 |
- |
- |
- |
- |
129 |
- |
256 |
625 |
881 |
||||||||||||||
Depreciation and amortization |
1,543 |
1,499 |
1,351 |
587 |
662 |
1,459 |
1,044 |
583 |
539 |
947 |
782 |
908 |
11,904 |
- |
11,904 |
||||||||||||||
Income tax expense (benefit) |
- |
(74) |
- |
- |
- |
2 |
- |
- |
- |
- |
42 |
- |
(30) |
400 |
370 |
||||||||||||||
Non-Hotel EBITDA ownership expense |
(195) |
14 |
27 |
116 |
1 |
1 |
44 |
2 |
2 |
3 |
4 |
77 |
96 |
(96) |
- |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
600 |
520 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,120 |
(1,120) |
- |
||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
3,615 |
3,425 |
(723) |
85 |
3,668 |
1,697 |
2,976 |
3,526 |
1,268 |
2,166 |
4,970 |
2,769 |
29,442 |
(6,700) |
22,742 |
||||||||||||||
Less: EBITDA adjustments attributable to non-controlling interest |
(304) |
(336) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(640) |
(469) |
(1,109) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(600) |
(520) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1,120) |
1,120 |
- |
||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(150) |
(150) |
||||||||||||||
Company's portion of EBITDA of Ashford Inc. |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 2,711 |
$ 2,569 |
$ (723) |
$ 85 |
$ 3,668 |
$ 1,697 |
$ 2,976 |
$ 3,526 |
$ 1,268 |
$ 2,166 |
$ 4,970 |
$ 2,769 |
$ 27,682 |
$ (6,199) |
$ 21,483 |
||||||||||||||
Pre-acquisition Hotel EBITDA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||||
Comparable Hotel EBITDA |
$ 3,615 |
$ 3,425 |
$ (723) |
$ 85 |
$ 3,668 |
$ 1,697 |
$ 2,976 |
$ 3,526 |
$ 1,268 |
$ 2,166 |
$ 4,970 |
$ 2,769 |
$ 29,442 |
||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
COMPARABLE HOTEL EBITDA BY LOAN POOL |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
GACC Sofitel - 1 hotel |
$ - |
$ - |
$ (723) |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ (723) |
||||||||||||||||
Credit Agricole Pier House - 1 hotel |
- |
- |
- |
- |
3,668 |
- |
- |
- |
- |
- |
- |
- |
3,668 |
||||||||||||||||
Wachovia Philly CY - 1 hotel |
- |
- |
- |
- |
- |
1,697 |
- |
- |
- |
- |
- |
- |
1,697 |
||||||||||||||||
Wachovia 3 - 2 hotels |
- |
- |
- |
- |
- |
- |
- |
3,526 |
1,268 |
- |
- |
- |
4,794 |
||||||||||||||||
Wachovia 7 - 3 hotels |
- |
- |
- |
- |
- |
- |
2,976 |
- |
- |
2,166 |
- |
2,769 |
7,911 |
||||||||||||||||
Column Financial Bardessono - 1 hotel |
- |
- |
- |
85 |
- |
- |
- |
- |
- |
- |
- |
- |
85 |
||||||||||||||||
Apollo Ritz Carlton St. Thomas - 1 hotel |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
4,970 |
- |
4,970 |
||||||||||||||||
Aareal - 2 hotels |
3,615 |
3,425 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
7,040 |
||||||||||||||||
Total |
$ 3,615 |
$ 3,425 |
$ (723) |
$ 85 |
$ 3,668 |
$ 1,697 |
$ 2,976 |
$ 3,526 |
$ 1,268 |
$ 2,166 |
$ 4,970 |
$ 2,769 |
$ 29,442 |
||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||||
(1) The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016, |
|||||||||||||||||||||||||||||
were owned as of the beginning of each of the periods presented. |
|||||||||||||||||||||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
|||||||||||||||||||||||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the Bardessono Hotel and Spa |
|||||||||||||||||||||||||||||
Exhibit 1 |
|||||||||||||||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
Three months Ended December 31, 2015 |
|||||||||||||||||||||||||||||
Capital Hilton Washington DC |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Water Tower |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. |
|||||||||||||||
Net income (loss) |
$ 1,312 |
$ 1,002 |
$ (223) |
$ 461 |
$ 1,757 |
$ 1,286 |
$ 1,486 |
$ 2,435 |
$ 779 |
$ 1,797 |
$ 1,032 |
$ 564 |
$ 13,688 |
$ (19,796) |
$ (6,108) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(358) |
(274) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(632) |
(714) |
(1,346) |
||||||||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,064 |
1,064 |
||||||||||||||
Net income (loss) attributable to the Company |
954 |
728 |
(223) |
461 |
1,757 |
1,286 |
1,486 |
2,435 |
779 |
1,797 |
1,032 |
564 |
13,056 |
(19,446) |
(6,390) |
||||||||||||||
Non-property adjustments |
(21) |
2 |
1 |
- |
- |
- |
- |
- |
(1) |
- |
5 |
- |
(14) |
14 |
- |
||||||||||||||
Interest Income |
- |
(2) |
- |
- |
- |
(1) |
- |
(3) |
- |
(2) |
(1) |
- |
(9) |
(4) |
(13) |
||||||||||||||
Interest expense |
- |
- |
516 |
- |
- |
505 |
- |
- |
- |
- |
104 |
- |
1,125 |
7,904 |
9,029 |
||||||||||||||
Amortization of loan costs |
- |
- |
176 |
- |
- |
8 |
- |
- |
- |
- |
10 |
- |
194 |
546 |
740 |
||||||||||||||
Depreciation and amortization |
1,562 |
1,499 |
1,584 |
578 |
662 |
1,448 |
1,035 |
578 |
533 |
976 |
114 |
871 |
11,440 |
- |
11,440 |
||||||||||||||
Income tax expense (benefit) |
69 |
(196) |
- |
- |
- |
4 |
- |
- |
- |
- |
37 |
- |
(86) |
(22) |
(108) |
||||||||||||||
Non-Hotel EBITDA ownership expense |
113 |
16 |
39 |
154 |
(35) |
2 |
47 |
3 |
17 |
148 |
188 |
1 |
693 |
(693) |
- |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
356 |
274 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
630 |
(630) |
- |
||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
3,033 |
2,321 |
2,093 |
1,193 |
2,384 |
3,252 |
2,568 |
3,013 |
1,328 |
2,919 |
1,489 |
1,436 |
27,029 |
(12,331) |
14,698 |
||||||||||||||
Less: EBITDA adjustments attributable to non-controlling interest |
(400) |
(307) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(707) |
(388) |
(1,095) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(358) |
(274) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(632) |
632 |
- |
||||||||||||||
Net income (loss) attributable to redeemable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1,064) |
(1,064) |
||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 2,275 |
$ 1,741 |
$ 2,093 |
$ 1,193 |
$ 2,384 |
$ 3,252 |
$ 2,568 |
$ 3,013 |
$ 1,328 |
$ 2,919 |
$ 1,489 |
$ 1,436 |
$ 25,690 |
$ (13,151) |
$ 12,539 |
||||||||||||||
Pre-acquisition Hotel EBITDA |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1) |
- |
(1) |
||||||||||||||||
Comparable Hotel EBITDA |
$ 3,033 |
$ 2,321 |
$ 2,093 |
$ 1,193 |
$ 2,384 |
$ 3,252 |
$ 2,568 |
$ 3,013 |
$ 1,328 |
$ 2,919 |
$ 1,488 |
$ 1,436 |
$ 27,028 |
||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
COMPARABLE HOTEL EBITDA BY LOAN POOL |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
GACC Sofitel - 1 hotel |
$ - |
$ - |
$ 2,093 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ 2,093 |
||||||||||||||||
Credit Agricole Pier House - 1 hotel |
- |
- |
- |
- |
2,384 |
- |
- |
- |
- |
- |
- |
- |
2,384 |
||||||||||||||||
Wachovia Philly CY - 1 hotel |
- |
- |
- |
- |
- |
3,252 |
- |
- |
- |
- |
- |
- |
3,252 |
||||||||||||||||
Wachovia 3 - 2 hotels |
- |
- |
- |
- |
- |
- |
- |
3,013 |
1,328 |
- |
- |
- |
4,341 |
||||||||||||||||
Wachovia 7 - 3 hotels |
- |
- |
- |
- |
- |
- |
2,568 |
- |
- |
2,919 |
- |
1,436 |
6,923 |
||||||||||||||||
Column Financial Bardessono - 1 hotel |
- |
- |
- |
1,193 |
- |
- |
- |
- |
- |
- |
- |
- |
1,193 |
||||||||||||||||
Apollo Ritz Carlton St. Thomas - 1 hotel |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,488 |
- |
1,488 |
||||||||||||||||
Aareal - 2 hotels |
3,033 |
2,321 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
5,354 |
||||||||||||||||
Total |
$ 3,033 |
$ 2,321 |
$ 2,093 |
$ 1,193 |
$ 2,384 |
$ 3,252 |
$ 2,568 |
$ 3,013 |
$ 1,328 |
$ 2,919 |
$ 1,488 |
$ 1,436 |
$ 27,028 |
||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||||
(1) The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016, |
|||||||||||||||||||||||||||||
were owned as of the beginning of each of the periods presented. |
|||||||||||||||||||||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
|||||||||||||||||||||||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the Bardessono Hotel and Spa |
|||||||||||||||||||||||||||||
Exhibit 1 |
|||||||||||||||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
Three months Ended September 30, 2015 |
|||||||||||||||||||||||||||||
Capital Hilton Washington DC |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Water Tower |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. |
|||||||||||||||
Net income (loss) |
$ 1,203 |
$ 1,377 |
$ 1,061 |
$ 897 |
$ 843 |
$ 1,099 |
$ 1,581 |
$ 3,410 |
$ 1,810 |
$ 4,268 |
$ - |
$ (235) |
$ 17,314 |
$ (24,596) |
$ (7,282) |
||||||||||||||
(Income) loss from consolidated entities |
(330) |
(369) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(699) |
(391) |
(1,090) |
||||||||||||||
Net loss attributable to redeemable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,532 |
1,532 |
||||||||||||||
Net income (loss) attributable to the Company |
873 |
1,008 |
1,061 |
897 |
843 |
1,099 |
1,581 |
3,410 |
1,810 |
4,268 |
- |
(235) |
16,615 |
(23,455) |
(6,840) |
||||||||||||||
Non-property adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Interest Income |
(5) |
(1) |
- |
- |
- |
- |
- |
(3) |
- |
(2) |
- |
- |
(11) |
(1) |
(12) |
||||||||||||||
Interest expense |
- |
- |
510 |
- |
- |
506 |
- |
- |
- |
- |
- |
- |
1,016 |
7,690 |
8,706 |
||||||||||||||
Amortization of loan costs |
- |
- |
175 |
- |
- |
8 |
- |
- |
- |
- |
- |
- |
183 |
459 |
642 |
||||||||||||||
Depreciation and amortization |
1,611 |
1,458 |
1,577 |
599 |
654 |
1,441 |
1,035 |
571 |
531 |
1,009 |
- |
822 |
11,308 |
- |
11,308 |
||||||||||||||
Income tax expense (benefit) |
- |
6 |
- |
- |
- |
4 |
- |
- |
- |
- |
- |
- |
10 |
52 |
62 |
||||||||||||||
Non-Hotel EBITDA ownership expense |
54 |
5 |
6 |
102 |
8 |
2 |
29 |
1 |
- |
46 |
- |
8 |
261 |
(261) |
- |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
330 |
369 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
699 |
(699) |
- |
||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
2,863 |
2,845 |
3,329 |
1,598 |
1,505 |
3,060 |
2,645 |
3,979 |
2,341 |
5,321 |
- |
595 |
30,081 |
(16,215) |
13,866 |
||||||||||||||
Less: EBITDA adjustments attributable to non-controlling interest |
(386) |
(342) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(728) |
(369) |
(1,097) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(330) |
(369) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(699) |
699 |
- |
||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1,532) |
(1,532) |
||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 2,147 |
$ 2,134 |
$ 3,329 |
$ 1,598 |
$ 1,505 |
$ 3,060 |
$ 2,645 |
$ 3,979 |
$ 2,341 |
$ 5,321 |
$ - |
$ 595 |
$ 28,654 |
$ (17,417) |
$ 11,237 |
||||||||||||||
Pre-acquisition Hotel EBITDA |
- |
- |
- |
131 |
- |
- |
- |
- |
- |
- |
643 |
- |
774 |
||||||||||||||||
Comparable Hotel EBITDA |
$ 2,863 |
$ 2,845 |
$ 3,329 |
$ 1,729 |
$ 1,505 |
$ 3,060 |
$ 2,645 |
$ 3,979 |
$ 2,341 |
$ 5,321 |
$ 643 |
$ 595 |
$ 30,855 |
||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
COMPARABLE HOTEL EBITDA BY LOAN POOL |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
GACC Sofitel - 1 hotel |
$ - |
$ - |
$ 3,329 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ 3,329 |
||||||||||||||||
Credit Agricole Pier House - 1 hotel |
- |
- |
- |
- |
1,505 |
- |
- |
- |
- |
- |
- |
- |
1,505 |
||||||||||||||||
Wachovia Philly CY - 1 hotel |
- |
- |
- |
- |
- |
3,060 |
- |
- |
- |
- |
- |
- |
3,060 |
||||||||||||||||
Wachovia 3 - 2 hotels |
- |
- |
- |
- |
- |
- |
- |
3,979 |
2,341 |
- |
- |
- |
6,320 |
||||||||||||||||
Wachovia 7 - 3 hotels |
- |
- |
- |
- |
- |
- |
2,645 |
- |
- |
5,321 |
- |
595 |
8,561 |
||||||||||||||||
Column Financial Bardessono - 1 hotel |
- |
- |
- |
1,729 |
- |
- |
- |
- |
- |
- |
- |
- |
1,729 |
||||||||||||||||
Apollo Ritz Carlton St. Thomas - 1 hotel |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
643 |
- |
643 |
||||||||||||||||
Aareal - 2 hotels |
2,863 |
2,845 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
5,708 |
||||||||||||||||
Total |
$ 2,863 |
$ 2,845 |
$ 3,329 |
$ 1,729 |
$ 1,505 |
$ 3,060 |
$ 2,645 |
$ 3,979 |
$ 2,341 |
$ 5,321 |
$ 643 |
$ 595 |
$ 30,855 |
||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||||
(1) The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016, |
|||||||||||||||||||||||||||||
were owned as of the beginning of each of the periods presented. |
|||||||||||||||||||||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
|||||||||||||||||||||||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the Bardessono Hotel and Spa |
|||||||||||||||||||||||||||||
Exhibit 1 |
|||||||||||||||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
Three months Ended June 30, 2015 |
|||||||||||||||||||||||||||||
Capital Hilton Washington DC |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Water Tower |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. |
|||||||||||||||
Net income (loss) |
$ 4,689 |
$ 2,212 |
$ 1,292 |
$ - |
$ 1,692 |
$ 2,272 |
$ 1,864 |
$ 3,046 |
$ 1,202 |
$ 3,016 |
$ - |
$ 737 |
$ 22,022 |
$ (12,898) |
$ 9,124 |
||||||||||||||
(Income) loss from consolidated entities |
(1,201) |
(577) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1,778) |
1,653 |
(125) |
||||||||||||||
Net loss attributable to redeemable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(2,275) |
(2,275) |
||||||||||||||
Net income (loss) attributable to the Company |
3,488 |
1,635 |
1,292 |
- |
1,692 |
2,272 |
1,864 |
3,046 |
1,202 |
3,016 |
- |
737 |
20,244 |
(13,520) |
6,724 |
||||||||||||||
Non-property adjustments |
- |
(1) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1) |
1 |
- |
||||||||||||||
Interest Income |
2 |
- |
- |
- |
- |
(1) |
- |
(3) |
- |
(2) |
- |
- |
(4) |
(1) |
(5) |
||||||||||||||
Interest expense |
- |
- |
502 |
- |
- |
503 |
- |
- |
- |
- |
- |
- |
1,005 |
7,484 |
8,489 |
||||||||||||||
Amortization of loan costs |
- |
- |
174 |
- |
- |
8 |
- |
- |
- |
- |
- |
- |
182 |
458 |
640 |
||||||||||||||
Depreciation and amortization |
1,656 |
1,431 |
1,571 |
- |
644 |
1,439 |
1,030 |
565 |
524 |
1,012 |
- |
687 |
10,559 |
- |
10,559 |
||||||||||||||
Income tax expense (benefit) |
- |
97 |
- |
- |
- |
5 |
- |
- |
- |
- |
- |
- |
102 |
(274) |
(172) |
||||||||||||||
Non-Hotel EBITDA ownership expense |
(49) |
15 |
10 |
- |
1 |
1 |
47 |
2 |
2 |
4 |
- |
3 |
36 |
(36) |
- |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
1,201 |
578 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,779 |
(1,779) |
- |
||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
6,298 |
3,755 |
3,549 |
- |
2,337 |
4,227 |
2,941 |
3,610 |
1,728 |
4,030 |
- |
1,427 |
33,902 |
(7,667) |
26,235 |
||||||||||||||
Less: EBITDA adjustments attributable to non-controlling interest |
(373) |
(362) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(735) |
(362) |
(1,097) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(1,201) |
(577) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1,778) |
1,778 |
- |
||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
2,275 |
2,275 |
||||||||||||||
Company's portion of EBITDA of Ashford Inc. |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 4,724 |
$ 2,816 |
$ 3,549 |
$ - |
$ 2,337 |
$ 4,227 |
$ 2,941 |
$ 3,610 |
$ 1,728 |
$ 4,030 |
$ - |
$ 1,427 |
$ 31,389 |
$ (3,976) |
$ 27,413 |
||||||||||||||
Pre-acquisition Hotel EBITDA |
- |
- |
- |
1,230 |
- |
- |
- |
- |
- |
- |
2,227 |
- |
3,457 |
||||||||||||||||
Comparable Hotel EBITDA |
$ 6,298 |
$ 3,755 |
$ 3,549 |
$ 1,230 |
$ 2,337 |
$ 4,227 |
$ 2,941 |
$ 3,610 |
$ 1,728 |
$ 4,030 |
$ 2,227 |
$ 1,427 |
$ 37,359 |
||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
COMPARABLE HOTEL EBITDA BY LOAN POOL |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
GACC Sofitel - 1 hotel |
$ - |
$ - |
$ 3,549 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ 3,549 |
||||||||||||||||
Credit Agricole Pier House - 1 hotel |
- |
- |
- |
- |
2,337 |
- |
- |
- |
- |
- |
- |
- |
2,337 |
||||||||||||||||
Wachovia Philly CY - 1 hotel |
- |
- |
- |
- |
- |
4,227 |
- |
- |
- |
- |
- |
- |
4,227 |
||||||||||||||||
Wachovia 3 - 2 hotels |
- |
- |
- |
- |
- |
- |
- |
3,610 |
1,728 |
- |
- |
- |
5,338 |
||||||||||||||||
Wachovia 7 - 3 hotels |
- |
- |
- |
- |
- |
- |
2,941 |
- |
- |
4,030 |
- |
1,427 |
8,398 |
||||||||||||||||
Column Financial Bardessono - 1 hotel |
- |
- |
- |
1,230 |
- |
- |
- |
- |
- |
- |
- |
- |
1,230 |
||||||||||||||||
Apollo Ritz Carlton St. Thomas - 1 hotel |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
2,227 |
- |
2,227 |
||||||||||||||||
Aareal - 2 hotels |
6,298 |
3,755 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
10,053 |
||||||||||||||||
Total |
$ 6,298 |
$ 3,755 |
$ 3,549 |
$ 1,230 |
$ 2,337 |
$ 4,227 |
$ 2,941 |
$ 3,610 |
$ 1,728 |
$ 4,030 |
$ 2,227 |
$ 1,427 |
$ 37,359 |
||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||||
(1) The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016, |
|||||||||||||||||||||||||||||
were owned as of the beginning of each of the periods presented. |
|||||||||||||||||||||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
|||||||||||||||||||||||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the Bardessono Hotel and Spa |
|||||||||||||||||||||||||||||
Exhibit 1 |
|||||||||||||||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
Three months Ended March 31, 2015 |
|||||||||||||||||||||||||||||
Capital Hilton Washington DC |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Water Tower |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. |
|||||||||||||||
Net income (loss) |
$ 1,019 |
$ 2,092 |
$ (2,844) |
$ - |
$ 2,833 |
$ 34 |
$ 1,923 |
$ 2,525 |
$ 661 |
$ 1,359 |
$ - |
$ 1,754 |
$ 11,356 |
$ (11,781) |
$ (425) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(284) |
(546) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(830) |
977 |
147 |
||||||||||||||
Net loss attributable to redeemable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
72 |
72 |
||||||||||||||
Net income (loss) attributable to the Company |
735 |
1,546 |
(2,844) |
- |
2,833 |
34 |
1,923 |
2,525 |
661 |
1,359 |
- |
1,754 |
10,526 |
(10,732) |
(206) |
||||||||||||||
Non-property adjustments |
- |
- |
- |
- |
- |
(1) |
- |
- |
- |
- |
- |
- |
(1) |
1 |
- |
||||||||||||||
Interest Income |
2 |
- |
- |
- |
- |
- |
- |
(3) |
- |
(2) |
- |
(1) |
(4) |
- |
(4) |
||||||||||||||
Interest expense |
- |
- |
494 |
- |
- |
499 |
- |
- |
- |
- |
- |
- |
993 |
7,898 |
8,891 |
||||||||||||||
Amortization of loan costs |
- |
- |
172 |
- |
- |
9 |
- |
- |
- |
- |
- |
- |
181 |
511 |
692 |
||||||||||||||
Depreciation and amortization |
1,695 |
1,430 |
1,565 |
- |
668 |
1,434 |
1,009 |
564 |
503 |
1,007 |
- |
642 |
10,517 |
- |
10,517 |
||||||||||||||
Income tax expense (benefit) |
- |
68 |
- |
- |
- |
3 |
- |
- |
- |
- |
- |
- |
71 |
410 |
481 |
||||||||||||||
Non-Hotel EBITDA ownership expense |
387 |
9 |
2 |
- |
1 |
1 |
1 |
1 |
(1) |
6 |
- |
2 |
409 |
(409) |
- |
||||||||||||||
(Income) loss from consolidated entities |
284 |
547 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
831 |
(831) |
- |
||||||||||||||
Hotel EBITDA including amounts |
3,103 |
3,600 |
(611) |
- |
3,502 |
1,979 |
2,933 |
3,087 |
1,163 |
2,370 |
- |
2,397 |
23,523 |
(3,152) |
20,371 |
||||||||||||||
Less: EBITDA adjustments attributable to non-controlling interest |
(492) |
(354) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(846) |
(258) |
(1,104) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(284) |
(546) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(830) |
830 |
- |
||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(72) |
(72) |
||||||||||||||
Hotel EBITDA attributable to the Company |
$ 2,327 |
$ 2,700 |
$ (611) |
$ - |
$ 3,502 |
$ 1,979 |
$ 2,933 |
$ 3,087 |
$ 1,163 |
$ 2,370 |
$ - |
$ 2,397 |
$ 21,847 |
$ (2,652) |
$ 19,195 |
||||||||||||||
Pre-acquisition Hotel EBITDA |
- |
- |
- |
(308) |
- |
- |
- |
- |
- |
- |
4,799 |
- |
4,491 |
||||||||||||||||
Comparable Hotel EBITDA |
$ 3,103 |
$ 3,600 |
$ (611) |
$ (308) |
$ 3,502 |
$ 1,979 |
$ 2,933 |
$ 3,087 |
$ 1,163 |
$ 2,370 |
$ 4,799 |
$ 2,397 |
$ 28,014 |
||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||||
(1) The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2016, |
|||||||||||||||||||||||||||||
were owned as of the beginning of each of the periods presented. |
|||||||||||||||||||||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
|||||||||||||||||||||||||||||
(b) Lease expense was adjusted to reflect additional expense from a below market rate ground lease on the Bardessono Hotel and Spa |
|||||||||||||||||||||||||||||
SOURCE Ashford Hospitality Prime, Inc.
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