| DALLAS, Feb. 25, 2002 - La Quinta® Corporation (NYSE: LQI)
today announced financial results for the fourth quarter and full year
ended December 31, 2001. La Quinta will hold a conference call today
to discuss these results and other matters.
La Quinta’s operating results continued to be impacted by the slowdown
in travel and a decline in lodging demand resulting from the U.S. economic
downturn and the September 11 terrorist attacks, which were partially offset
by continuing cost control measures. La Quinta’s results were also
affected by the sale of certain healthcare assets to reduce debt.
Fourth quarter total revenue was $125.5 million, a 28.4% decline compared
to 2000. Full year total revenue was $651.4 million, a 20.1% decline
compared to 2000.
Fourth quarter total Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) was $34.8 million, a 55.3% decline compared to 2000.
Full year total EBITDA was $274.5 million, a 35.4% decline compared to
2000. A detailed schedule reconciling earnings available to common
shareholders to EBITDA is included in the supplemental tables.
Fourth quarter earnings available to common shareholders were ($256.6)
million, or ($1.79) per share in 2001, versus ($49.1) million, or ($0.34)
per share, in 2000. Full year earnings available to common shareholders
were ($300.4) million, or ($2.10) per share, in 2001 versus ($352.2) million,
or ($2.48) per share, in 2000.
Excluding non-recurring items, recurring earnings were ($22.5) million,
or ($0.16) per share, and ($0.9) million, or ($0.01) per share, for the
fourth quarter of 2001 and 2000, respectively. Significant non-recurring
expenses include the write-off of the paired share REIT goodwill, impairment
on real estate assets, mortgages and notes receivable, provision for loss
on equity securities and other non-recurring expenses. A detailed
schedule reconciling earnings available to common shareholders to recurring
earnings is included in the supplemental tables.
Excluding non-recurring items, recurring earnings were $15.0 million,
or $0.10 per share, and $49.8 million, or $0.35 per share, for the full
year of 2001 and 2000, respectively. Significant non-recurring expenses
include the write-off of the paired share REIT goodwill, impairment on
real estate assets, mortgages and notes receivable, provision for loss
on equity securities and other non-recurring expenses. A detailed
schedule reconciling earnings available to common shareholders to recurring
earnings is included in the supplemental tables.
Lodging Results
Lodging related revenues for the fourth quarter were $116.4 million,
a decrease of 14.0% compared to last year. The decrease is due to
a decline in average daily rates (ADR) and occupancy. Occupancy for
comparable hotels declined 5.8 percentage points to 53.2% during the fourth
quarter, reflecting lower demand from business and leisure travelers.
ADR for comparable hotels fell 5.2% to $57.72 during the fourth quarter,
primarily reflecting a change in the mix of business in response to reduced
demand. As a result, revenue per available room (RevPAR) for comparable
hotels declined 14.6% to $30.68 during the fourth quarter. For the
full year, lodging revenues declined 5.0% to $574.2 million. Occupancy
for comparable hotels declined 1.4 percentage points to 62.4% and ADR fell
2.8% to $61.22. RevPAR for comparable hotels declined 4.9% to $38.19
for the full year.
Lodging EBITDA for the fourth quarter was $29.6 million, a 26.4% decrease
over the same period last year. For the full year, lodging EBITDA
declined 7.8% from last year to $209.5 million.
Commenting on La Quinta’s fourth quarter, Francis W. (“Butch”) Cash,
President and Chief Executive Officer, said, “We continued to feel the
effects in the fourth quarter of the travel slowdown and resulting decline
in lodging demand. Many airport and urban locations underperformed
the overall portfolio while “drive-to” markets and highway locations outperformed.”
“Our continued focus on cost management helped to limit our lodging
EBITDA decline in the fourth quarter,” said Mr. Cash. “Our hotel
managers did an excellent job of adjusting staffing levels without impacting
guest satisfaction. Also, effective January 1, 2002, we implemented
a company-wide wage freeze and a voluntary 10% salary reduction for the
executive team that will help control our largest cost—labor.”
“After completing a detailed review of our corporate infrastructure,
we have identified ways to do more with less. As a result, in the
fourth quarter we eliminated 60 corporate positions and one executive position,
comprising 12% percent of our corporate headcount, and realigned other
positions so that our corporate staff can better service the hotel operations
they support. After recording a one-time charge of $3.8 million in
the fourth quarter, we expect these changes will produce labor savings
of approximately $5 million in 2002. In addition, the Company has
identified several million dollars of non-labor related savings.
These cost initiatives will be partially offset by increased spending on
product and service quality control programs and information system capabilities
as we continue to enhance our business.”
“We are also seeing positive results from hotels that have undergone
renovation in the Gold Medal Lite program,” continued Mr. Cash. “As
a result, we are accelerating the program to complete work on the remaining
122 Inns by early 2003. We want these hotels positioned for the return
in demand that is anticipated later this year.”
“We are very pleased with the progress we have made in our franchising
program,” said Mr. Cash. “At the end of the fourth quarter, we had
11 franchise properties (1,000 rooms) open and 29 franchise agreements
(2,300 rooms) approved. In January, we announced the signing of a
franchise agreement with Hospitality Associates to open 31 hotels (2,038
rooms) by mid-year. The Hospitality Associates transaction increases
our presence in the West and Pacific Northwest and brings two new states-Montana
and Idaho-into our national distribution. With the success of our
franchising program, we have increased our franchise growth goal to having
80 properties (6,000 rooms) open by the end of 2002.”
During the fourth quarter, the Company opened two redeveloped company-owned
properties in Dallas, Texas and San Antonio, Texas. For the year,
La Quinta also sold six hotels and lodging-related properties for gross
proceeds of $13.9 million and recorded a gain of approximately $85,000
after previously recorded impairments of $11.0 million. After conducting
a review of its lodging portfolio based on certain market, financial, and
service quality benchmarks, La Quinta has identified an additional 19 hotels
which it intends to sell. For the year, the Company recorded $45.4
million of impairments related to these 19 properties bringing their net
book value to $52.7 million.
Healthcare Results
Healthcare revenues for the fourth quarter were $9.1 million, a 77.2%
decrease over the same period last year. Fourth quarter EBITDA for
the healthcare segment declined 86.0% from last year to $5.3 million.
For the full year, healthcare revenues declined 63.4% to $77.3 million
and healthcare EBITDA declined 67.1% to $65.1 million. The decrease
in healthcare revenues and EBITDA is primarily the result of the impact
of the sale of certain healthcare assets.
During the fourth quarter, La Quinta received approximately $83 million
in gross proceeds from the sale of certain healthcare assets and receipt
of mortgage repayments. The Company recorded a $616,000 gain related
to these transactions. La Quinta had previously recorded impairment
charges of approximately $10 million related to these assets. The
remaining healthcare portfolio at December 31, 2001 had a net book value
of $235.9 million after impairments.
Financial Position
During the fourth quarter, La Quinta repaid $54 million of debt due
in the fourth quarter and prepaid $43 million of debt with later maturities.
At December 31, 2001, total indebtedness was $1 billion of which $35 million
matures in 2002. La Quinta’s cash position at the end of the year
was $137.7 million with no current borrowings under the Company’s $225
million revolving line of credit.
David L. Rea, Executive Vice President and Chief Financial Officer,
said, “Over the past year, we have substantially strengthened La Quinta’s
balance sheet. With the reduction of almost $600 million of debt,
we have decreased our annual interest expense by 45% over last year.
Our net debt-to-total capitalization has been reduced from 40% to 30%.”
“Our balance sheet is supported by strong cash flow,” said Mr. Rea.
“For the full year, La Quinta generated over $140 million in cash flow
from operations. Combined with our cash balances, proceeds from potential
asset sales, and availability under our line of credit, we believe La Quinta
is in good financial shape to continue managing through this challenging
environment as well as to pursue growth opportunities.”
Corporate Restructuring
On December 20, 2001, shareholders approved the corporate restructuring
that would make La Quinta Properties, Inc. a subsidiary of La Quinta Corporation.
On January 2, 2002, the restructuring became effective. The Company
recorded a non-cash charge of $169.4 million during the fourth quarter
of 2001 to write-off intangibles associated with its grandfathered paired-share
REIT structure which will eliminate approximately $4.7 million of amortization
expense on an annual basis going forward. La Quinta also incurred
$6.2 million of professional fees and other expenses related to the restructuring
during the fourth quarter of 2001.
In the first quarter of 2002, La Quinta anticipates recording a one-time
non-cash charge of approximately $196 million to establish a net deferred
tax liability in conjunction with the completion of the restructuring.
In addition, beginning in the first quarter, the Company will begin recognizing
an income tax expense which is currently estimated to be at a 38% effective
tax rate for 2002. At December 31, 2001, the Company, on a consolidated
basis, had approximately $340 million of net operating loss tax carryforwards
available to shield future taxable income.
Outlook for 2002
“Another challenging year lies ahead for the lodging industry, especially
during the first half,” said Mr. Cash. “Industry RevPAR is currently
expected to be slightly negative for the year with the first half of the
year showing continued negative RevPAR performance. Assuming the
U.S. economy shows meaningful improvement during the first half of the
year, the second half of the year should lead to positive RevPAR growth
for the industry.”
For the first quarter of 2002, La Quinta currently anticipates a RevPAR
decline of approximately 12%. The first quarter 2002 comparison is
expected to be the Company’s toughest because of the positive RevPAR gains
we reported in the first quarter of 2001. Lodging EBITDA is currently
anticipated to decline to approximately $40 million in the first quarter.
La Quinta anticipates incurring expenses related to various marketing programs
and information systems enhancements in first quarter 2002 that were not
in first quarter 2001. EPS is currently anticipated to be between
($3.15) and ($3.25) in the first quarter.
On January 1, 2002, La Quinta implemented Statement of Financial Accounting
Standards No. 142 regarding accounting for goodwill and other intangibles.
As a result, in the first quarter of 2002, La Quinta expects to record
a charge of approximately $259.0 million to reflect a write-down of goodwill
which will eliminate approximately $16.5 million of goodwill amortization
on an annual basis going forward. Excluding non-recurring charges,
recurring EPS is currently anticipated to be a slight loss for the first
quarter. Assuming a gradual improvement in the business climate, La Quinta
currently anticipates full year 2002 RevPAR growth to be flat over the
prior year with negative RevPAR growth in the first half of the year and
positive growth in the second half. Lodging EBITDA is currently anticipated
to be flat over the prior year. Healthcare EBITDA is anticipated
to continue to decline as assets are sold. Full year EPS is currently
anticipated to be between ($3.10) and ($3.20) reflecting the non-cash charges
previously mentioned. Excluding non-recurring charges, recurring
EPS is currently anticipated to be approximately $0.04 to $0.09 for the
full year. Capital expenditures for the year are anticipated to be
approximately $120 million.
Future Growth
“Over the course of 2001, we made significant financial and strategic
changes in order to grow La Quinta and enhance shareholder value,” said
Mr. Cash. “Management’s goal is to increase La Quinta’s lodging EBITDA
by at least 50% from its current $209 million level over the next three
years. During that time period, we believe we can increase company-owned
hotel EBITDA back towards its historic levels, redeploy our capital in
investments that can generate attractive rates of return, and continue
to grow our franchising program.” “With the foundation we have laid in
2001, we are optimistic about the future of La Quinta,” said Mr. Cash.
“As the economy recovers, we expect lodging demand will return. Industry
analysts are currently forecasting little supply growth over the next several
years. RevPAR growth should follow these positive lodging fundamentals.
La Quinta has a strong balance sheet, significant cash flow, a valuable
lodging brand with a loyal customer base and a management team with a proven
track record. We believe La Quinta is well-positioned to deliver
on its future growth plans.”
La Quinta Corporation
Schedule F
La Quinta Summary Lodging
Statistics
Occupancy Percentage (Occ),
Average Daily Rate (ADR) and Revenue per
Available Room (RevPAR) Data
Hotel and Room Count Data
Three months ended Three
months ended
December 31, 2001
December 31, 2000
Occ ADR RevPAR
Occ ADR RevPAR
Comparable
Hotels (1,2) 53.2% $57.72
$30.68 59.0% $60.91
$35.94
Company-Owned
Total (1)
53.2% $57.69 $30.68
58.8% $60.52 $35.55
Change
Occ
ADR RevPAR
Comparable
Hotels (1,2) -5.8 pts
-5.2%
-14.6%
Company-Owned
Total (1)
-5.6 pts -4.7%
-13.7%
Twelve months ended Twelve months ended
December 31, 2001
December 31, 2000
Occ ADR RevPAR
Occ ADR
RevPAR
Comparable
Hotels (1,2) 62.4% $61.22
$38.19 63.8% $62.98
$40.17
Company-Owned
Total (1)
62.2% $60.98 $37.95
63.4% $62.62 $39.73
Change
Occ
ADR RevPAR
Comparable
Hotels (1,2) -1.4
pts -2.8%
-4.9%
Company-Owned
Total (1)
-1.2 pts -2.6%
-4.5%
Twelve months ended Twelve months ended
December 31, 2001 December 31,
2000
Number of Number of Number of
Number of
Hotels Rooms
Hotels Rooms
Comparable Hotels (1,2)
289 37,503
289 37,503
Company-Owned Total (1)
292 37,914
299 38,740
Franchised Hotels
11 1,153
--
--
Total
303 39,067
299 38,740
(1) Excludes franchised operating statistics.
(2) Comparable hotels exclude two hotels undergoing redevelopment
representing 291 rooms in aggregate and three recently
opened hotels representing 413 rooms. |
Supplemental Schedules
Financial Results
A
Supplemental Financial Data
B
Other Expenses
C
Other Supplemental Information
D
Real Estate Portfolio Summary
E
La Quinta Summary Lodging Statistics F
La Quinta Corporation
Schedule A
Financial Results
Three months ended Twelve
months ended
Operating Data
December 31,
December 31,
(In thousands,
except per share data)
2001 2000
2001 2000
Revenues
(Unaudited)
Lodging
$ 116,384 $ 135,390 $ 574,171
$ 604,224
Healthcare
9,075 39,854
77,268 211,293
Total revenues
125,459 175,244
651,439 815,517
Expenses
Lodging operating
expenses
75,843 84,468
326,035 337,342
General and
administrative
14,781 12,838
50,856 53,011
Interest
20,320 34,333
102,116 186,951
Depreciation and
amortization
34,090 39,357
138,964 169,762
(Gain) loss on sale of
assets and mortgage
repayments
(185) (189)
(10,133) 130,536
Other
235,069 48,367
327,264 272,845
Total expenses
379,918 219,174
935,102 1,150,447
Loss before income
taxes, extraordinary
item and cumulative
effect of change in
accounting principle (254,459)
(43,930) (283,663) (334,930)
Income tax (benefit)
expense
(1,537) 629
488 629
Loss before
extraordinary item and
cumulative effect of
change in accounting
principle
(252,922) (44,559) (284,151)
(335,559)
Extraordinary item:
Gain on early
extinguishments of
debt
849 --
935 1,403
Cumulative effect of
change in accounting
principle
-- --
856 --
Net loss
(252,073) (44,559) (282,360)
(334,156)
Preferred stock dividends
(4,500) (4,500)
(18,000) (18,000)
Net loss available to
Common Shareholders $(256,573) $ (49,059)
$(300,360) $(352,156)
Loss per Paired Common Share:
Net loss available to common (Basic) $
(1.79) $ (0.34) $
(2.10) $ (2.48) Net loss available to common
(Diluted) $ (1.79) $ (0.34)
$ (2.10) $ (2.48)
Basic weighted
average shares
outstanding
143,005 144,135
143,011 141,854
Diluted weighted
average shares
outstanding
143,005 144,135
143,011 141,854
La Quinta Corporation
Schedule B
Supplemental Financial Data
Unaudited
Neither EBITDA or Recurring Net Income available to common
shareholders are intended to represent any measure of performance in accordance
with generally accepted accounting principles (“GAAP”). EBITDA and
Recurring Net Income are included herein because management believes that
certain investors find them to be useful tools for measuring the Company’s
performance.
Recurring Net Income
(Loss) & EBITDA
Three months ended Twelve months
ended
Reconciliation
December 31,
December 31,
(In thousands)
2001 2000
2001 2000
Net loss available
to Common Shareholders
(per GAAP)
$(256,573) $ (49,059) $(300,360)
$(352,156)
Add:
Cumulative effect
of change in
accounting principle --
-- (856)
--
Gain on early
extinguishments
of debt
(849) --
(935) (1,403)
(Gain) loss on
sale of assets
(185) (189)
(10,133) 130,536
Other expenses
235,069 48,367
327,264 272,845
Recurring net (loss)
income available to
Common Shareholders
(Non-GAAP) (1) (22,538)
(881) 14,980
49,822 Add:
Preferred stock
dividends
4,500 4,500
18,000 18,000
Income tax (benefit)
expense
(1,537) 629
488 629
Depreciation and
amortization
34,090 39,357
138,964 169,762
Interest expense
20,320 34,333
102,116 186,951
Total EBITDA
(Non-GAAP)
$ 34,835 $ 77,938
$ 274,548 $ 425,164 Recurring net (loss)
income per Paired
Common Share
(Diluted)
$ (0.16) $ (0.01)
$ 0.10 $ 0.35
Three months ended Twelve months
ended
EBITDA by Segment
December 31,
December 31,
(In thousands)
2001 2000
2001 2000
Lodging
$ 29,556 $ 40,132
$ 209,474 $ 227,283
Healthcare
5,279 37,806
65,074 197,881
Total EBITDA
$ 34,835 $ 77,938
$ 274,548 $ 425,164
Three months ended Twelve months
ended
Capital Expenditures
December 31,
December 31,
(In thousands)
2001 2000
2001 2000
Investment in real
estate and real
estate mortgages $ 26,752
$ 11,884 $ 82,600
$ 40,508
Working capital and
notes receivable
advances, net
-- (1,472)
-- 8,665
Total
$ 26,752 $ 10,412
$ 82,600 $ 49,173
(1) Recurring net income available to common shareholders
does not
include the impact of an estimated 38% effective tax
rate for 2002 and amortization expense adjustments associated with the
intangible write off as a result of the Restructure as well as adjustments
related to goodwill as a result of implementation of SFAS 142.
La Quinta Corporation
Schedule C
Other Expenses
Three months ended Twelve
months ended
December 31,
December 31,
(In thousands)
2001 2000
2001 2000
Impairment of assets,
mortgages and notes
receivable (1) $
33,471 $34,397
$115,347 $186,829
Provision for loss
on equity securities
-- 11,203
-- 50,279
Provision for loss on
interest and other
receivables,
net of recoveries(2) 3,952
(314) 11,535
3,086
Expenses related to the
2002 Paired Share
REIT Restructure,
Lodging Cost Reduction
and the Five Point
Plan (3)
27,052 3,081
29,788 32,651
Paired share
intangible write-off 169,421
-- 169,421
--
Other
1,173
-- 1,173
--
$235,069 $48,367
$327,264 $272,845
(1) Provisions for asset, mortgages and notes receivable:
The Company has identified owned properties and mortgages
as either held-for-sale or impaired and recorded a reserve to reduce the
carrying value of these and other assets to estimated net sales proceeds,
expected loan payoff amounts or an internal assessment of valuation.
Impairment on assets and mortgages of $115,347,000 includes $12,378,000
relating to working capital and other notes receivable for the year ended
December 31, 2001.
(2) Expenses related to recoveries on prior impairments
and provisions
for loss on interest and other receivables:
The Company recorded provisions and other expenses of
approximately $6,146,000 and $501,000 during the three months ended December
31, 2001 and 2000 and $14,713,000 and $5,146,000, respectively, during
the years ended December 31, 2001 and 2000 on interest and other receivables
management considers uncollectable in its healthcare business. The
Company also recorded approximately $2,194,000 and $815,000, respectively,
of bad debt recoveries during the three and twelve month periods ended
December 31, 2001 and 2000 and $3,178,000 and $2,060,000, respectively,
related to receivables written off in prior periods.
(3) Expenses related to the 2002 Paired Share REIT Restructure:
During the three months and year ended December 31, 2001,
the Company recorded $6,186,000 of professional fees and other expenses
incurred in connection with the corporate restructuring approved by the
shareholders on December 20, 2001.
Expenses related to Lodging Cost Reduction and other
charges:
Effective December 31, 2001, the Company took steps to
reduce lodging overhead costs in response to the decline in economic conditions
and the impact on the lodging industry. These steps included eliminating
approximately 60 corporate positions from the lodging segment. In
addition, in October 2001, the Company entered into separation agreements
with the former Senior Vice President and General Counsel of the Company
and the Senior Vice President-Human Resources. The Company recorded
$3,085,000 of expenses related to severance and retention compensation
for the year ended December 31, 2001 related to the headcount reduction
and separation agreements. During the year ended December 31, 2001,
the Company incurred approximately $697,000 of professional fees and other
expenses in connection with development of certain costs savings initiatives
and improvement of policies and procedures. During the year ended
December 31, 2000, the Company recorded $2,836,000 in expenses related
to certain lodging segment severance agreements.
Expenses related to the Five Point Plan:
In June 2000, the Boards of Directors approved a plan
to reduce the number of employees in the Company’s Needham, Massachusetts
offices. The Company recorded $19,365,000 and $11,672,000, respectively,
during the year ended December 31, 2001 and 2000 of other expense related
to severance and retention incentive compensation earned by the healthcare
segment employees based on achievement of asset sale goals and compliance
with specified employment terms in order to facilitate the sale of certain
healthcare assets and closing of the Needham office by December 2002.
The amount for the year ended December 31, 2000 includes a cash payment
of approximately $9,460,000 made to the former Chief Executive Officer,
President and Treasurer of the Company pursuant to a separation and consulting
agreement executed in January 2000. Other expenses for the three
and twelve month periods ended December 31, 2000 included accelerated amortization
on unearned compensation of $1,389,000 and $5,240,000, respectively, related
to restricted paired common shares pursuant to severance agreements with
certain officers of the healthcare segment severed in 2000. During
the years ended December 31, 2001 and 2000, the Company recorded $253,000
and $301,000, respectively, of other expense related to the implementation
of the Five Point Plan. In addition, the Company recorded a charge
of $202,000 for the year ended December 31, 2001, and $3,142,000 for the
year ended December 31, 2000, related to accelerated amortization of debt
issuance costs and certain other expenses associated with the early repayment
of debt and the reduction of the Company’s former revolving credit facility.
La Quinta Corporation
Schedule D
Other Supplemental Information
Capitalization Schedule
December 31,
(In millions, except for percentages)
2001 2000
Cash
$ 138 $
39
Total indebtedness
1,000 1,596
Equity
2,025 2,323
Total capitalization
$2,887 $3,880
Net debt to total capitalization
30% 40%
Diluted weighted average shares outstanding
143,011 141,854
Balance Sheet Data
December 31,
(In thousands)
2001 2000
(Audited)
Real estate investments, net
$2,581,173 $3,352,676
Cash and cash equivalents
137,716 38,993
Total assets
3,212,288 4,099,037
Total indebtedness
999,748 1,596,349
Total liabilities
1,187,725 1,776,226
Total shareholders’ equity
2,024,563 2,322,811
Debt Maturity Schedule
(In millions)
Bonds and
Year
Notes Payable Bank Notes Mortgages
Total
2002
$ 24 $ 10
$1 $ 35
2003
169(1) 135
-- 304
2004
250(2) --
1 251
2005
116 --
-- 116
2006
20 --
-- 20
2007 and thereafter
267 --
7 274
Total debt
$846 $145
$9 $1,000
(1) Assumes $141 million of Notes due in 2026 are
put to the Company.
(2) Assumes $150 million of Notes due in 2011 are
put to the Company.
La Quinta Corporation
Schedule E
La Quinta Real Estate Portfolio Summary
Portfolio by Operator
(In thousands,
except number
of properties
# of
and percentages)
Gross Net Book
Operating % of
Investment Value
Properties Portfolio
Lodging Portfolio:
Hotel (1)
$ 2,708,995 $ 2,345,314
292
Healthcare Portfolio:
Alterra
151,106 136,371
49 42%
Balanced Care
Corporation
56,383 55,279
12 17%
Other Non-Public
Operators
45,520 45,520
3 14%
Other Public
Operators
27,895 25,554
3
8%
CareMatrix
Corporation
35,292 35,292
3 11%
Life Care Centers
of America, Inc.
26,212 26,212
2
8%
342,408 324,228
72 100%
Impairment
-- (88,369)
--
342,408 235,859
72
Total Real Estate
Portfolio
$ 3,051,403 $ 2,581,173
364
Portfolio by Operator
(In thousands,
except number
of properties
# of
# of
and percentages)
Mortgages Properties Leases
Leases
Lodging Portfolio:
Hotel (1)
Healthcare Portfolio:
Alterra
$ --
-- $136,371 49
Balanced Care Corporation
-- --
55,279 12
Other Non-Public Operators
45,520
3 --
--
Other Public Operators
-- --
25,554 3
CareMatrix Corporation
35,292
3 --
--
Life Care Centers of
America, Inc.
26,212
2 --
--
107,024
8 217,204 64
Impairment
(24,171)
(64,198)
$ 82,853
$153,006
Total Real Estate Portfolio
(1) The lodging portfolio net book value is net
of an impairment balance
of $54.9 million. |
Dallas-based La Quinta Corporation (NYSE: LQI), a mid-scale limited
service lodging company, owns, operates or franchises over 300 La Quinta
Inns® and La Quinta Inn & Suites® in 32 states.
Certain matters discussed in this press release may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform
Act of 1995.
|
