DIAMONDROCK HOSPITALITY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
ASSETS
June 13, December 31,
2008 2007
(Unaudited)
Property and equipment, at cost
$2,123,272 $2,086,933
Less: accumulated depreciation
(182,922) (148,101)
1,940,350 1,938,832
Deferred financing costs, net
3,652 4,020
Restricted cash
34,138 31,736
Due from hotel managers
72,460 68,153
Favorable lease assets, net
41,721 42,070
Prepaid and other assets
21,065 17,043
Cash and cash equivalents
24,937 29,773
Total assets
$2,138,323 $2,131,627
LIABILITIES
AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgage debt
$823,117 $824,526
Senior unsecured credit facility
32,000
-
Total debt
855,117 824,526
Deferred income related to key money,
net 20,631
15,884
Unfavorable contract liabilities,
net
85,329 86,123
Due to hotel managers
36,048 36,910
Dividends declared and unpaid
23,923 22,922
Accounts payable and accrued expenses
59,309 64,980
Total other liabilities
225,240 226,819
Shareholders' Equity:
Preferred stock, $.01 par value; 10,000,000
shares authorized; no shares
issued and
outstanding
-
-
Common stock, $.01 par value; 200,000,000
shares authorized; 94,535,000
and 94,730,813
shares issued and outstanding
at June 13, 2008
and December 31, 2007, respectively
945 947
Additional paid-in capital
1,144,108 1,145,511
Accumulated deficit
(87,087) (66,176)
Total shareholders' equity
1,057,966 1,080,282
Total liabilities and shareholders'
equity $2,138,323 $2,131,627
DIAMONDROCK HOSPITALITY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Fiscal Quarters Ended June 13, 2008 and June 15,
2007 and the Periods
from January 1, 2008 to June 13, 2008 and January 1, 2007
to June 15, 2007
(in thousands, except per share amounts)
Fiscal Fiscal Period from
Period from
Quarter Quarter January 1,
January 1,
Ended Ended
2008 2007
June 13, June 15, to June 13,
to June 15,
2008 2007
2008 2007
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues:
Rooms
$116,011 $114,252 $201,938
$199,006
Food and beverage
55,532 54,275
95,614 95,722
Other
9,473 9,417
16,327 15,429
Total revenues
181,016 177,944 313,879
310,157
Operating Expenses:
Rooms
26,249 25,146
47,408 45,259
Food and beverage
36,377 35,745
65,305 64,232
Management fees
8,048 7,882
13,013 13,063
Other hotel expenses
55,189 54,043
101,641 97,835
Depreciation and
amortization
18,069 17,371
34,756 33,169
Corporate expenses
3,345 3,273
6,305 6,422
Total operating expenses
147,277 143,460 268,428
259,980
Operating profit
33,739 34,484
45,451 50,177
Other Expenses (Income):
Interest income
(332) (666)
(770) (1,260)
Interest expense
11,430 11,884
22,125 23,379
Total other expenses
11,098 11,218
21,355 22,119
Income before income taxes
22,641 23,266
24,096 28,058
Income tax (provision)
benefit
(886) (3,160)
2,836 (1,580)
Income from continuing
operations
21,755 20,106
26,932 26,478
Income from discontinued
operations, net of tax
- 407
- 825
Net income
$21,755 $20,513 $26,932
$27,303
Earnings per share:
Continuing operations
$0.23 $0.21
$0.28 $0.28
Discontinued operations
- 0.00
- 0.01
Basic and diluted
earnings per share
$0.23 $0.21
$0.28 $0.29
DIAMONDROCK HOSPITALITY COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods from January 1, 2008 to June 13,
2008 and January 1, 2007 to
June 15, 2007
(in thousands)
Period from Period from
January 1, 2008 January 1,2007
to June 13, to June 15,
2008
2007
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income
$26,932 $27,303
Adjustments to reconcile
net income
to net cash provided
by operating
activities:
Real estate
depreciation
34,756 33,704
Corporate
asset depreciation
as corporate
expenses
75
79
Non-cash ground
rent
3,550
3,594
Non-cash financing
costs as interest
372
349
Amortization
of debt premium and
unfavorable
contract liabilities
(794)
(868)
Amortization
of deferred income
(253)
(164)
Stock-based
compensation
1,567
2,097
Yield support
received
797 1,741
Non-cash yield
support recognized
-
(189)
Changes in assets and
liabilities:
Prepaid expenses
and other assets
(4,022)
(460)
Restricted
cash
(582)
530
Due to/from
hotel managers
(5,966) (10,650)
Accounts payable
and accrued expenses (8,455)
(3,630)
Net cash provided by operating
activities 47,977
53,436
Cash flows from investing activities:
Hotel acquisitions
- (331,325)
Receipt of deferred key
money
5,000
-
Hotel capital expenditures
(36,766) (22,549)
Change in restricted cash
(1,820)
(564)
Net cash used in investing
activities (33,586)
(354,438)
Cash flows from financing activities:
Repayments of credit facility
(15,000) (35,000)
Draws on credit facility
47,000 61,500
Scheduled mortgage debt
principal payments (1,413)
(1,707)
Payment of financing costs
- (1,113)
Proceeds from sale of
common stock
- 317,935
Payment of costs related
to sale of common
stock
-
(380)
Share repurchases
(3,184)
-
Payment of dividends
(46,630) (36,658)
Net cash (used in) provided
by financing
activities
$(19,227) $304,577
DIAMONDROCK HOSPITALITY COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
For the Periods from January 1, 2008 to June 13, 2008
and January 1, 2007 to
June 15, 2007
(in thousands)
Period from Period from
January 1, January 1,
2008 2007
to June 13, to June 15,
2008 2007
(Unaudited) (Unaudited)
Net (decrease) increase in cash and
cash
equivalents
$(4,836) $3,575
Cash and cash equivalents, beginning
of period 29,773
19,691
Cash and cash equivalents, end of
period $24,937
$23,266
Supplemental Disclosure of Cash Flow
Information:
Cash paid for interest
$24,176 $24,716
Cash paid for income taxes
$861 $340
Capitalized interest
$183
$-
Non-Cash Financing Activities:
Unpaid dividends
$23,923 $22,947
Non-GAAP Financial Measures
We use the following four non-GAAP financial measures
that we believe are useful to investors as key measures of our operating
performance: (1) EBITDA, (2) Adjusted EBITDA, (3) FFO and (4) Adjusted
FFO.
EBITDA represents net income excluding: (1) interest expense;
(2) provision for income taxes, including income taxes applicable to sale
of assets; and (3) depreciation and amortization. We believe EBITDA is
useful to an investor in evaluating our operating performance because it
helps investors evaluate and compare the results of our operations from
period to period by removing the impact of our capital structure (primarily
interest expense) and our asset base (primarily depreciation and amortization)
from our operating results. We also use EBITDA as one measure in determining
the value of hotel acquisitions and dispositions.
Historical (in 000s)
Fiscal
Fiscal
Quarter Ended Quarter Ended
June 13, 2008 June 15, 2007
Net income
$21,755 $20,513
Interest expense
11,430
11,884
Income tax expense (1)
886
3,095
Depreciation and amortization (2)
18,069
17,643
EBITDA
$52,140 $53,135
(1) Includes $0.1 million of income tax benefit included
in discontinued operations for the fiscal quarter ended June 15, 2007.
(2) Includes $0.3 million of depreciation expense included
in discontinued operations for the fiscal quarter ended June 15, 2007.
Historical (in 000s)
Period From Period From
January 1, January 1,
2008 to 2007
to
June 13, 2008 June 15, 2007
Net income
$26,932 $27,303
Interest expense
22,125
23,379
Income tax (benefit) expense (1)
(2,836)
1,440
Depreciation and amortization (2)
34,756
33,704
EBITDA
$80,977 $85,826
(1) Includes $0.1 million of income tax benefit included
in discontinued operations for the period from January 1, 2007 to June
15, 2007.
(2) Includes $0.5 million of depreciation expense included
in discontinued operations for the period from January 1, 2007 to June
15, 2007.
Forecast Third Quarter 2008 (in 000s)
Low End High End
Net income
$9,000 $11,000
Interest expense
11,700
11,700
Income tax benefit
(4,700) (3,700)
Depreciation and amortization
18,600
18,600
EBITDA
$34,600 $37,600
Forecast Full Year 2008 (in 000s)
Low End High End
Net income
$50,700 $54,700
Interest expense
50,000
50,000
Income tax benefit
(11,000) (9,000)
Depreciation and amortization
79,200
79,200
EBITDA
$168,900 $174,900
We also evaluate our performance by reviewing Adjusted
EBITDA because we believe that the exclusion of certain additional recurring
and non-recurring items described below provides useful supplemental information
regarding our ongoing operating performance and that the presentation of
Adjusted EBITDA, when combined with the primary GAAP presentation of net
income, is beneficial to a complete understanding of our operating performance.
We adjust EBITDA for the following items, which may occur in any period,
and refer to this measure as Adjusted EBITDA:
-- Non-Cash Ground Rent: We exclude the non-cash expense
incurred from straight lining the rent from our ground lease obligations
and the non-cash amortization of our favorable lease assets.
-- The impact of the non-cash amortization of the unfavorable
contract liabilities recorded in conjunction with our acquisitions of the
Bethesda Marriott Suites and the Chicago Marriott Downtown. The amortization
of the unfavorable contract liabilities does not reflect the underlying
performance of the Company.
-- Cumulative effect of a change in accounting principle:
Infrequently, the Financial Accounting Standards Board (FASB) promulgates
new accounting standards that require the consolidated statement of operations
to reflect the cumulative effect of a change in accounting principle. We
exclude these one-time adjustments because they do not reflect our actual
performance for that period.
-- Gains from Early Extinguishment of Debt: We exclude
the effect of gains recorded on the early extinguishment of debt because
we believe that including them in EBITDA is not consistent with reflecting
the ongoing performance of our remaining assets.
-- Impairment Losses and Gains or Losses
on Dispositions: We exclude the
effect of impairment losses and gains or losses on dispositions
recorded
because we believe that including them in EBITDA is not
consistent with
reflecting the ongoing performance of our remaining assets.
In addition, we
believe that impairment charges are similar to depreciation
expense, which is
also excluded from EBITDA.
Historical (in 000s)
Fiscal
Fiscal
Quarter Ended Quarter Ended
June 13, 2008 June 15, 2007
EBITDA
$52,140 $53,135
Non-cash ground rent
1,777
1,887
Non-cash amortization of unfavorable
contract liabilities
(397)
(397)
Adjusted EBITDA
$53,520 $54,625
Historical (in 000s)
Period From Period From
January 1, 2008 January 1, 2007
to June 13, 2008 to June 15, 2007
EBITDA
$80,977 $85,826
Non-cash ground rent
3,553
3,594
Non-cash amortization of unfavorable
contract liabilities
(794)
(794)
Adjusted EBITDA
$83,736 $88,626
Forecast Third Quarter 2008 (in 000s)
Low End High End
EBITDA
$34,600 $37,600
Non-cash ground rent
1,800
1,800
Non-cash amortization of unfavorable
contract liabilities
(400)
(400)
Adjusted EBITDA
$36,000 $39,000
Forecast Full Year 2008 (in 000s)
Low End High End
EBITDA
$168,900 $174,900
Non-cash ground rent
7,800
7,800
Non-cash amortization of unfavorable
contract liabilities
(1,700) (1,700)
Adjusted EBITDA
$175,000 $181,000
We compute FFO in accordance with standards established
by NAREIT (which defines FFO as net income determined in accordance with
GAAP), excluding gains (losses) from sales of property, plus depreciation
and amortization. We believe that the presentation of FFO provides useful
information to investors regarding our operating performance because it
is a measure of our operations without regard to specified non-cash items,
such as real estate depreciation and amortization and gain or loss on sale
of assets. We also use FFO as one measure in assessing our results.
Historical (in 000s)
Fiscal
Fiscal
Quarter Ended Quarter Ended
June 13, 2008 June 15, 2007
Net income
$21,755 $20,513
Real estate related depreciation and
amortization (1)
18,069
17,643
FFO
$39,824 $38,156
FFO per share (basic and diluted)
$0.42
$0.40
(1) Includes $0.3 million of depreciation expense included
in discontinued operations for the fiscal quarter ended June 15, 2007.
Historical (in 000s)
Period From Period From
January 1, 2008 January 1, 2007
to June 13, 2008 to June 15, 2007
Net income
$26,932 $27,303
Real estate related depreciation and
amortization (1)
34,756
33,704
FFO
$61,688 $61,007
FFO per share (basic and diluted)
$0.65
$0.65
(1) Includes $0.3 million of depreciation expense included
in discontinued operations for the fiscal quarter ended June 15, 2007.
Forecast Third Quarter 2008 (in 000s)
Low End High End
Net income
$9,000 $11,000
Real estate related depreciation and
amortization (1)
18,600
18,600
FFO
$27,600 $29,600
FFO per share (basic and diluted)
$0.30
$0.32
Forecast Full Year 2008 (in 000s)
Low End High End
Net income
$50,700 $54,700
Real estate related depreciation and
amortization (1)
79,200
79,200
FFO
$129,900 $133,900
FFO per share (basic and diluted)
$1.40
$1.44
We also evaluate our performance by reviewing Adjusted
FFO because we believe that the exclusion of certain additional recurring
and non-recurring items described below provides useful supplemental information
regarding our ongoing operating performance and that the presentation of
Adjusted FFO, when combined with the primary GAAP presentation of net income,
is beneficial to a complete understanding of our operating performance.
We adjust FFO for the following items, which may occur in any period, and
refer to this measure as Adjusted FFO:
-- Non-Cash Ground Rent: We exclude the non-cash expense
incurred from straight lining the rent from our ground lease obligations
and the non-cash amortization of our favorable lease assets.
-- The impact of the non-cash amortization of the unfavorable
contract liabilities recorded in conjunction with our acquisitions of the
Bethesda Marriott Suites and the Chicago Marriott Downtown. The amortization
of the unfavorable contract liabilities does not reflect the underlying
performance of the Company.
-- Cumulative effect of a change in accounting principle:
Infrequently, the Financial Accounting Standards Board (FASB) promulgates
new accounting standards that require the consolidated statement of operations
to reflect the cumulative effect of a change in accounting principle. We
exclude these one-time adjustments because they do not reflect our actual
performance for that period.
-- Gains from Early Extinguishment of Debt: We exclude
the effect of gains recorded on the early extinguishment of debt because
we believe that including them in FFO is not consistent with reflecting
the ongoing performance of our remaining assets.
-- Impairment Losses: We exclude the effect of impairment
losses recorded because we believe that including them in FFO is not consistent
with reflecting the ongoing performance of our remaining assets. In addition,
we believe that impairment charges are similar to gains or losses on dispositions
and depreciation expense, both of which are also excluded from FFO.
Historical (in 000s)
Fiscal Fiscal
Quarter Ended Quarter Ended
June 13, 2008 June 15, 2007
FFO
$39,824 $38,156
Non-cash ground rent
1,777
1,887
Non-cash amortization of unfavorable
contract liabilities
(397)
(397)
Adjusted FFO
$41,204 $39,646
Adjusted FFO per share (basic and
diluted) $0.43
$0.42
Historical (in 000s)
Period From Period From
January 1, 2008 January 1, 2007
to June 13, 2008 to June 15, 2007
FFO
$61,688 $61,007
Non-cash ground rent
3,553
3,594
Non-cash amortization of unfavorable
contract liabilities
(794)
(794)
Adjusted FFO
$64,447 $63,807
Adjusted FFO per share (basic and
diluted) $0.68
$0.68
Forecast Third Quarter 2008 (in 000s)
Low End High End
FFO
$27,600 $29,600
Non-cash ground rent
1,800
1,800
Non-cash amortization of unfavorable
contract liabilities
(400)
(400)
Adjusted FFO
$29,000 $31,000
Adjusted FFO per share (basic and
diluted) $0.32
$0.34
Forecast Full Year 2008 (in 000s)
Low End High End
FFO
$129,900 $133,900
Non-cash ground rent
7,800
7,800
Non-cash amortization of unfavorable
contract liabilities
(1,700) (1,700)
Adjusted FFO
$136,000 $140,000
Adjusted FFO per share (basic and
diluted) $1.46
$1.51
Certain Definitions
In this release, when we discuss "Hotel Adjusted EBITDA,"
we exclude from Hotel EBITDA the non-cash expense incurred by the hotels
due to the straight lining of the rent from our ground lease obligations,
the non-cash amortization of our favorable lease assets, and the non-cash
amortization of the unfavorable contract liabilities recorded in conjunction
with the acquisitions of the Bethesda Marriott Suites and the Chicago Marriott
Downtown. Hotel EBITDA represents hotel net income excluding: (1) interest
expense; (2) income taxes; and (3) depreciation and amortization. Hotel
Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided
by total hotel revenues.
Market Capitalization as of June 13, 2008
(in thousands, except per share data)
Enterprise Value
Common equity capitalization (at 6/13/08
closing price
of $11.96/share)
$1,141,640
Consolidated debt
855,117
Cash and cash equivalents
(24,937)
Total enterprise value
$1,971,820
Dividend Per Share
Common dividend declared (holders
of record on June 13, 2008) $0.25
Share Reconciliation
Common shares outstanding
94,535
Unvested restricted stock held by management
and employees
475
Share grants under deferred compensation
plan held by
corporate officers
445
Combined shares outstanding
95,455
Debt
Summary as of June 13, 2008
(dollars in thousands)
Interest Outstanding
Property
Rate Term Principal
Maturity
Courtyard Manhattan/Midtown
East
5.195% Fixed $41,751 December
2009
Salt Lake City Marriott
Downtown
5.500% Fixed 35,077
January 2015
Courtyard Manhattan/Fifth
Avenue
6.480% Fixed 51,000
June 2016
Marriott Griffin Gate Resort
5.110% Fixed 28,789
January 2010
Bethesda Marriott Suites
3.330% Variable 5,000
July 2010
Los Angeles Airport Marriott
5.300% Fixed 82,600
July 2015
Marriott Frenchman's Reef
5.440% Fixed 62,500
August 2015
Renaissance Worthington
5.400% Fixed 57,400
July 2015
Orlando Airport Marriott
5.680% Fixed 59,000
January 2016
Chicago Marriott Downtown
5.975% Fixed 220,000
April 2016
Austin Renaissance Hotel
5.507% Fixed 83,000
December 2016
Waverly Renaissance Hotel
5.503% Fixed 97,000
December 2016
Senior Unsecured Credit
Facility
3.400% Variable 32,000 February 2011
Total Debt
$855,117
Pro Forma Operating Statistics
ADR
Occupancy
2Q 2008 2Q 2007 B/(W) 2Q
2008 2Q 2007 B/(W)
Atlanta
Alpharetta
$149.48 $154.93 (3.5%)
64.7% 63.6% 1.0%
Westin Atlanta
North (1)
$144.12 $135.82 6.1%
63.0% 74.2% (11.2%)
Atlanta
Waverly
$146.56 $147.13 (0.4%)
69.8% 67.6% 2.2%
Renaissance
Austin
$156.49 $161.75 (3.2%)
74.4% 81.7% (7.3%)
Bethesda
Marriott
Suites
$197.55 $188.13 5.0%
79.4% 82.7% (3.3%)
Boston
Westin (1)
$202.48 $203.07 (0.3%)
70.6% 71.0% (0.5%)
Chicago
Marriott
$238.83 $227.40 5.0%
81.8% 84.1% (2.3%)
Chicago
Conrad (1)
$247.55 $238.14 4.0%
79.7% 73.6% 6.0%
Courtyard
Fifth Avenue $316.02
$281.34 12.3% 88.5%
92.6% (4.1%)
Courtyard
Midtown East $320.39
$300.43 6.6% 89.4%
91.2% (1.9%)
Frenchman's
Reef (1)
$261.23 $260.51 0.3%
84.8% 88.2% (3.4%)
Griffin Gate
Marriott
$155.72 $149.32 4.3%
71.8% 72.5% (0.7%)
Los Angeles
Airport
$115.35 $115.93 (0.5%)
84.7% 77.1% 7.6%
Oak Brook
Hills (2)
$137.78 $136.49 0.9%
60.6% 65.7% (5.1%)
Orlando Airport
Marriott
$118.73 $119.19 (0.4%)
74.9% 80.6% (5.8%)
Salt Lake City
Marriott
$131.65 $127.97 2.9%
68.1% 66.1% 2.0%
The Lodge
at Sonoma
$226.50 $218.66 3.6%
75.5% 74.6% 0.9%
Torrance
Marriott
South Bay
$124.77 $120.12 3.9%
80.1% 77.9% 2.2%
Vail
Marriott (1) $256.12
$266.72 (4.0%) 62.7%
57.3% 5.4%
Renaissance
Worthington
$184.50 $177.82 3.8%
78.8% 77.1% 1.7%
RevPAR
Hotel Adjusted EBITDA Margin
2Q 2008 2Q 2007 B/(W) 2Q
2008 2Q 2007 B/(W)
Atlanta
Alpharetta
$96.66 $98.56 (1.9%)
32.0% 34.4% (2.38%)
Westin
Atlanta
North (1)
$90.75 $100.78 (10.0%) 26.7%
34.8% (8.10%)
Atlanta
Waverly
$102.28 $99.44 2.9%
26.3% 28.7% (2.42%)
Renaissance
Austin
$116.37 $132.11 (11.9%) 29.5%
30.7% (1.17%)
Bethesda
Marriott
Suites
$156.81 $155.59 0.8%
32.7% 35.0% (2.30%)
Boston
Westin (1)
$142.87 $144.27 (1.0%)
31.2% 32.4% (1.13%)
Chicago
Marriott
$195.44 $191.31 2.2%
33.9% 32.3% 1.61%
Chicago
Conrad (1)
$197.25 $175.35 12.5%
34.0% 32.2% 1.88%
Courtyard
Fifth Avenue $279.72
$260.54 7.4% 43.0%
40.9% 2.11%
Courtyard
Midtown East $286.33
$274.10 4.5% 45.9%
46.0% (0.08%)
Frenchman's
Reef (1)
$221.59 $229.85 (3.6%)
29.8% 31.3% (1.49%)
Griffin Gate
Marriott
$111.85 $108.31 3.3%
32.8% 33.9% (1.05%)
Los Angeles
Airport
$97.70 $89.43 9.3%
24.4% 24.9% (0.51%)
Oak Brook
Hills (2)
$83.49 $89.66 (6.9%)
28.9% 30.6% (1.74%)
Orlando Airport
Marriott
$88.91 $96.12 (7.5%)
31.6% 33.8% (2.17%)
Salt Lake City
Marriott
$89.70 $84.61 6.0%
26.5% 25.8% 0.70%
The Lodge at
Sonoma
$170.97 $163.15 4.8%
22.6% 22.4% 0.26%
Torrance
Marriott
South Bay
$99.97 $93.62 6.8%
27.0% 29.7% (2.68%)
Vail
Marriott (1) $160.60
$152.78 5.1% 32.3%
29.7% 2.64%
Renaissance
Worthington
$145.38 $137.11 6.0%
32.2% 32.7% (0.57%)
(1) The hotel reports results on a monthly basis. The
figures presented are based on the Company's reporting calendar for the
second quarter and include the months of March, April and May.
(2) Hotel Adjusted EBITDA Margins for the second quarter
of 2007 were impacted by $0.1 million in yield support at Oak Brook Hills.
Hotel Adjusted EBITDA Reconciliation
Second Quarter 2008
Plus: Plus: Plus:
Equals:
Net
Non-Cash Hotel
Total Income/ Deprecia- Interest
Adjust- Adjusted
Revenues (Loss) tion
Expense ments(1) EBITDA
Atlanta
Alpharetta
$3,704 $966 $218
$- $-
$1,184
Westin Atlanta
North (2)
$4,609 $574 $659
$- $-
$1,233
Atlanta
Waverly
$8,557 $47
$951 $1,251
$- $2,249
Renaissance
Austin
$8,454 $622 $802
$1,073 $-
$2,496
Bethesda
Marriott Suites $4,709
$(483) $484
$69 $1,468 $1,538
Boston Westin
(2)
$18,980 $3,016 $2,794
$- $117 $5,927
Chicago
Marriott
$28,317 $4,050 $2,836 $3,085
$(365) $9,606
Chicago Conrad
(2)
$7,272 $1,423 $1,053
$- $-
$2,475
Courtyard Fifth
Avenue
$4,386 $585 $455
$799 $48
$1,886
Courtyard
Midtown East
$7,826 $2,559 $517
$516 $-
$3,592
Frenchman's
Reef (2)
16,503 $3,448 $676
$800 $-
$4,925
Griffin Gate
Marriott
$7,599 $1,386 $759
$48 $2
$2,496
Los Angeles
Airport
$13,525 $1,014 $1,244 $1,042
$- $3,300
Oak Brook Hills $6,840
$1,058 $791
$- $125 $1,974
Orlando Airport
Marriott
$5,849 $357 $703
$788 $-
$1,848
Salt Lake City
Marriott
$5,943 $661 $456
$457 $-
$1,574
The Lodge at
Sonoma
$4,711 $561 $505
$- $-
$1,066
Torrance
Marriott
South Bay
$5,987 $867 $752
$- $-
$1,619
Vail Marriott
(2)
$7,271 $1,656 $696
$- $-
$2,352
Renaissance
Worthington
$9,974 $1,757 $718
$733 $2
$3,209
(1) The non-cash adjustments include expenses incurred
by the hotels due to the straight lining of the rent from our ground lease
obligations, the non-cash amortization of our favorable lease assets and
the non-cash amortization of our unfavorable contract liabilities.
(2) The hotel reports results on a monthly basis. The
figures presented are based on the Company's reporting calendar for the
second quarter and include the months of March, April and May.
Hotel Adjusted EBITDA Reconciliation
Second Quarter 2007
Plus: Plus: Plus:
Equals:
Net
Non-Cash Hotel
Total Income/ Deprecia- Interest
Adjust- Adjusted
Revenues (Loss) tion
Expense ments(1) EBITDA
Atlanta
Alpharetta
$3,765 $946 $347
$- $-
$1,294
Westin Atlanta
North (2)
$5,330 $1,231 $626
$- $-
$1,857
Atlanta Waverly $8,434
$317 $855 $1,249
$- $2,421
Renaissance
Austin
$9,042 $958 $747
$1,071 $-
$2,776
Bethesda
Marriott Suites $4,729
$(861) $674 $366
$1,474 $1,653
Boston Westin
(2)
$19,563 $3,807 $2,343
$- $180 $6,330
Chicago
Marriott
$26,864 $3,550 $2,369 $3,127
$(365) $8,681
Chicago Conrad
(2)
$6,621 $1,278 $851
$- $-
$2,129
Courtyard Fifth
Avenue
$4,099 $371 $443
$790 $73
$1,677
Courtyard
Midtown East
$7,498 $2,384 $538
$525 $-
$3,447
Frenchman's
Reef (2)
$16,260 $3,746 $569
$779 $-
$5,094
Griffin Gate
Marriott
$7,488 $1,497 $685
$355 $1
$2,538
Los Angeles
Airport
$12,938 $1,041 $1,143 $1,039
$- $3,223
Oak Brook Hills $7,024
$626 $1,398
$- $125 $2,150
Orlando Airport
Marriott
$6,249 $662 $665
$783 $-
$2,110
Salt Lake City
Marriott
$5,528 $262 $695
$469 $-
$1,426
The Lodge at
Sonoma
$4,352 $531 $442
$- $-
$973
Torrance
Marriott
South Bay
$5,795 $1,046 $676
$- $-
$1,722
Vail Marriott
(2)
$6,879 $1,394 $648
$- $-
$2,043
Renaissance
Worthington
$9,479 $1,748 $619
$734 $3
$3,104
(1) The non-cash adjustments include expenses incurred
by the hotels due to the straight lining of the rent from our ground lease
obligations, the non- cash amortization of our favorable lease assets and
the non-cash amortization of our unfavorable contract liabilities.
(2) The hotel reports results on a monthly basis. The
figures presented are based on the Company's reporting calendar for the
second quarter and include the months of March, April and May. |
