LASALLE HOTEL PROPERTIES
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
(Unaudited)
For the three months ended
September 30,
2004 2003
------------- -------------
Revenues:
Hotel operating revenues:
Room revenue
$ 44,590 $ 29,769
Food and beverage revenue
23,323 17,887
Other operating department revenue
6,918 6,035
------------- -------------
Total hotel operating
revenues
74,831 53,691
Participating lease revenue
7,135 6,958
Other income
18 110
------------- -------------
Total revenues
81,984 60,759
------------- -------------
Expenses:
Hotel operating expenses:
Room
10,750 7,040
Food and beverage
15,954 12,396
Other direct
3,762 3,192
Other indirect
20,003 14,626
------------- -------------
Total hotel operating
expenses
50,469 37,254
Depreciation and other amortization
9,977 7,891
Real estate taxes, personal property
taxes and insurance
2,980 2,517
Ground rent
1,111 1,147
General and administrative
2,238 1,915
Amortization of deferred financing costs
590 575
Contingent lease termination expenses
850
-
Other expenses
7 11
------------- -------------
Total operating expenses
68,222 51,310
------------- -------------
Operating income
13,762 9,449
Interest income
64 73
Interest expense
(3,338) (3,550)
------------- -------------
Income before income tax benefit
(expense), minority interest, equity in
earnings of unconsolidated entities and
discontinued operations
10,488 5,972
Income tax benefit (expense)
(558) 55
------------- -------------
Income before minority interest, equity in
earnings of unconsolidated entities and
discontinued operations
9,930 6,027
Minority interest in LaSalle Hotel
Operating Partnership, L.P.
(158) (108)
------------- -------------
Income before equity in earnings of
unconsolidated entities and discontinued
operations
9,772 5,919
Equity in earnings of unconsolidated
entities
221 190
------------- -------------
Income before discontinued operations
9,993 6,109
Discontinued operations:
Income (loss) from operations of
property disposed of, including gain on
disposal of assets
3,286 (325)
Minority interest, net of tax
(51)
7
Income tax benefit (expense)
(56) 20
------------- -------------
Net income (loss) from discontinued
operations
3,179 (298)
Net income
13,172 5,811
Distributions to preferred shareholders
(3,133) (2,557)
------------- -------------
Net income applicable to common
shareholders
$ 10,039 $
3,254
============= =============
Earnings per Common Share - Basic:
Income applicable to common shareholders
before discontinued operations and
after dividends paid on unvested
restricted shares
$ 0.25 $
0.17
Discontinued operations
0.11 (0.01)
------------- -------------
Net income applicable to common
shareholders after dividends paid on
unvested restricted shares
$ 0.36 $
0.16
============= =============
Earnings per Common Share - Diluted:
Income applicable to common shareholders
before discontinued operations
$ 0.24 $
0.16
Discontinued operations
0.11 (0.01)
------------- -------------
Net income applicable to common
shareholders
$ 0.35 $
0.15
============= =============
Weighted average number common shares
outstanding:
Basic
27,805,183 20,738,660
Diluted
28,351,296 21,197,051
LASALLE HOTEL PROPERTIES
FFO and EBITDA
(Dollars in thousands, except per share data)
(Unaudited)
For the three months ended
September 30,
2004 2003
------------- -------------
Funds From Operations (FFO):
Net income applicable to common
shareholders
$ 10,039 $
3,254
Depreciation
9,949 8,192
Equity in depreciation of joint venture
265 255
Amortization of deferred lease costs
11 11
Minority interest:
Minority interest in LaSalle Hotel
Operating Partnership, L.P.
158 108
Minority interest in discontinued
operations
51 (7)
Net (gain) loss on sale of property
disposed of
(2,643) 295
------------- -------------
FFO
$ 17,830 $ 12,108
============= =============
Weighted average number of common shares
and units outstanding:
Basic
28,223,539 21,163,346
Diluted
28,769,652 21,621,737
Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA):
Net income applicable to common
shareholders
$ 10,039 $
3,254
Interest
3,338 3,605
Equity in interest expense of joint
venture
130 148
Income tax (benefit) expense:
Income tax (benefit) expense
558 (55)
Income tax (benefit) expense from
discontinued operations
56 (20)
Depreciation and other amortization
9,977 8,222
Equity in depreciation/amortization of
joint venture
286 283
Amortization of deferred financing costs
590 836
Minority interest:
Minority interest in LaSalle Hotel
Operating Partnership, L.P.
158 108
Minority interest in discontinued
operations
51 (7)
Distributions to preferred shareholders
3,133 2,557
------------- -------------
EBITDA
$ 28,316 $ 18,931
============= =============
LASALLE HOTEL PROPERTIES
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
(Unaudited)
For the nine months
ended September 30,
2004 2003
----------- -----------
Revenues:
Hotel operating revenues:
Room revenue
$115,463 $66,132
Food and beverage revenue
63,101 39,294
Other operating department revenue
17,436 11,969
----------- -----------
Total hotel operating revenues
196,000 117,395
Participating lease revenue
15,562 17,454
Other income
110 906
----------- -----------
Total revenues
211,672 135,755
----------- -----------
Expenses:
Hotel operating expenses:
Room
28,755 17,510
Food and beverage
43,618 28,464
Other direct
10,193 6,637
Other indirect
54,765 34,375
----------- -----------
Total hotel operating expenses
137,331 86,986
Depreciation and other amortization
28,700 23,485
Real estate taxes, personal property taxes
and insurance
8,723 6,777
Ground rent
2,713 2,771
General and administrative
6,351 5,583
Amortization of deferred financing costs
1,657 1,731
Impairment of investment in hotel property
- 2,453
Contingent lease termination expenses
850 -
Other expenses
590 91
----------- -----------
Total operating expenses
186,915 129,877
----------- -----------
Operating income
24,757 5,878
Interest income
223 197
Interest expense
(9,909) (9,266)
----------- -----------
Income (loss) before income tax benefit,
minority interest, equity in earnings of
unconsolidated entities and discontinued
operations
15,071 (3,191)
Income tax benefit
807 2,857
----------- -----------
Income (loss) before minority interest, equity
in earnings of unconsolidated entities and
discontinued operations
15,878 (334)
Minority interest in LaSalle Hotel Operating
Partnership, L.P.
(256) 1
----------- -----------
Income (loss) before equity in earnings of
unconsolidated entities and discontinued
operations
15,622 (333)
Equity in earnings of unconsolidated entities
235 307
----------- -----------
Income before discontinued operations
15,857 (26)
Discontinued operations:
Income from operations of property disposed
of, including gain on disposal of assets
4,745 37,748
Minority interest, net of tax
(72) (806)
Income tax expense
(180) (70)
----------- -----------
Net income from discontinued operations
4,493 36,872
Net income
20,350 36,846
Distributions to preferred shareholders
(9,399) (7,672)
----------- -----------
Net income applicable to common shareholders
$10,951 $29,174
=========== ===========
Earnings per Common Share - Basic:
Income (loss) applicable to common
shareholders before discontinued operations
and after dividends paid on unvested
restricted shares
$0.24 $(0.41)
Discontinued operations
0.17 1.91
----------- -----------
Net income applicable to common shareholders
after dividends paid on unvested restricted
shares
$0.41 $1.50
=========== ===========
Earnings per Common Share - Diluted:
Income (loss) applicable to common
shareholders before discontinued operations
$0.24 $(0.39)
Discontinued operations
0.17 1.87
----------- -----------
Net income applicable to common shareholders
$0.41 $1.48
=========== ===========
Weighted average number common shares
outstanding:
Basic
26,087,859 19,254,958
Diluted
26,714,754 19,657,100
LASALLE HOTEL PROPERTIES
FFO and EBITDA
(Dollars in thousands, except per share data)
(Unaudited)
For the nine months
ended September 30,
2004 2003
----------- -----------
Funds From Operations (FFO):
Net income applicable to common shareholders
$10,951 $29,174
Depreciation
28,732 25,106
Equity in depreciation of joint venture
790 758
Amortization of deferred lease costs
34 38
Minority interest:
Minority interest in LaSalle Hotel Operating
Partnership, L.P.
256 (1)
Minority interest in discontinued operations
72 806
Net gain on sale of property disposed of
(2,643) (36,796)
----------- -----------
FFO
$38,192 $19,085
=========== ===========
Weighted average number of common shares and
units outstanding:
Basic
26,510,419 19,679,643
Diluted
27,137,314 20,081,786
Earnings Before Interest, Taxes, Depreciation
and Amortization (EBITDA):
Net income applicable to common shareholders
$10,951 $29,174
Interest
9,909 10,944
Equity in interest expense of joint venture
391 441
Income tax benefit:
Income tax benefit
(807) (2,857)
Income tax expense from discontinued
operations
180 70
Depreciation and other amortization
28,813 25,193
Equity in depreciation/amortization of joint
venture
879 841
Amortization of deferred financing costs
1,657 2,843
Minority interest:
Minority interest in LaSalle Hotel Operating
Partnership, L.P.
256 (1)
Minority interest in discontinued operations
72 806
Distributions to preferred shareholders
9,399 7,672
----------- -----------
EBITDA
$61,700 $75,126
=========== ===========
LASALLE HOTEL PROPERTIES
Statistical Data for the Hotels
(Unaudited)
For the Three Months For the Nine Months
Ended
Ended
September 30, September
30,
--------------------- ----------------------
2004 2003
2004 2003
TOTAL PORTFOLIO
Occupancy
75.1% 70.6%
70.0% 65.0%
Increase/(Decrease)
6.3%
7.6%
ADR
$161.11 $153.36 $153.08
$146.79
Increase/(Decrease)
5.0%
4.3%
REVPAR
$120.95 $108.31 $107.13
$95.47
Increase/(Decrease)
11.7%
12.2%
Note:
This schedule includes the operating data for all properties
leased to
LHL, and to third parties as of September 30, 2004,
including the
Indianapolis Marriott and Hilton Alexandria Old
Town for the
Company's period of ownership, and the Company's
9.9% interest in The
Chicago Marriott Downtown joint venture. The 2003
operating
performance is shown as though Lansdowne Resort
and Hotel George were
owned for the entire quarter and year to date;
The Indianapolis
Marriott and Hilton Alexandria Old Town are shown
in 2003 for their
comparative period of ownership in 2004.
LASALLE HOTEL PROPERTIES
Hotel Operational Data
Schedule of Property Level Results
(unaudited, dollars in thousands)
For the Three For the Nine Months
Months Ended
Ended
September 30, September 30,
------------------- --------------------
2004 2003 2004
2003
Revenues
Room
54,407 48,810 138,526 123,292
Food & beverage
26,255 25,052 71,898
67,519
Other
8,310 8,365 20,462
19,922
--------- --------- --------- ----------
Total hotel sales
88,972 82,227 230,886 210,733
Expenses
Room
12,145 10,774 33,193
29,919
Food & beverage
17,990 16,899 49,294
46,272
Other direct
4,294 4,198 11,448
11,047
General & administrative
19,093 18,211 54,015
50,368
Management fees
2,934 2,698 7,232
6,730
Fixed expenses
4,863 5,138 14,105
13,597
--------- --------- --------- ----------
Total hotel expenses
61,319 57,918 169,287 157,933
EBITDA
27,653 24,309 61,599
52,800
Note:
This schedule includes the operating data for all properties
leased to LHL, and to third parties as of September 30, 2004, including
the Indianapolis Marriott and Hilton Alexandria Old Town for the Company's
period of ownership, and the Company's 9.9% interest in The Chicago Marriott
Downtown joint venture. The 2003 operating performance is shown as though
Lansdowne Resort and Hotel George were owned for the entire quarter and
year to date; The Indianapolis Marriott and Hilton Alexandria Old
Town are shown in 2003 for their comparative period of ownership in 2004. |
