RLJ Lodging Trust Reports First Quarter 2015 Results

– Pro forma RevPAR increased 5.3% and Pro forma Consolidated Hotel EBITDA increased 10.7%

– Sold portfolio of 20 non-strategic assets for $230.3 million

– Board approves $200.0 million share repurchase program

First Quarter Highlights

  • Pro forma RevPAR increased 5.3%, Pro forma ADR increased 6.0%, and Pro forma Occupancy decreased 0.7%
  • Pro forma Hotel EBITDA Margin increased 36 basis points to 32.6%
  • Pro forma Consolidated Hotel EBITDA increased 10.7% to $85.0 million
  • Adjusted FFO increased 25.7% to $67.3 million
  • Sold a portfolio of 20 non-strategic assets for $230.3 million
  • Increased cash dividend by 10.0% over the prior quarter to $0.33 per share

To view full first quarter financial results please visit: http://investor.rljlodgingtrust.com/phoenix.zhtml?c=243028&p=irol-news&nyo=0

Hospitality Properties Trust Announces First Quarter 2015 Results

Normalized FFO Per Diluted Share Increases 9.2% Year Over Year to $0.83

Comparable Hotel RevPAR Growth of 10.1%

First Quarter Results and Recent Activities:

  • Net Income Available for Common Shareholders: Net income available for common shareholders for the quarter ended March 31, 2015 was $36.4 million, or $0.24 per basic and diluted share, compared to $32.4 million, or $0.22 per basic and diluted share, for the quarter ended March 31, 2014. The weighted average number of basic and diluted common shares outstanding was 149.8 million and 150.9 million, respectively, for the quarter ended March 31, 2015 and 149.6 million and 149.7 million, respectively, for the quarter ended March 31, 2014.
  • Adjusted EBITDA: Adjusted EBITDA for the quarter ended March 31, 2015 compared to the same period in 2014 increased 8.8% to $168.6 million.
  • Normalized FFO: Normalized FFO for the quarter ended March 31, 2015 were $126.0 million, or $0.83 per diluted share, compared to Normalized FFO for the quarter ended March 31, 2014 of $113.1 million, or $0.76 per basic and diluted share. The 9.2% increase in Normalized FFO per diluted share is due primarily to increases in annual minimum returns and rents that resulted from HPT’s funding of improvements to its hotels and travel centers and increases in FF&E reserve income and deposits under HPT’s hotel agreements.
  • Comparable Hotel RevPAR: For the quarter ended March 31, 2015 compared to the same period in 2014 for HPT’s 290 hotels that were owned continuously since January 1, 2014: average daily rate, or ADR, increased 8.3% to $119.33; occupancy increased 1.2 percentage points to 71.8%; and revenue per available room, or RevPAR, increased 10.1% to $85.68.
  • RevPAR (all hotels): For the quarter ended March 31, 2015 compared to the same period in 2014 for HPT’s 292 hotels: ADR increased 8.3% to $119.94; occupancy increased 1.3 percentage points to 72.0%; and RevPAR increased 10.3% to $86.36.
  • Hotel Coverage of Minimum Returns and Rents: For the three months ended March 31, 2015, the aggregate coverage ratio of (x) total property level revenues minus FF&E reserve escrows, if any, and all property level expenses which are not subordinated to minimum returns and minimum rent payments to HPT to (y) HPT’s minimum returns and rents due from hotels increased to 0.93x from 0.75x for the three months ended March 31, 2014.

To view full first quarter financial results please visit: http://investor.shareholder.com/hptreit/releasedetail.cfm?releaseid=911600

Caesars Entertainment Reports Financial Results for the First Quarter 2015

Highlights

  • Net revenues for Continuing CEC increased 21.0% year-over-year to $1,095 million driven by strong performance at CIE; new openings, including Horseshoe Baltimore, The Cromwell and The LINQ promenade; growth in hospitality amenities in Las Vegas and favorable hold year-over-year.
  • Adjusted EBITDA for Continuing CEC grew 36.8% year-over-year to $301 million primarily due to cost savings and EBITDA enhancing initiatives, which led to strong flow through of top-line growth and favorable hold year-over-year.
  • CERP performance reflects improved gaming volumes in Atlantic City, favorable hold year-over-year in Las Vegas, and increased food and beverage margins.
  • CGP LLC results are attributable to strong organic growth in its social and mobile games business and the addition of Horseshoe Baltimore and The Cromwell.

Caesars Entertainment Corporation (NASDAQ: CZR) today reported first quarter 2015 results as summarized in the discussion below, which highlights certain GAAP and non-GAAP financial measures on a consolidated basis.

“Our first quarter results were driven by strength in CIE’s social and mobile games business, contributions from new hospitality amenities and favorable hold. These factors, coupled with improved margins due to cost savings initiatives, drove improved Adjusted EBITDA performance across all segments of our business,” said Gary Loveman, Chairman, Chief Executive Officer and President of Caesars Entertainment Corporation. “While we are pleased with our first quarter performance, we are focused on driving further same-store revenue growth, effectively managing expenses and making critical hospitality investments to position the business for long-term growth.”

Caesars Entertainment Corporation is primarily a holding company with no independent operations of its own and operates the business through the following entities:

  • Caesars Entertainment Resort Properties, LLC (“CERP”). Owns and operates six casinos in the United States, along with The LINQ promenade, and owns Octavius Tower at Caesars Palace Las Vegas.
  • Caesars Growth Partners, LLC (“CGP LLC”). Owns and operates six casinos in the United States and, through its subsidiary Caesars Interactive Entertainment, Inc. (“CIE”), owns and operates (1) an online games business providing social and mobile games and (2) the World Series of Poker (“WSOP”) and regulated real-money online gaming.
  • Caesars Entertainment Operating Company, Inc. (“CEOC”). Owns and operates 19 casinos in the United States and nine internationally, most of which are located in England. Managed 15 casinos, which included the six CGP LLC casinos and nine casinos for unrelated third parties. Effective October 2014, substantially all our properties are managed by Caesars Enterprise Services, LLC (and the remaining properties will be transitioned upon regulatory approval).
  • Caesars Enterprise Services, LLC (“CES”). A joint venture by and among certain of CEC’s subsidiaries that manages certain enterprise assets and the other assets it owns, licenses or controls, and employs certain of the corresponding employees and other employees who provided services to CEC and our subsidiaries.

Effective January 15, 2015, Caesars Entertainment deconsolidated CEOC subsequent to its voluntarily filing for reorganization under Chapter 11 of the United States Bankruptcy Code. As such, all amounts presented in this earnings release exclude the operating results of CEOC subsequent to January 15, 2015. Prior period results have not been recasted to reflect the deconsolidation of CEOC.

Because CEOC operating results for 2015 are not comparable with 2014 as a result of CEOC’s deconsolidation, the analysis of our operating results in this release will include discussion of the components that remain in the consolidated CEC entity subsequent to the deconsolidation of CEOC. In the table below, “Continuing CEC” represents CERP, CGP Casinos, CIE, and associated parent company and elimination adjustments that represent the CEC structure as of March 31, 2015, and for subsequent periods.

Supplemental materials have been posted on the Caesars Entertainment Investor Relations website at http://investor.caesars.com/financials.cfm.

Ashford Trust Reports First Quarter 2015 Results

8.5% RevPAR Increase for All Hotels for the First Quarter

Hotel EBITDA Margin Increase of 163 basis points for All Hotels

Adjusted EBITDA Increased 12.3%

Adjusted Funds From Operations per Share Increased 20%

Completes Buyout of Remaining JV Interest in Highland Portfolio

FINANCIAL AND OPERATING HIGHLIGHTS

  • RevPAR for all Ashford Trust hotels increased 8.5% during the quarter
  • RevPAR for all Ashford Trust hotels not under renovation increased 9.9% during the quarter
  • Hotel EBITDA increased 12.7% for all hotels
  • Hotel EBITDA Margin increased 163 basis points for all hotels
  • Hotel EBITDA flow-through was 55% for all hotels
  • Adjusted EBITDA increased $9.8 million or 12.3%
  • Net income attributable to common stockholders for the Company was $313.0 million, or $3.12 per diluted share, compared with net loss attributable to common stockholders of $10.9 million, or $0.13 per diluted share, in the prior-year quarter
  • Adjusted funds from operations (AFFO) for the Company was $0.30 per diluted share for the quarter as compared with $0.25 from the prior-year quarter representing an increase of 20%
  • On January 5, 2015, the Company announced it had refinanced two mortgage loans with an outstanding balance of approximately $354 million with new loans totaling $478 million resulting in over $100 million of excess proceeds after closing costs and reserves
  • On January 30, 2015, the Company announced it had priced a follow-on public offering of 9,500,000 shares of common stock at $10.65 per share. The underwriter subsequently exercised its option in part and purchased an additional 1,029,450 shares from the Company. In total, the Company issued 10,529,450 shares of common stock at $10.65 per share for net proceeds of $111.1 million.
  • On February 9, 2015, the Company announced it had closed on the acquisition of the 168-room Lakeway Resort & Spa in Austin, TX for total consideration of $33.5 million ($199,000 per key)
    • Subsequent to quarter end, on April 17, 2015, the Company closed a $25.1 million mortgage loan for the property
  • On February 26, 2015, the Company announced it had closed on the acquisition of the 232-room Marriott Memphis East hotel for total consideration of $43.5 million ($187,500 per key)
    • The Company closed a $33.3 million mortgage loan for the property on March 25, 2015
  • On March 9, 2015, the Company announced it had completed the acquisition of the remaining 28.26% ownership interest in the Highland Hospitality Portfolio from its joint venture partner, Prudential Real Estate Investors
    • In connection with the transaction, the Company refinanced 24 of the 28 hotels in the Highland Portfolio with a new $1.07 billion non-recourse mortgage loan
  • On March 11, 2015, the Company completed the sale of the 112-room Hampton Inn Terre Haute in Terre Haute, IN for $7.9 million ($70,500 per key)
  • Subsequent to the end of the quarter, on April 29, 2015, the Company closed on the acquisition of the 124-room Hampton Inn & Suites in Gainesville, FL for total consideration of $25.3 million ($204,000 per key)

To view full first quarter financial results please visit:

http://www.ahtreit.com/resourcefiles/pdf/ashfordtrustreportsfirstquarterresults.pdf