Second Quarter RevPAR improved 10.3%
Achieves highest-ever quarterly hotel EBITDA
margin of 37.3%
Adjusted EBITDA grew 17.7% and Adjusted FFO per
share increased 12.3%
LaSalle Hotel Properties (NYSE: LHO) today announced results for
the quarter ended June 30, 2014. The Company’s results include the
following:
Second Quarter Year-to-Date 2014 2013
% Var. 2014 2013 % Var. ($'s in
millions except per share/unit data) RevPAR $ 207.94 $
188.60 10.3 % $ 177.10 $ 164.25 7.8 % EBITDA Margin 37.3 % 36.7 %
31.2
%
31.2 % EBITDA Margin Growth 62 bps 1 bp Total Revenue $
313.1 $ 263.6 18.8 % $ 532.0 $ 455.3 16.8 % EBITDA(1) $ 148.8 $
91.6 62.4 % $ 191.7 $ 131.4 45.9 % Adjusted EBITDA(1) $ 109.6 $
93.1 17.7 % $ 154.5 $ 132.9 16.3 % FFO(1) $ 81.6 $ 68.7 18.8 % $
110.4 $ 94.4 16.9 % Adjusted FFO(1) $ 86.0 $ 70.3 22.3 % $ 119.2 $
96.0 24.2 % FFO per diluted share/unit(1) $ 0.78 $ 0.72 8.3 % $
1.06 $ 0.99 7.1 % Adjusted FFO per diluted share/unit(1) $ 0.82 $
0.73 12.3 % $ 1.14 $ 1.00 14.0 % Net income attributable to common
shareholders $ 85.6 $ 35.2 143.2 % $ 76.6 $ 27.8 175.5 % Net income
attributable to common shareholders per diluted share $ 0.82 $ 0.37
121.6 % $ 0.73 $ 0.29 151.7 %
(1) See tables later in press release, which list adjustments
that reconcile net income to earnings before interest, taxes,
depreciation and amortization ("EBITDA"), adjusted EBITDA, funds
from operations ("FFO"), FFO per share/unit, adjusted FFO, adjusted
FFO per share/unit and hotel EBITDA. EBITDA, adjusted EBITDA, FFO,
FFO per share/unit, adjusted FFO, adjusted FFO per share/unit and
hotel EBITDA are non-GAAP financial measures. See further
discussion of these non-GAAP measures and reconciliations to net
income later in this press release.
Second Quarter Results and
Activities
- RevPAR: Room revenue per
available room (“RevPAR”) for the quarter ended June 30, 2014
increased 10.3 percent to $207.94, as a result of a 6.6 percent
increase in average daily rate (“ADR”) to $241.08 and a 3.4 percent
improvement in occupancy to 86.3 percent.
- Hotel EBITDA Margin: The
Company’s hotel EBITDA margin for the second quarter increased 62
basis points from the comparable prior year period to 37.3 percent,
its highest-ever quarterly hotel EBITDA margin.
- Adjusted EBITDA: The Company’s
adjusted EBITDA was $109.6 million, an increase of 17.7 percent
over the second quarter of 2013. Second quarter adjusted
EBITDA was negatively impacted by an estimated $0.5 million of
EBITDA as a result of the sale of Hilton Alexandria Old Town prior
to the end of the quarter.
- Adjusted FFO: The Company
generated second quarter adjusted FFO of $86.0 million, or $0.82
per diluted share/unit, compared to $70.3 million or $0.73 per
diluted share/unit for the comparable prior year period, an
increase of 12.3 percent.
- Hotel Acquisition: On April 2,
the Company acquired the 200-room Hotel Vitale in San Francisco, CA
for $130.0 million. Hotel Vitale is located on the Embarcadero,
overlooking the San Francisco Bay.
- Dividend: On April 23, the
Company increased its dividend 34 percent to $0.375 per common
share for the quarter ended June 30, 2014. The dividend represents
an annual run rate of $1.50 per share and a 4.2 percent yield based
on the closing share price on July 22, 2014.
- Debt Repayment: On May 1, the
Company repaid the $8.7 million outstanding mortgage, secured by
Hotel Deca in Seattle, Washington. The Company has no remaining
debt maturities in 2014.
- Hotel Disposition: On June 17,
the Company sold Hilton Alexandria Old Town for $93.4 million.
- Preferred Redemption: During the
second quarter, the Company announced that it would redeem all of
its outstanding 7.25 percent Series G Preferred Shares for $58.7
million plus accrued dividends through the redemption date. The
redemption closed on July 3.
- Capital Investments: The Company
invested $22.4 million of capital in its hotels, including the
completion of the Terrace Lounge at WestHouse in New York and a
lobby and lounge renovation at The Grafton on Sunset in Los
Angeles.
“Our portfolio delivered very strong second quarter results,”
said Michael D. Barnello, President and Chief Executive Officer of
LaSalle Hotel Properties. “RevPAR and margins were above the high
end of our outlook. Adjusted EBITDA and FFO also exceeded our
outlook, despite impact from the sale of Hilton Alexandria Old
Town.”
“Overall, the operating environment remains favorable. Industry
demand growth has been robust and fundamentals remain strong.”
“In addition, the sale of Hilton Alexandria Old Town capped off
a terrific investment for us, which generated a 13.5 percent
unleveraged IRR over 10 plus years. We used a portion of the
proceeds to redeem our outstanding Series G Preferred Shares,
further reducing our cost of capital.”
Year-to-date Results
For the six months ended June 30, 2014, RevPAR increased 7.8
percent to $177.10, with occupancy growth of 1.1 percent to 79.3
percent and ADR improvement of 6.7 percent to $223.44. The
Company’s hotel EBITDA margin was 31.2 percent, which was flat
compared to the same prior year period.
Balance Sheet
As of June 30, 2014, the Company had total outstanding debt of
$1.2 billion, including $197.0 million outstanding on its senior
unsecured credit facility. Total net debt to trailing 12 month
Corporate EBITDA (as defined in the Company’s senior unsecured
credit facility) was 3.7 times as of June 30, 2014 and its fixed
charge coverage ratio was 3.7 times. For the second quarter, the
Company’s weighted average interest rate was 3.6 percent. As of
June 30, 2014, the Company had capacity of $575 million available
on its credit facilities.
2014 Outlook
The Company is updating its 2014 outlook to incorporate its
recent activities and to reflect its performance-to-date. The sale
of Hilton Alexandria Old Town has the impact of reducing our full
year adjusted EBITDA outlook by approximately $4.0 million, of
which $0.5 million occurred during the second quarter. The outlook
is based on an economic environment that continues to improve and
assumes no additional acquisitions, dispositions or capital markets
activities. The Company’s RevPAR growth and financial expectations
for 2014 are as follows:
Previous Outlook
Current Outlook Low-end High-end
Low-end High-end
($'s in millions except per share/unit
data)
($'s in millions except per share/unit data)
RevPAR growth 5.0% 8.5% 6.5% 8.0% Hotel EBITDA Margin Change 0 bps
100 bps 25 bps 100 bps Adjusted EBITDA $ 327.0 $ 348.0 $
330.0 $ 342.0 Adjusted FFO $ 243.0 $ 265.0 $ 254.0 $ 265.0 Adjusted
FFO per diluted share/unit $ 2.33 $ 2.54 $ 2.44 $ 2.54
Third Quarter 2014
Outlook
The Company expects third quarter RevPAR to increase 5.0 percent
to 8.5 percent and hotel EBITDA margins to range from approximately
flat to an increase of 125 basis points relative to the same prior
year period. The Company expects its portfolio to generate adjusted
EBITDA of $99.0 million to $105.0 million and adjusted FFO per
share/unit of $0.73 to $0.79.
Earnings Call
The Company will conduct its quarterly conference call on
Thursday, July 24, 2014 at 9:30 AM eastern time. To participate in
the conference call, please dial (877) 795-3638.
Additionally, a live webcast of the conference call will be
available through the Company’s website. To access, log on to
http://www.lasallehotels.com. A replay of the conference call will
be archived and available online through the Investor Relations
section of http://www.lasallehotels.com.
LaSalle Hotel Properties is a leading multi-operator real estate
investment trust. The Company owns 45 hotels. The properties are
upscale, full-service hotels, totaling approximately 11,300 guest
rooms in 14 markets in 10 states and the District of Columbia. The
Company focuses on owning, redeveloping and repositioning upscale,
full-service hotels located in urban, resort and convention
markets. LaSalle Hotel Properties seeks to grow through strategic
relationships with premier lodging companies, including Westin
Hotels and Resorts, Hilton Hotels Corporation, Outrigger Lodging
Services, Noble House Hotels & Resorts, Hyatt Hotels
Corporation, Benchmark Hospitality, White Lodging Services
Corporation, Commune Hotels and Resorts, Davidson Hotel Company,
Denihan Hospitality Group, the Kimpton Hotel & Restaurant
Group, LLC, Accor, Destination Hotels & Resorts, HEI Hotels
& Resorts, JRK Hotel Group, Inc., Viceroy Hotel Group, Highgate
Hotels and Access Hotels & Resorts.
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements, which are based on certain
assumptions and describe the Company's future plans, strategies and
expectations, are generally identifiable by use of the words
“will,” "believe," "expect," "intend," "anticipate," "estimate,"
"project" or similar expressions. Forward-looking statements in
this press release include, among others, statements about the
outlook for RevPAR, adjusted FFO, adjusted EBITDA and derivations
thereof. You should not rely on forward-looking statements since
they involve known and unknown risks, uncertainties and other
factors that are, in some cases, beyond the Company's control and
which could materially affect actual results, performances or
achievements. Factors that may cause actual results to differ
materially from current expectations include, but are not limited
to, (i) the Company’s dependence on third-party managers of its
hotels, including its inability to implement strategic business
decisions directly, (ii) risks associated with the hotel industry,
including competition, increases in wages, energy costs and other
operating costs, actual or threatened terrorist attacks, downturns
in general and local economic conditions and cancellation of or
delays in the completion of anticipated demand generators, (iii)
the availability and terms of financing and capital and the general
volatility of securities markets, (iv) risks associated with the
real estate industry, including environmental contamination and
costs of complying with the Americans with Disabilities Act and
similar laws, (v) interest rate increases, (vi) the possible
failure of the Company to qualify as a REIT and the risk of changes
in laws affecting REITs, (vii) the possibility of uninsured losses,
(viii) risks associated with redevelopment and repositioning
projects, including delays and cost overruns and (ix) the risk
factors discussed in the Company’s Annual Report on Form 10-K as
updated in its Quarterly Reports. Accordingly, there is no
assurance that the Company's expectations will be realized. Except
as otherwise required by the federal securities laws, the Company
disclaims any obligation or undertaking to publicly release any
updates or revisions to any forward-looking statement contained
herein (or elsewhere) to reflect any change in the Company’s
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
For additional information or to receive press
releases via e-mail, please visit our website at
www.lasallehotels.com
LASALLE HOTEL PROPERTIES Consolidated Statements
of Operations and Comprehensive Income
(in thousands, except share data)
(unaudited)
For the three months ended For the six
months ended June 30, June 30, 2014
2013 2014 2013 Revenues: Hotel
operating revenues: Room $ 217,732 $ 179,089 $ 365,699 $ 306,077
Food and beverage 72,407 65,529 126,522 115,375 Other operating
department 19,789 16,328 34,814 29,712
Total hotel operating revenues 309,928 260,946 527,035 451,164
Other income 3,177 2,614 4,934 4,100
Total revenues 313,105 263,560 531,969 455,264
Expenses: Hotel operating expenses: Room 51,467
42,294 95,151 79,878 Food and beverage 50,144 42,681 91,844 79,985
Other direct 6,547 5,998 11,728 11,020 Other indirect 69,779
59,189 130,202 112,924 Total hotel operating
expenses 177,937 150,162 328,925 283,807 Depreciation and
amortization 39,306 33,427 77,066 66,548 Real estate taxes,
personal property taxes and insurance 14,378 12,780 29,332 25,134
Ground rent 3,807 2,791 6,740 5,286 General and administrative
6,034 5,564 11,526 10,711 Acquisition transaction costs 1,744 0
1,851 0 Other expenses 3,050 1,528 6,257 2,169
Total operating expenses 246,256 206,252
461,697 393,655 Operating income 66,849 57,308 70,272
61,609 Interest income 10 2,395 1,799 4,764 Interest expense
(14,556 ) (13,763 ) (28,544 ) (27,780 ) Loss from extinguishment of
debt 0 0 (2,487 ) 0 Income before income tax
(expense) benefit 52,303 45,940 41,040 38,593 Income tax (expense)
benefit (4,883 ) (4,934 ) 1,509 83 Income before gain
on sale of property 47,420 41,006 42,549 38,676 Gain on sale of
property 43,548 0 43,548 0 Net income
90,968 41,006 86,097 38,676 Net income
attributable to noncontrolling interests: Noncontrolling interests
in consolidated entities (8 ) (8 ) (8 ) (8 ) Noncontrolling
interests of common units in Operating Partnership (266 ) (135 )
(260 ) (135 ) Net income attributable to noncontrolling interests
(274 ) (143 ) (268 ) (143 ) Net income attributable to the Company
90,694 40,863 85,829 38,533 Distributions to preferred shareholders
(4,142 ) (4,107 ) (8,249 ) (9,172 ) Issuance costs of redeemed
preferred shares (942 ) (1,566 ) (942 ) (1,566 ) Net income
attributable to common shareholders $ 85,610 $ 35,190
$ 76,638 $ 27,795
LASALLE HOTEL
PROPERTIES Consolidated Statements of Operations and
Comprehensive Income - Continued
(in thousands, except share data)
(unaudited)
For the three months ended For the six
months ended June 30, June 30, 2014
2013 2014 2013 Earnings per Common
Share - Basic: Net income attributable to common shareholders
excluding amounts attributable to unvested restricted shares $ 0.82
$ 0.37 $ 0.74 $ 0.29
Earnings per
Common Share - Diluted: Net income attributable to common
shareholders excluding amounts attributable to unvested restricted
shares $ 0.82 $ 0.37 $ 0.73 $ 0.29
Weighted average number of common shares outstanding: Basic
103,698,332 95,465,464 103,695,013 95,316,742 Diluted 104,024,472
95,630,066 104,036,397 95,473,859
Comprehensive
Income: Net income $ 90,968 $ 41,006 $ 86,097 $ 38,676 Other
comprehensive (loss) income: Unrealized (loss) gain on interest
rate derivative instruments (3,116 ) 11,081 (4,088 ) 12,600
Comprehensive income 87,852 52,087 82,009 51,276
Comprehensive income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities (8) (8 ) (8 ) (8
) Noncontrolling interests of common units in Operating Partnership
(257 ) (169 ) (248 ) (174 ) Comprehensive income attributable to
noncontrolling interests (265 ) (177 ) (256 ) (182 ) Comprehensive
income attributable to the Company $ 87,587 $ 51,910
$ 81,753 $ 51,094
LASALLE HOTEL
PROPERTIES
FFO and EBITDA
(in thousands, except share/unit data)
(unaudited)
For the three months ended For the six months
ended June 30, June 30, 2014
2013 2014 2013 Net income attributable
to common shareholders $ 85,610 $ 35,190 $ 76,638 $ 27,795
Depreciation 39,200 33,322 76,858 66,333 Amortization of deferred
lease costs 88 86 175 174 Noncontrolling interests: Noncontrolling
interests in consolidated entities 8 8 8 8 Noncontrolling interests
of common units in Operating Partnership 266 135 260 135 Less: Net
gain on sale of property (43,548 ) 0 (43,548 ) 0
FFO $ 81,624 $ 68,741 $
110,391 $ 94,445 Pre-opening, management
transition and severance expenses 1,190 258 3,685 548 Preferred
share issuance costs 942 1,566 942 1,566 Acquisition transaction
costs 1,744 0 1,851 0 Loss from extinguishment of debt 0 0 2,487 0
Non-cash ground rent 501 327 825 654 Mezzanine loan discount
amortization 0 (617 ) (986 ) (1,208 )
Adjusted FFO
$ 86,001 $ 70,275
$ 119,195 $ 96,005
Weighted Average number of common shares and units
outstanding: Basic 103,994,632 95,761,764 103,991,313
95,613,042 Diluted 104,320,772 95,926,366 104,332,697 95,770,159
FFO per diluted share/unit $ 0.78 $ 0.72 $ 1.06 $ 0.99
Adjusted FFO per diluted share/unit $ 0.82 $ 0.73 $ 1.14 $
1.00
For the three months ended For the six
months ended June 30, June 30, 2014
2013 2014 2013 Net income attributable to
common shareholders $ 85,610 $ 35,190 $ 76,638 $ 27,795 Interest
expense 14,556 13,763 28,544 27,780 Loss from extinguishment of
debt 0 0 2,487 0 Income tax expense (benefit) 4,883 4,934 (1,509 )
(83 ) Depreciation and amortization 39,306 33,427 77,066 66,548
Noncontrolling interests: Noncontrolling interests in consolidated
entities 8 8 8 8 Noncontrolling interests of common units in
Operating Partnership 266 135 260 135 Distributions to preferred
shareholders 4,142 4,107 8,249 9,172
EBITDA $ 148,771 $ 91,564
$ 191,743 $ 131,355 Pre-opening,
management transition and severance expenses 1,190 258 3,685 548
Preferred share issuance costs 942 1,566 942 1,566 Acquisition
transaction costs 1,744 0 1,851 0 Net gain on sale of property
(43,548 ) 0 (43,548 ) 0 Non-cash ground rent 501 327 825 654
Mezzanine loan discount amortization 0 (617 ) (986 ) (1,208
)
Adjusted EBITDA $ 109,600 $
93,098 $ 154,512 $ 132,915
Corporate expense 8,124 7,805 15,615 14,211 Interest and other
income (2,636 ) (4,531 ) (5,970 ) (8,386 ) Hotel level adjustments,
net (2,564 ) 5,837 (3,672 ) 12,222
Hotel
EBITDA $ 112,524 $ 102,209
$ 160,485 $ 150,962
With respect to Hotel EBITDA, the Company believes that
excluding the effect of corporate-level expenses, non-cash items,
and the portion of these items related to unconsolidated entities
provides a more complete understanding of the operating results
over which individual hotels and operators have direct control. We
believe property-level results provide investors with supplemental
information on the ongoing operational performance of our hotels
and effectiveness of the third-party management companies operating
our business on a property-level basis.
Hotel EBITDA includes all properties owned as of June 30, 2014
for the Company's period of ownership in 2014 and the comparable
period in 2013.
LASALLE HOTEL PROPERTIES Hotel Operational
Data Schedule of Property Level Results
(in thousands)
(unaudited)
For the three months ended For the six
months ended June 30, June 30, 2014
2013 2014 2013 Revenues: Room $
212,733 $ 192,801 $ 358,464 $ 332,360 Food and beverage 69,572
69,372 122,062 121,999 Other 19,550 16,664 34,100
29,840 Total hotel revenues 301,855 278,837
514,626 484,199
Expenses: Room
50,432 45,696 93,625 86,582 Food and beverage 47,642 45,603 87,966
85,050 Other direct 6,291 6,196 11,371 11,341 General and
administrative 22,174 20,306 41,921 39,094 Sales and marketing
17,977 16,700 34,187 32,078 Management fees 10,874 10,261 16,975
16,282 Property operations and maintenance 9,255 8,822 18,129
17,578 Energy and utilities 6,942 6,355 14,123 12,855 Property
taxes 12,531 11,802 25,724 23,134 Other fixed expenses 5,213
4,887 10,120 9,243 Total hotel expenses
189,331 176,628 354,141 333,237
Hotel EBITDA $ 112,524 $
102,209 $ 160,485 $
150,962 Hotel EBITDA Margin 37.3
% 36.7 % 31.2 % 31.2
%
Note:
This schedule includes the operating data for the three and six
months ended June 30, 2014 for all properties owned by the Company
as of June 30, 2014. Harbor Court, Triton, Serrano, and
Southernmost are shown in 2013 for their comparative period of
ownership in 2014. Vitale excludes April 2014 ownership and the
comparative period of April 2013. Excludes all Old Town ownership
and comparative period.
LASALLE HOTEL PROPERTIES Statistical Data for the
Hotels
(unaudited)
For the three months ended For the six
months ended June 30, June 30, 2014
2013 2014 2013 Total Portfolio
Occupancy 86.3 % 83.4 % 79.3 % 78.4 % Increase 3.4 % 1.1 % ADR $
241.08 $ 226.17 $ 223.44 $ 209.47 Increase 6.6 % 6.7 %
RevPAR $ 207.94 $ 188.60
$ 177.10 $ 164.25 Increase
10.3 % 7.8 %
Note:
This schedule includes operating data for all properties owned
as of June 30, 2014 for the Company's period of ownership in 2014
and the comparable period in 2013.
Non-GAAP Financial Measures
FFO, EBITDA and Hotel EBITDA
The Company considers the non-GAAP measures of FFO (including
FFO per share/unit), EBITDA and hotel EBITDA to be key supplemental
measures of the Company's performance and should be considered
along with, but not as alternatives to, net income or loss as a
measure of the Company's operating performance. 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 real estate industry investors consider FFO,
EBITDA and hotel EBITDA to be helpful in evaluating a real estate
company's operations.
The White Paper on FFO approved by NAREIT in April 2002, as
revised in 2011, defines FFO as net income or loss (computed in
accordance with GAAP), excluding gains or losses from sales of
properties and items classified by GAAP as extraordinary, plus real
estate-related depreciation and amortization (excluding
amortization of deferred finance costs) and impairment writedowns,
and after comparable adjustments for the Company's portion of these
items related to unconsolidated entities and joint ventures. The
Company computes FFO consistent with 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 current NAREIT definition
differently than the Company.
With respect to FFO, the Company believes that excluding the
effect of extraordinary items, real estate-related depreciation and
amortization and impairments, and the portion of these items
related to unconsolidated entities, all of which are based on
historical cost accounting and which may be of limited significance
in evaluating current performance, can facilitate comparisons of
operating performance between periods and between REITs, even
though FFO does not represent an amount that accrues directly to
common shareholders. However, FFO may not be helpful when comparing
the Company to non-REITs.
With respect to EBITDA, the Company believes that excluding the
effect of non-operating expenses and non-cash charges, and the
portion of these items related to unconsolidated entities, all of
which are also based on historical cost accounting and may be of
limited significance in evaluating current performance, can help
eliminate the accounting effects of depreciation and amortization,
and financing decisions and facilitate comparisons of core
operating profitability between periods and between REITs, even
though EBITDA also does not represent an amount that accrues
directly to common shareholders.
With respect to hotel EBITDA, the Company believes that
excluding the effect of corporate-level expenses, non-cash items,
and the portion of these items related to unconsolidated entities,
provides a more complete understanding of the operating results
over which individual hotels and operators have direct control. We
believe property-level results provide investors with supplemental
information on the ongoing operational performance of our hotels
and effectiveness of the third-party management companies operating
our business on a property-level basis.
FFO, EBITDA and hotel EBITDA do not represent cash generated
from operating activities as determined by GAAP and should not be
considered as alternatives to net income or loss, cash flows from
operations or any other operating performance measure prescribed by
GAAP. FFO, EBITDA and hotel EBITDA are not measures of the
Company's liquidity, nor are FFO, EBITDA and hotel EBITDA
indicative of funds available to fund the Company's cash needs,
including its ability to make cash distributions. These
measurements do not reflect cash expenditures for long-term assets
and other items that have been and will be incurred. FFO, EBITDA
and hotel EBITDA may include funds that may not be available for
management's discretionary use due to functional requirements to
conserve funds for capital expenditures, property acquisitions, and
other commitments and uncertainties. To compensate for this,
management considers the impact of these excluded items to the
extent they are material to operating decisions or the evaluation
of the Company's operating performance.
Adjusted FFO and Adjusted EBITDA
The Company presents adjusted FFO (including adjusted FFO per
share/unit) and adjusted EBITDA, which adjusts for certain
additional items including gains on sale of property and impairment
losses (to the extent included in EBITDA), acquisition transaction
costs, costs associated with the departure of executive officers,
costs associated with the recognition of issuance costs related to
the calling of preferred shares and certain other items. The
Company excludes these items as it believes it allows for
meaningful comparisons with other REITs and between periods and is
more indicative of the ongoing performance of its assets. As with
FFO, EBITDA, and hotel EBITDA, the Company’s calculation of
adjusted FFO and adjusted EBITDA may be different from similar
adjusted measures calculated by other REITs.
LaSalle Hotel PropertiesBruce A. Riggins or Kenneth G. Fuller,
301-941-1500
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