Third Quarter RevPAR improved 11.5%; ADR
increased 10.2%
Achieves strong hotel EBITDA margin growth of
211 basis points to 37.2%
Adjusted EBITDA grew 15.6% and Adjusted FFO per
share increased 11.8%
LaSalle Hotel Properties (NYSE: LHO) today announced results for
the quarter ended September 30, 2014. The Company’s results include
the following:
Third Quarter Year-to-Date 2014
2013 % Var. 2014
2013 % Var. ($'s in millions except per
share/unit data) RevPAR $ 212.98 $ 191.08 11.5 % $ 190.33 $
174.24 9.2 % EBITDA Margin 37.2 % 35.1 % 33.5 % 32.7 % EBITDA
Margin Growth 211 bps 80 bps Total Revenue $ 308.0 $ 270.0
14.1 % $ 840.0 $ 725.3 15.8 % EBITDA(1) $ 157.8 $ 90.7 74.0 % $
349.6 $ 222.0 57.5 % Adjusted EBITDA(1) $ 108.9 $ 94.2 15.6 % $
263.4 $ 227.1 16.0 % FFO(1) $ 87.6 $ 69.3 26.4 % $ 198.0 $ 163.7
21.0 % Adjusted FFO(1) $ 88.3 $ 72.8 21.3 % $ 207.5 $ 168.8 22.9 %
FFO per diluted share/unit(1) $ 0.84 $ 0.72 16.7 % $ 1.90 $ 1.71
11.1 % Adjusted FFO per diluted share/unit(1) $ 0.85 $ 0.76 11.8 %
$ 1.99 $ 1.76 13.1 % Net income attributable to common shareholders
$ 98.2 $ 28.5 244.6 % $ 174.8 $ 56.3 210.5 % Net income
attributable to common shareholders per diluted share $ 0.94 $ 0.30
213.3 % $ 1.67 $ 0.59 183.1 % (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.
Third Quarter Results and
Activities
- RevPAR: Room revenue per
available room (“RevPAR”) for the quarter ended September 30, 2014
increased 11.5 percent to $212.98, as a result of a 10.2 percent
increase in average daily rate (“ADR”) to $242.25 and a 1.1 percent
improvement in occupancy to 87.9 percent.
- Hotel EBITDA Margin: The
Company’s hotel EBITDA margin for the third quarter increased 211
basis points from the comparable prior year period to 37.2 percent,
its highest-ever third quarter hotel EBITDA margin.
- Adjusted EBITDA: The Company’s
adjusted EBITDA was $108.9 million, an increase of 15.6 percent
over the third quarter of 2013. Third quarter adjusted EBITDA was
negatively impacted by an estimated $1.0 million of EBITDA as a
result of the sale of Hotel Viking prior to the end of the
quarter.
- Adjusted FFO: The Company
generated third quarter adjusted FFO of $88.3 million, or $0.85 per
diluted share/unit, compared to $72.8 million or $0.76 per diluted
share/unit for the comparable prior year period, a per share/unit
increase of 11.8 percent.
- Dividend: On September 15, the
Company declared a third quarter 2014 dividend of $0.375 per common
share of beneficial interest. The dividend represents an annual run
rate of $1.50 per share and a 4.1 percent yield based on the
closing share price on October 21, 2014.
- Hotel Disposition: On September
10, the Company sold Hotel Viking in Newport, Rhode Island for
$77.0 million. In conjunction with the sale of Hotel Viking, the
Company executed a reverse 1031 exchange with Hotel Vitale, which
it purchased during April, 2014.
- Preferred Redemption: On July 3,
the Company redeemed all of its outstanding 7.25 percent Series G
Preferred Shares for $58.7 million plus accrued dividends through
the redemption date.
- Capital Investments: The Company
invested $23.2 million of capital in its hotels, including the
closeout of previous projects and deposits for renovation projects
that will start during the fourth quarter including Sofitel
Washington, DC, Hilton San Diego Gaslamp Quarter, Hyatt Boston
Harbor and Westin Philadelphia.
“United States lodging demand exceeded our expectations during
the third quarter and industry ADR continued on its trajectory of
strong growth. Our portfolio delivered exceptional third quarter
results,” said Michael D. Barnello, President and Chief Executive
Officer of LaSalle Hotel Properties. “The increase in RevPAR
exceeded the high end of our outlook and was driven almost entirely
by double-digit ADR growth. Our hotel EBITDA margins grew by 211
basis points to our highest-ever third quarter margin. Despite a
reduction in EBITDA resulting from the sale of Hotel Viking prior
to the end of the quarter, adjusted EBITDA and FFO exceeded our
outlook.”
“The sale of Hotel Viking capped off an excellent long term
investment for us. We owned the hotel for 15 years and it generated
a 10.7 percent unleveraged IRR.”
“We were very pleased with our third quarter results and
overall, we remain encouraged by the favorable operating
environment.”
Year-to-date Results
For the nine months ended September 30, 2014, RevPAR increased
9.2 percent to $190.33, with occupancy growth of 1.1 percent to
82.6 percent and ADR improvement of 8.0 percent to $230.42. The
Company’s hotel EBITDA margin was 33.5 percent, which was an
increase of 80 basis points compared to the same prior year
period.
Balance Sheet
As of September 30, 2014, the Company had total outstanding debt
of $1.2 billion, including $158.0 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 3.5 times as of September 30, 2014 and its
fixed charge coverage ratio was 3.9 times. For the third quarter,
the Company’s weighted average interest rate was 3.7 percent. As of
September 30, 2014, the Company had capacity of $614 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 Hotel Viking has the impact of reducing our full year adjusted
EBITDA outlook by approximately $2.0 million, of which $1.0 million
occurred during the third quarter. The outlook is based on an
economic environment that continues to improve and assumes no
additional acquisitions, dispositions or capital markets
activities. The Company’s RevPAR growth and financial expectations
for 2014 are as follows:
Previous Outlook Current Outlook
Low-end High-end Low-end
High-end ($'s in millions except per share/unit data) ($'s
in millions except per share/unit data) RevPAR growth
6.5 % 8.0 % 8.75 % 9.25 % Hotel EBITDA Margin Change 25 bps 100 bps
100 bps 125 bps Adjusted EBITDA $ 330.0 $ 342.0 $ 341.0 $
345.0 Adjusted FFO $ 254.0 $ 265.0 $ 267.0 $ 271.0 Adjusted FFO per
diluted share/unit $ 2.44 $ 2.54 $ 2.56 $ 2.60
Fourth Quarter 2014
Outlook
The Company expects fourth quarter RevPAR to increase 7.0
percent to 9.0 percent and hotel EBITDA margins to range from an
increase of 175 to 250 basis points relative to the same prior year
period. The Company expects its portfolio to generate adjusted
EBITDA of $78.0 million to $82.0 million and adjusted FFO per
share/unit of $0.57 to $0.61.
Earnings Call
The Company will conduct its quarterly conference call on
Thursday, October 23, 2014 at 10:00 AM eastern time. To participate
in the conference call, please dial (800) 723-6498.
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 44 hotels. The properties are
upscale, full-service hotels, totaling more than 11,100 guest rooms
in 13 markets in nine 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 nine months
ended September 30, September 30, 2014
2013 2014 2013 Revenues:
Hotel operating revenues: Room $ 222,006 $ 189,619 $ 587,705 $
495,696 Food and beverage 63,399 60,022 189,921 175,397 Other
operating department 21,291 18,289
56,105 48,001 Total hotel operating
revenues 306,696 267,930 833,731 719,094 Other income 1,306
2,056 6,240 6,156
Total revenues 308,002 269,986
839,971 725,250
Expenses: Hotel
operating expenses: Room 52,344 44,911 147,495 124,789 Food and
beverage 45,986 41,886 137,830 121,871 Other direct 6,772 6,146
18,500 17,166 Other indirect 69,722 62,121
199,924 175,045 Total hotel
operating expenses 174,824 155,064 503,749 438,871 Depreciation and
amortization 38,821 40,634 115,887 107,182 Real estate taxes,
personal property taxes and insurance 13,878 13,489 43,210 38,623
Ground rent 4,279 3,249 11,019 8,535 General and administrative
6,278 5,513 17,804 16,224 Acquisition transaction costs 0 2,687
1,851 2,687 Other expenses 573 1,749
6,830 3,918 Total operating expenses
238,653 222,385 700,350
616,040 Operating income 69,349 47,601 139,621
109,210 Interest income 2 2,448 1,801 7,212 Interest expense
(14,499 ) (14,737 ) (43,043 ) (42,517 ) Loss from extinguishment of
debt 0 0 (2,487 ) 0
Income before income tax expense 54,852 35,312 95,892 73,905
Income tax expense (2,997 ) (2,564 ) (1,488 )
(2,481 ) Income before gain on sale of properties 51,855
32,748 94,404 71,424 Gain on sale of properties 49,657
0 93,205 0 Net
income 101,512 32,748 187,609
71,424 Net income attributable to
noncontrolling interests: Noncontrolling interests in consolidated
entities 0 0 (8 ) (8 ) Noncontrolling interests of common units in
Operating Partnership (297 ) (108 ) (557 )
(243 ) Net income attributable to noncontrolling interests
(297 ) (108 ) (565 ) (251 ) Net income
attributable to the Company 101,215 32,640 187,044 71,173
Distributions to preferred shareholders (3,042 ) (4,106 ) (11,291 )
(13,278 ) Issuance costs of redeemed preferred shares (9 )
0 (951 ) (1,566 ) Net income
attributable to common shareholders $ 98,164 $ 28,534
$ 174,802 $ 56,329
LASALLE HOTEL PROPERTIES
Consolidated Statements of Operations
and Comprehensive Income - Continued
(in thousands, except share data)
(unaudited)
For the three months ended For the nine months
ended September 30, September 30, 2014
2013 2014 2013 Earnings per
Common Share - Basic: Net income attributable to common
shareholders excluding amounts attributable to unvested restricted
shares $ 0.94 $ 0.30 $ 1.68 $ 0.59
Earnings per Common Share - Diluted: Net income attributable
to common shareholders excluding amounts attributable to unvested
restricted shares $ 0.94 $ 0.30 $ 1.67 $ 0.59
Weighted average number of common shares outstanding:
Basic 103,798,853 95,890,474 103,730,007 95,510,088 Diluted
104,133,553 96,082,340 104,059,030 95,681,763
Comprehensive Income: Net income $ 101,512 $ 32,748 $
187,609 $ 71,424 Other comprehensive income (loss): Unrealized gain
(loss) on interest rate derivative instruments 2,664
(2,345 ) (1,424 ) 10,255 Comprehensive
income 104,176 30,403 186,185 81,679 Comprehensive income
attributable to noncontrolling interests: Noncontrolling interests
in consolidated entities (8 ) 0 (8 ) (8 ) Noncontrolling interests
of common units in Operating Partnership (305 ) (101
) (553 ) (275 ) Comprehensive income attributable to
noncontrolling interests (313 ) (101 ) (561 )
(283 ) Comprehensive income attributable to the Company $
103,863 $ 30,302 $ 185,624 $ 81,396
LASALLE HOTEL PROPERTIES
FFO and EBITDA
(in thousands, except share/unit data)
(unaudited)
For the three months ended For the nine months
ended September 30, September 30, 2014
2013 2014 2013 Net income
attributable to common shareholders $ 98,164 $ 28,534 $ 174,802 $
56,329 Depreciation 38,715 40,521 115,573 106,854 Amortization of
deferred lease costs 86 95 261 269 Noncontrolling interests:
Noncontrolling interests in consolidated entities 0 0 8 8
Noncontrolling interests of common units in Operating Partnership
297 108 557 243 Less: Net gain on sale of properties (49,657
) 0 (93,205 ) 0
FFO
$ 87,605 $ 69,258 $
197,996 $ 163,703 Pre-opening, management
transition and severance expenses 193 1,179 3,878 1,727 Preferred
share issuance costs 9 0 951 1,566 Acquisition transaction costs 0
2,687 1,851 2,687 Loss from extinguishment of debt 0 0 2,487 0
Non-cash ground rent 498 327 1,323 981 Mezzanine loan discount
amortization 0 (647 ) (986 )
(1,855 )
Adjusted FFO $ 88,305 $
72,804 $ 207,500 $
168,809 Weighted average number of common shares
and units outstanding: Basic 104,095,153 96,186,774 104,026,307
95,806,388 Diluted 104,429,853 96,378,640 104,355,330 95,978,063
FFO per diluted share/unit $ 0.84 $ 0.72 $ 1.90 $ 1.71
Adjusted FFO per diluted share/unit $ 0.85 $ 0.76 $ 1.99 $
1.76
For the three months ended For the
nine months ended September 30, September 30,
2014 2013 2014 2013 Net income
attributable to common shareholders $ 98,164 $ 28,534 $ 174,802 $
56,329 Interest expense 14,499 14,737 43,043 42,517 Loss from
extinguishment of debt 0 0 2,487 0 Income tax expense 2,997 2,564
1,488 2,481 Depreciation and amortization 38,821 40,634 115,887
107,182 Noncontrolling interests: Noncontrolling interests in
consolidated entities 0 0 8 8 Noncontrolling interests of common
units in Operating Partnership 297 108 557 243 Distributions to
preferred shareholders 3,042 4,106
11,291 13,278
EBITDA $
157,820 $ 90,683 $ 349,563
$ 222,038 Pre-opening, management transition and
severance expenses 193 1,179 3,878 1,727 Preferred share issuance
costs 9 0 951 1,566 Acquisition transaction costs 0 2,687 1,851
2,687 Net gain on sale of properties (49,657 ) 0 (93,205 ) 0
Non-cash ground rent 498 327 1,323 981 Mezzanine loan discount
amortization 0 (647 ) (986 )
(1,855 )
Adjusted EBITDA $ 108,863 $
94,229 $ 263,375 $ 227,144
Corporate expense 6,679 7,060 22,294 21,270 Interest and other
income (1,310 ) (3,918 ) (7,280 ) (12,303 ) Hotel level
adjustments, net (2,679 ) (859 ) (7,404 )
10,249
Hotel EBITDA $ 111,553
$ 96,512 $ 270,985
$ 246,360 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
September 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 nine months
ended September 30, September 30, 2014
2013 2014 2013 Revenues:
Room $ 218,102 $ 195,690 $ 573,104 $ 524,549 Food and beverage
61,431 61,019 181,459 180,775 Other 20,400
18,356 53,727 47,542 Total hotel
revenues 299,933 275,065 808,290
752,866
Expenses: Room 51,825
48,101 144,658 133,884 Food and beverage 44,258 43,824 130,859
127,373 Other direct 6,533 6,468 17,544 17,484 General and
administrative 21,890 20,686 63,070 59,041 Sales and marketing
17,741 16,015 51,316 47,465 Management fees 10,655 9,420 27,446
25,516 Property operations and maintenance 9,183 9,054 26,904
26,217 Energy and utilities 7,716 7,226 21,518 19,811 Property
taxes 12,532 12,118 37,882 34,887 Other fixed expenses 6,047
5,641 16,108 14,828
Total hotel expenses 188,380 178,553
537,305 506,506
Hotel
EBITDA $ 111,553 $ 96,512
$ 270,985 $ 246,360
Hotel EBITDA Margin 37.2 %
35.1 % 33.5 % 32.7 %
Note: This schedule includes the operating data for the
three and nine months ended September 30, 2014 for all properties
owned by the Company as of September 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 and Hotel Viking ownership in 2014 and comparative period.
LASALLE HOTEL PROPERTIES
Statistical Data for the Hotels
(unaudited)
For the three months ended For the nine months
ended September 30, September 30, 2014
2013 2014 2013 Total Portfolio
Occupancy 87.9 % 87.0 % 82.6 % 81.7 % Increase 1.1 % 1.1 % ADR $
242.25 $ 219.74 $ 230.42 $ 213.34 Increase 10.2 % 8.0 %
RevPAR $ 212.98 $ 191.08
$ 190.33 $ 174.24 Increase
11.5 % 9.2 % Note: This schedule
includes operating data for all properties owned as of September
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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