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LaSalle Hotel Properties Reports Third Quarter Results

LaSalle Hotel Properties Reports Third Quarter Results

Catégorie : Monde
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 19-10-2006


LaSalle Hotel Properties (NYSE: LHO) today reported net income to common shareholders of $17.3 million, or $0.43 per diluted share for the quarter ended September 30, 2006, compared to net income of $11.4 million, or $0.37 per diluted share for the prior year period.

For the quarter ended September 30, 2006, the Company generated funds from operations ("FFO") of $37.8 million versus $24.1 million for the same period of 2005. On a per diluted share/unit basis, FFO for the third quarter was $0.94 versus $0.79 for the same period last year. The Company's earnings before interest, taxes, depreciation and amortization ("EBITDA") for the third quarter increased to $57.9 million from $35.0 million during the prior year period. Excluding the impact of a $0.8 million contingent litigation expense in this year's third quarter, FFO per share/unit would have been $0.96 and EBITDA would have been $58.7 million.

Room revenue per available room ("RevPAR") for the quarter ended September 30, 2006 versus the same period in 2005 increased 9.0 percent to $157.58. Average daily rate ("ADR") rose to $197.90, a 10.8 percent improvement, while occupancy declined 1.6 percent to 79.6 percent from the prior year period.

"Our business remained strong in the third quarter with significant pricing power. The 10.8 percent increase in ADR in the quarter was the largest in our Company's history," said Jon Bortz, Chairman and Chief Executive Officer of LaSalle Hotel Properties. "Despite weakness in Washington, DC, our portfolio continued to attain significantly higher RevPAR growth than the industry average and should continue to outperform in the foreseeable future."

The Company's hotels generated $61.1 million of EBITDA for the third quarter compared with $54.9 million for the same period last year. Third quarter portfolio-wide EBITDA margin was 33.6%, an improvement of 115 basis points from the prior year.

On August 1, 2006 the Company purchased the Hotel Solamar in San Diego, California, for $87.0 million. The 235-room, newly built, independent full-service hotel is located in the heart of downtown San Diego's Gaslamp Quarter Historic District. The hotel sits on the corner of Sixth Avenue and J Street, two blocks from Petco Park, three blocks from the San Diego Convention Center and two blocks from the Company's Hilton San Diego Gaslamp Quarter hotel. The Hotel Solamar opened in April 2005 and contains 8,800 square feet of meeting space, a fitness center, business center, in-room spa services, parking facility, and an additional 2,000 square feet of unfinished street-front space available for retail or additional meeting space. The hotel is also surrounded by the city's trendiest shopping, theaters, art galleries and over 75 restaurants and night clubs. Hotel Solamar will continue to be operated by Kimpton Hotel & Restaurant Group, LLC.

As of the end of the third quarter 2006, the Company had total outstanding debt of $799.0 million. The Company's $300.0 million credit facility had a $65.0 million outstanding balance as of September 30, 2006. Interest expense for the quarter was $10.9 million, resulting in a trailing 12 month Corporate EBITDA (as defined in the Company's senior unsecured credit facility) to interest coverage ratio of 4.5 times. As of September 30, 2006, total debt to trailing 12 month Corporate EBITDA equaled 4.3 times, one of the lowest debt to EBITDA ratios in the industry.

For the nine months ended September 30, 2006, net income to common shareholders increased to $69.0 million from $18.7 million for the prior year period. EBITDA increased to $179.4 million from $80.7 million for the prior year period. FFO rose to $88.0 million or $2.22 per diluted share/unit from $53.2 million or $1.74 per diluted share/unit for the prior year period. Net income and EBITDA for the nine months ended September 30, 2006 include the $38.4 million gain in joint venture equity pick-up related to the sale of the Chicago Marriott. Net income, EBITDA and FFO include the $0.8 million and $1.0 million contingent litigation expense for the nine months ended September 30, 2006 and nine months ended September 30, 2005, respectively.

Subsequent Events

On October 13, 2006, the Company announced its monthly dividend of $0.14 per common share of beneficial interest for each of the months of October, November and December 2006. This represents a 4.0 percent annualized yield based on the Company's closing share price on October 18, 2006.

The October dividend will be paid on November 15, 2006 to common shareholders of record on October 31, 2006; the November dividend will be paid on December 15, 2006 to common shareholders of record on November 30, 2006; and the December dividend will be paid on January 12, 2007 to common shareholders of record on December 29, 2006.



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