- Second Quarter 2023 Net Income of
- Second Quarter 2023 Adjusted Funds from Operations1 of
- Comparable Portfolio RevPAR Growth of 3.6% to the Second Quarter 2022 –
- Urban RevPAR Growth of 12.2% to the Second Quarter 2022 –
-
Second Quarter 2023 Financial Results
(Unaudited in thousands, except per share amounts) | |||||
Three Months Ended | |||||
2023 | 2022 | ||||
Net Income Applicable to Common Shareholders | $ | 1,721 | $ | 2,427 | |
Net Income per Common Share | $ | 0.04 | $ | 0.06 | |
Adjusted FFO1 | $ | 18,087 | $ | 26,115 | |
Adjusted FFO per common share and OP Unit | $ | 0.38 | $ | 0.57 | |
1 Non-GAAP financial measure. An explanation of certain non-GAAP financial measures used in this press release, including, among others, AFFO, FFO, EBITDA and EBITDA margin, as well as reconciliations of those non-GAAP financial measures to GAAP net income, is included at the end of this press release.
Net income applicable to common shareholders was approximately
Adjusted Funds from Operations (“AFFO”) decreased to
Mr.
Second Quarter 2023 Operating Results
During the second quarter 2023, the Company's comparable portfolio of 23 hotels generated 77.1% occupancy, an Average Daily Rate (“ADR”) of
Our core urban markets generated
Despite difficult comparisons to the record setting year in 2022, our resort portfolio generated just under
Debt Repayment
In May, the Company paid down the outstanding
Financing
The Company’s credit facility consists of a
The Company utilized an existing swap to hedge
Dividends
We paid a cash dividend of
The Company also paid a cash dividend of
Third Quarter 2023 Outlook
In July the comparable portfolio realized RevPAR growth of 5.1% driven by our urban properties, which realized 12.3% RevPAR growth for the month. For July and the third quarter, the
The Company is providing its operating and financial expectations for the third quarter 2023. The Company’s expectations do not build in any acquisitions, dispositions or capital market activities for 2023. These expectations are based on management’s current outlook for its hotels and the markets in which it operates and does not take into account any unanticipated developments in its business or changes in its operating environment. The Company’s third quarter 2023 expectations are as follows:
Q3'23 Outlook | ||||||
($’s in millions except RevPAR and per share amounts) | Low | High | ||||
Net Loss Applicable to Common Shareholders | $ | (6.4 | ) | $ | (3.4 | ) |
Net Loss per share | $ | (0.16 | ) | $ | (0.08 | ) |
Comparable Property Absolute RevPAR | $ | 209 | $ | 219 | ||
Adjusted EBITDA | $ | 24.50 | $ | 27.50 | ||
Adjusted FFO | $ | 11.1 | $ | 14.1 | ||
Adjusted FFO per share | $ | 0.24 | $ | 0.30 | ||
* Q3 2023 Comparable portfolio excludes ** For detailed reconciliations of the Company's 2023 operating expectations, please see "Reconciliation of Non-GAAP Financial Measures included in 2023 Outlook" |
Hersha’s third quarter 2023 outlook is based on a number of factors, many of which are outside the Company's control, including macro-economic factors such as, inflation, increases in interest rates, supply chain disruptions, the potential effects of an epidemic or pandemic and the possibility of an economic recession or slowdown in 2023, all of which are subject to change. Please see the section below titled “Cautionary Statements Regarding Forward Looking Statements.”
Second Quarter 2023 Conference Call
The Company will host a conference call to discuss these results at
A live audio webcast of the conference call will be available on the Company’s website at www.hersha.com. The conference call can be accessed by dialing 1-833-470-1428 and entering the passcode 408017 approximately 10 minutes in advance of the call. Global participants can access their respective dial-in number at the following link:
About
Supplemental Schedules
The Company has published supplemental earnings schedules in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. In addition to the typical supplemental disclosure, the Company has included enhanced property-level financial information. These can be found in the Investor Relations section and the “SEC Filings” and “News & Presentations” page of the Company’s website, www.hersha.com.
Non-GAAP Financial Measures and Key Performance Metrics
Common key performance metrics utilized by the lodging industry are occupancy, average daily rate ("ADR"), and revenue per available room ("RevPAR"). Occupancy is calculated as the percentage total rooms sold compared to rooms available to be sold, while ADR measures the average rate earned per occupied room, calculated as total room revenue divided by total rooms sold. RevPAR is a derivative of these two metrics which shows the total room revenue earned per room available to be sold. Management uses these metrics in comparison to other hotels in our self-defined competitive peer set within proximity to each of our hotel properties.
An explanation of Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), EBITDA for real estate (“EBITDAre”), Adjusted EBITDA and
Cautionary Statements Regarding Forward Looking Statements
Certain matters within this press release are discussed using “forward-looking statements,” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include statements related to, among other things: assumptions regarding the impact from macroeconomic factors (including inflation, increases in interest rates, supply chain disruptions, and potential economic slowdown or a recession), the Company’s operating and financial expectations for the third quarter 2023, the Company’s access to capital on the terms and timing the Company expects, the Company’s expectations regarding future interest rates and the impact of inflation on the Company’s results of operations, the restoration of public confidence in domestic and international travel, permanent structural changes in demand for conference centers by business and leisure clientele, the economic growth, labor markets, real estate values, lodging fundamentals, corporate travel, and the economic vibrancy of our target markets, the impact of the ongoing hotel renovations, the effects of an epidemic or pandemic on the Company, the Company’s ability to grow operating cash flow, the Company’s ability to match or outperform its competitors’ performance, the ability of the Company’s hotels to achieve stabilized or projected revenue, ADR or RevPAR growth or EBITDA multiples consistent with our expectations, the stability of the lodging industry and the markets in which the Company’s hotel properties are located, the Company’s ability to generate internal and external growth, the Company’s ability to increase margins, including
Balance Sheet (unaudited) | |||||||
(in thousands, except shares and per share amounts) | |||||||
Assets: | |||||||
Investment in Hotel Properties, Net of Accumulated Depreciation | $ | 1,182,764 | $ | 1,189,239 | |||
Investment in | 4,562 | 4,989 | |||||
Cash and Cash Equivalents | 142,391 | 224,955 | |||||
Escrow Deposits | 4,797 | 5,065 | |||||
6,201 | 8,922 | ||||||
Due from Related Parties | 82 | 245 | |||||
Intangible Assets, Net of Accumulated Amortization of | 624 | 684 | |||||
Right of Use Assets | 16,774 | 16,226 | |||||
Other Assets | 35,584 | 38,552 | |||||
Total Assets | 1,393,779 | 1,488,877 | |||||
Liabilities and Equity: | |||||||
Secured Term Loans, Net of Unamortized Deferred Financing Costs | $ | 346,336 | $ | 370,636 | |||
Unsecured Notes Payable, Net of Unamortized Discounts and Unamortized Deferred Financing Costs | 50,921 | 50,895 | |||||
Mortgages Payable, Net of Unamortized Premium and Unamortized Deferred Financing Costs | 184,941 | 208,354 | |||||
Lease Liabilities | 19,518 | 19,003 | |||||
Accounts Payable, Accrued Expenses and Other Liabilities | 35,855 | 44,148 | |||||
Dividends and Distributions Payable | 8,451 | 31,694 | |||||
Due to Related Parties | 2,534 | 2,610 | |||||
Total Liabilities | $ | 648,556 | $ | 727,340 | |||
Redeemable Noncontrolling Interest - Consolidated Joint Venture | $ | 4,660 | $ | 5,076 | |||
Equity: | |||||||
Shareholders' Equity: | |||||||
Preferred Shares: | $ | 147 | $ | 147 | |||
Common Shares: Class A, | 401 | 398 | |||||
Common Shares: Class B, None Issued and Outstanding at | — | — | |||||
Accumulated Other Comprehensive Income | 13,330 | 16,213 | |||||
1,161,282 | 1,157,057 | ||||||
Distributions in Excess of Net Income | (508,449 | ) | (490,815 | ) | |||
Total Shareholders' Equity | 666,711 | 683,000 | |||||
Noncontrolling Interests - Common Units and LTIP Units | 73,852 | 73,461 | |||||
Total Equity | 740,563 | 756,461 | |||||
Total Liabilities and Equity | $ | 1,393,779 | $ | 1,488,877 |
Summary Results (unaudited) | |||||||||||||||
(in thousands, except shares and per share data) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
Revenues: | |||||||||||||||
Room | $ | 74,646 | $ | 98,242 | $ | 132,162 | $ | 163,374 | |||||||
Food & Beverage | 15,382 | 15,710 | 26,309 | 24,766 | |||||||||||
Other Operating Revenues | 7,702 | 9,247 | 14,350 | 16,886 | |||||||||||
97,730 | 123,199 | 172,821 | 205,026 | ||||||||||||
Other Revenue | 84 | 91 | 143 | 132 | |||||||||||
Total Revenues | 97,814 | 123,290 | 172,964 | 205,158 | |||||||||||
Operating Expenses: | |||||||||||||||
Room | 15,538 | 19,447 | 30,007 | 34,037 | |||||||||||
Food & Beverage | 12,258 | 11,607 | 23,152 | 20,011 | |||||||||||
Other Operating Expenses | 30,123 | 36,039 | 57,474 | 62,395 | |||||||||||
57,919 | 67,093 | 110,633 | 116,443 | ||||||||||||
Gain on Insurance Settlements | — | (987 | ) | — | (962 | ) | |||||||||
611 | 1,531 | 929 | 2,621 | ||||||||||||
Real Estate and | 6,259 | 8,335 | 12,440 | 16,818 | |||||||||||
General and Administrative | 3,073 | 3,192 | 5,953 | 5,969 | |||||||||||
Share Based Compensation | 2,697 | 3,299 | 4,749 | 5,840 | |||||||||||
Depreciation and Amortization | 14,006 | 17,003 | 27,675 | 36,279 | |||||||||||
Total Operating Expenses | 84,565 | 99,466 | 162,379 | 183,008 | |||||||||||
Operating Income | 13,249 | 23,824 | 10,585 | 22,150 | |||||||||||
Interest Income | 1,695 | 1 | 3,434 | 2 | |||||||||||
Interest Expense | (8,865 | ) | (14,397 | ) | (17,954 | ) | (28,267 | ) | |||||||
Other Income (Expense) | 73 | (108 | ) | 986 | (207 | ) | |||||||||
Loss on Debt Extinguishment | (52 | ) | — | (66 | ) | — | |||||||||
Income (Loss) before Results from Unconsolidated Joint Venture Investments and Income Taxes | 6,100 | 9,320 | (3,015 | ) | (6,322 | ) | |||||||||
(Loss) Income from Unconsolidated Joint Venture Investments | (74 | ) | 357 | (426 | ) | (579 | ) | ||||||||
Income (Loss) before Income Taxes | 6,026 | 9,677 | (3,441 | ) | (6,901 | ) | |||||||||
Income Tax Expense | (65 | ) | (93 | ) | (99 | ) | (114 | ) | |||||||
Net Income (Loss) | 5,961 | 9,584 | (3,540 | ) | (7,015 | ) | |||||||||
(Income) Loss Allocated to Noncontrolling Interests | |||||||||||||||
Common Units | (3 | ) | (423 | ) | 1,993 | 2,258 | |||||||||
Consolidated Joint Venture | 1,806 | (691 | ) | 416 | (2,964 | ) | |||||||||
Preferred Distributions | (6,043 | ) | (6,043 | ) | (12,087 | ) | (12,087 | ) | |||||||
Net Income (Loss) Applicable to Common Shareholders | $ | 1,721 | $ | 2,427 | $ | (13,218 | ) | $ | (19,808 | ) | |||||
Earnings per Share: | |||||||||||||||
BASIC | |||||||||||||||
Net Income (Loss) Applicable to Common Shareholders | $ | 0.04 | $ | 0.06 | $ | (0.34 | ) | $ | (0.50 | ) | |||||
DILUTED | |||||||||||||||
Net Income (Loss) Applicable to Common Shareholders | $ | 0.04 | $ | 0.06 | $ | (0.34 | ) | $ | (0.50 | ) | |||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | 39,849,859 | 39,277,269 | 39,738,662 | 39,254,536 | |||||||||||
Diluted | 41,287,468 | 40,453,785 | 39,738,662 | 39,254,536 | |||||||||||
Prior year amounts have been revised to conform to current year presentation. |
Non-GAAP Measures
FFO and AFFO
The GAAP measure that we believe to be most directly comparable to FFO, net income (loss) applicable to common shareholders, includes loss from the impairment of certain depreciable assets, our investment in unconsolidated joint ventures and land, depreciation and amortization expenses, gains or losses on property sales, non-controlling interest and preferred dividends. In computing FFO, we eliminate these items because, in our view, they are not indicative of the results from our property operations. We determined that the loss from the impairment of certain depreciable assets, including investments in unconsolidated joint ventures and land, was driven by a measurable decrease in the fair value of certain hotel properties and other assets as determined by our analysis of those assets in accordance with applicable GAAP. As such, these impairments have been eliminated from net income (loss) to determine FFO.
Hersha also presents Adjusted Funds from Operations (AFFO), which reflects FFO in accordance with the NAREIT definition further adjusted by:
- deducting or adding back income tax benefit or expense;
- adding back non-cash share-based compensation expense;
- adding back acquisition and terminated transaction expenses;
- adding back amortization of discounts, premiums, and deferred financing costs;
- adding back write-offs of deferred financing costs on debt extinguishment;
- adding back straight-line amortization of ground lease expense; and
- adding back interest expense that has been paid-in-kind.
FFO and AFFO do not represent cash flows from operating activities in accordance with GAAP and should not be considered an alternative to net income as an indication of the Company’s performance or to cash flow as a measure of liquidity or ability to make distributions. We consider FFO and AFFO to be meaningful, additional measures of our operating performance because they exclude the effects of the assumption that the value of real estate assets diminishes predictably over time, and because they are widely used by industry analysts as performance measures. We evaluate our performance by reviewing AFFO, in addition to FFO, because we believe that adjusting FFO to exclude certain recurring and non-recurring items as described above provides useful supplemental information regarding our ongoing operating performance and that the presentation of AFFO, when combined with the primary GAAP presentation of net income (loss), more completely describes our operating performance. We show both FFO from consolidated hotel operations and FFO from unconsolidated joint ventures because we believe it is meaningful for the investor to understand the relative contributions from our consolidated and unconsolidated hotels. The display of both FFO from consolidated hotels and FFO from unconsolidated joint ventures allows for a detailed analysis of the operating performance of our hotel portfolio by management and investors. We present FFO and AFFO applicable to common shares and OP Units because our OP Units are redeemable for common shares. We believe it is meaningful for the investor to understand FFO and AFFO applicable to all common shares and OP Units. In addition, based on guidance provided by NAREIT, we have eliminated loss from the impairment of certain depreciable assets, including investments in unconsolidated joint ventures and land, from net (income) loss to arrive at FFO in each year presented.
The following table reconciles FFO and AFFO for the periods presented to the most directly comparable GAAP measure, net income (loss) applicable to common shares, for the same periods:
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) | ||||||||||||||||
(in thousands, except shares and per share data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
Net Income (loss) applicable to common shares | $ | 1,721 | $ | 2,427 | $ | (13,218 | ) | $ | (19,808 | ) | ||||||
(Loss) income allocated to noncontrolling interest | (1,803 | ) | 1,114 | (2,409 | ) | 706 | ||||||||||
Loss (Income) from unconsolidated joint ventures | 74 | (357 | ) | 426 | 579 | |||||||||||
Depreciation and amortization | 14,006 | 17,003 | 27,675 | 36,279 | ||||||||||||
Funds from consolidated hotel operations applicable to common shares and Partnership units | 13,998 | 20,187 | 12,474 | 17,756 | ||||||||||||
(Loss) Income from unconsolidated joint venture investments | (74 | ) | 357 | (426 | ) | (579 | ) | |||||||||
Unrecognized pro rata interest in income (loss) of unconsolidated joint venture | 83 | (81 | ) | (337 | ) | (300 | ) | |||||||||
Depreciation and amortization of difference between purchase price and historical cost | 18 | 21 | 37 | 42 | ||||||||||||
Interest in depreciation and amortization of unconsolidated joint ventures | 536 | 625 | 1,072 | 1,252 | ||||||||||||
Funds from unconsolidated joint venture operations applicable to common shares and Partnership units | 563 | 922 | 346 | 415 | ||||||||||||
Funds from Operations applicable to common shares and Partnership units | 14,561 | 21,109 | 12,820 | 18,171 | ||||||||||||
Income tax expense | 65 | 93 | 99 | 114 | ||||||||||||
Non-cash share based compensation expense | 2,697 | 3,299 | 4,749 | 5,840 | ||||||||||||
Straight-line amortization of lease expense | 50 | 118 | 26 | 298 | ||||||||||||
Amortization of discounts, premiums, and deferred financing costs | 662 | 1,496 | 1,356 | 2,944 | ||||||||||||
Interest expense paid-in-kind | — | — | — | 1,855 | ||||||||||||
Deferred financing costs and debt premium written off in debt extinguishment | 52 | — | 66 | — | ||||||||||||
Adjusted Funds from Operations | $ | 18,087 | $ | 26,115 | $ | 19,116 | $ | 29,222 | ||||||||
AFFO per Diluted Weighted Average Common Shares and Partnership Units Outstanding | $ | 0.38 | $ | 0.57 | $ | 0.41 | $ | 0.64 | ||||||||
Diluted Weighted Average Common Shares and Partnership Units Outstanding | 47,061,312 | 45,716,098 | 47,121,467 | 45,629,745 | ||||||||||||
Prior year amounts have been revised to conform to current year presentation. |
EBITDAre and Adjusted EBITDA
Earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) is a supplemental measure of our operating performance and facilitates comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital-intensive companies. NAREIT adopted EBITDA for real estate (“EBITDAre”) a measure calculated by adding gains from the disposition of hotel operations, in order to promote an industry-wide measure of REIT operating performance. We also adjust EBITDAre for interest in amortization and write-off of deferred financing costs of our unconsolidated joint ventures, deferred financing costs write-offs in debt extinguishment, non-cash share-based compensation expense, acquisition and terminated transaction costs and net operating loss incurred on non-operation properties to calculate Adjusted EBITDA.
Our EBITDAre and Adjusted EBITDA computation may not be comparable to EBITDAre or Adjusted EBITDA reported by other companies that interpret the definition of EBITDA differently than we do. Management believes Adjusted EBITDA and EBITDAre to be meaningful measures of a REIT's performance because they are widely followed by industry analysts, lenders and investors and that they should be considered along with, but not as an alternative to, GAAP net income (loss) as a measure of the Company's operating performance.
EBITDAre and Adjusted EBITDA | |||||||||||||||||
(in thousands) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
Net Income (loss) | $ | 5,961 | $ | 9,584 | $ | (3,540 | ) | $ | (7,015 | ) | |||||||
Loss (income) from unconsolidated joint ventures | 74 | (357 | ) | 426 | 579 | ||||||||||||
Interest expense | 8,865 | 14,397 | 17,954 | 28,267 | |||||||||||||
Non-operating interest income | (1,695 | ) | (1 | ) | (3,434 | ) | (2 | ) | |||||||||
Income tax expense | 65 | 93 | 99 | 114 | |||||||||||||
Depreciation and amortization | 14,006 | 17,003 | 27,675 | 36,279 | |||||||||||||
EBITDA from consolidated hotel operations | 27,276 | 40,719 | 39,180 | 58,222 | |||||||||||||
(Loss) income from unconsolidated joint venture investments | (74 | ) | 357 | (426 | ) | (579 | ) | ||||||||||
Unrecognized pro rata interest in income (loss) of unconsolidated joint venture | 83 | (81 | ) | (337 | ) | (300 | ) | ||||||||||
Depreciation and amortization of difference between purchase price and historical cost | 18 | 21 | 37 | 42 | |||||||||||||
Adjustment for interest in interest expense, depreciation and amortization of unconsolidated joint ventures | 953 | 1,011 | 1,891 | 1,973 | |||||||||||||
EBITDAre from unconsolidated joint venture operations | 980 | 1,308 | 1,165 | 1,136 | |||||||||||||
EBITDAre | 28,256 | 42,027 | 40,345 | 59,358 | |||||||||||||
Non-cash share based compensation expense | 2,697 | 3,299 | 4,749 | 5,840 | |||||||||||||
Straight-line amortization of lease expense | 50 | 118 | 26 | 298 | |||||||||||||
Deferred financing costs and debt premium written off in debt extinguishment | 52 | — | 66 | — | |||||||||||||
Adjusted EBITDA | $ | 31,055 | $ | 45,444 | $ | 45,186 | $ | 65,496 | |||||||||
Prior year amounts have been revised to conform to current year presentation. |
(in thousands) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
Operating income | $ | 13,249 | $ | 23,824 | $ | 10,585 | $ | 22,150 | ||||||||
Other revenue | (84 | ) | (91 | ) | (143 | ) | (132 | ) | ||||||||
Gain on insurance settlement | — | (987 | ) | — | (962 | ) | ||||||||||
Depreciation and amortization | 14,006 | 17,003 | 27,675 | 36,279 | ||||||||||||
General and administrative | 3,073 | 3,192 | 5,953 | 5,969 | ||||||||||||
Share based compensation | 2,697 | 3,299 | 4,749 | 5,840 | ||||||||||||
Straight-line amortization of ground lease expense | 50 | 118 | 26 | 298 | ||||||||||||
Other | 393 | 25 | 514 | 3 | ||||||||||||
$ | 33,384 | $ | 46,383 | $ | 49,359 | $ | 69,445 |
Reconciliation of Non-GAAP Financial Measures Included in Q3 2023 Outlook
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) | ||||||||
Q3 2023 Outlook | ||||||||
(in millions, except per share data) | Low | High | ||||||
Net loss applicable to common shares | $ | (6.4 | ) | $ | (3.4 | ) | ||
Loss allocated to noncontrolling interests | (0.5 | ) | (0.3 | ) | ||||
Loss from unconsolidated joint ventures | — | (0.1 | ) | |||||
Depreciation and amortization | 14.0 | 14.0 | ||||||
Funds from consolidated hotel operations applicable to common shares and Partnership units | 7.1 | 10.2 | ||||||
Loss from unconsolidated joint venture investments | — | 0.1 | ||||||
Unrecognized pro rata interest in income of joint venture | 0.1 | 0.1 | ||||||
Interest in depreciation and amortization and Unrecognized pro rata interest in loss | 0.5 | 0.5 | ||||||
Funds from unconsolidated joint venture operations applicable to common shares and Partnership units | 0.6 | 0.7 | ||||||
Funds from Operations applicable to common shares and Partnership units | 7.7 | 10.9 | ||||||
Non-cash share based compensation expense | 2.4 | 2.4 | ||||||
Straight-line amortization of ground lease expense | 0.1 | 0.1 | ||||||
Income tax expense | 0.3 | 0.3 | ||||||
Amortization of deferred financing costs | 0.7 | 0.7 | ||||||
Other | (0.1 | ) | (0.3 | ) | ||||
Adjusted Funds from Operations | $ | 11.1 | $ | 14.1 | ||||
AFFO per Diluted Weighted Average Common Shares and Partnership Units Outstanding | $ | 0.24 | $ | 0.30 |
Adjusted EBITDA | ||||||||
Q3 2023 Outlook | ||||||||
($'s in millions) | Low | High | ||||||
Net loss applicable to common shares | $ | (6.4 | ) | $ | (3.4 | ) | ||
Loss allocated to Noncontrolling Interests | (0.5 | ) | (0.3 | ) | ||||
Preferred Distributions | 6.0 | 6.0 | ||||||
Net (Loss) Income | (0.9 | ) | 2.3 | |||||
Loss from unconsolidated joint ventures | — | (0.1 | ) | |||||
Interest expense | 8.9 | 8.9 | ||||||
Non-operating interest income | (1.4 | ) | (1.4 | ) | ||||
Income tax expense | 0.3 | 0.3 | ||||||
Depreciation and amortization | 14.0 | 14.0 | ||||||
EBITDAre from consolidated hotel operations | 20.9 | 24.0 | ||||||
Loss from unconsolidated joint venture investments | — | 0.1 | ||||||
Add: | ||||||||
Adjustment for interest in interest expense, depreciation and amortization, and Unrecognized pro rata interest in income | 1.0 | 1.0 | ||||||
EBITDAre from unconsolidated joint venture hotel operations | 1.1 | 1.2 | ||||||
EBITDAre | 22.0 | 25.2 | ||||||
Non-cash share based compensation expense | 2.4 | 2.4 | ||||||
Other | — | (0.2 | ) | |||||
Adjusted EBITDA | $ | 24.5 | $ | 27.5 | ||||
Contact:
Phone: 215-238-1281
Source:
2023 GlobeNewswire, Inc., source