LaSalle Hotel Properties Reports 3rd Qtr. 2015 Net Income of $44.4M Compared to $$98.2M in 2014
October 23, 2015 2:07am
BETHESDA, Md.--LaSalle Hotel Properties (NYSE: LHO) today announced results for the quarter ended September 30, 2015. The Company’s results are summarized below in two tables. The results in Table 1 reflect the Company’s entire portfolio. Table 2 isolates the negative impact of a one-time event at Park Central New York and WestHouse (collectively “PCNY/WH”) and normalizes the Company’s third quarter performance excluding this event. Throughout this release, the Company estimates the negative impact based on the PCNY/WH actual results for August and September 2015 versus their forecast for that period as of August 1, 2015.
(1) See tables later in press release, which list adjustments that reconcile net income attributable to common shareholders to earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, funds from operations attributable to common shareholders and unitholders (“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.
(2) Third quarter 2014 EBITDA and net income include a $49.7 million disposition gain from the 2014 sale of the Hotel Viking. Year-to-date 2014 EBITDA and net income include the Hotel Viking disposition gain and a $43.5 million disposition gain from the 2014 sale of the Hilton Alexandria Old Town.
(1) As a note to the PCNY/WH interruption impact, income taxes decreased by approximately $3.0 million, which mitigated part of the $7.2 million adjusted EBITDA decline and led to an adjusted FFO reduction of $4.2 million.
Third Quarter Results and Activities
To view full third quarter financial results please visit:
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q3 2015 results
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 47 hotels and a mezzanine loan secured by two hotels in Santa Monica, California. The properties are upscale, full-service hotels, totaling more than 12,000 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, 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.
Contact: Bruce A. Riggins or Max D. Leinweber
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