IRVING, Texas-Apr. 26, 2016– FelCor Lodging Trust Incorporated (NYSE: FCH) today reported results for the first quarter ended March 31, 2016.
First Quarter Highlights
- Same-store RevPAR increased 4.7% over the same period in 2015, which exceeded the industry average of 2.7%.
- Adjusted EBITDA was $49.0 million, and Same-store Adjusted EBITDA increased by $3.6 million, or 7.8%, to $50.3 million compared to the same period in 2015.
- Net loss per share was $0.08.
- Adjusted FFO per share was $0.14.
- Repurchased 3.0 million shares of common stock for $19.6 million (with repurchases to date of 5.2 million shares for $36.0 million, at an average price of $6.85 per share).
“We are off to a solid start in 2016. RevPAR growth continued to outpace the industry, and we gained 1.2% in market share, reflecting both the high quality of our properties and strong operational performance. In addition, we are especially pleased that The Knickerbocker, which we opened in 2015, performed better than our expectations for the quarter,” said Richard A. Smith, President and Chief Executive Officer of FelCor.
Mr. Smith added, “In addition to our focus on operations, we are actively engaged in various stages of negotiations to sell five assets, as previously announced. We continue to believe we will reach an agreement on prices for these assets that will unlock significant real estate value for our investors. We also continue to purchase our common stock, at prices significantly below our net asset value, further demonstrating our confidence in our company and future prospects.”
Mr. Smith concluded, “Our outlook for the lodging sector remains positive, particularly in our core markets. As such, we are affirming our operational outlook for 2016.”
To view full financial results and tables click on PDF icon or visit:
http://ir.felcor.com/phoenix.zhtml?c=118512&p=irol-newsArticle&ID=2161477
