Ashford Hospitality Trust Reports Third Quarter Results
Ashford Hospitality Trust Reports Third Quarter Results
RevPAR Growth of 6.6% for All Legacy Hotels
Adjusted EBITDA Increased 14.4% for the Third Quarter
Hotel EBITDA Margin Improved 216 Basis Points for All Hotels
PR Newswire
DALLAS, Oct. 31, 2012
DALLAS, Oct. 31, 2012 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE:
AHT) today reported the following results and performance measures for the
third quarter ended September 30, 2012. The performance measurements for
Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and
Hotel Operating Profit (or Hotel EBITDA) are proforma. Unless otherwise
stated, all reported results compare the third quarter ended September 30,
2012, with the third quarter ended September 30, 2011 (see discussion below).
The reconciliation of non-GAAP financial measures is included in the financial
tables accompanying this press release.
FINANCIAL HIGHLIGHTS
o Adjusted EBITDA increased $10.1 million or 14.4% during the quarter
o RevPAR increased 6.6% for all Legacy hotels in continuing operations,
driven by a 5.2% increase in ADR and a 102 basis point increase in
occupancy
o RevPAR for all hotels in continuing operations, including the Highland
Hospitality portfolio, increased 5.9% during the quarter
o RevPAR increased 3.4% for all hotels in the Highland Hospitality
portfolio, driven by a 4.7% increase in ADR
o RevPAR for hotels in the Washington D.C. market area increased 6.1% during
the quarter
o Hotel operating profit for all hotels, including the Highland Hospitality
portfolio, increased by $10.3 million, or 13.0%
o Hotel operating profit margin increased 249 basis points for all Legacy
hotels not under renovation in continuing operations
o Hotel operating profit margin increased 230 basis points for all Highland
Hospitality hotels not under renovation in continuing operations
o Net loss attributable to common shareholders was $23.6 million, or $0.35
per diluted share, compared with net loss attributable to common
shareholders of $28.6 million, or $0.43 per diluted share, in the
prior-year quarter
o Adjusted funds from operations (AFFO) was $0.31 per diluted share for the
quarter as compared with $0.38 from the prior-year quarter; Interest Rate
Derivative Income decreased by $10.2 million as the benefits from our
Flooridor terminated in 2011, impacting AFFO per share by $0.12
o In September 2012, the Company added a new participant to its senior
credit facility, upsizing this facility to $165 million from $145 million
o During the quarter a receiver was appointed to take over operations of the
Hilton El Conquistador Resort in Tucson, AZ; the receiver now has full
control of the hotel operations and cash flows; hotel cash flows since the
appointment of the receiver have been excluded for purposes of calculating
Adjusted EBITDA and AFFO
o At the end of the third quarter 2012, Ashford had cash and cash
equivalents of $146 million
CAPITAL ALLOCATION
o Capex invested in the quarter for the Legacy portfolio was $18.5 million
bringing the year-to-date total to $62.6 million
o Ashford's pro rata share of capex invested in the quarter for the Highland
Hospitality portfolio was $6.7 million bringing the year-to-date total to
$19.9 million
CAPITAL STRUCTURE
At September 30, 2012, Ashford had total assets of $3.5 billion in continuing
operations and $4.5 billion overall including the Highland Hospitality
portfolio which is not consolidated. As of September 30, 2012, the Company
had $2.3 billion of mortgage debt in continuing operations and $3.1 billion
overall including Highland Hospitality. The Company's total combined debt had
a blended average interest rate of 4.9%, with a weighted average debt maturity
of 3.6 years.
During the third quarter of 2012, Ashford added a new participant to its
senior credit facility, upsizing the revolving commitments under this facility
to $165 million from $145 million. The terms of the credit facility remain
unchanged including the option, subject to lender approval, to further expand
the revolving commitments under the facility to an aggregate size of $225
million. As part of the expansion, Bank of America Merrill Lynch has been
added to the syndicate of banks supporting the facility, which now consists of
six banks including Bank of America Merrill Lynch, Deutsche Bank, Morgan
Stanley, UBS, Credit Suisse, and KeyBank as lead agent. The senior credit
facility remains undrawn and all other Company debt is non-recourse.
Ashford continues to make progress regarding the refinancing or extension of
its $101 million of loans in the Highland Hospitality portfolio set to mature
in early 2013. The trailing 12-month NOI debt yield on this high quality
portfolio is currently 17.5%. At this time, given the potential loan
proceeds, there is no anticipated pay down required. Further, Ashford has
been in discussions with lenders regarding the refinancing of its $154 million
non-recourse loan set to mature in December 2015, with a combined interest
rate of 12.72%. Given the current favorable interest rate environment and
improved hotel performance, Ashford believes it is an appropriate time to
address this portfolio loan. The loan is secured by five hotels including:
the Embassy Suites Crystal City, Embassy Suites Orlando Airport, Embassy
Suites Santa Clara, Embassy Suites Portland and the Hilton Costa Mesa.
During the quarter a receiver was appointed to take over the Hilton El
Conquistador in Tucson, AZ. The receiver has been granted possession and full
control of the property including all accounts and cash flow. Despite Ashford
having no control of the property or cash flows and no ongoing liability, for
GAAP purposes, the property will continue to be included in our consolidated
financial statements until title to the property has been transferred from
Ashford. For purposes of calculating Adjusted EBITDA and AFFO, we have
adjusted the results of operations for the period beginning when the receiver
was appointed and Ashford no longer had any control or financial obligations
for the hotel. At the time the receiver was appointed, the hotel had $19.7
million of non-recourse mortgage debt and a trailing twelve-month EBITDA of
negative $1.7 million. By transferring this hotel to the lender, the Company
will lower its overall debt level while increasing both EBITDA and AFFO.
The Company also received a payment of $5 million during the quarter from a
guarantor on a previously impaired mezzanine loan. This payment is reflected
on the income statement as a negative impairment charge and has been excluded
for purposes of calculating Adjusted EBITDA and AFFO.
PORTFOLIO REVPAR
As of September 30, 2012, the Company's Legacy portfolio consisted of direct
hotel investments with 95 properties classified in continuing operations,
excluding the Hilton El Conquistador. During the third quarter of 2012, 86 of
the hotels included in continuing operations were not under renovation. The
Company believes reporting its operating metrics for continuing operations on
a proforma total basis (all 95 hotels) and proforma not under renovation basis
(86 hotels) is a measure that reflects a meaningful and focused comparison of
the operating results in its direct hotel portfolio. Details of each category
are provided in the tables attached to this release.
o Proforma RevPAR increased 6.6% to $101.93 for all hotels in the Legacy
portfolio on a 5.2% increase in ADR and a 102 basis point increase in
occupancy
o Proforma RevPAR increased 7.3% to $105.01 for hotels not under renovation
in the Legacy portfolio on a 5.3% increase in ADR and a 148 basis point
increase in occupancy
o Proforma RevPAR increased 3.4% to $100.59 for all hotels in the Highland
Hospitality portfolio on a 4.7% increase in ADR and a 90 basis point
decrease in occupancy
o Proforma RevPAR increased 4.3% to $100.00 for hotels not under renovation
in the Highland Hospitality portfolio on a 4.7% increase in ADR and a 30
basis point decrease in occupancy
HIGHLAND HOSPITALITY PORTFOLIO UPDATE
The Highland Hospitality portfolio experienced RevPAR growth of 3.4% during
the third quarter of 2012, with RevPAR growth for hotels not under renovation
in continuing operations of 4.3%. The Highland Hospitality portfolio
continued to experience strong EBITDA flow-through during the third quarter as
a result of improved property management and the benefits of capital
expenditures previously completed. For all 28 hotels in the Highland
Hospitality portfolio, Hotel EBITDA Margin increased 189 bps and Hotel EBITDA
flow-through was 97%. For the 25 hotels not under renovation during the third
quarter 2012, Hotel EBITDA Margin increased 230 basis points and Hotel EBITDA
flow-through was 95%. Hotel EBITDA increased 10.5% in the third quarter for
all hotels in the Highland Hospitality portfolio, and since the closing of the
acquisition, trailing 12-month EBITDA has increased 18.5%.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
During the quarter, Hotel operating profit (Hotel EBITDA) for all Legacy
hotels increased 13.8% to $70.2 million. For the 86 hotels that were not
under renovation, Proforma Hotel EBITDA increased 15.2% to $65.9 million.
Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel
Revenue) increased 249 basis points to 31.8% for the 86 Legacy hotels not
under renovation. For all 95 Legacy hotels included in continuing operations,
Proforma Hotel EBITDA margin increased 221 basis points to 31.2%.
For the Company's 71.74% share of all hotels in the Highland Hospitality
portfolio, Hotel operating profit (Hotel EBITDA) increased 10.5% to $19.4
million. For the 25 hotels in the Highland Hospitality portfolio that were
not under renovation, Proforma Hotel EBITDA increased 13.1% to $16.7 million.
Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel
Revenue) increased 230 basis points to 26.7% for the 25 Highland Hospitality
hotels not under renovation. For all 28 Highland Hospitality hotels included
in continuing operations, Proforma Hotel EBITDA margin increased 189 basis
points to 27.0%.
Starting with its second quarter 2012 financial results, the Company added
additional disclosure information regarding property level trailing 12-month
Hotel EBITDA by debt pool. The Company believes this additional disclosure
will assist the investment community in analyzing Ashford and help analysts
and investors see the benefits of the non-recourse nature of its property
level debt. Prior to providing this information, the investment community
could only reference the Company's total EBITDA and total debt when applying a
valuation multiple. With this additional disclosure, analysts and investors
can analyze the EBITDA of the Company by debt pool and when using a valuation
multiple approach, can see where the market might be inadvertently implying
negative equity value to certain debt pools. Implied negative equity value in
any debt pools may underestimate the benefits of non-recourse debt, and all of
the Company's property level debt is non-recourse.
Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA margin
comparisons are more meaningful to gauge the performance of the Company's
hotels than sequential quarter-over-quarter comparisons. Given the
substantial seasonality in the Company's portfolio and its active capital
recycling, to help investors better understand this seasonality, the Company
provides quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel
EBITDA margin for the current and certain prior-year periods based upon the
number of core hotels in the portfolio as well as its pro-rata share of the
Highland Hospitality portfolio as of the end of the current period. As
Ashford's portfolio mix changes from time to time so will the seasonality for
Proforma Hotel EBITDA and Proforma Hotel EBITDA margin. The details of the
quarterly calculations for the previous four quarters for the current
portfolio of 95 Legacy hotels included in continuing operations together with
Ashford's pro-rata share of the Highland portfolio are provided in the table
attached to this release.
COMMON STOCK DIVIDEND
On September 14, 2012, Ashford announced that its Board of Directors had
declared a quarterly cash dividend of $0.11 per diluted share for the
Company's common stock for the third quarter ending September 30, 2012,
payable October 15, 2012, to shareholders of record as of September 28, 2012.
Monty J. Bennett, Chief Executive Officer, commented, "Our third quarter
results demonstrate the continuing improvement in the U.S. lodging industry as
we make further progress in key areas such as operating margin expansion,
RevPAR growth, and risk mitigation. Year to date, our capital markets
strategies continued to focus on improving our financial liquidity while
addressing near-term debt maturities, both of which are top priorities for
us. Given the improving trends we are seeing in the real estate and debt
markets, now is an opportune time for us to take advantage of these attractive
interest rates to actively address our debt maturity schedule. We remain
committed to these objectives, which we consider essential to creating both
near term and long term shareholder value within an environment where we
continue to see improving trends in the hotel industry and the U.S. economy in
general."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday,
November 1, 2012, at 11:00 a.m. ET. The number to call for this interactive
teleconference is (480) 629-9819. A replay of the conference call will be
available through Thursday November 8, 2012, by dialing (303) 590-3030 and
entering the confirmation number, 4569160.
The Company will also provide an online simulcast and rebroadcast of its third
quarter 2012 earnings release conference call. The live broadcast of Ashford
Hospitality Trust's quarterly conference call will be available online at the
Company's web site, www.ahtreit.com on Thursday, November 1, 2012, beginning
at 11:00 a.m. ET. The online replay will follow shortly after the call and
continue for approximately one year.
Substantially all of our non-current assets consist of real estate investments
and debt investments secured by real estate. 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 industry investors
consider supplemental measures of performance, which are not measures of
operating performance under GAAP, to assist in evaluating a real estate
company's operations. These supplemental measures include FFO, AFFO, EBITDA,
and Hotel Operating Profit. FFO is computed in accordance with our
interpretation of 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 NAREIT definition
differently than us. Neither FFO, AFFO, EBITDA, nor Hotel Operating Profit
represents cash generated from operating activities as determined by GAAP and
should not be considered as an alternative to a) GAAP net income (loss) as an
indication of our financial performance or b) GAAP cash flows from operating
activities as a measure of our liquidity, nor are such measures indicative of
funds available to satisfy our cash needs, including our ability to make cash
distributions. However, management believes FFO, AFFO, EBITDA, and Hotel
Operating Profit to be meaningful measures of a REIT's performance and should
be considered along with, but not as an alternative to, net income and cash
flow as a measure of our operating performance.
Ashford is a self-administered real estate investment trust focused on
investing in the hospitality industry across all segments and at all levels of
the capital structure. Additional information can be found on the Company's
website at www.ahtreit.com.
Certain statements and assumptions in this press release contain or are based
upon "forward-looking" information and are being made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and uncertainties. When
we use the words "will likely result," "may," "anticipate," "estimate,"
"should," "expect," "believe," "intend," or similar expressions, we intend to
identify forward-looking statements. Such forward-looking statements include,
but are not limited to, the timing for closing, the impact of the transaction
on our business and future financial condition, our business and investment
strategy, our understanding of our competition and current market trends and
opportunities and projected capital expenditures. Such statements are subject
to numerous assumptions and uncertainties, many of which are outside Ashford's
control.
These forward-looking statements are subject to known and unknown risks and
uncertainties, which could cause actual results to differ materially from
those anticipated, including, without limitation: general volatility of the
capital markets and the market price of our common stock; changes in our
business or investment strategy; availability, terms and deployment of
capital; availability of qualified personnel; changes in our industry and the
market in which we operate, interest rates or the general economy; and the
degree and nature of our competition. These and other risk factors are more
fully discussed in Ashford's filings with the Securities and Exchange
Commission. EBITDA is defined as net income before interest, taxes,
depreciation and amortization. EBITDA yield is defined as trailing twelve
month EBITDA divided by the purchase price. A capitalization rate is
determined by dividing the property's annual net operating income by the
purchase price. Net operating income is the property's funds from operations
minus a capital expense reserve of either 4% or 5% of gross revenues. Funds
from operations ("FFO"), as defined by the White Paper on FFO approved by the
Board of Governors of the National Association of Real Estate Investment
Trusts ("NAREIT") in April 2002, represents net income (loss) computed in
accordance with generally accepted accounting principles ("GAAP"), excluding
gains (or losses) from sales of properties and extraordinary items as defined
by GAAP, plus depreciation and amortization of real estate assets, and net of
adjustments for the portion of these items related to unconsolidated entities
and joint ventures.
The forward-looking statements included in this press release are only made as
of the date of this press release. Investors should not place undue reliance
on these forward-looking statements. We are not obligated to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in expectations or
otherwise.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
September 30, December 31,
2012 2011
(Unaudited)
ASSETS
Investment in hotel properties, net $ 2,911,638 $ 2,957,899
Cash and cash equivalents 146,393 167,609
Restricted cash 76,878 84,069
Accounts receivable, net of allowance of 35,399 28,623
$224 and $212, respectively
Inventories 2,369 2,371
Notes receivable 11,297 11,199
Investment in unconsolidated joint ventures 161,873 179,527
Investments in securities and other 24,298 21,374
Deferred costs, net 16,581 17,421
Prepaid expenses 11,304 11,308
Derivative assets 14,247 37,918
Other assets 5,773 4,851
Intangible asset, net 2,743 2,810
Due from third-party hotel managers 64,239 62,747
Total assets $ 3,485,032 $ 3,589,726
LIABILITIES AND EQUITY
Liabilities:
Indebtedness $ 2,312,208 $ 2,362,458
Accounts payable and accrued expenses 100,285 82,282
Dividends payable 18,259 16,941
Unfavorable management contract liabilities 11,918 13,611
Due to related party, net 2,456 2,569
Due to third-party hotel managers 2,035 1,602
Liabilities associated with investments in 3,028 2,246
securities and other
Other liabilities 5,938 5,400
Total liabilities 2,456,127 2,487,109
Redeemable noncontrolling interests in 129,918 112,796
operating partnership
Equity:
Preferred stock, $0.01 par value,
50,000,000 shares authorized:
Series A Cumulative Preferred Stock,
1,657,206 shares issued and outstanding
at
September 30, 2012 and 1,487,900
shares issued and outstanding at 17 15
December 31, 2011
Series D Cumulative Preferred Stock,
9,468,706 shares issued and outstanding
at
September 30, 2012 and 8,966,797
shares issued and outstanding at 95 90
December 31, 2011
Series E Cumulative Preferred Stock, 46 46
4,630,000 shares issued and outstanding
Common stock, $0.01 par value,
200,000,000 shares authorized,
124,896,765 shares
issued, 68,159,616 and 68,032,289 1,249 1,249
shares outstanding, respectively
Additional paid-in capital 1,762,755 1,746,259
Accumulated other comprehensive loss (283) (184)
Accumulated deficit (716,316) (609,272)
Treasury stock, at cost (56,737,149
shares and 56,864,476 shares, (164,846) (164,796)
respectively)
Total shareholders' equity of the 882,717 973,407
Company
Noncontrolling interests in consolidated 16,270 16,414
joint ventures
Total equity 898,987 989,821
Total liabilities and equity $ 3,485,032 $ 3,589,726
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
(Unaudited) (Unaudited)
REVENUE
Rooms $ $ $ $
184,966 169,145 553,702 508,934
Food and beverage 35,034 33,486 121,151 113,135
Rental income from operating - 1,304 - 4,008
leases
Other 10,069 10,583 30,084 30,182
Total hotel revenue 230,069 214,518 704,937 656,259
Asset management fees and other 100 69 252 217
Total Revenue 230,169 214,587 705,189 656,476
EXPENSES
Hotel operating expenses
Rooms 42,677 39,863 125,268 116,114
Food and beverage 25,911 25,155 83,311 78,757
Other expenses 72,121 68,351 217,182 202,753
Management fees 9,378 8,466 28,576 26,509
Total hotel operating 150,087 141,835 454,337 424,133
expenses
Property taxes, insurance, and 11,876 12,297 34,556 34,953
other
Depreciation and amortization 34,200 33,776 102,739 99,580
Impairment charges (5,066) (92) (1,133) (4,748)
Gain on insurance settlement - - - (1,905)
Transaction acquisition costs - 27 - (791)
Corporate, general, and
administrative:
Stock/unit-based compensation 4,332 3,069 13,701 8,428
Other general and 6,519 6,025 19,327 25,554
administrative
Total Operating Expenses 201,948 196,937 623,526 585,204
OPERATING INCOME 28,221 17,650 81,663 71,272
Equity in earnings (loss) of (7,373) (6,228) (17,654) 19,596
unconsolidated joint ventures
Interest income 30 11 84 70
Other income 8,671 17,349 22,988 83,509
Interest expense (35,928) (33,388) (105,045) (100,384)
Amortization of loan costs (1,612) (1,142) (4,289) (3,532)
Write-off of deferred loan costs - (729) - (729)
Unrealized gain (loss) on (48) (352) 3,365 (314)
investments
Unrealized loss on derivatives (9,353) (16,727) (26,753) (51,276)
INCOME (LOSS) FROM CONTINUING (17,392) (23,556) (45,641) 18,212
OPERATIONS BEFORE INCOME TAXES
Income tax expense (639) (1,077) (2,884) (2,407)
INCOME (LOSS) FROM CONTINUING (18,031) (24,633) (48,525) 15,805
OPERATIONS
Loss from discontinued operations - (351) - (4,170)
NET INCOME (LOSS) (18,031) (24,984) (48,525) 11,635
(Income) loss from consolidated
joint ventures attributable to 219 832 444 (537)
noncontrolling interests
Net (income) loss attributable to
redeemable noncontrolling interests 2,665 2,935 6,902 1,207
in operating partnership
NET INCOME (LOSS) ATTRIBUTABLE TO (15,147) (21,217) (41,179) 12,305
THE COMPANY
Preferred dividends (8,490) (7,415) (25,312) (38,741)
NET INCOME (LOSS) ATTRIBUTABLE TO $ $ $ $
COMMON SHAREHOLDERS (23,637) (28,632) (66,491) (26,436)
INCOME PER SHARE – BASIC AND
DILUTED:
Basic:
Income (loss) from continuing $ $ $ $
operations attributable to (0.35) (0.43) (0.99) (0.37)
common shareholders
Loss from discontinued
operations attributable to - - - (0.07)
common shareholders
Net income (loss) $ $ $ $
attributable to common (0.35) (0.43) (0.99) (0.44)
shareholders
Weighted average common 67,659 66,801 67,484 60,601
shares outstanding – basic
Diluted:
Income (loss) from continuing $ $ $ $
operations attributable to (0.35) (0.43) (0.99) (0.37)
common shareholders
Loss from discontinued $
operations attributable to - - - (0.07)
common shareholders
Net income (loss) $ $ $ $
attributable to common (0.35) (0.43) (0.99) (0.44)
shareholders
Weighted average common 67,659 66,801 67,484 60,601
shares outstanding – diluted
Dividends declared per common $ $ $ $
share: 0.11 0.10 0.33 0.30
Amounts attributable to common
shareholders:
Income (loss) from continuing $ $ $ $
operations, net of tax (15,147) (20,906) (41,179) 16,862
Loss from discontinued - (311) - (4,557)
operations, net of tax
Preferred dividends (8,490) (7,415) (25,312) (38,741)
Net income (income) attributable $ $ $ $
to common shareholders (23,637) (28,632) (66,491) (26,436)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
(in thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Net income (loss) $ $ $ $
(18,031) (24,984) (48,525) 11,635
(Income) loss from
consolidated joint ventures 219 832 444 (537)
attributable to noncontrolling
interests
Net (income) loss attributable
to redeemable noncontrolling 2,665 2,935 6,902 1,207
interests in operating
partnership
Net income (loss) attributable (15,147) (21,217) (41,179) 12,305
to the Company
Interest income (30) (11) (84) (70)
Interest expense and
amortization of loan 37,190 34,071 108,280 103,233
costs
Depreciation and 33,434 32,947 100,451 97,510
amortization
Impairment charges (5,066) (92) (1,133) 1,489
Income tax expense 639 1,077 2,884 2,492
Net income (loss)
attributable to
redeemable (2,665) (2,935) (6,902) (1,207)
noncontrolling
interests in operating
partnership
Equity in (earnings)
loss of unconsolidated 7,373 6,228 17,654 (19,596)
joint ventures
Company's portion of
EBITDA of 17,996 18,276 57,676 86,185
unconsolidated joint
ventures
EBITDA 73,724 68,344 237,647 282,341
Amortization of
unfavorable management (565) (565) (1,694) (1,694)
contract liabilities
Gain on
sale/disposition of - 311 - (2,650)
properties
Non-cash gain on - - - (1,157)
insurance settlements
Write-off of loan
costs, premiums, and - 729 - 1,677
exit fees, net
Other income (1) (8,671) (17,349) (22,988) (83,509)
Transaction - 27 - (791)
acquisition costs
Legal costs related
to litigation 755 - 2,463 6,875
settlements (2)
Unrealized (gain) 48 352 (3,365) 314
loss on investments
Unrealized loss on 9,353 16,727 26,753 51,276
derivatives
El Conquistador
results since 897 - 897 -
appointment of
receiver
Equity-based 4,332 3,069 13,701 8,428
compensation
Company's portion of
adjustments to EBITDA 81 (1,772) 225 (41,566)
of unconsolidated
joint ventures
Adjusted EBITDA $ $ $ $
79,954 69,873 253,639 219,544
Other income primarily consisting of income from interest rate
(1) derivatives in both periods, net realized (gain) loss on investments
in securities and other in both periods, and a $30.0 million
litigation settlement in the nine months ended September 30, 2011 are
excluded from Adjusted EBITDA.
(2) Legal costs associated with litigation settlements are excluded from
Adjusted EBITDA.
The above table excludes the operating results for the Hilton El
Conquistador in Tucson, AZ after August 15, 2012. During the third
NOTE: quarter 2012, a receiver was appointed to take over this hotel and
the receiver now has full control of the hotel operations and cash
flow.
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO")
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Net income (loss) $ $ $ $
(18,031) (24,984) (48,525) 11,635
(Income) loss from consolidated
joint ventures attributable to 219 832 444 (537)
noncontrolling interests
Net (income) loss attributable to
redeemable noncontrolling interests 2,665 2,935 6,902 1,207
in operating partnership
Preferred dividends (8,490) (7,415) (25,312) (38,741)
Net income (loss) attributable to (23,637) (28,632) (66,491) (26,436)
common shareholders
Depreciation and 33,398 32,883 100,289 97,322
amortization on real estate
Impairment charges (5,066) (92) (1,133) 1,489
Gain on sale/dispoistion of - 311 - (2,650)
properties
Non-cash gain on insurance - - - (1,157)
settlements
Net income (loss)
attributable to redeemable (2,665) (2,935) (6,902) (1,207)
noncontrolling interests in
operating partnership
Equity in (earnings) loss
of unconsolidated joint 7,373 6,228 17,654 (19,596)
ventures
Company's portion of FFO of
unconsolidated joint 5,845 4,453 21,255 3,454
ventures
FFO available to common 15,248 12,216 64,672 51,219
shareholders
Dividends on convertible - - - 1,374
preferred stock
Write-off of loan costs,
premiums, and exit fees, - 729 - 1,677
net
Transaction acquisition - 27 - (791)
costs
Legal costs related to 755 - 2,463 6,875
litigation settlements (2)
Other income (1) (607) 853 1,065 (29,147)
Unrealized (gain) loss on 48 352 (3,365) 314
investments
Unrealized loss on 9,353 16,727 26,753 51,276
derivatives
Non-cash dividends on - - - 17,363
Series B-1 preferred stock
El Conquistador results,
interest, and amortization 1,144 - 1,144 -
of deferred loan costs since
appointment of receiver
Equity-based compensation
adjustment related to - - 480 -
modified employment terms
Company's portion of
adjustments to FFO of 89 836 233 15,114
unconsolidated joint
ventures
Adjusted FFO available to common $ $ $ $
shareholders 26,030 31,740 93,445 115,274
Adjusted FFO per diluted share $ $ $ $
available to common shareholders 0.31 0.38 1.10 1.44
Weighted average diluted shares 85,344 83,512 84,976 79,885
Other income primarily consisting of
(1) net realized (gain) loss on
investments in securities and other in
both periods and a $30.0 million
litigation settlement in the nine
months ended September 30, 2011 are
excluded from Adjusted FFO.
Legal costs associated with
(2) litigation settlements are
excluded from Adjusted FFO.
The above table excludes the operating results for the
Hilton El Conquistador in Tucson, AZ after August 15, 2012.
NOTE: During the third quarter 2012, a receiver was appointed to
take over this hotel and the receiver now has full control
of the hotel operations and cash flow.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
LEGACY PORTFOLIO ONLY
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS
SEPTEMBER 30, 2012
(dollars in thousands)
(Unaudited)
Fixed-Rate Floating-Rate Total TTM TTM
Hotel EBITDA
Indebtedness Maturity Interest Debt Debt Debt EBITDA Debt
Rate Yield
August LIBOR + $ $ $ $
Aareal - 2 hotels 2013 2.75% - 142,667 17.2%
142,667 24,533
BoA MIP - 5 hotels March LIBOR + - 175,083 (1) 175,083 18,548 10.6%
2014 4.50%
JPM Floater - 9 May 2014 LIBOR + - 135,000 (2) 135,000 16,098 11.9%
hotels 6.50%
GEMSA Manchester - May 2014 8.32% 5,350 - 5,350 509 9.5%
1 hotel
Senior credit September LIBOR +
facility - Various 2014 2.75% to - - - N/A N/A
3.5%
UBS 1 - 8 hotels December 5.75% 105,246 - 105,246 12,292 11.7%
2014
Merrill 1 - 10 July 2015 5.22% 153,638 - 153,638 19,246 12.5%
hotels
UBS 2 - 8 hotels December 5.70% 97,394 - 97,394 13,190 13.5%
2015
Prudential/Wheelock December 12.72% 153,859 - 153,859 24,170 15.7%
- 5 hotels 2015
Merrill 2 - 5 February 5.53% 110,945 - 110,945 17,065 15.4%
hotels 2016
Merrill 3 - 5 February 5.53% 92,007 - 92,007 15,133 16.4%
hotels 2016
Merrill 7 - 5 February 5.53% 79,699 - 79,699 12,635 15.9%
hotels 2016
Wachovia Philly CY April 5.91% 34,838 - 34,838 9,637 27.7%
- 1 hotel 2017
Wachovia 3 - 2 April 5.95% 127,665 - 127,665 13,882 10.9%
hotels 2017
Wachovia 7 - 3 April 5.95% 259,786 - 259,786 23,354 9.0%
hotels 2017
Wachovia 1 - 5 April 5.95% 115,071 - 115,071 10,508 9.1%
hotels 2017
Wachovia 5 - 5 April 5.95% 103,431 - 103,431 9,316 9.0%
hotels 2017
Wachovia 6 - 5 April 5.95% 157,382 - 157,382 15,022 9.5%
hotels 2017
Wachovia 2 - 7 April 5.95% 125,887 - 125,887 11,424 9.1%
hotels 2017
TIF Philly CY - 1 June 2018 12.85% 8,098 - 8,098 N/A N/A
hotel
GACC Gateway - 1 November 6.26% 102,877 - 102,877 16,485 16.0%
hotel 2020
Greater
Zion Jacksonville April of 6% or - 6,545 6,545 1,099 16.8%
RI - 1 hotel 2034 Prime +
1%
Unencumbered - - - 2,724 N/A
hotels
$ $ $ $
Total 1,833,173 459,295 12.5%
2,292,468 286,870
Percentage 80.0% 20.0% 100.0%
Weighted average interest rate 6.44% 4.78% 6.11%
Total indebtedness with effect of $ $ $
interest rate swaps 1,833,173 459,295
2,292,468
Percentage with the effect of interest 80.0% 20.0% 100.0%
rate swaps
Weighted average interest rate with the 4.72% (3) 4.78% (3) 4.73%
effect of interest rate swaps
All indebtedness is non-recourse with the
exception of the credit facility.
^(1)This mortgage loan has a one-year extension option beginning March
2014, subject to satisfaction of certain conditions.
^(2)This mortgage loan has three one-year extension options
beginning May 2014, subject to satisfaction of certain
conditions.
^(3)These rates are calculated assuming the LIBOR rate stays at the
September 30, 2012 level and with the effect of our interest rate
derivatives.
NOTE: The above table excludes the debt associated with the Hilton El Conquistador in Tucson, AZ. During the
third quarter a receiver was appointed to take over this hotel and the receiver now has full control of the
hotel operations and cash flow.
HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
SUMMARY OF INDEBTEDNESS
ASHFORD'S PRO RATA 71.74% SHARE
SEPTEMBER 30, 2012
(dollars in thousands)
(Unaudited)
Fixed-Rate Floating-Rate Total TTM TTM
Hotel EBITDA
Indebtedness Maturity Interest Debt Debt Debt EBITDA Debt
Rate Yield
CIGNA $ $
Boston Back January 5.96% $ $ 19.8%
Bay - 1 2013 45,426 - 45,426 9,003
hotel
CIGNA
Westin February 5.97% 23,081 - 23,081 3,396 14.7%
Princeton - 2013
1 hotel
CIGNA
Nashville April 6.11% 32,330 - 32,330 8,247 25.5%
Renaissance 2013
- 1 hotel
Wells March LIBOR +
Senior - 25 2014 2.75% - 380,222 (1) 380,222 60,392 15.9%
hotels
Greater
Mezz 1 - 28 March of 7.00% - 103,512 (1) 103,512 81,038 13.9%
hotels 2014 or LIBOR
+ 6.00%
Greater
Mezz 2 - 28 March of 8.00% - 98,541 (1) 98,541 81,038 11.9%
hotels 2014 or LIBOR
+ 7.00%
Greater
Mezz 3 - 28 March of
hotels 2014 10.50% - 84,464 (1) 84,464 81,038 10.6%
or LIBOR
+ 9.50%
Mezz 4 - 28 March LIBOR + 13,218 (1) 13,218 81,038 10.4%
hotels 2014 2.00%
Total $ $
(Ashford's $ $ 10.4%
71.74% share 100,837 679,957 780,794 81,038
only)
Percentage 12.9% 87.1% 100.0%
Weighted
average 6.01% 5.23% 5.33%
interest
rate
Percentage
with the
effect of 12.9% 87.1% 100.0%
interest rate
swaps
Total Ashford plus Ashford's $ $ $ $
71.74% share of PIM Highland 1,934,010 1,139,252 12.0%
Holding LLC 3,073,262 367,908
Percentage with the
effect of interest 62.9% 37.1% 100.0%
rate swaps
Weighted average
interest rate with the 4.79% 5.05% 4.88%
effect of interest rate
swaps
^(1)Each of these loans has two
one-year extension options
beginning March 2014.
NOTE: The above table excludes the debt associated with the Hilton El Conquistador in Tucson, AZ.
During the third quarter a receiver was appointed to take over this hotel and the receiver now has
full control of the hotel operations and cash flow.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
LEGACY PORTFOLIO ONLY
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
SEPTEMBER 30, 2012
(in thousands)
(Unaudited)
2012 2013 2014 2015 2016 Thereafter Total
Aareal - 2 $ $ $ $ $ $
hotels 140,167 - - - 140,167
- -
GEMSA Manchester - - - 5,004 - - - 5,004
1 hotel
Senior credit - - - - - - -
facility - Various
UBS 1 - 8 - - 100,119 - - - 100,119
hotels
BoA MIP - 5 - - - 176,400 - - 176,400
hotels
Merrill 1 - 10 - - - 142,922 - - 142,922
hotels
UBS 2 - 8 - - - 90,680 - - 90,680
hotels
Prudential/Wheelock - - - 147,683 - - 147,683
- 5 hotels
Merrill 2 - 5 - - - - 101,740 - 101,740
hotels
Merrill 3 - 5 - - - - 84,374 - 84,374
hotels
Merrill 7 - 5 - - - - 73,086 - 73,086
hotels
JPM Floater - 9 - - - - - 135,000 135,000
hotels
Wachovia Philly CY - - - - - 32,532 32,532
- 1 hotel
Wachovia 3 - 2 - - - - - 119,245 119,245
hotels
Wachovia 7 - 3 - - - - - 242,201 242,201
hotels
Wachovia 1 - 5 - - - - - 107,351 107,351
hotels
Wachovia 5 - 5 - - - - - 96,491 96,491
hotels
Wachovia 6 - 5 - - - - - 146,823 146,823
hotels
Wachovia 2 - 7 - - - - - 117,441 117,441
hotels
TIF Philly CY - 1 - - - - - 8,098 8,098
hotel
GACC Gateway - 1 - - - - - 89,886 89,886
hotel
Zion Jacksonville - - - - - - -
RI - 1 hotel
Principal due in $ $ $ $ $ $ $
future periods 105,123 557,685 259,200 1,095,068 2,157,243
- 140,167
Scheduled
amortization 10,507 31,030 30,978 28,230 16,723 17,757 135,225
payments remaining
Total indebtedness $ $ $ $ $ $ $
of continuing 10,507 136,101 585,915 275,923 1,112,825 2,292,468
operations 171,197
NOTE: These maturities assume no event of
default would occur.
NOTE: The above table excludes the debt associated with the Hilton El Conquistador in
Tucson, AZ. During the third quarter a receiver was appointed to take over this hotel and
the receiver now has full control of the hotel operations and cash flow.
HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
INDEBTEDNESS BY MATURITY
ASSUMING EXTENSION OPTIONS ARE EXERCISED
ASHFORD'S PRO RATA 71.74% SHARE
SEPTEMBER 30, 2012
(in thousands)
(Unaudited)
2012 2013 2014 2015 2016 Thereafter Total
CIGNA $ $ $ $ $
Boston Back $ $
Bay - 1 - 45,215 - - - - 45,215
hotel
CIGNA
Westin - 22,939 - - - - 22,939
Princeton -
1 hotel
CIGNA
Nashville - 31,774 - - - - 31,774
Renaissance
- 1 hotel
Wells
Senior - 25 - - - - 380,222 - 380,222
hotels
Mezz 1 - - - - - 103,512 - 103,512
28 hotels
Mezz 2 - - - - - 98,541 - 98,541
28 hotels
Mezz 3 - - - - - 84,464 - 84,464
28 hotels
Mezz 4 - - - - - 13,218 - 13,218
28 hotels
Principal $ $ $ $
due in $ $ $
future - 99,928 - - 679,957 - 779,885
periods
Scheduled
amortization 447 462 - - - - 909
payments
remaining
Total
indebtedness
of $ $ $
continuing $ $ $ $
operations 447 100,390 - - 679,957 - 780,794
(Ashford's
71.74% share
only)
Total
indebtedness
of
continuing
operations
plus
Ashford's
71.74% $
share of PIM $ $ $ $ $ $
Highland 10,954 271,587 136,101 585,915 955,880 1,112,825 3,073,262
Holding LLC
NOTE: The above table excludes the debt associated with the Hilton El Conquistador
in Tucson, AZ. During the third quarter a receiver was appointed to take over this
hotel and the receiver now has full control of the hotel operations and cash flow.
ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS - PRO FORMA
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 % 2012 2011 %
Variance Variance
ALL HOTELS INCLUDED IN
CONTINUING OPERATIONS:
Room
revenues $ $ 6.63% $ $ 5.72%
(in 182,019 170,699 542,244 512,928
thousands)
$ $ $ $
RevPAR 101.93 6.63% 101.63 96.32 5.51%
95.59
Occupancy 76.46% 75.44% 1.02% 75.40% 74.10% 1.30%
ADR $ $ 5.22% $ $ 3.68%
133.32 126.71 134.78 129.99
NOTES:
The above pro forma table assumes the 95 hotel properties owned and
(1) included in continuing operations at September 30, 2012 were owned as
of the
beginning
of the
period
presented.
The above table excludes the operating results for the Hilton
(2) El Conquistador in Tucson, AZ. During the third quarter
2012, a receiver was appointed to take over this hotel and
the receiver now has full control of the hotel operations and
cash flow.
ALL HOTELS NOT
UNDER RENOVATION
INCLUDED IN CONTINUING
OPERATIONS:
Room
revenues $ $ 7.30% $ $ 5.77%
(in 168,923 157,434 500,290 473,013
thousands)
$ $ $ $
RevPAR 105.01 7.31% 104.08 98.59 5.57%
97.86
Occupancy 77.25% 75.77% 1.48% 75.86% 74.48% 1.38%
ADR $ $ 5.27% $ $ 3.65%
135.95 129.15 137.21 132.38
NOTES:
The above pro forma table assumes the 86 hotel properties owned and
(1) included in continuing operations at September 30, 2012 but not under
renovation for
three and nine months ended September 30,
2012 were owned as of the beginning of
the periods presented.
(2) Excluded Hotels Under
Renovation:
Hampton Inn Evansville, Sheraton Indy City Center, Hilton Costa Mesa,
Sheraton San Diego Mission Valley, Courtyard Ft. Lauderdale Weston,
Courtyard Palm Desert, Residence Inn Dallas Plano, Residence Inn Palm
Desert, Residence Inn Salt Lake City
The above table excludes the operating results for the Hilton
El Conquistador in Tucson, AZ. During the third quarter
(3) 2012, a receiver was appointed to take over this hotel and
the receiver now has full control of the hotel operations and
cash flow.
HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
KEY PERFORMANCE INDICATORS - PRO FORMA
(dollars in thousands)
(Unaudited)
THE FOLLOWING TABLE PRESENTS THE PRO FORMA PERFORMANCE OF THE HIGHLAND
HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC) AS IF THESE HOTELS WERE OWNED
AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 % 2012 2011 %
Variance Variance
71.74% PRO-RATA SHARE OF ALL
HOTELS INCLUDED IN
CONTINUING OPERATIONS:
Room revenues $ $ $ $
(in 3.38% 157,648 151,430 4.11%
thousands) 52,573 50,855
$ $ $ $
RevPAR 3.38% 101.12 97.41 3.81%
100.59 97.30
Occupancy 73.26% 74.16% -0.90% 72.66% 72.02% 0.64%
$ $ $ $
ADR 4.65% 139.16 135.25 2.89%
137.31 131.21
The above pro forma table assumes the 28 hotel properties owned and
NOTE: included in continuing operations at September 30, 2012 were owned as
of the
beginning of the
periods presented.
71.74% PRO-RATA SHARE OF ALL
HOTELS NOT UNDER RENOVATION
INCLUDED IN
CONTINUING
OPERATIONS:
Room revenues $ $ $ $
(in 4.28% 139,368 133,519 4.38%
thousands) 46,020 44,131
$ $ $ $
RevPAR 4.29% 101.53 97.55 4.08%
100.00 95.89
Occupancy 72.66% 72.96% -0.30% 72.67% 71.46% 1.21%
$ $ $ $
ADR 4.70% 139.72 136.50 2.36%
137.61 131.43
NOTES:
The above pro forma table assumes the 25 hotel properties owned and
(1) included in continuing operations at September 30, 2012 but not under
renovation for
the three and nine months ended
September 30, 2012 were owned as of the
beginning of the periods presented.
Excluded
(2) Hotels Under
Renovation:
Hyatt Regency Wind Watch,
Courtyard Boston Tremont,
Marriott Omaha
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)
ALL HOTELS INCLUDED IN CONTINUING
OPERATIONS:
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 % 2012 2011 %
Variance Variance
REVENUE
Rooms $ $ 6.6% $ $ 5.7%
182,019 170,699 542,244 512,928
Food and 33,850 32,794 3.2% 115,827 109,837 5.5%
beverage
Other 8,735 8,988 -2.8% 25,253 24,749 2.0%
Total
hotel 224,604 212,481 5.7% 683,324 647,514 5.5%
revenue
EXPENSES
Rooms 41,626 39,898 4.3% 121,945 116,403 4.8%
Food and 24,626 24,346 1.2% 78,878 76,021 3.8%
beverage
Other direct 4,752 4,504 5.5% 13,941 13,265 5.1%
Indirect 61,409 61,135 0.4% 183,167 179,720 1.9%
Management fees,
includes base and 10,363 8,563 21.0% 32,710 28,884 13.2%
incentive fees
Total
hotel 142,776 138,446 3.1% 430,641 414,293 3.9%
operating
expenses
Property taxes,
insurance, and 11,663 12,358 -5.6% 33,509 34,991 -4.2%
other
HOTEL OPERATING
PROFIT (Hotel 70,165 61,677 13.8% 219,174 198,230 10.6%
EBITDA)
Hotel
EBITDA 31.24% 29.03% 2.21% 32.07% 30.61% 1.46%
Margin
Minority
interest in
earnings of 1,575 1,313 20.0% 4,984 4,767 4.6%
consolidated
joint ventures
HOTEL OPERATING
PROFIT (Hotel
EBITDA),
excluding
minority interest $ $ 13.6% $ $ 10.7%
in joint 68,590 60,364 214,190 193,463
ventures
$ $ $ $
NOTES:
The above pro forma table assumes the 95 hotel
(1) properties owned and included in continuing
operations at were owned as of the
beginning
of the
period
presented.
The above table excludes the operating results for
(2) the Hilton El Conquistador in Tucson, AZ. During
the third quarter 2012, a receiver was appointed
to take over this hotel and the receiver now has
full control of the hotel operations and cash
flow.
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN
CONTINUING OPERATIONS:
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 % 2012 2011 %
Variance Variance
REVENUE
Rooms $ $ 7.3% $ $ 5.8%
168,923 157,434 500,290 473,013
Food and 30,609 29,978 2.1% 104,945 101,011 3.9%
beverage
Other 7,848 7,950 -1.3% 22,482 21,836 3.0%
Total
hotel 207,380 195,362 6.2% 627,717 595,860 5.3%
revenue
EXPENSES
Rooms 38,227 36,592 4.5% 111,757 106,864 4.6%
Food and 22,178 22,118 0.3% 71,125 69,162 2.8%
beverage
Other direct 4,465 4,215 5.9% 13,024 12,383 5.2%
Indirect 56,467 55,980 0.9% 167,884 164,710 1.9%
Management fees,
includes base and 9,579 7,773 23.2% 30,135 26,611 13.2%
incentive fees
Total
hotel 130,916 126,678 3.3% 393,925 379,730 3.7%
operating
expenses
Property taxes,
insurance, and 10,606 11,501 -7.8% 30,548 31,999 -4.5%
other
HOTEL OPERATING
PROFIT (Hotel 65,858 57,183 15.2% 203,244 184,131 10.4%
EBITDA)
Hotel
EBITDA 31.76% 29.27% 2.49% 32.38% 30.90% 1.48%
Margin
Minority
interest in
earnings of 1,575 1,313 20.0% 4,984 4,767 4.6%
consolidated
joint ventures
HOTEL OPERATING
PROFIT (Hotel
EBITDA),
excluding
minority interest $ $ 15.1% $ $ 10.5%
in joint 64,283 55,870 198,260 179,364
ventures
NOTES:
The above pro forma table assumes the 86 hotel properties owned and
(1) included in continuing operations at September 30, 2012 but not under
renovation for
three and nine months ended September
30, 2012 were owned as of the beginning
of the periods presented.
Excluded
(2) Hotels
Under
Renovation:
Hampton Inn Evansville, Sheraton Indy City Center, Hilton Costa Mesa,
Sheraton San Diego Mission Valley, Courtyard Ft. Lauderdale Weston,
Courtyard Palm Desert, Residence Inn Dallas Plano, Residence Inn Palm
Desert, Residence Inn Salt Lake City
The above table excludes the operating results for the Hilton El
(3) Conquistador in Tucson, AZ. During the third quarter 2012, a receiver
was appointed to take over this hotel and the receiver now has full
control of the hotel operations and cash flow.
HIGHLAND HOSPITALITY PORTFOLIO
(PIM Highland Holding LLC)
PRO FORMA HOTEL OPERATING PROFIT
(dollars in thousands)
(Unaudited)
71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO
CONTINUING OPERATIONS:
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 % 2012 2011 %
Variance Variance
REVENUE
$ $ $ $
Rooms 3.4% 157,648 151,430 4.1%
52,573 50,855
Food and 16,383 16,176 1.3% 53,733 53,047 1.3%
beverage
Other 2,774 2,815 -1.5% 8,078 8,702 -7.2%
Total
hotel 71,730 69,846 2.7% 219,459 213,179 2.9%
revenue
EXPENSES
Rooms 11,754 11,707 0.4% 35,126 35,278 -0.4%
Food and 11,481 11,624 -1.2% 35,964 36,923 -2.6%
beverage
Other direct 1,287 1,392 -7.5% 3,859 4,079 -5.4%
Indirect 21,352 21,031 1.5% 63,925 62,090 3.0%
Management
fees, includes 2,557 2,358 8.4% 8,008 7,093 12.9%
base and
incentive fees
Total
hotel 48,431 48,112 0.7% 146,882 145,463 1.0%
operating
expenses
Property taxes,
insurance, and 3,929 4,197 -6.4% 10,582 12,399 -14.7%
other
HOTEL OPERATING $ $ $ $
PROFIT (Hotel 19,370 17,537 10.5% 61,995 55,317 12.1%
EBITDA)
Hotel
EBITDA 27.00% 25.11% 1.89% 28.25% 25.95% 2.30%
Margin
The above pro forma table assumes the 28 hotel properties owned and
NOTE: included in continuing operations at September 30, 2012 were owned as
of the beginning of the periods presented.
71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN PIM HIGHLAND PORTFOLIO
CONTINUING OPERATIONS NOT UNDER RENOVATION:
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 % 2012 2011 %
Variance Variance
REVENUE
$ $ $ $
Rooms 4.3% 139,368 133,519 4.4%
46,020 44,131
Food and 14,222 14,080 1.0% 47,650 46,632 2.2%
beverage
Other 2,504 2,492 0.5% 7,283 7,817 -6.8%
Total
hotel 62,746 60,703 3.4% 194,301 187,968 3.4%
revenue
EXPENSES
Rooms 10,261 10,172 0.9% 30,904 30,861 0.1%
Food and 10,122 10,289 -1.6% 32,024 32,735 -2.2%
beverage
Other direct 1,222 1,325 -7.8% 3,660 3,860 -5.2%
Indirect 18,803 18,531 1.5% 56,579 54,911 3.0%
Management
fees, includes 2,178 2,013 8.2% 6,937 6,159 12.6%
base and
incentive fees
Total
hotel 42,586 42,330 0.6% 130,104 128,526 1.2%
operating
expenses
Property taxes,
insurance, and 3,411 3,564 -4.3% 9,465 10,642 -11.1%
other
HOTEL OPERATING $ $ $ $
PROFIT (Hotel 16,749 14,809 13.1% 54,732 48,800 12.2%
EBITDA)
Hotel
EBITDA 26.69% 24.40% 2.30% 28.17% 25.96% 2.21%
Margin
NOTES:
The above pro forma table assumes the 25 hotel properties owned and
(1) included in continuing operations at September 30, 2012 but not under
renovation for
the three and nine months ended
September 30, 2012 were owned as of
the beginning of the periods
presented.
Excluded
(2) Hotels
Under
Renovation:
Hyatt Regency Wind Watch,
Courtyard Boston Tremont,
Marriott Omaha
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)
THE FOLLOWING PRO FORMA HOTEL OPERATING PROFIT MARGIN PRESENTS THE
95 HOTELS INCLUDED IN THE COMPANY'S CONTINUING OPERATIONS AND THE
28 HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND
HOLDING LLC) AS IF THESE HOTELS WERE OWNED AS OF THE BEGINNING OF
THE FIRST COMPARATIVE REPORTING PERIOD.
PIM Highland
95 Legacy
Holding LLC
Properties 28 Properties
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN:
3rd Quarter 2012 31.24% 27.00%
3rd Quarter 2011 29.03% 25.11%
Variance 2.21% 1.89%
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN VARIANCE
BREAKDOWN:
Rooms 0.23% 0.39%
Food & Beverage and Other 0.50% 0.84%
Departmental
Administrative & General 0.31% 0.50%
Sales & Marketing 0.27% 0.39%
Hospitality 0.02% -0.01%
Repair & Maintenance 0.21% 0.03%
Energy 0.38% 0.27%
Franchise Fee 0.15% -1.25%
Management Fee -0.20% -0.01%
Incentive Management Fee -0.39% -0.18%
Insurance 0.48% 0.60%
Property Taxes 0.12% -0.06%
Other Taxes 0.02% -0.01%
Leases/Other 0.11% 0.39%
Total 2.21% 1.89%
For comparative purposes, data in the table above for PIM Highland
(1) LLC properties has been adjusted to eliminate one-time real estate
tax refunds received by prior owner.
The Legacy table above excludes the operating results for the
(2) Hilton El Conquistador in Tucson, AZ. During the third quarter
2012, a receiver was appointed to take over this hotel and the
receiver now has full control of the hotel operations and cash
flow.
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(Unaudited)
THE FOLLOWING PRO FORMA SEASONALITY TABLES REFLECT: (I) ALL 95 HOTELS
INCLUDED IN
THE COMPANY'S CONTINUING OPERATIONS, (II) THE COMPANY'S 71.74% SHARE OF THE 28
HOTELS INCLUDED
IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC), AND (III) THE
COMBINED PORTFOLIO,
AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE
REPORTING PERIOD.
2012 2012 2012 2011
3rd 2nd 1st 4th TTM
Quarter Quarter Quarter Quarter
Legacy Portfolio
Total Hotel $ $ $ $ $
Revenue 915,155
224,604 241,199 217,523 231,829
$ $ $ $ $
Hotel EBITDA 286,870
70,165 82,668 66,341 67,695
Hotel EBITDA 31.2% 34.3% 30.5% 29.2% 31.3%
Margin
EBITDA % of Total 24.5% 28.8% 23.1% 23.6% 100.0%
TTM
JV Interests in $ $ $ $ $
EBITDA 6,350
1,575 2,069 1,340 1,366
PIM Highland
Holding LLC
Portfolio
Total Hotel $ $ $ $ $
Revenue 294,319
71,730 80,878 66,852 74,859
$ $ $ $ $
Hotel EBITDA 81,038
19,370 26,856 15,770 19,042
Hotel EBITDA 27.0% 33.2% 23.6% 25.4% 27.5%
Margin
EBITDA % of Total 23.9% 33.1% 19.5% 23.5% 100.0%
TTM
Legacy and PIM Highland Holding LLC
Combined
Total Hotel $ $ $ $ $
Revenue 1,209,474
296,334 322,077 284,375 306,688
$ $ $ $ $
Hotel EBITDA 367,908
89,535 109,524 82,111 86,737
Hotel EBITDA 30.2% 34.0% 28.9% 28.3% 30.4%
Margin
EBITDA % of Total 24.3% 29.8% 22.3% 23.6% 100.0%
TTM
JV Interests in $ $ $ $ $
EBITDA 6,350
1,575 2,069 1,340 1,366
NOTES:
For comparative purposes, data in the tables above for
(1) Highland Hospitality Portfolio (PIM Highland Holding LLC)
properties have been adjusted to eliminate one-time real
estate tax refunds received by prior owner.
The above table excludes the operating results for the Hilton
(2) El Conquistador in Tucson, AZ. During the third quarter 2012,
a receiver was appointed to take over this hotel and the
receiver now has full control of the hotel operations and cash
flow.
ASHFORD HOSPITALITY TRUST, INC.
LEGACY AND ASHFORD'S 71.74% SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM
HIGHLAND HOLDING LLC)
PRO FORMA HOTEL REVPAR BY MARKET
(Unaudited)
Three Months Ended Nine Months Ended
Number Number September 30, September 30,
of of
Region Hotels Rooms 2012 2011 % 2012 2011 %
Change Change
Atlanta, GA $ $ $ $
Area 9 1,429 80.87 1.3% 6.5%
79.80 81.42 76.49
Boston, MA $ $ $ $
Area 2 506 185.38 175.87 5.4% 165.30 8.2%
152.75
Dallas / Ft. $ $ $ $
Worth Area 7 1,745 87.13 5.2% 0.9%
82.84 92.38 91.52
Houston, TX $ $ $ $
Area 3 608 97.42 15.6% 102.63 12.3%
84.27 91.39
Los Angeles, $ $ $ $
CA Metro Area 8 1,785 87.61 3.4% 5.1%
84.73 90.99 86.59
Miami, FL $ $ $ $
Metro Area 3 576 75.05 2.6% 105.26 4.9%
73.13 100.36
Minneapolis - $ $ $ $
St. Paul, 2 522 98.05 0.2% 0.2%
MN-WI Area 97.90 89.97 89.78
New York / $ $ $ $
New Jersey 7 1,560 100.12 102.43 -2.3% 0.8%
Metro Area 96.73 95.99
Orlando, FL $ $ $ $
Area 6 1,834 69.65 9.1% 4.2%
63.83 78.70 75.55
Philadelphia, $ $ $ $
PA Area 4 1,147 108.75 100.29 8.4% 106.44 8.8%
97.80
San Diego, CA $ $ $ $
Area 3 706 130.24 121.78 7.0% 115.87 9.4%
105.92
San Francisco $ $ $ $
- Oakland, CA 6 1,416 130.73 115.33 13.4% 121.54 11.2%
Metro Area 109.26
Seattle, WA $ $ $ $
Area 2 608 189.16 177.13 6.8% 139.00 7.4%
129.45
Tampa, FL $ $ $ $
Area 4 875 90.59 18.8% 104.46 15.1%
76.28 90.79
Washington DC $ $ $ $
- MD - VA 11 2,698 127.78 120.41 6.1% 134.60 1.1%
Area 133.11
$ $ $ $
Other Areas 46 7,752 92.93 4.9% 4.7%
88.61 91.46 87.34
Total $ $ $ $
Portfolio 123 25,767 101.63 5.9% 101.51 5.1%
95.98 96.57
NOTES:
The above pro forma table presents the 95 hotel properties included
(1) in Company's continuing operations and the 28 hotel properties
included in Highland Hospitality Portfolio (PIM Highland Holding
LLC) as if these hotels were owned as of the beginning of the
periods presented.
The above table excludes the operating results for the Hilton El
(2) Conquistador in Tucson, AZ. During the third quarter 2012, a
receiver was appointed to take over this hotel and the receiver now
has full control of the hotel operations and cash flow.
ASHFORD HOSPITALITY TRUST, INC.
LEGACY AND ASHFORD'S 71.74% SHARE OF PIM HIGHLAND HOLDING LLC
PRO FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET
(Unaudited)
Three Months Ended Nine Months Ended
Number Number September 30, September 30,
of of
Region Hotels Rooms 2012 % of 2011 % of % 2012 % of 2011 % of %
Total Total Change Total Total Change
Atlanta, GA $ $ $ $
Area 9 1,429 3.8% 3.8% 13.4% 3.6% 3.3% 20.8%
3,434 3,028 10,081 8,348
Boston, MA 2 506 4,169 4.7% 3,883 4.9% 7.4% 10,088 3.6% 9,026 3.6% 11.8%
Area
Dallas / Ft. 7 1,745 4,656 5.2% 4,402 5.6% 5.8% 17,254 6.1% 16,845 6.6% 2.4%
Worth Area
Houston, TX 3 608 2,192 2.4% 1,803 2.3% 21.6% 8,037 2.9% 6,344 2.5% 26.7%
Area
Los Angeles, 8 1,785 4,830 5.4% 4,374 5.5% 10.4% 17,320 6.2% 14,950 5.9% 15.9%
CA Metro Area
Miami, FL 3 576 348 0.4% 224 0.3% 55.4% 5,607 2.0% 4,756 1.9% 17.9%
Metro Area
Minneapolis -
St. Paul, 2 522 2,369 2.6% 2,382 3.0% -0.5% 5,990 2.1% 6,003 2.4% -0.2%
MN-WI Area
New York /
New Jersey 7 1,560 5,605 6.3% 5,499 6.9% 1.9% 16,639 5.9% 15,579 6.1% 6.8%
Metro Area
Orlando, FL 6 1,834 2,723 3.0% 1,827 2.3% 49.0% 11,428 4.1% 10,358 4.1% 10.3%
Area
Philadelphia, 4 1,147 4,070 4.5% 3,090 3.9% 31.7% 12,084 4.3% 9,276 3.7% 30.3%
PA Area
San Diego, CA 3 706 4,275 4.8% 3,890 4.9% 9.9% 11,383 4.0% 10,500 4.1% 8.4%
Area
San Francisco
- Oakland, CA 6 1,416 6,810 7.6% 5,120 6.5% 33.0% 17,565 6.2% 14,726 5.8% 19.3%
Metro Area
Seattle, WA 2 608 5,300 5.9% 5,192 6.6% 2.1% 10,884 3.9% 10,268 4.0% 6.0%
Area
Tampa, FL 4 875 2,185 2.4% 1,087 1.4% 101.0% 9,883 3.5% 7,230 2.9% 36.7%
Area
Washington DC
- MD - VA 11 2,698 12,343 13.8% 11,168 14.1% 10.5% 42,181 15.0% 41,871 16.5% 0.7%
Area
Other Areas 46 7,752 24,227 27.1% 22,244 28.1% 8.9% 74,747 26.6% 67,468 26.6% 10.8%
Total 123 25,767 $ 100.0% $ 100.0% 13.0% $ 100.0% $ 100.0% 10.9%
Portfolio 89,534 79,214 281,169 253,547
NOTES:
The above pro forma table presents the 95 hotel properties included in Company's continuing
(1) operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM
Highland Holding LLC) as if these hotels were owned as of the beginning of the periods
presented.
The above pro forma table includes hotel operating profit for 100% of the 95 hotel properties
(2) included in the Company's continuting operations and the Company's 71.74% share of the 28
hotels included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these
hotels were owned as of the biginning of the periods presented.
(3) The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ.
During the third quarter 2012, a receiver was appointed to take over this hotel and the
receiver now has full control of the hotel operations and cash flow.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
SEPTEMBER 30, 2012
(dollars in thousands)
(Unaudited)
September 30,
2012
End of quarter common shares 68,160 Ties to Exhibit A
outstanding
Partnership units outstanding 17,610 Ties to Exhibit A
(common share equivalents)
Combined common shares and 85,770 Ties to Exhibit A
partnership units outstanding
Common stock price at quarter $ 8.40 Ties to Google Finance
end
Market capitalization at $ 720,468 Formula
quarter end
Series A preferred stock $ 41,430 Shares x Liquidation
Price
Series D preferred stock $ 236,718 Shares x Liquidation
Price
Series E preferred stock $ 115,750 Shares x Liquidation
Price
Consolidated debt on balance $ 2,292,468 Ties to ER Balance
sheet date Sheet
Joint venture partners' share $ (36,469) Ties to Debt WAVG File
of consolidated debt
Ashford's share of Highland $ 780,794 Ties to ER Debt
portfolio debt Schedule
Cash and cash equivalents $ (145,779) Ties to ER Balance
Sheet
Total enterprise value (TEV) $ 4,005,380
as of September 30, 2012
NOTE: The above table excludes the debt associated with the Hilton El
Conquistador in Tucson, AZ. During the third quarter a receiver was
appointed to take over this hotel and the receiver now has full control
of the hotel operations and cash flow.
Ashford Hospitality Trust, Inc.
Anticipated Capital Expenditures Calendar
Legacy Hotels (a)
2012
Rooms 1st Quarter 2nd 3rd 4th Quarter
Quarter Quarter
Actual Actual Actual Estimated
Hilton Santa Fe 157 x x x
Crowne Plaza Key West 160 x x
Embassy Suites 119 x x
Flagstaff
Hilton Capital 408 x x
SpringHill Suites 164 x x
Manhattan Beach
Hilton Costa Mesa 486 x x x
Sheraton San Diego 260 x x x
Mission Valley
Courtyard Hartford 90 x x
Manchester
Courtyard Seattle 250 x x
Downtown Lake Union
Embassy Suites Houston 150 x
Embassy Suites Walnut 249 x
Creek
Hilton Nassau Bay 243 x
Embassy Suites 276 x
Portland Downtown
Courtyard Basking 235 x
Ridge
Courtyard Oakland 156 x
Airport
Courtyard Philadelphia 498 x
Downtown
Embassy Suites Santa 257 x
Clara
Historic Inn Annapolis 124 x
Marriott Bridgewater 347 x
Residence Inn 120 x
Jacksonville
Residence Inn Las 256 x
Vegas
Springhill Suites 96 x
Buford Mall of Georgia
Springhill Suites 136 x
Charlotte
Springhill Suites 199 x
Philadelphia
Sheraton Indy City 371 x x x
Center
Hampton Inn Evansville 141 x x x
Courtyard Atlanta 154 x
Alpharetta
Residence Inn Dallas 126 x x
Plano
Courtyard 174 x x
Ft.Lauderdale Weston
Courtyard Palm Desert 151 x x
Residence Inn Palm 130 x x
Desert
Residence Inn Salt 144 x x
Lake City
Hilton LaJolla Torrey 296 x
Pines
Courtyard Dallas Plano 153 x
in Legacy Park
Embassy Suites Dulles 150 x
Embassy Suites East 215 x
Syracuse
Hilton Garden Inn 119 x
Jacksonville
Residence Inn Atlanta 150 x
Buckhead Lenox Park
Hampton Inn Terre 112
Haute
Hampton Inn Buford 92
Embassy Suites Dallas 150
Embassy Suites Palm 160
Beach Garden
Hampton Inn 86
Lawrenceville
Residence Inn Lake 210
Buena Vista
Embassy Suites Austin 150
Marriott Seattle 358
Waterfront
Courtyard Marriott 312
Village at LBV
Marriott Dallas Plano 404
Legacy
Residence Inn San 150
Diego Sorrento Mesa
Residence Inn 78
Evansville
Courtyard Columbus 90
Tipton Lakes
Courtyard Kansas City 168
Overland Park
Residence Inn Newark 168
Courtyard Bloomington 117
Courtyard Philadelphia 498
(a)Only hotels which have had or are expected to have significant capital
expenditures that could result in displacement during 2012-2013 are included
in this table.
2013
Rooms 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Estimated Estimated Estimated Estimated
Hilton Santa Fe 157 x
Crowne Plaza Key 160
West
Embassy Suites 119
Flagstaff
Hilton Capital 408
SpringHill Suites 164
Manhattan Beach
Hilton Costa Mesa 486 x
Sheraton San Diego 260
Mission Valley
Courtyard Hartford 90 x
Manchester
Courtyard Seattle 250 x
Downtown Lake Union
Embassy Suites 150 x x
Houston
Embassy Suites 249 x
Walnut Creek
Hilton Nassau Bay 243 x
Embassy Suites 276 x
Portland Downtown
Courtyard Basking 235
Ridge
Courtyard Oakland 156
Airport
Courtyard
Philadelphia 498
Downtown
Embassy Suites Santa 257
Clara
Historic Inn 124
Annapolis
Marriott Bridgewater 347
Residence Inn 120
Jacksonville
Residence Inn Las 256
Vegas
Springhill Suites
Buford Mall of 96
Georgia
Springhill Suites 136
Charlotte
Springhill Suites 199
Philadelphia
Sheraton Indy City 371 x
Center
Hampton Inn 141
Evansville
Courtyard Atlanta 154
Alpharetta
Residence Inn Dallas 126 x
Plano
Courtyard 174
Ft.Lauderdale Weston
Courtyard Palm 151
Desert
Residence Inn Palm 130
Desert
Residence Inn Salt 144
Lake City
Hilton LaJolla 296 x x
Torrey Pines
Courtyard Dallas
Plano in Legacy 153 x
Park
Embassy Suites 150 x
Dulles
Embassy Suites East 215 x
Syracuse
Hilton Garden Inn 119 x
Jacksonville
Residence Inn
Atlanta Buckhead 150 x
Lenox Park
Hampton Inn Terre 112 x x x
Haute
Hampton Inn Buford 92 x x
Embassy Suites 150 x x
Dallas
Embassy Suites Palm 160 x
Beach Garden
Hampton Inn 86 x
Lawrenceville
Residence Inn Lake 210 x
Buena Vista
Embassy Suites 150 x
Austin
Marriott Seattle 358 x
Waterfront
Courtyard Marriott 312 x x
Village at LBV
Marriott Dallas 404 x x
Plano Legacy
Residence Inn San 150 x x
Diego Sorrento Mesa
Residence Inn 78 x
Evansville
Courtyard Columbus 90 x
Tipton Lakes
Courtyard Kansas 168 x
City Overland Park
Residence Inn Newark 168 x
Courtyard 117 x
Bloomington
Courtyard 498 x
Philadelphia
(a)Only hotels which have had or are expected to have significant capital
expenditures that could result in displacement during 2012-2013 are included
in this table.
PIM Highland Holding LLC
Anticipated Capital Expenditures Calendar
Highland Hotels (a)
2012
Rooms 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Actual Actual Actual Estimated
Courtyard Boston 315 x x x x
Tremont
Courtyard Savannah 156 x x x
The Melrose 240 x x x
Marriott San 251 x x x
Antonio Plaza
Hilton Garden Inn 176 x x
Virginia Beach
Ritz-Carlton 444 x
Atlanta
The Churchill 173 x
Hyatt Regency Wind 358 x x x
Watch
Marriott Omaha 300 x x
Hilton Boston Back 390 x
Bay
Marriott Sugarland 300 x
Hyatt Regency 351 x
Savannah
Marriott DFW 491
Hilton Parsippany 354
Silversmith 143
Hilton Garden Inn 158
BWI
Crowne Plaza 495
Ravinia
2013
Rooms 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Estimated Estimated Estimated Estimated
Courtyard Boston 315 x x x
Tremont
Courtyard Savannah 156 x
The Melrose 240 x
Marriott San 251
Antonio Plaza
Hilton Garden Inn 176
Virginia Beach
Ritz-Carlton 444
Atlanta
The Churchill 173
Hyatt Regency Wind 358 x x x x
Watch
Marriott Omaha 300
Hilton Boston Back 390 x x
Bay
Marriott Sugarland 300 x x x
Hyatt Regency 351 x
Savannah
Marriott DFW 491 x x
Hilton Parsippany 354 x x x
Silversmith 143 x x
Hilton Garden Inn 158 x
BWI
Crowne Plaza 495 x
Ravinia
(a) Only hotels which have had or are expected to have significant capital
expenditures that could result in displacement during 2012-2013 are included
in this table.
SOURCE Ashford Hospitality Trust, Inc.
Website: http://www.ahtreit.com
Contact: David Kimichik, Chief Financial Officer, +1-972-490-9600, or Elise
Chittick, Investor Relations, +1-972-778-9487; or Scott Eckstein, Financial
Relations Board, +1-212-827-3766
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