Company Results

RLJ Lodging Trust Reports Fourth Quarter and Full Year 2013 Results

Pro forma RevPAR increased 7.2%, Pro forma ADR increased 4.4% and Pro forma Occupancy increased 2.6%

RLJ Lodging Trust

RLJ Lodging Trust (NYSE: RLJ) today reported results for the quarter and year ended December 31, 2013.

Full Year Highlights

  • Pro forma RevPAR increased 7.2%, Pro forma ADR increased 4.4% and Pro forma Occupancy increased 2.6%
  • Pro forma Hotel EBITDA Margin increased 47 basis points to 34.5%, adjusted for the non-comparable Courtyard Waikiki Beach ground rent
  • Pro forma Consolidated Hotel EBITDA increased 8.2% to $339.3 million
  • Adjusted FFO increased 32.9% to $246.6 million
  • Acquired seven properties, including five hotels and two hotel conversion opportunities, for over $200.0 million in high-growth markets
  • Completed first follow-on offering with net proceeds of $327.5 million
  • Completed a comprehensive $565.0 million refinancing with expected annualized savings of approximately $10.0 million
  • Declared an aggregate cash dividend of $0.855 per share, representing an increase of approximately 22% over the prior year

Fourth Quarter Highlights

  • Pro forma RevPAR increased 3.9%, Pro forma ADR increased 1.0% and Pro forma Occupancy increased 2.8%
  • Pro forma Consolidated Hotel EBITDA increased to $81.5 million
  • Adjusted FFO increased 23.5% to $62.7 million

“2013 was another excellent year for RLJ as we continued to execute our growth strategy,” commented Thomas J. Baltimore, Jr., President and Chief Executive Officer. “Our well-diversified portfolio once again delivered industry leading RevPAR growth, which resulted in a cumulative growth of more than 22% over the past three years. Furthermore, we entered into new dynamic markets and strengthened our fortress balance sheet with the successful completion of our first follow-on equity raise and comprehensive refinancing. Our efforts have positioned us for significant long-term growth.”

Financial and Operating Results

Performance metrics such as Occupancy, Average Daily Rate (“ADR”), Revenue Per Available Room (“RevPAR”), Hotel EBITDA, and Hotel EBITDA Margin are pro forma. The prefix “pro forma” as defined by the Company, denotes operating results which include results for periods prior to its ownership. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are reported on a comparable basis and therefore exclude non-comparable hotels that were not open for operation or closed for renovations for comparable periods. Explanations of EBITDA, Adjusted EBITDA, Hotel EBITDA, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included at the end of this release.

Pro forma RevPAR for the quarter ended December 31, 2013, increased 3.9% over the comparable period in 2012, driven by a Pro forma ADR increase of 1.0% and a Pro forma Occupancy increase of 2.8%. Among the Company’s top six markets, the best performers in the quarter were Denver and Houston which experienced RevPAR growth of 13.4% and 11.4%, respectively. For the year ended December 31, 2013, Pro forma RevPAR increased 7.2% over the comparable period in 2012, driven by a Pro forma ADR increase of 4.4% and a Pro forma Occupancy increase of 2.6%.

Pro forma Hotel EBITDA Margin for the quarter ended December 31, 2013, decreased 101 basis points over the comparable period in 2012 to 33.4%, adjusted for the non-comparable Courtyard Waikiki Beach ground rent. For the year ended December 31, 2013, Pro forma Hotel EBITDA Margin increased 47 basis points over the comparable period in 2012 to 34.5%, adjusted for the non-comparable Courtyard Waikiki Beach ground rent.

Pro forma Consolidated Hotel EBITDA includes the results of non-comparable hotels. For the quarter ended December 31, 2013, Pro forma Consolidated Hotel EBITDA increased $0.1 million to $81.5 million, representing a 0.2% increase over the comparable period in 2012. For the year ended December 31, 2013, Pro forma Consolidated Hotel EBITDA increased $25.7 million to $339.3 million, representing an 8.2% increase over the comparable period in 2012.

Adjusted EBITDA for the quarter ended December 31, 2013, increased $6.3 million to $77.0 million, representing an 8.9% increase over the comparable period in 2012. For the year ended December 31, 2013, Adjusted EBITDA increased $43.4 million to $311.1 million, representing an increase of 16.2% over the comparable period in 2012.

Adjusted FFO for the quarter ended December 31, 2013, increased $11.9 million to $62.7 million, representing a 23.5% increase over the comparable period in 2012. For the year ended December 31, 2013, Adjusted FFO increased $61.0 million to $246.6 million, representing a 32.9% increase over the comparable period in 2012.

Adjusted FFO per diluted share and unit for the quarter and year ended December 31, 2013, was $0.51 and $2.06, respectively, based on the Company’s diluted weighted-average common shares and units outstanding of 123.4 million and 119.6 million for each period, respectively.

Non-recurring items for the year ended December 31, 2013, include a gain of $4.9 million related to the acquisition of Residence Inn Atlanta Midtown Historic through a foreclosure sale, a gain of $3.3 million related to the extinguishment of indebtedness on the Courtyard Goshen, a gain of $2.4 million related to the extinguishment of indebtedness on the SpringHill Suites Southfield, a gain of $2.1 million related to the sale of Fairfield Inn & Suites Memphis, $1.0 million related to accelerated amortization of deferred financing fees, and $0.1 million of accelerated deferred management fees related to the disposed assets.

Non-recurring items are included in net income attributable to common shareholders but have been excluded from Adjusted EBITDA and Adjusted FFO, as applicable. A complete listing is provided in the Non-GAAP reconciliation tables for the quarter and year ended December 31, 2013 and 2012.

Net income attributable to common shareholders for the quarter ended December 31, 2013, was $27.4 million compared to $13.7 million in the comparable period in 2012. For the year ended December 31, 2013, net income attributable to common shareholders was $112.9 million compared to $41.3 million in the comparable period in 2012.

Net cash flow from operating activities for the year ended December 31, 2013, totaled $251.4 million compared to $176.1 million for the comparable period in 2012.

Acquisitions/Dispositions

For the year ended December 31, 2013, the Company acquired five hotels and two hotel conversion opportunities for a gross purchase price of $213.3 million: the Humble Oil Building complex which consists of two hotels and one apartment building, the 399-room Courtyard Waikiki Beach, the 150-room Vantaggio Suites Cosmo, the 78-room Residence Inn Atlanta Midtown Historic, and the 106-room SpringHill Suites Portland Hillsboro.

On March 19, 2013, the Company acquired the historic Humble Oil Building complex in downtown Houston for a purchase price of $79.5 million, or approximately $151,000 per key based on a combined forward room count of 528 keys. The Humble Oil Building is a three-tower complex which consists of a 191-room Courtyard Houston Downtown Convention Center, a 171-room Residence Inn Houston Downtown Convention Center, and an 82-unit apartment tower which is currently undergoing a conversion to a 166-room SpringHill Suites.

On June 17, 2013, the Company acquired the 399-room Courtyard Waikiki Beach for a purchase price of $75.3 million, or approximately $189,000 per key.

On June 21, 2013, the Company acquired the 150-room Vantaggio Suites Cosmo for a purchase price of $29.5 million, or approximately $197,000 per key. The hotel is currently closed for a $19.0 million multi-phase conversion to a Courtyard by Marriott that includes increasing the number of rooms at the hotel.

On August 6, 2013, the Company acquired the 78-room Residence Inn Atlanta Midtown Historic. The Company purchased a mortgage loan collateralized by the hotel for approximately $5.0 million in November 2009. The Company initiated and successfully acquired the asset through a foreclosure sale after the borrower defaulted on the loan. The hotel is currently closed and undergoing a comprehensive renovation.

On October 8, 2013, the Company acquired the 106-room SpringHill Suites Portland Hillsboro for a purchase price of $24.0 million, or approximately $226,000 per key.

During the year, the Company also disposed of three hotels. On May 30, 2013, the Company transferred title of the SpringHill Suites Southfield to its lenders pursuant to a deed in lieu of foreclosure and on August 28, 2013, the Courtyard Goshen was transferred to an affiliate of its lender through a foreclosure auction.

On November 18, 2013, the Company sold the Fairfield Inn & Suites Memphis for $2.5 million.

Subsequent Events

Subsequent to year end, in February the Company announced that it had entered into a definitive purchase and sale agreement to acquire a portfolio of 10 hotels totaling 1,560 rooms consisting of Hyatt, Hyatt Place and Hyatt House branded hotels for a purchase price of approximately $313.0 million. The Company also announced the sale of a portfolio of 11 hotels for approximately $85.0 million.

Balance Sheet

In March 2013, the Company completed its first follow-on equity offering with net proceeds of approximately $327.5 million. The offering was upsized by approximately 20% and the underwriters’ option to purchase additional common shares was fully exercised.

In September 2013, the Company completed a comprehensive refinancing of approximately $565.0 million of secured debt using proceeds from a new $350.0 million five-year term loan, a $100.0 million expansion of the Company’s existing seven-year term loan, and a $150.0 million secured debt financing. The Company also executed interest rate swaps on the new floating rate debt to minimize risks of future interest rate fluctuations. As a result of this comprehensive refinancing, the Company expects to realize approximately $10.0 million of interest expense savings in 2014.

As of December 31, 2013, the Company had $332.2 million of unrestricted cash on its balance sheet, $300.0 million available on its revolving credit facility, and $1.4 billion of debt outstanding. The Company’s ratio of net debt to Adjusted EBITDA for the trailing twelve month period was 3.4 times.

Dividends

The Company’s Board of Trustees declared a cash dividend of $0.205 and a special dividend of $0.035 per common share of beneficial interest in the fourth quarter. The dividend was paid on January 15, 2014, to shareholders of record as of December 31, 2013.

For the year ended December 31, 2013, the Company distributed a total dividend of $0.855 per common share of beneficial interest, representing an increase of approximately 22% over the prior year’s annual distribution.

2014 Outlook

The Company’s outlook excludes recent hotel sales and does not include the pending acquisition of 10 hotels from Hyatt. The outlook excludes potential future acquisitions and dispositions, which could result in a material change to the Company’s outlook. The 2014 outlook is also based on a number of other assumptions, many of which are outside the Company’s control and all of which are subject to change. Pro forma operating statistics include results for periods prior to the Company’s ownership and therefore assume the hotels were owned since January 1, 2013. For the full year 2014, the Company anticipates:

(1) Results exclude one non-comparable hotel: the Residence Inn Atlanta Midtown Historic, which is closed for renovations.

RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. The Company owns 138 properties, comprised of 136 hotels with approximately 21,100 rooms and two planned hotel conversions, located in 21 states and the District of Columbia.

RLJ Lodging Trust

Non-GAAP Definitions

Non-Generally Accepted Accounting Principles (“GAAP”) Financial Measures

The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) Adjusted EBITDA, and (5) Hotel EBITDA. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, and Hotel EBITDA as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company.

Funds From Operations (“FFO”)

The Company calculates FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. 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 real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”), even though FFO does not represent an amount that accrues directly to common shareholders.

The Company’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest (“OP units”) in RLJ Lodging Trust, L.P., the Company’s operating partnership, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

EBITDA is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions. The Company presents EBITDA attributable to common shareholders, which includes OP units, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand EBITDA attributable to all common shares and OP units.

Hotel EBITDA

With respect to Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company’s hotels and the effectiveness of third-party management companies operating the Company’s business on a property-level basis.

Pro forma Hotel EBITDA includes hotel results from prior ownership periods and excludes non-comparable hotels which were not open for operation or closed for renovations for comparable periods. Pro forma Consolidated Hotel EBITDA includes hotel results from prior ownership periods and includes the results of non-comparable hotels which were not open for operation or closed for renovations during the comparable periods.

Adjustments to FFO and EBITDA

The Company adjusts FFO and EBITDA for certain additional items, such as discontinued operations, transaction and pursuit costs, the amortization of share-based compensation, and certain other expenses that the Company considers outside the normal course of business. The Company believes that Adjusted FFO and Adjusted EBITDA provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income, EBITDA and FFO, is beneficial to an investor’s understanding of its operating performance. The Company adjusts FFO and EBITDA for the following items, as applicable:

  • Transaction and Pursuit Costs: The Company excludes transaction and pursuit costs expensed during the period because it believes they do not reflect the underlying performance of the Company.
  • Non-Cash Expenses: The Company excludes the effect of certain non-cash items because it believes they do not reflect the underlying performance of the Company. The Company has excluded the amortization of share based compensation, non-cash gains on the extinguishment of indebtedness, sales and foreclosures, a non-cash loss on disposal of furniture, fixtures, and equipment associated with assets under renovation, the acceleration of deferred financing fees, the acceleration of deferred management fees and an impairment loss.
  • Other Non-operational Expenses: The Company excludes the effect of certain non-operational expenses because it believes they do not reflect the underlying performance of the Company. The Company has excluded legal expenses it considered outside the normal course of business, loan default penalties and fees, and debt prepayment fees.
 
RLJ Lodging Trust
Combined Consolidated Balance Sheets

(Amounts in thousands, except share and per share data)

 
 
     

December 31, 2013

    December 31, 2012
Assets        
Investment in hotel and other properties, net $ 3,241,163 $ 3,073,483
Investment in loans 8,208 12,426
Cash and cash equivalents 332,248 115,861
Restricted cash reserves 62,430 64,787
Hotel and other receivables, net of allowance of $234 and $194, respectively 22,762 22,738
Deferred financing costs, net 11,599 11,131
Deferred income tax asset 2,529 2,206
Purchase deposits 7,246 9,910
Prepaid expense and other assets   29,789     33,843  
Total assets $ 3,717,974   $ 3,346,385  
Liabilities and Equity
Borrowings under revolving credit facility $ $ 16,000
Mortgage loans 559,665 997,651
Term loans 850,000 400,000
Accounts payable and other liabilities 115,011 87,575
Deferred income tax liability 3,548 4,064
Advance deposits and deferred revenue 9,851 8,508
Accrued interest 2,695 2,284
Distributions payable   30,870     22,392  
Total liabilities 1,571,640 1,538,474
Equity
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at December 31, 2013 and 2012, respectively.
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 122,640,042 and 106,565,516 shares issued and outstanding at December 31, 2013 and 2012, respectively. 1,226 1,066
Additional paid-in-capital 2,178,004 1,841,449
Accumulated other comprehensive loss (5,941 )
Distributions in excess of net earnings   (45,522 )   (52,681 )
Total shareholders’ equity 2,127,767 1,789,834
Noncontrolling interest
Noncontrolling interest in joint venture 7,306 6,766
Noncontrolling interest in Operating Partnership   11,261     11,311  
Total noncontrolling interest   18,567     18,077  
Total equity   2,146,334     1,807,911  
Total liabilities and equity $ 3,717,974   $ 3,346,385  
 
 
RLJ Lodging Trust
Combined Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

 
 
    For the quarter ended

December 31,

    For the year ended

December 31,

      2013     2012     2013     2012
(Unaudited)    
Revenue    
Operating revenue
Room revenue $ 209,584 $ 190,540 $ 844,741 $ 738,207
Food and beverage revenue 25,877 24,318 97,083 87,549
Other operating department revenue   7,110         6,572     28,556     23,929  
Total revenue   242,571         221,430     970,380     849,685  
Expense
Operating expense
Room expense 47,117 41,623 186,667 162,039
Food and beverage expense 17,539 15,382 67,945 60,427
Management fee expense 9,432 8,177 34,956 29,906
Other operating expense   71,620         66,962     285,539     256,565  
Total property operating expense 145,708 132,144 575,107 508,937
Depreciation and amortization 32,483 30,743 127,231 126,340
Property tax, insurance and other 15,754 13,624 63,627 52,745
General and administrative 8,627 8,278 35,466 31,086
Transaction and pursuit costs   1,588         380     4,410     3,520  
Total operating expense   204,160         185,169     805,841     722,628  
Operating income 38,411 36,261 164,539 127,057
Other income 569 175 903 433
Interest income 888 411 1,665 1,664
Interest expense (14,178 ) (22,660 ) (64,348 ) (83,689 )
Loss on disposal (634 )
Gain on foreclosure   32             4,863      
Income from continuing operations before income tax expense   25,722         14,187     107,622     44,831  
Income tax expense   (127 )       (155 )   (879 )   (1,369 )
Income from continuing operations 25,595 14,032 106,743 43,462
Income (loss) from discontinued operations   2,087         (112 )   7,436     (2,143 )
Net income 27,682 13,920 114,179 41,319
Net (income) loss attributable to non-controlling interests
Noncontrolling interest in consolidated joint venture (219 ) (48 ) (540 ) 404
Noncontrolling interest in common units of Operating Partnership   (18 )       (142 )   (718 )   (425 )
Net income attributable to common shareholders $ 27,445       $ 13,730   $ 112,921   $ 41,298  
Basic per common share data:
Net income per share attributable to common shareholders before discontinued operations $ 0.21 $ 0.13 $ 0.89 $ 0.40
Discontinued operations   0.02             0.06     (0.02 )
Net income per share attributable to common shareholders $ 0.23       $ 0.13   $ 0.95   $ 0.38  
Weighted-average number of common shares   121,667,166         105,517,515     117,950,066     105,423,604  
Diluted per common share data:
Net income per share attributable to common shareholders before discontinued operations $ 0.21 $ 0.13 $ 0.88 $ 0.40
Discontinued operations   0.02             0.06     (0.02 )
Net income per share attributable to common shareholders $ 0.23       $ 0.13   $ 0.94   $ 0.38  
Weighted-average number of common shares   122,540,253         105,865,104     118,738,626     105,748,686  
 

Note:

The Statement of Comprehensive Income and corresponding footnotes can be found in the Company’s Annual Report on Form 10-K.

 
RLJ Lodging Trust
Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands, except per share data)

(Unaudited)

 
 
Funds From Operations (FFO)
    For the quarter ended

December 31,

    For the year ended

December 31,

      2013     2012     2013     2012
Net income (1) $ 27,682     $ 13,920 $ 114,179     $ 41,319
Gain on sale of property (2,081 ) (2,081 )
Depreciation and amortization 32,483 30,743 127,231 126,340
Loss on disposal 634
Gain on extinguishment of indebtedness (2) (6 ) (5,708 )
Impairment loss 896
Noncontrolling interest in joint venture (219 ) (48 ) (540 ) 404
Adjustments related to discontinued operations (3) 8 93 199 458
Adjustments related to joint venture (4)   (121 )   (121 )   (484 )   (451 )
FFO attributable to common shareholders 57,746 44,587 232,796 169,600
Gain on foreclosure (32 ) (4,863 )
Transaction and pursuit costs 1,588 380 4,410 3,520
Amortization of share based compensation 3,386 2,863 13,078 8,626
Loan related costs (5)(6)(7) 2,782 1,046 3,451
Other expenses (8)(9)       134     157     436  
Adjusted FFO $ 62,688   $ 50,746   $ 246,624   $ 185,633  
 
Adjusted FFO per common share and unit-basic $ 0.51 $ 0.48 $ 2.08 $ 1.75
Adjusted FFO per common share and unit-diluted $ 0.51 $ 0.48 $ 2.06 $ 1.74
 
Basic weighted-average common shares and units outstanding (10) 122,561 106,412 118,844 106,318
Diluted weighted-average common shares and units outstanding (10) 123,434 106,759 119,633 106,643
 
 

Note:

(1)   Includes net income from discontinued operations.
(2) For the year ended December 31, 2013, this includes the gain on extinguishment of indebtedness from the SpringHill Suites Southfield, Michigan and Courtyard Goshen, Indiana. This gain is included in discontinued operations.
(3) Includes depreciation and amortization expense from discontinued operations.
(4) Includes depreciation and amortization expense allocated to the noncontrolling interest in joint venture.
(5) Includes $0.7 million for the year ended December 31, 2012, of default interest and penalties incurred in connection with the SpringHill Suites Southfield, Michigan mortgage loan.
(6) Includes $1.4 million for the quarter and year ended December 31, 2012, of accelerated amortization of deferred financing fees related to the amendment and restatement of the credit facility.
(7) Includes $1.4 million for the quarter and year ended December 31, 2012, of incremental interest expense related to the accelerated payoff of mortgage indebtedness.
(8) Includes $0.1 million for the year ended December 31, 2013, of accelerated amortization of deferred management fees.
(9) Includes less than $0.1 million for the year ended December 31, 2013 and $0.1 million and $0.4 million for the quarter and year ended December 31, 2012, respectively, of legal expenses outside the normal course of operations.
(10) Includes 0.9 million operating partnership units.
 

 
RLJ Lodging Trust
Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands)

(Unaudited)

 
 
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
    For the quarter ended

December 31,

    For the year ended

December 31,

      2013     2012     2013     2012
Net income (1) $ 27,682     $ 13,920 $ 114,179     $ 41,319
Depreciation and amortization 32,483 30,743 127,231 126,340
Interest expense, net (2) 14,168 22,654 64,317 83,653
Income tax expense 127 155 879 1,369
Noncontrolling interest in joint venture (219 ) (48 ) (540 ) 404
Adjustments related to discontinued operations (3) 9 255 572 1,744
Adjustments related to joint venture (4)   (121 )   (345 )   (484 )   (1,199 )
EBITDA 74,129 67,334 306,154 253,630
Transaction and pursuit costs 1,588 380 4,410 3,520
Gain on sale of property (2,081 ) (2,081 )
Gain on foreclosure (32 ) (4,863 )
Gain on extinguishment of indebtedness (5) (6 ) (5,708 )
Impairment loss 896
Loss on disposal 634
Amortization of share based compensation 3,386 2,863 13,078 8,626
Other expenses (6)(7)       134     157     436  
Adjusted EBITDA $ 76,984   $ 70,711   $ 311,147   $ 267,742  
General and administrative (8) 5,241 5,415 22,389 22,460
Other income/interest income (1,447 ) (580 ) (2,537 ) (2,061 )
Corporate overhead allocated to properties 654 249 1,094 726
Operating results from discontinued operations (9 ) (143 ) (352 ) (497 )
Apartment income (101 ) (521 )
Operating results from noncontrolling interest in joint venture 340 393 1,024 795
Pro forma adjustments (9) (522 ) 5,021 5,805 23,481
Non-cash amortization (10)   314     245     1,294     1,036  
Pro forma Consolidated Hotel EBITDA $ 81,454   $ 81,311   $ 339,343   $ 313,682  
Non-comparable hotels (11)   (1,350 )   79     (2,654 )   (309 )
Pro forma Hotel EBITDA $ 80,104   $ 81,390   $ 336,689  



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