LASALLE HOTEL PROPERTIES LHO Income Statement

Lasalle hotel properties (LHO)

Income statement / Quarterly

Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Revenues:
Hotel operating revenues (Note 8):
Room
214,283	219,666	155,422	181,518	209,019	222,385	178,365	203,419	237,757	245,286	181,420	202,492	233,993	242,447	170,591	186,096	222,006	217,732	147,967	171,748	189,619	179,089	126,988	146,015	167,437	167,186	114,692	114,953	133,152	134,005	88,913	102,842	109,588	108,002	67,676	98,916	103,730
Food and beverage
51,212	56,977	43,632	52,477	50,191	59,308	52,304	62,568	61,718	79,025	56,347	69,203	68,688	75,480	60,915	63,735	63,399	72,407	54,115	63,285	60,022	65,529	49,846	54,008	52,896	58,787	44,615	50,333	50,554	54,203	38,242	47,019	41,388	44,414	30,010	40,143	46,268
Other operating department
26,915	24,521	20,107	20,587	24,243	22,118	20,367	22,080	25,892	24,457	20,643	20,733	24,472	21,560	18,017	17,895	21,291	19,789	15,025	15,229	18,289	16,328	13,384	14,405	15,410	14,839	11,856	12,276	14,256	13,161	9,957	10,950	12,210	11,770	8,773	12,618	12,691
Total hotel operating revenues
292,410	301,164	219,161	254,582	283,453	303,811	251,036	288,067	325,367	348,768	258,410	292,428	327,153	339,487	249,523	267,726	306,696	309,928	217,107	250,262	267,930	260,946	190,218	214,428	235,743	240,812	171,163	177,562	197,962	201,369	137,112	160,811	163,186	164,186	106,459	151,677	162,689
Other income
5,588	3,445	3,862	2,928	2,403	3,233	3,369	1,425	1,569	2,319	1,694	2,257	2,557	1,899	1,280	2,081	1,306	3,177	1,757	1,781	2,056	2,614	1,486	1,236	1,254	1,283	1,156	1,417	1,166	1,181	1,238	935	1,555	1,520	1,705	1,277	11,745
Total revenues
297,998	304,609	223,023	257,510	285,856	307,044	254,405	289,492	326,936	351,087	260,104	294,685	329,710	341,386	250,803	269,807	308,002	313,105	218,864	252,043	269,986	263,560	191,704	215,664	236,997	242,095	172,319	178,979	199,128	202,550	138,350	161,746	164,741	165,706	108,164	152,954	174,434
Expenses:
Hotel operating expenses:
Room
57,347	55,885	49,186	51,775	55,474	55,271	52,323	55,753	59,342	58,963	52,291	54,942	56,283	55,998	48,721	49,457	52,344	51,467	43,684	45,766	44,911	42,294	37,584	38,361	39,662	38,688	33,853	28,946	30,920	30,631	25,342	26,669	25,266	24,275	19,061	23,786	23,676
Food and beverage
37,574	39,265	34,816	37,463	37,628	40,132	39,148	42,428	44,307	49,994	42,908	47,614	48,268	49,069	45,118	45,700	45,986	50,144	41,700	43,984	41,886	42,681	37,304	38,406	37,751	39,475	34,262	34,589	34,669	35,746	28,834	31,610	28,952	29,490	22,705	26,971	30,085
Other direct
3,683	3,439	2,933	2,289	2,793	2,654	4,184	3,760	4,562	4,973	3,683	3,707	4,960	4,927	3,920	5,300	6,772	6,547	5,181	5,279	6,146	5,998	5,022	4,935	5,659	5,558	4,626	4,653	5,895	5,466	4,376	4,315	5,494	5,128	3,816	5,152	5,793
Other indirect (Note 9)
71,576	71,053	62,194	66,036	69,207	73,177	69,656	74,333	78,734	80,283	71,915	74,055	78,070	78,877	70,002	64,584	69,722	69,779	60,423	62,341	62,121	59,189	53,735	54,276	54,532	55,152	48,041	46,306	48,411	48,111	39,943	42,721	40,074	38,824	32,059	37,811	41,451
Total hotel operating expenses
170,180	169,642	149,129	157,563	165,102	171,234	165,311	176,274	186,945	194,213	170,797	180,318	187,581	188,871	167,761	165,041	174,824	177,937	150,988	157,370	155,064	150,162	133,645	135,978	137,604	138,873	120,782	114,494	119,895	119,954	98,495	105,315	99,786	97,717	77,641	93,720	101,005
Depreciation and amortization
46,318	46,857	45,315	43,690	43,355	44,066	47,263	47,831	48,022	48,841	47,628	45,853	46,208	45,916	42,878	39,148	38,821	39,306	37,760	36,809	40,634	33,427	33,121	31,452	31,480	31,279	30,152	27,710	27,765	27,999	27,808	27,458	26,054	26,329	25,746	26,121	27,482
Real estate taxes, personal property taxes and insurance
17,600	16,308	16,028	15,371	16,663	14,089	16,115	16,383	13,913	16,919	16,191	16,107	17,045	16,352	15,934	14,595	13,878	14,378	14,954	14,751	13,489	12,780	12,354	11,621	11,254	10,865	10,811	8,955	9,199	8,786	8,485	6,018	8,456	8,383	8,040	8,234	6,929
Ground rent (Note 5)
4,790	4,245	3,829	3,722	4,788	3,823	3,385	3,696	4,570	4,108	3,813	3,912	4,491	4,011	3,662	3,648	4,279	3,807	2,933	2,582	3,249	2,791	2,495	1,975	2,627	2,210	1,776	1,859	2,485	2,033	1,343	1,280	1,710	1,432	1,403	1,890	1,504
General and administrative
6,313	6,667	6,516	6,805	6,475	6,917	6,554	6,980	6,076	7,643	5,830	6,256	6,173	6,501	6,267	6,028	6,278	6,034	5,492	5,777	5,513	5,564	5,147	5,134	5,172	4,849	4,614	4,201	4,185	3,928	4,806	7,036	4,180	3,931	3,655	2,263	4,305
Costs related to the Mergers and unsolicited takeover offers (Note 1)
9,917	8,680	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Costs related to unsolicited takeover offer
-	-	2,651	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition transaction costs (Note 3)
-	-	-	-	-	-	-	-	-	-	-	0	55	-3	447	528	0	1,744	107	-41	2,687	0	0	441	156	307	3,594	1,997	153	245	176	977	555	16	1,455	0	-
Other expenses
1,351	1,589	1,220	5,894	3,179	1,559	1,918	771	1,007	2,327	2,178	4,472	9,149	1,259	2,345	539	573	3,050	3,207	5,443	1,749	1,528	641	626	922	918	551	778	668	502	579	747	798	617	1,125	355	1,182
Total operating expenses
256,469	253,988	224,688	233,045	239,562	241,688	240,546	251,935	260,533	274,051	246,437	256,918	270,702	262,907	239,294	229,527	238,653	246,256	215,441	222,691	222,385	206,252	187,403	187,227	189,215	189,301	172,280	159,994	164,350	163,447	141,692	157,258	141,539	138,425	119,065	132,583	142,407
Operating income
41,529	50,621	-1,665	24,465	46,294	65,356	13,859	37,557	66,403	77,036	13,667	37,767	59,008	78,479	11,509	40,280	69,349	66,849	3,423	29,352	47,601	57,308	4,301	28,437	47,782	52,794	39	18,985	34,778	39,103	-3,342	4,488	23,202	27,281	-10,901	20,371	32,027
Interest income
670	569	834	1,160	951	315	142	56	167	1,676	1,654	1,637	1,294	1	6	11	2	10	1,789	2,467	2,448	2,395	2,369	2,397	2,060	16	10	26	8	5	9	48	26	19	33	14	15
Interest expense
10,587	10,458	10,160	10,090	10,026	9,423	9,827	10,094	10,332	11,482	11,867	13,543	13,250	13,895	13,645	13,585	14,499	14,556	13,988	14,999	14,737	13,763	14,017	14,505	14,110	12,503	11,778	10,138	9,856	9,928	9,782	10,131	8,871	8,724	8,774	9,171	9,887
Loss from extinguishment of debt (Note 4)
0	0	0	0	0	0	-1,706	0	0	0	0	-	-	-	-	4,974	0	0	-2,487	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Merger termination fee (Note 1)
112,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Loss) income before income tax expense
-80,388	40,732	-10,991	15,535	37,219	56,248	2,468	27,519	56,238	67,230	3,454	25,030	47,052	64,585	-2,130	26,706	54,852	52,303	-11,263	16,820	35,312	45,940	-7,347	16,329	35,732	40,307	-11,729	8,873	24,930	29,180	-13,115	-5,595	14,357	18,576	-19,642	11,214	22,155
Income tax expense (Note 10)
2,850	4,993	-4,027	-509	1,978	5,003	-4,773	685	3,109	7,610	-5,620	-1,508	-490	5,574	-4,868	818	2,997	4,883	-6,392	-2,011	2,564	4,934	-5,017	2,142	4,943	4,969	-2,992	1,378	3,125	5,069	-2,524	228	2,342	4,216	-1,711	2,007	7,245
(Loss) income before gain on sale of properties
-83,238	35,739	-6,964	16,044	35,241	51,245	7,241	26,834	53,129	59,620	9,074	-	47,542	-	-	-	51,855	47,420	-	-	32,748	41,006	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of properties (Note 3)
0	0	0	0	31	11,156	74,358	-71	104,549	0	0	-	0	-	-	-	49,657	43,548	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,495	21,805	24,111	-10,591	-5,823	12,015	14,360	-17,931	9,207	-
Income from operations of properties disposed of
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	388	760	44	-363	-5,317	4,272	273	-1,730	747	-
Income tax expense (Note 9)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-79	244	18	-150	-630	-482	-55	-484	-176	-
Net income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	467	516	26	-213	-4,687	4,754	328	-1,246	923	-
Net (loss) income
-83,238	35,739	-6,964	16,044	35,272	62,401	81,599	26,763	157,678	59,620	9,074	26,538	47,542	59,011	2,738	25,888	101,512	90,968	-4,871	18,831	32,748	41,006	-2,330	14,187	30,789	35,338	-8,737	7,962	22,321	24,137	-10,804	-10,510	16,769	14,688	-19,177	10,130	14,910
Net income attributable to noncontrolling interests:
Redeemable noncontrolling interest in loss of consolidated entity (Note 3)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-2	-155	-17	9	-28	-2	-13
Noncontrolling interests in consolidated entities
0	8	-	-	0	8	-	-	0	8	-	-	0	8	-	-	0	8	-	-	0	8	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Noncontrolling interests of common units in Operating Partnership (Note 6)
55	61	-2	24	49	83	110	38	203	81	15	32	75	139	15	79	297	266	-6	60	108	135	0	57	116	130	-22	1	0	0	0	-	-	-	-	13	26
Noncontrolling interests of preferred units in Operating Partnership (Notes 2 and 6)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-
Net income attributable to noncontrolling interests
55	69	-	-	49	91	-	-	203	89	-	-	75	147	-	-	297	274	-	-	108	143	-	-	116	130	-	1	0	0	-2	-	-16,786	14,679	-	11	13
Net (loss) income attributable to the Company
-83,293	35,670	-6,962	16,012	35,223	62,310	81,489	26,716	157,475	59,531	9,059	26,498	47,467	58,864	2,723	25,801	101,215	90,694	-4,865	18,762	32,640	40,863	-2,330	14,130	30,673	35,208	-8,715	7,961	22,321	24,137	-10,802	-	-	-	-19,149	10,119	14,897
Distributions to preferred shareholders
4,116	4,115	4,116	4,116	4,116	4,387	5,405	5,404	5,405	4,355	3,042	3,042	3,043	3,042	3,042	3,042	3,042	4,142	4,107	4,107	4,106	4,107	5,065	4,166	4,166	5,999	7,402	7,402	7,402	7,402	7,746	6,688	6,689	6,688	6,689	6,688	6,689
Issuance costs of redeemed preferred shares (Note 6)
0	0	-	-	0	2,401	-	-	0	0	-	-	-	-	-	-	9	942	-	-	0	1,566	-	-	0	-4,417	-	1,462	0	0	-731	0	0	0	0	-	-
Net (loss) income attributable to common shareholders
-87,409	31,555	-11,078	11,896	31,107	55,522	76,084	21,312	152,070	55,176	6,017	23,456	44,424	55,822	-319	22,759	98,164	85,610	-8,972	14,655	28,534	35,190	-7,395	9,964	26,507	24,792	-16,117	559	14,919	16,735	-19,279	-17,043	10,097	7,991	-25,838	3,431	8,208
Earnings per Common Share - Basic (Note 12):
Net income attributable to common shareholders before discontinued operations and excluding amounts attributable to unvested restricted shares, Basic (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.04	0.17	0.20	-0.26	-0.15	0.07	0.11	-0.38	0.04	-
Discontinued operations, Basic (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.01	0.00	0.00	-0.06	0.07	0.00	-0.02	0.01	-
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)
-0.79	0.29	-0.10	0.11	0.27	0.49	0.67	0.19	1.34	0.49	0.05	0.21	0.39	0.49	0.00	0.22	0.94	0.82	-0.09	0.14	0.30	0.37	-0.08	0.11	0.31	0.29	-0.19	0.04	0.18	0.20	-0.26	-0.21	0.14	0.11	-0.40	0.05	0.16
Earnings per Common Share - Diluted (Note 12):
Net income attributable to common shareholders before discontinued operations and excluding amounts attributable to unvested restricted shares, Diluted (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.04	0.17	0.20	-0.26	-0.15	0.07	0.11	-0.38	0.04	-
Discontinued operations, Diluted (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.01	0.00	0.00	-0.06	0.07	0.00	-0.02	0.01	-
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share)
-0.79	0.28	-0.10	0.11	0.27	0.49	0.67	0.19	1.34	0.49	0.05	0.21	0.39	0.49	0.00	0.21	0.94	0.82	-0.09	0.14	0.30	0.37	-0.08	0.11	0.31	0.29	-0.19	0.04	0.18	0.20	-0.26	-0.21	0.14	0.11	-0.40	0.05	0.16
Weighted average number of common shares outstanding:
Basic (in shares)
110,124	110,115	112,163	113,018	113,007	112,951	112,923	112,822	112,811	112,784	112,748	112,633	112,731	112,728	112,647	105,566	103,798	103,698	103,691	101,643	95,890	95,465	95,166	87,203	85,876	85,451	84,499	83,557	84,640	82,220	74,202	72,672	71,246	69,296	64,981	63,002	50,920
Diluted (in shares)
110,124	110,552	112,163	113,424	113,383	113,342	113,306	113,277	113,159	113,113	113,108	113,458	113,137	113,141	112,647	106,333	104,133	104,024	103,691	102,036	96,082	95,630	95,166	87,414	86,056	85,617	84,499	83,978	84,752	82,372	74,202	72,472	71,345	69,398	64,981	63,078	50,999
Comprehensive (Loss) Income:
Net (loss) income
-83,238	35,739	-6,964	16,044	35,272	62,401	81,599	26,763	157,678	59,620	9,074	26,538	47,542	59,011	2,738	25,888	101,512	90,968	-4,871	18,831	32,748	41,006	-2,330	14,187	30,789	35,338	-8,737	7,962	22,321	24,137	-10,804	-10,510	16,769	14,688	-19,177	10,130	14,910
Other comprehensive income:
Unrealized gain (loss) on interest rate derivative instruments (Note 4)
2,280	3,677	8,209	5,849	517	-1,675	1,124	12,891	3,172	-5,971	-14,252	2,935	-4,245	26	-4,398	-5,721	1,551	-4,217	111	-2,128	-2,345	11,081	1,519	-1,299	-3,839	-4,695	0	-	0	0	-	-	-	-	-	-	-
Reclassification adjustment for amounts recognized in net (loss) income (Note 4)
1,078	703	6	-680	-547	-498	-985	-1,478	-1,637	-1,730	-1,780	-1,625	-1,071	-1,069	-1,070	-3,279	-1,113	-1,101	1,083	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Comprehensive (loss) income
-82,036	38,713	1,239	22,573	36,336	61,224	83,708	41,132	162,487	55,379	-3,398	31,098	44,368	60,106	-590	23,446	104,176	87,852	-5,843	20,951	30,403	52,087	-811	14,962	26,950	30,643	-8,737	-	22,321	24,137	-	-	-	-	-	-	-
Comprehensive income attributable to noncontrolling interests:
Redeemable noncontrolling interest in loss of consolidated entity (Note 3)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-
Noncontrolling interests in consolidated entities
0	8	-	-	0	8	-	-	0	8	-	-	0	8	-	-	0	8	-	-	0	8	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Noncontrolling interests of common units in Operating Partnership (Note 6)
57	65	9	31	51	82	112	56	209	76	-1	38	71	144	6	72	305	257	-9	65	101	169	5	62	103	114	-22	-	0	0	-	-	-	-	-	-	-
Comprehensive income attributable to noncontrolling interests
57	73	-	-	51	90	-	-	209	84	-	-	71	152	-	-	305	265	-	-	101	177	-	-	103	114	-	-	0	0	-	-	-	-	-	-	-
Comprehensive (loss) income attributable to the Company
-82,093	38,640	1,230	22,534	36,285	61,134	83,596	41,067	162,278	55,295	-3,397	31,052	44,297	59,954	-596	23,366	103,871	87,587	-5,834	20,877	30,302	51,910	-816	14,900	26,847	30,529	-8,715	-	22,321	24,137	-	-	-	-	-	-	-