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Esh Hospitality, Inc. (1507563) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Esh Hospitality, Inc.

CIK: 1507563
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EXTENDED STAY AMERICA ANNOUNCES FIRST QUARTER 2018 RESULTS
-Net Income of $31.1 million
-Adjusted EBITDA1 of $132.2 million
-Comparable system-wide RevPAR grows 3.7%
-Increases distribution 4.8% to $0.22 per Paired Share
-Completes sale of Austin hotel for $44.8 million

CHARLOTTE, N.C. - April 26, 2018
(GlobeNewswire) - Extended Stay America, Inc. and ESH Hospitality, Inc. (NYSE:STAY) (together, the “Company”) today announced consolidated results for the quarter ended March 31, 2018.
First Quarter 2018 Highlights
Total revenues grew 2.3% to $297.8 million
Comparable system-wide Revenue Per Available Room (“RevPAR”) grew 3.7% to $47.50
Adjusted EBITDA increased 2.0% to $132.2 million
Adjusted Funds From Operations ("Adjusted FFO")1 of $0.42 per diluted Paired Share, an increase of 18.2%
Adjusted Paired Share Income1 of $0.19 per diluted Paired Share, an increase of 33.5%

Extended Stay America’s President and Chief Executive Officer, Jonathan Halkyard, commented, “We delivered a strong performance during the first quarter, despite a negative impact from the Easter holiday shift, allowing us to grow Adjusted EBITDA and RevPAR for the quarter. Year to date, we have made significant progress on our growth strategy, “ESA 2.0”, having sold 26 hotels at attractive multiples, received commitments for 15 new ESA hotels, are in active negotiations to sell up to another 45 hotels and acquired sites for our own development.”

Mr. Halkyard continued, “Additionally, this is the fourth consecutive year as a public company that we have increased our combined quarterly dividend to shareholders, despite having sold 84 hotels over that time period. This dividend raise, combined with an increase in the pace of Paired Share repurchases, highlight that returning capital to shareholders is a top priority for our Company.”

Financial and Operating Results
Total revenues for the three months ended March 31, 2018 were $297.8 million, an increase of 2.3% over the same period in 2017. The increase in total revenues was driven by an increase in RevPAR, partially offset by hotel dispositions in 2017 and in 2018.

Comparable system-wide RevPAR for the three months ended March 31, 2018 grew 3.7% over the same period in 2017, driven by an improvement in average daily rate (“ADR”) of 4.0%, partially offset by a 20 basis point decline in occupancy to 70.3% driven by the Easter calendar shift. Comparable company owned hotel RevPAR increased 3.8% during the quarter to $47.92, driven by an
                                                     
1 See “Disclosure Regarding Non-GAAP Financial Measures” for an explanation of non-GAAP measures included in this release (i.e., Hotel Operating Profit, Hotel Operating Margin, EBITDA, Adjusted EBITDA, Funds Ffrom Operations ("FFO"), Adjusted FFO, Adjusted FFO per diluted Paired Share, Paired Share Income, Adjusted Paired Share Income and Adjusted Paired Share Income per diluted Paired Share).


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The following information was filed by Esh Hospitality, Inc. on Thursday, April 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parenthetical)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Cash Flows (unaudited) (parenthetical)
Condensed Consolidated Statements Of Changes In Equity (unaudited)
Condensed Consolidated Statements Of Changes In Equity (unaudited) (parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (unaudited)
Condensed Consolidated Statements Of Comprehensive Income (unaudited) (parenthetical)
Condensed Consolidated Statements Of Operations (unaudited)
Business, Organization And Basis Of Consolidation
Business, Organization And Basis Of Consolidation - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Debt
Debt (company's Outstanding Debt) (detail)
Debt (future Maturities Of Debt) (detail)
Debt (summary Of Components Of Interest Expense) (details)
Debt (tables)
Debt - Additional Information (detail)
Derivative Instruments
Derivative Instruments (schedule Of Derivative Instruments) (details)
Derivative Instruments (tables)
Derivative Instruments - Additional Information (details)
Equity-based Compensation
Equity-based Compensation (performance-based Awards) - Additional Information (detail)
Equity-based Compensation (tables)
Equity-based Compensation - Additional Information (detail)
Equity-based Compensation - Schedule Of Unrecognized Compensation Cost (details)
Equity-based Compensation - Summary Of Key Assumptions Used For Fair Value (details)
Equity-based Compensation - Summary Of Restricted Stock Award And Restricted Stock Unit Activity (detail)
Hotel Dispositions
Hotel Dispositions (tables)
Hotel Dispositions - Additional Information (details)
Hotel Dispositions - Summary Of Hotel Dispositions (details)
Hotel Dispositions - Summary Of Total Revenues And Expenses (details)
Income Taxes
Income Taxes - Additional Information (detail)
Net Income (loss) Per Share
Net Income (loss) Per Share (tables)
Net Income (loss) Per Share - Calculations Of Basic And Diluted Net Income Per Share, Including A Reconciliation Of Numerators And Denominators (detail)
Property And Equipment
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Property And Equipment - Net Investment In Property And Equipment (detail)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Additional Information (detail)
Related Party Transactions - Schedule Of Related Party Transaction Balances (details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (tables)
Revenue From Contracts With Customers - Additional Information (details)
Revenue From Contracts With Customers - Disaggregation By Booking Source (details)
Revenue From Contracts With Customers - Disaggregation By Length Of Guest Stay (details)
Segments
Segments (tables)
Segments - Schedule Of Assets And Capital Expenditures Of Operating Segments (details)
Segments - Schedule Of Operating Segments Evaluated On Income From Operations (details)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
CIK: 1507563
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-18-005128
Submitted to the SEC: Thu Apr 26 2018 4:55:49 PM EST
Accepted by the SEC: Thu Apr 26 2018
Period: Saturday, March 31, 2018
Industry: Hotels And Motels

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