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Lasalle Hotel Properties (LHO) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

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Lasalle Hotel Properties

HISTORY TOOLS
CIK: 1053532 Ticker: LHO


Exhibit 99.1
lhologo2018q2.jpg
 
 
 
 
 
 
 
 
News Release

LASALLE HOTEL PROPERTIES REPORTS SECOND QUARTER 2018 RESULTS

Special Meeting to Approve Merger with Blackstone Scheduled for September 6, 2018

BETHESDA, MD, August 9, 2018 -- LaSalle Hotel Properties (NYSE: LHO) (“LaSalle” or the “Company”) today announced results for the quarter ended June 30, 2018. The Company’s results are summarized below.
 
Second Quarter
 
Year-to-Date
 
2018
 
2017
 
% Var.
 
2018
 
2017
 
% Var.
 
(dollars in millions except per share/unit data)
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common shareholders(1)
$
31.6

 
$
55.5

 
-43.1
 %
 
$
20.5

 
$
131.6

 
-84.4
 %
Net income attributable to common shareholders per diluted share(1)
$
0.28

 
$
0.49

 
-42.9
 %
 
$
0.18

 
$
1.16

 
-84.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
RevPAR(2)
$
230.96

 
$
227.18

 
1.7
 %
 
$
198.28

 
$
203.13

 
-2.4
 %
Hotel EBITDAre Margin(2)
37.4
%
 
38.0
%
 
 
 
31.6
%
 
33.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDAre(2)
$
107.9

 
$
110.4

 
-2.3
 %
 
$
155.5

 
$
172.2

 
-9.7
 %
Note: Second quarter 2017 included $3.7 million and year-to-date 2017 included $7.3 million of adjusted EBITDAre for assets that the Company sold in 2017.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted FFO attributable to common shareholders and unitholders(2)
$
88.3

 
$
91.5

 
-3.5
 %
 
$
125.6

 
$
142.8

 
-12.0
 %
Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit(2)
$
0.80

 
$
0.81

 
-1.2
 %
 
$
1.12

 
$
1.26

 
-11.1
 %
(1) 2017 year-to-date net income included $85.5 million of gains from the sales of Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton, and Westin Philadelphia.
(2) See the discussion of non-GAAP measures and the tables later in this press release for reconciliations from net income to such measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA for real estate (“EBITDAre”), adjusted funds from operations (“FFO”), and pro forma hotel EBITDAre. Room revenue per available room (“RevPAR”) is presented on a pro forma basis to reflect hotels in the Company’s current portfolio. See “Statistical Data for the Hotels - Pro Forma” later in this press release.


Michael D. Barnello, President and Chief Executive Officer of LaSalle said, “Our second quarter results exceeded our expectations, as the industry and our portfolio benefitted from strong lodging demand. LaSalle took an important step this quarter to maximize shareholder value by entering into a definitive agreement to be acquired by Blackstone in an all-cash transaction. The transaction followed a thorough review of strategic alternatives and we believe it represents a compelling opportunity for LaSalle’s shareholders, delivering a significant premium with immediate and certain cash value.”



1

The following information was filed by Lasalle Hotel Properties (LHO) on Thursday, August 9, 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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Definitive Proxy Statement (Form DEF 14A)
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Lasalle Hotel Properties's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
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  • Peers / Competitors

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Inside Lasalle Hotel Properties's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations And Comprehensive Income
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies Future Minimum Rent Payments (Details)
Commitments And Contingencies Ground, Land And Building, And Air Rights Leases (Narrative) (Details)
Commitments And Contingencies Ground, Land And Building, And Air Rights Leases - Capital Leases (Details)
Commitments And Contingencies Ground, Land And Building, And Air Rights Leases - Operating Leases (Details)
Commitments And Contingencies Reserve Funds For Future Capital Expenditures (Narrative) (Details)
Commitments And Contingencies Restricted Cash Reserves (Narrative) (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share Schedule Of Computation Of Basic And Diluted Earnings Per Common Share (Details)
Equity
Equity (Tables)
Equity Common Dividends (Details)
Equity Common Dividends (Narrative) (Details)
Equity Common Shares Of Beneficial Interest (Narrative) (Details)
Equity Incentive Plan
Equity Incentive Plan (Narrative) (Details)
Equity Incentive Plan (Tables)
Equity Incentive Plan Nonvested Share Awards With Market Or Performance Conditions (Assumptions For Performance Measure) (Details)
Equity Incentive Plan Nonvested Share Awards With Market Or Performance Conditions (Narrative) (Details)
Equity Incentive Plan Nonvested Share Awards With Market Or Performance Conditions (Summary Of Nonvested Share Awards) (Details)
Equity Incentive Plan Nonvested Share Awards With Service Conditions (Details)
Equity Incentive Plan Nonvested Share Awards With Service Conditions (Narrative) (Details)
Equity Noncontrolling Interest Of Common Units In Operating Partnership (Narrative) (Details)
Equity Preferred Dividends (Details)
Equity Preferred Shares (Narrative) (Details)
Equity Preferred Shares Outstanding (Details)
Equity Treasury Shares (Narrative) (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements Financial Instruments Not Measured At Fair Value (Narrative) (Details)
Fair Value Measurements Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements Schedule Of Fair Value And Carrying Value Of Financial Instruments (Details)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Tables)
Income Taxes Schedule Of Income Tax Expense (Benefit) (Details)
Investment In Hotel Properties
Investment In Hotel Properties (Details)
Investment In Hotel Properties (Narrative) (Details)
Investment In Hotel Properties (Tables)
Investment In Hotel Properties Dispositions (Narrative) (Details)
Lhl
Lhl (Tables)
Lhl Schedule Of Other Indirect Hotel Operating Expenses (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt Credit Facilities (Narrative) (Details)
Long-Term Debt Derivative And Hedging Activities (Details)
Long-Term Debt Derivative And Hedging Activities (Narrative) (Details)
Long-Term Debt Extinguishment Of Debt (Narrative) (Details)
Long-Term Debt Future Scheduled Debt Principal Payments (Details)
Long-Term Debt Summary (Details)
Long-Term Debt Summary Of Schedule Of Interest Expense And Weighted Average Interest Rates (Details)
Long-Term Debt Term Loans (Narrative) (Details)
Organization
Organization (Narrative) (Details)
Revenues
Revenues (Details)
Revenues (Narrative) (Details)
Revenues (Tables)
Subsequent Events
Subsequent Events (Narrative) (Details)
Subsequent Events (Tables)
Subsequent Events Dividends (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies Investment In Hotel Properties (Narrative) (Details)
Summary Of Significant Accounting Policies Recently Issued Accounting Pronouncements (Narrative) (Details)
Summary Of Significant Accounting Policies Share-Based Compensation (Narrative) (Details)
Supplemental Information To Statements Of Cash Flows
Supplemental Information To Statements Of Cash Flows (Details)
Supplemental Information To Statements Of Cash Flows (Tables)

Material Contracts, Statements, Certifications & more

Lasalle Hotel Properties provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: LHO
CIK: 1053532
Form Type: 10-Q Quarterly Report
Accession Number: 0001053532-18-000047
Submitted to the SEC: Thu Aug 09 2018 8:16:09 AM EST
Accepted by the SEC: Thu Aug 09 2018
Period: Saturday, June 30, 2018
Industry: Real Estate Investment Trusts

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