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LaSalle Hotel Properties
3 Bethesda Metro Center, Suite 1200
Bethesda, MD 20814
Ph. (301) 941-1500
Fax (301) 941-1553
LASALLE HOTEL PROPERTIES REPORTS FOURTH QUARTER
AND FULL YEAR 2008 RESULTS
BETHESDA, MD, February 19, 2009 LaSalle Hotel Properties (NYSE: LHO) today reported net income to common shareholders of $10.6 million, or $0.25 per diluted share for the year ended December 31, 2008, compared to net income of $61.5 million, or $1.53 per diluted share for the prior year. Net income for 2008 includes the $4.3 million final settlement expense related to the Meridien litigation. Net income for 2007 includes the $30.4 million net gain on sale of the LaGuardia Marriott and the $3.9 million write-off of the non-cash costs associated with the initial issuance of the Companys Series A Preferred Shares, which were redeemed by the Company in March 2007.
For the year ended December 31, 2008, the Company generated funds from operations (FFO) of $117.1 million versus $123.4 million for the same period of 2007. On a per diluted share basis, FFO for 2008 was $2.90 versus $3.07 for the prior year. FFO for 2008 was reduced by the $4.3 million settlement expense related to the Meridien litigation and FFO for 2007 was reduced by the $3.9 million non-cash write-off of the Series A Preferred Shares.
The Companys earnings before interest, taxes, depreciation and amortization (EBITDA) for 2008 was $192.0 million as compared to $237.8 million for 2007. EBITDA for 2008 includes the $4.3 million settlement expense related to the Meridien litigation. EBITDA for 2007 includes the $30.4 million net gain on sale of the LaGuardia Marriott.
Though 2008 was a difficult year and 2009 is shaping up to be even more challenging, we continue to be confident about the long term value creation opportunities to be harvested from our portfolio by our corporate and property teams, once the economy recovers, said Jon Bortz, Chairman and Chief Executive Officer of LaSalle Hotel Properties. We have consistently and prudently invested in our hotels, positioning them to outperform in any part of the economic cycle. Additionally, our properties are primarily located in cities that have proven to be 24-hour markets with high barriers to entry and multiple demand generators which outperform over the long term. And we have a balance sheet that will serve us well through this tough economic environment.
The following information was filed by Lasalle Hotel Properties (LHO) on Friday, February 20, 2009 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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