Lasalle Hotel Properties (LHO) Reports Q1 Adj. FFO of $0.45

Lasalle Hotel Properties (NYSE: LHO) reported Q1 Adj. FFO of $0.45. Revenue for the quarter came in at $254.4 million versus the consensus estimate of $254.45 million.

First Quarter Results

• Net Income: The Company’s net income attributable to common shareholders was $76.1 million, which increased 1,168.3% from the first quarter of 2016, due in part to $74.4 million in combined gains relating to the sales of Hotel Deca, Lansdowne Resort, and Alexis Hotel.
• RevPAR: The Company’s RevPAR increased 1.4% to $177.56, driven by 1.2% growth in average daily rate to $228.39 and a 0.2% gain in occupancy to 77.7%.
• Hotel EBITDA Margin: The Company’s hotel EBITDA margin expanded by 50 basis points from the comparable prior year period to 27.5%. The Company’s hotel expenses declined by 1.1% from the first quarter of 2016.
• Adjusted EBITDA: The Company’s adjusted EBITDA was $61.8 million, a decrease of $3.2 million from the first quarter of 2016. First quarter 2016 adjusted EBITDA included $6.1 million from three assets the Company sold in July 2016 and January 2017: Indianapolis Marriott Downtown, the mezzanine loan on Shutters on the Beach and Casa Del Mar, and Hotel Deca.
• Adjusted FFO: The Company generated adjusted FFO of $51.3 million, or $0.45 per diluted share/unit, compared to $55.6 million, or $0.49 per diluted share/unit, for the comparable prior year period.

For earnings history and earnings-related data on Lasalle Hotel Properties (LHO) click here.

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