Ashford Hospitality Prime (AHP) Reports Q1 AFFO of $0.46

Ashford Hospitality Prime (NYSE: AHP) reported Q1 AFFO of $0.46, versus $0.39 reported last year.

• Net loss attributable to common stockholders for the quarter was $1.7 million or $0.07 per diluted share
• Comparable RevPAR for all hotels increased 2.5% to $221.11 during the first quarter
• Comparable RevPAR for all hotels not under renovation increased 5.8% to $284.67 during the first quarter
• Adjusted funds from operations (AFFO) was $0.46 per diluted share for the quarter as compared with $0.39 per diluted share from the prior-year quarter, an increase of 18%
• Adjusted EBITDA was $23.7 million for the quarter
• During the quarter, the Company increased its quarterly common dividend by 33%, from $0.12 per diluted share to $0.16 per diluted share
• During the quarter, the Company announced that it had refinanced three mortgage loans with existing outstanding balances totaling approximately $334 million with a new loan totaling $365 million
• During the quarter, the Company announced it had entered into an amended and restated advisory agreement with Ashford Inc. (NYSE MKT: AINC) to significantly lower the termination fee and address other investor feedback; subject to shareholder approval
• During the quarter, the Company announced it had entered into a settlement agreement with Sessa Capital. As part of the agreement, the Company is adding three new independent directors to its Board, Sessa will not run a slate of director candidates for the Company\'s Board through 2018, and all litigation between the Company and Sessa will be dismissed.
• During the quarter, the Company announced it has entered into a definitive agreement to acquire the 80-room Hotel Yountville in Yountville, CA for $96.5 million ($1,200,000 per key)
• During the quarter, the Company completed its underwritten public offering of 5,750,000 shares of common stock at a price of $12.15 per share
• The Company completed its underwritten public offering of 2,075,000 shares of 5.50% Series B Cumulative Convertible Preferred Stock at a price of $20.19 per share
• During the quarter, the Company completed the acquisition of the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado for $145.5 million ($766,000 per key). Concurrent with the completion of the acquisition, the Company financed the hotel with a $67.5 million non-recourse mortgage loan.
• Capex invested in the quarter was $9.3 million

For earnings history and earnings-related data on Ashford Hospitality Prime (AHP) click here.

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