LaSalle Hotel Properties (LHO, Financial) filed Quarterly Report for the period ended 2009-03-31.
Lasalle Hotel Properties which intends to operate as a real estate investment trust for federal income tax purposes has been formed to own hotel properties and to continue and expand the hotel investment activities of LaSalle Partners Incorporated and certain of its affiliates collectively LaSalle. LaSalle is an institutionally respected real estate services and investment firm which has extensive experience in the acquisition investment management finance development and disposition of hotel properties. LaSalle Hotel Properties has a market cap of $377.5 million; its shares were traded at around $9.2 with a P/E ratio of 3.1 and P/S ratio of 0.5. The dividend yield of LaSalle Hotel Properties stocks is 1.3%. LaSalle Hotel Properties had an annual average earning growth of 3.1% over the past 10 years.
Depreciation and amortization expense increased $2.9 million from $24.7 million in 2008 to $27.6 million in 2009. This increase includes an amount that is not comparable year-over-year of $1.3 million from Donovan House which re-opened on March 28, 2008 after completion of a comprehensive renovation and repositioning project. The remaining increase of $1.6 million is primarily due to building and land improvements and purchases of furniture, fixtures and equipment across the hotel portfolio during 2009 and 2008.
Real estate taxes, personal property taxes, and insurance expenses had no change from 2008 to 2009, with $8.8 million in both periods. The 2009 period includes an amount that is not comparable year-over-year of $0.4 million from Donovan House which re-opened on March 28, 2008 after completion of a comprehensive renovation and repositioning project. The 2009 period also includes a decrease of $0.7 million from Hotel Sax Chicago due to a decrease in assessment. The remaining increase of $0.3 million is a result of an increase in real estate and personal property taxes of $0.4 million primarily from increases in assessments and rates at certain of the hotel properties, partially offset by a decrease in insurance premiums of $0.1 million across the portfolio.
Interest expense decreased by $1.6 million from $11.5 million in 2008 to $9.9 million in 2009 due to a decrease in the weighted average interest rate, partly offset by an increase in the Companys weighted average debt and a decrease in capitalized interest. The Companys weighted average debt outstanding related to continuing operations increased from $901.4 million in 2008 to $974.6 million in 2009, which includes increases from:
Income tax benefit had no change from 2008 to 2009, with $3.9 million in both periods. For the three months ended March 31, 2009, current federal, state and local income tax expense totaled $0.1 million. LHLs net loss before income tax benefit decreased $1.3 million from $11.4 million in 2008 to $10.1 million in 2009. Accordingly, for the three months ended March 31, 2009, LHL recorded a deferred federal, state and local income tax expense of $4.0 million (using an estimated tax rate of 40.2%).
Distributions to preferred shareholders increased $0.7 million, from $5.6 million in 2008 to $6.3 million in 2009 due to the redemption of the Series C Preferred Units and issuance of Series C Cumulative Redeemable Preferred Shares of Beneficial Interest on February 1, 2009.
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Lasalle Hotel Properties which intends to operate as a real estate investment trust for federal income tax purposes has been formed to own hotel properties and to continue and expand the hotel investment activities of LaSalle Partners Incorporated and certain of its affiliates collectively LaSalle. LaSalle is an institutionally respected real estate services and investment firm which has extensive experience in the acquisition investment management finance development and disposition of hotel properties. LaSalle Hotel Properties has a market cap of $377.5 million; its shares were traded at around $9.2 with a P/E ratio of 3.1 and P/S ratio of 0.5. The dividend yield of LaSalle Hotel Properties stocks is 1.3%. LaSalle Hotel Properties had an annual average earning growth of 3.1% over the past 10 years.
Highlight of Business Operations:
For the first quarter of 2009, the Company had a net loss applicable to common shareholders of $18.9 million, or $0.46 per diluted share. FFO was $8.6 million, or $0.21 per diluted share, and EBITDA was $21.3 million. RevPAR for the hotel portfolio was $104.01, which declined by 11.8% compared to the first quarter of 2008. Average daily rate fell 5.5% to $172.15 and occupancy was down 6.7% to 60.4%, compared to the same period of the prior year. Hotel portfolio revenues declined 9.1% and hotel portfolio expenses were reduced by 7.2% compared to the first quarter of 2008, resulting in a hotel portfolio EBITDA decrease of 16.4%.Depreciation and amortization expense increased $2.9 million from $24.7 million in 2008 to $27.6 million in 2009. This increase includes an amount that is not comparable year-over-year of $1.3 million from Donovan House which re-opened on March 28, 2008 after completion of a comprehensive renovation and repositioning project. The remaining increase of $1.6 million is primarily due to building and land improvements and purchases of furniture, fixtures and equipment across the hotel portfolio during 2009 and 2008.
Real estate taxes, personal property taxes, and insurance expenses had no change from 2008 to 2009, with $8.8 million in both periods. The 2009 period includes an amount that is not comparable year-over-year of $0.4 million from Donovan House which re-opened on March 28, 2008 after completion of a comprehensive renovation and repositioning project. The 2009 period also includes a decrease of $0.7 million from Hotel Sax Chicago due to a decrease in assessment. The remaining increase of $0.3 million is a result of an increase in real estate and personal property taxes of $0.4 million primarily from increases in assessments and rates at certain of the hotel properties, partially offset by a decrease in insurance premiums of $0.1 million across the portfolio.
Interest expense decreased by $1.6 million from $11.5 million in 2008 to $9.9 million in 2009 due to a decrease in the weighted average interest rate, partly offset by an increase in the Companys weighted average debt and a decrease in capitalized interest. The Companys weighted average debt outstanding related to continuing operations increased from $901.4 million in 2008 to $974.6 million in 2009, which includes increases from:
Income tax benefit had no change from 2008 to 2009, with $3.9 million in both periods. For the three months ended March 31, 2009, current federal, state and local income tax expense totaled $0.1 million. LHLs net loss before income tax benefit decreased $1.3 million from $11.4 million in 2008 to $10.1 million in 2009. Accordingly, for the three months ended March 31, 2009, LHL recorded a deferred federal, state and local income tax expense of $4.0 million (using an estimated tax rate of 40.2%).
Distributions to preferred shareholders increased $0.7 million, from $5.6 million in 2008 to $6.3 million in 2009 due to the redemption of the Series C Preferred Units and issuance of Series C Cumulative Redeemable Preferred Shares of Beneficial Interest on February 1, 2009.
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