Ashford Hospitality Trust Reports Second Quarter Results
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Ashford Hospitality Trust Reports Second Quarter Results
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Catégorie : Monde - Économie du secteur -
Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 05-08-2010
Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the second quarter ended June 30, 2010. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company's 101 hotels owned and included in continuing operations as of June 30, 2010. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2010, with the second quarter ended June 30, 2009 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS AND LIQUIDITY
* Unrestricted cash at the end of the quarter was $174.9 million
* RevPAR increased 4.5% for the quarter for the hotels not under renovation
* Operating profit margin increased 195 basis points for all hotels
* Net income attributable to common shareholders was $2.0 million, or $0.06 per diluted share, compared with net loss attributable to common shareholders of $165.9 million, or $2.34 per diluted share, in the prior-year quarter
* Adjusted funds from operations (AFFO) was $0.46 per diluted share
* Fixed charge coverage ratio was 1.76x under the senior credit facility covenant versus a required minimum of 1.25x
CAPITAL ALLOCATION
* Repurchased 2.1 million common shares in the quarter for $16.0 million
* Capex invested in the quarter was $15.3 million and $33.5 million year to date
CAPITAL STRUCTURE
On April 1, 2010, the Company restructured the $156.2 million loan with Aareal Bank AG that is secured by the Hilton LaJolla Torrey Pines and the Capital Hilton held in a joint venture with Hilton Worldwide. The modification provided a full extension of the loan maturity to August 2013 without tests along with reduced cash management provisions in exchange for a principal payment of $2.5 million at closing and another $2.5 million over the next twelve months. The loan was set to mature in August 2011 and had two one-year extension options.
In April 2010, the Company suspended making mortgage payments on the $5.8 million loan set to mature in January 2011 and secured by the Courtyard Hartford – Manchester in Manchester, Connecticut. The Company intends to restructure the loan with the special servicer.
SUBSEQUENT EVENTS
On July 9, 2010, the Company restructured the $52.5 million loan with Capmark Bank that is secured by the JW Marriott San Francisco. The modification provides a full extension of the loan maturity to March 2013 without tests and maintains the interest rate at 375 basis points over LIBOR (LIBOR floor of 2.5%) in exchange for a principal payment of $5.0 million at closing. The loan was set to mature in March 2011 and had two one-year extension options.
On July 9, 2010, the Company and Prudential Real Estate Investors ("PREI") participated in a discounted purchase of a partial interest in an existing mezzanine loan tranche associated with JER Partner's 2007 privatization of the Highland Hospitality portfolio. Ashford contributed $15 million to this investment, which is more senior in the capital stack, and is a strategic complement to the Company's existing joint venture investment made with Prudential in 2008.
PORTFOLIO REVPAR
As of June 30, 2010, the Company had a portfolio of direct hotel investments consisting of 101 properties classified in continuing operations. During the second quarter, 98 of the hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for continuing operations on a proforma total basis (all 101 hotels) and proforma not-under-renovation basis (98 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its direct hotel portfolio. The Company's reporting by region and brand includes the results of all 101 hotels in continuing operations. Details of each category are provided in the tables attached to this release.
* Proforma RevPAR increased 4.5% for hotels not under renovation on a 3.4% decrease in ADR to $124.25 and a 561 basis point increase in occupancy
* Proforma RevPAR increased 3.9% for all hotels on a 3.1% decrease in ADR to $126.80 and a 502 basis point increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
For the 98 hotels as of June 30, 2010, that were not under renovation, Proforma Hotel EBITDA increased 11.5% to $61.8 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 166 basis points to 27.6%. For all 101 hotels included in continuing operations as of June 30, 2010, Proforma Hotel EBITDA increased 12.2% to $68.7 million and Hotel EBITDA margin increased 195 basis points to 28.3%.
Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel EBITDA margin for the current and certain prior-year periods based upon the number of core hotels in the portfolio as of the end of the current period. As Ashford's portfolio mix changes from time to time so will the seasonality for Proforma Hotel EBITDA and Proforma Hotel EBITDA margin. The details of the quarterly calculations for the previous four quarters for the current portfolio of 101 hotels included in continuing operations are provided in the tables attached to this release.
Monty J. Bennett, Chief Executive Officer, commented, "We were able to capitalize on improved hotel industry RevPAR trends to deliver our highest quarterly AFFO per share ever on the strength of a dramatic improvement in hotel operating margins and a highly accretive stock repurchase strategy. With nearly $500 million of new financings, modifications or restructurings completed in the last two years and continued benefits from our interest rate strategy, we are a much stronger company today."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, August 5, 2010, at 12 p.m. ET. The number to call for this interactive teleconference is (212) 231-2901 begin_of_the_skype_highlighting (212) 231-2901 end_of_the_skype_highlighting. A replay of the conference call will be available through Thursday, August 12, 2010, by dialing (402) 977-9140 begin_of_the_skype_highlighting (402) 977-9140 end_of_the_skype_highlighting and entering the confirmation number, 21463979.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2010 earnings release conference call. The live broadcast of Ashford's quarterly conference call will be available online at the Company's website at www.ahtreit.com on Thursday, August 5, 2010, beginning at 12 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel Operating Profit. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. Neither FFO, AFFO, EBITDA, nor Hotel Operating Profit represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, and Hotel Operating Profit to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.
* * * * *
Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, second mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company's web site at www.ahtreit.com.
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the timing for closing, the impact of the transaction on our business and future financial condition, our business and investment strategy, our understanding of our competition and current market trends and opportunities and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
June 30,
December 31,
2010
2009
(Unaudited)
ASSETS
Investment in hotel properties, net
$ 3,323,468
$ 3,383,759
Cash and cash equivalents
174,852
165,168
Restricted cash
72,230
77,566
Accounts receivable, net
43,270
31,503
Inventories
2,923
2,975
Notes receivable
35,627
55,655
Investment in unconsolidated joint ventures
21,666
20,736
Assets held for sale
5,100
-
Deferred costs, net
20,259
20,960
Prepaid expenses
16,143
13,234
Interest rate derivatives
124,884
94,645
Other assets
3,034
3,471
Intangible assets, net
2,944
2,988
Due from third-party hotel managers
40,731
41,838
Total assets
$ 3,887,131
$ 3,914,498
LIABILITIES AND EQUITY
Liabilities
Indebtedness
$ 2,769,024
$ 2,772,396
Capital leases payable
60
83
Accounts payable and accrued expenses
107,549
91,387
Dividends payable
5,566
5,566
Unfavorable management contract liabilities
17,375
18,504
Due to related parties
1,431
1,009
Due to third-party hotel managers
2,723
1,563
Other liabilities
7,786
7,932
Total liabilities
2,911,514
2,898,440
Series B-1 Cumulative Convertible Redeemable Preferred stock,
7,447,865 issued and outstanding
75,000
75,000
Redeemable noncontrolling interests in operating partnership
102,771
85,167
Equity:
Shareholders' equity of the Company
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A Cumulative Preferred Stock, 1,487,900 shares issued and
outstanding at June 30, 2010 and December 31, 2009
15
15
Series D Cumulative Preferred Stock, 5,666,797 shares issued and
outstanding at June 30, 2010 and December 31, 2009
57
57
Common stock, $0.01 par value, 200,000,000 shares authorized,
123,026,246 shares issued, 51,137,900 shares and 57,596,878 shares
outstanding at June 30, 2010 and December 31, 2009
1,230
1,227
Additional paid-in capital
1,439,819
1,436,009
Accumulated other comprehensive loss
(908)
(897)
Accumulated deficit
(431,428)
(412,011)
Treasury stock, at cost (71,888,346 shares and 65,151,981 shares at
June 30, 2010 and December 31, 2009)
(228,296)
(186,424)
Total shareholders' equity of the Company
780,489
837,976
Noncontrolling interests in consolidated joint ventures
17,357
17,915
Total equity
797,846
855,891
Total liabilities and equity
$ 3,887,131
$ 3,914,498
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2010
2009
2010
2009
(Unaudited)
REVENUE
Rooms
178,685
$ 171,551
$ 341,007
$ 340,915
Food and beverage
47,862
44,188
89,485
89,544
Rental income from operating leases
1,454
1,405
2,542
2,594
Other
10,993
11,360
21,543
22,971
Total hotel revenue
238,994
228,504
454,577
456,024
Interest income from notes receivable
346
2,421
683
8,636
Asset management fees and other
137
205
212
379
Total Revenue
239,477
231,130
455,472
465,039
EXPENSES
Hotel operating expenses
Rooms
40,879
38,953
79,077
76,667
Food and beverage
32,134
30,734
61,907
62,611
Other direct
6,585
6,338
12,302
12,425
Indirect
68,128
67,097
130,965
133,085
Management fees
9,461
9,107
18,289
18,208
Total hotel operating expenses
157,187
152,229
302,540
302,996
Property taxes, insurance, and other
14,079
15,547
28,996
29,331
Depreciation and amortization
36,129
38,169
73,205
78,494
Impairment charges
(1,188)
129,456
(1,957)
129,456
Corporate general and administrative:
Stock/unit-based compensation
2,067
1,201
3,239
2,757
Other general and administrative
6,256
5,710
11,742
11,000
Total Operating Expenses
214,530
342,312
417,765
554,034
OPERATING INCOME (LOSS)
24,947
(111,182)
37,707
(88,995)
Equity in earnings of unconsolidated joint ventures
664
617
1,322
1,221
Interest income
51
92
112
197
Other income
15,652
11,214
31,171
21,912
Interest expense
(36,569)
(34,035)
(72,461)
(67,975)
Amortization of loan costs
(1,328)
(1,972)
(2,998)
(4,002)
Write-off of premiums, loan costs, premiums and exit fees, net
-
930
Unrealized gain (loss) on derivatives
16,534
(37,723)
30,442
(19,691)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
19,951
(172,989)
25,295
(156,403)
Income tax expense
(424)
(91)
(409)
(259)
INCOME (LOSS) FROM CONTINUING OPERATIONS
19,527
(173,080)
24,886
(156,662)
Loss from discontinued operations
(12,025)
(11,131)
(12,159)
(14,037)
NET INCOME (LOSS)
7,502
(184,211)
12,727
(170,699)
Loss from consolidated joint ventures attributable to noncontrolling interests
427
450
1,129
153
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
(1,129)
22,702
(1,921)
21,144
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
6,800
(161,059)
11,935
(149,402)
Preferred dividends
(4,831)
(4,831)
(9,661)
(9,661)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
$ 1,969
$ (165,890)
$ 2,274
$ (159,063)
INCOME PER SHARE:
Basic
Income (loss) from continuing operations attributable to common shareholders
$ 0.23
$ (2.20)
$ 0.23
$ (1.94)
Loss from discontinued operations attributable to common shareholders
(0.19)
(0.14)
(0.19)
(0.16)
Net income (loss) attributable to common shareholders
$ 0.04
$ (2.34)
$ 0.04
$ (2.10)
Diluted
Income (loss) from continuing operations attributable to common shareholders
$ 0.22
$ (2.20)
$ 0.23
$ (1.94)
Loss from discontinued operations attributable to common shareholders
(0.16)
(0.14)
(0.19)
(0.16)
Net income (loss) attributable to common shareholders
$ 0.06
$ (2.34)
$ 0.04
$ (2.10)
Weighted average common shares outstanding – basic
50,716
70,882
51,953
75,685
Weighted average common shares outstanding – diluted
72,981
70,882
51,953
75,685
Amounts attributable to common shareholders:
Income (loss) from continuing operations, net of tax
$ 16,821
$ (151,304)
$ 22,070
$ (137,067)
Loss from discontinued operations, net of tax
(10,021)
(9,755)
(10,135)
(12,335)
Preferred dividends
(4,831)
(4,831)
(9,661)
(9,661)
Net income (loss) attributable to common shareholders
$ 1,969
$ (165,890)
$ 2,274
$ (159,063)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
(in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2010
2009
2010
2009
(Unaudited)
(Unaudited)
Net income (loss)
$ 7,502
$ (184,211)
$ 12,727
$ (170,699)
Loss from consolidated joint ventures attributable to noncontrolling interests
427
450
1,129
153
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
(1,129)
22,702
(1,921)
21,144
Net income (loss) attributable to the Company
6,800
(161,059)
11,935
(149,402)
Interest income
(51)
(91)
(111)
(191)
Interest expense and amortization of loan costs
37,436
36,090
74,541
72,162
Depreciation and amortization
35,322
37,783
71,640
78,426
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
1,129
(22,702)
1,921
(21,144)
Income tax expense
436
172
421
393
EBITDA
81,072
(109,807)
160,347
(19,756)
Amortization of unfavorable management contract liabilities
(564)
(564)
(1,129)
(1,129)
Write-off of loan costs, premiums and exit fees, net (1)
-
-
-
(930)
Income from interest rate derivatives (2)
(15,707)
(11,157)
(31,241)
(21,924)
Impairment charges
10,880
140,327
10,112
140,327
Unrealized (gain) loss on derivatives
(16,534)
37,723
(30,442)
19,691
Adjusted EBITDA
$ 59,147
$ 56,522
$ 107,647
$ 116,279
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO")
(in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2010
2009
2010
2009
(Unaudited)
(Unaudited)
Net income (loss)
$ 7,502
$ (184,211)
$ 12,727
$ (170,699)
Loss from consolidated joint ventures attributable to noncontrolling interests
427
450
1,129
153
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
(1,129)
22,702
(1,921)
21,144
Preferred dividends
(4,831)
(4,831)
(9,661)
(9,661)
Net income (loss) attributable to common shareholders
1,969
(165,890)
2,274
(159,063)
Depreciation and amortization on real estate
35,255
37,713
71,505
78,279
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
1,129
(22,702)
1,921
(21,144)
FFO available to common shareholders
38,353
(150,879)
75,700
(101,928)
Dividends on convertible preferred stock
1,043
1,043
2,085
2,085
Write-off of loan costs, premiums and exit fees, net (1)
-
-
-
(930)
Impairment charges
10,880
140,327
10,112
140,327
Unrealized (gain) loss on derivatives
(16,534)
37,723
(30,442)
19,691
Adjusted FFO
$ 33,742
$ 28,214
$ 57,455
$ 59,245
Adjusted FFO per diluted share available to common shareholders
$ 0.46
$ 0.31
$ 0.77
$ 0.61
Weighted average diluted shares
73,638
92,284
74,773
96,829
(1) The amounts include write-off of debt premiums of $1,341 for the refinancing of a mortgage loan for the six months ended June 30, 2009
(2) Income from interest rate derivatives is excluded from the adjusted EBITDA calculations for all periods presented.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
DEBT SUMMARY
JUNE 30, 2010
(dollars in thousands)
(Unaudited)
Fixed-Rate
Floating-Rate
Total
Indebtedness
Collateral
Maturity
Interest Rate
Debt
Debt
Debt
Mortgage loan
5 hotels
December 2010
LIBOR + 1.72%
$ -
$ 203,400
(1)
$ 203,400
Mortgage loan
1 hotel
January 2011
8.32%
5,775
(2)
-
5,775
Senior credit facility
Notes receivable
April 2011
LIBOR + 2.75% to 3.5%
-
250,000
(1) (3)
250,000
Mortgage loan
10 hotels
May 2011
LIBOR + 1.65%
-
167,202
(1)
167,202
Mortgage loan
1 hotel
March 2012
LIBOR + 4%
-
60,800
(4)
60,800
Mortgage loan
1 hotel
March 2013
Greater of 6.25% or LIBOR + 3.75%
-
52,500
(5)
52,500
Mortgage loan
2 hotel
August 2013
LIBOR + 2.75%
-
153,100
(6)
153,100
Mortgage loan
1 hotel
December 2014
Greater of 5.5% or LIBOR + 3.5%
-
19,740
19,740
Mortgage loan
8 hotels
December 2014
5.75%
109,925
-
109,925
Mortgage loan
1 hotel
January 2015
7.78%
4,057
-
4,057
Mortgage loan
10 hotels
July 2015
5.22%
160,490
-
160,490
Mortgage loan
8 hotels
December 2015
5.70%
100,576
-
100,576
Mortgage loan
5 hotels
December 2015
12.26%
142,573
-
142,573
Mortgage loan
5 hotels
February 2016
5.53%
115,645
-
115,645
Mortgage loan
5 hotels
February 2016
5.53%
95,905
-
95,905
Mortgage loan
5 hotels
February 2016
5.53%
83,075
-
83,075
Mortgage loan
1 hotel
December 2016
5.81%
101,000
(7)
-
101,000
Mortgage loan
1 hotel
April 2017
5.91%
35,000
-
35,000
Mortgage loan
2 hotels
April 2017
5.95%
128,251
-
128,251
Mortgage loan
3 hotels
April 2017
5.95%
260,980
-
260,980
Mortgage loan
5 hotels
April 2017
5.95%
115,600
-
115,600
Mortgage loan
5 hotels
April 2017
5.95%
103,906
-
103,906
Mortgage loan
5 hotels
April 2017
5.95%
158,105
-
158,105
Mortgage loan
7 hotels
April 2017
5.95%
126,466
-
126,466
TIF loan
1 hotel
June 2018
12.85%
8,098
-
8,098
Mortgage loan
1 hotel
April 2034
Greater of 6% or Prime + 1%
-
6,855
6,855
Total debt
$ 1,855,427
$ 913,597
$ 2,769,024
Percentage
67.0%
33.0%
100.0%
Weighted average interest rate at June 30, 2010
6.31%
3.07%
5.24%
Total debt with the effect of interest rate swap
$ 55,427
$ 2,713,597
$ 2,769,024
Percentage with the effect of interest rate swap
2.0%
98.0%
100.0%
Weighted average interest rate with the effect of interest rate swap
2.92%
(8)
3.07%
(8)
2.97%
(8)
(1) Each of these loans has a one-year extension option as of June 30, 2010.
(2) We are currently working with the loan servicer for an extension or a restructure of the loan.
(3) Based on the debt-to-assets ratio defined in the loan agreement, interest rate on this debt was at LIBOR plus 3% as of June 30, 2010.
(4) This loan has two one-year extension options remaining as of June 30, 2010.
(5) This loan was modified effective July 7, 2010 to its fully extended maturity of March 2013 in exchange for a principal payment of $5.0 million.
(6) This loan was modified effective April 1, 2010 to its fully extended maturity of August 2013 without any extension tests.
(7) We are currently working with the lender for a deed-in-lieu of foreclosure.
(8) These rates are calculated assuming the LIBOR rate stays at the June 30, 2010 level and with the effect of our interest rate derivatives.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
DEBT BY MATURITY ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE EXERCISED
JUNE 30, 2010
(in thousands)
(Unaudited)
2010
2011
2012
2013
2014
Thereafter
Total
Mortgage loan secured by 10 hotel properties, Wachovia Floater
$-
$ -
$167,202
$ -
$ -
$ -
$167,202
Mortgage loan secured by five hotel properties
-
203,400
-
-
-
-
203,400
Mortgage loan secured by Manchester Courtyard
-
5,775
(1)
-
-
-
-
5,775
Secured credit facility
-
$250,000
(2)
-
-
-
-
250,000
Mortgage loan secured by JW Marriott San Francisco
-
-
-
52,500
(3)
-
-
52,500
Mortgage loan secured by two hotel properties
-
-
-
153,100
-
-
153,100
Mortgage loan secured by Arlington Marriott
-
-
-
-
60,800
-
60,800
Mortgage loan secured by El Conquistador Hilton
-
-
-
-
19,740
-
19,740
Mortgage loan secured by eight hotel properties, UBS Pool 1
-
-
-
-
109,925
-
109,925
Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1
-
-
-
-
-
160,490
160,490
Mortgage loan secured by eight hotel properties, UBS Pool 2
-
-
-
-
-
100,576
100,576
Mortgage loan secured by five hotel properties
-
-
-
-
-
142,573
142,573
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2
-
-
-
-
-
115,645
115,645
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3
-
95,905
95,905
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7
-
83,075
83,075
Mortgage loan secured by Westin O'Hare
-
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