LaSalle Hotel Properties (LHO, Financial) filed Quarterly Report for the period ended 2010-06-30.
Lasalle Hotel Properties has a market cap of $1.54 billion; its shares were traded at around $22.08 with a P/E ratio of 9.3 and P/S ratio of 2.6. The dividend yield of Lasalle Hotel Properties stocks is 0.2%. Lasalle Hotel Properties had an annual average earning growth of 2.4% over the past 10 years.LHO is in the portfolios of Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC, Diamond Hill Capital of Diamond Hill Capital Management Inc, Manning & Napier Advisors, Inc, Steven Cohen of SAC Capital Advisors.
Interest expense decreased by $1.2 million from $9.9 million in 2009 to $8.7 million in 2010 due to a decrease in the Companys weighted average debt, partly offset by an increase in the weighted average interest rate. The Companys weighted average debt outstanding decreased from $860.8 million in 2009 to $629.1 million in 2010, which includes paydowns on outstanding debt with proceeds from:
Income tax expense decreased $3.0 million from $7.2 million in 2009 to $4.2 million in 2010 primarily as a result of LHLs net income before income tax expense decreasing $6.4 million from $17.7 million in 2009 to $11.3 million in 2010. The decrease in LHLs net income before income tax expense was primarily due to the $9.5 million cure payment revenue recognized at Seaview Resort in the 2009 period, partially offset by new participating leases requiring lower rent payments effective January 1, 2010. LHLs income tax expense was calculated using an estimated combined federal and state annual effective tax rate of 34.1%.
Depreciation and amortization expense increased $0.3 million from $55.0 million in 2009 to $55.3 million in 2010. The increase is primarily due to depreciation on building and furniture, fixtures and equipment at Sofitel Washington, DC Lafayette Square which was purchased March 1, 2010 and is not comparable year-over-year, partially offset by a portion of the furniture, fixtures and equipment across the hotel portfolio becoming fully depreciated.
Interest expense decreased by $2.2 million from $19.7 million in 2009 to $17.5 million in 2010 due to a decrease in the Companys weighted average debt, partly offset by a decrease in capitalized interest and an increase in the weighted average interest rate. The Companys weighted average debt outstanding decreased from $917.4 million in 2009 to $641.5 million in 2010, which includes paydowns on outstanding debt with proceeds from:
Income tax expense decreased $1.3 million from $3.3 million in 2009 to $2.0 million in 2010 primarily as a result of LHLs net income before income tax expense decreasing $2.3 million from $7.6 million in 2009 to $5.3 million in 2010. The decrease in LHLs net income before income tax expense was primarily due to the $9.5 million cure payment revenue recognized at Seaview Resort in the 2009 period, partially offset by new participating leases requiring lower rent payments effective January 1, 2010. LHLs income tax expense was calculated using an estimated combined federal and state annual effective tax rate of 34.1%.
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Lasalle Hotel Properties has a market cap of $1.54 billion; its shares were traded at around $22.08 with a P/E ratio of 9.3 and P/S ratio of 2.6. The dividend yield of Lasalle Hotel Properties stocks is 0.2%. Lasalle Hotel Properties had an annual average earning growth of 2.4% over the past 10 years.LHO is in the portfolios of Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC, Diamond Hill Capital of Diamond Hill Capital Management Inc, Manning & Napier Advisors, Inc, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
For the second quarter of 2010, the Company had net income applicable to common shareholders of $8.0 million, or $0.11 per diluted share. FFO was $35.9 million, or $0.52 per diluted share, and EBITDA was $55.5 million. RevPAR for the hotel portfolio was $146.60, an increase of 7.4% compared to the second quarter of 2009. ADR improved by 2.1% to $185.44 and occupancy grew 5.2% to 79.1%, compared to the same period of the prior year. Hotel portfolio revenues increased 7.4% and hotel expenses rose by 6.6% compared to the second quarter of 2009, resulting in hotel portfolio EBITDA growth of 9.2%. Hotel portfolio EBITDA margins improved by 53 basis points.Interest expense decreased by $1.2 million from $9.9 million in 2009 to $8.7 million in 2010 due to a decrease in the Companys weighted average debt, partly offset by an increase in the weighted average interest rate. The Companys weighted average debt outstanding decreased from $860.8 million in 2009 to $629.1 million in 2010, which includes paydowns on outstanding debt with proceeds from:
Income tax expense decreased $3.0 million from $7.2 million in 2009 to $4.2 million in 2010 primarily as a result of LHLs net income before income tax expense decreasing $6.4 million from $17.7 million in 2009 to $11.3 million in 2010. The decrease in LHLs net income before income tax expense was primarily due to the $9.5 million cure payment revenue recognized at Seaview Resort in the 2009 period, partially offset by new participating leases requiring lower rent payments effective January 1, 2010. LHLs income tax expense was calculated using an estimated combined federal and state annual effective tax rate of 34.1%.
Depreciation and amortization expense increased $0.3 million from $55.0 million in 2009 to $55.3 million in 2010. The increase is primarily due to depreciation on building and furniture, fixtures and equipment at Sofitel Washington, DC Lafayette Square which was purchased March 1, 2010 and is not comparable year-over-year, partially offset by a portion of the furniture, fixtures and equipment across the hotel portfolio becoming fully depreciated.
Interest expense decreased by $2.2 million from $19.7 million in 2009 to $17.5 million in 2010 due to a decrease in the Companys weighted average debt, partly offset by a decrease in capitalized interest and an increase in the weighted average interest rate. The Companys weighted average debt outstanding decreased from $917.4 million in 2009 to $641.5 million in 2010, which includes paydowns on outstanding debt with proceeds from:
Income tax expense decreased $1.3 million from $3.3 million in 2009 to $2.0 million in 2010 primarily as a result of LHLs net income before income tax expense decreasing $2.3 million from $7.6 million in 2009 to $5.3 million in 2010. The decrease in LHLs net income before income tax expense was primarily due to the $9.5 million cure payment revenue recognized at Seaview Resort in the 2009 period, partially offset by new participating leases requiring lower rent payments effective January 1, 2010. LHLs income tax expense was calculated using an estimated combined federal and state annual effective tax rate of 34.1%.
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