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Ashford Trust Reports Third Quarter 2018 Results

Actual RevPAR Increased 0.5% for All Hotels Not Under Renovation

Completed Acquisition of La Posada de Santa Fe

DALLAS, Nov. 1, 2018 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the third quarter ended September 30, 2018. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of September 30, 2018 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the third quarter ended September 30, 2018 with the third quarter ended September 30, 2017 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

  • Opportunistic focus on upper upscale, full-service hotels
  • Targets moderate leverage levels of approximately 55 - 60% to enhance equity returns
  • Highly-aligned management team and advisory structure
  • Attractive dividend yield of approximately 9.3%
  • Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:

FINANCIAL AND OPERATING HIGHLIGHTS

  • Net loss attributable to common stockholders was $38.2 million or $0.40 per diluted share for the quarter
  • Actual RevPAR for all hotels increased 0.2% to $125.15 during the quarter
  • Actual RevPAR for all hotels not under renovation increased 0.5% to $125.48 during the quarter
  • Comparable RevPAR for all hotels decreased 0.6% to $125.15 during the quarter
  • Comparable RevPAR for all hotels not under renovation decreased 0.4% to $125.48 during the quarter
  • Adjusted EBITDAre was $101.7 million for the quarter
  • Adjusted funds from operations (AFFO) was $0.30 per diluted share for the quarter
  • As of November 1, 2018, the Company's common stock is trading at an approximate 9.3% dividend yield
  • During the quarter, the Company entered into a new $100 million acquisition credit facility
  • Subsequent to quarter end, the Company completed the acquisition of the 157-room La Posada de Santa Fe for $50 million
  • Capex invested during the quarter was $47.0 million

ENHANCED RETURN FUNDING PROGRAM  
On June 26, 2018, the Company announced that it had entered into an Enhanced Return Funding Program ("ERFP") with Ashford Inc. (NYSE American: AINC).  Subject to the terms of the two-year programmatic agreement, Ashford Inc. has committed to effectively fund amounts equal to 10% of the purchase price of Ashford Trust hotel acquisitions, up to an amount of $50 million in aggregate funding.  The Program has the potential to be upsized to $100 million based upon mutual agreement.   The Program is structured to significantly improve the 5-year internal rate of return for new hotel acquisitions at Ashford Trust.

LA POSADA DE SANTA FE ACQUISITION
On October 31, 2018, the Company completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico ("La Posada") for $50 million.  The purchase of La Posada is the Company's second hotel acquisition to benefit from the ERFP.  Remington Lodging took over management of the property upon closing of the acquisition.  Remington Lodging, who also manages the Hilton Santa Fe owned by Ashford Trust, and the Company expect to realize significant synergies from the joint management of La Posada and the Hilton Santa Fe.

CAPITAL STRUCTURE
At September 30, 2018, the Company had total mortgage loans of $3.9 billion with a blended average interest rate of 5.5%.

During the quarter, the Company repurchased a $56 million junior mezzanine loan on one of the loan pools from its $1.07 billion refinancing that it completed during the second quarter 2018.  The junior mezzanine loan is priced at LIBOR + 9.00%. 

During the quarter, under its "at the market" equity offering program, the Company issued an aggregate of 2.4 million shares of common stock resulting in gross proceeds of approximately $15.5 million.

During the quarter, the Company entered into a new $100 million acquisition credit facility that provides for a one-year revolving line of credit and bears interest at rate of LIBOR + 2.65%.

PORTFOLIO REVPAR
As of September 30, 2018, the portfolio consisted of 118 properties.  During the third quarter of 2018, 106 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 118 hotels) and comparable not under renovation basis (106 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio.  Details of each category are provided in the tables attached to this release.

  • Comparable RevPAR decreased 0.6% to $125.15 for all hotels on a 1.8% increase in ADR and a 2.3% decrease in occupancy
  • Comparable RevPAR decreased 0.4% to $125.48 for hotels not under renovation on a 1.7% increase in ADR and a 2.0% decrease in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons.  Given the 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 Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period.  As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the 118 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On September 14, 2018, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the third quarter ending September 30, 2018, payable on October 15, 2018, to shareholders of record as of September 28, 2018.

"Over the last several months, we have, in a disciplined manner, diligently executed on two accretive acquisitions that have benefitted from our recently-announced ERFP with Ashford Inc.," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "Through the ERFP, we have acquired both the Hilton Alexandria Old Town as well as the La Posada de Santa Fe and recently entered into a definitive agreement to acquire the Hilton Scotts Valley. We remain very excited about the ERFP program and, looking ahead, expect that this funding arrangement will be a competitive advantage when identifying opportunities to accretively grow our platform and increase stockholder value."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday November 2, 2018, at 1:00 p.m. ET.  The number to call for this interactive teleconference is (323) 794-2597.  A replay of the conference call will be available through Friday, November 9, 2018, by dialing (719) 457-0820 and entering the confirmation number, 4159118.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2018 earnings release conference call.  The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Friday, November 2, 2018, beginning at 1:00 p.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. The non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA.  Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated.  The reconciliation of non-GAAP measures to the closing GAAP measures are provided below and provide further details of our results for the period being reported.

*  *  *  *  *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

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 federal securities regulations.  Forward looking statements in this press release may include, among others, statements about the Company's strategy and future plans.  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 statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust'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 conditions 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; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition.  These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission. 

The forward-looking statements included in this press release are only made as of the date of this press release.  The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur.  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)

(unaudited)



September 30,
 2018


December 31,
 2017

ASSETS




Investments in hotel properties, net

$

4,089,985



$

4,035,915


Cash and cash equivalents

325,839



354,805


Restricted cash

141,092



116,787


Marketable securities

24,173



26,926


Accounts receivable, net of allowance of $608 and $770, respectively

60,208



44,257


Inventories

4,223



4,244


Investment in Ashford Inc.

1,763



437


Investment in OpenKey

2,751



2,518


Deferred costs, net

3,427



2,777


Prepaid expenses

29,662



19,269


Derivative assets

2,969



2,010


Other assets

18,117



14,152


Intangible asset, net

9,854



9,943


Due from third-party hotel managers

19,277



17,387


Assets held for sale



18,423


Total assets

$

4,733,340



$

4,669,850






LIABILITIES AND EQUITY




Liabilities:




Indebtedness, net

$

3,894,447



$

3,696,300


Accounts payable and accrued expenses

147,808



132,401


Dividends and distributions payable

28,095



25,045


Due to Ashford Inc., net

5,176



15,146


Due to related party, net

1,078



1,067


Due to third-party hotel managers

2,745



2,431


Intangible liabilities, net

15,572



15,839


Derivative liabilities, net

205




Other liabilities

19,613



18,376


Liabilities associated with assets held for sale



13,977


Total liabilities

4,114,739



3,920,582






Redeemable noncontrolling interests in operating partnership

118,663



116,122


Equity:




Preferred stock, $0.01 par value, 50,000,000 shares authorized :




Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at September 30, 2018 and December 31,
    2017

24



24


Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2018 and December 31,
     2017

48



48


Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2018 and December 31,
     2017

62



62


Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at September 30, 2018 and December 31,
     2017

38



38


Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at September 30, 2018 and December 31,
     2017

54



54


Common stock, $0.01 par value, 400,000,000 shares authorized, 101,038,430 and 97,409,113 shares issued and outstanding at
     September 30, 2018 and December 31, 2017, respectively

1,010



974


Additional paid-in capital

1,811,391



1,784,997


Accumulated deficit

(1,313,327)



(1,153,697)


Total shareholders' equity of the Company

499,300



632,500


Noncontrolling interests in consolidated entities

638



646


Total equity

499,938



633,146


Total liabilities and equity

$

4,733,340



$

4,669,850


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2018


2017


2018


2017

REVENUE








Rooms

$

288,016



$

289,017



$

868,090



$

876,927


Food and beverage

49,396



48,313



164,869



175,005


Other

17,309



15,006



51,358



43,720


Total hotel revenue

354,721



352,336



1,084,317



1,095,652


Other

1,209



989



2,984



2,052


Total revenue

355,930



353,325



1,087,301



1,097,704


EXPENSES








Hotel operating expenses








Rooms

64,197



63,950



187,497



188,857


Food and beverage

37,649



37,173



116,270



121,619


Other expenses

109,992



112,421



332,629



337,978


Management fees

13,198



13,027



40,306



40,100


Total hotel operating expenses

225,036



226,571



676,702



688,554


Property taxes, insurance and other

20,774



18,194



59,363



55,293


Depreciation and amortization

64,923



60,135



192,536



185,380


Impairment charges

(27)



1,785



1,652



1,785


Transaction costs





11



11


Advisory services fee:








Base advisory fee

9,156



8,579



26,644



25,934


Reimbursable expenses

2,251



1,641



5,777



5,800


Non-cash stock/unit-based compensation

4,855



4,392



20,540



7,748


Incentive fee

(3,457)








Corporate, general and administrative:








Non-cash stock/unit-based compensation





536



565


Other general and administrative

3,090



2,412



7,914



10,271


Total operating expenses

326,601



323,709



991,675



981,341


OPERATING INCOME (LOSS)

29,329



29,616



95,626



116,363


Equity in earnings (loss) of unconsolidated entities

310



(679)



892



(3,580)


Interest income

1,150



706



2,779



1,460


Gain (loss) on sale of hotel properties

(9)



15



394



14,024


Other income (expense), net

(202)



(273)



80



(3,539)


Interest expense, net of premium amortization

(54,057)



(54,413)



(159,063)



(156,303)


Amortization of loan costs

(6,674)



(2,550)



(14,617)



(10,921)


Write-off of premiums, loan costs and exit fees

(1,572)





(9,316)



(1,629)


Unrealized gain (loss) on marketable securities

68



(936)



(758)



(4,813)


Unrealized gain (loss) on derivatives

(2,085)



(1,479)



(3,672)



(1,804)


INCOME (LOSS) BEFORE INCOME TAXES

(33,742)



(29,993)



(87,655)



(50,742)


Income tax benefit (expense)

(519)



1,267



(2,606)



507


NET INCOME (LOSS)

(34,261)



(28,726)



(90,261)



(50,235)


(Income) loss from consolidated entities attributable to noncontrolling interest

(10)



(22)



8



(4)


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

6,682



6,940



18,087



13,202


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(27,589)



(21,808)



(72,166)



(37,037)


Preferred dividends

(10,645)



(11,440)



(31,933)



(33,352)


Extinguishment of issuance costs uon redemption of preferred stock



(4,507)





(4,507)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(38,234)



$

(37,755)



$

(104,099)



$

(74,896)










INCOME (LOSS) PER SHARE – BASIC AND DILUTED








Basic:








Net income (loss) attributable to common stockholders

$

(0.40)



$

(0.40)



$

(1.09)



$

(0.80)


Weighted average common shares outstanding – basic

97,467



95,332



96,591



95,169


Diluted:








Net income (loss) attributable to common stockholders

$

(0.40)



$

(0.40)



$

(1.09)



$

(0.80)


Weighted average common shares outstanding – diluted

97,467



95,332



96,591



95,169


Dividends declared per common share:

$

0.12



$

0.12



$

0.36



$

0.36


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2018


2017


2018


2017

Net income (loss)

$

(34,261)



$

(28,726)



$

(90,261)



$

(50,235)


Interest expense and amortization of premiums and loan costs, net

60,731



56,963



173,680



167,224


Depreciation and amortization

64,923



60,135



192,536



185,380


Income tax expense (benefit)

519



(1,267)



2,606



(507)


Equity in (earnings) loss of unconsolidated entities

(310)



679



(892)



3,632


Company's portion of EBITDA of Ashford Inc.

(1,607)



(384)



959



(20)


Company's portion of EBITDA of OpenKey

(158)



(113)



(419)



(361)


EBITDA

89,837



87,287



278,209



305,113


Impairment charges on real estate

(27)



1,785



1,652



1,785


(Gain) loss on sale of hotel properties

9



(15)



(394)



(14,024)


EBITDAre

89,819



89,057



279,467



292,874


Amortization of unfavorable contract liabilities

(39)



(363)



(117)



(1,151)


Uninsured hurricane related costs

(43)



3,711



(271)



3,711


Write-off of premiums, loan costs and exit fees

1,572





9,316



1,629


Other (income) expense, net

10



273



(80)



3,539


Transaction, acquisition and management conversion costs

391



202



596



3,770


Legal judgment and related legal costs

1



27



928



4,091


Unrealized (gain) loss on marketable securities

(68)



936



758



4,813


Unrealized (gain) loss on derivatives

2,085



1,479



3,672



1,804


Dead deal costs

52



5



55



9


Software implementation costs







1,034


Non-cash stock/unit-based compensation

5,143



4,613



21,946



8,751


Company's portion of (gain) loss of investment in securities investment fund







(52)


Company's portion of adjustments to EBITDA of Ashford Inc.

2,814



1,703



4,997



3,752


Company's portion of adjustments to EBITDA of OpenKey

4



2



12



4


Adjusted EBITDAre

$

101,741



$

101,645



$

321,279



$

328,578


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2018


2017


2018


2017

Net income (loss)

$

(34,261)



$

(28,726)



$

(90,261)



$

(50,235)


(Income) loss from consolidated entities attributable to noncontrolling interest

(10)



(22)



8



(4)


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

6,682



6,940



18,087



13,202


Preferred dividends

(10,645)



(11,440)



(31,933)



(33,352)


Extinguishment of issuance costs upon redemption of preferred stock



(4,507)





(4,507)


Net income (loss) attributable to common stockholders

(38,234)



(37,755)



(104,099)



(74,896)


Depreciation and amortization on real estate

64,865



60,075



192,363



185,197


Gain (loss) on sale of hotel properties

9



(15)



(394)



(14,024)


Net income (loss) attributable to redeemable noncontrolling interests in operating partnership

(6,682)



(6,940)



(18,087)



(13,202)


Equity in (earnings) loss of unconsolidated entities

(310)



679



(892)



3,632


Impairment charges on real estate

(27)



1,785



1,652



1,785


Company's portion of FFO of Ashford Inc.

470



(570)



1,391



(3,265)


Company's portion of FFO of unconsolidated entities

(160)



(116)



(426)



(366)


FFO available to common stockholders and OP unitholders

19,931



17,143



71,508



84,861


Extinguishment of issuance costs upon redemption of preferred stock



4,507





4,507


Write-off of premiums, loan costs and exit fees

1,572





9,316



1,629


Uninsured hurricane related costs

(43)



3,711



(271)



3,711


Other (income) expense, net

10



273



(80)



3,539


Transaction, acquisition and management conversion costs

391



202



596



3,770


Legal judgment and related legal costs

1



27



928



4,091


Unrealized (gain) loss on marketable securities

(68)



936



758



4,813


Unrealized (gain) loss on derivatives

2,085



1,479



3,672



1,804


Dead deal costs

52



5



55



9


Software implementation costs







1,034


Non-cash stock/unit-based compensation

5,143



4,613



21,946



8,751


Amortization of loan costs

6,673



2,549



14,612



10,917


Company's portion of (gain) loss of investment in securities investment fund







(52)


Company's portion of adjustments to FFO of Ashford Inc.

(1,453)



1,580



730



6,130


Company's portion of adjustments to FFO of OpenKey

4



2



12



4


Adjusted FFO available to common stockholders and OP unitholders

$

34,298



$

37,027



$

123,782



$

139,518


Adjusted FFO per diluted share available to common stockholders and OP unitholders

$

0.30



$

0.33



$

1.08



$

1.23


Weighted average diluted shares

115,318



113,777



115,016



113,203


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

SEPTEMBER 30, 2018

(dollars in thousands)

(unaudited)


Indebtedness


Maturity


Interest Rate


Fixed-
Rate
Debt


Floating-
Rate
Debt


Total
Debt


Comparable
TTM
Hotel
EBITDA (7)


Comparable
TTM
EBITDA
Debt Yield

BAML Le Pavillon - 1 hotel


June 2019


LIBOR + 5.10%


$



$

43,750


(1)

$

43,750



$

2,433



5.6

%

Omni American Bank Ashton - 1 hotel


July 2019


4.00%


5,267





5,267



1,131



21.5

%

Morgan Stanley Ann Arbor - 1 hotel


July 2019


LIBOR + 4.15%




35,200


(2)

35,200



3,731



10.6

%

Morgan Stanley - 8 hotels


July 2019


LIBOR + 4.09%




144,000


(2)

144,000



11,785



8.2

%

NorthStar HGI Wisconsin Dells - 1 hotel


August 2019


LIBOR + 4.95%




7,778


(3)

7,778



958



12.3

%

Secured credit facility - various


September 2019


Base Rate(4) + 1.65% or
LIBOR + 2.65%








N/A



N/A


Morgan Stanley Pool - 17 hotels


November 2019


LIBOR + 3.00%




427,000


(5)

427,000



50,602



11.9

%

JPMorgan Chase - 8 hotels


February 2020


LIBOR + 2.92%




395,000


(5)

395,000



45,379



11.5

%

BAML Highland Pool - 21 hotels


April 2020


LIBOR + 3.20%




962,575


(5)

962,575



105,399



10.9

%

BAML Indigo Atlanta - 1 hotel


May 2020


LIBOR + 2.90%




16,100


(6)

16,100



2,329



14.5

%

KEYS Pool A - 7 hotels


June 2020


LIBOR + 3.65%




180,720


(5)

180,720



21,368



11.8

%

KEYS Pool B - 7 hotels


June 2020


LIBOR + 3.39%




174,400


(5)

174,400



21,437



12.3

%

KEYS Pool C - 5 hotels


June 2020


LIBOR + 3.73%




221,040


(5)

221,040



25,053



11.3

%

KEYS Pool D - 5 hotels


June 2020


LIBOR + 4.02%




262,640


(5)

262,640



28,380



10.8

%

KEYS Pool E - 5 hotels


June 2020


LIBOR + 2.73%




160,000


(5)

160,000



24,234



15.1

%

KEYS Pool F - 5 hotels


June 2020


LIBOR + 3.68%




215,120


(5)

215,120



24,481



11.4

%

GACC Gateway - 1 hotel


November 2020


6.26%


93,891





93,891



14,194



15.1

%

Aareal Princeton/Nashville - 2 hotels


June 2022


LIBOR + 3.00%




174,211



174,211



27,430



15.7

%

Prudential Boston Back Bay - 1 hotel


November 2022


LIBOR + 2.00%




97,000



97,000



13,748



14.2

%

Deutsche Bank W Minneapolis - 1 hotel


May 2023


5.46%


53,086





53,086



6,207



11.7

%

Aareal Hilton Alexandria - 1 hotel


June 2023


LIBOR + 2.45%




73,450



73,450



8,862



12.1

%

GACC Manchester RI - 1 hotel


January 2024


5.49%


6,913





6,913



1,349



19.5

%

GACC Jacksonville RI - 1 hotel


January 2024


5.49%


10,089





10,089



317



3.1

%

Key Bank Manchester CY - 1 hotel


May 2024


4.99%


6,444





6,444



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