Free Research Report as LaSalle’s Q4 Results Met Market Forecasts
LONDON, UK / ACCESSWIRE / April 03, 2018 / Active-Investors.com has just released a free earnings report on LaSalle Hotel Properties (NYSE: LHO) ("LaSalle"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=LHO. The Company released its financial results on February 20, 2018, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Company reported a y-o-y decline in total revenues of 11.1%, while its adjusted FFO per share fell 14.5% y-o-y. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, LaSalle Hotel Properties most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=LHO
Earnings Highlights and Summary
LaSalle reported total revenues of $257.51 million in Q4 FY17 compared to $289.49 million in Q4 FY16. The Company's total revenue numbers for the reported quarter fell short of market consensus estimates of $261.4 million. During the reported quarter, the Company's room revenues fell to $181.52 million from $203.42 million in the year ago same quarter. The Company's food and beverage revenues also fell to $52.48 million in Q4 FY17 from $62.57 million in Q4 FY16. The Company's other operating department reported revenues of $20.59 million in Q4 FY17 compared to $22.08 million in Q4 FY16. Furthermore, the Company's other income was $2.93 million during the reported quarter compared to $1.43 million in Q4 FY16.
The real estate investment trust reported funds from operations (FFO) attributable to common shareholders and unitholders of $55.58 million, or $0.49 per diluted share, in Q4 FY17 compared to $69.21 million, or $0.61 per diluted share, in the previous year's corresponding quarter. Meanwhile, the Company's adjusted FFO attributable to common shareholders and unitholders fell to $59.97 million, or $0.53 per diluted share, in Q4 FY17, from $69.80 million, or $0.62 per diluted share, in Q4 FY16. Wall Street had also expected the Company to report adjusted FFO of $0.53 per diluted share.
The Bethesda, Maryland-based Company's total revenues were $1.10 billion for the full year FY17 compared to $1.23 billion in FY16. The Company posted FFO attributable to common shareholders and unitholders of $267.53 million, or $2.36 per diluted share, in FY17 compared to $322.56 million, or $2.85 per diluted share, in FY16. Meanwhile, the Company's adjusted FFO attributable to common shareholders and unitholders fell to $280.13 million, or $2.47 per diluted share, in FY17 from $328.87 million, or $2.90 per diluted share, in FY16.
Operating Metrics
In Q4 FY17, the Company's total hotel operating expenses were $157.56 million versus $176.27 million in the last year's comparable quarter. The Company's total operating expenses were down to $233.05 million in Q4 FY17 from $251.94 million in Q4 FY16. The Company posted an operating income of $24.47 million in the quarter ended December 31, 2017, compared to $37.56 million in the quarter ended December 31, 2016.
LaSalle reported revenue per available room (RevPAR) of $188.79 in Q4 FY17, which came in below $197.81 in Q4 FY16. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) came in at $73.7 million in Q4 FY17 compared to $86.0 million in the year ago same period. Moreover, Hotel EBITDA stood at $78.89 million, or 31.0% of total revenues, in Q4 FY17 compared to $83.74 million, or 31.8% of total revenues, in Q4 FY16.
Balance Sheet
LaSalle had cash and cash equivalents worth $400.67 million at the close of its books on December 31, 2017, compared to $134.65 million as on December 31, 2016. The Company reported a term loan balance of $853.20 million and had a mortgage loan balance of $224.43 million as on the closing of its books on December 31, 2017, compared to term loan and mortgage loan balances of $852.76 million and $223.49 million, respectively, as on December 31, 2016.
Dividend and Share Repurchase
In a separate press release on March 15, 2018, LaSalle declared a quarterly dividend of $0.45 per common share for the quarter ending March 31, 2018. The dividend for Q1 FY18 will be paid on April 16, 2018, to common shareholders of record as of March 29, 2018.
On March 01, 2018, the Company reported that since February 26, 2018, it has repurchased 1,876,900 common shares at a cost of $46.5 million, or $24.76 per share. Furthermore, the Company has approximately $523 million of capacity remaining under its share repurchase authorization.
Outlook
In its outlook for the full year FY18, the Company has forecasted a net income of $68 million, while RevPAR is anticipated to fall by 2.0% y-o-y. The Company's adjusted EBITDA is anticipated to be $291 million for the year ending December 31, 2018. Furthermore, the Company's adjusted FFO is expected to be $235 million, or $2.06 per diluted share, for FY18.
Stock Performance Snapshot
April 02, 2018 - At Monday's closing bell, LaSalle Hotel Properties' stock was marginally up 0.14%, ending the trading session at $29.05.
Volume traded for the day: 2.28 million shares.
Stock performance in the last month – up 17.99%; previous three-month period – up 2.32%; past twelve-month period – up 0.38%; and year-to-date – up 3.49%
After yesterday's close, LaSalle Hotel Properties' market cap was at $3.28 billion.
Price to Earnings (P/E) ratio was at 18.91.
The stock has a dividend yield of 6.20%.
The stock is part of the Financial sector, categorized under the REIT - Hotel/Motel industry.
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