Service Properties Trust Announces Fourth Quarter 2020 Results
Completes the Sale of 24 Properties Raising $104.3 Million During the Fourth Quarter
Rebranded 112 Hotels to Sonesta During the Fourth Quarter
NEWTON, Mass.–(BUSINESS WIRE)–Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended December 31, 2020.
John Murray, President and Chief Executive Officer of SVC, made the following statement:
“Our fourth quarter operating results reflect the continuing impact of the COVID-19 pandemic on the overall lodging industry, as well as changes specific to the SVC hotel portfolio. We successfully transitioned 112 hotels to Sonesta brands and management during the quarter, as well as 78 additional hotels so far in 2021. Although this transition is accompanied by short-term disruption reflected in our fourth quarter results, we believe that the rebranding will benefit SVC in the long term by creating more flexibility with respect to capital investments, possibly repurposing hotels to other uses, or sales. SVC also benefits from its 34% ownership of Sonesta.
“Rent collections from our retail net lease tenants were stable at 95.3% for the fourth quarter, up from a low of 80.5% for April 2020, and anchored by our largest tenant, TravelCenters of America, which continues to benefit from healthy trucking activity and its importance to the nation’s supply chain.
“We also continue to take proactive steps to fortify our liquidity until lodging trends start to improve, which we currently expect to occur in the latter half of 2021. To that end, we have repaid all our 2021 debt maturities and have fully drawn down on our revolving credit facility as a precautionary measure to preserve financial flexibility. We also continue to execute on asset sales, closing on the sale of 24 properties for $104.3 million during the fourth quarter, with the proceeds used to repay debt.”
Results for the Quarter Ended December 31, 2020:
| Three Months Ended December 31, | ||||||
| 2020 |
| 2019 | ||||
| ($ in thousands, except per share data) | ||||||
Net loss | $ | (137,740) |
|
| $ | (14,893) |
|
Net loss per common share | $ | (0.84) |
|
| $ | (0.09) |
|
Normalized FFO (1) | $ | (22,474) |
|
| $ | 151,622 |
|
Normalized FFO per common share (1) | $ | (0.14) |
|
| $ | 0.92 |
|
Adjusted EBITDAre (1) | $ | 64,953 |
|
| $ | 227,013 |
|
|
- Net loss: Net loss for the quarter ended December 31, 2020 was $137.7 million, or $0.84 per diluted common share, compared to a net loss of $14.9 million, or $0.09 per diluted common share, for the quarter ended December 31, 2019. Net loss for the quarter ended December 31, 2020 includes $15.5 million, or $0.09 per diluted common share, of net unrealized gains on equity securities, $15.1 million, or $0.09 per diluted common share of hotel manager transition related costs, an $11.9 million, or $0.07 per diluted common share, net gain on sale of real estate, a $4.0 million, or $0.02 per diluted common share, loss contingency, and a $2.4 million, or $0.01 per diluted common share, loss on early extinguishment of debt. Net loss for the quarter ended December 31, 2019 includes a $39.3 million, or $0.24 per diluted common share, loss on asset impairment and $3.3 million, or $0.02 per diluted common share, of net unrealized gains on equity securities. The weighted average number of diluted common shares outstanding was 164.5 million and 164.4 million for the quarters ended December 31, 2020 and 2019, respectively.
- Normalized FFO: Normalized FFO for the quarter ended December 31, 2020 was negative $22.5 million, or $(0.14) per diluted common share, compared to Normalized FFO of $151.6 million, or $0.92 per diluted common share, for the quarter ended December 31, 2019.
- Adjusted EBITDAre: Adjusted EBITDAre for the quarter ended December 31, 2020 compared to the same period in 2019 decreased 71.4% to $65.0 million.
Hotel Portfolio:
As of December 31, 2020, SVC owned 310 hotels that were operated by subsidiaries of Sonesta Holdco Corporation, or Sonesta (168 hotels), Marriott International, Inc., or Marriott (105 hotels), Hyatt Hotels Corporation, or Hyatt (22 hotels), Radisson Hospitality, Inc. (nine hotels), and InterContinental Hotels Group, plc, or IHG (one hotel). Five hotels were leased to a third party.
|
| Three Months Ended December 31, |
| Year Ended December 31, | ||||||||||||||||||
|
| 2020 |
| 2019 |
| Change |
| 2020 |
| 2019 |
| Change | ||||||||||
|
| ($ in thousands, except ADR and Hotel RevPAR data) | ||||||||||||||||||||
Comparable Hotels |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
No. of hotels |
| 302 |
|
| 302 |
|
| — |
|
| 285 |
|
| 285 |
|
| — |
| ||||
No. of rooms or suites |
| 46,779 |
|
| 46,779 |
|
| — |
|
| 42,075 |
|
| 42,075 |
|
| — |
| ||||
Occupancy |
| 40.4 | % |
| 69.9 | % |
| (29.5) | pts |
| 44.8 | % |
| 73.5 | % |
| (28.7) | pts | ||||
ADR |
| $ | 86.84 |
|
| $ | 122.93 |
|
| (29.4) | % |
| $ | 96.18 |
|
| $ | 121.09 |
|
| (20.6) | % |
Hotel RevPAR |
| $ | 35.08 |
|
| $ | 85.93 |
|
| (59.2) | % |
| $ | 43.09 |
|
| $ | 89.00 |
|
| (51.6) | % |
Hotel operating revenues (1) |
| $ | 166,988 |
|
| $ | 443,658 |
|
| (62.4) | % |
| $ | 730,337 |
|
| $ | 1,550,348 |
|
| (52.9) | % |
Hotel operating expenses (1) |
| $ | 203,284 |
|
| $ | 344,794 |
|
| (41.0) | % |
| $ | 734,421 |
|
| $ | 1,150,202 |
|
| (36.1) | % |
Hotel EBITDA (1) |
| $ | (36,296) |
|
| $ | 98,864 |
|
| n/m |
|
| $ | (4,084) |
|
| $ | 400,146 |
|
| n/m |
|
Adjusted Hotel EBITDA (1) |
| $ | (18,122) |
|
| $ | 98,864 |
|
| n/m |
|
| $ | 12,621 |
|
| $ | 400,146 |
|
| n/m |
|
Adjusted Hotel EBITDA margin |
| (10.9) | % |
| 22.3 | % |
| n/m |
|
| 1.7 | % |
| 25.8 | % |
| n/m |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
All Hotels |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
No. of hotels |
| 310 |
|
| 310 |
|
| — |
|
| 310 |
|
| 310 |
|
| — |
| ||||
No. of rooms or suites |
| 49,014 |
|
| 49,014 |
|
| — |
|
| 49,014 |
|
| 49,014 |
|
| — |
| ||||
Occupancy |
| 39.8 | % |
| 68.8 | % |
| (29.0) | pts |
| 42.0 | % |
| 73.0 | % |
| (31.0) | pts | ||||
ADR |
| $ | 87.53 |
|
| $ | 125.61 |
|
| (30.3) | % |
| $ | 100.77 |
|
| $ | 130.82 |
|
| (23.0) | % |
Hotel RevPAR |
| $ | 34.84 |
|
| $ | 86.42 |
|
| (59.7) | % |
| $ | 42.32 |
|
| $ | 95.50 |
|
| (55.7) | % |
Hotel operating revenues (1) |
| $ | 176,418 |
|
| $ | 492,560 |
|
| (64.2) | % |
| $ | 888,741 |
|
| $ | 2,072,995 |
|
| (57.1) | % |
Hotel operating expenses (1) |
| $ | 221,621 |
|
| $ | 386,556 |
|
| (42.7) | % |
| $ | 958,164 |
|
| $ | 1,564,911 |
|
| (38.8) | % |
Hotel EBITDA (1) |
| $ | (45,203) |
|
| $ | 106,004 |
|
| n/m |
|
| $ | (69,423) |
|
| $ | 508,084 |
|
| n/m |
|
Adjusted Hotel EBITDA (1) |
| $ | (26,141) |
|
| $ | 106,004 |
|
| n/m |
|
| $ | (50,361) |
|
| $ | 508,084 |
|
| n/m |
|
Adjusted Hotel EBITDA margin |
| (14.8) | % |
| 21.5 | % |
| n/m |
|
| (5.7) | % |
| 24.5 | % |
| n/m |
| ||||
|
Recent operating statistics for SVC’s hotels are as follows:
|
| Comparable Hotels |
| All Hotels | ||||||||||||||||||||
|
| October 2020 |
| November 2020 |
| December 2020 |
| October 2020 |
| November 2020 |
| December 2020 | ||||||||||||
Occupancy |
| 47.1 | % |
| 40.6 | % |
| 33.5 | % |
| 46.4 | % |
| 40.2 | % |
| 33.1 | % | ||||||
ADR |
| $ | 89.50 |
|
| $ | 85.51 |
|
| $ | 84.32 |
|
| $ | 89.97 |
|
| $ | 86.81 |
|
| $ | 84.95 |
|
RevPAR |
| $ | 42.15 |
|
| $ | 34.84 |
|
| $ | 28.25 |
|
| $ | 41.66 |
|
| $ | 34.81 |
|
| $ | 28.12 |
|
For SVC’s 310 hotels, occupancy, ADR and RevPAR was 35.9%, $85.91 and $30.84, respectively, for the month of January 2021.
Hotel Agreements and Brand Conversions:
During the quarter ended December 31, 2020, SVC completed the transition of branding and management of 112 hotels to Sonesta, including 102 hotels from IHG, nine hotels from Marriott and one hotel from Wyndham Hotels & Resorts, Inc., or Wyndham. SVC entered management agreements with Sonesta to manage these 112 hotels on terms substantially consistent with SVC’s legacy management agreements, except that the management agreements for these rebranded hotels expire on December 31, 2021 and automatically renew for successive one year-terms unless terminated earlier.
In January 2021, SVC received a notice of termination from Hyatt with respect to the Hyatt agreement as a result of Hyatt’s guaranty being exhausted. SVC and Hyatt are currently in discussions regarding possible changes to the management agreement that may result in some or all of the hotels remaining Hyatt managed. However, if such discussions do not result in a mutually acceptable agreement, SVC expects to transition management of the 22 hotels to Sonesta on or about April 8, 2021.
SVC transitioned the branding and management of 78 additional Marriott hotels to Sonesta in February 2021. SVC expects to transition the branding and management of another 10 Marriott hotels to Sonesta in March 2021.
Net Lease Portfolio:
|
| As of December 31, 2020 |
Number of properties |
| 799 |
Industries |
| 22 |
Tenants |
| 170 |
Brands |
| 127 |
Square feet |
| 13.5 million |
Occupancy |
| 98.7% |
Weighted average lease term (by annual minimum rent) |
| 10.9 years |
Coverage |
| 2.14x |
During the quarter ended December 31, 2020, SVC collected 95.3% of rents from its net lease tenants. During the quarter ended December 31, 2020, SVC recorded reserves for uncollectible revenues of $4.5 million for certain of its net lease tenants. In January 2021, SVC collected 89.3% of rents from its net lease tenants. As of February 26, 2021, SVC has entered into rent deferral agreements with 46 net lease retail tenants with leases requiring an aggregate of $46.4 million of annual minimum rents. In aggregate, SVC has deferred $12.1 million of rents from certain of its net lease tenants.
Recent Investment Activities:
During the quarter ended December 31, 2020, SVC sold 18 hotels with 2,046 rooms located in 10 states for an aggregate sales price of $85.8 million, excluding closing costs. During the quarter ended December 31, 2020, SVC also sold six net lease properties with an aggregate of 227,072 square feet in six states for an aggregate sales price of $18.6 million, excluding closing costs.
SVC terminated the previously announced agreement it had entered to sell 16 Marriott branded hotels with 2,155 rooms for a sales price of $107.8 million.
SVC has entered an agreement to sell five hotels with 430 rooms in four states for an aggregate sales price of $22.3 million, excluding closing costs. SVC expects this sale to be completed in the first quarter of 2021. SVC has also entered agreements to sell three net lease properties with an aggregate 38,942 square feet for an aggregate sales price of $2.1 million, excluding closing costs. SVC expects these sales to be completed by the end of the second quarter of 2021. The sales of these properties are subject to conditions and may be delayed, may not occur or the terms may change. SVC expects to use the net sales proceeds from these asset sales to repay outstanding indebtedness.
During the quarter ended December 31, 2020, SVC funded $32.4 million of capital improvements to certain of its properties.
Financing Activities:
As previously announced, on November 5, 2020, SVC and its lenders amended the credit agreement governing its $1.0 billion revolving credit facility and $400.0 million term loan. The key terms of the amended credit agreement include:
- All existing financial covenants have been waived through the end of the agreement term, or July 15, 2022, or the Waiver Period;
- SVC repaid its $400.0 million term loan on November 5, 2020, using undrawn amounts under its revolving credit facility;
- SVC has pledged certain additional equity interests of subsidiaries owning properties. SVC will provide first mortgage liens on 74 properties owned by the pledging subsidiaries with an undepreciated book value of $1.8 billion as of December 31, 2020 to secure its obligations under the credit agreement;
- SVC has the ability to fund up to $250.0 million of capital expenditures per year and up to $50.0 million of certain other investments per year as defined in the credit agreement;
- The interest rate premium over LIBOR under SVC’s revolving credit facility increased by 30 basis points;
- Certain covenants and restrictions on distributions to common shareholders, share repurchases, incurring indebtedness and acquiring real property (in each case subject to various exceptions), and the minimum liquidity requirement of $125.0 million will remain in place during the Waiver Period; and
- SVC is generally required to apply the net cash proceeds from the disposition of assets, capital markets transactions and debt refinancings to the repayment of outstanding loans under the credit agreement, and then to other debt maturities.
On December 18, 2020, SVC redeemed at par plus accrued interest the remaining $50.0 million of its 4.25% Senior Notes due February 2021.
On January 14, 2021, SVC announced a $0.01 per common share dividend to be paid to its shareholders of record on January 25, 2021 and distributed on or about February 18, 2021.
On January 19, 2021, SVC borrowed $972.8 million under its revolving credit facility as a precautionary measure to preserve financial flexibility. As of February 26, 2021, SVC is fully drawn under its $1.0 billion revolving credit facility.
Conference Call:
On March 1, 2021 at 10:00 a.m. Eastern Time, John Murray, Chief Executive Officer, Brian Donley, Chief Financial Officer and Todd Hargreaves, Chief Investment Officer, will host a conference call to discuss SVC’s fourth quarter 2020 financial results. The conference call telephone number is (877) 329-3720. Participants calling from outside the United States and Canada should dial (412) 317-5434. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through Monday, March 8, 2021. To access the replay, dial (412) 317-0088. The replay pass code is 10150718.
A live audio webcast of the conference call will also be available in a listen-only mode on SVC’s website, www.svcreit.com. Participants wanting to access the webcast should visit SVC’s website about five minutes before the call. The archived webcast will be available for replay on SVC’s website for about one week after the call. The transcription, recording and retransmission in any way of SVC’s fourth quarter conference call is strictly prohibited without the prior written consent of SVC.
Supplemental Data:
A copy of SVC’s Fourth Quarter 2020 Supplemental Operating and Financial Data is available for download at SVC’s website, www.svcreit.com. SVC’s website is not incorporated as part of this press release.
Service Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and net lease service and necessity-based retail properties across the United States and in Puerto Rico and Canada. SVC is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), or RMR Inc., an alternative asset management company that is headquartered in Newton, Massachusetts.
Non-GAAP Financial Measures and Certain Definitions:
SVC presents certain “non-GAAP financial measures” within the meaning of applicable Securities and Exchange Commission, or SEC, rules, including earnings before interest, taxes, depreciation and amortization, or EBITDA, Hotel EBITDA, Adjusted Hotel EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations, or FFO, and Normalized FFO. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of SVC’s operating performance or as measures of SVC’s liquidity. These measures should be considered in conjunction with net income (loss) as presented in SVC’s consolidated statements of income (loss). SVC considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). SVC believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of SVC’s operating performance between periods and with other REITs.
Please see the pages attached hereto for a more detailed statement of SVC’s operating results and financial condition and for an explanation of SVC’s calculation of FFO and Normalized FFO, EBITDA, Hotel EBITDA, Adjusted Hotel EBITDA, EBITDAre and Adjusted EBITDAre and a reconciliation of those amounts to amounts determined in accordance with GAAP.
Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy is an important measure of the utilization rate and demand of SVC’s hotels.
Average Daily Rate, or ADR, represents rooms revenue divided by total number of room nights sold in a given period. ADR provides useful insight on pricing at SVC’s hotels and is a measure widely used in the hotel industry.
Revenue per Available Room, or RevPAR, represents rooms revenue divided by the total number of room nights available to guests for a given period. RevPAR is an industry metric correlated to occupancy and ADR and helps measure performance over comparable periods.
Hotel EBITDA and Adjusted Hotel EBITDA: Hotel EBITDA is calculated as hotel operating revenues less hotel operating expenses of all managed and leased hotels, prior to any adjustments required for presentation in SVC’s consolidated statements of income (loss) in accordance with GAAP. SVC calculates Adjusted Hotel EBITDA as presented in the pages hereto. Adjusted Hotel EBITDA excludes certain items SVC believes do not reflect the ongoing operating performance of its hotels. SVC believes Hotel EBITDA and Adjusted Hotel EBITDA provide useful information to management and investors as key measures of the profitability of its hotel operations.
Adjusted Hotel EBITDA Margin is the percentage of Adjusted Hotel EBITDA of hotel operating revenues.
Comparable Hotels Data: SVC presents RevPAR, ADR, and occupancy for the periods presented on a comparable basis to facilitate comparisons between periods. SVC generally defines comparable hotels as those that were owned by it and were open and operating for the entire periods being compared. For the three months ended December 31, 2020 and 2019, SVC excluded eight hotels from its comparable results. One of these hotels was not owned for the entire periods, three were closed for major renovations and four suspended operations during part of the periods presented. For the years ended December 31, 2020 and 2019, SVC excluded 25 hotels from its comparable results. Three of these hotels were not owned for the entire periods, three were closed for major renovations and 19 suspended operations during part of the periods presented.
Rent Coverage: SVC defines net lease coverage as earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR, divided by the annual minimum rent due to SVC weighted by the minimum rent of the property to total minimum rents of the net lease portfolio. EBITDAR amounts used to determine rent coverage are generally for the latest twelve-month period reported based on the most recent operating information, if any, furnished by the tenant. Operating statements furnished by the tenant often are unaudited and, in certain cases, may not have been prepared in accordance with GAAP and are not independently verified by SVC. Tenants that do not report operating information are excluded from the coverage calculations. Coverage amounts include data for certain properties for periods prior to when SVC acquired them. In instances where SVC does not have financial information for the most recent quarter from its tenants, it has calculated an implied EBITDAR for the fourth quarter using industry benchmark data to more accurately reflect the impact of COVID-19 on its tenants’ operations. SVC believes using only financial information from the earlier periods could be misleading as it would not reflect the negative impact those tenants experienced as a result of the COVID-19 pandemic. As a result, SVC believes using this industry benchmark data provides a more accurate estimated representation of recent operating results and coverage for those tenants.
SERVICE PROPERTIES TRUST | ||||||||
|
| As of December 31, | ||||||
|
| 2020 |
| 2019 | ||||
ASSETS |
|
|
|
| ||||
Real estate properties: |
|
|
|
| ||||
Land |
| $ | 2,030,440 |
|
| $ | 2,066,602 |
|
Buildings, improvements and equipment |
| 9,131,832 |
|
| 9,318,434 |
| ||
Total real estate properties, gross |
| 11,162,272 |
|
| 11,385,036 |
| ||
Accumulated depreciation |
| (3,280,110) |
|
| (3,120,761) |
| ||
Total real estate properties, net |
| 7,882,162 |
|
| 8,264,275 |
| ||
Acquired real estate leases and other intangibles, net |
| 325,845 |
|
| 378,218 |
| ||
Assets held for sale |
| 13,543 |
|
| 87,493 |
| ||
Cash and cash equivalents |
| 73,332 |
|
| 27,633 |
| ||
Restricted cash |
| 18,124 |
|
| 53,626 |
| ||
Due from related persons |
| 55,530 |
|
| 68,653 |
| ||
Other assets, net |
| 318,783 |
|
| 154,069 |
| ||
Total assets |
| $ | 8,687,319 |
|
| $ | 9,033,967 |
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
| ||||
Revolving credit facility |
| $ | 78,424 |
|
| $ | 377,000 |
|
Term loan, net |
| — |
|
| 397,889 |
| ||
Senior unsecured notes, net |
| 6,130,166 |
|
| 5,287,658 |
| ||
Security deposits |
| 294 |
|
| 109,403 |
| ||
Accounts payable and other liabilities |
| 345,079 |
|
| 335,696 |
| ||
Due to related persons |
| 30,566 |
|
| 20,443 |
| ||
Total liabilities |
| 6,584,529 |
|
| 6,528,089 |
| ||
|
|
|
|
| ||||
Commitments and contingencies |
|
|
|
| ||||
|
|
|
|
| ||||
Shareholders’ equity: |
|
|
|
| ||||
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 164,823,833 and 164,563,034 shares issued and outstanding, respectively |
| 1,648 |
|
| 1,646 |
| ||
Additional paid in capital |
| 4,550,385 |
|
| 4,547,529 |
| ||
Cumulative other comprehensive loss |
| (760) |
|
| — |
| ||
Cumulative net income available for common shareholders |
| 3,180,263 |
|
| 3,491,645 |
| ||
Cumulative common distributions |
| (5,628,746) |
|
| (5,534,942) |
| ||
Total shareholders’ equity |
| 2,102,790 |
|
| 2,505,878 |
| ||
Total liabilities and shareholders’ equity |
| $ | 8,687,319 |
|
| $ | 9,033,967 |
|
SERVICE PROPERTIES TRUST | ||||||||||||||||
|
| Three Months Ended |
| Year Ended | ||||||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||||||
Revenues: |
|
|
|
|
|
|
|
| ||||||||
Hotel operating revenues (1) |
| $ | 174,520 |
|
| $ | 467,805 |
|
| $ | 875,098 |
|
| $ | 1,989,173 |
|
Rental income (3) |
| 95,523 |
|
| 111,727 |
|
| 389,955 |
|
| 322,236 |
| ||||
FF&E reserve income (4) |
| — |
|
| 1,374 |
|
| 201 |
|
| 4,739 |
| ||||
Total revenues |
| 270,043 |
|
| 580,906 |
|
| 1,265,254 |
|
| 2,316,148 |
| ||||
|
|
|
|
|
|
|
|
| ||||||||
Expenses: |
|
|
|
|
|
|
|
| ||||||||
Hotel operating expenses (1)(2)(13)(14)(17) |
| 204,998 |
|
| 334,916 |
|
| 697,904 |
|
| 1,410,927 |
| ||||
Other operating expenses |
| 4,179 |
|
| 3,938 |
|
| 15,208 |
|
| 8,357 |
| ||||
Depreciation and amortization |
| 121,351 |
|
| 126,727 |
|
| 498,908 |
|
| 428,448 |
| ||||
General and administrative |
| 13,046 |
|
| 17,733 |
|
| 50,668 |
|
| 54,639 |
| ||||
Transaction related costs (5) |
| — |
|
| 1,795 |
|
| — |
|
| 1,795 |
| ||||
Loss on asset impairment (6) |
| 254 |
|
| 39,296 |
|
| 55,756 |
|
| 39,296 |
| ||||
Total expenses |
| 343,828 |
|
| 524,405 |
|
| 1,318,444 |
|
| 1,943,462 |
| ||||
|
|
|
|
|
|
|
|
| ||||||||
Gain on sale of real estate, net (7) |
| 11,916 |
|
| — |
|
| 2,261 |
|
| 159,535 |
| ||||
Dividend income |
| — |
|
| — |
|
| — |
|
| 1,752 |
| ||||
Unrealized gains (losses) on equity securities, net (8) |
| 15,473 |
|
| 3,300 |
|
| 19,882 |
|
| (40,461) |
| ||||
Gain on insurance settlement (9) |
| — |
|
| — |
|
| 62,386 |
|
| — |
| ||||
Interest income |
| 1 |
|
| 441 |
|
| 284 |
|
| 2,215 |
| ||||
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $4,220, $3,288, $14,870 and $11,117, respectively) |
| (82,811) |
|
| (73,384) |
|
| (306,490) |
|
| (225,126) |
| ||||
Loss on early extinguishment of debt (10) |
| (2,424) |
|
| — |
|
| (9,394) |
|
| (8,451) |
| ||||
Income (loss) before income taxes and equity in earnings (losses) of an investee |
| (131,630) |
|
| (13,142) |
|
| (284,261) |
|
| 262,150 |
| ||||
Income tax expense (9) |
| (505) |
|
| (1,527) |
|
| (17,211) |
|
| (2,793) |
| ||||
Equity in earnings (losses) of an investee (11) |
| (5,605) |
|
| (224) |
|
| (9,910) |
|
| 393 |
| ||||
Net income (loss) |
| $ | (137,740) |
|
| $ | (14,893) |
|
| $ | (311,382) |
|
| $ | 259,750 |
|
|
|
|
|
|
|
|
|
| ||||||||
Weighted average common shares outstanding (basic) |
| 164,498 |
|
| 164,364 |
|
| 164,422 |
|
| 164,312 |
| ||||
Weighted average common shares outstanding (diluted) |
| 164,498 |
|
| 164,364 |
|
| 164,422 |
|
| 164,340 |
| ||||
|
|
|
|
|
|
|
|
| ||||||||
Net income (loss) per common share (basic and diluted) |
| $ | (0.84) |
|
| $ | (0.09) |
|
| $ | (1.89) |
|
| $ | 1.58 |
|
Contacts
Kristin Brown, Director, Investor Relations
(617) 658-0776