in addition to the value of its lodging revenues, what other value is inherent in a hotel?
Third Quarter 2021 and Subsequent Highlights
- Internet income of
$17 million , or$0.28 earnings per diluted share - Comparable RevPAR of
$66.38 , an increment of 71.4% from the same catamenia in 2020 and a decrease of 4.ix% from the same period in 2019 - Adjusted EBITDAre of
$34 meg - Adjusted FFO attributable to common stockholders of
$29 1000000 , or$0.47 per diluted share - Sold 15 non-core hotels for a combined gross sales toll of approximately
$96 meg during the quarter - Repaid
$102 million in total debt during the quarter - Subsequent to quarter finish, sold 5 non-cadre hotels for a gross sales price of approximately
$36 one thousand thousand , resulting in a total of 159 non-core hotels sold sinceMarch 2019 for a combined gross sales price of approximately$768 meg - An additional 41 hotels are under contract with qualified buyers, expected to generate approximately
$278 million of gross proceeds, and are generally expected to close in the first half of 2022, subject to market and other conditions
Subsequent to quarter end, as announced today, the Visitor has entered into a definitive understanding to be acquired through a joint venture betwixt affiliates of
Selected Statistical and Financial Data
(Unaudited, $ in millions, except RevPAR and ADR)
| Three Months Ended | 9 Months Ended | ||||||||||||||||||||
| 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||
| Net income (loss) | $ | 17 | $ | (8 ) | 312.5 | % | $ | xiv | $ | (136 ) | 110.3 | % | |||||||||
| Total revenues | $ | 142 | $ | 107 | 32.seven | % | $ | 377 | $ | 325 | 16.0 | % | |||||||||
| Adjusted EBITDAre | $ | 34 | $ | 8 | 325.0 | % | $ | 68 | $ | ten | 580.0 | % | |||||||||
| Adapted FFO attributable to common stockholders | $ | 29 | $ | — | N/M | $ | 49 | $ | (14 ) | 450.0 | % | ||||||||||
| Comparable Occupancy (ane) | 63.iii | % | 51.6 | % | one,170 bps | 59.7 | % | 47.one | % | one,260 bps | |||||||||||
| Comparable ADR (i) | $ | 104.93 | $ | 74.97 | twoscore.0 | % | $ | 92.30 | $ | 82.26 | 12.2 | % | |||||||||
| Comparable RevPAR (1) | $ | 66.38 | $ | 38.72 | 71.4 | % | $ | 55.08 | $ | 38.77 | 42.1 | % | |||||||||
| | 28.five | % | 12.3 | % | 1,620 bps | 23.1 | % | 8.3 | % | 1,480 bps | |||||||||||
____________________
(1)
N/1000 = Not Meaningful
Third Quarter 2021 Financial and Operating Results
The Company reported net income of
Comparable RevPAR for the third quarter of 2021 increased 71.4% over the same period of 2020 with 1,058 basis points of RevPAR Index market share decline. The growth in comparable RevPAR was driven past a 40.0% increment in comparable ADR and a 1,170 bps increment in comparable occupancy. The increases in comparable ADR and comparable occupancy were primarily due to increased demand in 2021 as compared to the COVID-xix pandemic impact in 2020. Summit performing markets included
Adjusted EBITDAre for the tertiary quarter of 2021 was
Operations Update and Measures to Mitigate Impact of COVID-19
The Company'southward hotels' room need and rates continued to benefit from leisure travel, certain segments of corporate travel related to essential businesses and being located in bulldoze-to destinations. The post-obit table summarizes select operating statistics for the months of July, August, and
| Comparable Occupancy | Comparable ADR | Comparable RevPAR | ||||||||
| | 69.0 | % | $ | 111.85 | $ | 77.16 | ||||
| | 61.5 | % | $ | 102.50 | $ | 63.04 | ||||
| | 59.2 | % | $ | 99.xx | $ | 58.68 | ||||
The Company continues to implement certain cost containment measures with respect to hotel and corporate spending. Appropriately, hotel operating expenses increased at a slower footstep than room acquirement, primarily due to suspension of buffet-style breakfast service and express housekeeping services for multi-night stays at many of our hotels.
Dispositions
Since CorePoint announced its initial non-core disposition programme of 78 hotels in
| Stage 1 | Phase 2 | Total | |||||||||
| Total number of non-core hotels: | 78 | 132 | 210 | ||||||||
| Full yr 2019: | |||||||||||
| Number of hotels sold | 43 | 1 | 44 | ||||||||
| Gross proceeds | $ | 173 | $ | 4 | $ | 177 | |||||
| Portion of internet gain used to repay debt | $ | 111 | $ | three | $ | 114 | |||||
| Total year 2020: | |||||||||||
| Number of hotels sold | 26 | 35 | 61 | ||||||||
| Gross proceeds | $ | 103 | $ | 171 | $ | 274 | |||||
| Portion of net proceeds used to repay debt | $ | 64 | $ | 132 | $ | 196 | |||||
| First quarter 2021: | |||||||||||
| Number of hotels sold | two | 7 | ix | ||||||||
| Gross proceeds | $ | 7 | $ | 35 | $ | 42 | |||||
| Portion of net proceeds used to repay debt | $ | 6 | $ | 30 | $ | 36 | |||||
| 2d quarter 2021: | |||||||||||
| Number of hotels sold | — | 25 | 25 | ||||||||
| Gross proceeds | $ | — | $ | 143 | $ | 143 | |||||
| Portion of net proceeds used to repay debt | $ | — | $ | 125 | $ | 125 | |||||
| Third quarter 2021: | |||||||||||
| Number of hotels sold | 2 | 13 | 15 | ||||||||
| Gross proceeds | $ | 8 | $ | 88 | $ | 96 | |||||
| Portion of cyberspace proceeds used to repay debt | $ | seven | $ | fourscore | $ | 87 | |||||
| Fourth quarter 2021 (to date): | |||||||||||
| Number of hotels sold | — | v | 5 | ||||||||
| Gross proceeds | $ | — | $ | 36 | $ | 36 | |||||
| Portion of net gain used to repay debt | $ | — | $ | 32 | $ | 32 | |||||
Uppercase Investments
The Company invested approximately
Hurricane Ida Update
During the third quarter of 2021, Hurricane Ida impacted four of the Visitor's hotels in
Residual Canvass and Liquidity
As of
As of
(Unaudited, $ in millions)
| Debt | Involvement Rate | Maturity Date | Principal Balance Outstanding | |||||
| CMBS Loan (1)(2) | Fifty + 3.04% | | $ | 477 | ||||
| Revolving Credit Facility (3) | L + 6.00% | | sixty | |||||
| Total | $ | 537 | ||||||
____________________
(1) Maturity date assumes the exercise of all borrower extension options. The next maturity date is
(2) Equally noted in the
(3) Subsequent to quarter end, the Visitor repaid
Dividends
As previously disclosed, the Company has currently suspended its common stock dividend, resulting in the preservation of approximately
Earnings Call and Webcast
In light of the proposed transaction, the Company will not conduct an earnings call.
Forwards-Looking Statements
This press release contains "forrad-looking statements" within the meaning of Section 27A of the Securities Act of 1933, every bit amended and Section 21E of the Securities Exchange Deed of 1934, as amended. Such forward-looking statements ofttimes contain words such as "assume," "will," "anticipate," "believe," "predict," "projection," "potential," "contemplate," "plan," "forecast," "approximate," "look," "intend," "is targeting," "may," "should," "would," "could," "goal," "seek," "hope," "aim," "continue" and other similar words or expressions or the negative thereof or other variations thereon. Forward-looking statements are made based upon management'southward current expectations and beliefs and are not guarantees of future performance. Such frontward-looking statements involve numerous assumptions, risks and uncertainties that may crusade bodily results to differ materially from those expressed or implied in any such statements. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a consequence of risks and uncertainties which include, among others: completion of the proposed transaction is subject to diverse risks and uncertainties related to, among other things, its terms, timing, structure, benefits, costs and completion; required approvals to complete the proposed transaction by our stockholders and the receipt of certain regulatory approvals, to the extent required, and the timing and conditions for such approvals; and the satisfaction of the closing conditions to the proposed transaction; business, financial and operating risks inherent to the lodging manufacture; macroeconomic and other factors beyond our control, including without limitation the furnishings of the ongoing COVID-19 pandemic or other pandemics or outbreaks of contagious disease; the geographic concentration of our hotels; our inability to compete finer; our concentration in the La Quinta brand; our dependence on the functioning of
Not-GAAP Financial Measures
We refer to certain not-GAAP financial measures in this press release including FFO, Adjusted FFO, Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre,
Virtually CorePoint
Contact:
SVP - Finance and Investor Relations
214-501-5535
investorrelations@corepoint.com
Consolidated Remainder Sheets (Unaudited)
($ in millions, except per share amounts)
| | | ||||||
| Assets: | |||||||
| Real estate | |||||||
| State | $ | 446 | $ | 511 | |||
| Buildings and improvements | 1,590 | 1,813 | |||||
| Article of furniture, fixtures, and other equipment | 239 | 293 | |||||
| Gross operating real manor | two,275 | 2,617 | |||||
| Less accumulated depreciation | (i,018 | ) | (1,083 | ) | |||
| Net operating real estate | 1,257 | 1,534 | |||||
| Structure in progress | 2 | 5 | |||||
| Full real estate, cyberspace | ane,259 | 1,539 | |||||
| Right of use assets | 14 | xvi | |||||
| Greenbacks and cash equivalents | 174 | 143 | |||||
| Accounts receivable | 18 | 13 | |||||
| Lender and other escrows | 45 | 35 | |||||
| Other assets | 18 | xx | |||||
| Total Avails | $ | 1,528 | $ | 1,766 | |||
| Liabilities and Equity: | |||||||
| Liabilities: | |||||||
| Debt, internet | $ | 537 | $ | 810 | |||
| Mandatorily redeemable preferred stock | fifteen | 15 | |||||
| Accounts payable and accrued expenses | 63 | 48 | |||||
| Other liabilities | 34 | 36 | |||||
| Total Liabilities | 649 | 909 | |||||
| Commitments and contingencies | |||||||
| Equity: | |||||||
| Mutual stock, | ane | 1 | |||||
| Boosted paid-in-capital | 971 | 963 | |||||
| Accumulated deficit | (95 | ) | (109 | ) | |||
| Noncontrolling interest | 2 | 2 | |||||
| Total Disinterestedness | 879 | 857 | |||||
| Full Liabilities and Equity | $ | i,528 | $ | 1,766 | |||
Consolidated Statements of Operations (Unaudited)
(in millions, except per share amounts)
| Three Months Concluded | Ix Months Ended | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues: | ||||||||||||||||
| Rooms | $ | 139 | $ | 105 | $ | 369 | $ | 318 | ||||||||
| Other | 3 | ii | 8 | vii | ||||||||||||
| Total Revenues | 142 | 107 | 377 | 325 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Rooms | 58 | 52 | 161 | 171 | ||||||||||||
| Other departmental and back up | 20 | 20 | 59 | 59 | ||||||||||||
| Property tax, insurance and other | 10 | fourteen | 37 | 45 | ||||||||||||
| Management and royalty fees | 14 | 11 | 37 | 32 | ||||||||||||
| Corporate general and administrative | 10 | seven | 24 | 21 | ||||||||||||
| Depreciation and amortization | 33 | 39 | 108 | 121 | ||||||||||||
| Gain on sales of real estate | (29 | ) | (27 | ) | (81 | ) | (59 | ) | ||||||||
| Gain on prey | — | (four | ) | (3 | ) | (7 | ) | |||||||||
| Impairment loss | 4 | — | 4 | 54 | ||||||||||||
| Full Operating Expenses | 120 | 112 | 346 | 437 | ||||||||||||
| Operating income (loss) | 22 | (five | ) | 31 | (112 | ) | ||||||||||
| Other Income (Expenses): | ||||||||||||||||
| Interest expense | (six | ) | (nine | ) | (20 | ) | (35 | ) | ||||||||
| Other income (expenses), net | one | 3 | 3 | 5 | ||||||||||||
| Total Other Expenses | (5 | ) | (6 | ) | (17 | ) | (30 | ) | ||||||||
| Income (loss) earlier income taxes | 17 | (eleven | ) | 14 | (142 | ) | ||||||||||
| Income revenue enhancement benefit | — | iii | — | 6 | ||||||||||||
| Net income (loss) | $ | 17 | $ | (8 | ) | $ | 14 | $ | (136 | ) | ||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Weighted average common shares outstanding - basic | 57.1 | 56.vii | 57.0 | 56.vi | ||||||||||||
| Weighted average common shares outstanding - diluted | 61.3 | 56.seven | 61.0 | 56.six | ||||||||||||
| Earnings (loss) per share: | ||||||||||||||||
| Basic earnings (loss) per share | $ | 0.30 | $ | (0.14 | ) | $ | 0.25 | $ | (2.40 | ) | ||||||
| Diluted earnings (loss) per share | $ | 0.28 | $ | (0.14 | ) | $ | 0.23 | $ | (ii.40 | ) | ||||||
RECONCILIATIONS
The tables beneath provide a reconciliation of
"EBITDA." Earnings before interest, income taxes, depreciation and amortization ("EBITDA") is a commonly used measure in many REIT and non-REIT related industries. Nosotros believe EBITDA is useful in evaluating our operating performance because it provides an indication of our ability to incur and service debt, to satisfy general operating expenses, and to make capital expenditures. We calculate EBITDA excluding discontinued operations. EBITDA is intended to be a supplemental non-GAAP financial measure out that is independent of a company's capital letter structure.
"EBITDAre." We present EBITDAre in accord with guidelines established past the
"Adapted EBITDAre." Adjusted EBITDAre is calculated as EBITDAre adjusted for sure items, such every bit restructuring and separation transaction expenses, acquisition transaction expenses, stock-based compensation expense, severance expense, and other items not indicative of ongoing operating operation.
The Company believes that EBITDAre and Adjusted EBITDAre provide useful information to investors almost it and its financial condition and results of operations for the following reasons: (i) EBITDAre and Adjusted EBITDAre are amid the measures used by the Company's management to evaluate its operating performance and make day-to-day operating decisions; and (two) EBITDAre and Adapted EBITDAre are ofttimes used past securities analysts, investors, lenders and other interested parties equally a common performance mensurate to compare results or estimate valuations across companies in and apart from the Company's industry sector.
EBITDA, EBITDAre and Adapted EBITDAre are not recognized terms nether GAAP, accept limitations as belittling tools and should not be considered either in isolation or as a substitute for net income (loss), cash menses or other methods of analyzing the Visitor's results as reported under GAAP. Some of these limitations are that these measures:
- do non reverberate changes in, or greenbacks requirements for, the Company'southward working majuscule needs;
- do not reflect the Company's involvement expense, or the greenbacks requirements necessary to service interest or primary payments, on its indebtedness;
- practice non reflect the Visitor'due south tax expense or the cash requirements to pay its taxes;
- do not reflect historical cash expenditures or futurity requirements for capital expenditures or contractual commitments;
- EBITDAre and Adjusted EBITDAre do non include gains or losses on the disposition of properties which may exist material to our operating performance and cash flow;
- do non reflect the impact on earnings or changes resulting from matters that the Company considers non to be indicative of our futurity operations, including but not limited to discontinued operations, impairment, acquisition and disposition activities and restructuring expenses;
- although depreciation, amortization and damage are non-cash charges, the assets existence depreciated, amortized or impaired will often have to be replaced, upgraded or repositioned in the hereafter, and EBITDA, EBITDAre and Adapted EBITDAre do not reflect any cash requirements for such replacements; and
- other companies in the Company's industry may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently, limiting their usefulness as comparative measures.
Because of these limitations, EBITDA, EBITDAre and Adapted EBITDAre should not be considered as a replacement to net income (loss) presented in accord with GAAP, discretionary cash available to the Visitor to reinvest in the growth of its business or as measures of greenbacks that volition exist available to the Company to meet its obligations.
"Hotel Adjusted EBITDAre" measures property-level results at the Company's hotels earlier corporate-level expenses and is a central measure of a hotel's profitability. The Company presents
"Comparable Hotel Adjusted EBITDAre" measures property-level results at the Company'south Comparable hotels before corporate-level expenses and is a primal measure of a hotel's profitability. The Company presents
"Comparable Hotel Adapted EBITDAre margin" represents the ratio of
Funds from operations ("FFO") and "Adjusted FFO". We present Nareit FFO attributable to mutual stockholders and Nareit FFO per diluted share (as defined beneath) every bit not-GAAP measures of our operation. We calculate funds from operations ("FFO") owing to common stockholders for a given operating menses in accord with standards established by Nareit, as net income or loss (calculated in accordance with GAAP), excluding depreciation and acquittal related to real estate, gains or losses on sales of certain real estate assets, impairment write-downs of real estate assets, discontinued operations, income taxes related to sales of certain real estate assets, and the cumulative issue of changes in accounting principles, plus adjustments for unconsolidated articulation ventures. Adjustments for unconsolidated joint ventures are calculated to reflect our pro rata share of the FFO of those entities on the same basis. Since real estate values historically take risen or fallen with market conditions, many industry investors have considered presentation of operating results for real manor companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry wide measure of REIT operating performance. We believe Nareit FFO provides useful information to investors regarding our operating performance and can facilitate comparisons of operating performance betwixt periods and between REITs. Our presentation may not exist comparable to FFO reported by other REITs that exercise not ascertain the terms in accordance with the current Nareit definition, or that translate the current Nareit definition differently than we practice. We calculate Nareit FFO per diluted share every bit our Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.
We besides present Adjusted FFO owing to common stockholders when evaluating our performance considering we believe that the exclusion of sure additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has fabricated the adjustments detailed below in evaluating our functioning and in our annual upkeep process. Nosotros believe that the presentation of Adapted FFO provides useful supplemental information that is beneficial to an investor'southward complete understanding of our operating operation. We accommodate Nareit FFO attributable to mutual stockholders for the post-obit items, and refer to this measure as Adjusted FFO owing to common stockholders: transaction expense associated with the potential disposition of or acquisition of real estate or businesses; severance expense; share-based compensation expense; litigation gains and losses outside the ordinary course of business; acquittal of debt issuance costs; reorganization costs and separation transaction expenses; loss on early extinguishment of debt; straight-line ground lease expense; casualty losses; deferred tax expense; and other items that we believe are not representative of our current or future operating performance.
Nareit FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders have limitations as analytical tools and should not exist considered either in isolation or every bit a substitute for net income (loss), greenbacks menstruation or other methods of analyzing our results equally reported under GAAP. Nareit FFO is not an indication of our liquidity, nor is it indicative of funds available to fund our cash needs, including our power to fund dividends. Nareit FFO is also not a useful measure out in evaluating cyberspace asset value because impairments are taken into business relationship in determining net asset value but not in determining Nareit FFO. Investors are cautioned that we may not recover any impairment charges in the futurity. Accordingly, Nareit FFO should exist reviewed in connection with GAAP measurements. Nosotros believe our presentation of Nareit FFO is in accord with the Nareit definition; however, our Nareit FFO may non be comparable to amounts calculated by other REITs.
ADJUSTED EBITDAre Non-GAAP RECONCILIATIONS
(unaudited, in millions)
| Three Months Ended | Ix Months Ended | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Internet income (loss) | $ | 17 | $ | (8 | ) | $ | fourteen | $ | (136 | ) | |||||
| Interest expense | 6 | 9 | 20 | 35 | |||||||||||
| Income tax benefit | — | (3 | ) | — | (half dozen | ) | |||||||||
| Depreciation and amortization | 33 | 39 | 108 | 121 | |||||||||||
| EBITDA | 56 | 37 | 142 | xiv | |||||||||||
| Gain on sales of real estate | (29 | ) | (27 | ) | (81 | ) | (59 | ) | |||||||
| Gain on casualty | — | (four | ) | (three | ) | (vii | ) | ||||||||
| Damage loss | 4 | — | four | 54 | |||||||||||
| EBITDAre | 31 | 6 | 62 | 2 | |||||||||||
| Equity-based compensation expense | two | iii | seven | viii | |||||||||||
| Income from charter modification | (1 | ) | — | (1 | ) | — | |||||||||
| Strategic alternatives exploration expenses | one | — | 1 | — | |||||||||||
| Income from terminated sale contracts | — | (1 | ) | — | (one | ) | |||||||||
| Other, cyberspace | i | — | (1 | ) | i | ||||||||||
| Adjusted EBITDAre | $ | 34 | $ | 8 | $ | 68 | $ | x | |||||||
Additional information:
- Other, net represents additional income and expenses that are not representative of our electric current or future operating performance, which are individually less significant. For the three and 9 months concluded
September 30, 2021 , other, internet includes$1 million and$2 million of business break insurance proceeds, respectively. For the iii and ix months endedSeptember 30, 2020 , other, net includes$2 million and$4 million of business suspension insurance proceeds, respectively.
HOTEL Adjusted EBITDA AND Total REVENUES
NON-GAAP RECONCILIATION
(unaudited, in millions)
| Three Months Concluded | Ix Months Ended | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Adjusted EBITDAre | $ | 34 | $ | 8 | $ | 68 | $ | ten | |||||||
| Corporate general and authoritative expenses (i) | 6 | 4 | 15 | 12 | |||||||||||
| | 40 | 12 | 83 | 22 | |||||||||||
| Impact of non-comparable hotels (2) | (1 | ) | (ii | ) | (5 | ) | (2 | ) | |||||||
| | $ | 39 | $ | x | $ | 78 | $ | xx | |||||||
| Three Months Ended | Nine Months Concluded | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Total Revenues | $ | 142 | $ | 107 | $ | 377 | $ | 325 | |||||||
| Impact of non-comparable hotels (2) | (five | ) | (26 | ) | (39 | ) | (84 | ) | |||||||
| | $ | 137 | $ | 81 | $ | 338 | $ | 241 | |||||||
____________________
(i) Reflects adjustments to exclude the effects of corporate general and administrative costs not already adjusted in calculating Adjusted EBITDAre.
(2) Includes the impact of hotels sold that are excluded from the
.
(three)
consists of all of the 160 hotels owned as of
.
Adjusted FFO Not-GAAP RECONCILIATION
(unaudited, in millions)
| Three Months Concluded | 9 Months Concluded | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Net income (loss) | $ | 17 | $ | (eight | ) | $ | fourteen | $ | (136 | ) | |||||
| Depreciation and amortization | 33 | 39 | 108 | 121 | |||||||||||
| Gain on sales of existent estate | (29 | ) | (27 | ) | (81 | ) | (59 | ) | |||||||
| Gain on casualty | — | (four | ) | (iii | ) | (7 | ) | ||||||||
| Impairment loss | 4 | — | iv | 54 | |||||||||||
| Nareit defined FFO attributable to common stockholders | 25 | — | 42 | (27 | ) | ||||||||||
| Equity-based compensation expense | 2 | 3 | 7 | 8 | |||||||||||
| Non-greenbacks income tax expense (benefit) | — | (iii | ) | — | (2 | ) | |||||||||
| Amortization expense of debt issuance costs | 1 | ane | 1 | 7 | |||||||||||
| Income from charter modification | (1 | ) | — | (1 | ) | — | |||||||||
| Strategic alternatives exploration expenses | 1 | — | 1 | — | |||||||||||
| Income from terminated sale contracts | — | (1 | ) | — | (i | ) | |||||||||
| Other, net | 1 | — | (one | ) | ane | ||||||||||
| Adjusted FFO owing to common stockholders | $ | 29 | $ | — | $ | 49 | $ | (14 | ) | ||||||
| Weighted average number of shares outstanding, diluted | 61.iii | 56.7 | 61.0 | 56.6 | |||||||||||
| Adapted FFO per diluted share | $ | 0.47 | $ | — | $ | 0.80 | $ | (0.25 | ) | ||||||
____________________
Additional information:
- Other, net represents additional income and expenses that are non representative of our current or future operating functioning, which are individually less significant. For the iii and 9 months ended
September 30, 2021 , other, net includes$ane meg and$2 meg of business suspension insurance proceeds, respectively. For the iii and nine months endedSeptember xxx, 2020 , other, net includes$2 meg and$iv one thousand thousand of business concern interruption insurance proceeds, respectively. - Weighted average number of shares outstanding, diluted presented above may differ from weighted average number of shares outstanding, diluted presented for GAAP purposes when there is a internet loss and all potentially dilutive securities are anti-dilutive. In that location are no dilutive securities for purposes of computing net loss or negative FFO.
Sure Divers TERMS
Average daily rate ("ADR") represents hotel room revenues divided by full number of rooms rented in a given menses. ADR measures the average room price attained past a hotel or group of hotels, and ADR trends provide useful information concerning pricing policies and the nature of the invitee base of a hotel or grouping of hotels. Changes in room rates have an impact on overall revenues and profitability.
"Occupancy" represents the total number of rooms rented in a given period divided past the full number of rooms available at a hotel or group of hotels. Occupancy measures the utilization of our hotels' available capacity, which may be affected from time to fourth dimension by our repositioning, holding casualties and other activities. Management uses occupancy to gauge demand at a specific hotel or group of hotels in a given menstruum. Occupancy levels also help us determine doable ADR levels as demand for hotel rooms increases or decreases.
Revenue per available room ("RevPAR") is defined as the product of the ADR charged and the average daily occupancy achieved. RevPAR does non include bad debt expense or other ancillary, non-room revenues, such as food and beverage revenues or parking, telephone or other guest service revenues generated by a hotel, which are not significant for united states.
RevPAR changes that are driven predominately by occupancy take different implications for overall revenue levels and incremental hotel operating profit than changes driven predominately by ADR. For instance, increases in occupancy at a hotel would lead to increases in room and other revenues, too equally incremental operating costs (including, but non limited to, housekeeping services, utilities and room assiduities costs). RevPAR increases due to higher ADR, however, would more often than not non result in boosted operating costs, with the exception of those charged or incurred as a percentage of revenue, such as management and royalty fees, credit carte du jour fees and booking commissions. As a result, changes in RevPAR driven by increases or decreases in ADR generally have a greater event on operating profitability at our hotels than changes in RevPAR driven by occupancy levels.
"RevPAR Index" measures a hotel's fair market place share of its competitive gear up's revenue per available room.
"Comparable Hotels" are divers as hotels that were active and operating in our system for at least 1 full agenda year as of the end of the applicable reporting period and were active and operating as of
HOTEL COUNT RECONCILIATION
| | ||
| Every bit of | 315 | |
| Hotels sold | (44) | |
| As of | 271 | |
| Hotels sold | (61) | |
| Other (1) | (one) | |
| As of | 209 | |
| Hotels sold | (9) | |
| As of | 200 | |
| Hotels sold | (25) | |
| As of | 175 | |
| Hotels sold (two) | (fifteen) | |
| Every bit of | 160 | |
| Hotels sold subsequent to quarter cease (3) | (five) | |
| As of | 155 | |
| Total hotels sold | 159 |
_____________
(1) In the second quarter of 2020, the Company permanently tending of i hotel, 140 rooms, that was subject to a ground lease
(2) The Company sold xv hotels in the 3rd quarter of 2021, totaling 1,753 rooms. Of these backdrop sold, ane was located in each of the following locations:
(3) From
Source:
Source: https://www.corepoint.com/news/2021/11-08-2021-112012723
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