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SEC Filings

8-K
RLJ LODGING TRUST filed this Form 8-K on 08/07/2018
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RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
 
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
 
For the three months ended June 30,
 
For the six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Net income
$
64,393

 
$
42,464

 
$
88,286

 
$
64,242

Depreciation and amortization
61,648

 
38,240

 
123,056

 
76,905

Interest expense, net (1)
24,483

 
14,399

 
51,954

 
28,716

Income tax expense
2,354

 
1,821

 
3,696

 
2,987

Adjustments related to unconsolidated joint ventures (2)
796

 

 
1,591

 

EBITDA
153,674

 
96,924

 
268,583

 
172,850

(Gain) loss on sale of hotel properties
(796
)
 
(30
)
 
2,938

 
30

EBITDAre
152,878

 
96,894

 
271,521

 
172,880

Transaction costs
247

 
3,691

 
1,920

 
4,316

Gain on extinguishment of indebtedness
(7
)
 

 
(7,666
)
 

Amortization of share-based compensation
3,172

 
3,134

 
5,686

 
5,469

Other expenses (3)
3,547

 

 
4,168

 

Adjusted EBITDA
159,837

 
103,719

 
275,629

 
182,665

General and administrative (4)
12,351

 
6,995

 
20,750

 
13,783

Other corporate adjustments
(3,144
)
 
(356
)
 
(2,762
)
 
(356
)
Consolidated Hotel EBITDA
169,044

 
110,358

 
293,617

 
196,092

Pro forma adjustments - loss (income) from sold hotels
233

 
(76
)
 
(346
)
 
(249
)
Pro forma adjustments - income from prior ownership of acquired hotels (5)

 
59,966

 

 
106,724

Pro forma Consolidated Hotel EBITDA
169,277

 
170,248

 
293,271

 
302,567

Pro forma adjustments - income from non-comparable hotels

 

 

 

Pro forma Hotel EBITDA
$
169,277

 
$
170,248

 
$
293,271

 
$
302,567


Note:
(1) Excludes amounts attributable to investment in loans of $0.5 million and $1.0 million for the three and six months ended June 30, 2017, respectively.
(2) Includes our ownership interest of the interest, depreciation, and amortization expense of the unconsolidated joint ventures.
(3) Represents income and expenses outside of the normal course of operations, including debt modification costs, hurricane-related costs that are not reimbursed by insurance, executive transition costs, and activist shareholder costs.
(4) General and administrative expenses exclude amortization of share-based compensation reflected in Adjusted EBITDA.
(5) The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes.




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