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2017 2017 2017 2017

Q1 Q2 Q3 Q4 FY
Revenue:
Rooms
F&B and Other
0 0 0 0 0
Property Expenses:
Operating expenses 0
Energy 0
Property maintenance 0
Property taxes, insurance and ground lease 0
Net Operating Income (NOI) 0 0 0 0 0
%

Depreciation and amortization 0

Income from operating activities 0 0 0 0 0

Corporate and administrative 0


Impairment of hotel assets 0
Business acquisition costs 0

Income from Operations 0 0 0 0 0

Finance Income
Finance Costs
Change in FV of swaps
PBT 0 0 0 0 0

Current Income Tax


Deferred Tax
Net Income from continuing ops 0 0 0 0 0

Discontinued Ops 2122 -2122


Net Income 0 0 2,122 -2,122 0

Funds From Operations

Basic weighted average number of units outstanding


Diluted weighted average number of units outstanding
2018 2018 2018 2018 2019 2019 2019 2019
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4

73,999 82,262 64,797 27,609 248,667 58,668 66,048 65,022 60,064


7,067 7,649 3,757 -1,137 17,336 4,874 5,645 4,231 4,993
81,066 89,911 68,554 26,472 266,003 63,542 71,693 69,253 65,057

-42,627 -44,802 (34,806) (14,838) (137,073) (33,341) (35,727) (35,691) (36,514)


-3,805 -3,391 (2,972) (522) (10,690) (2,619) (2,428) (2,997) (2,559)
-4,068 -3,956 (2,892) (609) (11,525) (3,017) (3,021) (3,071) (3,135)
-5,192 -2,249 (4,244) (4,280) (15,965) (3,968) (2,480) (4,173) (4,589)
-55,692 -54,398 23,640 6,223 90,750 20,597 28,037 23,321 18,260
34.5% 23.5% 34.1% 32.4% 39.1% 33.7% 28.1%

-12,063 -10,000 (9,285) (5,485) (36,833) (9,435) (9,359) (9,398) (9,830)

25,374 35,513 14,355 738 53,917 11,162 18,678 13,923 8,430

-4,990 -5,460 (3,764) (1,778) (15,992) (4,126) (3,855) (3,712) (2,987)


-5 -1,842 - 947 (900) - - (1,200) (1,675)
-320 -96 (95) 130 (381) - - - -

20,059 28,115 10,496 37 36,644 7,036 14,823 9,011 3,768

5 13 7 (5) 20 3 4 2 6
-7925 -9115 (8,105) (7,215) (32,360) (7,963) (8,105) (8,093) (9,605)
0 0 - - - - - - -
12,139 19,013 2,398 (7,183) 4,304 (924) 6,722 920 (5,831)

0 0 (223) 51 (172) (20) 10 (13) (18)


1300 -159 (65) 46 1,122 803 (305) 467 370
13,439 18,854 2,110 (7,086) 5,254 (141) 6,427 1,374 (5,479)

2,122 977 3,099 (315) (587) 769 (9,040)


13,439 18,854 4,232 (6,109) 8,353 (456) 5,840 2,143 (14,519)
2020 2020 2020 2020 2021 2021 2021
FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3

249,802 57,276 26,667 38,258 41,739 163,940 44,944 49,337 54,056


19,743 4,579 607 1,688 2,301 9,175 3,500 3,842 4,210
269,545 61,855 27,274 39,946 44,041 173,116 48,445 53,179 58,266

(141,273) (33,727) (14,506) (21,046) (22,983) (25,039) (27,220) (29,533)


(10,603) (2,509) (2,137) (2,930) (3,010) (3,069) (3,103) (3,109)
(12,244) (2,958) (1,574) (2,106) (2,101) (2,069) (2,005) (1,906)
(15,210) (5,852) (2,756) (3,837) (4,010) (4,169) (4,310) (4,431)
90,215 16,809 6,301 10,028 11,936 173,116 14,099 16,540 19,287
33.5% 27.2% 23.1% 25.1% 27.1% 100.0% 29.1% 31.1% 33.1%

(38,022) (10,865) (10,918)

52,193 5,944 (4,617) 10,028 11,936 173,116 14,099 16,540 19,287

(14,680) (3,696) (3,383)


(2,875) (1,875) (3,669)
- - -

34,638 373 (11,669) 10,028 11,936 173,116 14,099 16,540 19,287

15 85 62
(33,766) (9,577) (10,189)
- (5,816) (554)
887 (14,935) (22,350) 16,540

(41) - 116
1,335 2,343 1,395
2,181 (12,592) (20,839) - - - - 16,540 -

(9,173) (15) 33 - - - - -
(6,992) (12,607) (20,806) - - - - 16,540 -
2021 2022 2022 2022 2022
Q4 FY Q1 Q2 Q3 Q4 FY

59,123 207,460 0 0 0
4,605 16,158 0 0 0
63,728 223,617 0 0 0 0 0

(31,983) - -
(3,081) - -
(1,766) - -
(4,528) - -
22,370 223,617 - - - - -
35.1% 100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

22,370 223,617 - - - - -

22,370 223,617 - - - - -

- -

- - - - - - -

- - - - -
- - - - - - -
2018 2018 2019 2019
Q3 Q4 Q1 Q2
Number of rooms 11,549 11,523 11,524 11,524
Number of properties 113 112 112 112
Number of restaurants 40 40 40 40
Occupancy rate 78.1% 72.5% 72.4% 78.3%

Average daily room rate 97.28 93.96 97.32 99.39


ADR Growth -1.9% -0.8% 1.9% 0.7%

Revenue per available room 75.98 68.12 70.46 77.82

Total Revenue 68,554 26,472 63,542 71,693


F&B as % of Total Rev 5.5% -4.3% 7.7% 7.9%

NOI 23,640 6,223 20,597 28,037


NOI Margin 34.5% 23.5% 32.4% 39.1%

Gross RE Assets
Cap Rate

Rooms 11,549 11,523 11,524 11,524

Occupancy Rate 78.1% 72.5% 72.4% 78.3%


Days in Period 90 90 90 90

Average Daily Rate (ADR) 97.28 93.96 97.32 99.39


ADR Growth % -1.90% -0.82% 1.85% 0.74%

Revenue per Available Room (RevPAR) 76 68 70 78

Available Room Nights


Occupied Room Nights

As a % of Revenue:
Operating expenses -50.8% -56.1% -52.5% -49.8%
Energy -4.3% -2.0% -4.1% -3.4%
Property maintenance -4.2% -2.3% -4.7% -4.2%
Property taxes, insurance and ground lease -6.2% -16.2% -6.2% -3.5%
Depreciation & Amortization % of Revenue

Avg Interest Rate on Debt


Tax Rate
2019 2019 2020 2020 2020 2020 2021 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
11,524 8,887 8,887 8,887 8,887 8,887 8,887 8,887
112 79 79 79 79 79 79 79
40 16 16 16 16 16 16 16
76.5% 70.5% 62.2% 34.7% 50.0% 52.5% 55.0% 57.5%

100.19 102.52 113.88 95.13 99.89 104.88 110.12 115.63


3.0% 9.1% 17.0% -4.3% 5.0% 5.0% 5.0% 5.0%

76.65 72.28 70.83 33.01 49.94 55.06 60.57 66.49

69,253 65,057 61,855 27,274 39,946 44,041 48,445 53,179


6.1% 7.7% 7.4% 2.2% 4.2% 5.2% 7.2% 7.2%

23,321 18,260 16,809 6,301 10,028 11,936 14,099 16,540


33.7% 28.1% 27.2% 23.1% 25.1% 27.1% 29.1% 31.1%

11,524 8,887 8,887 8,887 8,887 8,887 8,887 8,887

76.5% 70.5% 62.2% 34.7% 50.0% 52.5% 55.0% 57.5%


90 90 90 90 90 90 90 90

100.19 102.52 113.88 95.13


2.99% 9.11% 17.02% -4.29%

77 72 71 33

-51.5% -56.1% -54.5% -53.2% -52.7% -52.2% -51.7% -51.2%


-4.3% -3.9% -4.1% -7.8% -7.3% -6.8% -6.3% -5.8%
-4.4% -4.8% -4.8% -5.8% -5.3% -4.8% -4.3% -3.8%
-6.0% -7.1% -9.5% -10.1% -9.6% -9.1% -8.6% -8.1%
2021 2021
Q3 Q4
8,887 8,887
79 79
16 16
60.0% 62.5%

121.41 127.48
5.0% 5.0%

72.85 79.68

58,266 63,728
7.2% 7.2%

19,287 22,370
33.1% 35.1%

8,887 8,887

60.0% 62.5%
90 90

-50.7% -50.2%
-5.3% -4.8%
-3.3% -2.8%
-7.6% -7.1%
2018 2018 2019
Q3 Q4 FY Q1
Cash and cash equivalents 12,338
Current portion of restricted cash 24,303
Trade and other receivables 13,651
Prepaids and other assets 15,351
Assets Held for Sale -
Current Assets 65,643

Restricted cash 9,142


Property, buildings and equipment 1,163,281
Intangible assets 10,187
Fair value of interest rate swap contracts 788
Deferred income tax assets 11,297
Total Assets - - 1,260,338

Accounts payable and accrued liabilities 40,234


Current portion of term loans and revolving credit 21,219
Current portion of lease and other liabilities 2,686
Liabilities Associates with Assets Held For Sale -
Current Liabilities 64,139

Term loans and revolving credit facility 680,606


Convertible debentures 46,193
Lease and other liabilities 2,903
Fair value of interest rate swap contracts -
Deferred income tax liabilities 3,845
Total Liabilities 797,686

Partners’ capital 462,652


Total Liabilities and Equity - - 1,260,338

BS Check - - - -
2019 2019 2019 2020 2020 2020 2020
Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
11,759 11,704 17,849 19,848 27,114
27,362 26,396 23,682 17,009 17,874
13,237 9,843 17,300 14,889 17,023
13,285 12,561 9,965 9,388 8,147
- 204,817 - - -
65,643 265,321 68,796 61,134 70,158

5,255 8,444 5,091 12,913 10,889


1,161,740 969,662 1,157,304 1,150,003 1,137,022
9,825 5,489 7,202 7,019 6,838
- - 495 - -
10,885 6,252 7,440 9,819 11,287
1,253,348 1,255,168 1,246,328 1,240,888 1,236,194

34,547 32,675 57,117 54,026 60,546


18,996 3,781 4,249 4,568 4,724
834 279 267 268 261
- 119,181 - - -
54,377 155,916 61,633 58,862 65,531

689,230 603,158 714,727 730,451 729,005


46,378 46,569 46,759 46,957 47,154
2,914 590 570 592 10,430
685 - - 5,321 5,875
3,894 3,516 4,334 4,370 4,443
797,478 809,749 828,023 846,553 862,438

455,870 445,419 418,305 394,335 373,756


1,253,348 1,255,168 1,246,328 1,240,888 1,236,194

- - - - - -
2021 2021 2021 2021 2022 2022 2022 2022
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
2018 2018 2019 2019
Q3 Q4 FY Q1 Q2
Cash Flow from Operations
Net Income (456) 5,840
Depreciation & Amortization 9,435 9,359
Impairment Loss - -
Gain Loss on Sale of Assets, Net
Other Items
Change in Working Capital 26,583 (5,273)
Cash Flow from Operations

Cash Flow from Investing


Recurring Maintenance CapEx
Acquisitions, Net of Cash Acquired
Developments & Redevelopments
Proceeds from Asset Dispositions
Other Items, Net
Cash Flow from Investing

Cash Flow from Financing


Change in Debt
Stock Issuances Repurchases
Cash Contribution from Parent
Cash Dividends Paid to Parent
Cash Dividends to Shareholders
Other Items, Net
Cash Flow from Financing

Effect of FX Rate Effects

Net Change in Cash & CashEquivalents


Beginning Cash
Ending Cash

Cash Flow Statement Drivers

Recurring Maintenance CapEx % Revenue 8% 8% 8%


2019 2019 2020 2020 2020 2020 2021 2021
Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2

2,143 (14,519) (12,607) (20,806) - -


9,398 9,830 10,865 10,918 - -
1,200 1,675 1,875 3,669 - -

1,522 16,985 (680) 4,386 (43,523) -

8% 8%
2021 2021 2022 2022 2022 2022
Q3 Q4 FY Q1 Q2 Q3 Q4 FY
ASSETS:
Forward Property Net Operating Income (NOI):
(÷) Assumed Cap Rate:
Market Value of Gross Real Estate Operating Assets:

Construction-in-Progress:
(x) Market Value Adjustment:
Market Value of Construction-in-Progress:

Cash & Cash-Equivalents:


Accounts Receivable:

Goodwill & Other Intangibles:


(x) Market Value Adjustment:
Market Value of Goodwill & Other Intangibles:

Other Assets:

Total Market Value of Assets:

LIABILITIES & EQUITY:


Debt & Other Borrowings:
(x) Market Value Adjustment:
Market Value of Debt & Other Borrowings:

Accounts Payable:
Other Liabilities:
Noncontrolling Interests (NCI):

Net Asset Value (NAV):


NAV per Share:
Current Share Price:

NAV per Share Premium / (Discount) to Current:

Cap Rate Implied by Current Share Price:


$ 52,602
6.0%
$ 876,706

-
120.0%
-

27,114
17,023

-
-
-

29,889

$ 950,732

(791,574)
100.0%
(791,574)

(60,546)
(10,318)
-

$ 88,294
$ 1.12
$ 2.33

(51.9%)

5.4%
Take it easy and enjoy the weekend!