try this one instead YEAR ENDED DECEMBER 31, 2018 FINANCIAL HIGHLIGHTS
-- 2018 annual revenues increased 11.5% to $338.6 million (2017 -
$303.7 million) primarily due to the acquisition of new hotels
in June 2017 that had higher occupancy and higher ADR.
-- Net income for 2018 was $8.4 million, compared to net income of
$89,000 in the comparable period last year. Diluted net income
per Unit was $0.11 compared to $0.00 last year.
-- Total portfolio RevPAR increased 2.9% in 2018 to $73.29 (2017 -
$71.20), led by ADR increases of 1.2% and occupancy increases
of 1.7%.
-- Premium Branded hotel RevPAR decreased 0.8% in 2018 to $88.71
(2017 - $89.47), with occupancy decreasing 1.4% and ADR
increasing 0.6%. Occupancy declines were largely related to
hotel renovations.
-- Economy Lodging hotel RevPAR increased 6.6% to $42.81 during
2018 (2017 - $40.16), with occupancy increasing 7.4% and ADR
decreasing 0.7%. Occupancy increases were due to higher
transient guests from the Wyndham rebranding of these hotels,
as well as higher rail crew contract utilization.
-- Total portfolio same-property revenues for 2018 were $190.6
million, in line with revenues in 2017.
-- Total portfolio same-property RevPAR increased 0.1% to $62.33
(2017 - $62.27), with occupancy increasing 0.4% and ADR
decreasing 0.3%.
-- FFO for 2018 decreased 5.0% to $55.6 million (2017 - $58.6
million), while AFFO deceased 2.4% to $51.5 million (2017 -
$52.8 million).
-- For 2018, Diluted FFO per Unit was $0.70 (2017 - $0.82) and
Diluted AFFO per Unit was $0.65 (2017 - $0.76).
FOURTH QUARTER DEVELOPMENTS
-- On October 1, 2018, John O'Neill joined AHIP as Chief Executive
Officer, following the retirement of AHIP's former CEO.
-- On November 1, 2018, AHIP announced the completion of $2.3
million of renovations at its 227-room Embassy Suites
Cincinnati hotel (located across the river from downtown
Cincinnati, in Covington, Kentucky).
-- From the time of his appointment as CEO on October 1, 2018
until the end of the fourth quarter, John O'Neill acquired
479,400 additional Units in the Company, increasing the number
of Units he owns and has control over to 1.3 million units. In
addition, other AHIP insiders acquired 658,688 units and
$149,200 worth of Debentures through open market purchases
during the fourth quarter.
SUBSEQUENT EVENTS
-- On January 16, 2019, AHIP announced the completion of $3.0
million of renovations at its 284-room Embassy Suites Columbus
hotel (in Dublin, Ohio).
-- On January 28, 2019, AHIP announced the resignation of Ian
McAuley, President.
-- On February 1, 2019, AHIP announced that it had completed $4.2
million of renovations at its 100-room Staybridge Suites Tampa
East hotel (in Tampa, Florida) and its 131-room Residence Inn
Baltimore White Marsh hotel (in Baltimore, Maryland).
-- On February 11, 2019, AHIP announced the appointment of Chris
Cameron as its new Chief Investment Officer.
-- The Company is pleased to confirm that for 2018, based on
AHIP's calculation of taxable income, 68.01% of AHIP's
distributions were considered return of capital and 31.99% were
considered taxable. Unitholders should consult their own tax
advisors for advice with respect to the tax consequences of
their investment in Units based on their particular
circumstances.