Company Owned Pipeline & Recently Opened Hotels as of March 31, 2021 | |||||||||
Under Option | Pre-Development | Under Construction | Total Pipeline | Opened YTD 2021 | |||||
# Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms |
0 | 0 | 4 | 504 | 2 | 248 | 6 | 752 | 2 | 248 |
Third Party Pipeline & Recently Opened Hotels as of March 31, 2021 | |||||||||
Commitments | Applications | Executed | Total Pipeline | Opened YTD 2021 | |||||
# Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms |
21 | 2,604 | 0 | 0 | 24 | 2,893 | 45 | 5,497 | 3 | 291 |
Definitions | |
Under Option | Locations with a signed purchase and sale agreement |
Pre-Development | Land purchased, permitting and/or site work |
Under Construction | Hotel is under construction |
Commitments | Signed commitment to build or convert a certain number of hotels by a third party, generally associated with a prior portfolio sale |
Applications | Third party filed franchise application with deposit |
Executed | Franchise and development application approved, geography identified and deposits paid, various stages of pre-development and/or under construction |
Contacts |
Investors or Media:
|
Rob Ballew |
(980) 345-1546 |
ir@esa.com |
EXTENDED STAY AMERICA, INC. | |||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 | |||||
(In thousands, except per share data) | |||||
(Unaudited) | |||||
Three Months Ended | |||||
March 31, | |||||
2021 | 2020 | % Variance | |||
REVENUES: | |||||
Room revenues | $ | 249,868 | $ | 254,464 | (1.8)% |
Other hotel revenues | 6,680 | 6,768 | (1.3)% | ||
Franchise and management fees | 1,218 | 1,279 | (4.8)% | ||
257,766 | 262,511 | (1.8)% | |||
Other revenues from franchised and managed properties | 1,805 | 3,790 | (52.4)% | ||
Total revenues | 259,571 | 266,301 | (2.5)% | ||
OPERATING EXPENSES: | |||||
Hotel operating expenses | 146,338 | 145,295 | 0.7% | ||
General and administrative expenses | 24,124 | 23,938 | 0.8% | ||
Depreciation and amortization | 49,408 | 50,520 | (2.2)% | ||
Merger transaction expenses | 4,782 | - | n/a | ||
224,652 | 219,753 | 2.2% | |||
Other expenses from franchised and managed properties | 2,444 | 4,207 | (41.9)% | ||
Total operating expenses | 227,096 | 223,960 | 1.4% | ||
GAIN ON SALE OF HOTEL PROPERTIES | 12,018 | - | n/a | ||
OTHER INCOME | 1 | 2 | (50.0)% | ||
INCOME FROM OPERATIONS | 44,494 | 42,343 | 5.1% | ||
OTHER NON-OPERATING (INCOME) EXPENSE | (84) | 703 | (111.9)% | ||
INTEREST EXPENSE, NET | 31,462 | 32,685 | (3.7)% | ||
INCOME BEFORE INCOME TAX EXPENSE | 13,116 | 8,955 | 46.5% | ||
INCOME TAX EXPENSE | 750 | 1,110 | (32.4)% | ||
NET INCOME | 12,366 | 7,845 | 57.6% | ||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (1)
| (10,445) | (3,291) | 217.4% | ||
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | $ | 1,921 | $ | 4,554 | (57.8)% |
NET INCOME PER EXTENDED STAY AMERICA, INC. COMMON SHARE - DILUTED | $ | 0.01 | $ | 0.03 | (57.9)% |
WEIGHTED-AVERAGE EXTENDED STAY AMERICA, INC. COMMON SHARES OUTSTANDING - DILUTED | 178,549 | 178,171 | |||
(1) Excluding interests in Paired Shares, the value of unaffiliated noncontrolling interests in Extended Stay America, Inc. totals to $0.1 million.
| |||||
CONSOLIDATED BALANCE SHEET DATA | |||||
AS OF MARCH 31, 2021 AND DECEMBER 31, 2020 | |||||
(In thousands) | |||||
March 31, | December 31, | ||||
2021 | 2020 | ||||
(Unaudited) | (Audited) | ||||
Cash and cash equivalents | $ | 357,857 | $ | 396,770 | |
Restricted cash | $ | 13,152 | $ | 13,151 | |
Total assets | $ | 4,020,348 | $ | 4,089,149 | |
Total debt, net of unamortized deferred financing costs and debt discounts (1)
| $ | 2,643,929 | $ | 2,683,622 | |
Total equity | $ | 1,134,655 | $ | 1,137,443 | |
(1) Unamortized deferred financing costs and debt discounts totaled $37.2 million and $39.2 million as of March 31, 2021 and 2020, respectively.
|
EXTENDED STAY AMERICA, INC. | |||
OPERATING METRICS | |||
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 | |||
(Unaudited) | |||
COMPARABLE SYSTEM-WIDE OPERATING METRICS (1)
| |||
Three Months Ended | |||
March 31, | |||
2021 | 2020 | Variance | |
Number of hotels (as of March 31) | 627 | 627 | - |
Number of rooms (as of March 31) | 68,999 | 68,999 | - |
Comparable System-Wide Occupancy (1)
| 75.0% | 71.9% | 310 bps |
Comparable System-Wide ADR (1)
| $58.07 | $61.60 | (5.7)% |
Comparable System-Wide RevPAR (1)
| $43.56 | $44.30 | (1.7)% |
COMPARABLE COMPANY-OWNED OPERATING METRICS (2)
| |||
Three Months Ended | |||
March 31, | |||
2021 | 2020 | Variance | |
Number of hotels (as of March 31) | 552 | 552 | - |
Number of rooms (as of March 31) | 61,286 | 61,286 | - |
Comparable Company-Owned Occupancy (2)
| 74.5% | 71.5% | 300 bps |
Comparable Company-Owned ADR (2)
| $59.59 | $63.15 | (5.6)% |
Comparable Company-Owned RevPAR (2)
| $44.42 | $45.15 | (1.6)% |
COMPANY-OWNED OPERATING METRICS (3)
| |||
Three Months Ended | |||
March 31, | |||
2021 | 2020 | Variance | |
Number of hotels (as of March 31) | 563 | 558 | 5 |
Number of rooms (as of March 31) | 62,674 | 62,053 | 621 |
Company-Owned Occupancy (3)
| 74.5% | 71.4% | 310 bps |
Company-Owned ADR (3)
| $59.86 | $63.35 | (5.5)% |
Company-Owned RevPAR (3)
| $44.60 | $45.23 | (1.4)% |
(1) Includes hotels owned and franchised for the full three months ended March 31, 2021 and 2020, respectively.
| |||
(2) Includes hotels owned and operated by the Company for the full three months ended March 31, 2021 and 2020, respectively.
| |||
(3) Includes results of operations of the Company's owned and operated hotels during the periods presented, which is summarized below:
|
Date |
Number of Hotels Acquired, Opened or Disposed |
Number of Rooms |
Number of
Owned Hotels(1)
|
Number of
Owned Rooms(1)
|
January 1, 2020 | - | - | 557 | 61,933 |
March 2020 | 1 | 120 | 558 | 62,053 |
April 2020 | 1 | 120 | 559 | 62,173 |
June 2020 | 2 | 248 | 561 | 62,421 |
August 2020 | 1 | 124 | 562 | 62,545 |
November 2020 | 1 | 144 | 563 | 62,689 |
November 2020 | (1) | (146) | 562 | 62,543 |
December 2020 | 1 | 124 | 563 | 62,667 |
March 2021 | 2 | 248 | 565 | 62,915 |
March 2021 | (2) | (241) | 563 | 62,674 |
(1) As of end of period.
|
EXTENDED STAY AMERICA, INC. | |||||
NON-GAAP RECONCILIATION OF NET INCOME TO HOTEL OPERATING PROFIT AND HOTEL OPERATING MARGIN | |||||
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 | |||||
(In thousands) | |||||
(Unaudited) | |||||
Three Months Ended | |||||
March 31, | |||||
2021 | 2020 | Variance | |||
Net income | $ | 12,366 | $ | 7,845 | 57.6% |
Income tax expense | 750 | 1,110 | (32.4)% | ||
Interest expense, net | 31,462 | 32,685 | (3.7)% | ||
Other non-operating (income) expense | (84) | 703 | (111.9)% | ||
Other income | (1) | (2) | (50.0)% | ||
Gain on sale of hotel properties | (12,018) | - | n/a | ||
Depreciation and amortization | 49,408 | 50,520 | (2.2)% | ||
Merger transaction expenses | 4,782 | - | n/a | ||
General and administrative expenses | 24,124 | 23,938 | 0.8% | ||
Loss on disposal of assets (1)
| 1,232 | 3,343 | (63.1)% | ||
Franchise and management fees | (1,218) | (1,279) | (4.8)% | ||
System services loss, net | 639 | 417 | 53.2% | ||
Hotel Operating Profit | $ | 111,442 | $ | 119,280 | (6.6)% |
Room revenues | $ | 249,868 | $ | 254,464 | (1.8)% |
Other hotel revenues | 6,680 | 6,768 | (1.3)% | ||
Total room and other hotel revenues | $ | 256,548 | $ | 261,232 | (1.8)% |
Hotel Operating Margin | 43.4 | % | 45.7 | % | (230) bps |
(1) Included in hotel operating expenses in the condensed consolidated statements of operations.
|
NON-GAAP RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | ||||
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 | ||||
(In thousands) | ||||
(Unaudited) | ||||
Three Months Ended | ||||
March 31, | ||||
2021 | 2020 | |||
Net income | $ | 12,366 | $ | 7,845 |
Interest expense, net | 31,462 | 32,685 | ||
Income tax expense | 750 | 1,110 | ||
Depreciation and amortization | 49,408 | 50,520 | ||
EBITDA | 93,986 | 92,160 | ||
Equity-based compensation | 2,348 | 1,126 | ||
Gain on sale of hotel properties | (12,018) | - | ||
Merger transaction expenses | 4,782 | - | ||
System services loss, net | 639 | 417 | ||
Other expense (1)
| 1,149 | 4,046 | ||
Adjusted EBITDA | $ | 90,886 | $ | 97,749 |
(1) Includes loss on disposal of assets and non-operating (income) expense, including foreign currency transaction costs. Loss on disposal of assets totaled $1.2 million and $3.3 million, respectively.
|
EXTENDED STAY AMERICA, INC. | ||||
NON-GAAP RECONCILIATION OF NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. | ||||
COMMON SHAREHOLDERS TO FUNDS FROM OPERATIONS, ADJUSTED FUNDS FROM OPERATIONS | ||||
AND ADJUSTED FUNDS FROM OPERATIONS PER DILUTED PAIRED SHARE | ||||
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 | ||||
(In thousands, except per share and per Paired Share data) | ||||
(Unaudited) | ||||
Three Months Ended | ||||
March 31, | ||||
2021 | 2020 | |||
Net income per Extended Stay America, Inc. common share - diluted | $ | 0.01 | $ | 0.03 |
Net income attributable to Extended Stay America, Inc. common shareholders | $ | 1,921 | $ | 4,554 |
Noncontrolling interests attributable to Class B common shares of ESH REIT | 10,441 | 3,287 | ||
Real estate depreciation and amortization | 47,755 | 48,881 | ||
Gain on sale of hotel properties | (12,018) | - | ||
Tax effect of adjustments to net income attributable to Extended Stay America, Inc. common shareholders (1)
| (3,038) | (1,608) | ||
Funds From Operations | 45,061 | 55,114 | ||
Merger transaction expenses | 4,782 | - | ||
Tax effect of adjustments to Funds From Operations | (406) | - | ||
Adjusted Funds From Operations | $ | 49,437 | $ | 55,114 |
Adjusted Funds From Operations per Paired Share - diluted | $ | 0.28 | $ | 0.31 |
Weighted average Paired Shares outstanding - diluted | 178,549 | 178,171 | ||
EXTENDED STAY AMERICA, INC. | ||||
NON-GAAP RECONCILIATION OF NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. | ||||
COMMON SHAREHOLDERS TO PAIRED SHARE INCOME, ADJUSTED PAIRED SHARE INCOME | ||||
AND ADJUSTED PAIRED SHARE INCOME PER DILUTED PAIRED SHARE | ||||
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 | ||||
(In thousands, except per share and per Paired Share data) | ||||
(Unaudited) | ||||
Three Months Ended | ||||
March 31, | ||||
2021 | 2020 | |||
Net income per Extended Stay America, Inc. common share - diluted | $ | 0.01 | $ | 0.03 |
Net income attributable to Extended Stay America, Inc. common shareholders | $ | 1,921 | $ | 4,554 |
Noncontrolling interests attributable to Class B common shares of ESH REIT | 10,441 | 3,287 | ||
Paired Share Income | 12,362 | 7,841 | ||
Gain on sale of hotel properties | (12,018) | - | ||
Merger transaction expenses | 4,782 | - | ||
System services loss, net | 639 | 417 | ||
Other expense (1)
| 1,149 | 4,046 | ||
Tax effect of adjustments to Paired Share Income | 464 | (147) | ||
Adjusted Paired Share Income | $ | 7,378 | $ | 12,157 |
Adjusted Paired Share Income per Paired Share - diluted | $ | 0.04 | $ | 0.07 |
Weighted average Paired Shares outstanding - diluted | 178,549 | 178,171 | ||
(1) Includes loss on disposal of assets and non-operating (income) expense, including foreign currency transaction costs. Loss on disposal of assets totaled $1.2 million and $3.3 million, respectively.
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Extended Stay America Inc. published this content on 10 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 12:37:10 UTC.