.2
Supplemental Financial Information For the quarter ended September 30, 2025 November 7, 2025 | |||
| | ||
|
|
| |
.2
Supplemental Financial Information For the quarter ended September 30, 2025 November 7, 2025 | |||
| | ||
|
|
| |
| Supplemental Financial Information |
Table of Contents
Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures | 2 | |||||||
6 | ||||||||
11 | ||||||||
14 | ||||||||
Property-Level Revenues, Adjusted EBITDAre & Adjusted EBITDAre Margins | 19 | |||||||
| Supplemental Financial Information |
CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES
CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES | | Page 2 | ||||||
| | | ||||||
| Supplemental Financial Information |
Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of November 7, 2025 owns 14 hotels comprised of 6,999 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.
This presentation contains unaudited information and should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
Corporate Headquarters
15 Enterprise, Suite 200
Aliso Viejo, CA 92656
(949) 330-4000
Company Contacts
Bryan Giglia
Chief Executive Officer
(949) 382-3036
Aaron Reyes
Chief Financial Officer
(949) 382-3018
CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES | | Page 3 | ||||||
| | | ||||||
| Supplemental Financial Information |
We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margins. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.
We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (“Nareit”), as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate.” We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre as measures in determining the value of hotel acquisitions and dispositions.
We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to the Nareit definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently than we do.
We also present Adjusted FFO attributable to common stockholders when evaluating our operating performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and may facilitate comparisons of operating performance between periods and our peer companies.
CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES | | Page 4 | ||||||
| | | ||||||
| Supplemental Financial Information |
We adjust EBITDAre and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDAre or Adjusted FFO attributable to common stockholders:
| ● | Amortization of deferred stock compensation: we exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels. |
| ● | Amortization of contract intangibles: we exclude the noncash amortization of any favorable or unfavorable contract intangibles recorded in conjunction with our hotel acquisitions. We exclude the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period. |
| ● | Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure. |
| ● | Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period. |
| ● | Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; the write-off of development costs associated with abandoned projects; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects such as the work performed at Andaz Miami Beach; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments. |
In addition, to derive Adjusted EBITDAre, we exclude the amortization of our right-of-use assets and related lease obligations as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets.
To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the real estate amortization of our right-of-use assets and related lease obligations (with the exception of our corporate operating lease) as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude preferred stock redemption charges, changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets.
In presenting hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDAre results in a more accurate presentation of the hotel Adjusted EBITDAre margins for our hotels, and that these non-GAAP financial measures are useful to investors in evaluating our property-level operating performance.
Reconciliations of net income to EBITDAre, Adjusted EBITDAre, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this supplemental package.
CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES | | Page 5 | ||||||
| | | ||||||
| Supplemental Financial Information |
COMPARABLE CORPORATE FINANCIAL INFORMATION
COMPARABLE CORPORATE FINANCIAL INFORMATION | | Page 6 | ||||||
| | | ||||||
| Supplemental Financial Information |
Comparable Consolidated Statements of Operations
Q3 2025 – Q4 2024, Trailing 12 Months
| Quarter Ended (1) | | Trailing 12 Months (1) | |||||||||||
(Unaudited and in thousands) | September 30, | | June 30, | | March 31, | | December 31, | | Ended | |||||
| 2025 |
| 2025 |
| 2025 |
| 2024 |
| September 30, 2025 | |||||
Revenues | | | | | | | | | | | | | | |
Room | $ | 139,523 | | $ | 154,061 | | $ | 140,482 | | $ | 129,609 | | $ | 563,675 |
Food and beverage | | 64,419 | | | 77,986 | | | 67,066 | | | 59,611 | | | 269,082 |
Other operating | | 25,378 | | | 25,365 | | | 21,432 | | | 21,433 | | | 93,608 |
Total revenues | | 229,320 | | | 257,412 | | | 228,980 | | | 210,653 | | | 926,365 |
| | | | | | | | | | | | | | |
Operating Expenses | | | | | | | | | | | | | | |
Room | | 39,307 | | | 40,481 | | | 38,353 | | | 35,353 | | | 153,494 |
Food and beverage | | 48,717 | | | 53,022 | | | 48,806 | | | 44,490 | | | 195,035 |
Other expenses | | 88,560 | | | 91,636 | | | 86,542 | | | 84,568 | | | 351,306 |
Corporate overhead | | 6,970 | | | 8,346 | | | 8,905 | | | 5,787 | | | 30,008 |
Depreciation and amortization | | 33,928 | | | 33,719 | | | 31,673 | | | 32,064 | | | 131,384 |
Total operating expenses | | 217,482 | | | 227,204 | | | 214,279 | | | 202,262 | | | 861,227 |
| | | | | | | | | | | | | | |
Interest and other income | | 3,160 | | | 2,300 | | | 1,564 | | | 1,873 | | | 8,897 |
Interest expense | | (13,412) | | | (13,164) | | | (12,682) | | | (10,440) | | | (49,698) |
Loss on extinguishment of debt | | (180) | | | — | | | — | | | — | | | (180) |
Income (loss) before income taxes | | 1,406 | | | 19,344 | | | 3,583 | | | (176) | | | 24,157 |
Income tax (provision) benefit, net | | (137) | | | (37) | | | (98) | | | 17 | | | (255) |
Net income (loss) | $ | 1,269 | | $ | 19,307 | | $ | 3,485 | | $ | (159) | | $ | 23,902 |
| (1) | Includes results for all 14 hotels owned by the Company as of September 30, 2025. |
COMPARABLE CORPORATE FINANCIAL INFORMATION | | Page 7 | ||||||
| | | ||||||
| Supplemental Financial Information |
Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, and Total Portfolio Hotel Adjusted EBITDAre
Q3 2025 – Q4 2024, Trailing 12 Months
| Quarter Ended | | Trailing 12 Months | |||||||||||
| September 30, | | June 30, | | March 31, | | December 31, | | Ended | |||||
(In thousands) | 2025 | | 2025 | | 2025 | | 2024 | | September 30, 2025 | |||||
| | | | | | | | | | | | | | |
Net income | $ | 1,322 | | $ | 10,774 | | $ | 5,255 | | $ | 836 | | $ | 18,187 |
Depreciation and amortization | | 33,928 | | | 34,125 | | | 32,275 | | | 32,666 | | | 132,994 |
Interest expense | | 13,412 | | | 13,164 | | | 12,682 | | | 10,440 | | | 49,698 |
Income tax provision (benefit), net | | 137 | | | 37 | | | 98 | | | (17) | | | 255 |
Loss on sale of assets | | — | | | 8,751 | | | — | | | — | | | 8,751 |
EBITDAre | | 48,799 | | | 66,851 | | | 50,310 | | | 43,925 | | | 209,885 |
| | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 1,905 | | | 2,772 | | | 2,064 | | | 2,075 | | | 8,816 |
Amortization of right-of-use assets and obligations | | (158) | | | (159) | | | (141) | | | (154) | | | (612) |
Loss on extinguishment of debt | | 180 | | | — | | | — | | | — | | | 180 |
Gain on insurance recoveries, net | | (674) | | | — | | | (99) | | | (116) | | | (889) |
Pre-opening costs | | — | | | 3,218 | | | 3,253 | | | 1,181 | | | 7,652 |
Property-level legal settlement costs | | — | | | — | | | — | | | 1,182 | | | 1,182 |
Management transition costs | | — | | | — | | | 1,869 | | | — | | | 1,869 |
Adjustments to EBITDAre, net | | 1,253 | | | 5,831 | | | 6,946 | | | 4,168 | | | 18,198 |
| | | | | | | | | | | | | | |
Adjusted EBITDAre | | 50,052 | | | 72,682 | | | 57,256 | | | 48,093 | | | 228,083 |
Sold hotel Adjusted EBITDAre (1) | | (53) | | | (624) | | | (2,372) | | | (1,597) | | | (4,646) |
| | | | | | | | | | | | | | |
Comparable Adjusted EBITDAre | | 49,999 | | | 72,058 | | | 54,884 | | | 46,496 | | | 223,437 |
| | | | | | | | | | | | | | |
Corporate-level adjustments, net (2) | | 2,646 | | | 3,226 | | | 3,516 | | | 1,853 | | | 11,241 |
| | | | | | | | | | | | | | |
Total Portfolio Hotel Adjusted EBITDAre | $ | 52,645 | | $ | 75,284 | | $ | 58,400 | | $ | 48,349 | | $ | 234,678 |
*Footnotes on page 10
COMPARABLE CORPORATE FINANCIAL INFORMATION | | Page 8 | ||||||||
| | | ||||||||
| Supplemental Financial Information |
Comparable Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q3 2025 – Q4 2024, Trailing 12 Months
| Quarter Ended | | Trailing 12 Months | |||||||||||
| September 30, | | June 30, | | March 31, | | December 31, | | Ended | |||||
(In thousands, except per share data) | 2025 | | 2025 | | 2025 | | 2024 | | September 30, 2025 | |||||
| | | | | | | | | | | | | | |
Net income | $ | 1,322 | | $ | 10,774 | | $ | 5,255 | | $ | 836 | | $ | 18,187 |
Preferred stock dividends | | (4,262) | | | (3,932) | | | (3,931) | | | (3,931) | | | (16,056) |
Real estate depreciation and amortization | | 33,581 | | | 33,779 | | | 31,918 | | | 32,250 | | | 131,528 |
Loss on sale of assets | | — | | | 8,751 | | | — | | | — | | | 8,751 |
FFO attributable to common stockholders | | 30,641 | | | 49,372 | | | 33,242 | | | 29,155 | | | 142,410 |
| | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 1,905 | | | 2,772 | | | 2,064 | | | 2,075 | | | 8,816 |
Real estate amortization of right-of-use assets and obligations | | (130) | | | (134) | | | (126) | | | (136) | | | (526) |
Amortization of contract intangibles, net | | 315 | | | 314 | | | 315 | | | 314 | | | 1,258 |
Noncash interest on derivatives, net | | (495) | | | 181 | | | 982 | | | (1,635) | | | (967) |
Loss on extinguishment of debt | | 180 | | | — | | | — | | | — | | | 180 |
Gain on insurance recoveries, net | | (674) | | | — | | | (99) | | | (116) | | | (889) |
Pre-opening costs | | — | | | 3,218 | | | 3,253 | | | 1,181 | | | 7,652 |
Property-level legal settlement costs | | — | | | — | | | — | | | 1,182 | | | 1,182 |
Management transition costs | | — | | | — | | | 1,869 | | | — | | | 1,869 |
Adjustments to FFO attributable to common stockholders, net | | 1,101 | | | 6,351 | | | 8,258 | | | 2,865 | | | 18,575 |
| | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | | 31,742 | | | 55,723 | | | 41,500 | | | 32,020 | | | 160,985 |
Sold hotel Adjusted FFO (1) | | (53) | | | (624) | | | (2,372) | | | (1,597) | | | (4,646) |
| | | | | | | | | | | | | | |
Comparable Adjusted FFO attributable to common stockholders | $ | 31,689 | | $ | 55,099 | | $ | 39,128 | | $ | 30,423 | | $ | 156,339 |
| | | | | | | | | | | | | | |
Comparable Adjusted FFO attributable to common stockholders per diluted share | $ | 0.17 | | $ | 0.29 | | $ | 0.21 | | $ | 0.16 | | $ | 0.82 |
| | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 189,253 | | | 195,791 | | | 200,410 | | | 200,185 | | | 196,410 |
Shares associated with unvested restricted stock awards | | 859 | | | 513 | | | 1,214 | | | 2,048 | | | 1,159 |
Diluted weighted average shares outstanding | | 190,112 | | | 196,304 | | | 201,624 | | | 202,233 | | | 197,569 |
Equity transactions (3) | | (26) | | | (6,598) | | | (11,291) | | | (11,426) | | | (7,335) |
Comparable diluted weighted average shares outstanding | | 190,086 | | | 189,706 | | | 190,333 | | | 190,807 | | | 190,234 |
*Footnotes on page 10
COMPARABLE CORPORATE FINANCIAL INFORMATION | | Page 9 | ||||||||
| | | ||||||||
| Supplemental Financial Information |
Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Total Portfolio Hotel Adjusted EBITDAre,
FFO and Adjusted FFO Attributable to Common Stockholders
Q3 2025 – Q4 2024, Trailing 12 Months Footnotes
| (1) | Sold hotel Adjusted EBITDAre and Adjusted FFO include results for the Hilton New Orleans St. Charles, sold in June 2025. |
| (2) | Corporate-level adjustments, net primarily consist of corporate overhead expenses and interest and other income. |
| (3) | Equity transactions represent pro forma adjustments to reflect the Company's repurchases of its common stock during the first, second, and third quarters of 2025 and the fourth quarter of 2024 as if the repurchases had occurred on October 1, 2024. |
COMPARABLE CORPORATE FINANCIAL INFORMATION | | Page 10 | ||||||
| | | ||||||
| Supplemental Financial Information |
CAPITALIZATION | | Page 11 | ||||||
| | | ||||||
| Supplemental Financial Information |
Comparative Capitalization
Q3 2025 – Q3 2024
| | September 30, | | June 30, | | March 31, | | December 31, | | September 30, | | |||||
(In thousands, except per share data) |
| 2025 |
| 2025 |
| 2025 |
| 2024 |
| 2024 | | |||||
| | | | | | | | | | | | | | | | |
Common Share Price & Dividends | | | | | | | | | | | | | | | | |
At the end of the quarter | | $ | 9.37 | | $ | 8.68 | | $ | 9.41 | | $ | 11.84 | | $ | 10.32 | |
High during quarter ended | | $ | 9.92 | | $ | 9.49 | | $ | 12.10 | | $ | 12.38 | | $ | 10.86 | |
Low during quarter ended | | $ | 8.63 | | $ | 7.72 | | $ | 9.41 | | $ | 10.00 | | $ | 9.46 | |
Common dividends per share | | $ | 0.09 | | $ | 0.09 | | $ | 0.09 | | $ | 0.09 | | $ | 0.09 | |
| | | | | | | | | | | | | | | | |
Common Shares & Units | | | | | | | | | | | | | | | | |
Common shares outstanding | | | 189,912 | | | 190,171 | | | 200,370 | | | 200,825 | | | 200,919 | |
Units outstanding | | | — | | | — | | | — | | | — | | | — | |
Total common shares and units outstanding | | | 189,912 | | | 190,171 | | | 200,370 | | | 200,825 | | | 200,919 | |
| | | | | | | | | | | | | | | | |
Capitalization | | | | | | | | | | | | | | | | |
Market value of common equity | | $ | 1,779,474 | | $ | 1,650,681 | | $ | 1,885,477 | | $ | 2,377,768 | | $ | 2,073,489 | |
Liquidation value of preferred equity - Series G | | | 66,250 | | | 66,250 | | | 66,250 | | | 66,250 | | | 66,250 | |
Liquidation value of preferred equity - Series H | | | 115,000 | | | 115,000 | | | 115,000 | | | 115,000 | | | 115,000 | |
Liquidation value of preferred equity - Series I | | | 100,000 | | | 100,000 | | | 100,000 | | | 100,000 | | | 100,000 | |
Total debt | | | 930,000 | | | 872,000 | | | 845,000 | | | 845,000 | | | 817,437 | |
Total capitalization | | $ | 2,990,724 | | $ | 2,803,931 | | $ | 3,011,727 | | $ | 3,504,018 | | $ | 3,172,176 | |
| | | | | | | | | | | | | | | | |
Total debt to total capitalization | | | 31.1 | % | | 31.1 | % | | 28.1 | % | | 24.1 | % | | 25.8 | % |
Total debt and preferred equity to total capitalization | | | 40.5 | % | | 41.1 | % | | 37.4 | % | | 32.1 | % | | 34.6 | % |
CAPITALIZATION | | Page 12 | ||||||
| | | ||||||
| Supplemental Financial Information |
Debt and Preferred Stock Summary Schedule
(In thousands) | | Interest Rate / | | Maturity | | | September 30, 2025 | | |
Unsecured Debt |
| Spread |
| Date (1) |
| | Balance | | |
| | | | | | | | | |
Series A Senior Notes | | 4.69% | | 01/10/2026 | | $ | 65,000 | | |
Series B Senior Notes | | 4.79% | | 01/10/2028 | | | 105,000 | | |
Revolving Line of Credit | | 5.58% | | 09/24/2030 | | | — | | |
Term Loan 1 (2) | | 4.68% | | 01/24/3031 | | | 185,000 | | |
Term Loan 2 (2) | | 5.34% | | 01/24/3031 | | | 275,000 | | |
Term Loan 3 (2) | | 5.53% | | 01/24/3031 | | | 300,000 | | |
Total Unsecured Debt | | | | | | $ | 930,000 | | |
| | | | | | | | | |
Preferred Stock | | | | | | | | | |
Series G cumulative redeemable preferred (3) | | 5.000% | | Perpetual | | $ | 66,250 | | |
Series H cumulative redeemable preferred | | 6.125% | | Perpetual | | | 115,000 | | |
Series I cumulative redeemable preferred | | 5.700% | | Perpetual | | | 100,000 | | |
Total Preferred Stock | | | | | | $ | 281,250 | | |
| | | | | | | | | |
Debt and Preferred Statistics | |||||||||
| | | | | Debt Statistics | | Debt and Preferred Statistics | ||
% Fixed Rate | | | | 70.4 | % | | 77.3 | % | |
% Floating Rate | | | | 29.6 | % | | 22.7 | % | |
Average Interest Rate | | | | 5.16 | % | | 5.29 | % | |
Weighted Average Maturity of Debt | | | | 4.6 years | | | N/A | | |
| (1) | Maturity Date assumes the exercise of all available extensions for the Revolving Line of Credit and Term Loans 1 and 2. The Revolving Line of Credit has an initial maturity of September 2029 with two six-month extensions. Term Loan 1 has an initial maturity of January 2029 with two twelve-month extensions, and Term Loan 2 has an initial maturity of January 2030 with one twelve-month extension. By extending these loans, the Company's weighted average maturity of debt increases from 3.9 years to 4.6 years. |
| (2) | Interest rates on the Term Loans are calculated according to a leverage-based pricing grid with a range of 135 to 220 basis points over the applicable term SOFR. The interest rates for Term Loans 1 and 2 and for $25.0 million of Term Loan 3 include the effect of the Company's interest rate swap derivatives. |
| (3) | The Series G cumulative redeemable preferred stock had an initial dividend rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Beginning with the first and third quarters of 2024, the dividend rate increased to the greater of 3.0% and 4.5%, respectively, or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Beginning with the third quarter of 2025, the dividend rate increased to the greater of 6.5% or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Based on the dividends earned during the previous twelve months, this equates to an annual yield of 5.0%. |
CAPITALIZATION | | Page 13 | ||||||
| | | ||||||
| Supplemental Financial Information |
PROPERTY-LEVEL DATA AND OPERATING STATISTICS
PROPERTY-LEVEL DATA AND OPERATING STATISTICS | | Page 14 | ||||||
| | | ||||||
| Supplemental Financial Information |
Hotel Information as of November 7, 2025
Hotel |
| Location |
| Brand |
| Number of |
| % of Total |
| Interest |
| Year Acquired | ||
| | | | | | | | | | | | | | |
1 |
| Hilton San Diego Bayfront (1) (2) | | California | | Hilton | | 1,190 | | 17% | | Leasehold | | 2011 / 2022 |
2 | | Hyatt Regency San Francisco | | California | | Hyatt | | 821 | | 12% | | Fee Simple | | 2013 |
3 | | The Westin Washington, DC Downtown | | Washington DC | | Marriott | | 807 | | 12% | | Fee Simple | | 2005 |
4 | | Renaissance Orlando at SeaWorld® | | Florida | | Marriott | | 781 | | 11% | | Fee Simple | | 2005 |
5 | | Hyatt Regency San Antonio Riverwalk | | Texas | | Hyatt | | 630 | | 9% | | Fee Simple | | 2024 |
6 | | Wailea Beach Resort | | Hawaii | | Marriott | | 543 | | 8% | | Fee Simple | | 2014 |
7 | | JW Marriott New Orleans (3) | | Louisiana | | Marriott | | 501 | | 7% | | Fee Simple | | 2011 |
8 | | Marriott Boston Long Wharf | | Massachusetts | | Marriott | | 415 | | 6% | | Fee Simple | | 2007 |
9 | | Marriott Long Beach Downtown | | California | | Marriott | | 376 | | 5% | | Fee Simple | | 2005 |
10 | | Andaz Miami Beach (4) | | Florida | | Hyatt | | 287 | | 4% | | Fee Simple | | 2022 |
11 | | The Bidwell Marriott Portland | | Oregon | | Marriott | | 258 | | 4% | | Fee Simple | | 2000 |
12 | | Oceans Edge Resort & Marina | | Florida | | Independent | | 175 | | 3% | | Fee Simple | | 2017 |
13 | | Montage Healdsburg (5) | | California | | Montage | | 130 | | 2% | | Fee Simple | | 2021 |
14 | | Four Seasons Resort Napa Valley (5) | | California | | Four Seasons | | 85 | | 1% | | Fee Simple | | 2021 |
| | | | | | | | | | | | | | |
| | Total Portfolio | | | | | | 6,999 | | 100% | | | | |
| (1) | In June 2022, the Company acquired the 25.0% noncontrolling partner's ownership interest in the Hilton San Diego Bayfront. Following this acquisition, the Company owns 100% of the hotel. |
| (2) | The ground lease at the Hilton San Diego Bayfront matures in 2071. |
| (3) | Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space that is not integral to the hotel’s operations. |
| (4) | Andaz Miami Beach debuted in May 2025, following the hotel's transformative renovation and conversion from The Confidante Miami Beach. |
| (5) | The number of rooms excludes rooms provided by owners of the separately owned private residences at each resort who may periodically elect to participate in the applicable resort’s residential rental program. |
PROPERTY-LEVEL DATA AND OPERATING STATISTICS | | Page 15 | ||||||
| | | ||||||
| Supplemental Financial Information |
Property-Level Operating Statistics
ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)
Q3 2025/2024
Hotels sorted by number of rooms | | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||
| | ADR | | Occupancy | | | RevPAR | | TRevPAR | ||||||||||||||||||||||
|
| 2025 | | 2024 | | 2025 vs. |
| 2025 |
| 2024 | | 2025 vs. |
| 2025 |
| 2024 | | 2025 vs. | | 2025 | | 2024 | | 2025 vs. | |||||||
Hilton San Diego Bayfront | | $ | 281 | | $ | 281 | | (0.1)% | | 85.5% | | 78.7% | | 680 | bps | | $ | 240 | | $ | 221 | | 8.6% | | $ | 451 | | $ | 401 | | 12.4% |
Hyatt Regency San Francisco | | | 292 | | | 273 | | 6.9% | | 86.8% | | 80.5% | | 630 | bps | | | 253 | | | 220 | | 15.3% | | | 339 | | | 304 | | 11.6% |
The Westin Washington, DC Downtown | | | 268 | | | 251 | | 6.7% | | 65.4% | | 71.9% | | (650) | bps | | | 175 | | | 180 | | (2.9)% | | | 293 | | | 292 | | 0.5% |
Renaissance Orlando at SeaWorld® | | | 161 | | | 167 | | (3.6)% | | 61.9% | | 63.0% | | (110) | bps | | | 100 | | | 105 | | (5.3)% | | | 221 | | | 232 | | (4.9)% |
Hyatt Regency San Antonio Riverwalk | | | 172 | | | 176 | | (2.4)% | | 53.4% | | 66.2% | | (1,280) | bps | | | 92 | | | 117 | | (21.3)% | | | 145 | | | 205 | | (28.9)% |
Wailea Beach Resort | | | 586 | | | 616 | | (4.9)% | | 64.2% | | 63.4% | | 80 | bps | | | 376 | | | 391 | | (3.7)% | | | 565 | | | 598 | | (5.5)% |
JW Marriott New Orleans | | | 193 | | | 194 | | (0.8)% | | 57.6% | | 63.7% | | (610) | bps | | | 111 | | | 124 | | (10.3)% | | | 161 | | | 172 | | (6.5)% |
Marriott Boston Long Wharf | | | 423 | | | 430 | | (1.6)% | | 89.2% | | 89.6% | | (40) | bps | | | 378 | | | 385 | | (2.0)% | | | 514 | | | 530 | | (3.1)% |
Marriott Long Beach Downtown (1) | | | 236 | | | 220 | | 7.5% | | 74.4% | | 69.8% | | 460 | bps | | | 176 | | | 153 | | 14.6% | | | 235 | | | 201 | | 16.5% |
The Bidwell Marriott Portland | | | 146 | | | 161 | | (9.2)% | | 84.1% | | 74.7% | | 940 | bps | | | 123 | | | 120 | | 2.3% | | | 166 | | | 167 | | (0.8)% |
Oceans Edge Resort & Marina | | | 206 | | | 220 | | (6.5)% | | 55.1% | | 69.3% | | (1,420) | bps | | | 114 | | | 153 | | (25.7)% | | | 243 | | | 294 | | (17.2)% |
Montage Healdsburg | | | 1,114 | | | 1,104 | | 0.9% | | 62.9% | | 68.0% | | (510) | bps | | | 701 | | | 751 | | (6.6)% | | | 1,417 | | | 1,443 | | (1.8)% |
Four Seasons Resort Napa Valley | | | 1,306 | | | 1,433 | | (8.9)% | | 66.8% | | 65.6% | | 120 | bps | | | 872 | | | 940 | | (7.2)% | | | 1,562 | | | 1,693 | | (7.7)% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio, Excluding Renovation Hotel (2) | | | 307 | | | 306 | | 0.4% | | 71.7% | | 72.1% | | (40) | bps | | | 220 | | | 221 | | (0.2)% | | | 362 | | | 362 | | 0.1% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Add: Renovation Hotel (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Andaz Miami Beach | | | 305 | | | — | | 100% | | 36.4% | | 0.0% | | 3,640 | bps | | | 111 | | | — | | 100% | | | 201 | | | 5 | | 3,674.1% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio (3) | | $ | 307 | | $ | 306 | | 0.4% | | 70.3% | | 69.2% | | 110 | bps | | $ | 216 | | $ | 212 | | 2.0% | | $ | 355 | | $ | 347 | | 2.4% |
*Footnotes on page 18
PROPERTY-LEVEL DATA AND OPERATING STATISTICS | | Page 16 | ||||||
| | | ||||||
| Supplemental Financial Information |
Property-Level Operating Statistics
ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)
Q3 YTD 2025/2024
Hotels sorted by number of rooms | | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||
| | ADR | | Occupancy | | RevPAR | | TRevPAR | |||||||||||||||||||||||
|
| 2025 | | 2024 | | 2025 vs. 2024 |
| 2025 |
| 2024 | | 2025 vs. 2024 |
| 2025 |
| 2024 | | 2025 vs. 2024 | | 2025 | | 2024 |
| 2025 vs. 2024 | |||||||
Hilton San Diego Bayfront | | $ | 288 | | $ | 284 | | 1.2% | | 82.9% | | 82.4% | | 50 | bps | | $ | 238 | | $ | 234 | | 1.8% | | $ | 436 | | $ | 422 | | 3.3% |
Hyatt Regency San Francisco | | | 298 | | | 292 | | 2.2% | | 80.1% | | 74.3% | | 580 | bps | | | 239 | | | 217 | | 10.1% | | | 336 | | | 296 | | 13.6% |
The Westin Washington, DC Downtown | | | 301 | | | 279 | | 7.8% | | 69.4% | | 71.9% | | (250) | bps | | | 209 | | | 201 | | 4.0% | | | 337 | | | 324 | | 3.9% |
Renaissance Orlando at SeaWorld® | | | 198 | | | 200 | | (1.1)% | | 71.6% | | 70.6% | | 100 | bps | | | 142 | | | 141 | | 0.3% | | | 306 | | | 309 | | (1.1)% |
Hyatt Regency San Antonio Riverwalk | | | 191 | | | 197 | | (3.0)% | | 63.6% | | 71.7% | | (810) | bps | | | 122 | | | 141 | | (13.9)% | | | 200 | | | 235 | | (14.9)% |
Wailea Beach Resort | | | 619 | | | 663 | | (6.7)% | | 69.3% | | 71.9% | | (260) | bps | | | 429 | | | 477 | | (10.0)% | | | 664 | | | 719 | | (7.7)% |
JW Marriott New Orleans | | | 256 | | | 239 | | 6.9% | | 66.8% | | 68.2% | | (140) | bps | | | 171 | | | 163 | | 4.7% | | | 240 | | | 227 | | 5.6% |
Marriott Boston Long Wharf | | | 382 | | | 382 | | 0.2% | | 82.1% | | 81.1% | | 100 | bps | | | 314 | | | 310 | | 1.4% | | | 436 | | | 435 | | 0.2% |
Marriott Long Beach Downtown (1) | | | 239 | | | 226 | | 6.0% | | 76.9% | | 50.7% | | 2,620 | bps | | | 184 | | | 115 | | 60.7% | | | 254 | | | 154 | | 65.2% |
The Bidwell Marriott Portland | | | 149 | | | 154 | | (3.3)% | | 79.7% | | 67.9% | | 1,180 | bps | | | 119 | | | 105 | | 13.5% | | | 159 | | | 146 | | 9.3% |
Oceans Edge Resort & Marina | | | 294 | | | 320 | | (8.2)% | | 73.0% | | 77.7% | | (470) | bps | | | 214 | | | 249 | | (13.8)% | | | 381 | | | 415 | | (8.2)% |
Montage Healdsburg | | | 1,035 | | | 1,061 | | (2.5)% | | 57.9% | | 55.1% | | 280 | bps | | | 599 | | | 585 | | 2.5% | | | 1,203 | | | 1,122 | | 7.3% |
Four Seasons Resort Napa Valley | | | 1,231 | | | 1,357 | | (9.3)% | | 59.5% | | 54.1% | | 540 | bps | | | 733 | | | 734 | | (0.2)% | | | 1,375 | | | 1,388 | | (0.9)% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio, Excluding Renovation Hotel (2) | | | 317 | | | 318 | | (0.6)% | | 73.9% | | 72.4% | | 150 | bps | | | 234 | | | 231 | | 1.5% | | | 385 | | | 377 | | 2.3% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Add: Renovation Hotel (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Andaz Miami Beach | | | 311 | | | 269 | | 15.4% | | 17.1% | | 15.2% | | 190 | bps | | | 53 | | | 41 | | 29.8% | | | 99 | | | 51 | | 92.9% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio (3) | | $ | 316 | | $ | 318 | | (0.5)% | | 71.6% | | 69.9% | | 170 | bps | | $ | 227 | | $ | 222 | | 2.0% | | $ | 374 | | $ | 363 | | 3.0% |
*Footnotes on page 18
PROPERTY-LEVEL DATA AND OPERATING STATISTICS | | Page 17 | ||||||
| Supplemental Financial Information |
Property-Level Operating Statistics
| (1) | Operating statistics for the third quarters and first nine months of 2025 and 2024 are impacted by renovation and subsequent ramp up activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently. |
| (2) | Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of September 30, 2025, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the third quarters and first nine months of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company’s results for the first nine months of 2024. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition. |
| (3) | Total Portfolio consists of all hotels owned by the Company as of September 30, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2. |
PROPERTY-LEVEL DATA AND OPERATING STATISTICS | | Page 18 | ||||||
| | | ||||||
| Supplemental Financial Information |
PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &
ADJUSTED EBITDAre MARGINS
PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 19 | ||||||
| | | ||||||
| Supplemental Financial Information |
Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins
Q3 2025/2024
Hotels sorted by number of rooms | | For the Three Months Ended September 30, | |||||||||||||||||
| | 2025 | | 2024 | | | | ||||||||||||
(In thousands) | | | | | | Hotel Adjusted | | | | | | Hotel Adjusted | | Hotel Adjusted | |||||
| | Total | | Hotel Adjusted | | EBITDAre | | Total | | Hotel Adjusted | | EBITDAre | | EBITDAre | |||||
|
| Revenues |
| EBITDAre |
| Margins |
| Revenues |
| EBITDAre |
| Margins |
| Margin Change | |||||
Hilton San Diego Bayfront | | $ | 49,359 | | $ | 15,576 | | 31.6% | | $ | 43,914 | | $ | 11,414 | | 26.0% | | 560 | bps |
Hyatt Regency San Francisco | | | 25,597 | | | 3,086 | | 12.1% | | | 22,940 | | | 2,359 | | 10.3% | | 180 | bps |
The Westin Washington, DC Downtown | | | 21,776 | | | 5,836 | | 26.8% | | | 21,673 | | | 5,363 | | 24.7% | | 210 | bps |
Renaissance Orlando at SeaWorld® | | | 15,865 | | | 2,739 | | 17.3% | | | 16,680 | | | 3,255 | | 19.5% | | (220) | bps |
Hyatt Regency San Antonio Riverwalk | | | 8,424 | | | 1,337 | | 15.9% | | | 11,856 | | | 3,972 | | 33.5% | | (1,760) | bps |
Wailea Beach Resort | | | 28,238 | | | 7,836 | | 27.7% | | | 30,110 | | | 9,339 | | 31.0% | | (330) | bps |
JW Marriott New Orleans | | | 7,423 | | | 1,414 | | 19.0% | | | 7,939 | | | 1,707 | | 21.5% | | (250) | bps |
Marriott Boston Long Wharf | | | 19,607 | | | 9,178 | | 46.8% | | | 20,237 | | | 9,249 | | 45.7% | | 110 | bps |
Marriott Long Beach Downtown (1) | | | 8,120 | | | 1,891 | | 23.3% | | | 6,970 | | | 809 | | 11.6% | | 1,170 | bps |
The Bidwell Marriott Portland | | | 3,942 | | | 815 | | 20.7% | | | 3,972 | | | 1,002 | | 25.2% | | (450) | bps |
Oceans Edge Resort & Marina | | | 3,918 | | | 129 | | 3.3% | | | 4,730 | | | 743 | | 15.7% | | (1,240) | bps |
Montage Healdsburg | | | 17,940 | | | 4,151 | | 23.1% | | | 18,052 | | | 5,074 | | 28.1% | | (500) | bps |
Four Seasons Resort Napa Valley | | | 13,799 | | | 1,151 | | 8.3% | | | 14,866 | | | 2,400 | | 16.1% | | (780) | bps |
| | | | | | | | | | | | | | | | | | | |
Total Portfolio, Excluding Renovation Hotel (2) | | | 224,008 | | | 55,139 | | 24.6% | | | 223,939 | | | 56,686 | | 25.3% | | (70) | bps |
| | | | | | | | | | | | | | | | | | | |
Add: Renovation Hotel (1) | | | | | | | | | | | | | | | | | | | |
Andaz Miami Beach | | | 5,312 | | | (2,494) | | (47.0)% | | | 141 | | | (560) | | (397.2)% | | 35,020 | bps |
| | | | | | | | | | | | | | | | | | | |
Total Portfolio (3) | | | 229,320 | | | 52,645 | | 23.0% | | | 224,080 | | | 56,126 | | 25.0% | | (200) | bps |
| | | | | | | | | | | | | | | | | | | |
Add: Sold Hotel (4) | | | 3 | | | 53 | | N/A | | | 2,312 | | | 300 | | 13.0% | | N/A | |
| | | | | | | | | | | | | | | | | | | |
Actual Portfolio (5) | | $ | 229,323 | | $ | 52,698 | | 23.0% | | $ | 226,392 | | $ | 56,426 | | 24.9% | | N/A | |
*Footnotes on page 22
PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 20 | ||||||
| | | ||||||
| Supplemental Financial Information |
Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins
Q3 YTD 2025/2024
Hotels sorted by number of rooms | | For the Nine Months Ended September 30, | |||||||||||||||||
| | 2025 | | 2024 | | | | ||||||||||||
(In thousands) | | | | | | Hotel Adjusted | | | | | | Hotel Adjusted | | Hotel Adjusted | |||||
| | Total | | Hotel Adjusted | | EBITDAre | | Total | | Hotel Adjusted | | EBITDAre | | EBITDAre | |||||
|
| Revenues |
| EBITDAre |
| Margins |
| Revenues |
| EBITDAre |
| Margins |
| Margin Change | |||||
Hilton San Diego Bayfront | | $ | 141,635 | | $ | 44,492 | | 31.4% | | $ | 137,630 | | $ | 40,699 | | 29.6% | | 180 | bps |
Hyatt Regency San Francisco | | | 75,345 | | | 8,794 | | 11.7% | | | 66,567 | | | 6,587 | | 9.9% | | 180 | bps |
The Westin Washington, DC Downtown | | | 74,136 | | | 22,259 | | 30.0% | | | 71,596 | | | 21,554 | | 30.1% | | (10) | bps |
Renaissance Orlando at SeaWorld® | | | 65,201 | | | 18,763 | | 28.8% | | | 66,172 | | | 19,703 | | 29.8% | | (100) | bps |
Hyatt Regency San Antonio Riverwalk | | | 34,370 | | | 10,870 | | 31.6% | | | 40,545 | | | 15,819 | | 39.0% | | (740) | bps |
Wailea Beach Resort | | | 98,574 | | | 31,178 | | 31.6% | | | 107,787 | | | 38,443 | | 35.7% | | (410) | bps |
JW Marriott New Orleans | | | 32,818 | | | 13,006 | | 39.6% | | | 31,182 | | | 10,675 | | 34.2% | | 540 | bps |
Marriott Boston Long Wharf | | | 49,414 | | | 18,945 | | 38.3% | | | 49,514 | | | 18,879 | | 38.1% | | 20 | bps |
Marriott Long Beach Downtown (1) | | | 26,071 | | | 6,768 | | 26.0% | | | 15,812 | | | (1,222) | | (7.7)% | | 3,370 | bps |
The Bidwell Marriott Portland | | | 11,218 | | | 1,991 | | 17.7% | | | 10,304 | | | 1,955 | | 19.0% | | (130) | bps |
Oceans Edge Resort & Marina | | | 18,186 | | | 5,197 | | 28.6% | | | 19,880 | | | 6,653 | | 33.5% | | (490) | bps |
Montage Healdsburg | | | 44,950 | | | 8,784 | | 19.5% | | | 41,304 | | | 7,672 | | 18.6% | | 90 | bps |
Four Seasons Resort Napa Valley | | | 36,021 | | | 580 | | 1.6% | | | 36,177 | | | 1,970 | | 5.4% | | (380) | bps |
| | | | | | | | | | | | | | | | | | | |
Total Portfolio, Excluding Renovation Hotel (2) | | | 707,939 | | | 191,627 | | 27.1% | | | 694,470 | | | 189,387 | | 27.3% | | (20) | bps |
| | | | | | | | | | | | | | | | | | | |
Add: Renovation Hotel (1) | | | | | | | | | | | | | | | | | | | |
Andaz Miami Beach | | | 7,773 | | | (5,298) | | (68.2)% | | | 4,288 | | | (1,281) | | (29.9)% | | (3,830) | bps |
| | | | | | | | | | | | | | | | | | | |
Total Portfolio (3) | | | 715,712 | | | 186,329 | | 26.0% | | | 698,758 | | | 188,106 | | 26.9% | | (90) | bps |
| | | | | | | | | | | | | | | | | | | |
Less: Prior Ownership (6) | | | | | | | | | | | | | | | | | | | |
Hyatt Regency San Antonio Riverwalk | | | — | | | — | | N/A | | | (17,737) | | | (7,232) | | 40.8% | | N/A | |
| | | | | | | | | | | | | | | | | | | |
Add: Sold Hotel (4) | | | 7,448 | | | 3,049 | | N/A | | | 10,018 | | | 3,041 | | 30.4% | | N/A | |
| | | | | | | | | | | | | | | | | | | |
Actual Portfolio (5) | | $ | 723,160 | | $ | 189,378 | | 26.2% | | $ | 691,039 | | $ | 183,915 | | 26.6% | | N/A | |
*Footnotes on page 22
PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 21 | ||||||
| | | ||||||
| Supplemental Financial Information |
Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins
Q3 & YTD 2025/2024 Footnotes
| (1) | Hotel Adjusted EBITDAre for the third quarters and first nine months of 2025 and 2024 is impacted by renovation and subsequent ramp up activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently. |
| (2) | Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of September 30, 2025, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the third quarters and first nine months of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company's results for the first nine months of 2024. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition. |
| (3) | Total Portfolio consists of all hotels owned by the Company as of September 30, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2. |
| (4) | Sold Hotel includes results for the Hilton New Orleans St. Charles, sold by the Company in June 2025. |
| (5) | Actual Portfolio primarily includes results for the 14 hotels owned by the Company during the third quarter of 2025, and the 15 hotels owned by the Company during the third quarter of 2024 and the first nine months of 2025 and 2024. |
| (6) | Prior Ownership includes results for the Hyatt Regency San Antonio Riverwalk prior to the Company’s acquisition of the hotel in April 2024 as discussed in Note 2. |
PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 22 | ||||||
| | | ||||||
