Last $12.26 USD
Change Today +0.07 / 0.57%
Volume 2.5M
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As of 4:15 PM 07/23/14 All times are local (Market data is delayed by at least 15 minutes).

strategic hotels & resorts i (BEE) Key Developments

Strategic Hotels & Resorts, Inc. Enters into Loan and Security Agreement with Deutsche Bank AG New York Branch

On June 30, 2014, Strategic Hotels & Resorts, Inc. entered into a loan and security agreement with Deutsche Bank AG New York Branch, as lender and administrative agent. The principal amount of the FSDC Loan is $120,000,000, which bears interest at a rate of LIBOR plus 2.25% per annum. The FSDC Loan is secured by, among other things, a first mortgage with respect to the hotel commonly known as the Four Seasons Washington, D.C. (the Hotel). The FSDC Loan has a three-year initial term with two, one-year extension options available to the company upon the satisfaction of certain financial and other conditions. The FSDC Loan replaces the $130,000,000 mortgage loan previously encumbering the Hotel.

Strategic Hotels & Resorts, Inc. Presents at Morgan Stanley REIT Summit, Jun-23-2014

Strategic Hotels & Resorts, Inc. Presents at Morgan Stanley REIT Summit, Jun-23-2014 . Venue: Newport Beach, California, United States.

Strategic Hotels & Resorts Revises Earnings Guidance for the Year Ending December 31, 2014

Strategic Hotels & Resorts revised earnings guidance for the year ending December 31, 2014. For the period, the company anticipates that Comparable EBITDA will be in the range of $230.0 million to $250.0 million and Comparable FFO in the range of $0.59 and $0.68 per fully diluted share. Management is also reaffirming its guidance for Total United States RevPAR and Total RevPAR growth in the range between 5.0% to 7.0% and EBITDA margin expansion of 120 basis points to 200 basis points.

Strategic Hotels & Resorts, Inc. Declares Cash Dividend on Series B and Series C Cumulative Redeemable Preferred Stock, Each Payable on or About June 30, 2014; Declares Dividend on Series B Preferred Shares for the Period from July 1, 2014, Payable on or About September 30, 2014

Strategic Hotels & Resorts, Inc. declared a quarterly cash dividend of $0.51563 per share of its Series C Preferred Shares and a cash dividend of $0.51563 per share of its 8.25% Series B Cumulative Redeemable Preferred Stock. The Series C Preferred Share and Series B Preferred Share dividends are each payable on or about June 30, 2014, to shareholders of record of each of the Series C Preferred Shares and Series B Preferred Shares, respectively, as of the close of business on June 16, 2014. In addition, Strategic has declared and set apart for payment a dividend on the Series B Preferred Shares for the period from July 1, 2014 up to and including the Call Date at the rate of $2.0625 per annum (or $0.51563 per quarter), which dividend is expected to be paid as part of the normal quarterly dividend on the Series B Preferred Shares on or about September 30, 2014.

Strategic Hotels & Resorts, Inc. Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2014 ; Revised Earnings Guidance for the Full Year of 2014

Strategic Hotels & Resorts, Inc. announced consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenues of $194,655,000 compared with $181,180,000 for the same period a year ago. Operating income was $654,000 compared with operating loss of $5,060,000 for the same period a year ago. Income before income taxes and discontinued operations was $65,394,000 compared with loss before income taxes and discontinued operations of $23,322,000 for the same period a year ago. Income from continuing operations was $65,355,000 or $0.25 per diluted share compared with loss from continuing operations of $23,335,000 or $0.13 per diluted share for the same period a year ago. Net income attributable to SHR common shareholders was $217,158,000 or $0.97 per diluted share compared with net loss attributable to SHR common shareholders of $23,448,000 or $0.12 per diluted share for the same period a year ago. Comparable EBITDA was $41,174,000 compared with $34,465,000 for the same period a year ago. FFO was $8,093,000 compared with $5,526,000 for the same period a year ago. Comparable FFO was $12,226,000 or $0.06 per diluted share compared with $2,282,000 or $0.01 per diluted share for the same period a year ago. The increase in net income included $233.9 million in gains from asset sales, net of taxes, and the consolidation of an affiliate during the quarter. The company revised earnings guidance for the full year of 2014. For the year, the company expects to report net income attributable to common shareholders in the range of $221.4 million to $241.4 million; depreciation and amortization in the range of 118.4 million to 118.4 million; interest expense in the range of $76.8 million to $76.8 million; Comparable EBITDA in the range of $210.0 million to $230.0 million; Comparable FFO in the range of $120.5 million to $140.5 million; Comparable FFO per diluted share in the range of $0.57 to $0.67. Comparable FFO per diluted was previously expected in the range of $0.50 to $0.60.

 

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