Exhibit 99.1
Item 6. Selected Financial Data
The following table sets forth selected financial data for the periods and dates indicated. Comparative results are affected by property acquisitions and dispositions during the periods shown. This data should be read in conjunction with, and is qualified in its entirety by reference to, management’s discussion and analysis of financial condition and results of operations and the consolidated financial statements and accompanying notes included elsewhere in this Filing.
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| Year Ended December 31, |
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| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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| (In thousands, except per share data) |
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Income Statement Data: |
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Revenues: |
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Hotel operating revenues |
| $ | 899,474 |
| $ | 941,455 |
| $ | 879,324 |
| $ | 682,541 |
| $ | 498,122 |
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Rental income |
| 328,051 |
| 316,819 |
| 120,649 |
| 114,332 |
| 112,325 |
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FF&E reserve income |
| 23,837 |
| 22,286 |
| 20,299 |
| 19,767 |
| 18,147 |
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Interest income |
| 1,312 |
| 4,919 |
| 2,674 |
| 1,373 |
| 627 |
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Total revenues |
| 1,252,674 |
| 1,285,479 |
| 1,022,946 |
| 818,013 |
| 629,221 |
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Expenses: |
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Hotel operating expenses |
| 620,008 |
| 657,000 |
| 618,334 |
| 476,858 |
| 333,818 |
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Interest |
| 156,844 |
| 148,110 |
| 81,451 |
| 65,263 |
| 50,393 |
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Depreciation and amortization |
| 239,166 |
| 216,688 |
| 141,198 |
| 127,242 |
| 110,333 |
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General and administrative |
| 37,751 |
| 37,223 |
| 25,090 |
| 22,514 |
| 18,659 |
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Reserve for straight line rent receivable |
| 19,613 |
| — |
| — |
| — |
| — |
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Loss on asset impairment |
| 53,225 |
| 1,332 |
| — |
| 7,300 |
| — |
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TA spin off costs |
| — |
| 2,711 |
| — |
| — |
| — |
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Total expenses |
| 1,126,607 |
| 1,063,064 |
| 866,073 |
| 699,177 |
| 513,203 |
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Income before income taxes |
| 126,067 |
| 222,415 |
| 156,873 |
| 118,836 |
| 116,018 |
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Income tax expense |
| (1,846 | ) | (2,191 | ) | (372 | ) | (57 | ) | — |
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Income before gain on sale of real estate and discontinued operations |
| 124,221 |
| 220,224 |
| 156,501 |
| 118,779 |
| 116,018 |
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Gain on sale of real estate, net |
| 114 |
| — |
| — |
| — |
| 203 |
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Income from continuing operations |
| 124,335 |
| 220,224 |
| 156,501 |
| 118,779 |
| 116,221 |
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Discontinued operations: |
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Income from discontinued operations |
| — |
| 7,440 |
| 12,538 |
| 11,124 |
| 10,870 |
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Gain on sale of real estate used by discontinued operations |
| — |
| 95,711 |
| — |
| — |
| — |
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Net income |
| 124,335 |
| 323,375 |
| 169,039 |
| 129,903 |
| 127,091 |
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Preferred distributions |
| 29,880 |
| 26,769 |
| 7,656 |
| 7,656 |
| 9,674 |
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Excess of liquidation preference over carrying value of preferred shares |
| — |
| — |
| — |
| — |
| 2,793 |
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Net income available for common shareholders |
| $ | 94,455 |
| $ | 296,606 |
| $ | 161,383 |
| $ | 122,247 |
| $ | 114,624 |
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Common distributions declared |
| $ | 289,380 |
| $ | 287,272 |
| $ | 225,927 |
| $ | 205,162 |
| $ | 193,523 |
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Weighted average common shares outstanding |
| 93,944 |
| 93,109 |
| 73,279 |
| 69,866 |
| 66,503 |
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Per Common Share Data: |
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Income from continuing operations available for common shareholders |
| $ | 1.01 |
| $ | 2.08 |
| $ | 2.03 |
| $ | 1.59 |
| $ | 1.56 |
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Income from discontinued operations available for common shareholders |
| $ | — |
| $ | 1.11 |
| $ | 0.17 |
| $ | 0.16 |
| $ | 0.16 |
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Net income available for common shareholders |
| $ | 1.01 |
| $ | 3.19 |
| $ | 2.20 |
| $ | 1.75 |
| $ | 1.72 |
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Distributions per common share |
| $ | 3.08 |
| $ | 3.06 |
| $ | 2.95 |
| $ | 2.90 |
| $ | 2.88 |
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Balance Sheet Data |
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(as of December 31): |
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Real estate properties, at cost |
| $ | 6,407,884 |
| $ | 6,196,231 |
| $ | 4,018,781 |
| $ | 3,606,404 |
| $ | 3,161,259 |
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Real estate properties, net |
| 5,347,681 |
| 5,346,761 |
| 3,316,268 |
| 2,997,605 |
| 2,608,019 |
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Total assets |
| 5,572,737 |
| 5,677,168 |
| 3,957,463 |
| 3,114,607 |
| 2,689,425 |
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Debt, net of discount |
| 2,639,060 |
| 2,542,032 |
| 1,199,830 |
| 960,372 |
| 697,505 |
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Shareholders’ equity |
| 2,628,427 |
| 2,821,654 |
| 2,447,540 |
| 1,855,455 |
| 1,685,873 |
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1
