From GlobeNewswire:

American Hotel Income Properties REIT LP reported its unaudited financial results for the three and twelve months ending December 31, 2023. Highlights included a decrease in revenue to $280.5 million and diluted FFO per unit at $0.48 for 2023. ADR rose to $131 and RevPAR increased to $90. NOI was $86.9 million for the year.

In Q4 2023, diluted FFO per unit was $0.004 and ADR was $126. Occupancy was at 66.5% and RevPAR at $84. Revenue decreased to $65.8 million, while NOI was reported at $16.8 million. For the year, ADR increased to $131, RevPAR increased 5.9%, and occupancy decreased to 68.7%.

The decrease in NOI and NOI margin for 2023 was attributed to reduced revenue due to fewer properties in the portfolio, along with increased operating expenses. The company incurred significant costs to remediate and rebuild properties damaged by weather-related events. Diluted FFO per unit for 2023 was $0.48, affected by lower NOI.

Debt-to-GBV as of December 31, 2023, was 51.9%, down from 52.6% a year earlier. Debt-to-EBITDA was 10.6x, up from 9.8x in 2022. AHIP had $27.8 million in available liquidity at the end of 2023 and 71.3% of its debt at fixed interest rates. The company incurred non-cash impairment charges during Q4 2023.



Read more at GlobeNewswire:: American Hotel Income Properties REIT LP Reports 2023