- Financial Results Exceed Guidance DALLAS, Oct. 28
/PRNewswire-FirstCall/ -- La Quinta Corporation (NYSE:LQI) today
announced financial results for the third quarter ended September
30, 2005. The Company will hold a conference call today at 11:00
a.m. (EDT) to discuss these results and its business. "We are very
pleased with our excellent third quarter financial results," stated
Francis W. ("Butch") Cash, chairman and chief executive officer.
"For the quarter, RevPAR growth for total company owned hotels
exceeded the upper end of our guidance by three percentage points
and adjusted EBITDA exceeded our guidance by $5 million. Our July
and August results were ahead of our expectations, followed by very
strong occupancy increases in September due in part to Hurricanes
Katrina and Rita. As a result, both our La Quinta and Baymont
brands provided strong operating results. "We continue to be
impressed by the talents and compassion our people displayed in the
aftermath of the devastating hurricanes we have experienced. "The
third quarter marks the one-year anniversary of our ownership of
Baymont. We are very pleased that we are already producing results
at the anticipated levels of return on our original investment, a
year earlier than we expected. "Our business fundamentals continue
to improve and we are encouraged by the healthy operating
environment for the lodging industry with favorable pricing trends
and limited increases in supply. Our development activities will be
focused on central business district and airport locations because
of the returns we can realize and the ability to display our brands
ever more prominently to help stimulate growth for our franchisees
and ourselves. We anticipate commencing at least three such
projects in 2006. "While we continue to explore acquisition
opportunities, we recognize the competitive market for hotel
assets. As a result, in addition to using our capital for our
central business district projects, we are also looking more
actively at other uses of our balance sheet capacity including
redeeming the $200 million of preferred stock," concluded Mr. Cash.
FINANCIAL AND OPERATING HIGHLIGHTS For the third quarter ended
September 30, 2005, the Company reported: -- Total revenues of $205
million, a 32% increase compared to 2004. -- Net income of $14
million, or $0.07 per share, versus net loss of $12 million, or
($0.07) per share, in 2004. -- RevPAR for total company owned
hotels of $45.77, a 10% increase compared to 2004. -- Adjusted
EBITDA of $77 million, a 42% increase compared to 2004. A detailed
schedule reconciling net income (loss) to Adjusted EBITDA is
included in the supplemental tables. For the nine months ended
September 30, 2005, the Company reported: -- Total revenues of $572
million, a 34% increase compared to 2004. -- Net income of $14
million, or $0.07 per share, versus net loss of $31 million, or
($0.18) per share, in 2004. -- RevPAR for total company owned
hotels of $43.11, a 7% increase compared to 2004. -- Adjusted
EBITDA of $196 million, a 44% increase compared to 2004. A detailed
schedule reconciling net income (loss) to Adjusted EBITDA is
included in the supplemental tables. OPERATING RESULTS The 10%
RevPAR growth for company owned hotels for the third quarter was
driven by a 12% RevPAR growth for La Quinta branded hotels. The
RevPAR growth for the La Quinta branded hotels was due to an
occupancy increase of 2.4 percentage points and an average rate
increase of 8%. Prior to September, which was impacted by
Hurricanes Katrina and Rita, company owned La Quinta branded hotels
were already trending at 9% RevPAR growth with particular strength
in the Northwest with 13% RevPAR growth. After the hurricanes,
occupancy at hotels in Texas and the Gulf Coast significantly
increased. RevPAR for La Quinta owned hotels in Dallas, Austin, San
Antonio and Houston metropolitan areas were up 20% for the quarter
in part due to evacuees from the New Orleans area as well as
evacuees from Hurricane Rita. RevPAR for company owned Baymont
branded hotels increased approximately 7% during the quarter and
also contributed to improved adjusted EBITDA margin. "Prior to the
hurricanes, our results were tracking above the top end of our
RevPAR and Adjusted EBITDA expectations for the quarter due to
continuing improvements in our business," added David L. Rea,
president and chief operating officer. "In addition, the hurricanes
brought significant increases in occupancy at our properties in
Texas and the Gulf Coast during the months of September and
October. As a result of our strong RevPAR growth and the positive
impact of the Baymont acquisition, Adjusted EBITDA and profit
margins continued to improve." During the third quarter, the
Company added seven La Quinta and eight Baymont franchise hotels to
its system. As of September 30, 2005, the Company had 11,443 La
Quinta branded franchise rooms (139 hotels) and 9,239 Baymont
branded franchise rooms (106 hotels). In addition, the Company also
executed a record number of franchise agreements (39 agreements)
during the quarter. System-wide La Quinta branded hotel RevPAR,
which includes the results of our La Quinta franchisees, increased
13% in the third quarter. This performance is yet another indicator
of the very positive momentum and success of our franchising
program. Asset Sales and Assets Held for Sale During the quarter,
the Company sold four hotels, three of which were classified as
continuing operations and one in discontinued operations, for gross
proceeds of approximately $12 million and recognized gains on sales
of approximately $4 million. At September 30, 2005, the Company had
12 hotels classified as held for sale. Eight hotels are included in
discontinued operations while four are in continuing operations as
we expect the buyer to convert the hotels to the Baymont brand. The
net book value of assets held for sale is approximately $32
million. Hurricanes Impact As previously reported, the Company has
eight company owned hotels (2% of total company owned properties)
in the greater New Orleans area that were affected by Hurricane
Katrina. Two properties suffered severe damage and may not be
restored to service. The six remaining hotels suffered significant
damage, however, the Company believes these six properties will be
substantially returned to service by year-end. In addition to the
eight New Orleans hotels, 14 company owned hotels in Texas,
Louisiana, Mississippi, Alabama and Florida experienced varying
degrees of damage due to Hurricanes Katrina and Rita. Most of these
hotels were substantially returned to service by September 30,
2005. Based on preliminary assessments, the Company estimates
property damage as a result of the hurricanes will approximate $30
million to $40 million. The Company believes these damages will be
substantially recovered from insurance proceeds. Third quarter net
income reflects charges related to the hurricanes of approximately
$2 million. Revenues include an estimated $5 million due to
increased occupancy attributable to the aftermath of the
hurricanes, which compares with approximately $2 million of
additional revenue due to hurricanes in third quarter 2004. The
amount and timing of business interruption recoveries are uncertain
and will be recorded in future periods, in addition to potential
property gains and losses, as claims are settled with insurance
carriers. In addition to the company owned hotels damaged by the
hurricanes, 11 of the Company's franchises, including five under
construction, were damaged. Damage to the units under construction
will likely affect those properties' scheduled opening dates. THIRD
QUARTER FINANCIAL RESULTS Revenue: Total revenues for the third
quarter 2005 increased 32% over the third quarter 2004. Franchise
fees increased 88% for the third quarter 2005. Other revenue
(including healthcare interest income and restaurant rental income)
increased 4% for the third quarter 2005. Approximately 60% of the
total revenue increase was attributable to the Baymont acquisition
while approximately 30% of the total revenue increase was due to
the 12% increase in company owned La Quinta branded RevPAR. The
remaining revenue increase was primarily due to an increase in
franchise fees. Net income: For the third quarter 2005, net income
was $14 million, or $0.07 per share versus a net loss of $12
million, or ($0.07) per share, for the third quarter 2004. The
improvement from 2004 to 2005 was primarily the result of the
Baymont acquisition, improved operating performance at La Quinta
owned hotels, an increase in franchise income and a loss of
approximately $21 million in the prior year period related to the
early retirement of debt. Third quarter 2005 financial results
include income of $0.2 million from hotels classified as
discontinued operations. Adjusted EBITDA: Adjusted EBITDA for the
third quarter 2005 was $77 million, a 42% increase compared to $54
million in the third quarter 2004. The increase in Adjusted EBITDA
was primarily driven by income from the Baymont acquisition,
revenue increases at company owned hotels, strong cost management
as well as an increase in franchise income. Adjusted EBITDA margins
improved 270 basis points year-over-year to 37.6% for the third
quarter 2005, reflecting strong flow through from average rate
increases, the increased demand caused by the hurricanes and the
favorable results of the Baymont acquisition. Adjusted EBITDA
excludes approximately $4 million of gains on sales of three
properties previously classified as held for sale, as well as,
other expense of approximately $0.6 million primarily related to
Baymont integration expenses and fees related to abandoned
transaction costs. Capital Structure: During the third quarter, the
Company repaid $116 million of debt, including $100 million of
7.40% Senior Notes and $16 million of medium term notes. After the
repayment of these Notes, the Company's total indebtedness at
September 30, 2005 was $810 million. At September 30, 2005, the
Company had $213 million in cash and cash equivalents and no
borrowings under its $150 million credit facility, other than $16.5
million in letters of credit. The Company's net debt (total
indebtedness less cash and cash equivalents) was $597 million at
September 30, 2005. In addition, the Company has $200 million of 9%
preferred stock outstanding which is currently redeemable at the
Company's option. Finally, the Company had approximately 203
million fully diluted equivalent paired shares outstanding during
the third quarter. THIRD QUARTER YEAR-TO-DATE FINANCIAL RESULTS
Revenue: Revenues for the nine months ended September 30, 2005
increased 34% over the same period in 2004. Approximately 70% of
the total revenue increase was attributable to the Baymont
acquisition while approximately 25% was due to a 10% increase in
company owned La Quinta branded RevPAR. The remaining revenue
increase was primarily due to an increase in franchise fees,
partially offset by reduced interest income from a healthcare note
receivable, which was paid off in 2004. Net income: Net income was
$14 million, or $0.07 per share, for the nine months ended
September 30, 2005, versus a net loss of $31 million, or ($0.18)
per share, for the same period in 2004. The improvement from 2004
to 2005 was primarily the result of the Baymont acquisition,
improved operating performance at La Quinta owned hotels, an
increase in franchise income and a loss of approximately $21
million related to the early retirement of debt and an impairment
charge of approximately $13 million, each in the prior-year period.
The year-to-date financial results include income of approximately
$1 million from hotels classified as discontinued operations.
Adjusted EBITDA: Adjusted EBITDA for the nine months ended
September 30, 2005 was $196 million, a 44% increase compared to
$136 million in the same period in 2004. The increase in Adjusted
EBITDA was primarily driven by the addition of income from the
Baymont acquisition; revenue increases at company owned hotels,
strong cost management as well as an increase in franchise income.
Adjusted EBITDA for the nine months ended September 30, 2005
excludes approximately $3 million of gains on sales of assets as
well as other expense of approximately $3 million principally
related to Baymont integration expenses. CURRENT OUTLOOK The
Company currently expects continued strength in both lodging demand
and room rate improvements for the fourth quarter of 2005 as well
as 2006. With continued growth in fee based revenues and rate
improvements, profit margins should also continue to increase. The
following guidance excludes any gains or losses associated with
asset sales. Fourth Quarter For the fourth quarter 2005, total
company owned hotel RevPAR is estimated to increase approximately
10% to 12% compared to the prior year fourth quarter, reflecting
continued increases in average daily rates as well as unusually
high occupancy attributable to the hurricanes which is anticipated
to decline to normal seasonal levels by mid November. The Company
anticipates: -- Revenue to be approximately $173 million to $176
million -- Net loss to be approximately $4 million -- Adjusted
EBITDA to be approximately $52 million Accordingly, for the full
year 2005, the Company estimates total revenue of approximately
$745 million to $748 million and Adjusted EBITDA of approximately
$247 million. Net income is anticipated to be approximately $10
million. Capital expenditures for 2005 are anticipated to be
approximately $120 million, which includes a partial year of
funding for the redevelopment of the La Quinta Arlington, Texas
property, conversions between the La Quinta and Baymont brands,
corporate capital expenditures and maintenance and renovation
capital expenditures for our owned Baymont and La Quinta hotels.
The franchise pipeline is strong and continues to grow with more
than 150 contracts executed for future franchise openings. Due to
damage from the hurricanes to certain franchise properties under
construction as well as delays in some new construction franchise
projects, the Company now expects to open 60 to 70 franchises in
2005. Preliminary 2006 Outlook Preliminary expectations for 2006
are for RevPAR growth of approximately 6% to 7% for company owned
hotels after adjusting 2005 results for the effects of the
hurricanes. This RevPAR increase will be driven primarily by rate
increases. Revenue is estimated to range from $780 million to $790
million and Adjusted EBITDA is anticipated to range from $265
million to $270 million and net income is estimated to range from
$15 million to $18 million. The Adjusted EBITDA and net income
ranges are on a comparable basis to 2005 and do not reflect the
implementation of expensing stock options in 2006. Capital
expenditures for 2006 are currently anticipated to be approximately
$150 million. This includes $80 million of funding for construction
of three new central business district properties, two
redevelopment projects, and continued conversions of properties
between the La Quinta and Baymont brands. The remaining $70 million
consists of $60 million of maintenance and renovation capital
expenditures for our company owned hotels and $10 million of
corporate capital expenditures. The Company expects to add at least
85 hotels to its franchise system in 2006. Conference Call and
Where You Can Find Additional Information As previously announced,
at 11:00 AM (EDT) today, the Company will hold a conference call
and audio webcast to discuss its financial results and its
business. During the conference call, the Company may discuss and
answer one or more questions concerning business and financial
matters and trends affecting the Company. The Company's responses
to these questions, as well as other matters discussed during the
conference call, may contain or constitute information that has not
been previously disclosed. Simultaneous with the conference call,
an audio webcast of the call will be available via a link on the
Company's website, http://www.lq.com/, in the Investor
Relations-Webcasts section. The conference call can be accessed by
dialing 800-240-6709 (International: 303-262-2130). An access code
is not required. A replay of the call will be available from 1:00
PM (EDT) on October 28, 2005 through 12:59 AM (EST) on November 5,
2005 by dialing 800-405-2236 (International: 303-590-3000) and
entering the access code of 11042161#. The replay will also be
available in the Investor Relations-Webcasts section of the La
Quinta website, http://www.lq.com/. About La Quinta Corporation La
Quinta Corporation (NYSE:LQI), is one of the largest
owner/operators of limited-service hotels in the United States.
Based in Dallas, Texas, the Company owns, operates or franchises
more than 600 hotels in 39 states under the La Quinta Inns, La
Quinta Inn & Suites(R), Baymont Inn & Suites(R), Woodfield
Suites(R) and Budgetel(R) brands. For more information about La
Quinta Corporation, please visit http://www.lq.com/. Safe Harbor
Statement Certain matters discussed in this press release may
constitute "forward- looking statements" within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. Words such as "believes,"
"anticipates," "expects," "intends," "estimates," "projects" and
other similar expressions, which are predictions of or indicate
future events and trends, typically identify forward-looking
statements. Our forward-looking statements are subject to a number
of risks and uncertainties, which could cause actual results or the
timing of events to differ materially from those described in the
forward-looking statements. Accordingly, we cannot assure you that
the expectations set forth in these forward-looking statements will
be attained. Some of the factors that could cause actual results or
the timing of certain events to differ from those described in
these forward-looking statements include, without limitation, our
ability to successfully grow revenues (through our revenue
initiatives, including our franchising programs, our internet
distribution initiatives and our customer loyalty programs, or
otherwise) and profitability of our lodging business and
franchising programs; concentration of our properties in certain
geographic areas; our ability to realize sustained labor or other
cost savings; the availability and costs of insurance for our
properties and business; competition within the lodging industry,
including in the franchising of the La Quinta and Baymont brands;
our ability to generate attractive rates of return on new lodging
investments; the cyclicality of the lodging business; the impact of
U.S. military action abroad and/or additional terrorist activities;
the effects of a general economic slowdown, including decreases in
consumer confidence and business spending, which may adversely
affect our business and industry; interest rates; the ultimate
outcome of litigation filed against us; the availability of capital
for corporate purposes including for debt repayment, acquisitions
and capital expenditures; the conditions of the capital markets in
general; acquisition-related risks; and other risks detailed from
time to time in our filings with the Securities and Exchange
Commission, including, without limitation, the risks described in
our Joint Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 15, 2005, in the section entitled
"Certain Factors You Should Consider About Our Companies, Our
Businesses and Our Securities," as updated by our Joint Current
Report on Form 8-K filed with the SEC on May 27, 2005. We undertake
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or other changes. Historical Data of Baymont La Quinta Corporation
acquired substantially all of the assets of The Marcus
Corporation's limited service lodging division on September 3,
2004. The Marcus Corporation has provided us with a limited amount
of unaudited historical operating data for the acquired properties
related to certain periods prior to the acquisition by La Quinta
Corporation. We have recompiled comparable property and reporting
period results for Baymont from this internal, unaudited data. This
data has not been audited or otherwise independently verified by
the Company or its independent auditors, although the Company has
no reason to believe that this data is not accurate in any material
respect. As a result, we will only be disclosing approximate RevPAR
changes for Baymont through the quarter ending September 30, 2005.
Beginning with the quarter ending December 31, 2005, we will be
able to disclose more detailed comparable operating data for
Baymont. Statement Concerning Non-GAAP Measurement Tools The
Company uses Adjusted EBITDA as a supplemental measure of the
Company's performance because we believe it gives the reader a more
complete understanding of our financial condition and operating
results. We use this metric to calculate various financial ratios
and to measure our performance, and we believe some debt and equity
investors also utilize this metric for similar purposes. Adjusted
EBITDA includes adjustments for non-cash income or expenses such as
depreciation, amortization and other non-cash items. Adjusted
EBITDA is also adjusted for discontinued operations, income taxes,
interest expense, net and minority interest (which includes
preferred stock dividends of La Quinta Properties, Inc.), as well
as certain cash income or expense that we believe otherwise
distorts the comparability of the measure. Adjusted EBITDA is
intended to show unleveraged, pre-tax operating results. The impact
of investing and financing transactions, as well as income taxes,
should also be considered in evaluating overall results. Adjusted
EBITDA is not intended to represent any measure of performance in
accordance with accounting principles generally accepted in the
United States ("GAAP") and our calculation and use of this measure
may differ from our competitors. This non-GAAP measure should not
be used in isolation or as a substitute for a measure of
performance or liquidity prepared in accordance with GAAP. A
detailed schedule reconciling GAAP net income (loss) to Adjusted
EBITDA is included in the attached supplemental tables.
Supplemental Schedules Financial Results A Other (Income) Expense B
Supplemental Non-GAAP Financial Data C Other Supplemental
Information D Lodging Operating Statistics E Hotel Unit Data F La
Quinta Corporation Schedule A Financial Results (Unaudited) Three
months ended Nine months ended Operating Data: September 30,
September 30, (In millions, except 2005 2004 2005 2004 per share
data) Revenues Hotel operations $192.5 $147.5 $540.2 $406.3
Franchise fees 9.2 4.9 23.5 11.6 Other 2.8 2.7 8.1 9.5 Total
revenues 204.5 155.1 571.8 427.4 Expenses Direct lodging operations
85.0 67.3 243.5 189.4 Other lodging and operating expenses 25.6
19.9 73.5 56.4 Selling, general and administrative 17.0 13.8 59.3
45.6 Interest, net of interest income of $2.5, $2.0, $4.3, and
$7.9, respectively 16.0 15.9 52.1 46.2 Depreciation and
amortization 35.3 32.8 105.5 91.4 Impairment of property and
equipment - - - 12.7 Loss on early extinguishment of debt - 21.4 -
21.4 Other (income) expense (3.0) (1.1) (0.3) (1.8) Total expenses
175.9 170.0 533.6 461.3 Income (loss) before minority interest,
income taxes, and discontinued operations 28.6 (14.9) 38.2 (33.9)
Minority interest (4.5) (4.5) (13.7) (13.7) Income tax (expense)
benefit (10.6) 7.3 (11.6) 16.3 Income (loss) before discontinued
operations 13.5 (12.1) 12.9 (31.3) Income from discontinued
operations, net of taxes 0.2 - 1.2 0.1 Net income (loss) $13.7
$(12.1) $14.1 $(31.2) Per Share Data: Income (loss) before
discontinued operations $0.07 $(0.07) $0.07 $(0.18) Income from
discontinued operations, net of taxes - - - - Net income (loss) per
share - basic and assuming dilution $0.07 $(0.07) $0.07 $(0.18)
Weighted average shares outstanding Basic 199.4 176.7 188.4 176.5
Assuming dilution 203.1 176.7 192.1 176.5 Prior period results have
been reclassified to conform to current period presentation. La
Quinta Corporation Schedule B Other (Income) Expense (Unaudited)
Three months ended Nine months ended September 30, September 30,
(In millions) 2005 2004 2005 2004 (Gain) loss on sale of assets and
related costs(1) $(3.6) $(0.1) $(3.4) $0.1 Gain on early repayment
of notes receivable - (2.1) - (2.1) Gain on settlement (2) - - -
(0.4) Acquisition, retirement plan and other (3) 0.6 1.1 3.1 0.6
Total other (income) expense $(3.0) $(1.1) $(0.3) $(1.8) (1) This
caption includes sales of hotels, restaurants and other property as
well as the accumulation of costs to sell assets held for sale in
continuing operations. During the three months ended September 30,
2005, we sold three hotels for gross proceeds of approximately $9.4
million, resulting in a gain on sale of approximately $3.7 million.
These hotels are not included in discontinued operations because it
is probable that these hotels will be operated by the buyers as
Baymont franchises, which we believe would constitute significant
continuing involvement in the operations of the hotel and,
therefore, presentation as discontinued operations is not
appropriate. (2) During the nine months ended September 30, 2004,
the Company settled obligations related to assets previously sold
that resulted in a net gain of $0.4 million. (3) During the three
and nine months ended September 30, 2005, the Company recognized
expense of approximately $0.6 million and $3.1 million,
respectively, consisting of approximately $0.2 million and $2.7
million primarily related to integration costs related to the
Baymont acquisition and approximately $0.4 million during each
period for fees related to abandoned transaction costs. During the
three and nine months ended September 30, 2004, the Company
recognized expense of approximately $1.7 million and $1.9 million,
consisting of approximately $1.5 million during each period for
integration costs related to the Baymont acquisition and $0.2
million and $0.4 million, respectively, related to the termination
and ongoing settlement of the La Quinta retirement plan. These
expenses were partially offset by income of approximately $0.6
million and $1.3 million, respectively, primarily as a result of
settlement of litigation related to the healthcare business,
adjustments of amounts previously accrued related to the exit of
the healthcare business and refunds of public company filing fees.
La Quinta Corporation Schedule C Supplemental Non-GAAP Financial
Data (Unaudited) Three months ended Nine months ended Adjusted
EBITDA September 30, September 30, Reconciliation 2005 2004 2005
2004 (In millions) Net income (loss) (per GAAP) $13.7 $(12.1) $14.1
$(31.2) Add: Depreciation and amortization(4) 35.3 32.8 105.5 91.4
Impairment of property and equipment - - - 12.7 Loss on early
extinguishment of debt - 21.4 - 21.4 Minority interest 4.5 4.5 13.7
13.7 Income tax expense (benefit) 10.6 (7.3) 11.6 (16.3) Interest,
net of interest income of $2.5, $2.0, $4.3, and $7.9, respectively
16.0 15.9 52.1 46.2 Other (income) expense (1) (3.0) (1.1) (0.3)
(1.8) Income from discontinued operations, net of taxes (2) (0.2) -
(1.2) (0.1) Adjusted EBITDA (3,4) (Non-GAAP) $76.9 $54.1 $195.5
$136.0 (1) See attached Schedule B for details. (2) Income from
discontinued operations includes nine hotels during the three
months ended September 30, 2005, 11 hotels during the nine months
ended September 30, 2005, and 11 hotels during each of the three
and nine months ended September 30, 2004. The separately
identifiable results of operations of the hotels have been reported
as results from discontinued operations for all periods presented.
(3) Includes approximately $1.0 million and $2.7 million of
stock-based compensation (primarily amortization of restricted
stock) during the three and nine months ended September 30, 2005,
respectively, and $0.5 million and $1.8 million during the three
and nine months ended September 30, 2004, respectively. (4) During
the three months ended September 30, 2005, we recognized
approximately $1.7 million of hurricane related charges, net of
estimated property insurance recovery, related to damage from the
two hurricanes, of which approximately $0.9 million of repairs is
included in other lodging and operating expenses and $0.8 million
of casualty losses is included in depreciation and amortization.
During the three months ended September 30, 2004, we recorded
casualty loss expense, net of estimated property insurance
recovery, of approximately $1.7 million, included in depreciation
and amortization, related to property damage as a result of the
hurricanes in the State of Florida during 2004. During 2005, we
reduced a portion of the previously recorded casualty loss expense
as a result of insurance recoveries by approximately $0.8 million.
Adjusted EBITDA Reconciliation (Current Outlook) (In millions)
Three months Full Year Preliminary Full ended 2005 Year 2006
December 31, 2005 Net income (loss) (per GAAP) $(4) $10 $15 - $18
Add: Depreciation and amortization 38 144 155 Minority interest 5
18 19 Income tax expense (benefit) (3) 9 9 - 11 Interest, net 16 68
67 Income from discontinued operations, net of taxes - (2) -
Adjusted EBITDA (Non-GAAP) $52 $247 $265 - $270 La Quinta
Corporation Schedule D Other Supplemental Information (Unaudited)
Three months ended Nine months ended Capital Expenditures September
30, September 30, (In millions) 2005 2004 2005 2004 Capital
expenditures $25.0 $16.4 $51.2 $45.2 Selected Balance Sheet Data
September 30, December 31, (In millions) 2005 2004 (Audited)
Property and equipment, net $2,368.1 $2,434.0 Cash and cash
equivalents (A) 212.6 103.3 Total assets 2,875.6 2,810.9 Total
indebtedness (B) 809.6 925.6 Total liabilities 1,095.0 1,217.3
Minority interest (C) 203.7 203.9 Total shareholders' equity (D)
1,576.9 1,389.7 Net debt to total capitalization Equal to
(B-A)/(D+A+B-A) 25% 34% Debt Maturity Schedule (In millions)
Calendar Year September 30, 2005 2005 $ - 2006 20.0 2007 210.0 2008
50.0 2009 - 2010 and thereafter 529.6 Total debt 809.6 Less: Cash
and cash equivalents (212.6) Net debt $597.0 La Quinta Corporation
Schedule E Lodging Operating Statistics (Unaudited) Three months
Three months ended ended September 30, September 30, 2005 2004 Occ
ADR RevPAR Occ ADR RevPAR Comparable Owned Hotels (1) La Quinta
Inns 72.0% $61.23 $44.06 69.2% $57.16 $39.55 La Quinta Inn &
Suites 74.4% $71.11 $52.90 72.9% $66.19 $48.28 Composite(La Quinta
comparable owned) 72.7% $64.22 $46.67 70.3% $59.92 $42.13 Baymont
Inn & Suites(2) N/A N/A N/A N/A N/A N/A Total Comparable Owned
Hotels 72.7% $64.22 $46.67 70.3% $59.92 $42.13 Total Company Owned
Hotels(4) La Quinta Inns 71.9% $61.01 $43.85 69.1% $56.83 $39.28 La
Quinta Inn & Suites 74.2% $72.50 $53.79 72.9% $66.48 $48.49
Composite (La Quinta owned) 72.6% $64.58 $46.87 70.2% $59.78 $41.99
Baymont Inn & Suites(2,3) 70.6% $57.40 $40.51 65.8% $53.67
$35.32 Total Company Owned Hotels(4,5) 72.1% $63.50 $45.77 69.9%
$59.45 $41.55 System Wide Hotels(6) La Quinta Inns 71.2% $63.37
$45.13 68.8% $57.61 $39.65 La Quinta Inn & Suites 74.8% $74.71
$55.85 73.0% $68.83 $50.23 Composite(La Quinta system wide) 72.4%
$67.39 $48.81 70.2% $61.42 $43.10 Baymont Inn & Suites(2,3)
67.6% $61.05 $41.28 63.3% $58.12 $36.78 Nine months Nine months
ended ended September 30, September 30, 2005 2004 Occ ADR RevPAR
Occ ADR RevPAR Comparable Owned Hotels (1) La Quinta Inns 68.0%
$59.93 $40.73 66.9% $56.16 $37.57 La Quinta Inn & Suites 74.3%
$71.85 $53.35 72.7% $66.22 $48.14 Composite (La Quinta comparable
owned) 69.8% $63.67 $44.46 68.6% $59.31 $40.69 Baymont Inn &
Suites(2) N/A N/A N/A N/A N/A N/A Total Comparable Owned Hotels
69.8% $63.67 $44.46 68.6% $59.31 $40.69 Total Company Owned
Hotels(4) La Quinta Inns 67.9% $59.61 $40.48 66.8% $55.79 $37.28 La
Quinta Inn & Suites 73.9% $73.07 $53.98 72.7% $66.56 $48.40
Composite (La Quinta owned) 69.7% $63.92 $44.56 68.5% $59.13 $40.53
Baymont Inn & Suites(2,3) 65.7% $55.95 $36.77 65.0% $53.04
$34.47 Total Company Owned Hotels(4,5) 68.8% $62.70 $43.11 68.4%
$58.99 $40.37 System Wide Hotels(6) La Quinta Inns 67.3% $61.33
$41.24 65.9% $56.35 $37.11 La Quinta Inn & Suites 73.0% $73.80
$53.87 71.4% $67.51 $48.20 Composite (La Quinta system wide) 69.2%
$65.78 $45.52 67.6% $60.15 $40.68 Baymont Inn & Suites(2,3)
62.4% $59.38 $37.06 63.0% $57.38 $36.15 Change Occ ADR RevPAR
Comparable Owned Hotels (1) La Quinta Inns 2.8 pts 7.1% 11.4% La
Quinta Inn & Suites 1.5 pts 7.4% 9.6% Composite(La Quinta
comparable owned) 2.4 pts 7.2% 10.8% Baymont Inn & Suites(2)
N/A N/A N/A Total Comparable Owned Hotels 2.4 pts 7.2% 10.8% Total
Company Owned Hotels(4) La Quinta Inns 2.8 pts 7.4% 11.6% La Quinta
Inn & Suites 1.3 pts 9.1% 10.9% Composite (La Quinta owned) 2.4
pts 8.0% 11.6% Baymont Inn & Suites(2,3) N/A N/A N/A Total
Company Owned Hotels(4,5) 2.2 pts 6.8% 10.2% System Wide Hotels(6)
La Quinta Inns 2.4 pts 10.0% 13.8% La Quinta Inn & Suites 1.8
pts 8.5% 11.2% Composite(La Quinta system wide) 2.2 pts 9.7% 13.2%
Baymont Inn & Suites(2,3) N/A N/A N/A Change Occ ADR RevPAR
Comparable Owned Hotels (1) La Quinta Inns 1.1 pts 6.7% 8.4% La
Quinta Inn & Suites 1.6 pts 8.5% 10.8% Composite (La Quinta
comparable owned) 1.2 pts 7.4% 9.3% Baymont Inn & Suites(2) N/A
N/A N/A Total Comparable Owned Hotels 1.2 pts 7.4% 9.3% Total
Company Owned Hotels(4) La Quinta Inns 1.1 pts 6.8% 8.6% La Quinta
Inn & Suites 1.2 pts 9.8% 11.5% Composite (La Quinta owned) 1.2
pts 8.1% 9.9% Baymont Inn & Suites(2,3) N/A N/A N/A Total
Company Owned Hotels(4,5) 0.4 pts 6.3% 6.8% System Wide Hotels(6)
La Quinta Inns 1.4 pts 8.8% 11.1% La Quinta Inn & Suites 1.6
pts 9.3% 11.8% Composite (La Quinta system wide) 1.6 pts 9.4% 11.9%
Baymont Inn & Suites(2,3) N/A N/A N/A (1) Excludes hotels
undergoing redevelopment or brand conversions, as well as hotels
reported in discontinued operations and one New Orleans hotel that
was severely damaged on August 29, 2005 by Hurricane Katrina and is
yet to be determined whether it is feasible to ever return to
service. (2) Represents statistics for Baymont Inn & Suites
acquired on September 3, 2004. (3) "N/A" for change is due to
abbreviated period for 2004 data. (4) Excludes hotels reported in
discontinued operations and one New Orleans hotel that was severely
damaged on August 29, 2005 by Hurricane Katrina and is yet to be
determined whether it is feasible to ever return to service. (5)
Includes statistics for seven Woodfield Suites and one Budgetel
property acquired on September 3, 2004 and two of the hotels
acquired on December 9, 2004. (6) Includes all company owned,
franchised, and managed hotels, but excludes hotels reported in
discontinued operations and one New Orleans hotel that was severely
damaged on August 29, 2005 by Hurricane Katrina and is yet to be
determined whether it is feasible to ever return to service. La
Quinta Corporation Schedule F Hotel Unit Data (Unaudited) La Quinta
Corporation Schedule F Hotel Unit Data (Unaudited) Hotel and Room
Count Data As of As of September 30, 2005 September 30, 2004 Number
Number Number Number of Hotels of Rooms of Hotels of Rooms
Comparable Hotels (1) La Quinta Inns 185 24,019 185 24,046 La
Quinta Inn & Suites 75 10,067 75 10,067 Baymont Inn &
Suites(2) - - - - Total Comparable Hotels 260 34,086 260 34,113
Company-Owned (3) La Quinta Inns 186 24,117 190 24,641 La Quinta
Inn & Suites 78 10,651 77 10,293 Baymont Inn & Suites(2) 85
8,792 85 8,787 Other(4) 10 1,241 8 972 Total Company Owned Hotels
359 44,801 360 44,693 Franchised/Managed Hotels La Quinta Inns 72
6,112 56 5,462 La Quinta Inn & Suites 67 5,331 53 4,272 Baymont
Inn & Suites(2) 106 9,239 88 7,535 Total Franchised/Managed
Hotels 245 20,682 197 17,269 Total System Wide Hotels(5) 604 65,483
557 61,962 (1) Excludes hotels undergoing redevelopment or brand
conversions, as well as hotels reported in discontinued operations
and one New Orleans hotel that was severely damaged on August 29,
2005 by Hurricane Katrina and is yet to be determined whether it is
feasible to ever return to service. (2) Represents statistics for
Baymont Inn & Suites acquired on September 3, 2004. (3)
Excludes hotels reported in discontinued operations and one New
Orleans hotel that was severely damaged on August 29, 2005 by
Hurricane Katrina and is yet to be determined whether it is
feasible to ever return to service. (4) Represents statistics for
seven Woodfield Suites and one Budgetel property acquired on
September 3, 2004 and two of the hotels acquired on December 9,
2004. (5) Includes all company owned, franchised, and managed
hotels, but excludes hotels reported in discontinued operations and
one New Orleans hotel that was severely damaged on August 29, 2005
by Hurricane Katrina and is yet to be determined whether it is
feasible to ever return to service. DATASOURCE: La Quinta
Corporation CONTACT: Tom Ward, Investor Relations of La Quinta
Corporation, +1-214- 492-6689 Web site: http://www.lq.com/
Copyright
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