American Hotel Income Properties REIT LP reports third quarter 2019 results

• Revenue for Premium Branded hotels grew 1.0% to $69.3 million, despite renovation activity
• Premium Branded hotels not under renovation achieved 2.5% growth in RevPAR, 4.4% growth in revenue and 5.1% growth in Net Operating Income
• Q3 2019 FFO of $0.20 per diluted unit; Q3 2019 AFFO of $0.18 per diluted unit
• Announces new contract terms with AHIP's hotel manager that will reduce hotel management and operating costs for the next several years

(All numbers are in U.S. dollars unless otherwise indicated)

VANCOUVER, Nov. 7, 2019 /CNW/ - American Hotel Income Properties REIT LP ("AHIP", or the "Company") (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U), announced today its financial results for the three and nine months ended September 30, 2019. 

Commenting on the quarter, John O'Neill, CEO said: "Our third quarter results reflect the final stages of our major hotel renovations program, with eight properties undergoing renovations during the period.  The impact of our renovations program was mostly offset by the much stronger performance from hotels that completed renovations in the past year.  In fact, the 59 Premium Branded hotels not under renovation collectively generated a 4.4% increase in revenue and a 5.1% increase in net operating income compared to Q3 2018.  We continue to be pleased with the performance, higher incremental food and beverage revenues and strong market positions of the hotels we've recently upgraded through our investments in property improvements. We look forward to focusing primarily on a growing portfolio of high-quality, modernized Premium Branded hotel properties in the years to come." 

Mr. O'Neill continued: "Our third quarter was a period of marked strategic activity for us, as we prepare to sell our 45 Economy Lodging properties and redeploy these proceeds into newer attractive Premium Branded hotels.  In addition, we finalized new contract terms with our hotel manager, Aimbridge Hospitality, which will strengthen our margins, cash flow and growth potential over the next several years, through reduced hotel management fees and property accounting and revenue management costs.  We are pleased to continue working closely with Aimbridge to drive improved hotel performance and greater cost containment initiatives, as we grow our portfolio of Premium Branded hotels."

THREE MONTHS ENDED SEPTEMBER 30, 2019 FINANCIAL HIGHLIGHTS

• Net income and comprehensive income for the third quarter was $2.1 million, compared to the net income and comprehensive income of $4.2 million in Q3 2018, as a result of $2.5 million of non-recurring transaction expenses related to the sale of the Economy Lodging portfolio, a $1.2 million impairment charge on an Oklahoma hotel, and an unrealized loss on the fair value of interest rate swap contracts.  Diluted net income per Unit for the quarter was $0.03 compared to a diluted net income per Unit of $0.05 in Q3 2018.
  
  
• Excluding non-recurring transaction expenses related to the sale of the Economy Lodging portfolio, net income for the third quarter would have been $4.6 million, a 10% increase compared to $4.2 million in Q3 2018.
  
  
• Funds from operations ("FFO") decreased 4.5% to $15.6 million due to higher operating expenses, and adjusted funds from operations ("AFFO") decreased 7.0% to $14.1 million as a result of higher actual maintenance capital expenditures in the current period.
  
  
• Q3 2019 Diluted FFO per Unit was $0.20 (Q3 2018 – $0.21) and Diluted AFFO per Unit was $0.18 (Q3 2018 – $0.19). 

Premium Branded Hotels (Continuing Operations)

• Revenue for Premium Branded hotels (Continuing Operations) increased 1.0% to $69.3 million (Q3 2018 – $68.6 million) as a result of higher room, food & beverage, and parking revenues, and from a strong recovery of hotel performance by hotels that were previously under renovation.  This was partially offset by hotels that were under renovation during the quarter, and certain hotels facing new supply challenges.
  
  
• Average Daily Rate ("ADR") for Premium Branded hotels increased 0.1% to $116.50.  Hotels that were previously under renovation saw a strong recovery in ADR; however, this was offset by properties that were undergoing renovations during the quarter.  Lower ADRs at properties under renovation helped to stabilize occupancy while these hotels experienced construction activity during Q3 2019, with occupancy increasing slightly to 79.0% from 78.8% during Q3 last year.  As a result, Revenue per Available Room ("RevPAR") for Premium Branded Hotels increased 0.4% to $92.04 (Q3 2018 – $91.71). The STR RevPAR index, which compares the performance of AHIP owned hotels to their competitive set in each region, indicated AHIP's Premium Branded hotels generally outperformed their identified direct competition with AHIP having an average index rating of 117.6 during the quarter (Q3 2018 – 117.2) – with 100.0 representing a 'fair share' of the market.
  
  
• Total revenues for Premium Branded hotels not under renovation increased by approximately $2.6 million (or 4.4%) as a result of improved operating results from larger hotels that were under renovation last year.  RevPAR for hotels not under renovation increased by 2.5% to $93.11 (2018 – $90.85) led by ADR increases of 0.4% to $115.77 (2018 – $115.30) and occupancy increased by 1.6 p.p. to 80.4% (2018 – 78.8%).
  
  
• Eight properties were under renovation for portions of the third quarter: the Residence Inn Chattanooga (Tennessee), the Homewood Suites Allentown (Pennsylvania), the Homewood Suites Bethlehem (Pennsylvania), the Homewood Suites Dover (New Jersey), the Holiday Inn Express Fort Myers (Florida), the Holiday Inn Express Sarasota (Florida), the Embassy Suites Phoenix Tempe (Arizona) and the Embassy Suites Independence Cleveland (Ohio).  RevPAR at these properties saw an average decline of 12.2% due to lower occupancy as rooms were taken out of inventory for renovations.  In total, more than 14,600 guestroom nights were out of order during Q3 2019, compared to approximately 6,500 during Q3 2018, due to renovation activity.
  
  
• Of the eight hotels under renovation during the quarter, five properties completed renovations during Q3.  All of these projects were completed on time and on budget.  Renovations at the 271-guestroom Embassy Suites Cleveland is nearing completion, with all guestroom renovations already finished.  As the Embassy Suites Cleveland is nearly complete and is the last of AHIP's largest properties to receive property upgrades, the Company does not expect significant guest displacement impact during Q4 2019, as only three smaller hotels continue to be renovated in the quarter.
  
  
• Net Operating Income ("NOI") for Premium Branded hotels (Continuing Operations) decreased by 2.1% to $23.5 million. A higher proportion of food & beverage revenues, and higher labor costs and supplies expense resulted in lower NOI margins.   For Premium Branded hotels not under renovation, NOI increased by 5.1%.
  
  
• Net income for Premium Branded hotels (Continuing Operations) decreased by 34.9% to $1.4 million (Q3 2018 – $2.1 million) due to the before mentioned hotel renovations, Oklahoma property impairment charge and higher operating costs.

Total Portfolio (includes Continuing and Discontinued Operations)

• Total portfolio revenues for the quarter increased 0.6% to $88.5 million (Q3 2018 – $88.0 million) primarily due to higher revenues from properties that were under renovation last year, higher food and beverage revenues and new parking revenue, offset by renovation related impacts and new supply at certain properties. 
  
  
• Total portfolio ADR increased 3.0% from the same quarter last year to $100.19. Occupancy declined 1.6 p.p. from Q3 2018 to 76.5% due mostly to eight hotels undergoing renovations during the quarter.  RevPAR increased 0.9% from the same quarter last year to $76.65. 
  
  
• NOI for the total portfolio declined 3.8% to $29.7 million during the quarter (Q3 2018 – $30.8 million). 

Economy Lodging Hotels (Discontinued Operations)

• AHIP's Economy Lodging hotels are currently classified as assets held for sale and as discontinued operations for financial reporting purposes, pending the completion of the previously announced sale of these 45 hotels to an affiliate of VCM.  As previously disclosed, the transaction is expected to be completed in November 2019.

Capital Metrics (Total Portfolio – includes Continuing and Discontinued Operations)

• As at September 30, 2019, AHIP's debt had a weighted average remaining term of approximately 5.7 years (Q3 2018 – approximately 6.7 years) and a weighted average interest rate of approximately 4.64% (Q3 2018 – approximately 4.64%).  Nearly 97% of AHIP's term loans have fixed interest rates.
  
  
• As at September 30, 2019, AHIP had an unrestricted cash balance of $11.7 million.  The Company also had a restricted cash balance of approximately $34.8 million, including approximately $20.6 million on deposit for upcoming property improvement plans and other capital expenditures.
  
  
• AHIP's debt-to-gross book value as at September 30, 2019 was 54.1% (September 30, 2018 – 53.4%), which is within AHIP's target range of 50% to 55%.
  
  
• AHIP paid U.S. dollar monthly distributions of $0.054 per Unit during the quarter, which is equivalent to $0.648 per Unit on an annualized basis.  AHIP's business is seasonal in nature and generates lower FFO in Q1 and Q4 and higher FFO in Q2 and Q3.  Therefore, it is strongly advised that investors review the payout ratios on a 12-months trailing basis.  On a trailing 12-month basis, the FFO Payout Ratio at the end of Q3 2019 was 92.0% (Q3 2018 – 86.0%).  Similarly, on a trailing 12-month basis, the AFFO payout ratio at the end of Q3 2019 was 101.4% (Q3 2018 – 93.8%). 

NINE MONTHS ENDED SEPTEMBER 30, 2019 FINANCIAL HIGHLIGHTS

• The net income and comprehensive income for the first nine months of 2019 was $7.5 million, compared to $14.5 million in the same period of 2018, as a result of $2.5 million of non-recurring transaction expenses related to the sale of the Economy Lodging portfolio, a $1.2 million impairment charge on an Oklahoma hotel, and  an unrealized loss on the fair value of interest rate swap contracts.  Diluted net income per Unit for the first nine months of 2019 was $0.10 compared to $0.18 in the same period last year. 
  
  
• Excluding non-recurring transaction related expenses related to the sale of the Economy Lodging portfolio, net income for the first nine months of 2019 would have been $10.0 million.
  
  
• FFO for the first nine months of 2019 FFO decreased slightly to $45.1 million (2018 – $45.8 million), while AFFO decreased 3.8% to $40.7 million due to higher actual maintenance capital expenditures.
  
  
• For the first nine months of 2019 Diluted FFO per Unit was unchanged at $0.57 (2018 – $0.57) and Diluted AFFO per Unit was $0.51 (2018 – $0.52). 

THIRD QUARTER DEVELOPMENTS

• During the third quarter, AHIP announced that it completed approximately $10.7 million of renovations at five hotels: the Fairfield Inn & Suites by Marriott Jacksonville (Florida), the Homewood Suites by Hilton Allentown (Pennsylvania), the Homewood Suites by Hilton Bethlehem (Pennsylvania), the Embassy Suites By Hilton Phoenix Tempe (Arizona) and the Residence Inn by Marriott Chattanooga (Tennessee).
  
  
• On July 29, 2019, AHIP announced that it reached a definitive agreement to sell its Economy Lodging portfolio consisting of 45 hotel properties through certain of its subsidiaries to an affiliate of VCM for $215.5 million (excluding closing and post-closing adjustments). The agreement to sell the Economy Lodging portfolio culminated an extensive review of the portfolio that reinforced AHIP's view that its long-term strategy is better focused on expanding and driving growth from its Premium Branded hotel portfolio.  The transaction closing process is underway and expected to be completed in November 2019.  AHIP will update the market when the sale has closed.
  
  
• During the third quarter, AHIP negotiated amended contract terms with its hotel manager (ONE Lodging Management LLC, an affiliate of Aimbridge Hospitality LLC) that reduced the base management fee payable by AHIP for its Premium Branded hotels, and lowered operating costs associated with property accounting and revenue management services.  The amended terms also include an increase to Aimbridge's capital expenditure fee and the termination fee payable in respect of the sale of individual hotels.  The new terms also extend Aimbridge's exclusivity as AHIP's hotel manager by three years.

The information in this news release should be read in conjunction with AHIP's unaudited condensed consolidated interim financial statements and management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2019, which are available on AHIP's website at www.ahipreit.com and on SEDAR at www.sedar.com.

Q3 2019 FINANCIAL RESULTS CONFERENCE CALL

Management will host a conference call at 5:30 p.m. (Eastern), 2:30 p.m. (Pacific) on Thursday, November 7, 2019 to review the financial results for the three and nine months ended September 30, 2019.

To participate in this conference call, please dial one of the following numbers at least five minutes prior to the commencement of the call and ask to join the American Hotel Income Properties' Q3 2019 Conference Call.

Dial in numbers:	North America Toll free:	1-877-291-4570
	International or local Toronto:	1-647-788-4919

The conference call will also be webcast live (in listen-only mode).  The link to the webcast can be found on the Events tab of the following webpage:  https://www.ahipreit.com/news-and-events/

CONFERENCE CALL REPLAY

A replay of the conference call will be available by dialing one of the following replay numbers. The replay will be available after 5:30 pm Pacific time / 8:30 pm Eastern time on November 7, 2019 until December 5, 2019. The webcast recording of this conference call will also be available at www.ahipreit.com on the Events and Presentation page.

Please enter replay PIN number 2495663 followed by the # key.

Replay dial in numbers:	North America Toll free:	1-800-585-8367
	International or local Toronto:	1-416-621-4642

NON-IFRS MEASURES

Certain non-IFRS financial measures are included in this news release, which include NOI, NOI margin, EBITDA, EBITDA Margin, FFO, Diluted FFO per Unit, AFFO, Diluted AFFO per Unit, FFO Payout Ratio, AFFO Payout Ratio, and debt-to-gross book value. These terms are not measures recognized under International Financial Reporting Standards ("IFRS") and do not have standardized meanings prescribed by IFRS. Real estate issuers often refer to NOI, NOI margin, EBITDA, EBITDA margin, FFO, Diluted FFO per Unit, AFFO, Diluted AFFO per Unit, FFO Payout Ratio, AFFO Payout Ratio as supplemental measures of performance and debt-to-gross book value as a supplemental measure of financial condition.

NOI, NOI margin, EBITDA, EBITDA margin, FFO, Diluted FFO per Unit, AFFO, Diluted AFFO per Unit, FFO Payout Ratio, AFFO Payout Ratio, and debt-to-gross book value should not be construed as alternatives to measurements determined in accordance with IFRS as indicators of AHIP's performance or financial condition. AHIP's method of calculating NOI, NOI margin, EBITDA, EBITDA margin, FFO, Diluted FFO per Unit, AFFO, Diluted AFFO per Unit, FFO Payout Ratio, AFFO Payout Ratio, and debt-to-gross book value may differ from other issuers' methods and accordingly may not be comparable to measures used by other issuers. For further information, including reconciliations of certain of these non-IFRS financial measures to the closest comparable IFRS measure, please refer to AHIP's MD&A dated November 7, 2019, which is available on SEDAR at www.sedar.com and on AHIP's website at www.ahipreit.com.

FORWARD-LOOKING INFORMATION

Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases, including references to assumptions. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to: AHIP looking forward to focusing primarily on growing portfolio of high-quality, modernized Premium Branded hotel properties in the years to come; the expected impacts of the new contract terms with Aimbridge Hospitality, including strengthening AHIP's margins, cash flow and growth potential over the next several years; AHIP continuing to work with Aimbridge to drive improved hotel performance and greater cost containment initiatives; AHIP's expectation that there will not be significant guest displacement impact during Q4 2019 as only three smaller hotels continue to be renovated; the sale of the Economy Lodging portfolio, and the expected timing thereof;  AHIP's view that its long term strategy is better focused on expanding and driving growth from its Premium Branded hotel portfolio; and AHIP's objective to build on its proven track record of successful investment, deliver reliable and consistent U.S. dollar denominated distributions to unitholders, and generate value through the continued growth of its diversified hotel portfolio.

Forward-looking information is based on a number of key expectations and assumptions made by AHIP, including, without limitation: a reasonably stable North American economy and stock market; the continued strength of the U.S. lodging industry; AHIP will be able to successfully integrate properties acquired into its portfolio; capital markets will provide AHIP with readily available access to equity and/or debt financing on terms acceptable to AHIP; the accuracy of third party reports with respect to lodging industry data; the value of the U.S. dollar; renovations will be completed in accordance with the timing currently expected and on budget; AHIP will realize the expected benefits of such renovations; AHIP will complete the sale of the Economy Lodging portfolio on the terms and in accordance with the timing currently contemplated and will be successful in redeploying the net proceeds therefrom on an accretive basis; AHIP will realize the intended benefits and strategic outcomes of the sale of the Economy Lodging portfolio; AHIP will realize the intended benefits of the new contract terms with Aimbridge; there will be no adverse changes to taxation laws applicable to AHIP's distributions. Although the forward-looking information contained in this news release is based on what AHIP's management believes to be reasonable assumptions, AHIP cannot assure investors that actual results will be consistent with such information.

Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking statements. Those risks and uncertainties include, among other things, risks related to: AHIP may not realize the expected benefits of renovations to be completed in 2019 and that such renovations may not be completed in accordance with expected timing or budgets; renovations completed in 2019 may be more disruptive than expected; the sale of the Economy Lodging portfolio may not be completed in accordance with the terms or timing currently contemplated, or at all; AHIP may not be successful in redeploying the net proceeds from the sale of the Economy Lodging portfolio in a manner that is accretive to its securityholders; AHIP may not realize the intended benefits and strategic outcomes of the sale of the Economy Lodging portfolio; AHIP may not realize the intended benefits of the new contract terms with Aimbridge; distributions are not guaranteed and may be reduced or suspended at any time at the discretion of AHIP's board of directors; general economic conditions; future growth potential; Unit prices; liquidity; tax risk; tax laws currently in effect remaining unchanged; ability to access capital markets; competition for real property investments; environmental matters; the value of the U.S. dollar; and changes in legislation or regulations. Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with these forward-looking statements. Additional information about risks and uncertainties is contained in AHIP's MD&A dated November 7, 2019 and annual information form for the year ended December 31, 2018, copies of which are available on SEDAR at www.sedar.com.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to AHIP. The forward-looking information is made as of the date of this news release and AHIP assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

THIRD PARTY INFORMATION

This news release includes market information and industry data from independent industry publications, market research and analyst reports, surveys and other publicly available sources. Although AHIP management believes these sources to be generally reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Accordingly, the accuracy and completeness of this data are not guaranteed. AHIP has not independently verified any of the data from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

ADDITIONAL INFORMATION

Additional information relating to AHIP, including AHIP's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2019, AHIP's MD&A dated November 7, 2019, and other public filings are available on SEDAR at www.sedar.com.

ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP

American Hotel Income Properties REIT LP (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U), or AHIP, is a limited partnership formed to invest in hotel real estate properties located in the United States. AHIP is engaged in growing its portfolio of premium branded, select-service hotels in larger secondary markets that have diverse and stable demand. AHIP hotels operate under brands affiliated with Marriott, Hilton, IHG, Wyndham and Choice Hotels through license agreements.  The Company's long-term objectives are to build on its proven track record of successful investment, deliver reliable and consistent U.S. dollar denominated distributions to unitholders, and generate value through the continued growth of its diversified hotel portfolio.  More information is available at www.ahipreit.com.

THIRD QUARTER HIGHLIGHTS AND KEY PERFORMANCE INDICATORS

(US$000s unless noted and except Units and per Unit amounts)	Three months ended September 30, 2019		Three months ended September 30, 2018		% Change
TOTAL PORTFOLIO INFORMATION ^(5)
Number of rooms ^(1)		11,524		11,549		(0.2%)
Number of properties ^(1)		112		113		(0.9%)
Number of restaurants ^(1)		40		40		nc
Occupancy rate	76.5%		78.1%		-1.6 pp
Average daily room rate	$	100.19	$	97.28		3.0%
Revenue per available room	$	76.65	$	75.98		0.9%
Revenues	$	88,519	$	88,029		0.6%
Net operating income ^(2)	$	29,668	$	30,848		(3.8%)
NOI Margin %	33.5%		35.0%		-1.5 pp
Net income and comprehensive income	$	2,143	$	4,232		(49.4%)
Diluted net income per Unit	$	0.03	$	0.05		(40.0%)
EBITDA ^(2)	$	25,273	$	26,131		(3.3%)
EBITDA Margin %	28.6%		29.7%		-1.1 pp
TOTAL FUNDS FROM OPERATIONS (FFO) ^(5)
Total Funds from operations	$	15,620	$	16,355		(4.5%)
Diluted FFO per Unit ^(3)(4)	$	0.20	$	0.21		(4.8%)
FFO Payout Ratio - rolling four quarters	92.0%		86.0%		6.0 pp
TOTAL ADJUSTED FUNDS FROM OPERATIONS (AFFO) ^(5)
Total Adjusted funds from operations	$	14,073	$	15,132		(7.0%)
Diluted AFFO per Unit ^(3)(4)	$	0.18	$	0.19		(5.3%)
AFFO Payout Ratio - rolling four quarters	101.4%		93.8%		7.6 pp
Distributions	$	12,689	$	12,645		3.5%
Distributions per unit	$	0.162	$	0.162		nc
CAPITALIZATION AND LEVERAGE ^(5)
Debt-to-Gross Book Value ^(1)	54.1%		53.4%		0.7 pp
Debt-to-EBITDA (trailing twelve-month basis)	8.3x		7.8x		0.5
Interest Coverage Ratio	2.8x		2.9x		-0.1
Weighted average Debt face interest rate ^(1)	4.64%		4.64%		nc
Weighted average Debt term to maturity ^(1)	5.7 years		6.7 years		-1 year
Number of Units outstanding ^(1)		78,122,528		78,062,194		60,344
Diluted weighted average number of Units
outstanding ^(3)		78,206,063		78,273,324		(67,261)
BREAKDOWN OF CONTINUING AND DISCONTINUED OPERATIONS
Revenues
Continuing operations	$	69,253	$	68,554		1.0%
Discontinued operations	$	19,266	$	19,475		(1.1%)
Total revenues	$	88,519	$	88,029		0.6%
Net income and comprehensive income
Continuing operations	$	1,374	$	2,110		(34.9%)
Discontinued operations	$	769	$	2,122		(63.8%)
Total net income and comprehensive income	$	2,143	$	4,232		(49.4%)
Diluted net income per unit
Continuing operations	$	0.02	$	0.02		nc
Discontinued operations	$	0.01	$	0.03		(66.7%)
Diluted net income per unit	$	0.03	$	0.05		(40.0%)

(1)	At period end.
(2)	Not adjusted for IFRIC 21 property taxes.
(3)	Diluted weighted average number of Units calculated in accordance with IFRS included the 100,649 and 211,130 unvested Restricted Stock Units as at September 30, 2019 and September 30, 2018, respectively
(4)	The Debentures were dilutive for FFO and AFFO for the three months and nine months ended September 30, 2019 and 2018. Therefore, Debenture finance costs of $802 and $611 were added back to FFO and AFFO for the three months ended September 30, 2019 (three months ended September 30, 2018 - $788 and $611 to FFO and AFFO) and $2,392 and $1,833 were added back to FFO and AFFO for the nine months ended September 30, 2019 (nine months ended September 30, 2018 - $1,745 and $1,222 to FFO and AFFO). As a result, 5,283,783 Units issuable on conversion of the Debentures were added to the diluted weighted average number of Units outstanding for the periods presented.
(5)	Refers to combined continuing and discontinued operations.

SOURCE American Hotel Income Properties REIT LP

Jamie Kokoska, Director, Investor Relations, Phone: [phone], Email: [email protected]

Related Links

www.ahipreit.com