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Extended Stay America says Q1 leverage ratio is within targeted range
By Devika Patel
Knoxville, Tenn., May 2 – Extended Stay America, Inc. reported net debt to trailing 12 months’ adjusted EBITDA was 3.75x at the end of the last quarter, roughly in line with the company’s leverage ratio at the end of 2018.
“Our target net leverage ratio going forward is between 3.4x and 3.9x,” chief financial officer Brian T. Nicholson said on the company’s first quarter ended March 31 earnings conference call on Thursday.
Adjusted EBITDA for the first quarter was $116.3 million.
Cash and cash equivalents were $287,993,000 as of March 31, 2019, compared to $287,458,000 as of Dec. 31, 2018.
Total debt was $2,401,626,000 as of March 31, 2019, compared to $2,402,637,000 as of Dec. 31, 2018.
The lodging real estate investment trust is based in Charlotte, N.C.
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