Full Year Comparable Hotel RevPAR Growth of 8.1% Exceeded Midpoint of GuidanceReturned More Than $700 Million of Capital to Stockholders in 2023 and Announces $0.20 First Quarter DividendCompleted Multi-Year Transformational Reinvestment Programs and Development Projects(unaudited, in millions, except per share and hotel statistics)Condensed Consolidated Balance Sheets(unaudited, in millions, except shares and per share amounts)Condensed Consolidated Statements of Operations(unaudited, in millions, except per share amounts)Earnings per Common Share(unaudited, in millions, except per share amounts)Hotel Operating Data for Consolidated HotelsPropertiesRoomsRoom RateOccupancy
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Total RevPARSchedule of Comparable Hotel Results ^{(1)(unaudited, in millions, except hotel statistics)December 31,December 31,(2) Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:net ⁽⁴⁾items⁽³⁾net ⁽⁴⁾itemsadjustments ⁽³⁾results, net ⁽⁴⁾corporate level itemsResultspropertiesadjustments ⁽³⁾results, net ⁽⁴⁾corporate level itemsResults(4) Non-comparable hotel results, net, includes the following items: (i) the results of operations of our non-comparable hotels, which operations are included in our consolidated statements of operations as continuing operations, and (ii) gains on business interruption proceeds relating to events that occurred while the hotels were classified as non-comparable. Reconciliation of Net Income to (unaudited, in millions)
(2) Reflects the sale of one hotel in 2023 and four hotels in 2022.(3) Unrealized gains of our unconsolidated investments are not recognized in our EBITDAre, Adjusted EBITDAre, NAREIT FFO or Adjusted FFO until they have been realized by the unconsolidated partnership.Reconciliation of Diluted Earnings per Common Share to (unaudited, in millions, except per share amounts)partnerships(4) Diluted earnings per common share, NAREIT FFO per diluted share and Adjusted FFO per diluted share are adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP units held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP units. No effect is shown for securities if they are anti-dilutive.Reconciliation of Net Income to (unaudited, in millions)Schedule of Comparable Hotel Results for Full Year 2024 Forecasts (1)(unaudited, in millions)
(2) Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. Comparable hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:results, netcorporate level itemsResultsresults, netcorporate level itemsResultsNotes to Financial InformationChief Financial Officer
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