February performance

Financial performance of Trump D.C. hotel for February 2017.

?Ill ??ice

725 Fifth Avenue, 26th Floor
New York, New York 10022

STATEMENT CERTIFICATEI

Pursuant to Section 53(0) of that certain Ground Lease dated as of August 5, 2013, by
and between The United States of America, acting by and through the Administrator of
General Services, as landlord, and Trump Old Post Of?ce LLC, as tenant (as amended, the
?Lease?), the undersigned hereby certi?es that the items that have been delivered to Landlord
with this Statement Certi?cate are true, correct, accurate and complete and fairly
present the ?nancial condition and results of the operations of Tenant and the Hotel in a
manner consistent with the Uniform System and reconciled in accordance with GAAP and the
requirements of the Lease, as applicable.

TENANT:
Trump Old Post Of?ce LLC

Name: Mark Hawthorn
Title: Treasurer

Dated: A ff/

1 Capitalized terms used but not de?ned in this Statement Certi?cate shall have the respective
meanings ascribed to them in the Lease.

Trump International Hotel Washington D.C.
Income Statement - February 2017
$ in thousands, except statistics
PRIVILEGED AND CONFIDENTIAL INFORMATION. NOT SUBJECT TO RELEASE TO THE PUBLIC UNDER THE FREEDOM OF INFORMATION ACT.
MONTH
ACTUAL

$
$

MONTH
BUDGET

2,504
7,364
34.0%
491.85
167.25

$

1,232
1,378
30
1
34
61

618
1,136
45
1
35
57
38

$
$

643
8.7%
160.01
83.39

48.2%
99.4%

32.0% $
58.9%
2.4%
0.1%
1.8%
2.9%
1.9%

614
242
(16)
(0)
(35)
(23)
24

99.4%
21.3%
(34.6%)
(40.7%)
(100.0%)
(40.8%)
63.8%

100.0%

1,929

100.0%

806

498
1,205
37
0
48
-

40.4%
87.4%
124.9%
10.0%
143.2%
-

457
1,069
59
26
53
-

74.0%
94.0%
129.3%
74.0%
92.5%
-

41
137
(22)
0
(26)
(4)
-

1,788

65.4%

1,662

86.2%

126

41.8%

8.9%
12.8%
(36.8%)
(100.0%)
(8.4%)
-

7.6%

Sold Rooms
Available Rooms
Occupancy %
ADR
RevPAR
REVENUE
Rooms
Food and Beverage
Spa
Telephone
Retail
Parking
Other

YEAR TO DATE
ACTUAL

$
$

$

YEAR TO DATE
BUDGET

5,603
15,517
36.1%
768.67
277.56

4,307
4,234
42
3
64
69

$
$

49.4% $
48.6%
0.5%
0.0%
0.7%
0.8%

VARIANCE

4,541
15,517
29.3%
415.62
121.63

1,887
2,691
103
3
69
110
76

$
$

1,062
6.8%
353.05
155.93

84.9%
128.2%

38.2% $
54.5%
2.1%
0.1%
1.4%
2.2%
1.5%

2,420
1,543
(60)
1
(69)
(46)
(7)

128.2%
57.3%
(58.8%)
19.3%
(100.0%)
(41.6%)
(9.3%)

Total Revenue

8,721

100.0%

4,940

100.0%

3,781

76.5%

DEPARTMENTAL EXPENSES
Rooms
Food and Beverage
Spa
Telephone
Retail
Parking
Other

1,122
2,851
106
3
100
-

26.1%
67.3%
249.1%
90.8%
155.7%
-

1,033
2,390
126
52
105
-

54.7%
88.8%
122.8%
75.3%
95.6%
-

89
460
(21)
3
(52)
(5)
-

Total Department Expenses

4,181

47.9%

3,707

75.0%

475

45.3%
11.2%
(22.8%)
24.7%
4.4%
-

2,330
1,083
(40)
(3)
(17)
(41)
(7)

272.7%
359.6%
(169.2%)
(89.0%)
(100.0%)
> (500%)
(9.3%)

3,306

268.1%

8.6%
19.3%
(16.4%)
(100.0%)
(4.9%)
-

12.8%

734
173
(7)
1
(15)
61

59.6%
12.6%
(24.9%)
90.0%
(43.2%)
-

161
68
(13)
1
9
4
38

26.0%
6.0%
(29.3%)
26.0%
7.5%
-

573
105
6
(1)
(9)
(19)
24

356.3%
155.2%
44.5%
(46.6%)
(100.0%)
(441.4%)
63.8%

DEPARTMENTAL PROFIT
Rooms
Food and Beverage
Spa
Telephone
Retail
Parking
Other

3,185
1,384
(63)
0
(36)
69

947

34.6%

267

13.8%

680

254.5%

Total Department Profit

4,539

52.1%

1,233

25.0%

432
52
304
210
182

15.8%
1.9%
11.1%
7.7%
6.7%

332
66
259
172
190

17.2%
3.4%
13.4%
8.9%
9.9%

100
(14)
45
39
(8)

30.1%
(20.7%)
17.3%
22.5%
(4.0%)

UNDISTRIBUTED EXPENSES
Administrative and General
Information Systems & Telecom
Sales and Marketing
Operations and Maintenance
Utilities

1,092
113
652
447
356

12.5%
1.3%
7.5%
5.1%
4.1%

721
135
565
358
381

14.6%
2.7%
11.4%
7.2%
7.7%

371
(23)
87
89
(26)

51.5%
(16.7%)
15.5%
24.8%
(6.7%)

1,182

43.2%

1,019

52.8%

162

15.9%

Total Undistributed Expenses

2,659

30.5%

2,160

43.7%

499

23.1%

518

68.8%

Gross Operating Profit 2

1,880

21.6%

(927)

(18.8%)

2,807

302.8%

31
521
555
16

0.4%
6.0%
6.4%
0.2%

50
523
280
8

1.0%
10.6%
5.7%
0.2%

(19)
(3)
275
8

(38.0%)
(0.5%)
98.3%
97.4%

861

17.4%

261

30.3%

(36.2%)

2,546

142.3%

-

-

2,546

142.3%

73.9%
32.7%
(149.1%)
9.2%
(55.7%)
-

(235)

(8.6%)

(752)

(39.0%)

17
264
319
9

0.6%
9.6%
11.6%
0.3%

25
269
140
4

1.3%
13.9%
7.3%
0.2%

(8)
(5)
178
5

(33.3%)
(1.8%)
126.9%
129.1%

NON-OPERATING EXPENSES
Insurance
Lease Expense
Property and Other Taxes
Other Non-Operating Expenses

608

22.2%

438

22.7%

170

38.9%

Total Non-Operating Expenses

1,123

12.9%

(61.7%)

347

29.2%

Net Operating Income (EBITDA)

757

8.7%

-

NOTES:

45.0% $
50.4%
1.1%
0.0%
1.2%
2.2%

1,861
7,364
25.3%
331.84
83.86

2,735

(843)

$

$
$

FEBRUARY
20171

VARIANCE

(30.8%)
-

(843)

(30.8%) $

(1,190)
-

(1,190)

-

(61.7%) $

-

347

-

29.2%

Replacement Reserve

Net Income (Loss)

-

$

757

854
301
(23)
3
17
5
76

(1,788)

-

-

8.7% $

(1,788)

-

(36.2%) $

(1) The hotel's strong performance in February was achieved primarily by driving Average Daily Rate (ADR) to $922, which was $519 (52%) above budget. In addition, occupancy of 38.0%
was 5.1 percentage points above budget. The increased occupancy also contributed to $1.3 million of incremental food and beverage revenue above budget. Total revenue
of $6.0 million was approximately twice the total revenue budget of $3.0 million.
(2) Operating expenses were well-controlled during the month, allowing for the incremental revenues to flow through directly to the hotel's gross operating profit at 85%. The resulting
gross operating profit of $2.3 million exceeded budget by $2.5 million.

Trump Hotel Washington D.C.
Operational Balance Sheet
February 28, 2017
$ in thousands
PRIVILEGED AND CONFIDENTIAL INFORMATION. NOT SUBJECT TO RELEASE TO THE PUBLIC UNDER
THE FREEDOM OF INFORMATION ACT.

February 28,
2017
ASSETS
Cash
Inventories
Accounts Receivable
Prepaid Expenses and Other Assets

Total Assets
LIABILITIES & EQUITY (DEFICIT)
Trade Accounts Payable
Rent, Taxes and Utilities Payable
Accrued Expenses
Hotel Advance Deposits and Deferred Income
Deficit

Total Liabilities & Equity (Deficit)

$

2,351
350
3,303
278

$

6,282

$

2,092
3,409
1,304
2,125
(2,648)

$

6,282

PRIVILEGED AND CONFIDENTIAL INFORMATION. NOT SUBJECT TO RELEASE TO THE PUBLIC UNDER THE FREEDOM OF INFORMATION ACT.

Tab 2 - Monthly Performance at a Glance - My Property vs. Competitive Set
Trump International Hotel Washington DC
STR # 63075

ChainID:

For the Month of: February 2017

1100 Pennsylvania Ave NW

MgtCo: Trump Hotel Collection

Washington, DC 20004-2501

Phone: (202) 695-1100

Owner: Trump Hotel Collection

Date Created: March 17, 2017

Monthly Competitive Set Data Excludes Subject Property

February 2017
Occupancy (%)

ADR

RevPAR

My Prop

Comp Set

Index (MPI)

My Prop

Comp Set

Index (ARI)

My Prop

Comp Set

Index (RGI)

Current Month

33.8

64.6

52.4

491.75

372.82

131.9

166.34

240.88

69.1

Year To Date

34.7

59.3

58.6

798.72

523.82

152.5

277.50

310.54

89.4

Running 3 Month

33.5

58.7

57.1

683.27

471.32

145.0

228.97

276.81

82.7

Running 12 Month

35.1

69.8

50.3

594.21

443.75

133.9

208.75

309.70

67.4

February 2017 vs. 2016 Percent Change (%)
Occupancy
My Prop

Comp Set

ADR
Index (MPI)

My Prop

Comp Set

RevPAR
Index (ARI)

My Prop

Comp Set

Current Month

6.9

9.1

16.6

Year To Date

12.6

61.3

81.6

Running 3 Month

8.9

44.7

57.6

Running 12 Month

-2.3

14.5

11.9

Index (RGI)

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