Focusing on the fourth quarter

This resulted from the same property and adjusted EBITDA beat in addition to our lower TRS tax expense.Now looking back over the performance since 2011, where a significant portion of our existing portfolio was in place, we have achieved a compounded annual adjusted EBITDA per share growth rate of 18.3% and adjusted FFO per share growth rate of 17% and a total annualized return for our shareholders of 12.6%. These results highlight the success of our numerous transformative redevelopment projects, our asset management efforts, which include a tremendous support and hard work by our hotel management teams as well as our overall capital allocation decisions.Focusing on the fourth quarter, on the hotel operating side, our 2017 same property RevPAR decreased 0.1%; our non room revenue per available room increased a very strong 9.5% with revenues from food and beverage operations up 7.3% and a resulting total revenue per available room which increased 2.9%. Same property hotel EBITDA margins in the fourth quarter declined 78 basis points to 30.7%.

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