ANNAPOLIS, Md.–(BUSINESS WIRE)–
Chesapeake Lodging Trust (CHSP), a lodging real estate investment
trust (REIT), reported today its financial results for the quarter ended
June 30, 2012.
HIGHLIGHTS
-
Pro Forma RevPAR – 9.7% increase
for comparable 10-hotel portfolio over the same period in 2011. -
Pro Forma Adjusted Hotel EBITDA Margin
– 240 basis point increase for comparable 10-hotel portfolio over the
same period in 2011. -
Acquisitions – Subsequent to
quarter end, entered into a definitive agreement to acquire a
full-service hotel located in San Diego, California for $62 million. -
Preferred share offering –
Subsequent to quarter end, successfully completed a $125 million
preferred share offering. -
Financings – Subsequent to quarter
end, closed on $130 million of secured financings taking further
advantage of the attractive interest rate environment.
“We delivered another exceptional quarter of hotel operating
performance, with industry-leading RevPAR growth and hotel EBITDA margin
expansion,” said James L. Francis, Chesapeake Lodging Trust’s President
and Chief Executive Officer. “Our hotel portfolio achieved over 83%
occupancy in the second quarter which enabled our operators to
aggressively increase room rates.”
“We were very pleased with the execution and pricing of the $125 million
preferred share offering that closed in mid-July,” said Douglas W.
Vicari, Chesapeake Lodging Trust’s Executive Vice President and Chief
Financial Officer. “With the additional capital raised through the
preferred offering and given our targeted leverage levels, we expect our
total investment in hotel real estate to reach $1.25 billion.”
CONSOLIDATED FINANCIAL RESULTS
The following is a summary of the consolidated financial results for the
three and six months ended June 30, 2012 (in millions, except per share
amounts):
Three months ended
Six months ended
June 30,
June 30,
2012(1)
2011(2)
2012(3)
2011(2)
Total revenue
$
67.0
$
40.3
$
117.3
$
64.3
Net income available to common shareholders
$
9.0
$
2.0
$
8.2
$
0.2
Net income per diluted share
$
0.28
$
0.06
$
0.26
$
0.01
FFO available to common shareholders
$
15.7
$
5.7
$
21.4
$
7.0
FFO per diluted share
$
0.49
$
0.18
$
0.67
$
0.26
AFFO available to common shareholders
$
15.9
$
9.6
$
22.0
$
11.2
AFFO per diluted share
$
0.50
$
0.30
$
0.69
$
0.41
Corporate EBITDA
$
22.3
$
8.5
$
31.5
$
10.8
Adjusted Corporate EBITDA
$
22.5
$
12.3
$
32.1
$
15.0
(1)
Includes results of operations of 12 hotels for the full period.
(2)
Includes results of operations of five hotels for the full period
and four hotels for part of the period.
(3)
Includes results of operations of 11 hotels for the full period and
one hotel for part of the period.
HOTEL OPERATING RESULTS
Management assesses the operating performance of its hotels irrespective
of the hotel owner during the periods compared. Included in the
following table are comparisons of, on a pro forma basis, occupancy,
ADR, RevPAR, Adjusted Hotel EBITDA, and Adjusted Hotel EBITDA Margin,
the key operating metrics that management uses to assess the performance
of its hotels. The key operating metrics include the hotel operating
results of 10 of the Trust’s 12 hotels owned as of June 30, 2012. The
key operating metrics do not include operating results for the Holiday
Inn New York City Midtown – 31st Street, as the hotel opened
for business on January 19, 2012, and the Hotel Adagio, as the hotel was
under renovation during the period. The following is a summary of the
key operating metrics for the three and six months ended June 30, 2012
(in thousands, except pro forma ADR and pro forma RevPAR):
Three months ended
Six months ended
June 30,
June 30,
2012
2011
Change
2012
2011
Change
Pro forma occupancy
83.2%
82.7%
50 bps
78.1%
75.6%
250 bps
Pro forma ADR
$
199.12
$
182.57
9.1%
$
184.90
$
172.72
7.1%
Pro forma RevPAR
$
165.64
$
151.05
9.7%
$
144.43
$
130.52
10.7%
Pro forma Adjusted Hotel EBITDA
$
23,906
$
20,887
14.5%
$
36,104
$
30,101
19.9%
Pro forma Adjusted Hotel EBITDA Margin
37.9%
35.5%
240 bps
32.7%
29.7%
300 bps
Funds from operations (FFO), Adjusted FFO (AFFO), net income before
interest, income taxes, and depreciation and amortization (Corporate
EBITDA), Adjusted Corporate EBITDA, Hotel EBITDA, Adjusted Hotel EBITDA
and Adjusted Hotel EBITDA Margin are non-GAAP financial measures within
the meaning of the rules of the Securities and Exchange Commission. See
the discussion included in this press release for information regarding
these non-GAAP financial measures.
DIVIDENDS
On April 13, 2012, the Trust paid a dividend of $0.22 per share to its
common shareholders of record as of March 31, 2012. On May 25, 2012, the
Trust declared a dividend in the amount of $0.22 per share payable to
its common shareholders of record as of June 30, 2012. The dividend was
paid on July 13, 2012.
POST-QUARTER ACTIVITY
On July 3, 2012, the Trust closed on a $60.0 million two-year term loan.
The loan was provided by Wells Fargo Bank, N.A., and subject to certain
customary conditions, provides for three one-year extensions. At the
initial closing, $25.0 million was advanced by the lender and is secured
by the 122-room Holiday Inn New York City Midtown – 31st Street.
The remaining $35.0 million is expected to be advanced by the lender
upon closing on the acquisition of the Hyatt Place New York Midtown
South and satisfaction of certain customary closing conditions.
Following that subsequent closing, the entire $60.0 million principal
amount of the loan will be secured by both hotels. The loan bears
interest equal to LIBOR, plus 3.25%. Contemporaneous with the closing of
the term loan, the Trust entered into an interest rate swap to
effectively fix the interest rate on the initial $25.0 million advance
for the original two-year term at 3.75% per annum. Net proceeds from the
initial advance under the loan were used to repay outstanding borrowings
under the Trust’s revolving credit facility and for general business
purposes.
On July 17, 2012, the Trust completed an underwritten public offering of
5,000,000 of its 7.75% Series A Cumulative Redeemable Preferred Shares,
including 600,000 shares sold pursuant to the underwriters’ exercise of
their over-allotment option. The Trust generated net proceeds of
approximately $120.8 million after deducting underwriting fees and
estimated offering costs. The Trust used the net proceeds of the
offering to repay outstanding borrowings under the Trust’s revolving
credit facility and for general business purposes.
On July 27, 2012, the Trust closed on a $70.0 million fixed-rate
mortgage loan. The loan is secured by the 613-room Denver Marriott City
Center and was provided by Western National Life Insurance Company. The
loan has a term of 30 years, but is callable by the lender after 10
years, and the Trust expects the lender to call the loan at that time.
The loan carries a fixed interest rate of 4.90% per annum, with
principal and interest based on a 30-year amortization. Proceeds from
the loan were used to repay the remaining outstanding borrowings under
the Trust’s revolving credit facility and for general business purposes.
On July 31, 2012, the Trust announced that it had entered into a
definitive agreement to acquire a full-service hotel located in San
Diego, California for $62.0 million. The Trust intends to fund the
acquisition with available cash and cash equivalents and by borrowing
under its revolving credit facility. The Trust expects the acquisition
to close in the third quarter 2012, subject to customary closing
conditions, but can give no assurance that the acquisition will be
consummated during that time period, or at all.
As of July 31, 2012, after taking into consideration the recent
preferred share offering and financing activity, and the pending
acquisitions of the hotel in San Diego, California and the Hyatt Place
New York Midtown South, the Trust had approximately $200 million of
remaining investment capacity based on its targeted leverage levels. The
Trust is currently negotiating to acquire a full-service hotel in the
central business district of a major market for approximately $125
million and expects that the transaction would close in the third
quarter 2012, but can give no assurance that the acquisition will be
consummated during that time period, or at all.
2012 OUTLOOK
The Trust is updating its 2012 outlook to incorporate current operating
trends and fundamentals, the recent preferred share offering and
financing activity, the anticipated acquisition of two hotels in the
third quarter 2012 described above, and the acquisition of the
previously announced Hyatt Place New York Midtown South in the fourth
quarter 2012 (in millions, except per share amounts):
Updated Guidance
Previous Guidance
Low
High
Low
High
Pro forma RevPAR increase over 2011(1)
8.5%
9.5%
7.5%
9.0%
Net income available to common shareholders
$
15.8
$
18.2
$
20.5
$
23.1
Adjusted Hotel EBITDA
$
88.9
$
91.9
$
83.2
$
86.7
AFFO per diluted share
$
1.58
$
1.66
$
1.60
$
1.69
NON-GAAP FINANCIAL MEASURES
The Trust reports the following seven non-GAAP financial measures that
it believes are useful to investors as key measures of its operating
performance: (1) FFO, (2) AFFO, (3) Corporate EBITDA, (4) Adjusted
Corporate EBITDA, (5) Hotel EBITDA, (6) Adjusted Hotel EBITDA and (7)
Adjusted Hotel EBITDA Margin. A reconciliation of these non-GAAP
financial measures is included in the accompanying financial tables.
FFO – The Trust calculates FFO in accordance with standards established
by the National Association of Real Estate Investment Trusts (NAREIT),
which defines FFO as net income (calculated in accordance with GAAP),
excluding depreciation and amortization, impairment charges, gains
(losses) from sales of real estate, the cumulative effect of changes in
accounting principles, and adjustments for unconsolidated partnerships
and joint ventures. Historical cost accounting for real estate assets
implicitly assumes that the value of real estate assets diminishes
predictably over time. Since real estate values instead have
historically risen or fallen with market conditions, most industry
investors consider presentations of operating results for real estate
companies that use historical cost accounting to be insufficient by
themselves. By excluding the effect of depreciation and amortization and
gains (losses) from sales of real estate, both of which are based on
historical cost accounting and which may be of lesser significance in
evaluating current performance, the Trust believes that FFO provides
investors a useful financial measure to evaluate the Trust’s operating
performance.
AFFO – The Trust further adjusts FFO for certain additional recurring
and non-recurring items that are not in NAREIT’s definition of FFO.
Specifically, the Trust adjusts for hotel acquisition costs and non-cash
amortization of intangible assets and unfavorable contract liabilities.
The Trust believes that AFFO provides investors with another financial
measure of its operating performance that provides for greater
comparability of its core operating results between periods.
Corporate EBITDA – Corporate EBITDA is defined as net income before
interest, income taxes, and depreciation and amortization. The Trust
believes that Corporate EBITDA provides investors a useful financial
measure to evaluate the Trust’s operating performance, excluding the
impact of the Trust’s capital structure (primarily interest expense) and
the Trust’s asset base (primarily depreciation and amortization).
Adjusted Corporate EBITDA – The Trust further adjusts Corporate EBITDA
for certain additional recurring and non-recurring items. Specifically,
the Trust adjusts for hotel acquisition costs and non-cash amortization
of intangible assets and unfavorable contract liabilities. The Trust
believes that Adjusted Corporate EBITDA provides investors with another
financial measure of its operating performance that provides for greater
comparability of its core operating results between periods.
Hotel EBITDA – Hotel EBITDA is defined as total revenues less total
hotel operating expenses. The Trust believes that Hotel EBITDA provides
investors a useful financial measure to evaluate the Trust’s hotel
operating performance.
Adjusted Hotel EBITDA – The Trust further adjusts Hotel EBITDA for
certain additional recurring and non-recurring items. Specifically, the
Trust adjusts for non-cash amortization of intangible assets and
unfavorable contract liabilities. The Trust believes that Adjusted Hotel
EBITDA provides investors with another useful financial measure to
evaluate the Trust’s hotel operating performance.
Adjusted Hotel EBITDA Margin – Adjusted Hotel EBITDA Margin is defined
as Adjusted Hotel EBITDA as a percentage of total revenues. The Trust
believes that Adjusted Hotel EBITDA Margin provides investors another
useful financial measure to evaluate the Trust’s hotel operating
performance.
CONFERENCE CALL
The Trust will host a conference call on Tuesday, July 31, 2012 at 5:30
p.m. Eastern Time to discuss its financial results. Interested
individuals are invited to listen to the call by dialing (877) 683-0303
(U.S./Canadian callers) or (706) 643-5037 (International callers). The
conference call ID is 99008039. A simultaneous webcast of the call will
be available on the Trust’s website at www.chesapeakelodgingtrust.com.
It is recommended that participants call or log on 10 minutes ahead of
the scheduled start time to ensure proper connection.
A replay of the conference call will be available two hours after the
live call until midnight on August 7, 2012. To access the replay, dial
(855) 859-2056 (U.S./Canadian callers) or (404) 537-3406 (International
callers). The conference call ID is 99008039. A webcast replay and
transcript of the conference call will be archived and available on the
Trust’s website for 12 months.
ABOUT CHESAPEAKE LODGING TRUST
Chesapeake Lodging Trust is a self-advised lodging real estate
investment trust (REIT) focused on investments primarily in
upper-upscale hotels in major business and convention markets and, on a
selective basis, premium select-service hotels in urban settings or
unique locations in the United States. The Trust owns 12 hotels with an
aggregate of 3,516 rooms in six states and the District of Columbia.
Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.
Note: This press release contains forward-looking statements within
the meaning of federal securities regulations. These forward-looking
statements are identified by their use of terms and phrases such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,”
“should,” “plan,” “predict,” “project,” “will,” “continue” and other
similar terms and phrases, including references to assumptions and
forecasts, such as the Trust’s expectations regarding the future Hotel
EBITDA and Adjusted Hotel EBITDA of its existing and to-be-acquired
hotels and the Trust’s 2012 outlook. Such forward-looking
statements include, but are not limited to, the expectation that the
acquisitions described will be consummated and within the anticipated
timetables. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially from
those anticipated at the time the forward-looking statements are made.
These risks include, but are not limited to: the Trust’s ability to
complete acquisitions; the Trust’s ability to continue to satisfy
complex rules in order for it to remain a REIT for federal income tax
purposes; and other risks and uncertainties associated with the Trust’s
business described in its filings with the SEC. Although the Trust
believes the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance that the
expectations will be attained or that any deviation will not be
material. All information in this release is as of July 31, 2012, and
the Trust undertakes no obligation to update any forward-looking
statement to conform the statement to actual results or changes in the
Trust’s expectations, except as required by law.
CHESAPEAKE LODGING TRUST
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
June 30,
December 31,
2012
2011
(unaudited)
ASSETS
Property and equipment, net
$
877,696
$
879,224
Intangible assets, net
39,682
39,982
Cash and cash equivalents
19,908
20,960
Restricted cash
17,665
15,034
Accounts receivable, net
11,816
6,302
Prepaid expenses and other assets
13,271
4,370
Deferred financing costs, net
4,479
5,266
Total assets
$
984,517
$
971,138
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt
$
419,658
$
407,736
Accounts payable and accrued expenses
27,442
21,475
Other liabilities
22,196
21,798
Total liabilities
469,296
451,009
Commitments and contingencies
-
-
321
322
Additional paid-in capital
544,804
543,861
Cumulative dividends in excess of net income
(28,804
)
(22,924
)
Accumulated other comprehensive loss
(1,100
)
(1,130
)
Total shareholders’ equity
515,221
520,129
Total liabilities and shareholders’ equity
$
984,517
$
971,138
CHESAPEAKE LODGING TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2012
2011
2012
2011
REVENUE
Rooms
$
51,626
$
29,884
$
89,762
$
47,153
Food and beverage
13,344
9,206
23,811
15,087
Other
2,076
1,204
3,743
2,041
Total revenue
67,046
40,294
117,316
64,281
EXPENSES
Hotel operating expenses:
Rooms
10,953
6,751
20,677
11,431
Food and beverage
9,199
6,395
17,382
11,191
Other direct
930
612
1,836
1,072
Indirect
20,607
11,753
39,600
20,858
Total hotel operating expenses
41,689
25,511
79,495
44,552
Depreciation and amortization
6,677
3,767
13,207
6,751
Air rights contract amortization
130
130
260
260
Corporate general and administrative:
Share-based compensation
783
801
1,565
1,459
Hotel acquisition costs
134
3,671
443
3,917
Other
2,007
1,645
4,031
3,328
Total operating expenses
51,420
35,525
99,001
60,267
Operating income
15,626
4,769
18,315
4,014
Interest income
19
57
22
124
Interest expense
(5,106
)
(1,875
)
(10,190
)
(3,902
)
Income before income taxes
10,539
2,951
8,147
236
Income tax benefit (expense)
(1,486
)
(914
)
110
132
Net income
$
9,053
$
2,037
$
8,257
$
368
EARNINGS PER SHARE:
Net income
$
9,053
$
2,037
$
8,257
$
368
Less: Dividends declared on unvested time-based awards
(34
)
(61
)
(68
)
(120
)
Less: Undistributed earnings allocated to unvested time-based awards
(10
)
-
-
-
Net income available to common shareholders
$
9,009
$
1,976
$
8,189
$
248
Net income per common share – basic and diluted
$
0.28
$
0.06
$
0.26
$
0.01
31,910,921
31,794,886
31,892,431
26,993,332
CHESAPEAKE LODGING TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30,
2012
2011
Cash flows from operating activities:
Net income
$
8,257
$
368
Depreciation and amortization
13,207
6,751
Air rights contract amortization
260
260
Ground lease asset amortization
40
-
Deferred financing costs amortization
882
1,074
Premium on mortgage loan amortization
(105
)
-
Unfavorable contract liability amortization
(196
)
-
Share-based compensation
1,565
1,459
Changes in assets and liabilities:
Accounts receivable, net
(5,514
)
(1,828
)
Prepaid expenses and other assets
(714
)
(272
)
Accounts payable and accrued expenses
5,939
4,268
Other liabilities
23
(6
)
Net cash provided by operating activities
23,644
12,074
Cash flows from investing activities:
Acquisition of hotels, net of cash acquired
-
(268,590
)
Deposits on hotel acquisitions
(2,000
)
(1,000
)
Improvements and additions to hotels
(11,679
)
(1,019
)
Investment in hotel construction loan
(4,823
)
-
Change in restricted cash
(2,631
)
(3,072
)
Net cash used in investing activities
(21,133
)
(273,681
)
Cash flows from financing activities:
Proceeds from sale of common shares, net of underwriting fees
-
230,291
Payment of offering costs related to sale of common shares
-
(481
)
Net borrowings (repayments) under revolving credit facility
13,000
(35,000
)
Proceeds from issuance of mortgage debt
-
95,000
Scheduled principal payments on mortgage debt
(973
)
-
Payment of deferred financing costs
(95
)
(1,656
)
Deposit on loan application
(1,400
)
-
Payment of dividends to common shareholders
(13,474
)
(10,097
)
Repurchase of common shares
(621
)
(209
)
Net cash provided by (used in) financing activities
(3,563
)
277,848
Net increase (decrease) in cash
(1,052
)
16,241
Cash and cash equivalents, beginning of period
20,960
10,551
Cash and cash equivalents, end of period
$
19,908
$
26,792
CHESAPEAKE LODGING TRUST
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2012
2011
2012
2011
Net income available to common shareholders
$
9,009
$
1,976
$
8,189
$
248
6,677
3,767
13,207
6,751
FFO available to common shareholders
15,686
5,743
21,396
6,999
Add: Hotel acquisition costs
134
3,671
443
3,917
Non-cash amortization(1)
60
136
120
271
AFFO available to common shareholders
$
15,880
$
9,550
$
21,959
$
11,187
FFO per common share – basic and diluted
$
0.49
$
0.18
$
0.67
$
0.26
AFFO per common share – basic and diluted
$
0.50
$
0.30
$
0.69
$
0.41
(1) Includes non-cash amortization of ground lease asset, deferred
franchise costs, unfavorable contract liability, and air rights
contract.
Three Months Ended June 30,
Six Months Ended June 30,
2012
2011
2012
2011
Net income
$
9,053
$
2,037
$
8,257
$
368
6,677
3,767
13,207
6,751
Interest expense
5,106
1,875
10,190
3,902
Income tax expense (benefit)
1,486
914
(110
)
(132
)
(19
)
(57
)
(22
)
(124
)
Corporate EBITDA
22,303
8,536
31,522
10,765
Add: Hotel acquisition costs
134
3,671
443
3,917
Non-cash amortization(1)
60
136
120
271
Adjusted Corporate EBITDA
$
22,497
$
12,343
$
32,085
$
14,953
(1) Includes non-cash amortization of ground lease asset, deferred
franchise costs, unfavorable contract liability, and air rights
contract.
Three Months Ended June 30,
Six Months Ended June 30,
2012
2011
2012
2011
Total revenue
$
63,100
$
58,800
$
110,508
$
101,497
Less: Total hotel operating expenses
39,124
37,919
74,264
71,407
Hotel EBITDA
23,976
20,881
36,244
30,090
Less: Non-cash amortization(1)
(70
)
6
(140
)
11
Adjusted Hotel EBITDA
$
23,906
$
20,887
$
36,104
$
30,101
Adjusted Hotel EBITDA Margin
37.9
%
35.5
%
32.7
%
29.7
%
(1) Includes non-cash amortization of ground lease asset, deferred
franchise costs, and unfavorable contract liability.
The following table calculates forecasted Hotel EBITDA and Adjusted
Hotel EBITDA for the year ending December 31, 2012:
Year Ending December 31, 2012
Low
High
Total revenue
$
277,000
$
280,500
Less: Total hotel operating expenses
187,820
188,320
Hotel EBITDA
89,180
92,180
Less: Non-cash amortization(1)
(280
)
(280
)
Adjusted Hotel EBITDA
$
88,900
$
91,900
(1) Includes non-cash amortization of ground lease asset, deferred
franchise costs, and unfavorable contract liability.
Year Ending December 31, 2012
Low
High
Net income available to common shareholders
$
15,790
$
18,240
Add: Depreciation and amortization
29,080
29,080
FFO available to common shareholders
44,870
47,320
Add: Hotel acquisition costs
5,300
5,300
Non-cash amortization(1)
240
240
AFFO available to common shareholders
$
50,410
$
52,860
FFO per diluted common share
$
1.41
$
1.48
AFFO per diluted common share
$
1.58
$
1.66
Weighted-average number of diluted common shares outstanding
31,904
31,904
(1) Includes non-cash amortization of ground lease asset, deferred
franchise costs, unfavorable contract liability, and air rights
contract.
CHESAPEAKE LODGING TRUST
CURRENT HOTEL PORTFOLIO
Purchase Price
Hotel
Location
Rooms
(in millions)
Acquisition Date
1
Hyatt Regency Boston
Boston, MA
502
$ 112.00
March 18, 2010
2
Hilton Checkers Los Angeles
Los Angeles, CA
188
46.00
June 1, 2010
3
Courtyard Anaheim at Disneyland Resort
Anaheim, CA
153
25.00
July 30, 2010
4
Boston Marriott Newton
Newton, MA
430
77.25
July 30, 2010
5
Le Meridien San Francisco
San Francisco, CA
360
143.00
December 15, 2010
6
Homewood Suites Seattle Convention Center
Seattle, WA
195
53.00
May 2, 2011
7
W Chicago – City Center
Chicago, IL
368
128.80
May 10, 2011
8
Hotel Indigo San Diego Gaslamp Quarter
San Diego, CA
210
55.50
June 17, 2011
9
Courtyard Washington Capitol Hill/Navy Yard
Washington, DC
204
68.00
June 30, 2011
Hotel Adagio
San Francisco, CA
171
42.25
July 8, 2011
Denver Marriott City Center
Denver, CO
613
119.00
October 3, 2011
Holiday Inn New York City Midtown – 31st Street
New York, NY
122
52.20
December 22, 2011
3,516
$ 922.00
Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142
Article source: http://www.signonsandiego.com/news/2011/jan/20/mall-walkers-rise-plaza-bonita/
