Let's look at a few investment highlights for 2016 year to date.
|Distributed $802 million of capital through dividends and stock repurchases, returning over $1.9 billion to stockholders in the last 18 months.
||Achieved impressive profitability in the first 9 months of the year, driven by aggressive asset management initiatives using technology to increase productivity.
||Sold 10 non-core assets to date in 2016, bringing the total hotels sold since 2010 to $2.9 billion including properties owned by our joint ventures.
The Company's fortress balance sheet is a key competitive advantage. Its long-term unsecured debt is investment-grade rated and 95 of the Company's hotels—representing 99% of its revenues—are unencumbered by mortgage debt.
The first phase of a major redevelopment at The Phoenician, A Luxury Collection Resort features over 640 refurbished guestrooms, including the Canyon Suites, to be completed in fall 2016. Renovated the lobby and private infinity pool of the exclusive Canyon Suites at The Phoenician.
*Adjusted Funds From Operations ("FFO") per diluted share is a non-GAAP financial measure within the meaning of the rules of the Securities and Exchange Commission. See the earnings press release for a reconciliation to the most directly comparable GAAP measure, and a discussion of the limitations on the use of this supplemental measure.