ANNAPOLIS, Md.–Apr. 30, 2015– Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its financial results for the quarter ended March 31, 2015.
HIGHLIGHTS
- RevPAR: 3.0% pro forma increase for the 21-hotel portfolio over the same period in 2014.
- Adjusted Hotel EBITDA Margin: 20 basis point pro forma decrease to 24.7% for the 21-hotel portfolio over the same period in 2014.
- Adjusted Hotel EBITDA: $25.3 million.
- Adjusted Corporate EBITDA: $20.7 million.
- Adjusted FFO: $14.3 million or $0.26 per diluted common share.
- Acquisitions: Acquired the 393-room Royal Palm South Beach Miami, a Tribute Portfolio Resort for a purchase price of $278.0 million. Subsequent to quarter end, acquired the 182-room Ace Hotel and Theater Downtown Los Angeles for a purchase price of $103.0 million.
- Financings: Amended its revolving credit facility by converting to an unsecured credit facility, increasing facility size, reducing cost of borrowings, and extending the initial term. Closed on a $125.0 million two-year term loan.
- Equity Offering: Completed a $154.0 million common share offering.
- Dividend: Increased first quarter 2015 dividend by 17% to $0.35 per common share (4.3% annualized dividend yield based on the closing price of the Trust’s common shares on April 29, 2015).
To view full first quarter financial results please visit:
http://www.chesapeakelodgingtrust.com/phoenix.zhtml?c=233098&p=irol-newsArticle&ID=2042641
