Close

Cart

Total $0.00

Checkout

ANNAPOLIS, Md.--Apr. 28, 2016-- Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its financial results for the quarter ended March 31, 2016.

HIGHLIGHTS

  • RevPAR: 10.1% pro forma increase for the hotel portfolio over the same period in 2015.
  • Adjusted Hotel EBITDA Margin: 360 basis point pro forma increase to 28.5% for the hotel portfolio over the same period in 2015.
  • Adjusted Hotel EBITDA: $40.1 million.
  • Adjusted Corporate EBITDA: $34.8 million.
  • Adjusted FFO: $26.0 million or $0.44 per diluted common share.
  • Financings: Subsequent to quarter end, prepaid without penalty its previous Hyatt Regency Boston loan.

CONSOLIDATED FINANCIAL RESULTS

The following is a summary of the consolidated financial results for the three months ended March 31, 2016 and 2015 (in millions, except share and per share amounts):

         
        Three Months Ended March 31,
        2016       2015
Total revenue       $ 140.6         $ 109.3  
                 
Net income (loss) available to common shareholders       $ 7.6         $ (0.9 )
Net income (loss) per diluted common share       $ 0.13         $ (0.02 )
                 
Adjusted Hotel EBITDA       $ 40.1         $ 25.3  
                 
Adjusted Corporate EBITDA       $ 34.8         $ 20.7  
                 
AFFO available to common shareholders       $ 26.0         $ 14.3  
AFFO per diluted common share       $ 0.44         $ 0.26  
                 
Weighted-average number of diluted common shares outstanding       59,247,219         54,178,494  
                     

HOTEL OPERATING RESULTS

Management assesses the operating performance of its hotels irrespective of the hotel owner during the periods compared using the following key operating metrics: occupancy, ADR, RevPAR, Adjusted Hotel EBITDA, and Adjusted Hotel EBITDA Margin. The Trust uses the term "pro forma" to refer to metrics that include, or comparisons of metrics that are based on, the operating results of hotels under previous ownership for either a portion of or the entire period. As of March 31, 2016, the Trust owned 22 hotels. Since two of its hotels owned as of March 31, 2016 were acquired during 2015, the key operating metrics below reflect the pro forma operating results for those hotels for all, or a certain period, of the three months ended March 31, 2015.

Included in the following table are comparisons of the key operating metrics for the hotel portfolio for the three months ended March 31, 2016 and 2015 (in thousands, except for ADR and RevPAR):

         
        Three Months Ended March 31,
        2016       2015(1)       Change
Occupancy       78.8 %       72.0 %       680 bps
ADR       $ 216.28         $ 214.86         0.7%
RevPAR       $ 170.35         $ 154.78         10.1%
                         
Adjusted Hotel EBITDA       $ 40,051         $ 31,668         26.5%
Adjusted Hotel EBITDA Margin       28.5 %       24.9 %       360 bps
                             
__________
(1)   Includes results of operations for certain hotels prior to their acquisition by the Trust.
     

Hotel EBITDA, Adjusted Hotel EBITDA, Adjusted Hotel EBITDA Margin, Corporate EBITDA, Adjusted Corporate EBITDA, FFO, FFO available to common shareholders and AFFO available to common shareholders 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.

CAPITAL MARKETS ACTIVITY

The Trust has not sold any common shares under its continuous at-the-market (ATM) program or repurchased any common shares under its share repurchase program during 2016.

DIVIDENDS

On January 15, 2016, the Trust paid dividends in the amounts of $0.40 per share to its common shareholders and $0.484375 per share to its preferred shareholders, both of record as of December 31, 2015. On March 16, 2016, the Trust declared dividends in the amounts of $0.40 per share payable to its common shareholders and $0.484375 per share payable to its preferred shareholders, both of record as of March 31, 2016. Both dividends were paid on April 15, 2016.

POST-QUARTER ACTIVITY

On April 6, 2016, the Trust prepaid without penalty its previous mortgage loan secured by the Hyatt Regency Boston, which had an outstanding principal balance at the time of $88.2 million, with a borrowing under its revolving credit facility. The Trust is currently in discussions with a lender on obtaining a commitment for a new mortgage loan to be secured by the Hyatt Regency Boston.

On April 14, 2016, the Trust sold the separate, five-room villa building and related land parcel at the Hyatt Centric Santa Barbara for $2.1 million. The Trust expects to recognize an approximate $0.6 million gain on sale of hotel in the second quarter 2016. 

To view full financial results and tables click on PDF icon or visit:

http://www.chesapeakelodgingtrust.com/phoenix.zhtml?c=233098&p=irol-newsArticle&ID=2163020

About Chesapeake Lodging Trust

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 22 hotels with an aggregate of 6,694 rooms in nine states and the District of Columbia. Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com

Contact: Douglas W. Vicari

410-972-4142

Related News

Chesapeake Lodging Trust Sells 200-Room Hyatt Centric Santa Barbara for $90 Million ($450K Per Key)

Chesapeake Lodging Trust Enters Agreement to Sell Hyatt Centric Santa Barbara for $90.0 Million, or Approximately $450,000 Per Key

Chesapeake Lodging Trust Opens Hilton Denver City Center Following $27 Million Multi-Phased Renovation and Rebranding

Chesapeake Lodging Trust Sells The 222-Room Hotel Minneapolis, Autograph Collection for $46 Million

Chesapeake Lodging Trust Announces Agreement to Sell The Hotel Minneapolis, Autograph Collection for $46.0 Million, or Approximately $207,000 Per Key

Chesapeake Lodging Trust Enters Agreement for Rebranding of its Marriott Denver Hotel to Hilton Denver City Center

Boston Marriott Newton Completes Extensive Multi-Million Dollar Renovation

Q2 2017 Financial Reports Round Up - Part 3: Choice, Chesapeake, Chatham, Sunstone & ESA

Chesapeake Lodging Trust Reports Q1 2017 Net Income of $5.6 Million Compared to $7.6 Million in the Year Ago Quarter

Chesapeake Lodging Trust Reports Decrease in Q4 Net Income and RevPAR Growth

Chesapeake Lodging Trust Reports Q3 2016 Net Income of $23.5 million, a Slight Decrease Over 2015; RevPAR Down 0.7% Over the Same Year Ago Period

Chesapeake Lodging Trust Reports Second Quarter 2016 Net Income of $26.1 million, compared to $21.6 million in the Year-Ago Quarter

Xenia Hotels & Resorts Reports First Quarter 2016 Net Loss of $8.9 million, Compared to a Loss of $14.9 million in the Year-Ago Quarter

Hospitality Properties Trust Reports First Quarter 2016 Net Income of $46.9 million, Compared to $36.4 million in the Year-Ago Quarter

InterContinental Hotels Group Reports First Quarter 2016 Trading Update

DiamondRock Hospitality Reports First Quarter 2016 Net Income of $16.8 million, Compared to $10.6 million in the Year-Ago Quarter

Wynn Resorts, Limited Reports First Quarter 2016 Net Income of $75.2 million, Compared to a Net Loss of $44.6 million in Q1 2015

Chatham Lodging Trust Reports First Quarter 2016 Net Income of $3.3 million Compared to $1.4 million in the Year-Ago Quarter

Belmond Ltd. Reports First Quarter 2016 Revenue Rise of $8.1 million, a 9% Increase Over the Prior-Year Quarter

MGM Resorts International Reports First Quarter 2016 Net Income of $66.8 million Compared to $169.9 million in Q1 of 2015

All News »

Please login or register to post a comment.