Company Website:
http://www.chesapeakelodgingtrust.com
ANNAPOLIS, Md. -- (Business Wire)
Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment
trust (REIT), reported today its financial results for the quarter ended
June 30, 2015.
HIGHLIGHTS
- RevPAR: 7.0% pro forma
increase for the 22-hotel portfolio over the same period in 2014.
- Adjusted Hotel EBITDA Margin:
140 basis point pro forma increase to 36.4% for the 22-hotel portfolio
over the same period in 2014.
- Adjusted Hotel EBITDA:
$59.4 million.
- Adjusted Corporate EBITDA:
$54.9 million.
- Adjusted FFO: $39.8 million
or $0.68 per diluted common share.
- Acquisition: Acquired the
182-room Ace Hotel and Theater Downtown Los Angeles for a purchase
price of $103.0 million.
- Dividend: Increased third
quarter 2015 dividend by 14% to $0.40 per common share (5.1%
annualized yield based on the closing price of the Trust’s common
shares on July 29, 2015).
“We are pleased with our second quarter results, which exceeded the high
end of our outlook range and were driven by both strong revenue growth
and margin improvement for our hotel portfolio,” said James L. Francis,
Chesapeake Lodging Trust’s President and Chief Executive Officer.
Mr. Francis continued, “Our hotel portfolio today is in excellent shape
and poised to outperform the industry the remainder of the year and into
2016 with the guestroom renovation projects undertaken this year now
complete and coupled with the comprehensive repositionings completed in
2014. We also continue to be pleased with the initial results at our two
recent acquisitions, the Royal Palm and the Ace Hotel and Theater, which
further give us confidence to increase our quarterly common share
dividend by 14%.”
CONSOLIDATED FINANCIAL RESULTS
The following is a summary of the consolidated financial results for the
three and six months ended June 30, 2015 and 2014 (in millions, except
share and per share amounts):
|
|
|
| | |
|
|
| | |
|
|
| | |
|
|
| | |
| | | |
Three months ended June 30,
| | | |
Six months ended June 30,
|
| | | |
2015
| | | |
2014
| | | |
2015
| | | |
2014
|
Total revenue
| | | |
$
|
162.1
| | | |
$
|
128.9
| | | |
$
|
271.4
| | | |
$
|
223.6
|
| | | | | | | | | | | | | | | | | | | |
|
Net income available to common shareholders
| | | |
$
|
21.6
| | | |
$
|
18.8
| | | |
$
|
20.8
| | | |
$
|
18.6
|
Net income per diluted common share
| | | |
$
|
0.36
| | | |
$
|
0.38
| | | |
$
|
0.36
| | | |
$
|
0.37
|
| | | | | | | | | | | | | | | | | | | |
|
Adjusted Hotel EBITDA
| | | |
$
|
59.4
| | | |
$
|
47.1
| | | |
$
|
84.7
| | | |
$
|
69.0
|
| | | | | | | | | | | | | | | | | | | |
|
Adjusted Corporate EBITDA
| | | |
$
|
54.9
| | | |
$
|
43.2
| | | |
$
|
75.6
| | | |
$
|
61.2
|
| | | | | | | | | | | | | | | | | | | |
|
AFFO available to common shareholders
| | | |
$
|
39.8
| | | |
$
|
31.2
| | | |
$
|
54.2
| | | |
$
|
43.5
|
AFFO per diluted common share
| | | |
$
|
0.68
| | | |
$
|
0.64
| | | |
$
|
0.95
| | | |
$
|
0.89
|
| | | | | | | | | | | | | | | | | | | |
|
Weighted-average number of diluted common shares outstanding
| | | | |
58,956,483
| | | | |
48,977,876
| | | | |
56,783,872
| | | | |
48,969,761
|
| | | | | | | | | | | | | | | | | | | |
|
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 June 30, 2015, the Trust owned
22 hotels. Since two of its hotels owned as of June 30, 2015 were
acquired during 2015 and another one was acquired in October 2014, the
key operating metrics below reflect the pro forma operating results for
those hotels for all, or a certain period, of the three and six months
ended June 30, 2015 and 2014.
Included in the following table are comparisons of the key operating
metrics for the 22-hotel portfolio for the three and six
months ended June 30, 2015 and 2014 (in thousands, except for ADR and
RevPAR):
|
|
|
| |
|
|
| |
| | | |
Three months ended June 30,
| | | |
Six months ended June 30,
|
| | | |
2015(1) |
|
|
|
2014(1) |
|
|
|
Change
| | | |
2015(1) |
|
|
|
2014(1) |
|
|
|
Change
|
Pro forma Occupancy
| | | | |
86.0
|
%
| | | | |
84.5
|
%
| | | |
150 bps
| | | | |
79.1
|
%
| | | | |
79.5
|
%
| | | |
(40) bps
|
Pro forma ADR
| | | |
$
|
237.11
| | | | |
$
|
225.64
| | | | |
5.1%
| | | |
$
|
227.03
| | | | |
$
|
213.48
| | | | |
6.3%
|
Pro forma RevPAR
| | | |
$
|
203.99
| | | | |
$
|
190.65
| | | | |
7.0%
| | | |
$
|
179.52
| | | | |
$
|
169.74
| | | | |
5.8%
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
Pro forma Adjusted Hotel EBITDA
| | | |
$
|
59,875
| | | | |
$
|
54,391
| | | | |
10.1%
| | | |
$
|
91,543
| | | | |
$
|
84,456
| | | | |
8.4%
|
Pro forma Adjusted Hotel EBITDA Margin
| | | | |
36.4
|
%
| | | | |
35.0
|
%
| | | |
140 bps
| | | | |
31.4
|
%
| | | | |
30.5
|
%
| | | |
90 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.
ACQUISITION ACTIVITY
On April 30, 2015, the Trust acquired the 182-room Ace Hotel and Theater
Downtown Los Angeles located in Los Angeles, California for $101.7
million, including acquired working capital. The Trust entered into a
management agreement with Ace Hotel Group to continue managing the hotel.
CAPITAL MARKETS ACTIVITY
The Trust has not sold any common shares under its continuous
at-the-market (ATM) program during 2015.
DIVIDENDS
On April 15, 2015, the Trust paid dividends in the amounts of $0.35 per
share to its common shareholders and $0.484375 per share to its
preferred shareholders, both of record as of March 31, 2015. On May 20,
2015, the Trust declared dividends in the amounts of $0.35 per share
payable to its common shareholders and $0.484375 per share payable to
its preferred shareholders, both of record as of June 30, 2015. Both
dividends were paid on July 15, 2015.
On July 30, 2015, the Trust declared 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 September 30, 2015. The
dividends will be paid on October 15, 2015.
2015 OUTLOOK
The Trust is updating its 2015 outlook to incorporate its second quarter
results and recent operating trends and fundamentals. The updated
outlook assumes no additional acquisitions, dispositions, or financing
transactions (in millions, except RevPAR and per share amounts):
|
|
|
| | | |
|
|
| | | |
Third Quarter 2015 | | | |
Outlook
|
| | | |
Low
| | | |
High
|
CONSOLIDATED: | | | | | | | | | | | | |
| | | | | | | | | | | |
|
Net income available to common shareholders
| | | |
$
|
25.3
| | | | |
$
|
27.4
| |
Net income per diluted common share
| | | |
$
|
0.43
| | | | |
$
|
0.46
| |
| | | | | | | | | | | |
|
Adjusted Corporate EBITDA
| | | |
$
|
54.7
| | | | |
$
|
57.0
| |
| | | | | | | | | | | |
|
AFFO available to common shareholders
| | | |
$
|
43.2
| | | | |
$
|
45.2
| |
AFFO per diluted common share
| | | |
$
|
0.73
| | | | |
$
|
0.77
| |
| | | | | | | | | | | |
|
Corporate cash general and administrative expense
| | | |
$
|
2.2
| | | | |
$
|
2.4
| |
Corporate non-cash general and administrative expense
| | | |
$
|
2.0
| | | | |
$
|
2.0
| |
| | | | | | | | | | | |
|
Weighted-average number of diluted common shares outstanding
| | | | |
59.0
| | | | | |
59.0
| |
| | | | | | | | | | | |
|
22-HOTEL PORTFOLIO: | | | | | | | | | | | | |
| | | | | | | | | | | |
|
RevPAR
| | | |
$
|
207.00
| | | | |
$
|
211.00
| |
Pro forma RevPAR increase over 2014(1) | | | | |
6.5
|
%
| | | | |
8.5
|
%
|
Adjusted Hotel EBITDA
| | | |
$
|
58.9
| | | | |
$
|
61.4
| |
Adjusted Hotel EBITDA Margin
| | | | |
35.8
|
%
| | | | |
36.6
|
%
|
Pro forma Adjusted Hotel EBITDA Margin increase over 2014(1) | | | |
175 bps
| | | |
250 bps
|
| | | | | | | | | | | |
|
_____________
| | | | | | | | | | | | |
(1) The comparable 2014 period includes results of operations for
certain hotels prior to their acquisition by the Trust.
|
| | | | | | | | | | | |
|
|
|
|
| | | |
|
|
| | | |
|
|
| | | |
|
|
| | | |
Full Year 2015 | | | |
Updated Outlook
| | | |
Previous Outlook
|
| | | |
Low
| | | |
High
| | | |
Low
| | | |
High
|
CONSOLIDATED: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Net income available to common shareholders
| | | |
$
|
61.7
| | | | |
$
|
66.9
| | | | |
$
|
63.2
| | | | |
$
|
68.9
| |
Net income per diluted common share
| | | |
$
|
1.07
| | | | |
$
|
1.15
| | | | |
$
|
1.09
| | | | |
$
|
1.19
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Adjusted Corporate EBITDA
| | | |
$
|
175.9
| | | | |
$
|
181.6
| | | | |
$
|
174.9
| | | | |
$
|
181.2
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
AFFO available to common shareholders
| | | |
$
|
131.2
| | | | |
$
|
136.4
| | | | |
$
|
130.3
| | | | |
$
|
136.0
| |
AFFO per diluted common share
| | | |
$
|
2.27
| | | | |
$
|
2.35
| | | | |
$
|
2.25
| | | | |
$
|
2.35
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Corporate cash general and administrative expense
| | | |
$
|
9.8
| | | | |
$
|
10.3
| | | | |
$
|
9.8
| | | | |
$
|
10.3
| |
Corporate non-cash general and administrative expense
| | | |
$
|
7.6
| | | | |
$
|
7.6
| | | | |
$
|
7.6
| | | | |
$
|
7.6
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted-average number of diluted common shares outstanding
| | | | |
57.9
| | | | | |
57.9
| | | | | |
58.0
| | | | | |
58.0
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
22-HOTEL PORTFOLIO: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Pro forma RevPAR
| | | |
$
|
187.00
| | | | |
$
|
191.00
| | | | |
$
|
187.00
| | | | |
$
|
191.00
| |
Pro forma RevPAR increase over 2014(1) | | | | |
6.5
|
%
| | | | |
8.5
|
%
| | | | |
6.5
|
%
| | | | |
8.5
|
%
|
Pro forma Adjusted Hotel EBITDA
| | | |
$
|
200.2
| | | | |
$
|
206.4
| | | | |
$
|
199.3
| | | | |
$
|
206.0
| |
Pro forma Adjusted Hotel EBITDA Margin
| | | | |
32.8
|
%
| | | | |
33.3
|
%
| | | | |
32.7
|
%
| | | | |
33.2
|
%
|
Pro forma Adjusted Hotel EBITDA Margin increase over 2014(1) | | | |
140 bps
| | | |
190 bps
| | | |
125 bps
| | | |
175 bps
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
___________
| | | | | | | | | | | | | | | | | | | | | | | | |
(1) The comparable 2014 period includes results of operations for
certain hotels prior to their acquisition by the Trust.
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
NON-GAAP FINANCIAL MEASURES
The Trust reports the following eight non-GAAP financial measures that
it believes are useful to investors as key measures of its operating
performance: (1) Hotel EBITDA, (2) Adjusted Hotel EBITDA, (3) Adjusted
Hotel EBITDA Margin, (4) Corporate EBITDA, (5) Adjusted Corporate
EBITDA, (6) FFO, (7) FFO available to common shareholders and (8) AFFO
available to common shareholders. Reconciliations of these non-GAAP
financial measures to the most comparable GAAP measure are included in
the accompanying financial tables.
Hotel EBITDA – Hotel EBITDA is defined as net income before interest,
income taxes, depreciation and amortization, air rights amortization,
corporate general and administrative, and hotel acquisition costs. The
Trust believes that Hotel EBITDA provides investors a useful financial
measure to evaluate the Trust’s hotel operating performance, excluding
the impact of the Trust’s capital structure (primarily interest), the
Trust’s asset base (primarily depreciation and amortization), and the
Trust’s corporate-level expenses (corporate general and administrative
and hotel acquisition costs).
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
liabilities, including ground lease assets and unfavorable contract
liabilities, deferred franchise costs, and deferred key money, all of
which are recurring items. The Trust believes that Adjusted Hotel EBITDA
provides investors with another useful financial measure to evaluate the
Trust’s hotel operating performance, excluding the effect of these
non-cash items.
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.
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 liabilities, including air rights contracts,
ground lease assets and unfavorable contract liabilities, deferred
franchise costs, and deferred key money, all of which are recurring
items, and gains (losses) from sales of real estate, which is a
non-recurring item. 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.
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 of
depreciable real estate, 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.
FFO available to common shareholders – The Trust reduces FFO for
preferred share dividends and dividends declared on and earnings
allocated to unvested time-based awards (consistent with adjustments
required by GAAP in reporting net income available to common
shareholders and related per share amounts). FFO available to common
shareholders provides investors another financial measure to evaluate
the Trust’s operating performance after taking into account the
interests of holders of the Trust’s preferred shares and unvested
time-based awards.
AFFO available to common shareholders – The Trust further adjusts FFO
available to common shareholders 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 liabilities, including air rights
contracts, ground lease assets and unfavorable contract liabilities,
deferred franchise costs, and deferred key money, all of which are
recurring items. The Trust believes that AFFO available to common
shareholders provides investors with another financial measure of its
operating performance that provides for greater comparability of its
core operating results between periods.
CONFERENCE CALL
The Trust will host a conference call on Thursday, July 30, 2015 at 5:00
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 78949780. 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 6, 2015. To access the replay, dial
(855) 859-2056 (U.S./Canadian callers) or (404) 537-3406 (International
callers). The conference call ID is 78949780. A webcast replay and
transcript of the conference call will be archived and available on the
Trust’s website for 12 months.
INSTITUTIONAL INVESTOR AND SECURITY ANALYST CONFERENCE
The Trust will host property tours of its San Francisco hotels on
Monday, September 28, 2015 and hold its Institutional Investor and
Security Analyst Conference on Tuesday, September 29, 2015 in San
Francisco, California. The investor conference will be held on Tuesday,
September 29, 2015 from 12:30 p.m. – 2:00 p.m. Pacific Time.
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.
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 hotels and the Trust’s
third quarter and full year 2015 outlook. 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: U.S. economic conditions generally and the real estate
market and the lodging industry specifically; management and performance
of the Trust's hotels; supply and demand for hotel rooms in the Trust's
markets; the Trust's competition; 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 30,
2015, 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, 2015
|
|
|
|
December 31, 2014
|
| | | |
(unaudited)
| | | | | | |
ASSETS
| | | | | | | | | | | | |
Property and equipment, net
| | | |
$
|
1,951,880
| | | | |
$
|
1,580,427
| |
Intangible assets, net
| | | | |
36,703
| | | | | |
36,992
| |
Cash and cash equivalents
| | | | |
47,914
| | | | | |
29,326
| |
Restricted cash
| | | | |
38,546
| | | | | |
43,387
| |
Accounts receivable, net
| | | | |
28,233
| | | | | |
13,102
| |
Prepaid expenses and other assets
| | | | |
19,913
| | | | | |
10,637
| |
Deferred financing costs, net
| | | |
|
7,427
|
| | | |
|
6,064
|
|
Total assets
| | | |
$
|
2,130,616
|
| | | |
$
|
1,719,935
|
|
| | | | | | | | | | | |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
| | | | | | | | | | | | |
Long-term debt
| | | |
$
|
806,514
| | | | |
$
|
551,723
| |
Accounts payable and accrued expenses
| | | | |
64,440
| | | | | |
53,442
| |
Other liabilities
| | | |
|
43,562
|
| | | |
|
32,788
|
|
Total liabilities
| | | |
|
914,516
|
| | | |
|
637,953
|
|
| | | | | | | | | | | |
|
Commitments and contingencies
| | | | | | | | | | | | |
| | | | | | | | | | | |
|
Preferred shares, $.01 par value; 100,000,000 shares authorized;
Series A Cumulative Redeemable Preferred Shares; 5,000,000 shares
issued and outstanding ($127,422 liquidation preference)
| | | | |
50
| | | | | |
50
| |
Common shares, $.01 par value; 400,000,000 shares authorized;
59,664,367 shares and 54,818,064 shares issued and outstanding,
respectively
| | | | |
597
| | | | | |
548
| |
Additional paid-in capital
| | | | |
1,294,103
| | | | | |
1,138,391
| |
Cumulative dividends in excess of net income
| | | | |
(78,015
|
)
| | | | |
(57,007
|
)
|
Accumulated other comprehensive loss
| | | |
|
(635
|
)
| | | |
|
—
|
|
Total shareholders’ equity
| | | |
|
1,216,100
|
| | | |
|
1,081,982
|
|
Total liabilities and shareholders’ equity
| | | |
$
|
2,130,616
|
| | | |
$
|
1,719,935
|
|
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
SUPPLEMENTAL CREDIT INFORMATION:
| | | | | | | | | | | | |
Fixed charge coverage ratio(1) | | | | |
2.82
| | | | | |
2.65
| |
Leverage ratio(1) | | | | |
34.6
|
%
| | | | |
31.1
|
%
|
| | | | | | | | | | | |
|
______________
| | | | | | | | | | | | |
(1) Calculated as defined under the Trust’s revolving credit
facility.
|
| | | | | | | | | | | |
|
|
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,
|
| | | |
2015
|
|
|
|
2014
| | | |
2015
|
|
|
|
2014
|
REVENUE
| | | | | | | | | | | | | | | | | | | | | | | | |
Rooms
| | | |
$
|
122,966
| | | | |
$
|
98,118
| | | | |
$
|
204,560
| | | | |
$
|
168,957
| |
Food and beverage
| | | | |
33,014
| | | | | |
26,063
| | | | | |
56,412
| | | | | |
46,331
| |
Other
| | | |
|
6,165
|
| | | |
|
4,684
|
| | | |
|
10,463
|
| | | |
|
8,351
|
|
Total revenue
| | | |
|
162,145
|
| | | |
|
128,865
|
| | | |
|
271,435
|
| | | |
|
223,639
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
EXPENSES
| | | | | | | | | | | | | | | | | | | | | | | | |
Hotel operating expenses:
| | | | | | | | | | | | | | | | | | | | | | | | |
Rooms
| | | | |
26,144
| | | | | |
21,326
| | | | | |
47,244
| | | | | |
39,945
| |
Food and beverage
| | | | |
23,495
| | | | | |
18,730
| | | | | |
41,961
| | | | | |
34,940
| |
Other direct
| | | | |
1,906
| | | | | |
1,998
| | | | | |
3,239
| | | | | |
3,779
| |
Indirect
| | | |
|
51,024
|
| | | |
|
39,633
|
| | | |
|
94,029
|
| | | |
|
75,782
|
|
Total hotel operating expenses
| | | | |
102,569
| | | | | |
81,687
| | | | | |
186,473
| | | | | |
154,446
| |
Depreciation and amortization
| | | | |
17,929
| | | | | |
12,524
| | | | | |
32,856
| | | | | |
25,022
| |
Air rights contract amortization
| | | | |
130
| | | | | |
130
| | | | | |
260
| | | | | |
260
| |
Corporate general and administrative
| | | | |
4,498
| | | | | |
3,891
| | | | | |
9,075
| | | | | |
7,811
| |
Hotel acquisition costs
| | | |
|
466
|
| | | |
|
—
|
| | | |
|
835
|
| | | |
|
—
|
|
Total operating expenses
| | | |
|
125,592
|
| | | |
|
98,232
|
| | | |
|
229,499
|
| | | |
|
187,539
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
Operating income
| | | | |
36,553
| | | | | |
30,633
| | | | | |
41,936
| | | | | |
36,100
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Interest expense
| | | |
|
(8,168
|
)
| | | |
|
(6,828
|
)
| | | |
|
(15,347
|
)
| | | |
|
(13,514
|
)
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
Income before income taxes
| | | | |
28,385
| | | | | |
23,805
| | | | | |
26,589
| | | | | |
22,586
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Income tax benefit (expense)
| | | |
|
(4,340
|
)
| | | |
|
(2,556
|
)
| | | |
|
(992
|
)
| | | |
|
841
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
Net income
| | | | |
24,045
| | | | | |
21,249
| | | | | |
25,597
| | | | | |
23,427
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Preferred share dividends
| | | |
|
(2,422
|
)
| | | |
|
(2,422
|
)
| | | |
|
(4,844
|
)
| | | |
|
(4,844
|
)
|
Net income available to common shareholders
| | | |
$
|
21,623
|
| | | |
$
|
18,827
|
| | | |
$
|
20,753
|
| | | |
$
|
18,583
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
Net income per common share:
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
| | | |
$
|
0.37
| | | | |
$
|
0.38
| | | | |
$
|
0.36
| | | | |
$
|
0.37
| |
Diluted
| | | |
$
|
0.36
| | | | |
$
|
0.38
| | | | |
$
|
0.36
| | | | |
$
|
0.37
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted-average number of common shares outstanding:
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
| | | | |
58,544,392
| | | | | |
48,977,876
| | | | | |
56,373,504
| | | | | |
48,969,761
| |
Diluted
| | | | |
58,956,483
| | | | | |
48,977,876
| | | | | |
56,783,872
| | | | | |
48,969,761
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
CHESAPEAKE LODGING TRUST CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
|
|
|
|
|
|
Six Months Ended June 30,
|
| | | |
2015
|
|
|
|
2014
|
Cash flows from operating activities:
| | | | | | | | | | | | |
Net income
| | | |
$
|
25,597
| | | | |
$
|
23,427
| |
Adjustments to reconcile net income to net cash provided by
operating activities:
| | | | | | | | | | | | |
Depreciation and amortization
| | | | |
32,856
| | | | | |
25,022
| |
Air rights contract amortization
| | | | |
260
| | | | | |
260
| |
Deferred financing costs amortization
| | | | |
939
| | | | | |
1,446
| |
Share-based compensation
| | | | |
3,743
| | | | | |
2,819
| |
Other
| | | | |
(392
|
)
| | | | |
(282
|
)
|
Changes in assets and liabilities:
| | | | | | | | | | | | |
Accounts receivable, net
| | | | |
(13,309
|
)
| | | | |
(8,112
|
)
|
Prepaid expenses and other assets
| | | | |
(6,584
|
)
| | | | |
(2,769
|
)
|
Accounts payable and accrued expenses
| | | | |
6,403
| | | | | |
5,078
| |
Other liabilities
| | | |
|
5,981
|
| | | |
|
(14
|
)
|
Net cash provided by operating activities
| | | |
|
55,494
|
| | | |
|
46,875
|
|
| | | | | | | | | | | |
|
Cash flows from investing activities:
| | | | | | | | | | | | |
Acquisition of hotels, net of cash acquired
| | | | |
(255,249
|
)
| | | | |
—
| |
Improvements and additions to hotels
| | | | |
(24,361
|
)
| | | | |
(43,431
|
)
|
Change in restricted cash
| | | |
|
4,841
|
| | | |
|
(2,078
|
)
|
Net cash used in investing activities
| | | |
|
(274,769
|
)
| | | |
|
(45,509
|
)
|
| | | | | | | | | | | |
|
Cash flows from financing activities:
| | | | | | | | | | | | |
Proceeds from sale of common shares, net of underwriting fees
| | | | |
153,962
| | | | | |
—
| |
Payment of offering costs related to sale of common shares
| | | | |
(254
|
)
| | | | |
—
| |
Borrowings under revolving credit facility
| | | | |
310,000
| | | | | |
50,000
| |
Repayments under revolving credit facility
| | | | |
(175,000
|
)
| | | | |
—
| |
Scheduled principal payments on mortgage debt
| | | | |
(5,103
|
)
| | | | |
(4,889
|
)
|
Payment of deferred financing costs
| | | | |
(2,302
|
)
| | | | |
(123
|
)
|
Deposits on loan applications
| | | | |
—
| | | | | |
(2,115
|
)
|
Payment of dividends to common shareholders
| | | | |
(36,906
|
)
| | | | |
(27,631
|
)
|
Payment of dividends to preferred shareholders
| | | | |
(4,844
|
)
| | | | |
(4,844
|
)
|
Repurchase of common shares
| | | |
|
(1,690
|
)
| | | |
|
(430
|
)
|
Net cash provided by financing activities
| | | |
|
237,863
|
| | | |
|
9,968
|
|
Net increase in cash
| | | | |
18,588
| | | | | |
11,334
| |
Cash and cash equivalents, beginning of period
| | | |
|
29,326
|
| | | |
|
28,713
|
|
Cash and cash equivalents, end of period
| | | |
$
|
47,914
|
| | | |
$
|
40,047
|
|
| | | | | | | | | | | |
|
|
CHESAPEAKE LODGING TRUST RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (in thousands, except per share data) (unaudited) |
|
The following table reconciles net income to Hotel EBITDA, Adjusted
Hotel EBITDA, pro forma Adjusted Hotel EBITDA, and pro forma Adjusted
Hotel EBITDA Margin for the three and six months ended June 30, 2015 and
2014:
| |
|
|
| | | |
|
|
| | | |
|
|
| | | |
|
|
| | | |
| | | | |
Three Months Ended June 30,
| | | |
Six Months Ended June 30,
|
| | | | |
2015
| | | |
2014
| | | |
2015
| | | |
2014
|
Net income
| | | |
$
|
24,045
| | | | |
$
|
21,249
| | | | |
$
|
25,597
| | | | |
$
|
23,427
| |
Add:
|
Interest expense
| | | | |
8,168
| | | | | |
6,828
| | | | | |
15,347
| | | | | |
13,514
| |
|
Income tax expense (benefit)
| | | | |
4,340
| | | | | |
2,556
| | | | | |
992
| | | | | |
(841
|
)
|
|
Depreciation and amortization
| | | | |
17,929
| | | | | |
12,524
| | | | | |
32,856
| | | | | |
25,022
| |
|
Air rights contract amortization
| | | | |
130
| | | | | |
130
| | | | | |
260
| | | | | |
260
| |
|
Corporate general and administrative
| | | | |
4,498
| | | | | |
3,891
| | | | | |
9,075
| | | | | |
7,811
| |
|
Hotel acquisition costs
| | | |
|
466
|
| | | |
|
—
|
| | | |
|
835
|
| | | |
|
—
|
|
Hotel EBITDA
| | | | |
59,576
| | | | | |
47,178
| | | | | |
84,962
| | | | | |
69,193
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Less:
|
Non-cash amortization(1) | | | |
|
(180
|
)
| | | |
|
(74
|
)
| | | |
|
(261
|
)
| | | |
|
(149
|
)
|
Adjusted Hotel EBITDA
| | | | |
59,396
| | | | | |
47,104
| | | | | |
84,701
| | | | | |
69,044
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Add:
|
Prior owner Hotel EBITDA(2) | | | | |
479
| | | | | |
7,928
| | | | | |
6,842
| | | | | |
16,755
| |
Less:
|
Hotel EBITDA of hotel sold(3) | | | |
|
—
|
| | | |
|
(641
|
)
| | | |
|
—
|
| | | |
|
(1,343
|
)
|
Pro forma Adjusted Hotel EBITDA
| | | |
$
|
59,875
|
| | | |
$
|
54,391
|
| | | |
$
|
91,543
|
| | | |
$
|
84,456
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Total revenue
| | | |
$
|
162,145
| | | | |
$
|
128,865
| | | | |
$
|
271,435
| | | | |
$
|
223,639
| |
Add:
|
Prior owner total revenue(2) | | | | |
2,242
| | | | | |
28,198
| | | | | |
20,286
| | | | | |
56,531
| |
Less:
|
Total revenue of hotel sold(3) | | | |
|
—
|
| | | |
|
(1,614
|
)
| | | |
|
—
|
| | | |
|
(3,363
|
)
|
Pro forma total revenue
| | | |
$
|
164,387
|
| | | |
$
|
155,449
|
| | | |
$
|
291,721
|
| | | |
$
|
276,807
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Pro forma Adjusted Hotel EBITDA Margin
| | | | |
36.4
|
%
| | | | |
35.0
|
%
| | | | |
31.4
|
%
| | | | |
30.5
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
_____________
|
(1)
|
|
Reflects non-cash amortization of ground lease asset, deferred
franchise costs, deferred key money, and unfavorable contract
liability.
|
(2)
| |
Reflects results of operations for certain hotels prior to our
acquisition.
|
(3)
| |
Reflects results of operations for the Courtyard Anaheim at
Disneyland Resort which was sold on September 30, 2014.
|
| |
|
The following table reconciles net income to Corporate EBITDA and
Adjusted Corporate EBITDA for the three and six months ended June 30,
2015 and 2014:
| |
|
|
| | | |
|
|
| | |
|
|
| | | |
|
|
| | | |
| | | | |
Three Months Ended June 30,
| | | |
Six Months Ended June 30,
|
| | | | |
2015
| | | |
2014
| | | |
2015
| | | |
2014
|
Net income
| | | |
$
|
24,045
| | | | |
$
|
21,249
| | | |
$
|
25,597
| | | | |
$
|
23,427
| |
Add:
|
Interest expense
| | | | |
8,168
| | | | | |
6,828
| | | | |
15,347
| | | | | |
13,514
| |
|
Income tax expense (benefit)
| | | | |
4,340
| | | | | |
2,556
| | | | |
992
| | | | | |
(841
|
)
|
|
Depreciation and amortization
| | | |
|
17,929
|
| | | |
|
12,524
| | | |
|
32,856
|
| | | |
|
25,022
|
|
Corporate EBITDA
| | | | |
54,482
| | | | | |
43,157
| | | | |
74,792
| | | | | |
61,122
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Add:
|
Hotel acquisition costs
| | | | |
466
| | | | | |
—
| | | | |
835
| | | | | |
—
| |
Less:
|
Non-cash amortization(1) | | | |
|
(50
|
)
| | | |
|
56
| | | |
|
(1
|
)
| | | |
|
111
|
|
Adjusted Corporate EBITDA
| | | |
$
|
54,898
|
| | | |
$
|
43,213
| | | |
$
|
75,626
|
| | | |
$
|
61,233
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
____________
|
(1)
|
|
Reflects non-cash amortization of ground lease asset, deferred
franchise costs, deferred key money, unfavorable contract liability,
and air rights contract.
|
| |
|
The following table reconciles net income to FFO, FFO available to
common shareholders, and AFFO available to common shareholders for the
three and six months ended June 30, 2015 and 2014:
| |
|
|
| | | |
|
|
| | | |
|
|
| | | |
|
|
| | | |
| | | | |
Three Months Ended June 30,
| | | |
Six Months Ended June 30,
|
| | | | |
2015
| | | |
2014
| | | |
2015
| | | |
2014
|
Net income
| | | |
$
|
24,045
| | | | |
$
|
21,249
| | | | |
$
|
25,597
| | | | |
$
|
23,427
| |
Add:
|
Depreciation and amortization
| | | |
|
17,929
|
| | | |
|
12,524
|
| | | |
|
32,856
|
| | | |
|
25,022
|
|
FFO
| | | | |
41,974
| | | | | |
33,773
| | | | | |
58,453
| | | | | |
48,449
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Less:
|
Preferred share dividends
| | | | |
(2,422
|
)
| | | | |
(2,422
|
)
| | | | |
(4,844
|
)
| | | | |
(4,844
|
)
|
|
Dividends declared on unvested time-based awards
| | | | |
(136
|
)
| | | | |
(128
|
)
| | | | |
(273
|
)
| | | | |
(257
|
)
|
|
Undistributed earnings allocated to unvested time-based awards
| | | |
|
(7
|
)
| | | |
|
(35
|
)
| | | |
|
—
|
| | | |
|
—
|
|
FFO available to common shareholders
| | | | |
39,409
| | | | | |
31,188
| | | | | |
53,336
| | | | | |
43,348
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Add:
|
Hotel acquisition costs
| | | | |
466
| | | | | |
—
| | | | | |
835
| | | | | |
—
| |
Less:
|
Non-cash amortization(1) | | | |
|
(50
|
)
| | | |
|
56
|
| | | |
|
(1
|
)
| | | |
|
111
|
|
AFFO available to common shareholders
| | | |
$
|
39,825
|
| | | |
$
|
31,244
|
| | | |
$
|
54,170
|
| | | |
$
|
43,459
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
FFO per common share:
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
| | | |
$
|
0.67
| | | | |
$
|
0.64
| | | | |
$
|
0.95
| | | | |
$
|
0.89
| |
Diluted
| | | |
$
|
0.67
| | | | |
$
|
0.64
| | | | |
$
|
0.94
| | | | |
$
|
0.89
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
AFFO per common share:
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
| | | |
$
|
0.68
| | | | |
$
|
0.64
| | | | |
$
|
0.96
| | | | |
$
|
0.89
| |
Diluted
| | | |
$
|
0.68
| | | | |
$
|
0.64
| | | | |
$
|
0.95
| | | | |
$
|
0.89
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
___________
|
(1)
|
|
Reflects non-cash amortization of ground lease asset, deferred
franchise costs, deferred key money, unfavorable contract liability,
and air rights contract.
|
| |
|
The following table reconciles forecasted net income to Hotel EBITDA,
Adjusted Hotel EBITDA, pro forma Adjusted Hotel EBITDA, and pro forma
Adjusted Hotel EBITDA Margin for the three months ending September 30,
2015 and year ending December 31, 2015:
| |
|
|
| | | |
|
|
| | | |
|
|
| | | |
|
|
| | | |
| | | | |
Three Months Ending
September 30, 2015
| | | |
Year Ending
December 31, 2015
|
| | | | |
Low
| | | |
High
| | | |
Low
| | | |
High
|
Net income
| | | |
$
|
27,930
| | | | |
$
|
29,980
| | | | |
$
|
71,970
| | | | |
$
|
77,120
| |
Add:
|
Interest expense
| | | | |
8,320
| | | | | |
8,320
| | | | | |
31,950
| | | | | |
31,950
| |
|
Income tax expense
| | | | |
650
| | | | | |
850
| | | | | |
2,500
| | | | | |
3,000
| |
|
Depreciation and amortization
| | | | |
17,840
| | | | | |
17,840
| | | | | |
68,710
| | | | | |
68,710
| |
|
Air rights contract amortization
| | | | |
130
| | | | | |
130
| | | | | |
520
| | | | | |
520
| |
|
Corporate general and administrative
| | | | |
4,180
| | | | | |
4,380
| | | | | |
17,390
| | | | | |
17,890
| |
|
Hotel acquisition costs
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
830
|
| | | |
|
830
|
|
Hotel EBITDA
| | | | |
59,050
| | | | | |
61,500
| | | | | |
193,870
| | | | | |
200,020
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Less:
|
Non-cash amortization(1) | | | |
|
(150
|
)
| | | |
|
(150
|
)
| | | |
|
(570
|
)
| | | |
|
(570
|
)
|
Adjusted Hotel EBITDA
| | | | |
58,900
| | | | | |
61,350
| | | | | |
193,300
| | | | | |
199,450
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Add:
|
Prior owner Hotel EBITDA(2) | | | |
|
—
|
| | | |
|
—
|
| | | |
|
6,900
|
| | | |
|
6,900
|
|
Pro forma Adjusted Hotel EBITDA
| | | |
$
|
58,900
|
| | | |
$
|
61,350
|
| | | |
$
|
200,200
|
| | | |
$
|
206,350
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Total revenue
| | | |
$
|
164,400
| | | | |
$
|
167,700
| | | | |
$
|
589,500
| | | | |
$
|
598,900
| |
Add:
|
Prior owner total revenue(2) | | | |
|
—
|
| | | |
|
—
|
| | | |
|
20,300
|
| | | |
|
20,300
|
|
Pro forma total revenue
| | | |
$
|
164,400
|
| | | |
$
|
167,700
|
| | | |
$
|
609,800
|
| | | |
$
|
619,200
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Pro forma Adjusted Hotel EBITDA Margin
| | | | |
35.8
|
%
| | | | |
36.6
|
%
| | | | |
32.8
|
%
| | | | |
33.3
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
_____________
|
(1)
|
|
Reflects non-cash amortization of ground lease asset, deferred
franchise costs, deferred key money, and unfavorable contract
liability.
|
(2)
| |
Reflects results of operations for certain hotels prior to our
acquisition.
|
| |
|
The following table reconciles forecasted net income to Corporate EBITDA
and Adjusted Corporate EBITDA for the three months ending September 30,
2015 and year ending December 31, 2015:
| |
|
|
| | | |
|
|
| | | |
|
|
| | | |
|
|
| | | |
| | | | |
Three Months Ending
September 30, 2015
| | | |
Year Ending
December 31, 2015
|
| | | | |
Low
| | | |
High
| | | |
Low
| | | |
High
|
Net income
| | | |
$
|
27,930
| | | | |
$
|
29,980
| | | | |
$
|
71,970
| | | | |
$
|
77,120
| |
Add:
|
Interest expense
| | | | |
8,320
| | | | | |
8,320
| | | | | |
31,950
| | | | | |
31,950
| |
|
Income tax expense
| | | | |
650
| | | | | |
850
| | | | | |
2,500
| | | | | |
3,000
| |
|
Depreciation and amortization
| | | |
|
17,840
|
| | | |
|
17,840
|
| | | |
|
68,710
|
| | | |
|
68,710
|
|
Corporate EBITDA
| | | | |
54,740
| | | | | |
56,990
| | | | | |
175,130
| | | | | |
180,780
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Add:
|
Hotel acquisition costs
| | | | |
—
| | | | | |
—
| | | | | |
830
| | | | | |
830
| |
Less:
|
Non-cash amortization(1) | | | |
|
(20
|
)
| | | |
|
(20
|
)
| | | |
|
(50
|
)
| | | |
|
(50
|
)
|
Adjusted Corporate EBITDA
| | | |
$
|
54,720
|
| | | |
$
|
56,970
|
| | | |
$
|
175,910
|
| | | |
$
|
181,560
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
____________
|
(1)
|
|
Reflects non-cash amortization of ground lease asset, deferred
franchise costs, deferred key money, unfavorable contract liability,
and air rights contract.
|
| |
|
The following table reconciles forecasted net income to FFO, FFO
available to common shareholders, and AFFO available to common
shareholders for the three months ending September 30, 2015 and year
ending December 31, 2015:
| |
|
|
| | | |
|
|
| | | |
|
|
| | | |
|
|
| | | |
| | | | |
Three Months Ending
September 30, 2015
| | | |
Year Ending
December 31, 2015
|
| | | | |
Low
| | | |
High
| | | |
Low
| | | |
High
|
Net income
| | | |
$
|
27,930
| | | | |
$
|
29,980
| | | | |
$
|
71,970
| | | | |
$
|
77,120
| |
Add:
|
Depreciation and amortization
| | | |
|
17,840
|
| | | |
|
17,840
|
| | | |
|
68,710
|
| | | |
|
68,710
|
|
FFO
| | | | |
45,770
| | | | | |
47,820
| | | | | |
140,680
| | | | | |
145,830
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Less:
|
Preferred share dividends
| | | | |
(2,420
|
)
| | | | |
(2,420
|
)
| | | | |
(9,690
|
)
| | | | |
(9,690
|
)
|
|
Dividends declared on unvested time-based awards
| | | | |
(150
|
)
| | | | |
(150
|
)
| | | | |
(560
|
)
| | | | |
(560
|
)
|
|
Undistributed earnings allocated to unvested time-based awards
| | | |
|
(20
|
)
| | | |
|
(20
|
)
| | | |
|
—
|
| | | |
|
—
|
|
FFO available to common shareholders
| | | | |
43,180
| | | | | |
45,230
| | | | | |
130,430
| | | | | |
135,580
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Add:
|
Hotel acquisition costs
| | | | |
—
| | | | | |
—
| | | | | |
830
| | | | | |
830
| |
Less:
|
Non-cash amortization(1) | | | |
|
(20
|
)
| | | |
|
(20
|
)
| | | |
|
(50
|
)
| | | |
|
(50
|
)
|
AFFO available to common shareholders
| | | |
$
|
43,160
|
| | | |
$
|
45,210
|
| | | |
$
|
131,210
|
| | | |
$
|
136,360
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
FFO per common share:
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
| | | |
$
|
0.74
| | | | |
$
|
0.77
| | | | |
$
|
2.27
| | | | |
$
|
2.36
| |
Diluted
| | | |
$
|
0.73
| | | | |
$
|
0.77
| | | | |
$
|
2.25
| | | | |
$
|
2.34
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
AFFO per common share:
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
| | | |
$
|
0.74
| | | | |
$
|
0.77
| | | | |
$
|
2.28
| | | | |
$
|
2.37
| |
Diluted
| | | |
$
|
0.73
| | | | |
$
|
0.77
| | | | |
$
|
2.27
| | | | |
$
|
2.35
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Weighted-average number of common shares outstanding:
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic
| | | | |
58,553
| | | | | |
58,553
| | | | | |
57,474
| | | | | |
57,474
| |
Diluted
| | | | |
58,998
| | | | | |
58,998
| | | | | |
57,915
| | | | | |
57,915
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
____________
|
(1)
|
|
Reflects non-cash amortization of ground lease asset, deferred
franchise costs, deferred key money, unfavorable contract liability,
and air rights contract.
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
CHESAPEAKE LODGING TRUST CURRENT HOTEL PORTFOLIO | | | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
Hotel
| | | |
Location
| | | |
Rooms
| | | |
Acquisition Date
|
1
|
|
|
|
Hyatt Regency Boston
| | | |
Boston, MA
| | | |
502
| | | |
March 18, 2010
|
2
| | | |
Hilton Checkers Los Angeles
| | | |
Los Angeles, CA
| | | |
193
| | | |
June 1, 2010
|
3
| | | |
Boston Marriott Newton
| | | |
Newton, MA
| | | |
430
| | | |
July 30, 2010
|
4
| | | |
Le Meridien San Francisco
| | | |
San Francisco, CA
| | | |
360
| | | |
December 15, 2010
|
5
| | | |
Homewood Suites Seattle Convention Center
| | | |
Seattle, WA
| | | |
195
| | | |
May 2, 2011
|
6
| | | |
W Chicago – City Center
| | | |
Chicago, IL
| | | |
403
| | | |
May 10, 2011
|
7
| | | |
Hotel Indigo San Diego Gaslamp Quarter
| | | |
San Diego, CA
| | | |
210
| | | |
June 17, 2011
|
8
| | | |
Courtyard Washington Capitol Hill/Navy Yard
| | | |
Washington, DC
| | | |
204
| | | |
June 30, 2011
|
9
| | | |
Hotel Adagio San Francisco, Autograph Collection
| | | |
San Francisco, CA
| | | |
171
| | | |
July 8, 2011
|
10
| | | |
Denver Marriott City Center
| | | |
Denver, CO
| | | |
613
| | | |
October 3, 2011
|
11
| | | |
Hyatt Herald Square New York
| | | |
New York, NY
| | | |
122
| | | |
December 22, 2011
|
12
| | | |
W Chicago – Lakeshore
| | | |
Chicago, IL
| | | |
520
| | | |
August 21, 2012
|
13
| | | |
Hyatt Regency Mission Bay Spa and Marina
| | | |
San Diego, CA
| | | |
429
| | | |
September 7, 2012
|
14
| | | |
The Hotel Minneapolis, Autograph Collection
| | | |
Minneapolis, MN
| | | |
222
| | | |
October 30, 2012
|
15
| | | |
Hyatt Place New York Midtown South
| | | |
New York, NY
| | | |
185
| | | |
March 14, 2013
|
16
| | | |
W New Orleans – French Quarter
| | | |
New Orleans, LA
| | | |
97
| | | |
March 28, 2013
|
17
| | | |
Le Meridien New Orleans
| | | |
New Orleans, LA
| | | |
410
| | | |
April 25, 2013
|
18
| | | |
Hyatt Fisherman’s Wharf
| | | |
San Francisco, CA
| | | |
316
| | | |
May 31, 2013
|
19
| | | |
Hyatt Santa Barbara
| | | |
Santa Barbara, CA
| | | |
200
| | | |
June 27, 2013
|
20
| | | |
JW Marriott San Francisco Union Square
| | | |
San Francisco, CA
| | | |
337
| | | |
October 1, 2014
|
21
| | | |
Royal Palm South Beach Miami, a Tribute Portfolio Resort
| | | |
Miami Beach, FL
| | | |
393
| | | |
March 9, 2015
|
22
| | | |
Ace Hotel and Theater Downtown Los Angeles
| | | |
Los Angeles, CA
| | | |
182
| | | |
April 30, 2015
|
| | | | | | | | | | | |
6,694
| | | | |
| | | | | | | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150730006469/en/
Contacts:
Chesapeake Lodging Trust
Douglas W. Vicari, 410-972-4142
Source: Chesapeake Lodging Trust
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