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May 29, 2015 5:47 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of Chesapeake Lodging Trust

Company Overview

Chesapeake Lodging Trust is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It primarily invests 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. The firm was formerly known as Crown Hospitality Trust. Chesapeake Lodging Trust was founded in June 2009 and is based in Annapolis, Maryland.

1997 Annapolis Exchange Parkway

Suite 410

Annapolis, MD 21401

United States

Founded in 2009

13 Employees

Phone:

410-972-4140

Key Executives for Chesapeake Lodging Trust

Chief Executive Officer, President and Trustee
Age: 52
Total Annual Compensation: $1.1M
Chief Financial Officer, Executive Vice President and Trustee
Age: 55
Total Annual Compensation: $617.5K
Chief Operating Officer and Executive Vice President
Age: 50
Total Annual Compensation: $520.0K
Chief Accounting Officer, Senior Vice President and Secretary
Age: 41
Total Annual Compensation: $378.0K
Compensation as of Fiscal Year 2014.

Chesapeake Lodging Trust Key Developments

Chesapeake Lodging Trust Declares Dividends on Common Share and Preferred Shares for the Second Quarter, Payable on July 15, 2015

Chesapeake Lodging Trust announced that its board of trustees has declared a quarterly dividend payment of $0.35 per common share. The dividend will be paid on July 15, 2015 to shareholders of record at the close of business on June 30, 2015. The dividend represents a 4.3% annualized yield based on the closing price of the Trust’s common shares on May 19, 2015. The Trust also announced that its board of trustees has declared a quarterly dividend payment of $0.484375 per share of the Trust’s 7.75% Series A Cumulative Redeemable Preferred Shares. The dividend will be paid on July 15, 2015 to shareholders of record at the close of business on June 30, 2015.

Chesapeake Lodging Trust Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter Ending June 30, 2015 and Full Year Ending December 31, 2015

Chesapeake Lodging Trust announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $109,290,000 against $94,774,000 a year ago. Operating income was $5,383,000 against $5,467,000 a year ago. Loss before income taxes was $1,796,000 against $1,219,000 a year ago. Net loss available to common shareholders was $870,000 or $0.02 basic and diluted per share against $244,000 or $0.01 basic and diluted per share a year ago. Net cash provided by operating activities was $6,504,000 against $10,367,000 a year ago. Improvements and additions to hotels was $12,917,000 against $21,648,000 a year ago. Hotel EBITDA was $25,386,000 against $22,015,000 a year ago. Adjusted Hotel EBITDA was $25,305,000 against $21,940,000 a year ago. Corporate EBITDA was $20,310,000 against $17,965,000 a year ago. Adjusted Corporate EBITDA was $20,728,000 against $18,020,000 a year ago. FFO available to common shareholders was $13,920,000 or $0.26 basic and diluted per share against $12,125,000 or $0.25 basic and diluted per share a year ago. AFFO available to common shareholders was $14,338,000 or $0.26 basic and diluted per share against $12,180,000 or $0.25 basic and diluted per share a year ago. The company provided earnings guidance for the second quarter ending June 30, 2015 and full year ending December 31, 2015. For the year, the company expects total revenue in the range of $162,070,000 to $165,630,000, Hotel EBITDA in the range of $57,430,000 to $59,530,000, adjusted Hotel EBITDA in the range of $57,350,000 to $59,450,000, net income in the range of $22,680,000 to $24,480,000, depreciation and amortization of $16,840,000, interest expense of $8,260,000, corporate EBITDA in the range of $52,030,000 to $54,030,000, adjusted Corporate EBITDA in the range of $52,520,000 to $54,520,000, FFO in the range of $39,520,000 to $41,320,000, FFO available to common shareholders in the range of $36,960,000 to $38,760,000, AFFO available to common shareholders in the range of $37,450,000 to $39,250,000, FFO basic and diluted per common share in the range of $0.63 to $0.66 and AFFO diluted per common share in the range of $0.64 to $0.67. For the year, the company expects, total revenue in the range of $609,700,000 to $621,000,000, Hotel EBITDA in the range of $199,570,000 to $206,320, Adjusted Hotel EBITDA in the range of $199,250,000 to $206,000,000, net income in the range of $73,400,000 to $79,150,000, depreciation and amortization of $66,100,000, interest expense of $32,190,000, corporate EBITDA in the range of $173,890,000 to $180,140,000, adjusted Corporate EBITDA in the range of $174,900,000 to $181,150,000, FFO in the range of $139,500,000 to $145,250,000, FFO available to common shareholders in the range of $129,280,000 to $135,030,000, AFFO available to common shareholders in the range of $130,290,000 to $136,040,000, FFO diluted per common share in the range of $2.23 to $2.33 and AFFO diluted per common share in the range of $2.25 to $2.35.

Chesapeake Lodging Trust Announces Acquisition of Ace Hotel Downtown and The Theater at Ace Hotel, Located in Los Angeles

Chesapeake Lodging Trust announced that it has closed on the acquisition of the Ace Hotel Downtown and The Theater at Ace Hotel, located in Los Angeles, California for a purchase price of $103.0 million, or approximately $566,000 per key. After a nearly two year comprehensive renovation and restoration of the historic 1920's building, the Ace Hotel Downtown Los Angeles opened to the public in January 2014. The property contains the 182-room hotel and the stunning and meticulously restored 1,600-seat theater, offering the most unique meeting, function and entertainment venue of any hotel in Los Angeles. The historic 14-story Spanish Gothic property is located at South Broadway and 9th Street in the rapidly developing Broadway and Fashion corridor of Downtown Los Angeles. There are 15 Loft Suites which feature a private kitchenette and range from 479 to 703 square feet. The 633-square foot Ace Suite includes a living space, a private kitchenette, and a 494-square foot private terrace. Each well laid out room offers a design which maintains the exposed concrete ceiling, Homasote covered walls, minimalist furniture, antiqued brass fixtures and steel framed glass windows. Guestroom amenities include flat screen TVs, a Revo radio, HSIA, Rudy's Toiletries, and Pearl+ soaps with acoustic guitars and turntables in select rooms. The Ace Hotel features a varied assortment of food and beverage outlets for guests and visitors to enjoy. Upstairs at Ace Hotel Downtown Los Angeles, a rooftop bar venue is contained between the rooftop pool and an indoor and outdoor lounge area of nearly 2,000 square feet. With locally inspired decor and artwork, including the original salvaged theatrical lights, the space is incredibly attractive with outdoor landscaping and living walls. Connected to the lobby is the hotel's main three-meal restaurant, L.A. Chapter, which also has its own street front entrance and outdoor patio on Broadway. L.A. Chapter is a carefully cultivated brasserie with a focus on locally sourced vegetables and seafood. The 1,161-square foot space has a seating capacity of 121 and includes a full service bar. Adjacent to the lobby and L.A. Chapter is the Coffee Counter that serves Stumptown Coffee, delivering a high-end coffee and pastry experience. Located above the lobby level and L.A. Chapter is the appropriately named The Mezzanine. With a variety of seating options, the 972-square foot space includes a cocktail bar and also serves as flexible meeting and private event space which can accommodate groups up to 85 people. In addition to the theater, the hotel has 2,160 square feet of dedicated meeting and banquet space throughout three different meeting areas, including the 1,600-square foot Segovia Hall. All of the meeting spaces benefit from natural lighting and connecting doors, allowing for easy break-outs and flexibility for groups. There is also a fitness center providing guests with 24-hour access to a fully equipped facility with reclaimed hardwood floors from an old gymnasium. Behind the reception desk is an upscale gift shop selling clothing and products featured in the guestrooms, as well as a photo booth for guests to document their stay.

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