March 04, 2015 3:34 AM 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: $980.0K
Chief Financial Officer, Executive Vice President and Trustee
Age: 55
Total Annual Compensation: $617.5K
Chief Investment Officer and Executive Vice President
Age: 50
Total Annual Compensation: $500.0K
Chief Accounting Officer, Senior Vice President and Secretary
Age: 41
Total Annual Compensation: $294.8K
Compensation as of Fiscal Year 2013.

Chesapeake Lodging Trust Key Developments

Chesapeake Lodging Trust Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reaffirms Earnings Guidance for the Fourth Quarter and Full Year 2015; Provides Earnings Guidance for the First Quarter of 2015

Chesapeake Lodging Trust announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, total revenue was $123,501,000 against $111,563,000 a year ago. Operating income was $15,962,000 against $18,646,000 a year ago. Income before income taxes was $9,082,000 against $11,852,000 a year ago. Net income available to common shareholders was $6,417,000 or $0.12 per basic and diluted share against $9,106,000 or $0.18 per basic and diluted share a year ago. FFO available to common shareholders was $20,382,000 or $0.38 per basic and diluted against $21,478,000 or $0.44 per basic and diluted a year ago. AFFO available to common shareholders was $23,993,000 or $0.44 per basic and diluted against $21,561,000 or $0.44 per basic and diluted a year ago. Adjusted Corporate EBITDA was $33,652,000 against $31,186,000 a year ago. EBITDA margin expansion was 70 basis points for the quarter, which was negatively impacted by approximately 80 basis points due to an increase in incentive fees, primarily at Boston Hyatt. For the year, total revenue was $477,980,000 against $420,177,000 a year ago. These revenue trends resulted in adjusted hotel EBITDA of $33.1 million, and adjusted hotel EBITDA margin was 31%, which is 70 basis points above the prior year. Operating income was $81,832,000 against $72,878,000 a year ago. Income before income taxes was $61,489,000 against $46,973,000 a year ago. Net income available to common shareholders was $51,266,000 or $1.00 per diluted share against $35,630,000 or $0.75 per basic and diluted share a year ago. FFO available to common shareholders was $95,328,000 or $1.87 per basic and diluted share against $79,738,000 or $1.69 per basic and diluted share a year ago. AFFO available to common shareholders was $100,358,000 or $1.97 per basic and diluted against $84,183,000 or $1.78 per basic and diluted a year ago. Net cash provided by operating activities was $119,634,000 against $99,962,000 a year ago. Acquisition of hotels, net of cash acquired was $152,292,000 compared to $331,058,000 a year ago. Adjusted Corporate EBITDA was $138,429,000 against $121,792,000 a year ago. The company reaffirmed its previously provided full year 2014 outlook and is incorporating its first quarter 2015 outlook. For the first quarter, the company expects net loss to be in the range of $1.9 million or $0.03 per diluted share to $1.2 million or $0.02 per diluted share. Adjusted corporate EBITDA expected to be in the range of $18.4 million compared to $19.3 million a year ago. AFFO available to common shareholders expected to be in the range of $0.22 per share compared to $0.24 per share a year ago. For the year, the company expects net income to be in the range of $62.9 million or $1.16 per diluted share to $68.2 million or $1.25 per diluted share. Adjusted corporate EBITDA expected to be in the range of $158.0 million compared to $163.8 million a year ago. AFFO available to common shareholders expected to be in the range of $2.20 per share compared to $2.30 per share a year ago. The company also provided guidance for the first quarter of 2015. The company expects first quarter 2015 RevPAR to increase between 3% and 4%. The company also expects to generate adjusted corporate EBITDA ranging from $18.4 million to $19.3 million, and the associated AFFO attributable to that revenue growth and that EBITDA growth is expected to range from $0.22 to $0.24 per diluted share.

Chesapeake Lodging Trust Announces Executive Promotions

Chesapeake Lodging Trust announced the promotion of two new Vice Presidents. Nishil Patel has been promoted to Vice President and Treasurer, and Nicholas Jette has been promoted to Vice President – Acquisitions and Asset Management. Mr. Patel joined the Trust in 2010 as Accounting Manager and was subsequently promoted to Director – Corporate Accounting and Financial Reporting. Prior to joining the Trust, Mr. Patel was Manager – External Reporting at Interstate Hotels & Resorts and a Senior Audit Associate at Grant Thornton LLP. Mr. Jette joined the Trust in 2010 as Financial Analyst and was subsequently promoted to Director – Acquisitions and Asset Management. Prior to joining the Trust, Mr. Jette worked for LaSalle Hotel Properties in various analytical reporting and financial positions.

Chesapeake Lodging Trust Provides Consolidated Earnings Guidance for the Full Year Ending December 31, 2015

Chesapeake Lodging Trust provided consolidated earnings guidance for the full year ending December 31, 2015. For the year, the company expects net income available to common shareholders in the range of $62.9 million to $68.2 million. Net income per diluted common share is to be in the range of $1.16 to $1.25 per share. Adjusted corporate EBITDA is to be in the range of $158.0 million to $163.8 million. AFFO available to common shareholders is to be in the range of $119.9 million to $125.2 million. AFFO per diluted common share is to be in the range of $2.20 to $2.30 per share. Total revenue is to be in the range of $537,800,000 to $549,300,000. Net income is to be in the range of $73,140,000 to $78,390,000. Depreciation and amortization expense are to be in the range of $56,810,000 to $56,810,000. Interest expense is to be in the range of $27,100,000 to $27,100,000. FFO is to be in the range of $129,950,000 to $135,200,000. FFO available to common shareholders is to be in the range of $119,730,000 to $124,980,000. FFO diluted earnings per share is to be in the range of $2.20 to $2.29 per share.

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