Chesapeake Lodging Trust Reports Q4 2015 Net Income of $12.3 million Compared to $6.4 million in Q4 2014; RevPAR Increased 3.8%
February 19, 2016 8:45am
ANNAPOLIS, Md.-Feb. 18, 2016-- Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its financial results for the quarter ended December 31, 2015.
CONSOLIDATED FINANCIAL RESULTS
The following is a summary of the consolidated financial results for the three months and year ended December 31, 2015 and 2014 (in millions, except share and per share amounts):
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 December 31, 2015, the Trust owned 22 hotels. Since two of its hotels owned as of December 31, 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 months and year ended December 31, 2015 and 2014.
Included in the following table are comparisons of the key operating metrics for the hotel portfolio for the three months and year ended December 31, 2015 and 2014 (in thousands, except for ADR and RevPAR):
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 2015 and through February 18, 2016.
On October 15, 2015, 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 September 30, 2015. On December 17, 2015, 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 December 31, 2015. Both dividends were paid on January 15, 2016.
The Trust reaffirms its previously provided first quarter and full year 2016 outlook as follows (in millions, except RevPAR and per share amounts):
The comparable 2015 period includes results of operations for certain hotels prior to their acquisition by the Trust.
The Trust’s 2016 outlook assumes no acquisitions, dispositions, or financing transactions beyond the refinance of the Hyatt Regency Boston mortgage loan and the Courtyard Washington Capitol Hill/Navy Yard mortgage loan, which are prepayable without penalty on April 6, 2016 and August 1, 2016, respectively. See the accompanying financial tables for quarterly pro forma hotel operating results for the hotel portfolio for 2015.
“We are off to a strong start in 2016 with RevPAR growth of over 9.0% in January. We continue to see solid trends on the group side of our business, which in turn has helped compression with transient booking thus far,” said James L. Francis, Chesapeake Lodging Trust’s President and Chief Executive Officer. “We expect the remainder of the quarter to exhibit continued strong growth and as a result, we are reaffirming the first quarter and full year outlook we provided earlier this year.”
Tables associated with this release are accessible via the PDF or by visiting:
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q4 2015 results
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 6,699 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
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