Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its financial results for the quarter ended March 31, 2012.
- Pro Forma RevPAR – 12.2% increase for comparable 10-hotel portfolio over the same period in 2011.
- Pro Forma Adjusted Hotel EBITDA Margin – 410 basis point increase for comparable 10-hotel portfolio over the same period in 2011.
- Acquisitions – Committed $76.2 million to acquire a second hotel, currently under development, in midtown Manhattan.
- Dividends – Increased first quarter 2012 dividend by 10% to $0.22 per common share (5% annualized yield).
CONSOLIDATED FINANCIAL RESULTS
The following is a summary of the consolidated financial results for the three months ended March 31, 2012 (in millions, except per share amounts):
|Three months ended|
|2012 (1)||2011 (2)|
|Net loss available to common shareholders||$||(0.8||)||$||(1.7||)|
|Net loss per diluted share||$||(0.03||)||$||(0.08||)|
|FFO available to common shareholders||$||5.7||$||1.3|
|FFO per diluted share||$||0.18||$||0.06|
|AFFO available to common shareholders||$||6.1||$||1.6|
|AFFO per diluted share||$||0.19||$||0.07|
|Adjusted Corporate EBITDA||$||9.6||$||2.6|
|(1)||Includes results of operations of 11 hotels for the full period and one hotel for part of the period.|
|(2)||Includes results of operations of five hotels for the full period.|
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