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Chesapeake Lodging Trust Reports First Quarter Results; Pro Forma RevPAR Increased 12.2% And Pro Forma Adjusted Hotel EBITDA Margin Increased 410 Basis Points

Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its financial results for the quarter ended March 31, 2012.

HIGHLIGHTS

  • 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
March 31,

2012 (1)

 

2011 (2)

 
Total revenue $ 50.3 $ 24.0
 
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
 
Corporate EBITDA $ 9.2 $ 2.2
 
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.
 

“We generated very impressive first quarter results with our focused asset management efforts and our desirable locations in several of the country’s strongest performing markets, including Boston, San Francisco, and Seattle,” said James L. Francis, Chesapeake Lodging Trust’s President and Chief Executive Officer. “We delivered pro forma RevPAR growth which exceeded U.S. industry-wide RevPAR growth by a wide margin of 430 basis points. Even more exciting, we were able to flow through the increased revenue to the bottom line with pro forma Adjusted Hotel EBITDA Margin expansion of 410 basis points over the same period in 2011.”

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