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Chesapeake Lodging Trust Reports Preliminary Fourth Quarter Results

Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its preliminary financial results for the quarter and year ended December 31, 2012. The following preliminary results are subject to adjustments that may result from the completion of the Trust’s annual audit process (unaudited):

                 
Three months ended
December 31, 2012 Year ended December 31, 2012
Preliminary Preliminary Previous Guidance (1)
 
Pro forma RevPAR increase over 2011 (2) 5.5% 8.8% 8.75% - 9.25%
 
Net income available to common shareholders,

 

excluding amounts attributable to unvested

time-based awards (3)

$7.4 $22.6 $19.8 - $20.6
 
Adjusted Hotel EBITDA (3) $26.7 $92.2 $91.0 - $92.0
 
AFFO per diluted share $0.41 $1.61 $1.57 - $1.60
________________________________
(1)   Reflects guidance announced on November 1, 2012.
 
(2)

Management assesses the operating performance of its hotels irrespective of the hotel owner during the periods compared, or on a pro forma basis. This metric includes the hotel operating results of 10 of the Trust’s 15 hotels owned as of December 31, 2012 and does not include operating results for the Holiday Inn New York City Midtown – 31 st Street, as the hotel opened for business on January 19, 2012, the Hotel Adagio, as the hotel was under renovation during the period, and the W Chicago – Lakeshore, the Hyatt Regency Mission Bay Spa and Marina, and The Hotel Minneapolis, as these hotels were acquired during 2012.

 
(3) In millions.
 

“We are pleased with the continued strong performance of our hotel portfolio in the fourth quarter 2012,” said James L. Francis, Chesapeake Lodging Trust’s President and Chief Executive Officer. “Our pro forma RevPAR increase for the fourth quarter 2012 was negatively impacted by (i) cancellations related to travel disruptions caused by Superstorm Sandy in October 2012, (ii) the early addition of 35 guestrooms at the W Chicago – City Center on October 19, 2012, which were originally scheduled to open January 1, 2013, and (iii) the disruption from the renovation of the lobby and public spaces at the Le Meridien San Francisco. Excluding the estimated impact from these items, our pro forma RevPAR increase for the fourth quarter 2012 and for the year ended December 31, 2012 would have been between 7.75% - 8.00% and between 9.4% - 9.5%, respectively.”

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