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Chesapeake Lodging Trust Reports Fourth Quarter Results And Increases Quarterly Dividend By 9%

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

HIGHLIGHTS
  • Pro Forma RevPAR – 5.5% increase for comparable 10-hotel portfolio over the same period in 2011. Excluding the impact of certain non-recurring events that occurred during the quarter, pro forma RevPAR increase would have been between 7.75% - 8.00%.
  • Pro Forma Adjusted Hotel EBITDA Margin – 150 basis point increase for comparable 10-hotel portfolio over the same period in 2011.
  • Acquisitions – Acquired the 222-room The Hotel Minneapolis, Autograph Collection in Minneapolis, Minnesota for $46.0 million.
  • Equity offerings – Subsequent to year end, successfully completed a $173.0 million common share offering.
  • Financings – Amended its revolving credit facility, increasing facility size, reducing cost of borrowings, and extending the initial term. Subsequent to year end, closed on a $32.0 million mortgage loan.
  • Dividends – Increased first quarter 2013 dividend by 9% to $0.24 per common share (4.3% annualized yield based on the closing price of the Trust’s common shares on February 20, 2013).

“The successful common share offering completed subsequent to year end was an important milestone for us,” said James L. Francis, Chesapeake Lodging Trust’s President and Chief Executive Officer. “With the offering, we have now been able to achieve a market capitalization in excess of $1 billion. We are very proud of the progress we have made since Chesapeake completed its IPO in January 2010. In the three years since, we’ve been able to assemble an impressive portfolio of 15 hotels located in top markets across the United States. With this latest equity offering, we have enhanced our ability to continue taking advantage of attractive acquisition opportunities as we proceed through 2013.”

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