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Chesapeake Lodging Trust Provides 2014 Outlook

Stocks in this article: CHSP

Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), provided today its 2014 outlook. The Trust’s 2014 outlook is as follows (in millions, except pro forma RevPAR and per share amounts):

2014 Outlook
Low       High
Net income available to common shareholders $ 38.9 $ 43.7
Net income per diluted common share $ 0.79 $ 0.89
Adjusted Corporate EBITDA $ 131.2 $ 136.5
AFFO available to common shareholders $ 93.1 $ 97.9
AFFO per diluted common share $ 1.90 $ 2.00
Corporate general and administrative expense $ 14.0 $ 14.7
Weighted-average number of diluted common shares outstanding 49.0 49.0

17-Hotel Portfolio (1)

RevPAR $ 167.00 $ 170.00
Pro forma RevPAR increase over 2013 (2) 5.0 % 7.0 %
Adjusted Hotel EBITDA $ 128.0 $ 133.0
Adjusted Hotel EBITDA Margin 32.5 % 33.2 %
Pro forma Adjusted Hotel EBITDA Margin increase over 2013 (2) 75 bps 150 bps

20-Hotel Portfolio

RevPAR $ 162.00 $ 165.00
Pro forma RevPAR increase over 2013 (2) 3.5 % 5.5 %
Adjusted Hotel EBITDA $ 145.2 $ 151.2
Adjusted Hotel EBITDA Margin 31.4 % 32.1 %
Pro forma Adjusted Hotel EBITDA Margin increase over 2013 (2) 25 bps 100 bps


(1)   Excludes the W Chicago – Lakeshore, the W New Orleans, and the Holiday Inn New York City Midtown – 31 st Street, as these hotels will be undergoing comprehensive renovations during 2014.
(2) The comparable 2013 period includes operating results for certain hotels prior to their acquisition by the Trust in 2013.

The Trust’s 2014 outlook assumes a continuation of favorable U.S. lodging fundamentals driven by below historical average supply growth and an improving U.S. economy and lodging demand. The Trust’s 2014 outlook assumes no additional acquisitions, dispositions, or financing transactions.

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