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Chesapeake Lodging Trust Reports Second Quarter Results

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Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported today its financial results for the quarter ended June 30, 2019.

CONSOLIDATED FINANCIAL RESULTS

The following is a summary of the consolidated financial results for the three and six months ended June 30, 2019 and 2018 (in millions, except share and per share amounts):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

2018

 

2019

 

2018

Total revenue

$

159.0

 

 

$

163.3

 

 

$

292.7

 

 

$

298.3

 

 

 

 

 

 

 

 

 

Net income

$

18.2

 

 

$

23.8

 

 

$

26.5

 

 

$

30.4

 

Net income per diluted common share

$

0.30

 

 

$

0.40

 

 

$

0.44

 

 

$

0.50

 

 

 

 

 

 

 

 

 

Adjusted Hotel EBITDAre(1)

$

56.5

 

 

$

59.2

 

 

$

93.6

 

 

$

96.9

 

 

 

 

 

 

 

 

 

Adjusted Corporate EBITDAre(1)

$

52.0

 

 

$

54.5

 

 

$

84.3

 

 

$

86.8

 

 

 

 

 

 

 

 

 

AFFO available to common shareholders(1)

$

41.4

 

 

$

42.9

 

 

$

68.2

 

 

$

68.5

 

AFFO per diluted common share

$

0.69

 

 

$

0.72

 

 

$

1.13

 

 

$

1.15

 

 

 

 

 

 

 

 

 

Weighted-average number of diluted common shares outstanding

60,261,803

 

 

59,793,063

 

 

60,241,264

 

 

59,760,765

 

_____________

(1) See the discussion included in this press release for information regarding this non-GAAP financial measure.

HOTEL OPERATING RESULTS

The Trust uses the term "comparable" to refer to metrics that include only those hotels owned for the entirety of the two periods being compared. As of June 30, 2019, the Trust owned 20 hotels. Since the Hyatt Centric Santa Barbara was sold on July 26, 2018, it has been excluded from the comparable hotel portfolio metrics for the three and six months ended June 30, 2018. Included in the following table are comparisons of the key operating metrics for the comparable 20-hotel portfolio for the three and six months ended June 30, 2019 and 2018 (in thousands, except for ADR and RevPAR):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

2018

 

Change

 

2019

 

2018

 

Change

Comparable Occupancy

88.8

%

 

89.0

%

 

(20) bps

 

83.7

%

 

84.9

%

 

(120) bps

Comparable ADR

$

237.41

 

 

$

240.02

 

 

(1.1)%

 

$

230.64

 

 

$

227.72

 

 

1.3%

Comparable RevPAR

$

210.85

 

 

$

213.69

 

 

(1.3)%

 

$

193.13

 

 

$

193.43

 

 

(0.2)%

Comparable Adjusted Hotel EBITDAre(1)

$

56,496

 

 

$

57,801

 

 

(2.3)%

 

$

93,624

 

 

$

94,580

 

 

(1.0)%

Comparable Adjusted Hotel EBITDAre Margin(1)

35.5

%

 

36.3

%

 

(80) bps

 

32.0

%

 

32.6

%

 

(60) bps

_____________

(1) See the discussion included in this press release for information regarding this non-GAAP financial measure.

Comparable RevPAR for the second quarter 2019 was negatively impacted by the following items: (1) displacement from a guestroom renovation at the Hyatt Regency Mission Bay Spa and Marina (approximately 30 bps), (2) a mechanical fire at the Le Meridien New Orleans in May resulting in the closure of the hotel for 11 days (approximately 80 bps) and (3) an adjustment to rooms revenue related to Marriott loyalty program stays recognized in previous periods at the Royal Palm South Beach Miami, a Tribute Portfolio Resort (approximately 50 bps). Adjusting for these three items, RevPAR for the second quarter 2019 would have increased 0.3%.

DIVIDEND

On April 15, 2019, the Trust paid a dividend in the amount of $0.40 per share to its common shareholders of record as of March 29, 2019. On June 12, 2019, the Trust declared a dividend in the amount of $0.40 per share payable to its common shareholders of record as of June 28, 2019. The dividend was paid on July 15, 2019.

PENDING MERGER

On May 6, 2019, the Trust announced that it had entered into a definitive merger agreement to be acquired by Park Hotels & Resorts, Inc. (NYSE:PK)("Park"). Under the terms of the merger agreement, shareholders of the Trust will receive $11.00 in cash and 0.628 of a share of Park common stock for each outstanding common share of the Trust. The proposed merger remains subject to receipt of the required approval of the Trust's shareholders and completion of other customary closing requirements and conditions. A special meeting of the Trust's shareholders to consider and vote upon the proposed merger has been scheduled for September 10, 2019. The Trust will not be holding earnings conference calls during the pendency of the proposed merger.

On July 25, 2019, the Trust announced that it had entered into an agreement to sell the 122-room Hyatt Herald Square New York and the 185-room Hyatt Place New York Midtown South, both located in New York, New York, for an aggregate sale price of $138.0 million, or approximately $450,000 per key, subject to customary pro-rations at closing. The proposed sale by the Trust of these New York hotels is anticipated to occur in mid-to-late September 2019 prior to completion of the Trust's proposed merger with Park.

The Trust acquired the Hyatt Herald Square New York in December 2011 for $52.0 million, or $428,000 per key, and the Hyatt Place New York Midtown South in March 2013 for $76.2 million, or $412,000 per key. The $138.0 million aggregate sale price represents a 5.9% trailing twelve month NOI cap rate.

NON-GAAP FINANCIAL MEASURES

The Trust reports the following seven non-GAAP financial measures (within the meaning of the rules of the Securities and Exchange Commission) that it believes are useful to investors as key measures of its operating performance: (1) EBITDAre, (2) Adjusted Corporate EBITDAre, (3) Adjusted Hotel EBITDAre, (4) Adjusted Hotel EBITDAre Margin, (5) FFO, (6) FFO available to common shareholders and (7) AFFO available to common shareholders. Reconciliations of all non-GAAP financial measures to the most comparable GAAP measure are included in the accompanying financial tables.

EBITDAre — The Trust calculates EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which defines EBITDAre as net income (calculated in accordance with GAAP) before interest, income taxes, depreciation and amortization, gains (losses) from sales of real estate, impairment charges of depreciated real estate, and adjustments for unconsolidated partnerships and joint ventures. The Trust believes that EBITDAre provides investors a useful financial measure to evaluate the Trust's operating performance, excluding the impact of the Trust's capital structure (primarily interest expense) and the Trust's asset base (primarily depreciation and amortization).

Adjusted Corporate EBITDAre — The Trust further adjusts EBITDAre for certain additional recurring and non-recurring items that are not in NAREIT's definition of EBITDAre. Specifically, the Trust adjusts for hotel acquisition costs and non-cash amortization of operating lease right-of-use assets, intangible assets and liabilities, deferred franchise costs, and deferred key money, all of which are recurring items. For the three and six months ended June 30, 2019, the Trust also adjusted for non-recurring costs related to the Park merger. The Trust believes that Adjusted Corporate EBITDAre provides investors another financial measure of its operating performance that provides for greater comparability of its core operating results between periods.

Adjusted Hotel EBITDAre — The Trust further adjusts Adjusted Corporate EBITDAre for corporate general and administrative expenses, which is a recurring item. The Trust believes that Adjusted Hotel EBITDAre provides investors a useful financial measure to evaluate the Trust's hotel operating performance by excluding the impact of corporate-level expenses.

Adjusted Hotel EBITDAre Margin — Adjusted Hotel EBITDAre Margin is defined as Adjusted Hotel EBITDAre as a percentage of total revenues. The Trust believes that Adjusted Hotel EBITDAre Margin provides investors another useful financial measure to evaluate the Trust's hotel operating performance.

FFO — The Trust calculates FFO in accordance with standards established by NAREIT, which defines FFO as net income (calculated in accordance with GAAP), excluding depreciation and amortization, gains (losses) from sales of real estate, impairment charges of depreciated real estate, adjustments for unconsolidated partnerships and joint ventures, and the cumulative effect of changes in accounting principles. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. By excluding the effect of depreciation and amortization and gains (losses) from sales of real estate, both of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, the Trust believes that FFO provides investors a useful financial measure to evaluate the Trust's operating performance.

FFO available to common shareholders — The Trust reduces FFO for dividends declared on and earnings allocated to unvested time-based awards (consistent with adjustments required by GAAP in reporting net income available to common shareholders and related per share amounts). FFO available to common shareholders provides investors another financial measure to evaluate the Trust's operating performance after taking into account the interests of holders of the Trust's unvested time-based awards.

AFFO available to common shareholders — The Trust further adjusts FFO available to common shareholders for certain additional recurring and non-recurring items that are not in NAREIT's definition of FFO. Specifically, the Trust adjusts for hotel acquisition costs and non-cash amortization of operating lease right-of-use assets, intangible assets and liabilities, deferred franchise costs, and deferred key money, all of which are recurring items. For the three and six months ended June 30, 2019, the Trust also adjusted for non-recurring costs related to the Park merger. The Trust believes that AFFO available to common shareholders provides investors another financial measure of its operating performance that provides for greater comparability of its core operating results between periods.

ABOUT CHESAPEAKE LODGING TRUST

Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 20 hotels with an aggregate of 6,288 rooms in eight states and the District of Columbia. Additional information can be found on the Trust's website at www.chesapeakelodgingtrust.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements regarding the potential transaction between Park and the Trust, including statements regarding the expected timetable for completing the New York hotel sales and pending merger. These statements are often, but not always, made through the use of words or phrases such as "believe," "expect," "anticipate," "should," "plan," "will," "may," "intend," "estimate," "aim," "target," "predict," "project," "seek," "would," "could," "continue," "possible," "potential" and similar expressions. All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Key factors that could cause actual results to differ materially from those projected in the forward-looking statements include the ability to obtain the requisite approval of the Trust's shareholders; uncertainties as to the timing to consummate the potential merger and sales of the New York hotels; the risk that a condition to closing the potential merger or sales of the New York hotels may not be satisfied; and the effects of industry, market, economic, political or regulatory conditions outside of Park's or the Trust's control. Other factors are described in Park's and the Trust's respective filings with the SEC, including Park's and the Trust's most recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Trust assumes no obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

ADDITIONAL INFORMATION ABOUT THE PROPOSED TRANSACTION AND WHERE TO FIND IT

This communication relates to the proposed transaction pursuant to the terms of the Agreement and Plan of Merger, dated as of May 5, 2019, by and among Park, the Trust and the other entities party thereto. In connection with the proposed transaction, Park has filed with the SEC and attained effectiveness of a registration statement on Form S-4 that includes a proxy statement of the Trust and a prospectus of Park. Park and the Trust also plan to file other relevant documents with the SEC regarding the proposed transaction. A definitive proxy statement/prospectus has been sent to the Trust's shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors may obtain a free copy of the definitive proxy statement/prospectus and other relevant documents filed by Park and the Trust with the SEC at the SEC's website at www.sec.gov. Copies of the documents filed by Park with the SEC are available free of charge on Park's website at http://www.pkhotelsandresorts.com or by contacting Park's Investor Relations at (571) 302-5591. Copies of the documents filed by the Trust with the SEC are available free of charge on the Trust's website at http://www.chesapeakelodgingtrust.com or by contacting the Trust at (571) 349-9452.

The Trust and its trustees and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about trustees and executive officers of the Trust is available in its definitive proxy statement filed with the SEC on April 30, 2019. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is included in the definitive proxy statement/prospectus and other relevant materials filed with the SEC regarding the proposed transaction. Investors may obtain free copies of these documents from Park or the Trust using the sources indicated above.

This communication and the information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

CHESAPEAKE LODGING TRUST

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

 

 

June 30, 2019

 

December 31, 2018

 

 

(unaudited)

 

 

 

 

 

 

 

ASSETS

 

 

 

 

Property and equipment, net

 

$

1,710,972

 

 

$

1,732,154

 

Operating lease right-of-use assets, net

 

74,722

 

 

 

Intangible assets, net

 

31,278

 

 

34,678

 

Cash and cash equivalents

 

46,239

 

 

71,259

 

Restricted cash

 

35,748

 

 

31,614

 

Accounts receivable, net

 

28,363

 

 

18,360

 

Prepaid expenses and other assets

 

19,955

 

 

21,012

 

Total assets

 

$

1,947,277

 

 

$

1,909,077

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

Long-term debt

 

$

745,547

 

 

$

751,389

 

Operating lease liabilities

 

71,793

 

 

 

Accounts payable and accrued expenses

 

68,895

 

 

72,555

 

Other liabilities

 

32,251

 

 

31,155

 

Total liabilities

 

918,486

 

 

855,099

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Preferred shares, $.01 par value; 100,000,000 shares authorized;

no shares issued and outstanding, respectively

 

 

 

 

Common shares, $.01 par value; 400,000,000 shares authorized;

60,765,796 shares and 60,263,670 shares issued and outstanding, respectively

 

608

 

 

603

 

Additional paid-in capital

 

1,196,084

 

 

1,193,455

 

Cumulative dividends in excess of net income

 

(166,460

)

 

(144,341

)

Accumulated other comprehensive income (loss)

 

(1,441

)

 

4,261

 

Total shareholders' equity

 

1,028,791

 

 

1,053,978

 

Total liabilities and shareholders' equity

 

$

1,947,277

 

 

$

1,909,077

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CREDIT INFORMATION:

 

 

 

 

Fixed charge coverage ratio(1)

 

3.31

 

 

3.33

 

Leverage ratio(1)

 

33.5

%

 

33.1

%

______________

(1) Calculated as defined under the Trust's revolving credit facility.

CHESAPEAKE LODGING TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

REVENUE

 

 

 

 

 

 

 

Rooms

$

120,652

 

 

$

125,517

 

 

$

219,734

 

 

$

226,130

 

Food and beverage

30,156

 

 

30,561

 

 

57,621

 

 

58,194

 

Other

8,169

 

 

7,207

 

 

15,359

 

 

13,986

 

Total revenue

158,977

 

 

163,285

 

 

292,714

 

 

298,310

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

Hotel operating expenses:

 

 

 

 

 

 

 

Rooms

27,366

 

 

27,472

 

 

52,216

 

 

52,758

 

Food and beverage

21,386

 

 

21,790

 

 

41,845

 

 

42,849

 

Other direct

1,257

 

 

1,204

 

 

2,344

 

 

2,352

 

Indirect

52,409

 

 

53,544

 

 

102,559

 

 

103,337

 

Total hotel operating expenses

102,418

 

 

104,010

 

 

198,964

 

 

201,296

 

Depreciation and amortization

18,782

 

 

19,105

 

 

37,419

 

 

38,313

 

Air rights contract amortization

130

 

 

130

 

 

260

 

 

260

 

Corporate general and administrative

4,490

 

 

4,725

 

 

9,359

 

 

10,103

 

Costs related to the Park merger

4,400

 

 

 

 

4,400

 

 

 

Total operating expenses

130,220

 

 

127,970

 

 

250,402

 

 

249,972

 

 

 

 

 

 

 

 

 

Interest income

234

 

 

38

 

 

490

 

 

38

 

Interest expense

(8,039

)

 

(8,914

)

 

(16,039

)

 

(17,758

)

 

 

 

 

 

 

 

 

Income before income taxes

20,952

 

 

26,439

 

 

26,763

 

 

30,618

 

Income tax expense

(2,711

)

 

(2,629

)

 

(271

)

 

(259

)

 

 

 

 

 

 

 

 

Net income

$

18,241

 

 

$

23,810

 

 

26,492

 

 

30,359

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.40

 

 

$

0.44

 

 

$

0.51

 

Diluted

$

0.30

 

 

$

0.40

 

 

$

0.44

 

 

$

0.50

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

Basic

59,394,134

 

 

59,133,648

 

 

59,392,327

 

 

59,126,894

 

Diluted

60,261,803

 

 

59,793,063

 

 

60,241,264

 

 

59,760,765

 

CHESAPEAKE LODGING TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Six Months Ended June 30,

 

 

2019

 

2018

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

Net income

 

$

26,492

 

 

$

30,359

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

37,419

 

 

38,313

 

Air rights contract amortization

 

260

 

 

260

 

Deferred financing costs amortization

 

742

 

 

834

 

Share-based compensation

 

3,797

 

 

3,784

 

Other

 

(144

)

 

(150

)

Changes in assets and liabilities:

 

 

 

 

Accounts receivable, net

 

(10,003

)

 

(13,293

)

Prepaid expenses and other assets

 

(3,229

)

 

(2,236

)

Accounts payable and accrued expenses

 

(3,324

)

 

2,423

 

Other liabilities

 

 

 

(96

)

Net cash provided by operating activities

 

52,010

 

 

60,198

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Improvements and additions to hotels

 

(16,176

)

 

(18,906

)

Net cash used in investing activities

 

(16,176

)

 

(18,906

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Borrowings under revolving credit facility

 

10,000

 

 

40,000

 

Repayments under revolving credit facility

 

(10,000

)

 

(30,000

)

Scheduled principal payments on mortgage debt

 

(6,584

)

 

(6,545

)

Payment of deferred financing costs

 

 

 

(1,556

)

Payment of dividends to common shareholders

 

(48,973

)

 

(47,513

)

Repurchase of common shares

 

(1,163

)

 

(1,146

)

Net cash used in financing activities

 

(56,720

)

 

(46,760

)

Net decrease in cash, cash equivalents, and restricted cash

 

(20,886

)

 

(5,468

)

Cash, cash equivalents, and restricted cash, beginning of period

 

102,873

 

 

74,916

 

Cash, cash equivalents, and restricted cash, end of period

 

$

81,987

 

$

69,448

 

CHESAPEAKE LODGING TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(unaudited)

The following table reconciles net income to EBITDAre, Adjusted Corporate EBITDAre, Adjusted Hotel EBITDAre, and Adjusted Hotel EBITDAre Margin for the three and six months ended June 30, 2019 and 2018:

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

2018

 

2019

 

2018

Net income

$

18,241

 

 

$

23,810

 

 

$

26,492

 

 

$

30,359

 

Add: Interest expense

8,039

 

 

8,914

 

 

16,039

 

 

17,758

 

Income tax expense

2,711

 

 

2,629

 

 

271

 

 

259

 

Depreciation and amortization

18,782

 

 

19,105

 

 

37,419

 

 

38,313

 

Less: Interest income

(234

)

 

(38

)

 

(490

)

 

(38

)

EBITDAre

47,539

 

 

54,420

 

 

79,731

 

 

86,651

 

Add: Non-cash amortization(1)

67

 

 

55

 

 

134

 

 

110

 

Costs related to the Park merger

4,400

 

 

 

 

4,400

 

 

 

Adjusted Corporate EBITDAre

52,006

 

 

54,475

 

 

84,265

 

 

86,761

 

Add: Corporate general and administrative

4,490

 

 

4,725

 

 

9,359

 

 

10,103

 

Adjusted Hotel EBITDAre

56,496

 

 

59,200

 

 

93,624

 

 

96,864

 

Less: Adjusted Hotel EBITDAre of hotel sold(2)

 

 

(1,399

)

 

 

 

(2,284

)

Comparable Adjusted Hotel EBITDAre

$

56,496

 

 

$

57,801

 

 

$

93,624

 

 

$

94,580

 

Total revenue

$

158,977

 

 

$

163,285

 

 

$

292,714

 

 

$

298,310

 

Less: Total revenue of hotel sold(2)

 

 

(4,179

)

 

 

 

(7,749

)

Comparable total revenue

$

158,977

 

 

$

159,106

 

 

$

292,714

 

 

$

290,561

 

 

 

 

 

 

 

 

 

Comparable Adjusted Hotel EBITDAre Margin

35.5

%

 

36.3

%

 

32.0

%

 

32.6

%

_____________

(1) Reflects non-cash amortization of operating lease right-of-use assets, deferred franchise costs, deferred key money, and air rights contract.

(2) Reflects results of operations for the Hyatt Centric Santa Barbara, which was sold on July 26, 2018.

The following table reconciles net income to FFO, FFO available to common shareholders, and AFFO available to common shareholders for the three and six months ended June 30, 2019 and 2018:

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

2018

 

2019

 

2018

Net income

$

18,241

 

 

$

23,810

 

 

$

26,492

 

 

$

30,359

 

Add: Depreciation and amortization

18,782

 

 

19,105

 

 

37,419

 

 

38,313

 

FFO

37,023

 

 

42,915

 

 

63,911

 

 

68,672

 

Less: Dividends declared on unvested time-based awards

(119

)

 

(119

)

 

(237

)

 

(240

)

Undistributed earnings allocated to unvested time-based awards

 

 

 

 

 

 

 

FFO available to common shareholders

36,904

 

 

42,796

 

 

63,674

 

 

68,432

 

Add: Non-cash amortization(1)

67

 

 

55

 

 

134

 

 

110

 

Costs related to the Park merger

4,400

 

 

 

 

4,400

 

 

 

AFFO available to common shareholders

$

41,371

 

 

$

42,851

 

 

$

68,208

 

 

$

68,542

 

 

 

 

 

 

 

 

 

FFO per common share:

 

 

 

 

 

 

 

Basic

$

0.62

 

 

$

0.72

 

 

$

1.07

 

 

$

1.16

 

Diluted

$

0.61

 

 

$

0.72

 

 

$

1.06

 

 

$

1.15

 

 

 

 

 

 

 

 

 

AFFO per common share:

 

 

 

 

 

 

 

Basic

$

0.70

 

 

$

0.72

 

 

$

1.15

 

 

$

1.16

 

Diluted

$

0.69

 

 

$

0.72

 

 

$

1.13

 

 

$

1.15

 

_____________

(1) Reflects non-cash amortization of operating lease right-of-use assets, deferred franchise costs, deferred key money, and air rights contract.

CHESAPEAKE LODGING TRUST

CURRENT HOTEL PORTFOLIO

Hotel

 

Location

 

Rooms

 

Acquisition Date

1

 

Hyatt Regency Boston

 

Boston, MA

 

502

 

March 18, 2010

2

 

Hilton Checkers Los Angeles

 

Los Angeles, CA

 

193

 

June 1, 2010

3

 

Boston Marriott Newton

 

Newton, MA

 

430

 

July 30, 2010

4

 

Le Meridien San Francisco

 

San Francisco, CA

 

360

 

December 15, 2010

5

 

Homewood Suites Seattle Convention Center

 

Seattle, WA

 

195

 

May 2, 2011

6

 

W Chicago – City Center

 

Chicago, IL

 

403

 

May 10, 2011

7

 

Hotel Indigo San Diego Gaslamp Quarter

 

San Diego, CA

 

210

 

June 17, 2011

8

 

Courtyard Washington Capitol Hill/Navy Yard

 

Washington, DC

 

204

 

June 30, 2011

9

 

Hotel Adagio San Francisco, Autograph Collection

 

San Francisco, CA

 

171

 

July 8, 2011

10

 

Hilton Denver City Center

 

Denver, CO

 

613

 

October 3, 2011

11

 

Hyatt Herald Square New York

 

New York, NY

 

122

 

December 22, 2011

12

 

W Chicago – Lakeshore

 

Chicago, IL

 

520

 

August 21, 2012

13

 

Hyatt Regency Mission Bay Spa and Marina

 

San Diego, CA

 

438

 

September 7, 2012

14

 

Hyatt Place New York Midtown South

 

New York, NY

 

185

 

March 14, 2013

15

 

W New Orleans – French Quarter

 

New Orleans, LA

 

97

 

March 28, 2013

16

 

Le Meridien New Orleans

 

New Orleans, LA

 

410

 

April 25, 2013

17

 

Hyatt Centric Fisherman's Wharf

 

San Francisco, CA

 

316

 

May 31, 2013

18

 

JW Marriott San Francisco Union Square

 

San Francisco, CA

 

344

 

October 1, 2014

19

 

Royal Palm South Beach Miami, a Tribute Portfolio Resort

 

Miami Beach, FL

 

393

 

March 9, 2015

20

 

Ace Hotel and Theater Downtown Los Angeles

 

Los Angeles, CA

 

182

 

April 30, 2015

 

 

 

 

 

 

6,288

 

 

 

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