Boston, MA 05/07/2014 (wallstreetpr) – Chesapeake Lodging Trust (NYSE:CHSP) released its financial results for 1Q14. For the 17-hotel portfolio, there was a 12% pro-forma increase in RevPAR and for 20-hotel portfolio, 7.1% pro forma increase in RevPARfrom the 1Q13. Adjusted EBITDA margin for hotel increased 320 basis points for 17-hotel portfolio and 220 basis point increase for 20-hotel portfolio over 1Q13. Adjusted hotel EBITDA was reported as $21.9 million and adjusted corporate EBITDA was reported as $18 million. Adjusted FFO was $12.2 million. Total revenue for the company was $94.8 million in 1Q14 as compared to $70.6 in 1Q13. Net loss for the common shareholders was $(0.2) million in 1Q14 as compared to $(4.9) million in 1Q13.
Financial outlook for 2Q14 and FY2014
For 2Q14, Chesapeake Lodging Trust (NYSE:CHSP) expects net income available to the common shareholders to be between $15.7 million and $17.2 million. The company expects Adjusted Corporate EBITDA to be in the range of $40.9 million to $42.6 million. AFFO for common shareholders will be in the range of $29 million to $30.5 million. For 17-hotel portfolio, the company expects pro forma increase in RevPAR over 2013 to be 5% to 7%. For 20-hotel portfolio, the pro forma increase in RevPAR is expected 2% to 4% over 2013.
For FY2014, Chesapeake Lodging Trust (NYSE:CHSP) expects net income available to shareholders to be between $39.7 million or $0.81 per diluted share and $44.5 million or $0.91 per diluted share. The company expects Adjusted Corporate EBITDA to be between $132.7 million to $138 million. AFFO for common shareholders will be in the range of $94.6 million to $99.4 million. For 17-hotel portfolio, the company expects pro-forma increase in RevPAR over 2013 to be 5.5% to 7.5%. For 20-hotel portfolio, the pro-forma increase in RevPAR is expected 4% to 6% over 2013.
Chesapeake Lodging Trust announces dividend
Chesapeake Lodging Trust (NYSE:CHSP) announced increased 1Q14 dividends by 15.4% to $0.30 per common share.
