We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chesapeake Lodging Trust | NYSE:CHSP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.17 | 0 | 01:00:00 |
Maryland | 001-34572 | 27-0372343 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1997 Annapolis Exchange Parkway, Suite 410 Annapolis, MD | 21401 | |
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Exhibit Description | |
99.1 | Press release dated August 4, 2014. |
Date: August 4, 2014 | CHESAPEAKE LODGING TRUST | |||||
By: | /s/ Graham J. Wootten | |||||
Graham J. Wootten | ||||||
Senior Vice President and Chief Accounting Officer |
Exhibit 99.1 | ||
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
• | RevPAR: 7.0% pro forma increase for the 17-hotel portfolio and 3.4% pro forma increase for the 20-hotel portfolio over the same period in 2013. |
• | Adjusted Hotel EBITDA Margin: 250 basis point pro forma increase for the 17-hotel portfolio and 170 basis point pro forma increase for the 20-hotel portfolio over the same period in 2013. |
• | Adjusted Hotel EBITDA: $47.1 million. |
• | Adjusted Corporate EBITDA: $43.2 million. |
• | Adjusted FFO: $31.2 million or $0.64 per diluted common share. |
• | Financing: Subsequent to quarter end, refinanced an existing $60.0 million loan, replacing it with a $90.0 million, 10-year loan at 4.30%. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014(1) | 2013(2) | 2014(1) | 2013(3) | |||||||||||||
Total revenue | $ | 128.9 | $ | 115.6 | $ | 223.6 | $ | 186.2 | ||||||||
Net income available to common shareholders | $ | 18.8 | $ | 14.6 | $ | 18.6 | $ | 9.7 | ||||||||
Net income per diluted common share | $ | 0.38 | $ | 0.30 | $ | 0.37 | $ | 0.21 | ||||||||
Adjusted Hotel EBITDA | $ | 47.1 | $ | 42.1 | $ | 69.0 | $ | 57.7 | ||||||||
Adjusted Corporate EBITDA | $ | 43.2 | $ | 38.5 | $ | 61.2 | $ | 50.7 | ||||||||
AFFO available to common shareholders | $ | 31.2 | $ | 26.6 | $ | 43.5 | $ | 33.5 | ||||||||
AFFO per diluted common share | $ | 0.64 | $ | 0.56 | $ | 0.89 | $ | 0.72 | ||||||||
Weighted-average number of common shares outstanding - basic and diluted | 48,977,876 | 47,862,652 | 48,969,761 | 46,187,216 |
(1) | Includes results of operations of 20 hotels for the full period. |
(2) | Includes results of operations of 17 hotels for the full period and three hotels for part of the period. |
(3) | Includes results of operations of 15 hotels for the full period and five hotels for part of the period. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
2014 | 2013(1) | Change | 2014 | 2013(1) | Change | |||||||||||||||
17-Hotel Portfolio(2) | ||||||||||||||||||||
Occupancy | 87.2 | % | 86.5 | % | 70 bps | 82.9 | % | 80.5 | % | 240 bps | ||||||||||
ADR | $ | 215.52 | $ | 203.08 | 6.1% | $ | 198.44 | $ | 187.82 | 5.7% | ||||||||||
RevPAR | $ | 188.00 | $ | 175.69 | 7.0% | $ | 164.58 | $ | 151.21 | 8.8% | ||||||||||
Adjusted Hotel EBITDA | $ | 41,499 | $ | 36,544 | 13.6% | $ | 62,447 | $ | 52,838 | 18.2% | ||||||||||
Adjusted Hotel EBITDA Margin | 37.5 | % | 35.0 | % | 250 bps | 32.2 | % | 29.5 | % | 270 bps | ||||||||||
20-Hotel Portfolio | ||||||||||||||||||||
Occupancy | 84.6 | % | 85.6 | % | (100) bps | 79.5 | % | 79.2 | % | 30 bps | ||||||||||
ADR | $ | 215.10 | $ | 205.64 | 4.6% | $ | 198.08 | $ | 189.79 | 4.4% | ||||||||||
RevPAR | $ | 181.92 | $ | 175.93 | 3.4% | $ | 157.49 | $ | 150.37 | 4.7% | ||||||||||
Adjusted Hotel EBITDA | $ | 47,104 | $ | 43,977 | 7.1% | $ | 69,044 | $ | 62,469 | 10.5% | ||||||||||
Adjusted Hotel EBITDA Margin | 36.6 | % | 34.9 | % | 170 bps | 30.9 | % | 29.1 | % | 180 bps |
(1) | Includes results of operations for certain hotels prior to their acquisition by the Trust. |
(2) | Excludes the W Chicago – Lakeshore, the Hotel New Orleans Downtown (formerly the W New Orleans), and the Hyatt Herald Square (formerly the Holiday Inn New York City Midtown – 31st Street), as these hotels have undergone or are undergoing comprehensive renovations during 2014. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Third Quarter 2014 | Outlook | |||||||
Low | High | |||||||
CONSOLIDATED: | ||||||||
Net income available to common shareholders | $ | 15.5 | $ | 17.0 | ||||
Net income per diluted common share | $ | 0.32 | $ | 0.35 | ||||
Adjusted Corporate EBITDA | $ | 40.5 | $ | 42.2 | ||||
AFFO available to common shareholders | $ | 29.9 | $ | 31.4 | ||||
AFFO per diluted common share | $ | 0.61 | $ | 0.64 | ||||
Corporate general and administrative expense | $ | 3.5 | $ | 3.6 | ||||
Weighted-average number of diluted common shares outstanding | 49.0 | 49.0 | ||||||
HOTEL PORTFOLIO: | ||||||||
17-Hotel Portfolio(1) | ||||||||
RevPAR | $ | 193.00 | $ | 197.00 | ||||
RevPAR increase over 2013 | 6.5 | % | 8.5 | % | ||||
Adjusted Hotel EBITDA | $ | 40.4 | $ | 42.0 | ||||
Adjusted Hotel EBITDA Margin | 36.9 | % | 37.7 | % | ||||
Adjusted Hotel EBITDA Margin increase over 2013 | 75 bps | 150 bps | ||||||
20-Hotel Portfolio | ||||||||
RevPAR | $ | 180.00 | $ | 184.00 | ||||
RevPAR increase over 2013 | 3.0 | % | 5.0 | % | ||||
Adjusted Hotel EBITDA | $ | 44.0 | $ | 45.8 | ||||
Adjusted Hotel EBITDA Margin | 35.0 | % | 35.7 | % | ||||
Adjusted Hotel EBITDA Margin increase over 2013 | 0 bps | 75 bps |
(1) | Excludes the W Chicago – Lakeshore, the Hotel New Orleans Downtown (formerly the W New Orleans), and the Hyatt Herald Square (formerly the Holiday Inn New York City Midtown – 31st Street), as these hotels have undergone or are undergoing comprehensive renovations during 2014. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
Full Year 2014 | Updated Outlook | Previous Outlook | ||||||||||||||
Low | High | Low | High | |||||||||||||
CONSOLIDATED: | ||||||||||||||||
Net income available to common shareholders | $ | 40.6 | $ | 44.5 | $ | 39.7 | $ | 44.5 | ||||||||
Net income per diluted common share | $ | 0.83 | $ | 0.91 | $ | 0.81 | $ | 0.91 | ||||||||
Adjusted Corporate EBITDA | $ | 134.0 | $ | 138.2 | $ | 132.7 | $ | 138.0 | ||||||||
AFFO available to common shareholders | $ | 95.3 | $ | 99.3 | $ | 94.6 | $ | 99.4 | ||||||||
AFFO per diluted common share | $ | 1.95 | $ | 2.03 | $ | 1.93 | $ | 2.03 | ||||||||
Corporate general and administrative expense | $ | 14.8 | $ | 15.3 | $ | 14.5 | $ | 15.2 | ||||||||
Weighted-average number of diluted common shares outstanding | 49.0 | 49.0 | 49.0 | 49.0 | ||||||||||||
HOTEL PORTFOLIO: | ||||||||||||||||
17-Hotel Portfolio(1) | ||||||||||||||||
RevPAR | $ | 169.00 | $ | 172.00 | $ | 168.00 | $ | 171.00 | ||||||||
Pro forma RevPAR increase over 2013(2) | 6.5 | % | 8.0 | % | 5.5 | % | 7.5 | % | ||||||||
Adjusted Hotel EBITDA | $ | 131.9 | $ | 135.6 | $ | 129.8 | $ | 134.8 | ||||||||
Adjusted Hotel EBITDA Margin | 33.1 | % | 33.6 | % | 32.7 | % | 33.4 | % | ||||||||
Pro forma Adjusted Hotel EBITDA Margin increase over 2013(2) | 140 bps | 190 bps | 100 bps | 175 bps | ||||||||||||
20-Hotel Portfolio | ||||||||||||||||
RevPAR | $ | 163.00 | $ | 166.00 | $ | 163.00 | $ | 166.00 | ||||||||
Pro forma RevPAR increase over 2013(2) | 4.0 | % | 6.0 | % | 4.0 | % | 6.0 | % | ||||||||
Adjusted Hotel EBITDA | $ | 148.8 | $ | 153.5 | $ | 147.2 | $ | 153.2 | ||||||||
Adjusted Hotel EBITDA Margin | 32.1 | % | 32.5 | % | 31.7 | % | 32.4 | % | ||||||||
Pro forma Adjusted Hotel EBITDA Margin increase over 2013(2) | 90 bps | 140 bps | 50 bps | 125 bps |
(1) | Excludes the W Chicago – Lakeshore, the Hotel New Orleans Downtown (formerly the W New Orleans), and the Hyatt Herald Square (formerly the Holiday Inn New York City Midtown – 31st Street), as these hotels have undergone or are undergoing comprehensive renovations during 2014. |
(2) | The comparable 2013 period includes results of operations for certain hotels prior to their acquisition by the Trust. |
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
PRESS RELEASE For Immediate Release Contact: Douglas W. Vicari (410) 972-4142 | ||
June 30, 2014 | December 31, 2013 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Property and equipment, net | $ | 1,440,848 | $ | 1,422,439 | ||||
Intangible assets, net | 38,480 | 38,781 | ||||||
Cash and cash equivalents | 40,047 | 28,713 | ||||||
Restricted cash | 36,313 | 34,235 | ||||||
Accounts receivable, net | 21,123 | 13,011 | ||||||
Prepaid expenses and other assets | 15,362 | 10,478 | ||||||
Deferred financing costs, net | 5,178 | 6,501 | ||||||
Total assets | $ | 1,597,351 | $ | 1,554,158 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Long-term debt | $ | 576,776 | $ | 531,771 | ||||
Accounts payable and accrued expenses | 51,440 | 45,982 | ||||||
Other liabilities | 31,564 | 29,848 | ||||||
Total liabilities | 659,780 | 607,601 | ||||||
Commitments and contingencies | ||||||||
Preferred shares, $.01 par value; 100,000,000 shares authorized; Series A Cumulative Redeemable Preferred Shares; 5,000,000 shares issued and outstanding ($127,422 liquidation preference) | 50 | 50 | ||||||
Common shares, $.01 par value; 400,000,000 shares authorized; 50,048,154 shares and 49,574,005 shares issued and outstanding, respectively | 501 | 496 | ||||||
Additional paid-in capital | 993,801 | 991,417 | ||||||
Cumulative dividends in excess of net income | (56,781 | ) | (45,339 | ) | ||||
Accumulated other comprehensive loss | — | (67 | ) | |||||
Total shareholders’ equity | 937,571 | 946,557 | ||||||
Total liabilities and shareholders’ equity | $ | 1,597,351 | $ | 1,554,158 | ||||
SUPPLEMENTAL CREDIT INFORMATION: | ||||||||
Fixed charge coverage ratio(1) | 2.59 | 2.67 | ||||||
Leverage ratio(1) | 35.9 | % | 33.5 | % |
(1) | Calculated as defined under the Trust’s revolving credit facility. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
REVENUE | ||||||||||||||||
Rooms | $ | 98,118 | $ | 86,946 | $ | 168,957 | $ | 138,490 | ||||||||
Food and beverage | 26,063 | 24,313 | 46,331 | 40,225 | ||||||||||||
Other | 4,684 | 4,311 | 8,351 | 7,456 | ||||||||||||
Total revenue | 128,865 | 115,570 | 223,639 | 186,171 | ||||||||||||
EXPENSES | ||||||||||||||||
Hotel operating expenses: | ||||||||||||||||
Rooms | 21,326 | 19,167 | 39,945 | 33,186 | ||||||||||||
Food and beverage | 18,730 | 17,142 | 34,940 | 29,734 | ||||||||||||
Other direct | 1,998 | 1,936 | 3,779 | 3,707 | ||||||||||||
Indirect | 39,633 | 35,125 | 75,782 | 61,705 | ||||||||||||
Total hotel operating expenses | 81,687 | 73,370 | 154,446 | 128,332 | ||||||||||||
Depreciation and amortization | 12,524 | 10,838 | 25,022 | 19,677 | ||||||||||||
Air rights contract amortization | 130 | 130 | 260 | 260 | ||||||||||||
Corporate general and administrative | 3,891 | 3,643 | 7,811 | 6,985 | ||||||||||||
Hotel acquisition costs | — | 1,237 | — | 4,136 | ||||||||||||
Total operating expenses | 98,232 | 89,218 | 187,539 | 159,390 | ||||||||||||
Operating income | 30,633 | 26,352 | 36,100 | 26,781 | ||||||||||||
Interest income | — | 25 | — | 243 | ||||||||||||
Interest expense | (6,828 | ) | (6,346 | ) | (13,514 | ) | (11,787 | ) | ||||||||
Income before income taxes | 23,805 | 20,031 | 22,586 | 15,237 | ||||||||||||
Income tax benefit (expense) | (2,556 | ) | (2,974 | ) | 841 | (690 | ) | |||||||||
Net income | 21,249 | 17,057 | 23,427 | 14,547 | ||||||||||||
Preferred share dividends | (2,422 | ) | (2,422 | ) | (4,844 | ) | (4,844 | ) | ||||||||
Net income available to common shareholders | $ | 18,827 | $ | 14,635 | $ | 18,583 | $ | 9,703 | ||||||||
Net income per common share - basic and diluted | $ | 0.38 | $ | 0.30 | $ | 0.37 | $ | 0.21 | ||||||||
Weighted-average number of common shares outstanding - basic and diluted | 48,977,876 | 47,862,652 | 48,969,761 | 46,187,216 |
Six Months Ended June 30, | ||||||||
2014 | 2013 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 23,427 | $ | 14,547 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 25,022 | 19,677 | ||||||
Air rights contract amortization | 260 | 260 | ||||||
Deferred financing costs amortization | 1,446 | 1,372 | ||||||
Share-based compensation | 2,819 | 2,277 | ||||||
Other | (282 | ) | (275 | ) | ||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net | (8,112 | ) | (12,458 | ) | ||||
Prepaid expenses and other assets | (2,769 | ) | (1,658 | ) | ||||
Accounts payable and accrued expenses | 5,078 | 11,323 | ||||||
Other liabilities | (14 | ) | 788 | |||||
Net cash provided by operating activities | 46,875 | 35,853 | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of hotels, net of cash acquired | — | (331,058 | ) | |||||
Receipt of deposit on hotel acquisition | — | 700 | ||||||
Improvements and additions to hotels | (43,431 | ) | (9,979 | ) | ||||
Repayment of hotel construction loan | — | 7,810 | ||||||
Change in restricted cash | (2,078 | ) | (3,872 | ) | ||||
Net cash used in investing activities | (45,509 | ) | (336,399 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from sale of common shares, net of underwriting fees | — | 166,083 | ||||||
Payment of offering costs related to sale of common shares | — | (215 | ) | |||||
Borrowings under revolving credit facility | 50,000 | 105,000 | ||||||
Repayments under revolving credit facility | — | (55,000 | ) | |||||
Proceeds from issuance of mortgage debt | — | 127,000 | ||||||
Scheduled principal payments on mortgage debt | (4,889 | ) | (1,701 | ) | ||||
Payment of deferred financing costs | (123 | ) | (1,769 | ) | ||||
Deposits on loan applications | (2,115 | ) | (3,032 | ) | ||||
Payment of dividends to common shareholders | (27,631 | ) | (20,322 | ) | ||||
Payment of dividends to preferred shareholders | (4,844 | ) | (4,844 | ) | ||||
Repurchase of common shares | (430 | ) | (1,088 | ) | ||||
Net cash provided by financing activities | 9,968 | 310,112 | ||||||
Net increase in cash | 11,334 | 9,566 | ||||||
Cash and cash equivalents, beginning of period | 28,713 | 33,194 | ||||||
Cash and cash equivalents, end of period | $ | 40,047 | $ | 42,760 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013(1) | 2014 | 2013(1) | |||||||||||||
17-Hotel Portfolio(2) | ||||||||||||||||
Total revenue | $ | 110,729 | $ | 104,528 | $ | 194,138 | $ | 178,823 | ||||||||
Less: Total hotel operating expenses | 69,156 | 67,904 | 131,542 | 125,837 | ||||||||||||
Hotel EBITDA | 41,573 | 36,624 | 62,596 | 52,986 | ||||||||||||
Less: Non-cash amortization(3) | (74 | ) | (80 | ) | (149 | ) | (148 | ) | ||||||||
Adjusted Hotel EBITDA | $ | 41,499 | $ | 36,544 | $ | 62,447 | $ | 52,838 | ||||||||
Adjusted Hotel EBITDA Margin | 37.5 | % | 35.0 | % | 32.2 | % | 29.5 | % | ||||||||
20-Hotel Portfolio | ||||||||||||||||
Total revenue | $ | 128,865 | $ | 125,906 | $ | 223,639 | $ | 214,416 | ||||||||
Less: Total hotel operating expenses | 81,687 | 81,849 | 154,446 | 151,799 | ||||||||||||
Hotel EBITDA | 47,178 | 44,057 | 69,193 | 62,617 | ||||||||||||
Less: Non-cash amortization(3) | (74 | ) | (80 | ) | (149 | ) | (148 | ) | ||||||||
Adjusted Hotel EBITDA | $ | 47,104 | $ | 43,977 | $ | 69,044 | $ | 62,469 | ||||||||
Adjusted Hotel EBITDA Margin | 36.6 | % | 34.9 | % | 30.9 | % | 29.1 | % |
(1) | Includes results of operations for certain hotels prior to their acquisition by the Trust. |
(2) | Excludes the W Chicago – Lakeshore, the Hotel New Orleans Downtown (formerly the W New Orleans), and the Hyatt Herald Square (formerly the Holiday Inn New York City Midtown – 31st Street), as these hotels have undergone or are undergoing comprehensive renovations during 2014. |
(3) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenue | $ | 128,865 | $ | 115,570 | $ | 223,639 | $ | 186,171 | ||||||||
Less: Total hotel operating expenses | 81,687 | 73,370 | 154,446 | 128,332 | ||||||||||||
Hotel EBITDA | 47,178 | 42,200 | 69,193 | 57,839 | ||||||||||||
Less: Non-cash amortization(1) | (74 | ) | (80 | ) | (149 | ) | (148 | ) | ||||||||
Adjusted Hotel EBITDA | $ | 47,104 | $ | 42,120 | $ | 69,044 | $ | 57,691 |
(1) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 21,249 | $ | 17,057 | $ | 23,427 | $ | 14,547 | ||||||||
Add: Depreciation and amortization | 12,524 | 10,838 | 25,022 | 19,677 | ||||||||||||
Interest expense | 6,828 | 6,346 | 13,514 | 11,787 | ||||||||||||
Income tax expense (benefit) | 2,556 | 2,974 | (841 | ) | 690 | |||||||||||
Less: Interest income | — | (25 | ) | — | (243 | ) | ||||||||||
Corporate EBITDA | 43,157 | 37,190 | 61,122 | 46,458 | ||||||||||||
Add: Hotel acquisition costs | — | 1,237 | — | 4,136 | ||||||||||||
Non-cash amortization(1) | 56 | 50 | 111 | 112 | ||||||||||||
Adjusted Corporate EBITDA | $ | 43,213 | $ | 38,477 | $ | 61,233 | $ | 50,706 |
(1) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 21,249 | $ | 17,057 | $ | 23,427 | $ | 14,547 | ||||||||
Add: Depreciation and amortization | 12,524 | 10,838 | 25,022 | 19,677 | ||||||||||||
FFO | 33,773 | 27,895 | 48,449 | 34,224 | ||||||||||||
Less: Preferred share dividends | (2,422 | ) | (2,422 | ) | (4,844 | ) | (4,844 | ) | ||||||||
Dividends declared on unvested time-based awards | (128 | ) | (90 | ) | (257 | ) | (178 | ) | ||||||||
Undistributed earnings allocated to unvested time-based awards | (35 | ) | (23 | ) | — | — | ||||||||||
FFO available to common shareholders | 31,188 | 25,360 | 43,348 | 29,202 | ||||||||||||
Add: Hotel acquisition costs | — | 1,237 | — | 4,136 | ||||||||||||
Non-cash amortization(1) | 56 | 50 | 111 | 112 | ||||||||||||
AFFO available to common shareholders | $ | 31,244 | $ | 26,647 | $ | 43,459 | $ | 33,450 | ||||||||
FFO per common share - basic and diluted | $ | 0.64 | $ | 0.53 | $ | 0.89 | $ | 0.63 | ||||||||
AFFO per common share - basic and diluted | $ | 0.64 | $ | 0.56 | $ | 0.89 | $ | 0.72 |
(1) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
Three Months Ending September 30, 2014 | ||||||||||||||||
17-Hotel Portfolio(1) | 20-Hotel Portfolio | |||||||||||||||
Low | High | Low | High | |||||||||||||
Total revenue | $ | 109,400 | $ | 111,500 | $ | 125,700 | $ | 128,200 | ||||||||
Less: Total hotel operating expenses | 68,920 | 69,420 | 81,620 | 82,320 | ||||||||||||
Hotel EBITDA | 40,480 | 42,080 | 44,080 | 45,880 | ||||||||||||
Less: Non-cash amortization(2) | (80 | ) | (80 | ) | (80 | ) | (80 | ) | ||||||||
Adjusted Hotel EBITDA | $ | 40,400 | $ | 42,000 | $ | 44,000 | $ | 45,800 |
(1) | Excludes the W Chicago – Lakeshore, the Hotel New Orleans Downtown (formerly the W New Orleans), and the Hyatt Herald Square (formerly the Holiday Inn New York City Midtown – 31st Street), as these hotels have undergone or are undergoing comprehensive renovations during 2014. |
(2) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
Three Months Ending September 30, 2014 | ||||||||
Low | High | |||||||
Net income | $ | 18,050 | $ | 19,550 | ||||
Add: Depreciation and amortization | 14,300 | 14,300 | ||||||
Interest expense | 7,010 | 7,010 | ||||||
Income tax expense | 1,050 | 1,250 | ||||||
Less: Interest income | — | — | ||||||
Corporate EBITDA | 40,410 | 42,110 | ||||||
Add: Hotel acquisition costs | — | — | ||||||
Non-cash amortization(1) | 50 | 50 | ||||||
Adjusted Corporate EBITDA | $ | 40,460 | $ | 42,160 |
(1) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
Three Months Ending September 30, 2014 | ||||||||
Low | High | |||||||
Net income | $ | 18,050 | $ | 19,550 | ||||
Add: Depreciation and amortization | 14,300 | 14,300 | ||||||
FFO | 32,350 | 33,850 | ||||||
Less: Preferred share dividends | (2,420 | ) | (2,420 | ) | ||||
Dividends declared on unvested time-based awards | (130 | ) | (130 | ) | ||||
Undistributed earnings allocated to unvested time-based awards | — | — | ||||||
FFO available to common shareholders | 29,800 | 31,300 | ||||||
Add: Hotel acquisition costs | — | — | ||||||
Non-cash amortization(1) | 50 | 50 | ||||||
AFFO available to common shareholders | $ | 29,850 | $ | 31,350 | ||||
FFO per common share - basic and diluted | $ | 0.61 | $ | 0.64 | ||||
AFFO per common share - basic and diluted | $ | 0.61 | $ | 0.64 | ||||
Weighted-average number of diluted common shares outstanding | 48,987 | 48,987 |
(1) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
Year Ending December 31, 2014 | ||||||||||||||||
17-Hotel Portfolio(1) | 20-Hotel Portfolio | |||||||||||||||
Low | High | Low | High | |||||||||||||
Total revenue | $ | 398,500 | $ | 403,700 | $ | 464,100 | $ | 471,600 | ||||||||
Less: Total hotel operating expenses | 266,300 | 267,800 | 315,050 | 317,800 | ||||||||||||
Hotel EBITDA | 132,200 | 135,900 | 149,050 | 153,800 | ||||||||||||
Less: Non-cash amortization(2) | (300 | ) | (300 | ) | (300 | ) | (300 | ) | ||||||||
Adjusted Hotel EBITDA | $ | 131,900 | $ | 135,600 | $ | 148,750 | $ | 153,500 |
(1) | Excludes the W Chicago – Lakeshore, the Hotel New Orleans Downtown (formerly the W New Orleans), and the Hyatt Herald Square (formerly the Holiday Inn New York City Midtown – 31st Street), as these hotels have undergone or are undergoing comprehensive renovations during 2014. |
(2) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability. |
Year Ending December 31, 2014 | ||||||||
Low | High | |||||||
Net income | $ | 50,760 | $ | 54,710 | ||||
Add: Depreciation and amortization | 54,520 | 54,520 | ||||||
Interest expense | 27,500 | 27,500 | ||||||
Income tax expense | 950 | 1,250 | ||||||
Less: Interest income | — | — | ||||||
Corporate EBITDA | 133,730 | 137,980 | ||||||
Add: Hotel acquisition costs | — | — | ||||||
Non-cash amortization(1) | 220 | 220 | ||||||
Adjusted Corporate EBITDA | $ | 133,950 | $ | 138,200 |
(1) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
Year Ending December 31, 2014 | ||||||||
Low | High | |||||||
Net income | $ | 50,760 | $ | 54,710 | ||||
Add: Depreciation and amortization | 54,520 | 54,520 | ||||||
FFO | 105,280 | 109,230 | ||||||
Less: Preferred share dividends | (9,690 | ) | (9,690 | ) | ||||
Dividends declared on unvested time-based awards | (500 | ) | (500 | ) | ||||
Undistributed earnings allocated to unvested time-based awards | — | — | ||||||
FFO available to common shareholders | 95,090 | 99,040 | ||||||
Add: Hotel acquisition costs | — | — | ||||||
Non-cash amortization(1) | 220 | 220 | ||||||
AFFO available to common shareholders | $ | 95,310 | $ | 99,260 | ||||
FFO per common share - basic and diluted | $ | 1.94 | $ | 2.02 | ||||
AFFO per common share - basic and diluted | $ | 1.95 | $ | 2.03 | ||||
Weighted-average number of diluted common shares outstanding | 48,985 | 48,985 |
(1) | Includes non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract. |
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 | Courtyard Anaheim at Disneyland Resort | Anaheim, CA | 153 | July 30, 2010 | ||||
4 | Boston Marriott Newton | Newton, MA | 430 | July 30, 2010 | ||||
5 | Le Meridien San Francisco | San Francisco, CA | 360 | December 15, 2010 | ||||
6 | Homewood Suites Seattle Convention Center | Seattle, WA | 195 | May 2, 2011 | ||||
7 | W Chicago – City Center | Chicago, IL | 403 | May 10, 2011 | ||||
8 | Hotel Indigo San Diego Gaslamp Quarter | San Diego, CA | 210 | June 17, 2011 | ||||
9 | Courtyard Washington Capitol Hill/Navy Yard | Washington, DC | 204 | June 30, 2011 | ||||
10 | Hotel Adagio San Francisco, Autograph Collection | San Francisco, CA | 171 | July 8, 2011 | ||||
11 | Denver Marriott City Center | Denver, CO | 613 | October 3, 2011 | ||||
12 | Hyatt Herald Square (formerly the Holiday Inn New York City Midtown – 31st Street) | New York, NY | 122 | December 22, 2011 | ||||
13 | W Chicago – Lakeshore | Chicago, IL | 520 | August 21, 2012 | ||||
14 | Hyatt Regency Mission Bay Spa and Marina | San Diego, CA | 429 | September 7, 2012 | ||||
15 | The Hotel Minneapolis, Autograph Collection | Minneapolis, MN | 222 | October 30, 2012 | ||||
16 | Hyatt Place New York Midtown South | New York, NY | 185 | March 14, 2013 | ||||
17 | W New Orleans – French Quarter | New Orleans, LA | 97 | March 28, 2013 | ||||
18 | Hotel New Orleans Downtown (formerly the W New Orleans) | New Orleans, LA | 410 | April 25, 2013 | ||||
19 | Hyatt Fisherman’s Wharf | San Francisco, CA | 313 | May 31, 2013 | ||||
20 | Hyatt Santa Barbara | Santa Barbara, CA | 200 | June 27, 2013 | ||||
5,932 |
1 Year Chesapeake Lodging Chart |
1 Month Chesapeake Lodging Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions