Chesapeake Lodging Trust Reports Preliminary Second Quarter Results
July 12 2016 - 4:16PM
Business Wire
Chesapeake Lodging Trust (NYSE: CHSP), a lodging real estate
investment trust (REIT), provided an update today on its financial
results for the quarter ended June 30, 2016. The Trust expects
RevPAR to increase 2.2% on a pro forma basis and Adjusted Hotel
EBITDA, Adjusted Corporate EBITDA, and AFFO per share to be near
the midpoint of the guidance ranges previously provided. The
preliminary results are subject to adjustments that may result from
the completion of the Trust’s quarterly review and close process.
The Trust intends to release final financial results for the second
quarter 2016 and provide an updated 2016 outlook before the market
opens on July 29, 2016.
“Our hotel portfolio’s pro forma RevPAR increase of 2.2% for the
second quarter 2016 came in below our outlook provided in April as
a result of a slowdown in demand from corporate transient customers
across our portfolio associated with the generally softening
macroeconomic conditions we are seeing in the U.S. and abroad. We
see these headwinds continuing as we start the second half of
2016,” said Mr. Francis. “We are aggressively asset managing our
hotels and working closely with our hotel operators to mitigate the
current environment. These efforts resulted in our hotel portfolio
gaining market share during the quarter, as well as our expectation
of meeting our previously provided guidance ranges for EBITDA and
AFFO per share.”
Adjusted Hotel EBITDA, Adjusted Corporate EBITDA, and Adjusted
Funds From Operations (AFFO) are non-GAAP financial measures within
the meaning of the rules of the Securities and Exchange Commission.
For further information on these non-GAAP financial measures please
see the Trust's press release dated April 28, 2016.
CONFERENCE CALL
The Trust will host a conference call on Friday, July 29, 2016
at 11:00 a.m. Eastern Time to discuss its financial results.
Interested individuals are invited to listen to the call by dialing
(877) 683-0303 (U.S./Canadian callers) or (706) 643-5037
(International callers). The conference call ID is 47390763. A
simultaneous webcast of the call will be available on the Trust’s
website at www.chesapeakelodgingtrust.com. It is recommended
that participants call or log on 10 minutes ahead of the scheduled
start time to ensure proper connection.
A replay of the conference call will be available two hours
after the live call until midnight on August 5, 2016. To access the
replay, dial (855) 859-2056 (U.S./Canadian callers) or
(404) 537-3406 (International callers). The conference call ID
is 47390763. A webcast replay and transcript of the conference call
will be archived and available on the Trust’s website for 12
months.
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
22 hotels with an aggregate of 6,694 rooms in nine states and the
District of Columbia. Additional information can be found on the
Trust’s website at www.chesapeakelodgingtrust.com.
Note: This press release contains forward-looking statements
within the meaning of federal securities regulations. These
forward-looking statements are identified by their use of terms and
phrases such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,”
“will,” “continue” and other similar terms and phrases, including
references to assumptions and forecasts, such as the Trust’s
preliminary expected financial results for the quarter ended June
30, 2016. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors which may cause the actual results to differ
materially from those anticipated at the time the forward-looking
statements are made. These risks include, but are not limited to:
U.S. economic conditions generally and the real estate market and
the lodging industry specifically; management and performance of
the Trust's hotels; supply and demand for hotel rooms in the
Trust's markets; the Trust's competition; the Trust’s ability to
continue to satisfy complex rules in order for it to remain a REIT
for federal income tax purposes; the effects of any acquisitions,
dispositions or financing transactions the Trust may undertake; and
other risks and uncertainties associated with the Trust’s business
described in its filings with the SEC. Although the Trust believes
the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that
the expectations will be attained or that any deviation will not be
material. All information in this release is as of July 12, 2016,
and the Trust undertakes no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in the Trust’s expectations, except as required
by law.
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Chesapeake Lodging TrustDouglas W. Vicari, 410-972-4142
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