Chesapeake Lodging Trust (CHSP) Posts EPS of $0.40, AFFO of $0.71

November 1, 2016 5:41 PM EDT
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Chesapeake Lodging Trust (NYSE: CHSP) reported Q3 EPS of $0.40, versus the analyst estimate of $0.46. Revenue for the quarter came in at $164.5 million versus the consensus estimate of $167.65 million.

AFFO was $0.71.

“Pricing pressure from corporate customers continues to be the primary headwind for our portfolio in the second half of 2016,” said James L. Francis, Chesapeake Lodging Trust’s President and Chief Executive Officer. “Although our operators have been able to hold occupancy levels at our hotels at historically high levels, ADRs have been pressured more than expected which in turn has impacted our operating results and margins. In addition, our fourth quarter operating results are expected to be negatively impacted by approximately $1.5 million as a result of the Zika virus and Hurricane Matthew in Miami and operational challenges at our hotels in New Orleans, which we are working to correct. Furthermore, management fee waivers received and favorable property tax adjustments recorded at several of our hotels last year totaling $1.5 million negatively impact our margin comparison in the fourth quarter. We and our hotel operators are intensely focused on both revenue management and cost containment and reduction measures to minimize the impact of the current revenue trends we are experiencing.”

For earnings history and earnings-related data on Chesapeake Lodging Trust (CHSP) click here.

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