Chesapeake Lodging Trust (CHSP) Misses Q4 FFO by 2c, Affirms FY Guidance, to Acquire James Royal Palm
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Chesapeake Lodging Trust (NYSE: CHSP) reported Q4 FFO of $0.44, $0.02 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $123.5 million versus the consensus estimate of $124.48 million.
On February 19, 2015, the Trust announced that it had entered into a definitive agreement to acquire the 393-room James Royal Palm located in Miami Beach, Florida for a purchase price of $278.0 million. The Trust expects the hotel will be managed by HEI Hotels & Resorts and be affiliated with Starwood Hotels and Resorts' new Collection brand. The Trust expects the acquisition to close in the first quarter 2015, subject to customary closing conditions, but can give no assurance that the acquisition will be consummated during that time period, or at all.
2015 OUTLOOK
The Trust reaffirms its previously provided full year 2015 outlook and is incorporating its first quarter 2015 outlook as follows (in millions, except RevPAR and per share amounts):
| First Quarter | Full Year | |||||||||||||||||||||||
| 2015 Outlook | 2015 Outlook | |||||||||||||||||||||||
| Low | High | Low | High | |||||||||||||||||||||
| CONSOLIDATED: | ||||||||||||||||||||||||
| Net income (loss) available to common shareholders | $ | (1.9 | ) | $ | (1.2 | ) | $ | 62.9 | $ | 68.2 | ||||||||||||||
| Net income (loss) per diluted common share | $ | (0.03 | ) | $ | (0.02 | ) | $ | 1.16 | $ | 1.25 | ||||||||||||||
| Adjusted Corporate EBITDA | $ | 18.4 | $ | 19.3 | $ | 158.0 | $ | 163.8 | ||||||||||||||||
| AFFO available to common shareholders | $ | 12.2 | $ | 12.9 | $ | 119.9 | $ | 125.2 | ||||||||||||||||
| AFFO per diluted common share | $ | 0.22 | $ | 0.24 | $ | 2.20 | $ | 2.30 | ||||||||||||||||
| Corporate cash general and administrative expense | $ | 2.6 | $ | 2.7 | $ | 9.4 | $ | 10.2 | ||||||||||||||||
| Corporate non-cash general and administrative expense | $ | 1.8 | $ | 1.8 | $ | 7.6 | $ | 7.6 | ||||||||||||||||
| Weighted-average number of diluted common shares outstanding | 54.4 | 54.4 | 54.5 | 54.5 | ||||||||||||||||||||
| HOTEL PORTFOLIO: | ||||||||||||||||||||||||
| RevPAR | $ | 143.00 | $ | 145.00 | $ | 186.00 | $ | 189.00 | ||||||||||||||||
| Pro forma RevPAR increase over 2014(1) | 3.0 | % | 4.0 | % | 7.5 | % | 9.5 | % | ||||||||||||||||
| Adjusted Hotel EBITDA | $ | 22.8 | $ | 23.8 | $ | 175.0 | $ | 181.5 | ||||||||||||||||
| Adjusted Hotel EBITDA Margin | 21.8 | % | 22.3 | % | 32.5 | % | 33.0 | % | ||||||||||||||||
| Pro forma Adjusted Hotel EBITDA Margin increase (decrease) over 2014(1) | (100) bps | (50) bps | 75 bps | 125 bps | ||||||||||||||||||||
For earnings history and earnings-related data on Chesapeake Lodging Trust (CHSP) click here.
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