Chesapeake Lodging Trust reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total revenue of $163,285,000 against $162,461,000 a year ago. Operating income was $35,315,000 against $33,239,000 a year ago. Income before income taxes was $26,439,000 against $25,068,000 a year ago. Net income was $23,810,000 against $21,661,000 a year ago. Net income available to common shareholders was $23,810,000 or $0.40 per basic and diluted share against $19,239,000 or $0.32 per basic and diluted share a year ago. EBITDAre was $47,650,000 against $49,850,000 a year ago. Adjusted Hotel EBITDAre was $52,200,000 against $54,600,000 a year ago. FFO was $42,915,000 against $40,757,000 a year ago. FFO available to common shareholders was $42,796,000 or $0.72 per basic and diluted share against $38,212,000 or $0.65 per basic and diluted share a year ago. AFFO available to common shareholders was $42,851,000 or $0.72 per basic and diluted share against $38,187,000 or $0.65 per basic and diluted share a year ago.

For the six months, the company reported total revenue of $298,310,000 against $297,335,000 a year ago. Operating income was $48,338,000 against $45,529,000 a year ago. Income before income taxes was $30,618,000 against $29,560,000 a year ago. Net income was $30,359,000 against $29,680,000 a year ago. Net income available to common shareholders was $30,359,000 or $0.50 per diluted share against $24,836,000 or $0.42 per basic and diluted share a year ago. Net cash provided by operating activities was $60,198,000 against $63,287,000 a year ago. Improvements and additions to hotels were $18,906,000 against $28,941,000 a year ago. EBITDAre was $172,830,000 against $178,280,000 a year ago. Adjusted Hotel EBITDAre was $191,900,000 against $198,100,000 a year ago. FFO was $68,672,000 against $67,563,000 a year ago. FFO available to common shareholders was $68,542,000 or $1.15 per diluted share against $62,422,000 or $1.06 per diluted share a year ago. AFFO available to common shareholders was $68,542,000 or $1.15 per diluted share against $62,422,000 or $1.06 per diluted share a year ago.


The company provided consolidated earnings guidance for the third quarter of 2018. For the third quarter of 2018, the company expects net income available to common shareholders per share of $52.5 to $54.5. Net income per diluted common share is expected to be in a range of $0.88 to $0.91. Adjusted corporate ebitdare per share is expected to be in a range of $47.7 to $49.9. AFFO available to common shareholders per share is expected to be in a range of $37.9 to $39.9. AFFO per diluted common share is expected to be in a range of $0.63 to $0.67.

The company updated earnings guidance for the year 2018, the company now expects net income available to common shareholders per share of $94.6 to $99.3 against previous outlook of $62.9 to $69.4. Net income per diluted common share is expected to be in a range of $1.59 to $1.67 against previous outlook of $1.06 to $1.17. Adjusted corporate ebitdare per share is expected to be in a range of $173.1 to $178.5 against previous outlook of $175.5 to $183.0. AFFO available to common shareholders per share is expected to be in a range of $136.9 to $141.6 against previous outlook of $138.1 to $144.6. AFFO per diluted common share is expected to be in a range of $2.29 to $2.37 against previous outlook of $2.33 to $2.43.