Chesapeake Lodging Trust reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, total revenue was $156,353,000 against $158,277,000 a year ago. Operating income was $29,283,000 against $29,563,000 a year ago. Income before income taxes was $54,137,000 against $20,543,000 a year ago. Net income available to common shareholders was $53,379,000 against $14,104,000 a year ago. Net income per basic and diluted common share was $0.89 against $0.24 a year ago. Corporate EBITDA was $47,904,000 against $48,932,000 a year ago. Adjusted Corporate EBITDA was $47,958,000 against $48,907,000 a year ago. FFO available to common shareholders was $38,626,000 or $0.65 per basic and diluted share against $33,349,000 or $0.56 per diluted share a year ago. AFFO available to common shareholders was $38,680,000 or $0.65 per basic and diluted share against $37,743,000 or $0.64 per diluted share a year ago. Comparable Adjusted Hotel EBITDAre was $51,665,000 against $49,537,000 a year ago. FFO was $38,891,000 against $38,322,000 a year ago.

For nine months, total revenue was $454,663,000 against $455,612,000 a year ago. Operating income was $77,621,000 against $75,092,000 a year ago. Income before income taxes was $84,755,000 against $50,103,000 a year ago. Net income available to common shareholders was $83,738,000 against $38,940,000 a year ago. Net income per diluted common share was $1.39 against $0.65 per diluted share a year ago. Net cash provided by operating activities was $112,737,000 against $107,259,000 a year ago. Improvements and additions to hotels was $30,066,000 against $41,952,000 a year ago. Corporate EBITDA was $134,555,000 against $132,344,000 a year ago. Adjusted Corporate EBITDA was $134,719,000 against $132,268,000 a year ago. FFO available to common shareholders was $107,142,000 or $1.79 per diluted share against $95,821,000 or $1.62 per diluted share a year ago. AFFO available to common shareholders was $107,306,000 or $1.79 per diluted share against $100,164,000 or $1.69 per diluted share a year ago. Comparable Adjusted Hotel EBITDAre was $146,245,000 against $138,988,000 a year ago. FFO was $107,563,000 against $105,885,000 a year ago.

For the fourth quarter ending December 31, 2018, the company expects net income available to common shareholders of $10.5 million to $12.5 million, net income per diluted common share of $0.18 to $0.21, adjusted Corporate EBITDA of $36.9 million to $39.1 million, AFFO available to common shareholders of $28.8 million to $30.8 million, AFFO per diluted common share of $0.48 to $0.52 and comparable adjusted Hotel EBITDA $41.6 million to $44.0 million. The company expects total revenue to be $138,900,000 to $142,000,000. The company expects interest expense of $8,200,000, depreciation and amortization of $200,000. It expects Hotel EBITDA in the range of $36,850,000 to $39,000,000, Adjusted Hotel EBITDA in the range of $41,600,000 to $43,950,000, comparable Adjusted Hotel EBITDA of in the range of $41,600,000 to $43,950,000, comparable total revenue of in the range of $138,900,000 to $142,000,000 and comparable adjusted Hotel EBITDA Margin of 29.9% to 31.0%.

For the year ending December 31, 2018, the company expects net income available to common shareholders of $93.9 million to $95.9 million compared to previous guidance of $94.5 million to $99.3 million, net income per diluted common share of $1.57 to $1.61 compared to previous guidance of $1.59 to $1.67, adjusted Corporate EBITDA of $171.6 million to $173.8 million compared to previous guidance of $173.1 million to $178.5 million, AFFO available to common shareholders of $136.2 million to $138.2 million compared to previous guidance of $136.9 million to $141.6 million, AFFO per diluted common share of $2.28 to $2.32 compared to previous guidance of $2.29 to $2.37 and adjusted Hotel EBITDA $187.8 million to $190.2 million compared to previous guidance of $189.0 million to $195.0 million. The company expects interest expense of $34,400,000, depreciation and amortization to be in the range of $1,020,000 to $1,220,000. The company expects total revenue of $593,510,000 to $593,660,000. It expects Hotel EBITDA in the range of $171,410,000 to $173,560,000, Adjusted Hotel EBITDA in the range of $190,840,000 to $193,193,000, comparable Adjusted Hotel EBITDA of in the range of $187,840,000 to $190,190,000, comparable total revenue of in the range of $593,510,000 to $596,660,000 and comparable adjusted Hotel EBITDA Margin of 32.2% to 322.4%.