Chesapeake Lodging Trust Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Consolidated Financial Guidance for the Fourth Quarter Ending December 31, 2018 and Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2018
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%.