CHESAPEAKE LODGING TRUST (CHSP, Financial) filed Quarterly Report for the period ended 2010-09-30.
Chesapeake Lodging Trust has a market cap of $175.3 million; its shares were traded at around $18.72 . The dividend yield of Chesapeake Lodging Trust stocks is 4.2%.
Hotel operating expensesHotel operating expenses, excluding depreciation and amortization, were $12.5 million. Direct hotel operating expenses included rooms expense of $3.1 million, food and beverage expense of $2.9 million, and other direct expenses of $0.4 million. Indirect hotel operating expenses, which includes management and franchise fees, real estate taxes, insurance, utilities, repairs and maintenance, advertising and sales, and general and administrative expenses, were $6.2 million.
RevenuesTotal revenue was $32.4 million, which includes rooms revenue of $24.2 million, food and beverage revenue of $7.1 million, and other revenue of $1.2 million.
Hotel operating expensesHotel operating expenses, excluding depreciation and amortization, were $21.6 million. Direct hotel operating expenses included rooms expense of $5.4 million, food and beverage expense of $5.1 million, and other direct expenses of $0.6 million. Indirect hotel operating expenses, which includes management and franchise fees, real estate taxes, insurance, utilities, repairs and maintenance, advertising and sales, and general and administrative expenses, were $10.5 million.
For the nine months ended September 30, 2010, net cash flows from operating activities were $7.8 million, net cash flows used in investing activities were $265.4 million, of which $261.3 million was used to acquire the Hyatt Regency Boston, Hilton Checkers Los Angeles, Courtyard Anaheim at Disneyland Resort and Boston Marriott Newton, and net cash flows provided by financing activities were $271.1 million, of which $169.4 million were proceeds generated from the IPO, private placements, and the exercise of the underwriters over-allotment option, net of underwriting fees and offering costs, and $105.0 million were proceeds from a borrowing under our revolving credit facility. As of September 30, 2010, we had cash and cash equivalents of approximately $13.5 million. We currently expect that our operating cash flows will be sufficient to fund our continuing operations. Given that we expect to generate taxable income for the year, we declared a dividend in the amount of $.20 per share to each shareholder of record on September 30, 2010, which was paid on October 15, 2010. We expect to declare a distribution to shareholders, as required to maintain our REIT status, in the fourth quarter of 2010 as well, although the per share amount of this expected distribution will be determined by the our board of trustees following its review of our financial performance and capital requirements, and the terms of our revolving credit facility.
As of September 30, 2010, we had $105.0 million outstanding under our revolving credit facility. Amounts borrowed under our revolving credit facility bear interest at variable rates based on LIBOR plus 3.75%, subject to a LIBOR floor of 2.00%. Because the prevailing LIBOR is below the interest rate floor, if prevailing LIBOR on our debt under our revolving credit facility were to decrease, we would not experience any benefits in terms of reduced interest expense. Conversely, if applicable LIBOR were to increase to reach 3.00%, or a 1.00% increase over the interest rate floor in effect, the increase in interest expense on our revolving credit facility debt would decrease future earnings and cash flows by approximately $1.1 million annually, assuming that the amount outstanding under our revolving credit facility were to remain at $105.0 million, the balance at September 30, 2010.
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Chesapeake Lodging Trust has a market cap of $175.3 million; its shares were traded at around $18.72 . The dividend yield of Chesapeake Lodging Trust stocks is 4.2%.
Highlight of Business Operations:
RevenuesTotal revenue was $18.2 million, which includes rooms revenue of $13.6 million, food and beverage revenue of $3.9 million, and other revenue of $0.8 million.Hotel operating expensesHotel operating expenses, excluding depreciation and amortization, were $12.5 million. Direct hotel operating expenses included rooms expense of $3.1 million, food and beverage expense of $2.9 million, and other direct expenses of $0.4 million. Indirect hotel operating expenses, which includes management and franchise fees, real estate taxes, insurance, utilities, repairs and maintenance, advertising and sales, and general and administrative expenses, were $6.2 million.
RevenuesTotal revenue was $32.4 million, which includes rooms revenue of $24.2 million, food and beverage revenue of $7.1 million, and other revenue of $1.2 million.
Hotel operating expensesHotel operating expenses, excluding depreciation and amortization, were $21.6 million. Direct hotel operating expenses included rooms expense of $5.4 million, food and beverage expense of $5.1 million, and other direct expenses of $0.6 million. Indirect hotel operating expenses, which includes management and franchise fees, real estate taxes, insurance, utilities, repairs and maintenance, advertising and sales, and general and administrative expenses, were $10.5 million.
For the nine months ended September 30, 2010, net cash flows from operating activities were $7.8 million, net cash flows used in investing activities were $265.4 million, of which $261.3 million was used to acquire the Hyatt Regency Boston, Hilton Checkers Los Angeles, Courtyard Anaheim at Disneyland Resort and Boston Marriott Newton, and net cash flows provided by financing activities were $271.1 million, of which $169.4 million were proceeds generated from the IPO, private placements, and the exercise of the underwriters over-allotment option, net of underwriting fees and offering costs, and $105.0 million were proceeds from a borrowing under our revolving credit facility. As of September 30, 2010, we had cash and cash equivalents of approximately $13.5 million. We currently expect that our operating cash flows will be sufficient to fund our continuing operations. Given that we expect to generate taxable income for the year, we declared a dividend in the amount of $.20 per share to each shareholder of record on September 30, 2010, which was paid on October 15, 2010. We expect to declare a distribution to shareholders, as required to maintain our REIT status, in the fourth quarter of 2010 as well, although the per share amount of this expected distribution will be determined by the our board of trustees following its review of our financial performance and capital requirements, and the terms of our revolving credit facility.
As of September 30, 2010, we had $105.0 million outstanding under our revolving credit facility. Amounts borrowed under our revolving credit facility bear interest at variable rates based on LIBOR plus 3.75%, subject to a LIBOR floor of 2.00%. Because the prevailing LIBOR is below the interest rate floor, if prevailing LIBOR on our debt under our revolving credit facility were to decrease, we would not experience any benefits in terms of reduced interest expense. Conversely, if applicable LIBOR were to increase to reach 3.00%, or a 1.00% increase over the interest rate floor in effect, the increase in interest expense on our revolving credit facility debt would decrease future earnings and cash flows by approximately $1.1 million annually, assuming that the amount outstanding under our revolving credit facility were to remain at $105.0 million, the balance at September 30, 2010.
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