CHESAPEAKE LODGING TRUST (CHSP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Chesapeake Lodging Trust has a market cap of $176.3 million; its shares were traded at around $19.1 .
Hotel operating expenses Hotel operating expenses, excluding depreciation and amortization, were $1.8 million. Direct hotel operating expenses included rooms expense of $0.5 million, food and beverage expense of $0.4 million, and other direct expenses of less than $0.1 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 $0.9 million.
Corporate general and administrative Total corporate general and administrative expenses were $1.8 million, which included non-cash share-based compensation expense of $0.4 million and hotel property acquisition costs related to our acquisition of the Hyatt Regency Boston hotel of $0.7 million.
For the three months ended March 31, 2010, net cash flows from operations were $1.2 million, net cash flows used in investing activities were $113.3 million, of which $113.1 million was used to acquire the Hyatt Regency Boston hotel, and net cash flows provided by financing activities were $176.9 million, of which $177.2 million were proceeds generated from the IPO, private placement transactions, and the exercise of the underwriters over-allotment option, net of initial underwriting fees and offering costs.
As of March 31, 2010, we had cash and cash equivalents of approximately $64.9 million. In May 2010, we are required to pay an additional $7.6 million in deferred underwriting fees as a result of satisfying the capital deployment hurdle set forth in our agreement with the underwriters of the IPO. We intend to use the remaining proceeds from the IPO, private placement transactions, and the exercise of the underwriters over-allotment option to complete the acquisition of the Hilton Checkers Los Angeles hotel for approximately $46 million and, along with proceeds from a secured borrowing we intend to have in place, to complete the acquisition of the Courtyard Anaheim at Disneyland Resort hotel for approximately $25 million.
On January 21, 2010, a Form S-11 Registration Statement (SEC File No. 333-162184) relating to our IPO was declared effective by the SEC. The managing underwriters of the IPO were J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. The offering was closed on January 27, 2010. All 7,500,000 common shares registered under the registration statement were sold at a price to the public of $20 per share. On February 24, 2010, we sold an additional 85,854 common shares as a result of the exercise of an over-allotment option that we granted to the underwriters. The aggregate gross proceeds from the common shares sold by us were $151.7 million. The aggregate net proceeds to us from the offering were approximately $140.9 million after deducting approximately $9.1 million in initial and deferred underwriting fees and approximately $1.8 million in other expenses incurred in connection with the offering. All of the common shares were sold by us and there were no selling shareholders in the offering.
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Chesapeake Lodging Trust has a market cap of $176.3 million; its shares were traded at around $19.1 .
Highlight of Business Operations:
Revenues Total revenue was $2.4 million, which includes rooms revenue of $1.8 million, food and beverage revenue of $0.5 million, and other revenue of $0.1 million.Hotel operating expenses Hotel operating expenses, excluding depreciation and amortization, were $1.8 million. Direct hotel operating expenses included rooms expense of $0.5 million, food and beverage expense of $0.4 million, and other direct expenses of less than $0.1 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 $0.9 million.
Corporate general and administrative Total corporate general and administrative expenses were $1.8 million, which included non-cash share-based compensation expense of $0.4 million and hotel property acquisition costs related to our acquisition of the Hyatt Regency Boston hotel of $0.7 million.
For the three months ended March 31, 2010, net cash flows from operations were $1.2 million, net cash flows used in investing activities were $113.3 million, of which $113.1 million was used to acquire the Hyatt Regency Boston hotel, and net cash flows provided by financing activities were $176.9 million, of which $177.2 million were proceeds generated from the IPO, private placement transactions, and the exercise of the underwriters over-allotment option, net of initial underwriting fees and offering costs.
As of March 31, 2010, we had cash and cash equivalents of approximately $64.9 million. In May 2010, we are required to pay an additional $7.6 million in deferred underwriting fees as a result of satisfying the capital deployment hurdle set forth in our agreement with the underwriters of the IPO. We intend to use the remaining proceeds from the IPO, private placement transactions, and the exercise of the underwriters over-allotment option to complete the acquisition of the Hilton Checkers Los Angeles hotel for approximately $46 million and, along with proceeds from a secured borrowing we intend to have in place, to complete the acquisition of the Courtyard Anaheim at Disneyland Resort hotel for approximately $25 million.
On January 21, 2010, a Form S-11 Registration Statement (SEC File No. 333-162184) relating to our IPO was declared effective by the SEC. The managing underwriters of the IPO were J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. The offering was closed on January 27, 2010. All 7,500,000 common shares registered under the registration statement were sold at a price to the public of $20 per share. On February 24, 2010, we sold an additional 85,854 common shares as a result of the exercise of an over-allotment option that we granted to the underwriters. The aggregate gross proceeds from the common shares sold by us were $151.7 million. The aggregate net proceeds to us from the offering were approximately $140.9 million after deducting approximately $9.1 million in initial and deferred underwriting fees and approximately $1.8 million in other expenses incurred in connection with the offering. All of the common shares were sold by us and there were no selling shareholders in the offering.
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