Chesapeake Lodging Trust Provides 2014 Outlook - Quick Facts

(RTTNews) - Chesapeake Lodging Trust (CHSP), a lodging real estate investment trust, provided its 2014 outlook.

Looking ahead for fiscal 2014, the company expects net income available to common shareholders to be in the range of $38.9 million - $43.7 million or net income per share of $0.79 - $0.89, FFO available to common shareholders of $92.85 million - $97.65 million or $1.89 - $1.99 per share, and AFFO available to common shareholders of $93.07 million - $97.87 million or $1.90 - $2.00 per share.

Total revenue for fiscal 2014 is anticipated to be $394.40 million - $400.60 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.04 per share and revenues of $476.24 million for fiscal 2014. Analysts' estimates typically exclude special items.

The Trust's 2014 outlook assumes a continuation of favorable U.S. lodging fundamentals driven by below historical average supply growth and an improving U.S. economy and lodging demand. The Trust's 2014 outlook assumes no additional acquisitions, dispositions, or financing transactions.

"We expect hotel fundamentals in 2014 to be stronger than 2013 as new room supply is expected to remain below historical levels and hotel demand continues to strengthen with the recovery in the U.S. economy......Despite the renovation displacement we expect in 2014 at three of our hotels, we believe we can still deliver very solid top-line and bottom-line growth. The incremental cash flow and value that we expect to generate as a result of these renovations will provide outsized growth in 2015 and beyond, " said James Francis, Chesapeake Lodging Trust's President and Chief Executive Officer.