Chesapeake Lodging Trust reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenue of $135,025,000 against $134,874,000 a year ago. Operating income was $13,023,000 against $12,290,000 a year ago. Income before income taxes was $4,179,000 against $4,492,000 a year ago. Net income was $6,549,000 against $8,019,000 a year ago. Net income available to common shareholders was $6,549,000 or $0.11 per basic and diluted share against $5,597,000 or $0.09 per basic and diluted share a year ago. Net cash provided by operating activities was $20,398,000 against $23,695,000 a year ago. EBITDAre was $32,231,000 against $31,077,000 a year ago. Adjusted Hotel EBITDAre was $37,664,000 against $35,987,000 a year ago. FFO was $25,757,000 against $26,806,000 a year ago. FFO available to common shareholders was $25,636,000 or $0.43 per basic and diluted share against $24,260,000 or $0.41 per basic and diluted share a year ago. AFFO available to common shareholders was $25,691,000 or $0.43 per basic and diluted share against $24,235,000 or $0.41 per basic and diluted share a year ago.

The company reaffirmed consolidated earnings guidance for the second quarter ending June 30, 2018 and full year ending December 31, 2018. For the second quarter ending June 30, 2018, the company expects net income of $22,520,000 to $24,520,000, Depreciation and amortization expected to $18,940,000 to $18,940,000, FFO expected to $41,460,000 to $43,460,000, FFO available to common shareholders expected to $41,340,000 to $43,340,000, AFFO available to common shareholders expected to $41,390,000 to $43,390,000, Basic FFO per share expected to $0.70 to $0.73, Diluted FFO per share expected to $0.69 to $0.73, Basic AFFO per share expected to $0.70 to $0.73 and Diluted AFFO per share expected to $0.69 to $0.73. Net income available to common shareholders expected to $22.4 million to $24.4 million, net income per diluted common share expected to $0.37 to $0.41 and adjusted Corporate EBITDAre expected to $52.6 million to $54.8 million.

For the year ending December 31, 2018, the company expects net income of $63,380,000 to $69,880,000, Depreciation and amortization expected to $75,000,000 to $75,000,000, FFO expected to $138,380,000 to $144,880,000, FFO available to common shareholders expected to $137,900,000 to $144,400,000, AFFO available to common shareholders expected to $138,120,000 to $144,620,000, Basic FFO per share expected to $2.33 to $2.44, Diluted FFO per share expected to $2.32 to $2.43, Basic AFFO per share expected to $2.34 to $2.45 and Diluted AFFO per share expected to $2.33 to $2.43. Net income available to common shareholders expected to $62.9 million to $69.4 million, net income per diluted common share expected to $1.06 to $1.17 and adjusted Corporate EBITDAre expected to $175.5 million to $183.0 million.