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Chesapeake Lodging sets Q3 AFFO guidance

Hotel real estate investment trust Chesapeake Lodging Trust in its second-quarter earnings release disclosed adjusted funds from operations guidance for the third quarter of between 63 cents and 67 cents per share.

The company also updated its full-year AFFO guidance to a range of $2.29 to $2.37 per share from a previous guidance range of $2.33 to $2.43 per share.

The S&P Capital IQ consensus estimates for third-quarter and full year FFO are 71 cents and $2.39, respectively.

After the second quarter, the trust sold the 200-room Hyatt Centric Santa Barbara in Santa Barbara, Calif., for $90.0 million, representing a 5.4% trailing 12-month net operating income cap rate.

The net proceeds from the sale were used to fully settle all outstanding borrowings under the trust’s revolving credit facility.