Chesapeake Lodging Trust (NYSE:CHSP.PRA) Q1 2016 Earnings Conference Call - Preliminary Transcript
Apr 28, 2016 • 05:00 pm ET
Good afternoon. My name is Melody, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Chesapeake Lodging Trust First Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
Mr. Vicari, you may begin your call.
Thank you, Melody. Good afternoon and welcome to the Chesapeake lodging trust first quarter 2016 earnings call. This is Doug Vicari executive vice president CFO of Chesapeake. Also on the call this afternoon Jim Francis, our president CEO, and Graham Wooten, our chief accounting officer. As our customer will begin with a brief overview of our quarter including a review of our consolidated results or summary hotel operating procedures It's so position and an update on our new term outlook.
After I conclude my commentary, Jim will provide greater detail on the performance of our hotel portfolio. I'll also provide some general thoughts on macro industry trends, and more specifically regarding our outlook for our hotel performance. As a reminder, any statements we make this afternoon about future results and performance are plans and objectives are forward looking. Actual results may vary as a result of factors risks and uncertainties that are which we have no control.
And with that housekeeping behind us, let me now begin with a brief review of our highlights and consolidated results for the quarter before the first quarter reported total revenue of $140.6 million, and that income available to common shareholders is $7.6 million or $0.13 cents per diluted shareare just a corporate event that was $34.8 million and our adjusted funds from operations were $26 million or $0.44 cents per diluted share.
Let me now briefly highlight some of our key hotel operating expenses. As we continue to report our hotel operating trends on a pro forma basis, as if we own the hotels throughout the comparison period, and for the quarter, our portfolio of 22 hotels produce red for $170.35 cents. That represents a very strong increase of 10.1%. Over the prior year, it was driven by occupancy of 78.8% and an average daily rate of $216.28 cents.
These revenue trends resulted in adjusted hotel EBITDA of $40.1 million. And our adjusted hotel Eva margin was a very strong 28.5%, which is a 360 base increase over the prior year. Again, we are pleased with our results for the quarter. Our strong beat versus our gods has provided a solid start to 2016. Jim will provide more detailed information on the individual hotel performances in his commentary a few moments, but as a general rule, we remain well positioned with both our hotels and our markets as we navigate through 2016.
Let me move on to capital market activity in our balance sheet. We continue to be quiet with regard to debt and equity capital activities within the quarter. Specifically, we did not sell any common shares under our