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Chatham Lodging Trust CLDT.N reported quarterly adjusted earnings of 10 cents per share for the quarter ended in January, lower than the same quarter last year, when the company reported EPS of 15 cents. The lone analyst forecast for the quarter was for earnings of 6 cents per share.
Revenue rose 2.4% to $86.48 million from a year ago; analysts expected $85.73 million.
Chatham Lodging Trust's reported EPS for the quarter was 10 cents.
The company reported quarterly net income of $4.86 million.
Chatham Lodging Trust shares had risen by 1.8% this quarter and lost 19.1% so far this year.
FORECAST CHANGES
The mean earnings estimate of analysts had fallen by about 14.7% in the last three months.
In the last 30 days, there have been no earnings estimate revisions by analysts covering the company.
RECOMMENDATIONS
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy," 2 "hold" and no "sell" or "strong sell."
The average consensus recommendation for the specialized reits peer group is also "buy"
Wall Street's median 12-month price target for Chatham Lodging Trust is $12.50
This summary was machine generated from LSEG data August 2 at 02:24 p.m. UTC. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)
QUARTER ENDING | ESTIMATE | ACTUAL | BEAT, MET, MISSED |
Jun. 30 2024 | 0.36 | 0.39 | Beat |
Mar. 31 2024 | 0.13 | 0.16 | Beat |
Dec. 31 2023 | 0.15 | 0.19 | Beat |
Sep. 30 2023 | 0.39 | 0.40 | Beat |
Keywords: CHATHAM LODGING-RESULTS/SUMMARY
Chatham Lodging Trust, a real estate investment trust (REIT) specializing in upscale, extended-stay hotels and premium-branded, select-service hotels, has released its financial results for the second quarter of 2024. The report highlights the company's performance for the period ending June 30, 2024.
Financial Highlights
Chatham Lodging Trust reported a net income of $7.0 million for Q2 2024, down from $9.4 million in the same period last year. The net income per diluted common share was $0.10, compared to $0.15 in Q2 2023. Adjusted Funds from Operations (AFFO) per diluted share was $0.39, slightly lower than the $0.43 reported in the previous year. The company generated an adjusted EBITDA of $31.4 million, a slight decrease from $31.9 million in Q2 2023.
Business and Operational Highlights
Chatham's portfolio Revenue Per Available Room (RevPAR) increased by 4% to $151, surpassing the 2019 RevPAR of $147 for the first time since the pandemic. The average daily rate (ADR) remained unchanged at $183, while occupancy rose by 4% to 82%. Notably, RevPAR for the Silicon Valley and Bellevue hotels increased by 10% to $152, marking a post-pandemic high.
Strategic Initiatives and Corporate Developments
During the quarter, Chatham acquired the 148-room Home2 Suites by Hilton Phoenix Downtown for $43.3 million, marking its first acquisition since 2022. The company also repaid $261 million of maturing debt through various financing methods, including the issuance of CMBS debt and borrowings on its unsecured term loan and revolving credit facility.
Management's Perspective
Jeffrey H. Fisher, Chatham's President and CEO, emphasized the company's strong performance and balance sheet repositioning. "We delivered adjusted FFO per share of $0.39, beating consensus estimates behind strong RevPAR growth of 4 percent, hotel EBITDA margins of 39 percent, and increased other department profits by approximately $0.4 million or 16 percent," Fisher stated. He also highlighted the company's financial capacity and flexibility for future hotel investments and growth opportunities.
Future Outlook
For the third quarter of 2024, Chatham expects RevPAR to range between $148 and $152, with a growth rate of 0% to 2.5%. The company projects total hotel revenue between $86 million and $88 million, and net income per diluted common share between $0.01 and $0.06. Adjusted EBITDA is expected to be in the range of $28 million to $31 million, while adjusted FFO per diluted share is projected to be between $0.31 and $0.36.
SEC Filing: Chatham Lodging Trust [ CLDT ] - 8-K - Aug. 02, 2024
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