Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
-0.72%
$13.38
0% positive prob.
5-Day Prediction
-3.01%
$13.07
0% positive prob.
20-Day Prediction
-4.78%
$12.84
0% positive prob.
SEC 8-K filings with transcript text
Aug 4, 2026 · 100% conf.
1D
-0.72%
$13.38
Act: -0.74%
5D
-3.01%
$13.07
Act: -7.64%
20D
-4.78%
$12.84
cldt20260511_8k.htm
false 0001476045
0001476045
2026-08-04 2026-08-04
0001476045
cldt:CommonSharesOfBeneficialInterest001ParValueCustomMember
2026-08-04 2026-08-04
0001476045
cldt:SeriesACumulativeRedeemablePreferredShares6625CustomMember
2026-08-04 2026-08-04
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2026
(Exact name of Registrant as specified in its charter)
Maryland
001-34693
27-1200777
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
222 Lakeview Avenue, Suite 200
West Palm Beach,
Florida
33401
(Address of principal executive offices)
(Zip Code)
(561) 802-4477
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Exchange on Which Registered
Common Shares of Beneficial Interest, $0.01 par value
New York Stock Exchange
6.625% Series A Cumulative Redeemable Preferred Shares
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b.2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 2.02 Results of Operations and Financial Condition.
On August 4, 2026, Chatham Lodging Trust issued a press release announcing its results of operations for the three months ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release Dated August 4, 2026 Announcing Second Quarter 2026 Results
104
Cover page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
August 4, 2026
By:
/s/ Jeremy B. Wegner
Name: Jeremy B. Wegner
Title: Senior Vice President and Chief Financial Officer
May 7, 2026
cldt20260206_8k.htm
false 0001476045
0001476045
2026-05-07 2026-05-07
0001476045
cldt:CommonSharesOfBeneficialInterest001ParValueCustomMember
2026-05-07 2026-05-07
0001476045
cldt:SeriesACumulativeRedeemablePreferredShares6625CustomMember
2026-05-07 2026-05-07
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
(Exact name of Registrant as specified in its charter)
Maryland
001-34693
27-1200777
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
222 Lakeview Avenue, Suite 200
West Palm Beach,
Florida
33401
(Address of principal executive offices)
(Zip Code)
(561) 802-4477
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Exchange on Which Registered
Common Shares of Beneficial Interest, $0.01 par value
New York Stock Exchange
6.625% Series A Cumulative Redeemable Preferred Shares
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b.2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Chatham Lodging Trust issued a press release announcing its results of operations for the three months ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release Dated May 7, 2026 Announcing First Quarter 2026 Results
104
Cover page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
May 7, 2026
By:
/s/ Jeremy B. Wegner
Name: Jeremy B. Wegner
Title: Senior Vice President and Chief Financial Officer
Feb 25, 2026
cldt20251017_8k.htm
false 0001476045
0001476045
2026-02-25 2026-02-25
0001476045
cldt:CommonSharesOfBeneficialInterest001ParValueCustomMember
2026-02-25 2026-02-25
0001476045
cldt:SeriesACumulativeRedeemablePreferredShares6625CustomMember
2026-02-25 2026-02-25
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2026
(Exact name of Registrant as specified in its charter)
Maryland
001-34693
27-1200777
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
222 Lakeview Avenue, Suite 200
West Palm Beach,
Florida
33401
(Address of principal executive offices)
(Zip Code)
(561) 802-4477
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Exchange on Which Registered
Common Shares of Beneficial Interest, $0.01 par value
New York Stock Exchange
6.625% Series A Cumulative Redeemable Preferred Shares
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b.2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 2.02 Results of Operations and Financial Condition.
On February 25, 2026, Chatham Lodging Trust issued a press release announcing its results of operations for the three months ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release Dated February 25, 2026 announcing Fourth Quarter 2025 Results
104
Cover page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
February 25, 2026
By:
/s/ Jeremy B. Wegner
Name: Jeremy B. Wegner
Title: Senior Vice President and Chief Financial Officer
Nov 5, 2025
cldt20250821_8k.htm
false 0001476045
0001476045
2025-11-05 2025-11-05
0001476045
cldt:CommonSharesOfBeneficialInterest001ParValueCustomMember
2025-11-05 2025-11-05
0001476045
cldt:SeriesACumulativeRedeemablePreferredShares6625CustomMember
2025-11-05 2025-11-05
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2025
(Exact name of Registrant as specified in its charter)
Maryland
001-34693
27-1200777
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
222 Lakeview Avenue, Suite 200
West Palm Beach,
Florida
33401
(Address of principal executive offices)
(Zip Code)
(561) 802-4477
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Exchange on Which Registered
Common Shares of Beneficial Interest, $0.01 par value
New York Stock Exchange
6.625% Series A Cumulative Redeemable Preferred Shares
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b.2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2025, Chatham Lodging Trust issued a press release announcing its results of operations for the three months ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release Dated November 5, 2025 Announcing Third Quarter 2025 Results
104
Cover page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
November 5, 2025
By:
/s/ Jeremy B. Wegner
Name: Jeremy B. Wegner
Title: Senior Vice President and Chief Financial Officer
Aug 6, 2025
cldt20250507_8k.htm
false 0001476045
0001476045
2025-08-06 2025-08-06
0001476045
cldt:CommonSharesOfBeneficialInterest001ParValueCustomMember
2025-08-06 2025-08-06
0001476045
cldt:SeriesACumulativeRedeemablePreferredShares6625CustomMember
2025-08-06 2025-08-06
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2025
(Exact name of Registrant as specified in its charter)
Maryland
001-34693
27-1200777
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
222 Lakeview Avenue, Suite 200
West Palm Beach,
Florida
33401
(Address of principal executive offices)
(Zip Code)
(561) 802-4477
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Exchange on Which Registered
Common Shares of Beneficial Interest, $0.01 par value
New York Stock Exchange
6.625% Series A Cumulative Redeemable Preferred Shares
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b.2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 2.02 Results of Operations and Financial Condition.
On August 6, 2025, Chatham Lodging Trust issued a press release announcing its results of operations for the three months ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release Dated August 6, 2025 Announcing Second Quarter 2025 Results
104
Cover page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
August 6, 2025
By:
/s/ Jeremy B. Wegner
Name: Jeremy B. Wegner
Title: Senior Vice President and Chief Financial Officer
May 6, 2025
cldt20241223_8k.htm
false 0001476045
0001476045
2025-05-05 2025-05-05
0001476045
cldt:CommonSharesOfBeneficialInterest001ParValueCustomMember
2025-05-05 2025-05-05
0001476045
cldt:SeriesACumulativeRedeemablePreferredShares6625CustomMember
2025-05-05 2025-05-05
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2025
(Exact name of Registrant as specified in its charter)
Maryland
001-34693
27-1200777
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
222 Lakeview Avenue, Suite 200
West Palm Beach,
Florida
33401
(Address of principal executive offices)
(Zip Code)
(561) 802-4477
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Exchange on Which Registered
Common Shares of Beneficial Interest, $0.01 par value
New York Stock Exchange
6.625% Series A Cumulative Redeemable Preferred Shares
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b.2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 2.02 Results of Operations and Financial Condition.
On May 6, 2025, Chatham Lodging Trust issued a press release announcing its results of operations for the three months ended March 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 to this report and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
Furthermore, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 8.01 Other Events.
On May 5, 2025, the Board of Trustees (the “Board”) of Chatham Lodging Trust (the “Company”) authorized and approved a share repurchase program for up to $25 million of the currently outstanding common shares of the Company. Under the stock repurchase program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”). Such purchases will be at times and in amounts as the Company deems appropriate, based on factors such as market conditions, legal requirements and other business considerations. A copy of the Company's press release announcing the stock repurchase program is attached to this Current Report on Form 8-K as Exhibit 99.1.
This Current Report on Form 8-K, and the press release attached as an exhibit hereto and incorporated by reference herein, contain forward-looking statements within the meaning of the federal securities laws. All such statements in this report, other than statements of historical fact, are forward-looking statements. Words such as "expect," "intend," "will," "plan," "anticipate," "may," "believe," "continue," and similar expressions are intended to identify forward-looking statements. The Company bases its forward-looking statements on information available to it on the date of this report and undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new
Feb 26, 2025
2 exhibit991-20241231.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Strong Fourth Quarter 2024 Results
RevPAR Growth Surges, Margins Expand, Outlook Healthy
WEST PALM BEACH, Fla., February 26, 2025—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the fourth quarter ended December 31, 2024.
Fourth Quarter 2024 Key Items
•Portfolio Revenue Per Available Room (RevPAR) – Increased 4 percent to $129 compared to the 2023 fourth quarter for the 36 comparable hotels (excludes two hotels sold during the fourth quarter and the Home2 Phoenix Downtown that opened in the 2024 first quarter). Occupancy jumped 5 percent to 74 percent, and average daily rate (ADR) declined 1 percent to $176.
◦RevPAR for the Silicon Valley and Bellevue hotels was up 9 percent over the 2023 fourth quarter.
◦January 2025 Portfolio RevPAR accelerated 5 percent
•Net Loss – Incurred a $1.9 million net loss applicable to common shareholders compared to a net loss of $9.3 million in the 2023 fourth quarter. Net loss per diluted common share was $(0.08) versus net loss per diluted common share of $(0.23) for the same period last year.
•Hotel Margins – Drove GOP margins 150 basis points higher to 40.5 percent in the 2024 fourth quarter from 39.0 percent in the 2023 fourth quarter. Hotel EBITDA margins surged 90 basis points to 32.5 percent in the 2023 fourth quarter.
•Adjusted EBITDA – Rose $0.3 million from $20.8 million last year to $21.1 million in the 2024 fourth quarter.
•Adjusted FFO – Produced AFFO of $10.0 million in the 2024 fourth quarter versus $9.8 million in the 2023 fourth quarter. Adjusted FFO per diluted share was $0.20 compared to $0.19 in the 2023 fourth quarter.
•Asset Recycling – Closed on the sale of two of the five hotels under contract to sell for combined proceeds of $29 million. Subsequent to year-end, closed on the sale of one additional hotel for proceeds of $15 million. The remaining two hotels are expected to close in March and generate net proceeds of approximately $39 million.
The following chart summarizes the consolidated financial results for the three months and year ended December 31, 2024, and 2023, based on all properties owned during those periods, except for RevPAR which is based on the comparable hotels ($ in millions, except margin percentages and per share data):
Three Months EndedYear Ended
December 31,December 31,
2024202320242023
Net (loss) income$(1.9)$(9.3)$4.0$2.5
Diluted net (loss) income per common share$(0.08)$(0.23)$(0.08)$(0.11)
RevPAR$129.2$124.4$138.7$134.9
GOP Margin41%39%43%43%
Hotel EBITDA Margin33%32%35%36%
Adjusted EBITDA$21.1$20.8$100.9$101.1
AFFO per diluted share$0.20$0.19$1.08$1.18
Dividends per common share$0.07$0.07$0.28$0.28
2024 Highlights
“2024 was a successful year for Chatham, with our top-line performance outperforming the industry and most peers. For the first time in over half a decade, labor expense pressures moderated, enabling us to produce strong gross operating profit margins of 43 percent and minimize margin erosion to only 70 basis points," highlighted Jeffrey H. Fisher, Chatham's president and chief executive officer. “Additionally, we addressed the last massive wave of maturing debt through the successful sale of older assets as well as the issuance of new debt, further solidifying our strong financial position."
Chatham's 2024 highlights include:
•Grew RevPAR 3 percent, exceeding industry RevPAR performance by 56 percent
◦Enjoyed third consecutive year of RevPAR growth outperforming the industry
•Expanded other department profits by 8 percent
•Generated GOP margins of 43 percent, minimizing the year-over-year margin decline to 70 basis points
•Sold or under contract to sell six hotels averaging 24 years of age and RevPAR of $98 for net proceeds of $101 million at a pro forma capitalization rate of approximately 6 percent, including foregone capital improvements
•Repaid $297 million of debt of maturing debt
•Reduced net debt by $29 million in 2024 after reducing net debt by $26 million in 2023
◦Lowered overall leverage ratio from 25 percent to 23 percent
•Participated in the Global Real Estate Sustainability Benchmark (“GRESB”) for the third time, increasing its overall score from 82 to 83
◦Earned four of five GRESB Stars and awarded GRESB's "Green Star"
◦Ranked 24th out of 108 listed companies in the Americas, and 2nd in Chatham's peer group
Fisher continued, “As we look ahead, we are optimistic that our portfolio will continue to outperform as five of our largest hotels are located in the heart of the continued recovering and surging tech markets of Silicon Valley and Bellevue, W
Nov 7, 2024
2 exhibit991-20240930.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Third Quarter 2024 Results
RevPAR Growth Accelerates in September and October
WEST PALM BEACH, Fla., November 7, 2024 — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the third quarter ended September 30, 2024.
Third Quarter 2024 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Generated RevPAR growth of 2.1 percent excluding hotels under renovation during the 2024 and 2023 third quarters, as well as the Home2 Phoenix Downtown that opened in January 2024.
◦RevPAR increased 1.3 percent to $150 compared to the 2023 third quarter for the 38 comparable hotels. Average daily rate (ADR) was up 1.3 percent to $188, and occupancy was flat at 80 percent.
◦RevPAR for the Silicon Valley and Bellevue hotels was up 8 percent over the 2023 third quarter.
◦October RevPAR accelerated 6 percent over 2023 to $158, the second highest October RevPAR since Chatham's inception.
•Net Income – Produced net income of $4.3 million compared to net income of $7.5 million in the 2023 third quarter. Net income per diluted common share was $0.05 versus $0.11 during the 2023 third quarter.
•Hotel EBITDA Margin – Generated margins of 37 percent in the 2024 third quarter compared to 2023 second quarter margins of 38 percent.
•Adjusted EBITDA – Produced third quarter adjusted EBITDA of $29.6 million versus $30.6 in 2023.
•Adjusted FFO – Earned adjusted FFO of $17.6 million in the 2024 third quarter compared to $20.2 million in the 2023 third quarter. Adjusted FFO per diluted share was $0.35 in 2024 and $0.40 in 2023.
•Asset Recycling – Entered into separate agreements to sell five hotels with an average age of 23 years, forecast 2024 RevPAR of $101 (among the six lowest RevPAR hotels in the portfolio) and due for renovation in the next 24 months. The transactions, if closed, will generate net proceeds of approximately $80 million, with funds being used initially to reduce debt.
The following chart summarizes the consolidated financial results for the three- and nine-months ended September 30, 2024, and 2023, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net income (loss) to common shareholders$2.3$5.3$(0.1)$5.7
Diluted net income (loss) per common share$0.05$0.11$—$0.11
GOP Margin44.5%44.9%43.4%44.7%
Hotel EBITDA Margin37.1%37.9%36.0%37.1%
Adjusted EBITDA$29.6$30.6$79.8$80.2
AFFO per diluted share$0.35$0.40$0.89$0.99
Dividends per common share$0.07$0.07$0.21$0.21
Jeffrey H. Fisher, Chatham's president and chief executive officer, commented, “It’s been a productive quarter delivering RevPAR growth of over 2 percent, meeting consensus estimates of $0.35 per share and progressing on our capital recycling initiative. We currently have five hotels under contract to be sold which would result in net proceeds of approximately $80 million if the transactions close."
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the 38 comparable hotels owned as of September 30, 2024, compared to the 2023 and 2019 second quarters:
Q3 2024 RevPARQ3 2023 RevPARQ3 2019 RevPAR
Occupancy80%80%85%
RevPAR$150$148$150
The below chart summarizes RevPAR statistics by month for Chatham's comparable hotels:
JulyAugustSeptemberOctober
Occupancy – 202481%79%80%83%
RevPAR – 2024$155$144$151$158
RevPAR – 2023$154$143$146$148
% Change in RevPAR vs. prior year—%—%3%6%
Fisher highlighted, “We were very pleased with our same-store RevPAR growth of 2.1 percent after excluding hotels under renovation, far surpassing industry wide RevPAR growth of less than 0.9 percent. Our five technology dependent hotels in Silicon Valley and Bellevue produced strong RevPAR growth of 8 percent in the quarter, and growth surged to 14 percent in October at these same five hotels as we continue to benefit from surging tech demand.
"Fundamentals in our markets remain strong, as July and August market RevPAR grew 2 percent, and we closed out the quarter with September RevPAR growth of 3 percent and strong growth of 6 percent in October. Monthly RevPAR in September and October of $151 and $158 represents the second highest
monthly RevPAR since our inception for each of those respective months. Business travel demand, our most important segment, continues to gain momentum as we experienced broad gains across our portfolio. Within our leisure market hotels, RevPAR rose slightly when we exclude our Savannah hot
Aug 2, 2024
2 exhibit991-20240630.htm
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For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Second Quarter 2024 Results
Adjusted FFO Per Share Beats Estimates
WEST PALM BEACH, Fla., August 2, 2024 — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the second quarter ended June 30, 2024.
Second Quarter 2024 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 4 percent to $151 compared to the 2023 second quarter for the 38 comparable hotels (excludes the Home2 Phoenix Downtown that opened in January 2024). Average daily rate (ADR) was unchanged versus 2023 at $183, and occupancy jumped 4 percent to 82 percent for the 38 hotels owned as of June 30, 2024.
◦For the first time since 2019, portfolio RevPAR of $151 exceeded 2019 RevPAR of $147.
◦RevPAR for the Silicon Valley and Bellevue hotels was up 10 percent over the 2023 second quarter to a post-pandemic second quarter high of $152.
•Net Income – Net income of $7.0 million compared to net income of $9.4 million in the 2023 second quarter. Net income per diluted common share was $0.10 versus $0.15 during the 2023 second quarter.
•Hotel EBITDA Margin – Generated margins of 39 percent in the 2024 second quarter compared to 2023 second quarter margins of 41 percent.
•Adjusted EBITDA – Produced second quarter adjusted EBITDA of $31.4 million versus $31.9 in 2023.
•Adjusted FFO – Earned adjusted FFO of $19.9 million in the 2024 second quarter compared to $21.8 million in second quarter of 2023. Adjusted FFO per diluted share was $0.39 in 2024 and $0.43 in 2023.
•Acquires hotel for first time since 2022 – Closed on the recently opened, 148-room Home2 Suites by Hilton Phoenix Downtown for $43.3 million or approximately $293,000 per room.
•Balance Sheet Repositioned – Repaid $261 million of maturing debt in the quarter through the issuance of CMBS debt, borrowings on its unsecured term loan and revolving credit facility as well as available cash generated from free cash flow and an asset sale earlier in 2024.
The following chart summarizes the consolidated financial results for the three- and six-months ended June 30, 2024, and 2023, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Net income (loss) to common shareholders$4.9$7.2$(2.4)$0.3
Diluted net income (loss) per common share$0.10$0.15$(0.05)$0.01
GOP Margin46.0%48.5%42.7%44.6%
Hotel EBITDA Margin39.0%41.3%35.4%36.6%
Adjusted EBITDA$31.4$31.9$50.2$49.6
AFFO per diluted share$0.39$0.43$0.55$0.59
Dividends per common share$0.07$0.07$0.14$0.14
"The second quarter was a great quarter for Chatham and our shareholders, posting impressive results for the quarter, with all key metrics finishing at the top of our guidance range and completing a multi-year transformation of our balance sheet that positions us strongly for future opportunities," emphasized Jeffrey H. Fisher, Chatham's president and chief executive officer. "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 again driving increased other department profits by approximately $0.4 million or 16 percent.
“In addition to our operating results, we made great strides repositioning our balance sheet. With that repositioning essentially completed, I am excited about our prospects for growth as we have the financial capacity and flexibility to prudently make hotel investments and grow earnings and cash flow. Additionally, we will continue to opportunistically sell assets in 2024 with the intent to redeploy those proceeds into additional hotel investments," Fisher highlighted.
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the 38 comparable hotels owned as of June 30, 2024, compared to the 2023 and 2019 second quarters:
Q2 2024 RevPARQ2 2023 RevPARQ2 2019 RevPAR
Occupancy82%79%84%
RevPAR$151$145$147
The below chart summarizes RevPAR statistics by month for Chatham's comparable hotels:
AprilMayJuneJuly
Occupancy – 202483%82%82%81%
RevPAR – 2024$146$149$157$155
RevPAR – 2023$140$142$155$154
% Change in RevPAR vs. prior year5%5%1%0.5%
Fisher continued, “Yet again, our second quarter RevPAR growth of 4 percent significantly outperformed industry-wide RevPAR growth by approximately 60 percent, and for the first time since the pandemic, portfolio RevPAR exceeded 2019 levels. Critical to our outperformance is growth in technology related travel demand in Silicon Valley and
May 6, 2024
2 exhibit991-20240331.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces First Quarter 2024 Results
Adjusted FFO Per Share Beats Estimates; Tech Markets Outperform
WEST PALM BEACH, Fla., May 6, 2024 — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the first quarter ended March 31, 2024.
First Quarter 2024 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 2 percent to $120 compared to the 2023 first quarter. Average daily rate (ADR) accelerated 1 percent to $171, and occupancy jumped 1 percent to 70 percent for the 38 hotels owned as of March 31, 2024.
◦RevPAR for the Silicon Valley and Bellevue hotels was up 17 percent over the 2023 first quarter.
◦April 2024 RevPAR was up 5 percent over 2023 for the entire portfolio.
•Net Income / (Loss) – Net loss of $5.5 million compared to net loss of $5.0 million in the 2023 first quarter. Net loss per diluted common share was $0.15 versus $0.14 during the 2023 first quarter.
•Hotel EBITDA Margin – Generated margins of 30.8 percent in the 2024 first quarter, up slightly from 2023 first quarter margins of 30.7 percent.
•Adjusted EBITDA – Rose a solid 6 percent to $18.9 million from $17.8 million in the 2023 first quarter.
•Adjusted FFO – Produced adjusted FFO of $7.9 million in the 2024 first quarter, same as the first quarter of 2023. Adjusted FFO per diluted share was $0.16 for both periods.
The following chart summarizes the consolidated financial results for the three-months ended March 31, 2024, and 2023, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months Ended
March 31,
20242023
Net income / (loss)$(5.5)$(5.0)
Diluted net income / (loss) per common share$(0.15)$(0.14)
GOP Margin38.6%39.8%
Hotel EBITDA Margin30.8%30.7%
Adjusted EBITDA$18.9$17.8
AFFO per diluted share$0.16$0.16
Dividends per common share$0.07$0.07
Jeffrey H. Fisher, Chatham’s president and chief executive officer, emphasized, “We are quite pleased with our strong start to the year, delivering adjusted FFO per share of $0.16, beating consensus estimates as our hotel EBITDA margins outperformed our expectations. RevPAR growth of 2 percent was in the middle of our guidance, and our earnings beat was driven by hotel EBITDA margins exceeding our midpoint by approximately 230 basis points. RevPAR growth easily surpassed industry performance, and our EBITDA margins benefited from a 17 percent increase in other operating department profit and a $0.8 million or 13 percent decrease in property tax expense resulting from refunds on certain hotels."
“In addition to our operating results, we continue to strengthen our balance sheet with the sale of the 24-year old Hilton Garden Inn Denver Tech Center for $18 million earlier this year while also avoiding a $6 million renovation. At quarter end, our net debt to trailing twelve month EBITDA was a very healthy 4.0 times, and we will continue to opportunistically sell additional assets in 2024 with the intent to redeploy those proceeds into debt reduction and ultimately make higher growth hotel investments," Fisher highlighted.
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the hotels owned as of March 31, 2024, compared to the 2023 and 2019 first quarter:
Q1 2024 RevPARQ1 2023 RevPARQ1 2019 RevPAR
Occupancy70%69%76%
RevPAR$120$118$126
The below chart summarizes RevPAR statistics by month for the company’s hotels:
JanuaryFebruaryMarchApril
Occupancy – 202461%71%78%83%
RevPAR – 2024$101$118$140$146
RevPAR – 2023$95$120$139$140
% Change in RevPAR vs. prior year6%(1)%—%5%
Fisher continued, “Our first quarter RevPAR growth of 2 percent was 7X industry-wide RevPAR growth, and as we have stated, our portfolio should continue to outperform the industry given the resurgence of our primarily technology dependent markets. RevPAR growth at our five tech hotels in Silicon Valley and Bellevue accelerated 17 percent in the first quarter, and April RevPAR growth at these same hotels remained strong, growing 12 percent.
"Gains in portfolio occupancy are coming from business travel and this is vital to Chatham's growth trajectory. First quarter weekday occupancy was the highest since 2019 and for the first time since the pandemic, first quarter weekday occupancy outpaced weekend occupancy. Weekday occupancy gained two percent while weekend occupancy slipped two percent. Portfolio ADR improved slightly in the quarter, and we should generate incremental ADR growth as demand in our tech markets expands."
RevPAR performance for Chat
Feb 27, 2024
2 exhibit991-20231231.htm
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For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Fourth Quarter 2023 Results
WEST PALM BEACH, Fla., February 27, 2024—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the fourth quarter ended December 31, 2023.
Fourth Quarter 2023 Key Items
•Portfolio Revenue Per Available Room (RevPAR) – Increased 2.5 percent to $121 compared to the 2022 fourth quarter. Average daily rate (ADR) accelerated 0.5 percent to $173, and occupancy jumped 2 percent to 70 percent for the 39 hotels owned as of December 31, 2023.
◦RevPAR for the Silicon Valley and Bellevue hotels was up 14 percent over the 2022 fourth quarter.
◦Excluding the Silicon Valley and Bellevue hotels, RevPAR was up 5 percent over the 2019 fourth quarter.
•Net Loss – Incurred a $11.0 million net loss applicable to common shareholders compared to a net loss of $4.0 million in the 2022 fourth quarter. Net loss per diluted common share was $(0.23) versus net loss per diluted common share of $(0.08) for the same period last year.
•Hotel EBITDA Margin – Generated margins of 31.6 percent in the 2023 fourth quarter compared to 2022 fourth quarter margins of 33.3 percent.
•Adjusted EBITDA – Rose $0.4 million from $20.4 million last year to $20.8 million in the 2023 fourth quarter.
•Adjusted FFO – Produced AFFO of $9.8 million in the 2023 fourth quarter versus $10.2 million in the 2022 fourth quarter. Adjusted FFO per diluted share was $0.19 compared to $0.20 in the 2022 fourth quarter.
•Asset Sale – Sold the Hilton Garden Inn Denver Tech Center for approximately $18 million subsequent to the end of the quarter. An approximate $6 million renovation of the hotel planned for 2023 was not completed due to the pending sale.
The following chart summarizes the consolidated financial results for the three months and year ended December 31, 2023, and 2022, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedYear Ended
December 31,December 31,
2023202220232022
Net (loss) income$(9.3)$(2.1)$2.5$9.9
Diluted net (loss) income per common share$(0.23)$(0.08)$(0.11)$0.04
GOP Margin39%40%43%45%
Hotel EBITDA Margin32%33%36%38%
Adjusted EBITDA$20.8$20.4$101.1$99.8
AFFO per diluted share$0.19$0.20$1.18$1.19
Dividends per common share$0.07$0.07$0.28$0.07
2023 Highlights
“The lodging industry in 2023 was interesting given the differing RevPAR trends each segment experienced with leisure, group and business travel behaving independent of each other," explained Jeffrey H. Fisher, Chatham's president and chief executive officer. "For Chatham, it was quite the roller coaster, with the beginning of the year meaningfully impacted by significant layoffs in the technology sector, followed by the elimination of internship programs for the summer, all while business travel in most other markets was performing well. After Labor Day, building off the strong business travel undercurrent around the country, our technology markets started to gain traction in the fourth quarter, an encouraging sign as we head into 2024 with momentum."
Chatham's 2023 highlights include:
•RevPAR growth of 6.1 percent, exceeding industry RevPAR performance by approximately 25 percent, despite losing approximately $12 million of intern-related room revenue (represents almost 4 percent of 2022 portfolio room revenue)
•25 percent rise in other department profits due primarily to continued revenue enhancement initiatives within the company's parking operation and hotel retail markets (combined growth of 21 percent)
•Reduced net debt by $26 million and leverage ratio to 25 percent from 27 percent, marking the lowest level in a decade, based on the ratio of Chatham’s net debt to investment in hotels, at cost
•Repaid $150 million of maturing debt using available liquidity and new debt issuances
•Successfully issued $83 million of fixed-rate debt
•Paid common share dividends of $0.28 per share compared to $0.07 per share in 2022
•Participated in the Global Real Estate Sustainability Benchmark (“GRESB”) for the second time, increasing its overall score by 9 percent from 75 to 82
◦Earned four of five GRESB Stars and was awarded GRESB's "Green Star"
◦Received an overall score of 82/100, ranking 31st out of 115 listed companies in the Americas region, and 2nd in Chatham's peer group
"Looking forward to the upcoming year, we are encouraged by the early trends our hotels are experiencing. Technology companies that stay with us are back to growing and investing in the future and requiring their employees to be present in their offices. We expect more deal flo
Nov 2, 2023
2 exhibit991-20230930.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Third Quarter 2023 Results
Adjusted FFO Per Share Beats Estimates; September/October RevPAR Exceeds 2019
WEST PALM BEACH, Fla., November 2, 2023 — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the third quarter ended September 30, 2023.
Third Quarter 2023 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Decreased 2.6 percent to $147 compared to 2022 third quarter RevPAR of $151. Average daily rate (ADR) declined 1.3 percent to $184, and occupancy lessened 1.2 percent to 80 percent for the 39 hotels owned as of September 30, 2023. The Courtyard Charleston/Summerville was under renovation during the quarter and adversely impacted RevPAR by 30 basis points.
◦RevPAR of $147 compared to $149 in 2019. ADR was up 5 percent to 2019.
◦Excluding the five tech-driven hotels in Silicon Valley and Bellevue, Wash., RevPAR improved 3 percent versus last year and 7 percent versus the 2019 third quarter.
•Net Income – Earned net income of $7.5 million compared to net income of $12.4 million in the 2022 third quarter. Net income per diluted common share was $0.11 versus $0.21 during the 2022 third quarter.
•Hotel EBITDA Margin – Generated margins of 37.9 percent in the 2023 third quarter compared to 2022 third quarter margins of 43.6 percent. Excluding the five tech-driven hotels, hotel EBITDA margins were 37.0 percent in the 2023 third quarter versus 40.0 percent last year.
•Adjusted EBITDA – Declined $4.5 million to $30.6 million from $35.1 million in the 2022 third quarter.
•Adjusted FFO – Produced adjusted FFO of $20.2 million in the 2023 third quarter versus adjusted FFO of $25.2 million last year. Adjusted FFO per diluted share was $0.40, compared to $0.50 in the 2022 third quarter.
•Debt Repayments and Issuance – Repaid in full $60 million of maturing mortgage debt secured by the Hyatt Place Pittsburgh, Penn., and the Residence Inn Bellevue, Wash. Also during the quarter, Chatham issued $83 million of fixed-rate debt through five separate loans.
The following chart summarizes the consolidated financial results for the three- and nine-months ended September 30, 2023, and 2022, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Net income$7.5$12.4$11.8$12.0
Diluted net income per common share$0.11$0.21$0.11$0.12
GOP Margin44.9%50.1%44.7%46.9%
Hotel EBITDA Margin37.9%43.6%37.1%39.5%
Adjusted EBITDA$30.6$35.1$80.2$79.4
AFFO per diluted share$0.40$0.50$0.99$0.98
Dividends per common share$0.07$0.00$0.21$0.00
Jeffrey H. Fisher, Chatham’s president and chief executive officer, highlighted, “We were pleased to beat consensus estimates for the third quarter. It was an unusual quarter for us given the loss of 2022 intern related room revenue and operating profit of approximately $8 million and $5 million, respectively, as tech companies earlier this year significantly cut expenses amid massive layoffs, hiring freezes and cost cutting initiatives. More recently, these same tech companies have announced plans to increase hiring and make substantial investments in artificial intelligence, chip manufacturing and product development.
“Despite that meaningful year-over-year loss, portfolio occupancy and ADR were each only down 1 percent versus last year, which is encouraging and implies that underlying business travel trends are continuing to strengthen. For example, once we got past the intern heavy months of July and August, versus 2019, September and October RevPAR for our entire portfolio grew 4 percent and less than 1 percent, respectively.
“Also during the quarter, we continued to make meaningful progress on our upcoming debt maturities, issuing $83 million of debt and repaying maturing debt of $60 million. At this point, with available cash and borrowing capacity under our unsecured credit facility, we can repay all debt due through 2025. Our net debt to hotel investment ratio of 25 percent is the lowest level in a decade, and we are well positioned to acquire or develop hotels or make other hotel investments,” Fisher concluded.
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the hotels owned as of September 30, 2023, compared to the 2022 and 2019 third quarter:
Q3 2023 RevPARQ3 2022 RevPARQ3 2019 RevPAR
Occupancy80%81%85%
RevPAR$147$151$149
The below chart summarizes RevPAR statistics by month for the company’s hotels:
JulyAugustSeptemberOctober
Occupancy – 2023
Aug 2, 2023
2 exhibit991-20230630.htm
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For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Second Quarter 2023 Results
RevPAR Beats Industry Performance for Fifth Consecutive Quarter
WEST PALM BEACH, Fla., August 2, 2023 — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the second quarter ended June 30, 2023.
Second Quarter 2023 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 5 percent to $144 compared to 2022 second quarter RevPAR of $138. Average daily rate (ADR) accelerated 2 percent to $182, and occupancy rose 2 percent to 79 percent for the 39 hotels owned as of June 30, 2023.
•RevPAR of $144 compares to $146 in 2019. ADR was up 3 percent to 2019.
•Excluding the five tech-driven hotels in Silicon Valley and Seattle, Wash., RevPAR was up 5 percent versus the 2019 second quarter. ADR was up 10 percent.
•Net Income – Earned net income of $9.4 million compared to net income of $9.3 million in the 2022 second quarter. Net income per diluted common share was $0.15 versus $0.15 during the 2022 second quarter.
•Hotel EBITDA Margin – Generated margins of 41.3 percent in the 2023 second quarter compared to 2022 second quarter margins of 41.9 percent.
•Adjusted EBITDA – Advanced 2 percent to $31.9 million from $31.1 million in the 2022 second quarter.
•Adjusted FFO – Jumped 5 percent from $20.7 million in the 2022 second quarter to adjusted FFO of $21.8 million this year. Adjusted FFO per diluted share was $0.43, compared to $0.41 in the 2022 second quarter.
•Debt Repayments – Repaid in full a $16.0 million mortgage on the Courtyard by Marriott Houston, Texas. During July, Chatham repaid a separate $19.7 million maturing mortgage.
The following chart summarizes the consolidated financial results for the three and six-months ended June 30, 2023, and 2022, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
Net income (loss)$9.4$9.3$4.3$(0.4)
Diluted net income (loss) per common share$0.15$0.15$0.01$(0.09)
GOP Margin48.5%49.2%44.6%44.8%
Hotel EBITDA Margin41.3%41.9%36.6%36.8%
Adjusted EBITDA$31.9$31.1$49.6$44.4
AFFO per diluted share$0.43$0.41$0.59$0.48
Dividends per common share$0.07$0.00$0.14$0.00
Jeffrey H. Fisher, Chatham’s president and chief executive officer, highlighted, “It was a really good quarter with RevPAR, Adjusted EBITDA, FFO and FFO per share growing over last year and producing free cash flow that enabled us to repay a maturing loan in early July. With only $70 million of mortgages maturing through June 30, 2024, and having full availability on our $260 million credit facility, our balance sheet is in great shape, and we are in a strong position to address all maturities through the end of 2024.
“Our second quarter year-over-year RevPAR growth of five percent was strong given the loss of most intern business in Silicon Valley and Bellevue, Wash. Versus 2019, second quarter RevPAR was down less than two percent, and the trend to 2019 improved each month of 2023 through June,” Fisher continued. “Those five hotels adversely impacted RevPAR performance versus 2019 by approximately 700 basis points in the quarter. Excluding those five tech-driven hotels, second quarter RevPAR growth was up five percent versus the 2019 second quarter.”
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the hotels owned as of June 30, 2023, compared to the 2022 and 2019 second quarter:
Q2 2023 RevPARQ2 2022 RevPARQ2 2019 RevPAR
Occupancy79%77%83%
RevPAR$144$138$146
The below chart summarizes RevPAR statistics by month for the company’s hotels:
AprilMayJuneJuly
Occupancy – 202377%78%82%81%
RevPAR – 2023$138$140$155$154
RevPAR – 2022$123$133$157$157
% Change in RevPAR vs. prior year12%5%(1)%(2)%
% Change in RevPAR vs. 2019(3)%(2)%(1)%(2)%
Fisher emphasized, "As we have pointed out previously, we knew our portfolio would recover after some of our peers due to our stronger reliance on the business traveler, and that pattern is proving true. For the fifth consecutive quarter, our RevPAR growth has outperformed industry RevPAR growth, and given the lack of intern business in all of our tech driven hotels, which includes two additional hotels in Austin, Texas, that were meaningfully impacted, our results have been particularly impressive and prove that business travel is picking up momentum across the country.
"Continuing the same trend from the first quarter, versus 2019, weekday occupancy in the second quarter improved each
May 4, 2023
2 exhibit991-20230331.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces First Quarter 2023 Results
Wins Hilton Development Award for Home2 Suites Woodland Hills Warner Center
WEST PALM BEACH, Fla., May 4, 2023 — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the first quarter ended March 31, 2023.
First Quarter 2023 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 28 percent to $116 compared to the 2022 first quarter. Average daily rate (ADR) accelerated 14 percent to $169, and occupancy jumped 13 percent to 69 percent for the 39 hotels owned as of March 31, 2023.
▪RevPAR of $116 compares to $124 in 2019. ADR is up 3 percent to 2019.
▪Excluding Silicon Valley, RevPAR was up 0.2 percent versus the 2019 first quarter.
•Net Loss – Incurred a $5.0 million net loss compared to a net loss of $9.7 million in the 2022 first quarter. Net loss per diluted common share was $(0.14) versus net loss per diluted common share of $(0.23) for the same period last year.
•Hotel EBITDA Margin – Improved margins to 31 percent in the 2023 first quarter compared to 2022 first quarter margins of 29 percent.
•Adjusted EBITDA – Advanced 34 percent to $17.8 million from $13.3 million in the 2022 first quarter.
•Adjusted FFO – Jumped 123 percent from $3.5 million in the 2022 first quarter to adjusted FFO of $7.9 million this year. Adjusted FFO per diluted share was $0.16, compared to $0.07 in the 2022 first quarter.
•Debt Repayments – Repaid in full three mortgages with outstanding principal of $73 million and a weighted average interest rate of 8.0 percent with available cash and proceeds from its newly issued term loan that currently carries an interest rate of 6.2 percent. On May 6, 2023, Chatham will repay another $16 million maturing mortgage.
•Hilton Development Award Winner – Received a prestigious development award from Hilton for its Home2 Suites Woodland Hills Warner Center that opened in 2022.
The following chart summarizes the consolidated financial results for the three months ended March 31, 2023, and 2022, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months Ended
March 31,
20232022
Net loss$(5.0)$(9.7)
Diluted net loss per common share$(0.14)$(0.23)
GOP Margin40%38%
Hotel EBITDA Margin31%29%
Adjusted EBITDA$17.8$13.3
AFFO per diluted share$0.16$0.07
Dividends per common share$0.07$—
Jeffrey H. Fisher, Chatham’s president and chief executive officer, highlighted, “Our portfolio’s overall operating performance in the first quarter was strong with RevPAR growth of 28 percent driving adjusted EBITDA and FFO per share growth of 34 percent and 121 percent, respectively. Hotel EBITDA margins were up meaningfully over the 2022 first quarter.
“Our first quarter RevPAR growth of 28 percent significantly outperformed the industry's 17 percent, a trend that should continue as the business traveler steadily recovers, especially in our tech driven markets, and our limited exposure to Covid-related booming leisure markets. Excluding our four Silicon Valley hotels, relative to 2019, RevPAR was up slightly during the quarter. Silicon Valley continues to slowly recover, but the remainder of the portfolio is performing extremely well. Versus 2019, March and April 2023 RevPAR excluding the four Silicon Valley hotels was up 16 percent and 3 percent, respectively,” Fisher emphasized.
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the hotels owned as of March 31, 2023, compared to the 2022 and 2019 first quarter:
Q1 2023 RevPARQ1 2022 RevPARQ1 2019 RevPAR
Occupancy69%61%76%
RevPAR$116$90$124
The below chart summarizes RevPAR statistics by month for the company’s hotels:
JanuaryFebruaryMarchApril
Occupancy – 202359%70%77%77%
RevPAR – 2023$ 93$118$137$138
RevPAR – 2022$ 67$91$112$123
% Change in RevPAR vs. prior year37%30%22%12%
% Change in RevPAR vs. 2019(12)%(5)%(4)%(2)%
Fisher added, “Relative to 2019, our portfolio is improving steadily, and that is attributable to the domestic business traveler as well as improved international travel due to loosening restrictions on entering the United States and obtaining work visas. Versus 2019, weekday occupancy in the first quarter improved each month of 2023 and was 69 percent for the entire first quarter. Weekday ADR was up approximately 17 percent versus last year and only down approximately 1 percent versus 2019, an encouraging pattern given the first quarter historically is our slowest of the year. Weekend RevPAR remained strong as it was u
Feb 23, 2023
2 exhibit991-20221231.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Fourth Quarter 2022 Results
WEST PALM BEACH, Fla., February 23, 2023—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the fourth quarter ended December 31, 2022.
Fourth Quarter 2022 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 24 percent to $117 compared to the 2021 fourth quarter. Average daily rate (ADR) accelerated 20 percent to $171, and occupancy jumped 3 percent to 69 percent for the 38 comparable hotels owned as of December 31, 2022 (excludes the Woodland Hills hotel that opened in January 2022).
◦Fourth quarter 2022 RevPAR of $117 compares to $122 in the 2019 fourth quarter.
◦Excluding Silicon Valley and three hotels not open in 2019, RevPAR was up 3 percent.
•Net Loss – Incurred a $4.0 million net loss applicable to common shareholders compared to a net loss of $13.2 million in the 2021 fourth quarter. Net loss per diluted common share was $(0.08) versus net loss per diluted common share of $(0.27) for the same period last year.
•Hotel EBITDA Margin – Raised margins to 33 percent in the 2022 fourth quarter compared to 2021 fourth quarter margins of 31 percent.
◦For the comparable hotels, hotel EBITDA margins were flat compared to the 2019 fourth quarter at approximately 34 percent.
•Adjusted EBITDA – Jumped 34 percent to $20.4 million from $15.2 million in the 2021 fourth quarter.
•Adjusted FFO – Advanced 68 percent from $6.1 million in the 2021 fourth quarter to adjusted FFO of $10.2 million this year. Adjusted FFO per diluted share was $0.20, compared to $0.12 in the 2021 fourth quarter.
•Cash Flow/Burn Before Capital Expenditures – Generated fourth quarter 2022 cash flow before capital expenditures of $10.0 million which compares to $5.1 million in the 2021 fourth quarter. Cash flow/burn includes $2.3 million of principal amortization per quarter.
•Refinanced Credit Facility and Issued New Term Loan – Closed on a new $260 million revolving credit facility as well as a $90 million delayed-draw term loan during the fourth quarter, allowing Chatham to draw down over the first six months of the loan. Including extension options, both facilities mature in October 2027.
The following chart summarizes the consolidated financial results for the three months and year ended December 31, 2022, and 2021, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedYear Ended
December 31,December 31,
2022202120222021
Net (loss) income $(2.1)$(11.4)$9.9$(18.8)
Diluted net (loss) income per common share$(0.08)$(0.27)$0.04$(0.46)
GOP Margin40%41%45%41%
Hotel EBITDA Margin33%31%38%29%
Adjusted EBITDA$20.4$15.2$99.8$48.4
AFFO per diluted share$0.20$0.12$1.19$0.29
Dividends per common share$0.07$—$0.07$—
Jeffrey H. Fisher, Chatham’s president and chief executive officer, highlighted, “I am pleased with our portfolio’s overall operating performance in the fourth quarter with RevPAR growth of 24 percent driving adjusted EBITDA and FFO per share growth of 34 percent and 68 percent, respectively. Hotel EBITDA margins were up meaningfully over the 2021 fourth quarter and flat to 2019 as we benefited from lower real estate taxes in the quarter.
“We were thrilled to reinstate a common dividend for the first time since the 2020 first quarter, and we closed the fourth quarter in excellent financial condition after refinancing our $250 million revolving credit facility with $350 million of availability under a $260 million revolving credit facility and a new $90 million term loan."
Fisher emphasized, "As we turn the corner to 2023, we should produce higher RevPAR growth than most given our exposure to the steady recovery of the business traveler, especially in our tech driven markets. We have the best operating platform to maximize flow-through of those incremental dollars which is going to be vital in an operating environment with gradual cost pressures in many areas of our hotel operations.
"We are excited for what 2023 will bring us and our shareholders. We have the financial flexibility to enhance shareholder value by executing acquisitions and refinancing upcoming manageable maturities at the right time. We will continue to opportunistically evaluate further asset recycling and developments on a limited basis. We are confident in the trajectory we are headed as evidenced by the common dividend reinstatement, and we look forward to increased dividends in the coming years, especially as we utilize all pandemic related net operating loss deductions," Fisher added.
Hotel RevPAR P
Nov 8, 2022
2 exhibit991-20220930.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Third Quarter 2022 Results
Third Quarter RevPAR Surpasses 2019, Margin Growth Accelerates
WEST PALM BEACH, Fla., November 8, 2022—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the third quarter ended September 30, 2022.
Third Quarter 2022 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 34 percent to $150 compared to the 2021 third quarter. Average daily rate (ADR) increased 22 percent to $187, and occupancy grew 10 percent to 80 percent for the 38 comparable hotels owned as of September 30, 2022 (excludes the Woodland Hills hotel that opened in January 2022).
◦Third quarter 2022 RevPAR of $150 compares to $149 in the 2019 third quarter.
•Net Income – Swung from a $1.4 million loss in the 2021 third quarter to income of $12.4 million in the 2022 third quarter. Net income per diluted common share was $0.21 versus a net loss per diluted common share of $(0.07) for the same period last year.
•GOP Margin – Generated margins for all hotels owned during the quarter of 50.1 percent, up significantly from margins of 44.7 percent in the 2021 third quarter.
◦For the comparable hotels, GOP margins rose a very strong 160 basis points to 50.5 percent compared to 48.9 percent for the 2019 third quarter.
•Adjusted EBITDA – Experienced a massive jump to $35.1 million from $19.6 million in the 2021 third quarter.
•Adjusted FFO – Increased significantly from FFO of $10.5 million in the 2021 third quarter to adjusted FFO of $25.2 million this year, the highest quarterly FFO since the pandemic. Adjusted FFO per diluted share was $0.50, more than two times higher than 2021 FFO per share of $0.21.
•Cash Flow Before Capital Expenditures – Generated third quarter 2022 cash flow before capital expenditures of $24.6 million in the 2022 third quarter compared to $20.3 million in the 2022 second quarter and cash flow of $10.0 million in the 2021 third quarter. Cash flow/burn includes $2.2 million of principal amortization per quarter.
The following chart summarizes the consolidated financial results for the three and nine months ended September 30, 2022, and 2021, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Net income (loss)$12.4$(1.4)$12.0$(7.4)
Diluted net income (loss) per common share$0.21$(0.07)$0.12$(0.19)
GOP Margin50.1%44.7%46.9%41.0%
Hotel EBITDA Margin43.6%35.2%39.5%28.6%
Adjusted EBITDA$35.1$19.6$79.4$33.3
AFFO per diluted share$0.50$0.21$0.98$0.17
“Building on a great second quarter, our third quarter results were outstanding, with corporate EBITDA and adjusted FFO up 13 percent and 22 percent, respectively, over the 2022 second quarter," commented Jeffrey H. Fisher, Chatham's president and chief executive officer. "The third quarter was far and away our best quarter since 2019, and the impressive results were driven by strong RevPAR growth combined with effective cost containment via our best-in-class platform that allowed us to produce GOP margins over 50 percent, nicely above our 2019 third quarter operating margins. The stellar operating performance enabled us to more than double adjusted funds from operations (AFFO) over the 2021 third quarter and, importantly, generate positive cash flow before CAPEX of $24.6 million which is up approximately 21 percent over the 2022 second quarter."
Fisher highlighted, "Our portfolio is in excellent position to continue to benefit from the resurgence of the business traveler, and recent trends have been very encouraging on that front. We are in great financial condition with full capacity under our new credit agreement and access to $90 million of proceeds from our new term loan that we will draw down over the next six months. We have the available liquidity and flexibility to enhance shareholder value by executing acquisitions or refinancings at the right time."
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the 38 comparable hotels owned as of September 30, 2022, compared to the 2022 second, 2021 third and 2019 third quarter:
Occupancy80%78%73%85%
RevPAR$150$138$112$149
% Change in RevPAR to Prior Year34%51%n/an/a
The below chart summarizes RevPAR statistics by month for the company’s 38 comparable hotels:
JulyAugustSeptemberOctober
Occupancy - 202282%79%80%78%
RevPAR - 2022$157$146$148$144
RevPAR - 2021$121$108$108$111
% Change in Re
Aug 3, 2022
2 exhibit991-20220630.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Huge Second Quarter 2022 Results
Top Markets Post Significant Gains, GOP Margins Higher than 2019
WEST PALM BEACH, Fla., August 3, 2022—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the second quarter ended June 30, 2022.
Second Quarter 2022 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 50 percent to $138 compared to the 2021 second quarter. Average daily rate (ADR) accelerated 36 percent to $179, and occupancy grew 10 percent to 77 percent for the 37 comparable hotels owned as of June 30, 2022 (excludes one Austin hotel that opened in June 2021 and the Woodland Hills hotel that opened in January 2022).
◦Second quarter 2022 RevPAR of $138 compares to $146 in the 2019 second quarter.
•Net income – Swung from a $8.7 million loss in the 2021 second quarter to net income of $9.3 million in the 2022 second quarter. Net income per diluted common share was $0.15 versus a net loss per diluted common share of $(0.18) for the same period last year.
•GOP Margin – Generated margins for all hotels owned during the quarter of 49.2 percent, up significantly from margins of 43.1 percent in the 2021 second quarter.
◦For the 36 comparable hotels (also excludes the Destin hotel that was not open in 2019), GOP margins rose 60 basis points to 50.1 percent compared to 49.5 percent for the 2019 second quarter despite 2022 RevPAR being $8 lower.
•Adjusted EBITDA – Jumped to $31.1 million from $12.5 million in the 2021 second quarter.
•Adjusted FFO – Increased significantly from FFO of $4.9 million in the 2021 second quarter to positive adjusted FFO of $20.7 million this year. Adjusted FFO per diluted share was $0.41, more than four times higher than 2021 FFO per share of $0.10.
•Cash Flow Before Capital Expenditures – Generated second quarter 2022 cash flow before capital expenditures of $20.3 million in the 2022 second quarter compared to $2.8 million in the 2022 first quarter and cash flow of $4.0 million in the 2021 second quarter. Cash flow/burn includes $2.2 million of principal amortization per quarter.
•Recycling of Hotels Enhances Portfolio Value - Sold four hotels comprising 537 rooms for aggregate proceeds of approximately $80 million. Including near term capital expenditure requirements, the aggregate sales proceeds equated to an approximate 2 and 6 percent capitalization rate on net operating income for 2021 and 2019, respectively.
The following chart summarizes the consolidated financial results for the three and six months ended June 30, 2022, and 2021, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
Net income (loss)$9.3$(8.7)$(0.4)$(6.0)
Diluted net income (loss) per common share$0.15$(0.18)$(0.09)$(0.12)
GOP Margin49.2%43.1%44.8%38.0%
Hotel EBITDA Margin41.9%31.2%36.8%23.4%
Adjusted EBITDA$31.1$12.5$44.4$13.7
AFFO per diluted share$0.41$0.10$0.48$(0.05)
“The second quarter was fantastic, hitting on all cylinders as RevPAR jumped significantly coinciding with the continued return of our business traveler, operating margins surpassing 2019 levels and the successful sale of four, non-core assets at a cap rate that highlights the underlying value of our premium-quality portfolio,” highlighted Jeffrey H. Fisher, Chatham’s president and chief executive officer. “The stellar operating performance generated by our best-in-class platform enabled us to more than quadruple adjusted funds from operations over the 2021 second quarter and, importantly, generate positive cash flow before CAPEX of $20.3 million which is up significantly from $2.8 million last quarter and more than five times higher than the 2021 second quarter. Excellent operating results combined with very successful hotel recycling has greatly enhanced our financial position, and we have the available liquidity and flexibility to build shareholder value.”
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the 37 comparable hotels owned as of June 30, 2022, compared to the 2022 first, 2021 second and 2019 second quarter:
Occupancy77%61%70%84%
RevPAR$138$91$92$146
% Change in RevPAR to Prior Year50%57%n/an/a
The below chart summarizes RevPAR statistics by month for the company’s 37 comparable hotels:
AprilMayJuneJuly
Occupancy - 202275%75%83%82%
RevPAR - 2022$123$133$158$158
RevPAR - 2021$79$93$103$122
% Change in RevPAR56%43%53%30%
May 4, 2022
2 exhibit991-20220331.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Strong First Quarter 2022 Results
Business Travel Strengthening, Asset Sales to Enhance Value & Add Capacity for Growth
WEST PALM BEACH, Fla., May 4, 2022—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the first quarter ended March 31, 2022.
First Quarter 2022 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 56 percent to $88 compared to the 2021 first quarter. Average daily rate (ADR) accelerated 36 percent to $146, and occupancy jumped 15 percent to 60 percent for the 41 comparable hotels owned as of March 31, 2022 (excludes one Austin hotel that opened in June 2021 and the Woodland Hills hotel that opened in January 2022).
•Net loss – Incurred a $9.7 million net loss compared to net income of $2.7 million in the 2021 first quarter (2021 first quarter net loss would have been $21.1 million excluding a $23.8 million gain on sale of investment related to a joint venture). Net loss per diluted common share was $(0.23) versus net income per diluted common share of $0.06 for the same period last year.
•GOP Margin – Grew margins a significant 27 percent to a portfolio-wide GOP margin of 38 percent in the 2022 first quarter compared to 30 percent in the 2021 first quarter. GOP flow-through, measured as the increase in GOP compared to the increase in room revenue, was 55 percent.
•Adjusted EBITDA – Jumped to $13.3 million from $1.2 million in the 2021 first quarter.
•Adjusted FFO – Swung significantly from negative FFO of $7.1 million in the 2021 first quarter to positive adjusted FFO of $3.5 million this year. Adjusted FFO per diluted share was $0.07, compared to an FFO loss of $(0.15) in the 2021 first quarter.
•Cash Flow/Burn Before Capital Expenditures – Generated first quarter 2022 cash flow before capital expenditures of $2.8 million in the 2022 first quarter compared to $5.1 million in the 2021 fourth quarter and cash burn of $7.6 million in the 2021 first quarter. Cash flow/burn includes $2.3 million of principal amortization per quarter.
•Opened First Ground-up Hotel Development and Acquired Beachside Hotel - Opened the much-anticipated $71 million Home2 Suites by Hilton Woodland Hills Warner Center in January 2022, and the company acquired the Hilton Garden Inn Destin Miramar Beach for $31 million.
The following chart summarizes the consolidated financial results for the three months ended March 31, 2022, and 2021, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months Ended
March 31,
20222021
Net (loss) income$(9.7)$2.7
Diluted net (loss) income per common share$(0.23)$0.06
GOP Margin38.3%29.9%
Hotel EBITDA Margin29.2%11.1%
Adjusted EBITDA$13.3$1.2
AFFO per diluted share$0.07$(0.15)
Jeffrey H. Fisher, Chatham’s president and chief executive officer, highlighted, “Since getting past the impact from the COVID-19 Omicron variant midway through the first quarter, we have seen an acceleration in travel, especially business travel, across many of our key markets. The outlook for business travel continued to strengthen in April and early May, and we are positioned to outperform our peers as the business traveler returns. Occupancy is accelerating, and we are emphasizing the importance of pushing rates to our operating team. As we mentioned on our last earnings call, our technology markets are re-opened, and this summer’s intern business will be our biggest intern program yet.
“Weekday occupancy is the best indicator of business travel, and it rose significantly through the first four months of the year. Weekday occupancy was 48 percent in January before jumping to 60 percent in February, 68 percent in March and 72 percent in April. In fact, April weekday and full-month occupancy of 73 percent was the second-best performance since the start of the pandemic,” Fisher stated.
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the 41 comparable hotels owned as of March 31, 2022, compared to the 2021 fourth, first and 2019 first quarter:
Occupancy60%65%53%76%
RevPAR$88$92$57$121
% Change in RevPAR to Prior Year56%93%(41)%n/a
The below chart summarizes RevPAR statistics by month for the company’s 41 comparable hotels:
JanuaryFebruaryMarchApril
Occupancy - 202250%62%69%73%
RevPAR - 2022$67$89$109$119
RevPAR - 2021$48$54$68$78
% Change in RevPAR40%66%61%53%
Fisher continued, “First quarter RevPAR at our 41 comparable hotels was $88, up 56 percent over the same per
Feb 24, 2022
2 exhibit991-20211231.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Solid Fourth Quarter 2021 Results
Warner Center Opening, Asset Recycling Will Deliver Value and Outsized Growth
WEST PALM BEACH, Fla., February 24, 2022—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the fourth quarter ended December 31, 2021.
Fourth Quarter 2021 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 93 percent to $92 compared to the 2020 fourth quarter. Average daily rate (ADR) accelerated 36 percent to $141, and occupancy jumped 43 percent to 65 percent for the 40 comparable hotels owned as of December 31, 2021 (excludes one Austin hotel acquired in August 2021 that opened in June 2021).
•Net loss – Incurred a $11.4 million net loss compared to a net loss of $3.4 million in the 2020 fourth quarter. Net loss per diluted common share was $(0.27) versus net loss per diluted common share of $(0.07) for the same period last year.
•GOP Margin – Grew margins a significant 64 percent to a portfolio-wide GOP margin of 41 percent in the 2021 fourth quarter compared to 25 percent in the 2020 fourth quarter.
•Adjusted EBITDA – Jumped to $15.2 million from $0.2 million in the 2020 fourth quarter.
•Adjusted FFO – Swung significantly from negative FFO of $8.7 million in the 2020 fourth quarter to positive adjusted FFO of $6.1 million this year. Adjusted FFO per diluted share was $0.12, compared to an FFO loss of $(0.18) in the 2020 fourth quarter.
•Cash Flow/Burn Before Capital Expenditures – Generated fourth quarter 2021 cash flow before capital expenditures of $5.1 million which compares to $10.0 million in the 2021 third quarter, $4.0 million in the 2021 second quarter and cash burn of $7.6 million in the 2021 first quarter. Cash flow/burn includes $2.2 million of principal amortization per quarter.
•Amended and Extended Revolving Credit Facility – Amended and extended its credit facility successfully, extending the maturity date to March 2024, including extension options, and waived key financial covenants through June 30, 2022.
The following chart summarizes the consolidated financial results for the three months and year ended December 31, 2021, and 2020, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedYear Ended
December 31,December 31,
2021202020212020
Net loss$(11.4)$(3.4)$(18.8)$(77.0)
Diluted net loss per common share$(0.27)$(0.07)$(0.46)$(1.62)
GOP Margin41.1%24.9%41.0%32.2%
Hotel EBITDA Margin30.8%7.9%29.2%15.9%
Adjusted EBITDA$15.2$0.2$48.4$18.5
AFFO per diluted share$0.12$(0.18)$0.29$(0.40)
Jeffrey H. Fisher, Chatham’s president and chief executive officer, highlighted, “Prior to the adverse impact on travel as a result of fears related to the COVID-19 Omicron variant, we were starting to see the return of the business traveler. Although that is going to impact our first quarter, we are starting to see trends rebound and believe we will experience a meaningful recovery in the business traveler starting in the spring and accelerating throughout 2022. Silicon Valley, our most significant market, is coming back to life in February, and we know some of our top clients there are resuming travel, opening offices and bringing back in-person internships this summer.
“Despite the recent sluggish RevPAR trend owing to the Omicron variant, I am really pleased with our operating margin performance and what that means for our best-in-class operating model moving forward. Our fourth quarter GOP margins were a strong 41 percent on RevPAR of $92, which is only down 100 basis points compared to our 2019 fourth quarter when RevPAR was 22 percent higher at $118. In December, our GOP margins were 330 basis points higher than our December 2019 GOP margins even though RevPAR was $17 lower. As we move forward, we certainly believe same store operating margins will be higher compared to pre-pandemic levels,” Fisher pointed out.
Post-Pandemic Balance Sheet Strength
Chatham is emerging from the pandemic with an even stronger balance sheet, more buying capacity and an even higher quality portfolio by executing numerous, meaningful transactions.
The company minimized cash burn throughout the pandemic by generating impressive operating results. Chatham was the second fastest hotel REIT to become corporate cash flow positive. In 2021, Chatham generated positive cash flow before capital expenditures of $12 million, and, excluding principal amortization, cash flow was $20 million. Since April 2020, essentially the start of the pandemic for Chatham’s portfolio, cumulative
Nov 4, 2021
2 exhibit991-20210930.htm
Document
For Immediate ReleaseExhibit 99.1
Contact:
Dennis Craven (Company)Chris Daly (Media)
Chief Operating OfficerDG Public Relations
(561) 227-1386(703) 864-5553
Chatham Lodging Trust Announces Strong Third Quarter 2021 Results
Strong Performance Continues, Acquired Hotels Outperforming, Portfolio Set for Growth
WEST PALM BEACH, Fla., November 4, 2021— Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the third quarter ended September 30, 2021.
Third Quarter 2021 Operating Results
•Portfolio Revenue Per Available Room (RevPAR) – Increased 92 percent to $107 compared to the 2020 third quarter. Average daily rate (ADR) accelerated 39 percent to $150, and occupancy jumped 38 percent to 71 percent for the 40 comparable hotels owned as of September 30, 2021 (excludes one Austin hotel acquired in August 2021 that opened in June 2021).
•Net loss – Lessened $16.9 million to a net loss of $1.4 million from a net loss of $18.3 million in the 2020 third quarter. Net loss per diluted common share was $(0.07) versus net loss per diluted common share of $(0.38) for the same period last year.
•GOP Margin – Grew margins a significant 25 percent to a portfolio-wide GOP margin of 45 percent in the 2021 third quarter compared to 36 percent in the 2020 third quarter.
•Adjusted EBITDA – Nearly quadrupled Adjusted EBITDA, finishing the quarter at $19.6 million compared to Adjusted EBITDA of $5.1 million in the 2020 third quarter.
•Adjusted FFO – Jumped $14.7 million to $10.5 million in the 2021 third quarter, compared to a loss of $4.2 million in the 2020 third quarter. Adjusted FFO per diluted share was $0.21, compared to an FFO loss of $(0.09) in the 2020 third quarter.
•Cash Flow/Burn Before Capital Expenditures – Generated third quarter 2021 cash flow before capital expenditures of $10.0 million, up 150 percent over 2021 second quarter flow of $4.0 million and compared to cash burn of $7.6 million in the 2021 first quarter. Cash flow/burn includes $2.2 million of principal amortization per quarter.
•Enhanced Portfolio with Acquisition of Two High-Quality Extended-Stay Hotels in Austin, Texas at the Domain - Acquired in August the Residence Inn and TownePlace Suites (TPS) hotels for $71 million. The TPS opened in June 2021. September ADR, Occupancy and RevPAR for the two hotels was $122, 81 percent and $98.
•Amends and Extends Revolving Credit Facility – Amended successfully and extended its credit facility subsequent to the end of the quarter, extending the maturity date to March 2024 including extension options and waived key financial covenants through June 30, 2022.
Jeffrey H. Fisher, Chatham’s president and chief executive officer, highlighted, “Our best-in-class portfolio continued its strong top- and bottom-line performance during the third quarter, generating cash flow before CAPEX of $10 million, up 150 percent over the second quarter and making us cash flow positive before CAPEX year-to-date. We will finish the year positive, a huge milestone for us and our investors. Chatham was the second fastest hotel REIT to become cash flow positive at the corporate level, a testament to the quality of our portfolio and strength of our operations team who is driving strong operating margins comparable to 2019 levels on much lower RevPAR levels. As a result, we have minimized dilution and have been able to emerge from the pandemic healthier than most of our peers. Additionally, with the recent completion of our $120 million preferred offering in late June, we used a
portion of those proceeds to acquire two excellent hotels in Austin, Texas, that already are outperforming our underwriting projections, and we have more capacity to make acquisitions. With these acquisitions, as well as the upcoming opening of our extended-stay Home2 Suites in Los Angeles in the near future, these hotels will increase further our exposure to high-quality, premium-branded, extended-stay hotels and importantly grow our FFO per share.”
The following chart summarizes the consolidated financial results for the three and nine months ended September 30, 2021, and 2020, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net loss$(1.4)$(18.3)$(7.4)$(73.6)
Diluted net loss per common share$(0.07)$(0.38)$(0.19)$(1.55)
GOP Margin44.7%36.0%41.0%34.1%
Hotel EBITDA Margin35.2%17.9%28.6%17.9%
Adjusted EBITDA$19.6$5.1$33.3$18.3
AFFO per diluted share$0.21$(0.09)$0.17$(0.22)
Hotel RevPAR Performance
The below chart summarizes key hotel financial statistics for the 40 comparable hotels owned as of September 30, 2021, compared to the 2021 second quarter and the 2021 first qua
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