Results at Upper End of Guidance, Recycling
Capital, Joint Ventures Re-financed
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 and owns 133
hotels wholly or through joint ventures, today announced results
for the second quarter ended June 30, 2017. The company also
provided its initial guidance for the 2017 third quarter and
updated its full-year guidance.
Second Quarter 2017 Key Metrics
- Portfolio Revenue per Available Room
(RevPAR) - Declined 0.5 percent, within the guidance range of
flat to minus 1.5 percent, to $140, compared to the 2016 second
quarter, for Chatham’s 38, wholly owned hotels. Average daily rate
(ADR) improved 2.9 percent to $169, while occupancy declined 3.3
percent to 83 percent.
- Increased RevPAR 1.7 percent, excluding
its six hotels in oil-industry influenced Houston and western
Pennsylvania markets where RevPAR declined 20.4 percent.
- Net Income - $5.0 million versus
$12.3 million in the 2016 second quarter. Net income per diluted
share decreased to $0.13 versus $0.31 in the 2016 second
quarter.
- Adjusted EBITDA - Declined $1.8
million, or approximately 5 percent, to $35.1 million.
- Adjusted FFO - Decreased to
$25.2 million versus $26.8 million in the 2016 second quarter.
Adjusted FFO per diluted share was $0.65 versus $0.69 in the 2016
second quarter, compared to the company’s guidance of $0.60-$0.65
per share.
- Operating Margins - operating
profit margins (total revenue less total hotel operating expenses)
slipped 130 basis points but remain a strong 49.4 percent.
Comparable hotel EBITDA margins also were off, down 200 basis
points to 42.2 percent.
- Same-store gross operating profit
margins were down 40 basis points after stripping out one-time
adjustments in its worker’s compensation liabilities that adversely
impacted margins approximately 90 basis points.
Consolidated Financial Results
The following is a summary of the consolidated financial results
for the three and six months ended June 30, 2017. RevPAR, ADR and
occupancy for 2017 and 2016 are based on hotels owned as of June
30, 2017 ($ in millions, except per share, RevPAR, ADR, occupancy
and margins):
Three Months Ended
Six Months Ended June 30,
June 30,
2017
2016
2017 2016 Net income $5.1 $12.3
$9.7 $15.6 Diluted net income per common share $0.13 $0.31 $0.25
$0.40 RevPAR $140 $141 $133 $132 ADR $169 $164 $166 $162 Occupancy
83% 86% 80% 82% Adjusted EBITDA $35.1 $36.9 $63.2 $64.4 GOP Margin
49.4% 50.7% 48.3% 48.8% Hotel EBITDA Margin 42.2% 44.2% 41.1% 41.9%
AFFO $25.2 $26.8 $43.3 $44.5 AFFO per diluted share $0.65 $0.69
$1.11 $1.15 Dividends per share $0.33 $0.33 $0.66 $0.64
Operating Results
“Our second quarter results finished at the upper end of our
guidance expectations, driven by a combination of better than
expected RevPAR and operating margin performance,” said Jeffrey H.
Fisher, Chatham’s president and chief executive officer. “We
increased our RevPAR market share index by 162 basis points in the
quarter. Additionally, the rate of new supply growth in our markets
has declined for the third consecutive quarter. Although new supply
will be an industry-wide issue for the foreseeable future, this
trend is a bit encouraging for us.”
Second quarter RevPAR performance for certain key markets:
- Silicon Valley RevPAR declined 0.4
percent, although ADR increased 5.2 percent to $228.
- RevPAR at Chatham’s three San Diego
hotels advanced 7.9 percent.
- Four Houston hotels experienced a
RevPAR decline of 20.1 percent.
- Two Los Angeles area hotels experienced
a RevPAR decline of 0.4 percent.
- RevPAR at the company’s three Boston
hotels rose 0.9 percent.
“As we look ahead to the balance of the year, the adverse impact
on our portfolio from the six oil-industry influenced markets
should diminish, and at least on a comparable basis, our RevPAR
results will start to normalize,” Fisher concluded.
Hotel Investments and Capital Recycling
During the second quarter, the company completed the renovations
of the Residence Inn San Diego Gaslamp and the Courtyard by
Marriott at the Houston Medical Center. The company began the
renovation of the Homewood Suites Maitland, Fla., during the
quarter. Chatham is investing approximately $21,000 per room
upgrading these three hotels’ designs and features. The company has
invested approximately $15.0 million in hotel upgrades this
year.
Chatham continues to pursue the redevelopment and expansion of
its two Residence Inns in Sunnyvale, Calif.
Chatham has entered into agreements to sell two of its hotels
for gross proceeds of $80.3 million. Both hotels are secured by
mortgages that will be assumed by the buyer. Chatham is actively
pursuing acquisitions and intends to use the proceeds to acquire
hotels. Closing of the sales and acquisitions are subject to many
conditions.
“We continuously seek to enhance, and ultimately grow, our
investment portfolio through opportunistic recycling,” Fisher
noted. “We intend to reinvest the proceeds from these hotel sales
into hotels in higher growth markets with higher cash-on-cash
returns and limited CAPEX requirements. Once proceeds from asset
sales are fully reinvested, we expect these transactions to be
accretive to our net asset value and FFO per share. We will
continue to look at other acquisitions and ground-up developments,
albeit developments on a limited basis, where we can enhance our
portfolio value. We will also continue to renovate and upgrade our
existing hotels throughout any cycle to ensure that our hotels
remain competitive.”
Capital Markets & Capital Structure
As of June 30, 2017, the company had net debt of $562.7 million
(total consolidated debt less unrestricted cash). Total debt
outstanding was $575.5 million at an average interest rate of 4.6
percent, comprised of $530.5 million of fixed-rate mortgage debt at
an average interest rate of 4.6 percent and $45.0 million
outstanding on the company’s $250 million senior unsecured
revolving credit facility, which currently carries a 3.5 percent
interest rate.
Chatham’s leverage ratio was approximately 39 percent at June
30, 2017, based on the ratio of the company’s net debt to hotel
investments at cost. The weighted average maturity date for
Chatham’s fixed-rate debt is February 2024 with the earliest
maturity in 2021. As of June 30, 2017, Chatham’s proportionate
share of joint venture debt and unrestricted cash was $165.4
million and $3.1 million, respectively.
On June 30, 2017, as defined in the company’s credit agreement,
Chatham’s fixed charge coverage ratio, including its interest in
the two joint ventures with Colony NorthStar, was 3.3 times, and
total net debt to trailing 12-month corporate EBITDA was 5.7 times.
Excluding its interest in the two joint ventures, Chatham’s fixed
charge coverage ratio was 3.5 times, and net debt to trailing
12-month corporate EBITDA was 5.1 times.
On June 1, 2017, Chatham was added to the S&P SmallCap 600
index. Chatham sold 0.6 million shares under its at-the-market
(“ATM”) program during June at a weighted average price of $20.43
per share.
Joint Venture Investments
During the quarter, the Innkeepers and Inland joint ventures
contributed Adjusted EBITDA and Adjusted FFO of approximately $4.7
million and $2.6 million, respectively. Adjusted EBITDA and
Adjusted FFO from the joint ventures finished $0.1 million below
guidance for the quarter. Year-over-year, Adjusted EBITDA and
Adjusted FFO contributed by the joint ventures was down $0.2
million and $0.4 million, respectively.
Chatham received distributions of $0.7 million during the 2017
second quarter.
During the second quarter, Colony NorthStar and Chatham closed
on the refinancing of the debt securing the hotels in the
Innkeepers and Inland portfolios. Both loans are interest only,
incur interest based on one-month LIBOR plus an applicable credit
spread and have a fully extended maturity date in 2022. A
comparison of the key terms of the new and old loans is as
follows:
Innkeepers Portfolio
Inland Portfolio New Old
New Old Loans outstanding (in
millions) $850 $840 $780 $817 Credit spread (basis points) 279 bps
339 bps 330 bps 360 bps
In connection with the refinancing of the Inland portfolio,
Colony NorthStar and Chatham invested approximately $50 million
(Chatham’s share was $5.0 million) to de-lever the portfolio and
fund certain capital expenditures.
“When the new CMBS issuance market was attractive, we moved
quickly to secure commitments and close on the refinancing of these
two loans,” stated Jeremy Wegner, Chatham’s chief financial
officer. “The Chatham and Colony NorthStar teams executed these
loans seamlessly, working closely with our lenders to close the
loans quickly. By extending the maturity to 2022, we solidified the
two joint ventures’ capital structures and set aside reserves of
approximately $67 million to fund necessary capital expenditures to
enhance the competitive position of the hotels.”
Dividend
Chatham currently pays a monthly dividend of $0.11 per common
share.
2017 Guidance
The company’s initial guidance for the 2017 third quarter and
updated full-year guidance reflects the following:
- Shares sold through the ATM and
dividend reinvestment/stock purchase plans in the second quarter
which impacts full-year adjusted FFO by $0.02 per share.
- Industrywide RevPAR growth of 0 to 3
percent in 2017
- Renovations at the following hotels:
- Homewood Suites Maitland, Fla.,
commenced in the second quarter with a third quarter completion
date
- Homewood Suites in Bloomington, Minn.,
and Brentwood, Tenn., starting in the third quarter, with
completion in the fourth quarter
- Residence Inn San Diego Mission Valley,
beginning in the fourth quarter with a completion date in 2018
- Pending dispositions and acquisitions
are not included
- No additional acquisitions,
dispositions, debt or equity issuance
Q3 2017
2017 Forecast
RevPAR $142-$144 $130-$132 RevPAR growth -1.0%-1.0% -1.0%-1.0%
Total hotel revenue $78.8-$80.3 M $287.9-$291.6 M Net income
$10.9-$12.4 M $19.5-$23.3 M Net income per diluted share
$0.27-$0.31 $0.50-$0.60 Adjusted EBITDA $35.5-$37.0 M $122.1-$125.9
M Adjusted FFO $25.2-$26.7 M $81.6-$85.4 M Adjusted FFO per diluted
share $0.63-$0.67 $2.07-$2.17 Hotel EBITDA margins 41.7%-42.5%
40.0%-40.7% Corporate cash administrative expenses $2.2 M $9.1 M
Corporate non-cash administrative expenses $1.0 M $3.8 M Interest
expense (excluding fee amortization) $6.8 M $27.2 M Non-cash
amortization of deferred fees $0.3 M $0.9 M Income taxes $0.0 M
$0.3 M Chatham’s share of JV EBITDA $4.8-$5.0 M $15.8-$16.2 M
Chatham’s share of JV FFO $2.6-$2.8 M $7.6-$8.0 M Weighted average
shares/units outstanding 39.8 M 39.4 M Funds from operations
(FFO), Adjusted FFO (AFFO), EBITDA and Adjusted EBITDA are non-GAAP
financial measures within the meaning of the rules of the
Securities and Exchange Commission. See the discussion included in
this press release for information regarding these non-GAAP
financial measures.
Earnings Call
The company will hold its second quarter 2017 conference later
today at 10 a.m. Eastern Time. Shareholders and other interested
parties may listen to a simultaneous webcast of the conference call
on the Internet by logging onto Chatham’s Web site,
http://chathamlodgingtrust.com/, or www.streetevents.com, or may
participate in the conference call by dialing 1-877-407-0789 and
referencing Chatham Lodging Trust. A recording of the call will be
available by telephone until 11:59 p.m. ET on Wednesday, August 9,
2017, by dialing 1-844-512-2921, reference number 13667217. A
replay of the conference call will be posted on Chatham’s
website.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly-traded real
estate investment trust focused primarily on investing in upscale,
extended-stay hotels and premium-branded, select-service hotels.
The company owns interests in 133 hotels totaling 18,210
rooms/suites, comprised of 38 properties it wholly owns with an
aggregate of 5,712 rooms/suites in 15 states and the District of
Columbia and a minority investment in two joint ventures that own
95 hotels with an aggregate of 12,498 rooms/suites. Additional
information about Chatham may be found at
chathamlodgingtrust.com.
Non-GAAP Financial Measures
Included in this press release are certain “non-GAAP financial
measures,” within the meaning of Securities and Exchange Commission
(SEC) rules and regulations, that are different from measures
calculated and presented in accordance with GAAP (generally
accepted accounting principles). The company considers the
following non-GAAP financial measures useful to investors as key
supplemental measures of its operating performance: (1) FFO,
(2) Adjusted FFO, (3) EBITDA, (4) Adjusted EBITDA
and (5) Adjusted Hotel EBITDA. These non-GAAP financial measures
should be considered along with, but not as alternatives to, net
income or loss as prescribed by GAAP as a measure of its operating
performance.
FFO As Defined by NAREIT and Adjusted FFO
The company calculates FFO in accordance with standards
established by the National Association of Real Estate Investment
Trusts (NAREIT), which defines FFO as net income or loss
(calculated in accordance with GAAP), excluding gains or losses
from sales of real estate, impairment write-downs, the cumulative
effect of changes in accounting principles, plus depreciation and
amortization (excluding amortization of deferred financing costs),
and after adjustments for unconsolidated partnerships and joint
ventures following the same approach. The company believes that the
presentation of FFO provides useful information to investors
regarding its operating performance because it measures its
performance without regard to specified non-cash items such as real
estate depreciation and amortization, gain or loss on sale of real
estate assets and certain other items that the company believes are
not indicative of the property level performance of its hotel
properties. The company believes that these items reflect
historical cost of its asset base and its acquisition and
disposition activities and are less reflective of its ongoing
operations, and that by adjusting to exclude the effects of these
items, FFO is useful to investors in comparing its operating
performance between periods and between REITs that also report
using the NAREIT definition.
The company calculates Adjusted FFO by further adjusting FFO for
certain additional items that are not addressed in NAREIT’s
definition of FFO, including hotel property acquisition costs and
other charges, losses on the early extinguishment of debt and
similar items related to its unconsolidated real estate entities
that it believes do not represent costs related to hotel
operations. The company believes that Adjusted FFO provides
investors with another financial measure that may facilitate
comparisons of operating performance between periods and between
REITs that make similar adjustments to FFO.
EBITDA, Adjusted EBITDA and Adjusted Hotel EBITDA
The company calculates EBITDA for purposes of the credit
facility debt as net income or loss excluding: (1) interest
expense; (2) provision for income taxes, including income taxes
applicable to sale of assets; (3) depreciation and amortization;
and (4) unconsolidated real estate entity items including interest,
depreciation and amortization excluding gains and losses from sales
of real estate. The company believes EBITDA is useful to investors
in evaluating its operating performance because it helps investors
compare the company’s operating performance between periods and
between REITs by removing the impact of its capital structure
(primarily interest expense) and asset base (primarily depreciation
and amortization) from its operating results. In addition, the
company uses EBITDA as one measure in determining the value of
hotel acquisitions and dispositions.
The company calculates Adjusted EBITDA by further adjusting
EBITDA for certain additional items, including hotel property
acquisition costs and other charges, gains or losses on the sale of
real estate, losses on the early extinguishment of debt,
amortization of non-cash share-based compensation and similar items
related to its unconsolidated real estate entities, which it
believes are not indicative of the performance of its underlying
hotel properties entities. The company believes that Adjusted
EBITDA provides investors with another financial measure that may
facilitate comparisons of operating performance between periods and
between REITs that report similar measures. Adjusted Hotel EBITDA
is defined as net income before interest, income taxes,
depreciation and amortization, corporate general and
administrative, hotel property acquisition costs, impairment loss,
loss on early extinguishment of debt, interest and other income and
income or loss from unconsolidated real estate entities. The
Company presents Adjusted Hotel EBITDA because the Company believes
it is useful to investors in comparing its hotel operating
performance between periods and comparing its Adjusted Hotel EBITDA
margins to those of our peer companies. Adjusted Hotel EBITDA
represents the results of operations for its wholly owned hotels
only.
Although the company presents FFO, Adjusted FFO, EBITDA and
Adjusted EBITDA because it believes they are useful to investors in
comparing the company’s operating performance between periods and
between REITs that report similar measures, these measures have
limitations as analytical tools. Some of these limitations are:
- FFO, Adjusted FFO, EBITDA, Adjusted
EBITDA and Adjusted Hotel EBITDA do not reflect the company’s cash
expenditures, or future requirements, for capital expenditures or
contractual commitments;
- FFO, Adjusted FFO, EBITDA, Adjusted
EBITDA and Adjusted Hotel EBITDA do not reflect changes in, or cash
requirements for, the company’s working capital needs;
- FFO, Adjusted FFO, EBITDA, Adjusted
EBITDA and Adjusted Hotel EBITDA do not reflect funds available to
make cash distributions;
- EBITDA, Adjusted EBITDA and Adjusted
Hotel EBITDA do not reflect the significant interest expense, or
the cash requirements necessary to service interest or principal
payments, on the company’s debts;
- Although depreciation and amortization
are non-cash charges, the assets being depreciated and amortized
may need to be replaced in the future, and FFO, Adjusted FFO,
EBITDA, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect
any cash requirements for such replacements;
- Non-cash compensation is and will
remain a key element of the company’s overall long-term incentive
compensation package, although the company excludes it as an
expense when evaluating its ongoing operating performance for a
particular period using adjusted EBITDA;
- Adjusted FFO, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect the impact of certain cash
charges (including acquisition transaction costs) that result from
matters the company considers not to be indicative of the
underlying performance of its hotel properties; and
- Other companies in the company’s
industry may calculate FFO, Adjusted FFO, EBITDA, Adjusted EBITDA
and Adjusted Hotel EBITDA differently than the company does,
limiting their usefulness as a comparative measure.
In addition, FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and
Adjusted Hotel EBITDA do not represent cash generated from
operating activities as determined by GAAP and should not be
considered as alternatives to net income or loss, cash flows from
operations or any other operating performance measure prescribed by
GAAP. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and Adjusted Hotel
EBITDA are not measures of the Company’s liquidity. Because of
these limitations, FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and
Adjusted Hotel EBITDA should not be considered in isolation or as a
substitute for performance measures calculated in accordance with
GAAP. The Company compensates for these limitations by relying
primarily on its GAAP results and using FFO, Adjusted FFO, EBITDA,
Adjusted EBITDA and Adjusted Hotel EBITDA only supplementally. The
Company’s consolidated financial statements and the notes to those
statements included elsewhere are prepared in accordance with
GAAP.
The company’s reconciliation of FFO, Adjusted FFO, EBITDA,
Adjusted EBITDA and Adjusted Hotel EBITDA to net income
attributable to common shareholders, as determined under GAAP, is
set forth below.
Forward-Looking Statement Safe Harbor
Note: This press release contains forward-looking statements
within the meaning of federal securities regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "should," "plan," "predict," "project,"
"will," "continue" and other similar terms and phrases, including
references to assumption and forecasts of future results.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially
from those anticipated at the time the forward-looking statements
are made. These risks include, but are not limited to: national and
local economic and business conditions, including the effect on
travel of potential terrorist attacks, that will affect occupancy
rates at the company’s hotels and the demand for hotel products and
services; operating risks associated with the hotel business; risks
associated with the level of the company’s indebtedness and its
ability to meet covenants in its debt agreements; relationships
with property managers; the company’s ability to maintain its
properties in a second-class manner, including meeting capital
expenditure requirements; the company’s ability to compete
effectively in areas such as access, location, quality of
accommodations and room rate structures; changes in travel
patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; the
company’s ability to complete acquisitions and dispositions; and
the company’s ability to continue to satisfy complex rules in order
for the company to remain a REIT for federal income tax purposes
and other risks and uncertainties associated with the company’s
business described in the company's filings with the SEC. Although
the company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that the expectations will be attained or
that any deviation will not be material. All information in this
release is as of the date hereof, and the company undertakes no
obligation to update any forward-looking statement to conform the
statement to actual results or changes in the company’s
expectations.
CHATHAM LODGING TRUST
Consolidated Balance Sheets
(In thousands, except share and per share
data)
June 30, December
31, 2017 2016 (unaudited)
Assets:
Investment in hotel properties, net $ 1,215,677 $ 1,233,094 Cash
and cash equivalents 12,794 12,118 Restricted cash 25,025 25,083
Investment in unconsolidated real estate entities 25,345 20,424
Hotel receivables (net of allowance for doubtful accounts of $234
and $155, respectively) 7,277 4,389 Deferred costs, net 4,263 4,642
Prepaid expenses and other assets 5,103 2,778 Deferred tax asset,
net — 426 Total assets $ 1,295,484 $ 1,302,954
Liabilities and Equity:
Mortgage debt, net $ 528,077 $ 530,323 Revolving credit facility
45,000 52,500 Accounts payable and accrued expenses 27,823 27,782
Distributions and losses in excess of investments of unconsolidated
real estate entities 5,780 6,017 Distributions payable 5,035
4,742 Total liabilities 611,715 621,364
Commitments and contingencies
Equity:
Shareholders’ Equity: Preferred shares, $0.01 par value,
100,000,000 shares authorized and unissued at June 30, 2017 and
December 31, 2016 — — Common shares, $0.01 par value, 500,000,000
shares authorized; 39,225,717 and 38,367,014 shares issued and
outstanding at June 30, 2017 and December 31, 2016, respectively
388 380 Additional paid-in capital 739,476 722,019 Retained
earnings (distributions in excess of retained earnings) (61,474 )
(45,657 ) Total shareholders’ equity 678,390 676,742
Noncontrolling interests: Noncontrolling interest in Operating
Partnership 5,379 4,848 Total equity 683,769
681,590 Total liabilities and equity $ 1,295,484 $
1,302,954
CHATHAM LODGING TRUST
Consolidated Statements of
Operations
(In thousands, except share and per share
data)
(unaudited)
For the three months ended
For the six months ended June 30, June 30,
2017 2016 2017 2016
Revenue:
Room $ 72,801 $ 72,768 $ 137,194 $ 136,702 Food and beverage 1,473
1,726 2,975 3,234 Other 2,967 2,637 5,413 4,990 Cost reimbursements
from unconsolidated real estate entities 668 870
1,549 1,924 Total revenue 77,909 78,001
147,131 146,850
Expenses: Hotel operating
expenses: Room 15,024 14,574 28,529 28,385 Food and beverage 1,212
1,245 2,464 2,423 Telephone 387 430 795 851 Other hotel operating
710 638 1,310 1,227 General and administrative 5,974 5,700 11,628
11,196 Franchise and marketing fees 6,089 5,948 11,391 11,136
Advertising and promotions 1,270 1,344 2,602 2,696 Utilities 2,352
2,235 4,722 4,617 Repairs and maintenance 3,179 3,158 6,431 6,359
Management fees 2,588 2,384 4,835 4,613 Insurance 295
338 628 675 Total hotel operating
expenses 39,080 37,994 75,335 74,178 Depreciation and amortization
11,714 12,281 23,718 24,756 Impairment loss 6,663 — 6,663 —
Property taxes, ground rent and insurance 5,573 5,014 10,361 10,037
General and administrative 3,287 2,972 6,555 6,084 Hotel property
acquisition costs and other charges 15 298 15 310 Reimbursed costs
from unconsolidated real estate entities 668 870
1,549 1,924 Total operating expenses 67,000
59,429 124,196 117,289 Operating income 10,909
18,572 22,935 29,561 Interest and other income 6 15 18 36 Interest
expense, including amortization of deferred fees (6,773 ) (7,092 )
(13,765 ) (14,129 ) Loss on early extinguishment of debt — — — (4 )
Income from unconsolidated real estate entities 927 942 842 295
Loss on sale from unconsolidated real estate entities — (8 )
— (8 ) Income before income tax expense 5,069 12,429 10,030
15,751 Income tax expense — (179 ) (317 ) (179 ) Net income
5,069 12,250 9,713 15,572 Net income attributable to noncontrolling
interests (35 ) (82 ) (66 ) (104 ) Net income attributable to
common shareholders $ 5,034 $ 12,168 $ 9,647 $
15,468
Income per Common Share -
Basic:
Net income attributable to common shareholders $ 0.13 $ 0.32
$ 0.25 $ 0.40
Income per Common Share -
Diluted:
Net income attributable to common shareholders $ 0.13 $ 0.31
$ 0.25 $ 0.40
Weighted average number of
common shares outstanding: Basic 38,525,306 38,299,132
38,443,663 38,286,790 Diluted 38,749,661 38,477,212 38,659,189
38,446,918
Distributions paid per common
share:
$ 0.33 $ 0.33 $ 0.66 $ 0.64
CHATHAM LODGING TRUST
FFO and EBITDA
(In thousands, except share and per share
data)
For the three months ended
For the six months ended
June 30, June 30, 2017 2016
2017 2016
Funds From Operations (“FFO”):
Net income $ 5,069 $ 12,250 $ 9,713 $ 15,572 Loss on sale from
unconsolidated real estate entities — 8 — 8 Depreciation 11,661
12,227 23,611 24,649 Impairment loss 6,663 — 6,663 — Adjustments
for unconsolidated real estate entity items 1,763 2,015
3,234 3,976
FFO attributable to common share and
unit holders 25,156 26,500 43,221
44,205 Hotel property acquisition costs and other charges 15
298 15 310 Loss on early extinguishment of debt — — — 4 Adjustments
for unconsolidated real estate entity items 8 13 15
23
Adjusted FFO attributable to common share and unit
holders $ 25,179 $ 26,811
$ 43,251 $ 44,542
Weighted average number of common
shares and units
Basic 38,795,416 38,556,907 38,707,640 38,544,565 Diluted
39,019,771 38,734,987 38,923,165 38,704,693
For the three months ended
For the six months ended June
30, June 30, 2017 2016 2017
2016
Earnings Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”):
Net income $ 5,069 $ 12,250 $ 9,713 $ 15,572 Interest expense 6,773
7,092 13,765 14,129 Income tax expense — 179 317 179 Depreciation
and amortization 11,714 12,281 23,718 24,756 Adjustments for
unconsolidated real estate entity items 3,825 3,968
7,137 7,950
EBITDA 27,381 35,770
54,650 62,586 Hotel property acquisition costs and
other charges 15 298 15 310 Impairment loss 6,663 — 6,663 — Loss on
early extinguishment of debt — — — 4 Adjustments for unconsolidated
real estate entity items 28 27 42 36 Loss on sale from
unconsolidated real estate entities — 8 —
8
Share based compensation 999 759 1,786 1,495
Adjusted EBITDA $ 35,086 $
36,862 $ 63,156 $
64,439
CHATHAM LODGING TRUST
ADJUSTED HOTEL EBITDA
(In thousands, except share and per share
data)
For the three months ended For the six months ended
June 30, June 30, 2017
2016 2017
2016 Net Income $ 5,069 $ 12,250 $ 9,713 $ 15,572
Add: Interest expense 6,773 7,092 13,765 14,129 Income tax expense
— 179 317 179 Depreciation and amortization 11,714 12,281 23,718
24,756 Corporate general and administrative 3,287 2,972 6,555 6,084
Hotel property acquisition costs and other charges 15 298 15 310
Impairment loss 6,663 — 6,663 — Loss on early extinguishment of
debt — — — 4 Loss on sale from unconsolidated real estate entities
— 8 — 8 Less: Interest and other income (6 ) (15 ) (18 ) (36 )
Income from unconsolidated real estate entities (927 ) (942 ) (842
) (295 )
Adjusted Hotel EBITDA
$ 32,588 $ 34,123
$ 59,886 $ 60,711
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version on businesswire.com: http://www.businesswire.com/news/home/20170802005201/en/
Chatham Lodging TrustDennis Craven, 561-227-1386Chief Operating
OfficerorDaly Gray, Inc.Chris Daly, 703-435-6293
Chatham Lodging (NYSE:CLDT)
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