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Mar 31, 2024
Chatham Q1 2024 Earnings Report
Adjusted FFO per share beat estimates and tech markets outperformed.
Key Takeaways
Chatham Lodging Trust announced its first quarter 2024 results, with adjusted FFO per share beating estimates. The company's RevPAR grew by 2% and was driven by strong performance in technology-dependent markets.
Portfolio RevPAR increased 2% to $120 compared to Q1 2023.
Hotel EBITDA margin was 30.8%, slightly up from 30.7% in Q1 2023.
Adjusted EBITDA rose 6% to $18.9 million from $17.8 million in Q1 2023.
Net loss was $5.5 million compared to a net loss of $5.0 million in Q1 2023.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company's 2024 second quarter guidance reflects assumptions including no renovations, repayment of the $29 million maturing mortgage during April, $50 million of incremental borrowings on Chatham's term loan on May 3, 2024, $60 million of CMBS debt issuance during the second half of May and no additional acquisitions, dispositions, debt or equity issuance.
Positive Outlook
- RevPAR is expected to be between $149 and $151.
- RevPAR growth is projected to be between 2.5% and 4.0%.
- Total hotel revenue is estimated to be between $84.3 million and $85.4 million.
- Adjusted EBITDA is anticipated to be between $28.7 million and $30.4 million.
- Adjusted FFO per diluted share is forecasted to be between $0.33 and $0.36.
Challenges Ahead
- Net income (loss) is projected to be between $2.1 million and $3.8 million.
- Net income (loss) per diluted share is expected to be between $0.04 and $0.07.
- Hotel EBITDA margins are forecasted to be between 36.5% and 38.0%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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