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Jun 30, 2024
Chatham Q2 2024 Earnings Report
Adjusted FFO per share exceeded estimates.
Key Takeaways
Chatham Lodging Trust announced strong second-quarter results, with all key metrics finishing at the top of the guidance range. The company delivered adjusted FFO per share of $0.39, driven by strong RevPAR growth and hotel EBITDA margins. The company also completed a multi-year transformation of its balance sheet, positioning it for future growth opportunities.
Portfolio RevPAR increased 4% to $151 compared to Q2 2023.
Net income was $7.0 million, with diluted net income per share at $0.10.
Hotel EBITDA margin was 39% for the quarter.
Adjusted FFO per diluted share was $0.39.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Chatham's 2024 third quarter guidance reflects the assumptions of Courtyard Dallas Addison renovation, repayment of $18 million maturing mortgage, and no additional acquisitions, dispositions, debt, or equity issuance.
Positive Outlook
- RevPAR between $148 and $152
- RevPAR growth between 0% and 2.5%
- Total hotel revenue between $86M and $88M
- Net income between $3M and $5M
- Adjusted EBITDA between $28M and $31M
Challenges Ahead
- Net income per diluted common share between $0.01 and $0.06
- Adjusted FFO between $16M and $18M
- Adjusted FFO per diluted share between $0.31 and $0.36
- Hotel EBITDA margins between 36% and 38%
- Corporate cash administrative expenses of $2.8M
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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