Chatham Lodging Trust Announces Second Quarter 2024 Results
Chatham Lodging Trust (NYSE: CLDT) reported strong Q2 2024 results, with RevPAR increasing 4% to $151 compared to Q2 2023. The company's net income was $7.0 million, or $0.10 per diluted share. Adjusted FFO was $19.9 million, or $0.39 per diluted share, beating consensus estimates. Chatham acquired the 148-room Home2 Suites by Hilton Phoenix Downtown for $43.3 million and repositioned its balance sheet, repaying $261 million of maturing debt. The company's hotel EBITDA margin was 39%, down from 41% in Q2 2023. Chatham's Silicon Valley and Bellevue hotels saw a 10% increase in RevPAR. The company provided Q3 2024 guidance, projecting RevPAR growth of 0% to 2.5% and adjusted FFO per diluted share of $0.31-$0.36.
Chatham Lodging Trust (NYSE: CLDT) ha riportato risultati solidi per il secondo trimestre del 2024, con un incremento del RevPAR del 4% a 151$ rispetto al secondo trimestre del 2023. Il reddito netto dell'azienda è stato di 7,0 milioni di dollari, pari a 0,10$ per azione diluita. L'FFO rettificato è stato di 19,9 milioni di dollari, ovvero 0,39$ per azione diluita, superando le stime del consenso. Chatham ha acquisito il Home2 Suites by Hilton di Phoenix Downtown con 148 camere per 43,3 milioni di dollari e ha riposizionato il proprio bilancio, rimborsando 261 milioni di dollari di debito in scadenza. Il margine EBITDA degli hotel dell'azienda era del 39%, in calo rispetto al 41% del secondo trimestre del 2023. Gli hotel di Chatham nella Silicon Valley e a Bellevue hanno visto un aumento del 10% del RevPAR. L'azienda ha fornito previsioni per il terzo trimestre del 2024, prevedendo una crescita del RevPAR compresa tra lo 0% e il 2,5% e un FFO rettificato per azione diluita di 0,31$-0,36$.
Chatham Lodging Trust (NYSE: CLDT) reportó resultados sólidos para el segundo trimestre de 2024, con un aumento del RevPAR del 4% a 151$ en comparación con el segundo trimestre de 2023. El ingreso neto de la compañía fue de 7,0 millones de dólares, o 0,10$ por acción diluida. El FFO ajustado fue de 19,9 millones de dólares, o 0,39$ por acción diluida, superando las estimaciones de consenso. Chatham adquirió el Home2 Suites by Hilton de Phoenix Downtown con 148 habitaciones por 43,3 millones de dólares y reposicionó su balance, reembolsando 261 millones de dólares de deuda vencida. El margen EBITDA hotelero de la compañía fue del 39%, por debajo del 41% en el segundo trimestre de 2023. Los hoteles de Chatham en Silicon Valley y Bellevue vieron un aumento del 10% en el RevPAR. La compañía proporcionó guías para el tercer trimestre de 2024, proyectando un crecimiento del RevPAR del 0% al 2,5% y un FFO ajustado por acción diluida de 0,31$-0,36$.
Chatham Lodging Trust (NYSE: CLDT)는 2024년 2분기 실적이 강력하게 나타났다고 보고했으며, RevPAR가 4% 증가하여 151$에 달했습니다 2023년 2분기와 비교하여. 회사의 순이익은 700만 달러, 즉 희석주당 0.10$였습니다. 조정된 FFO는 1990만 달러, 즉 희석주당 0.39$로, 컨센서스 예상치를 초과했습니다. Chatham은 4,330만 달러에 148개 객실의 Home2 Suites by Hilton Phoenix Downtown을 인수하고, 만기 부채 2억 6100만 달러를 상환하여 재무구조를 재편했습니다. 회사의 호텔 EBITDA 마진은 39%로 2023년 2분기 41%에서 감소했습니다. Chatham의 실리콘밸리와 벨뷰 호텔은 RevPAR이 10% 증가했습니다. 회사는 2024년 3분기 가이던스를 제공하며, RevPAR 성장률을 0%에서 2.5%로, 희석주당 조정된 FFO를 0.31$-0.36$로 예상했습니다.
Chatham Lodging Trust (NYSE: CLDT) a annoncé de solides résultats pour le deuxième trimestre 2024, avec un RevPAR en hausse de 4% à 151$ par rapport au deuxième trimestre 2023. Le revenu net de l'entreprise s'est établi à 7,0 millions de dollars, soit 0,10$ par action diluée. Le FFO ajusté était de 19,9 millions de dollars, soit 0,39$ par action diluée, dépassant les estimations du consensus. Chatham a acquis l'hôtel Home2 Suites by Hilton de Phoenix Downtown, avec 148 chambres, pour 43,3 millions de dollars et a repositionné son bilan en remboursant 261 millions de dollars de dettes arrivant à échéance. La marge EBITDA des hôtels de l'entreprise était de 39%, en baisse par rapport à 41% au deuxième trimestre 2023. Les hôtels de Chatham de la Silicon Valley et de Bellevue ont enregistré une augmentation de 10% du RevPAR. L'entreprise a fourni des prévisions pour le troisième trimestre 2024, projetant une croissance du RevPAR comprise entre 0% et 2,5% et un FFO ajusté par action diluée de 0,31$-0,36$.
Chatham Lodging Trust (NYSE: CLDT) berichtete über starke Ergebnisse im 2. Quartal 2024, mit einem Anstieg des RevPAR um 4% auf 151$ im Vergleich zum 2. Quartal 2023. Das Nettoeinkommen des Unternehmens betrug 7,0 Millionen Dollar, oder 0,10$ pro verwässerter Aktie. Der bereinigte FFO betrug 19,9 Millionen Dollar, oder 0,39$ pro verwässerter Aktie, was die Konsensschätzungen übertraf. Chatham erwarb das Home2 Suites by Hilton Phoenix Downtown mit 148 Zimmern für 43,3 Millionen Dollar und reorganisierte seine Bilanz, indem es 261 Millionen Dollar reifender Schulden zurückzahlte. Die EBITDA-Marge der Hotels des Unternehmens lag bei 39%, zurück von 41% im 2. Quartal 2023. Die Hotels von Chatham im Silicon Valley und in Bellevue verzeichneten einen Anstieg des RevPAR um 10%. Das Unternehmen gab eine Prognose für das 3. Quartal 2024 ab und rechnet mit einem RevPAR-Wachstum von 0% bis 2,5% sowie einem bereinigten FFO pro verwässerter Aktie von 0,31$-0,36$.
- RevPAR increased 4% to $151, outperforming industry-wide growth by 60%
- Adjusted FFO per share of $0.39 beat consensus estimates
- Acquired Home2 Suites by Hilton Phoenix Downtown for $43.3 million
- Silicon Valley and Bellevue hotels saw 10% RevPAR growth
- Successfully repositioned balance sheet, repaying $261 million of maturing debt
- Portfolio RevPAR exceeded 2019 levels for the first time since the pandemic
- Net income decreased to $7.0 million from $9.4 million in Q2 2023
- Hotel EBITDA margin declined to 39% from 41% in Q2 2023
- Adjusted EBITDA slightly decreased to $31.4 million from $31.9 million in Q2 2023
- Adjusted FFO decreased to $19.9 million from $21.8 million in Q2 2023
Insights
Chatham Lodging Trust's Q2 2024 results demonstrate a solid performance with some notable highlights:
- RevPAR increased
4% to$151 , surpassing 2019 levels for the first time since the pandemic. - Adjusted FFO per share of
$0.39 beat consensus estimates, although it's down from$0.43 in Q2 2023. - Hotel EBITDA margin of
39% , down from41% in Q2 2023, indicating some pressure on profitability. - Acquisition of a new property in Phoenix for
$43.3 million , expected to yield over9% NOI upon stabilization.
The company's focus on extended-stay hotels (64% of EBITDA) appears to be paying off, with strong occupancy rates. However, the slight decline in AFFO and margins suggests some challenges in maintaining profitability amid rising costs.
The balance sheet repositioning, addressing
Investors should note the company's exposure to business travel, particularly in tech-heavy markets like Silicon Valley, which shows signs of recovery but remains below 2019 levels. This presents both a risk and an opportunity for future growth.
Chatham's Q2 results reveal a strategic positioning in the lodging REIT sector:
- The company's focus on upscale extended-stay and select-service hotels provides stability, evidenced by the
82% occupancy rate. - The acquisition of the Home2 Suites in Phoenix demonstrates a targeted growth strategy in high-potential urban markets.
- RevPAR growth of
4% outperformed the industry by60% , indicating strong asset management and market selection.
The company's exposure to key business travel markets, particularly in tech hubs, presents a significant upside potential as these areas continue to recover. The
Chatham's balance sheet repositioning is a important move, reducing near-term refinancing risks and providing flexibility for future opportunities. The
However, investors should monitor the slight decline in Hotel EBITDA margins, which could impact profitability if the trend continues. The company's ability to push ADR growth while maintaining high occupancy will be key to improving margins in the coming quarters.
Chatham's Q2 results offer insights into broader lodging industry trends:
- The return of business travel, particularly in tech-centric markets, signals a potential shift in the post-pandemic recovery landscape.
- Extended-stay properties continue to outperform, suggesting sustained demand for this segment.
- Urban markets, exemplified by the Phoenix acquisition, show signs of revitalization, potentially offering opportunities for strategic investments.
The company's outperformance in RevPAR growth compared to the industry average suggests effective revenue management strategies. This could indicate a broader trend of select-service and extended-stay properties gaining market share.
The slight decline in leisure demand (RevPAR down
Chatham's focus on diverse demand generators in urban cores (e.g., convention centers, sports venues, universities) aligns with a trend towards mixed-use development in city centers. This strategy could prove resilient in the face of changing work and travel patterns.
The company's guidance for Q3 2024, projecting
Adjusted FFO Per Share Beats Estimates
Second Quarter 2024 Operating Results
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Portfolio Revenue Per Available Room (RevPAR) – Increased 4 percent to
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$151 , and occupancy jumped 4 percent to 82 percent for the 38 hotels owned as of June 30, 2024.$183 -
For the first time since 2019, portfolio RevPAR of
exceeded 2019 RevPAR of$151 .$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
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For the first time since 2019, portfolio RevPAR of
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Net Income – Net income of
compared to net income of$7.0 million in the 2023 second quarter. Net income per diluted common share was$9.4 million versus$0.10 during the 2023 second quarter.$0.15 - Hotel EBITDA Margin – Generated margins of 39 percent in the 2024 second quarter compared to 2023 second quarter margins of 41 percent.
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Adjusted EBITDA – Produced second quarter adjusted EBITDA of
versus$31.4 million in 2023.$31.9 -
Adjusted FFO – Earned adjusted FFO of
in the 2024 second quarter compared to$19.9 million in second quarter of 2023. Adjusted FFO per diluted share was$21.8 million in 2024 and$0.39 in 2023.$0.43 -
Acquires hotel for first time since 2022 – Closed on the recently opened, 148-room Home2 Suites by Hilton Phoenix Downtown for
or approximately$43.3 million per room.$293,000 -
Balance Sheet Repositioned – Repaid
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.$261 million
The following chart summarizes the consolidated financial results for the three- and six-months ended June 30, 2024, and 2023, based on all properties owned during those periods ($ in millions, except margin percentages and per share data):
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"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
“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:
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ADR |
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RevPAR |
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The below chart summarizes RevPAR statistics by month for Chatham's comparable hotels:
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Occupancy – 2024 |
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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
"Business travel demand, our most important segment, continues to gain momentum as we saw broad gains across our portfolio. Additionally, our leisure demand has held up pretty well with RevPAR at our 7 predominately leisure hotels only declining 2 percent in the quarter. Portfolio-wide occupancy of 82 percent was our highest quarterly occupancy since the 2019 third quarter, and interestingly, occupancy was up over last year every single week of the second quarter," Fisher concluded.
RevPAR performance for Chatham’s largest markets comprise 71 percent of trailing twelve-month hotel EBITDA (based on EBITDA contribution over the last twelve months) is presented below:
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% of LTM
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Q2 2024
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Change vs.
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Q2 2023
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Q2 2019
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38 - Hotel Portfolio |
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Silicon Valley |
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Coastal Northeast |
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“Markets representing over half of our EBITDA experienced RevPAR growth between 5 and 10 percent in the quarter. Continuing a great trend, our primarily tech driven hotels in Silicon Valley and
"Importantly, our other most significant markets are primarily business travel focused markets, and the gains we produced in the quarter in
Approximately 64 percent of Chatham’s hotel EBITDA over the last twelve months was generated from its extended-stay hotels, the highest concentration of extended-stay rooms of any public lodging REIT. Second quarter 2024 occupancy, ADR and RevPAR for each of Chatham’s major brands is presented below (number of hotels in parentheses):
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Residence
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Courtyard
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HGI
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Hotel Operations Performance
The below chart summarizes key hotel operating performance measures for the three months ended June 30, 2024, and 2023. Gross operating profit is calculated as hotel EBITDA plus property taxes, ground rent and insurance (in millions, except for RevPAR and margin percentages):
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Hotel EBITDA |
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Corporate Update
The below chart summarizes key financial performance measures for the three months ended June 30, 2024, and 2023. Corporate EBITDA is calculated as hotel EBITDA minus cash corporate general and administrative expenses and is before debt service and capital expenditures. Debt service includes interest expense and principal amortization on its secured debt, as well as dividends on its preferred shares of
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Home2 Phoenix Acquisition
In May, Chatham acquired the recently opened, 148-room Home2 Suites by Hilton Phoenix Downtown for
Strategically located in the heart of downtown
Fisher stated, “We are really excited about this beautiful, brand new, high-quality hotel located in the heart of downtown
Capital Markets & Capital Structure
During the 2024 second quarter, Chatham:
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Repaid the following maturing mortgages:
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Residence Inn Anaheim
mortgage on April 5th$29 million -
Mountain View mortgage on May 31st$35 million -
Savannah maturing mortgage on June 6th$28 million -
Three mortgages aggregating
on the Residence Inn Silicon Valley 1, Silicon Valley 2 and$169 million San Mateo on June 28th -
Subsequent to the end of the quarter - the Hilton Garden Inn Marina Del Rey
mortgage on July 5th$18 million
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Residence Inn Anaheim
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Borrowed an additional
on its term loan on May 3rd$50 million -
Issued
of five-year CMBS debt secured by the Hyatt Place Pittsburgh North Shore on May 31st, with the loan carrying an interest rate of 7.29 percent and interest-only payments for the duration of the loan$23 million -
Issued
of CMBS debt on June 6th. This includes a$37 million loan secured by the Hampton Inn$15 million Exeter, N.H. , and a loan secured by the SpringHill Suites$22 million Savannah, Ga. Both loans have 10-year terms with an interest rate of 6.7 percent and interest-only payments for the duration of the loans
As of June 30, 2024, Chatham had net debt of
"Since the end of 2022, we have patiently and prudently repositioned our balance since to address almost
Hotel Investments
During the second quarter, the company incurred capital expenditures of
Dividend
During the quarter, the Board of Trustees declared a preferred dividend of
2024 Third Quarter Guidance
Chatham’s 2024 third quarter guidance reflects the following assumptions:
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Renovation of the Courtyard Dallas
Addison, Texas -
Repayment of the
maturing mortgage on July 5, 2024$18 million - No additional acquisitions, dispositions, debt or equity issuance
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Weighted average shares/units outstanding |
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Chatham provides guidance but does not undertake to update it for any developments in its business. Achievement of the results is subject to the risks disclosed in its filings with the Securities and Exchange Commission.
Earnings Call
Chatham will hold its second quarter 2024 conference call later today at 10:00 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 website, www.chathamlodgingtrust.com, or may participate in the conference call by dialing 1-877-407-0789 or 1-201-689-8562 and referencing Chatham Lodging Trust. A recording of the call will be available by telephone until Friday, August 9, 2024, at 11:59 PM ET, by dialing 1-844-512-2921 or 1-412-317-6671, access ID 13747562. 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 (REIT) focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns 39 hotels totaling 5,883 rooms/suites in 17 states and the
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) EBITDAre, (5) Adjusted EBITDA, (6) Adjusted Hotel EBITDA, (7) Hotel EBITDA, (8) Hotel EBITDA Margin, (9) Corporate EBITDA and (10) Cash flow before CapEx and common dividends. 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
Chatham calculates FFO in accordance with standards established by the 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. Chatham 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. Chatham 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.
Chatham calculates Adjusted FFO by further adjusting FFO for certain additional items that are not addressed in Nareit’s definition of FFO, including 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. Chatham 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, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA
Chatham 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. Chatham believes EBITDA is useful to investors in evaluating and facilitating comparisons of its operating performance because it helps investors compare Chatham'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, Chatham uses EBITDA as one measure in determining the value of hotel acquisitions and dispositions. Chatham calculates EBITDAre in accordance with Nareit guidelines, which defines EBITDAre as net income or loss excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. We believe that the presentation of EBITDAre provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.
Chatham calculates Adjusted EBITDA by further adjusting EBITDA for certain additional items, including other charges, 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. Chatham 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, impairment loss, loss on early extinguishment of debt, interest and other income and income or loss from unconsolidated real estate entities. Chatham presents Adjusted Hotel EBITDA because Chatham believes it is useful to investors in comparing its hotel operating performance between periods and comparing its Adjusted Hotel EBITDA to those of our peer companies. Adjusted Hotel EBITDA represents the results of operations for its wholly owned hotels only.
Although Chatham presents FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA because it believes they are useful to investors in comparing Chatham'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, EBITDAre, 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, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect changes in, or cash requirements for, Chatham’s working capital needs;
- FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect funds available to make cash distributions;
- EBITDA, EBITDAre, 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 Chatham’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, EBITDAre, 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 Chatham’s overall long-term incentive compensation package, although Chatham 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 Chatham considers not to be indicative of the underlying performance of its hotel properties; and
- Other companies in Chatham’s industry may calculate FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA differently than Chatham does, limiting their usefulness as a comparative measure.
In addition, FFO, Adjusted FFO, EBITDA, EBITDAre, 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, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA are not measures of Chatham’s liquidity. Because of these limitations, FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Chatham compensates for these limitations by relying primarily on its GAAP results and using FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA only supplementally. Chatham’s consolidated financial statements and the notes to those statements included elsewhere are prepared in accordance with GAAP. Chatham’s reconciliation of FFO, Adjusted FFO, EBITDA, EBITDAre, 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements generally are characterized by the use of the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions. These forward-looking statements include information about possible or assumed future results of the lodging industry and our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements. Important factors that could cause our actual results to differ materially from expected results 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 our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and its ability to meet covenants in its debt agreements; relationships with property managers; our ability to maintain its properties in a first-class manner, including meeting capital expenditure requirements; our 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; our ability to complete acquisitions and dispositions; and our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; and inaccuracies of our accounting estimates and the uncertainty and economic impact of pandemics, epidemics or other public health emergencies of fear of such events, such as the recent COVID-19 pandemic. Given these uncertainties, undue reliance should not be placed on such statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances or to reflect the occurrence of unanticipated events. The forward-looking statements should also be read in light of the risk factors identified in the “Risk Factors” section in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by our subsequent filings with the SEC under the Exchange Act.
CHATHAM LODGING TRUST Consolidated Balance Sheets (In thousands, except share and per share data) |
|||||||
|
June 30,
|
|
December 31,
|
||||
|
(unaudited) |
|
|
||||
Assets: |
|
|
|
||||
Investment in hotel properties, net |
$ |
1,241,935 |
|
|
$ |
1,227,633 |
|
Cash and cash equivalents |
|
10,595 |
|
|
|
68,130 |
|
Restricted cash |
|
15,101 |
|
|
|
17,619 |
|
Right of use asset, net |
|
17,849 |
|
|
|
18,141 |
|
Hotel receivables (net of allowance for doubtful accounts of |
|
4,176 |
|
|
|
4,375 |
|
Deferred costs, net |
|
4,625 |
|
|
|
4,246 |
|
Prepaid expenses and other assets |
|
8,197 |
|
|
|
3,786 |
|
Total assets |
$ |
1,302,478 |
|
|
$ |
1,343,930 |
|
Liabilities and Equity: |
|
|
|
||||
Mortgage debt, net |
$ |
190,373 |
|
|
$ |
394,544 |
|
Revolving credit facility |
|
120,000 |
|
|
|
— |
|
Unsecured term loan, net |
|
139,417 |
|
|
|
89,533 |
|
Accounts payable and accrued expenses (including |
|
28,455 |
|
|
|
29,255 |
|
Lease liability |
|
20,859 |
|
|
|
20,808 |
|
Distributions payable |
|
5,481 |
|
|
|
5,414 |
|
Total liabilities |
|
504,585 |
|
|
|
539,554 |
|
Commitments and contingencies |
|
|
|
||||
Equity: |
|
|
|
||||
Shareholders’ Equity: |
|
|
|
||||
Preferred shares, |
|
48 |
|
|
|
48 |
|
Common shares, |
|
489 |
|
|
|
488 |
|
Additional paid-in capital |
|
1,046,787 |
|
|
|
1,047,176 |
|
Accumulated deficit |
|
(280,852 |
) |
|
|
(271,651 |
) |
Total shareholders’ equity |
|
766,472 |
|
|
|
776,061 |
|
Noncontrolling interests: |
|
|
|
||||
Noncontrolling interest in Operating Partnership |
|
31,421 |
|
|
|
28,315 |
|
Total equity |
|
797,893 |
|
|
|
804,376 |
|
Total liabilities and equity |
$ |
1,302,478 |
|
|
$ |
1,343,930 |
|
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, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Room |
$ |
79,044 |
|
|
$ |
77,486 |
|
|
$ |
141,526 |
|
|
$ |
139,157 |
|
Food and beverage |
|
2,127 |
|
|
|
2,094 |
|
|
|
3,973 |
|
|
|
4,182 |
|
Other |
|
5,033 |
|
|
|
4,531 |
|
|
|
8,868 |
|
|
|
8,022 |
|
Reimbursable costs from related parties |
|
275 |
|
|
|
365 |
|
|
|
553 |
|
|
|
730 |
|
Total revenue |
|
86,479 |
|
|
|
84,476 |
|
|
|
154,920 |
|
|
|
152,091 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Hotel operating expenses: |
|
|
|
|
|
|
|
||||||||
Room |
|
16,966 |
|
|
|
14,578 |
|
|
|
32,099 |
|
|
|
28,694 |
|
Food and beverage |
|
1,608 |
|
|
|
1,584 |
|
|
|
3,091 |
|
|
|
3,141 |
|
Telephone |
|
328 |
|
|
|
360 |
|
|
|
647 |
|
|
|
722 |
|
Other hotel operating |
|
1,025 |
|
|
|
950 |
|
|
|
1,844 |
|
|
|
1,863 |
|
General and administrative |
|
7,231 |
|
|
|
7,305 |
|
|
|
14,396 |
|
|
|
14,112 |
|
Franchise and marketing fees |
|
6,936 |
|
|
|
6,801 |
|
|
|
12,425 |
|
|
|
12,141 |
|
Advertising and promotions |
|
1,585 |
|
|
|
1,460 |
|
|
|
2,927 |
|
|
|
2,975 |
|
Utilities |
|
3,106 |
|
|
|
2,899 |
|
|
|
6,115 |
|
|
|
6,050 |
|
Repairs and maintenance |
|
4,103 |
|
|
|
3,894 |
|
|
|
8,057 |
|
|
|
7,623 |
|
Management fees paid to related parties |
|
2,850 |
|
|
|
2,791 |
|
|
|
5,159 |
|
|
|
5,079 |
|
Insurance |
|
833 |
|
|
|
701 |
|
|
|
1,653 |
|
|
|
1,400 |
|
Total hotel operating expenses |
|
46,571 |
|
|
|
43,323 |
|
|
|
88,413 |
|
|
|
83,800 |
|
Depreciation and amortization |
|
14,914 |
|
|
|
14,670 |
|
|
|
30,169 |
|
|
|
28,928 |
|
Property taxes, ground rent and insurance |
|
5,981 |
|
|
|
6,069 |
|
|
|
11,275 |
|
|
|
12,174 |
|
General and administrative |
|
4,633 |
|
|
|
4,612 |
|
|
|
9,227 |
|
|
|
8,954 |
|
Other charges |
|
27 |
|
|
|
38 |
|
|
|
77 |
|
|
|
38 |
|
Reimbursable costs from related parties |
|
275 |
|
|
|
365 |
|
|
|
553 |
|
|
|
730 |
|
Total operating expenses |
|
72,401 |
|
|
|
69,077 |
|
|
|
139,714 |
|
|
|
134,624 |
|
Operating income before loss on sale of hotel properties |
|
14,078 |
|
|
|
15,399 |
|
|
|
15,206 |
|
|
|
17,467 |
|
Gain (loss) on sale of hotel properties |
|
12 |
|
|
|
55 |
|
|
|
(140 |
) |
|
|
55 |
|
Operating income |
|
14,090 |
|
|
|
15,454 |
|
|
|
15,066 |
|
|
|
17,522 |
|
Interest and other income |
|
684 |
|
|
|
189 |
|
|
|
1529 |
|
|
|
209 |
|
Interest expense, including amortization of deferred fees |
|
(7,723 |
) |
|
|
(6,442 |
) |
|
|
(15,030 |
) |
|
|
(12,880 |
) |
Loss on early extinguishment of debt |
|
(17 |
) |
|
|
— |
|
|
|
(17 |
) |
|
|
(691 |
) |
Income before income tax expense |
|
7,034 |
|
|
|
9,365 |
|
|
|
1,548 |
|
|
|
4,324 |
|
Income tax expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income |
|
7,034 |
|
|
|
9,365 |
|
|
|
1,548 |
|
|
|
4,324 |
|
Net (income) loss attributable to noncontrolling interests |
|
(186 |
) |
|
|
(221 |
) |
|
|
73 |
|
|
|
(28 |
) |
Net income attributable to Chatham Lodging Trust |
|
6,848 |
|
|
|
9,144 |
|
|
|
1,621 |
|
|
|
4,296 |
|
Preferred dividends |
|
(1,987 |
) |
|
|
(1,987 |
) |
|
|
(3,975 |
) |
|
|
(3,975 |
) |
Net income (loss) attributable to common shareholders |
$ |
4,861 |
|
|
$ |
7,157 |
|
|
$ |
(2,354 |
) |
|
$ |
321 |
|
Income (loss) per common share - basic: |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common shareholders |
$ |
0.10 |
|
|
$ |
0.15 |
|
|
$ |
(0.05 |
) |
|
$ |
0.01 |
|
Income (loss) per common share - diluted: |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common shareholders |
$ |
0.10 |
|
|
$ |
0.15 |
|
|
$ |
(0.05 |
) |
|
$ |
0.01 |
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
48,900,609 |
|
|
|
48,846,913 |
|
|
|
48,896,301 |
|
|
|
48,842,850 |
|
Diluted |
|
49,013,530 |
|
|
|
48,962,842 |
|
|
|
48,896,301 |
|
|
|
48,964,908 |
|
Distributions declared per common share: |
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
CHATHAM LODGING TRUST Reconciliation of Net Income to Adjusted FFO, EBITDA, EBITDAre and Adjusted EBITDA (In thousands, except share and per share data) |
|||||||||||||||
|
For the three months ended |
|
For the six months ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Funds From Operations (“FFO”): |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
7,034 |
|
|
$ |
9,365 |
|
|
$ |
1,548 |
|
|
$ |
4,324 |
|
Preferred dividends |
|
(1,987 |
) |
|
|
(1,987 |
) |
|
|
(3,975 |
) |
|
|
(3,975 |
) |
Net income (loss) attributable to common shares and common units |
|
5,047 |
|
|
|
7,378 |
|
|
|
(2,427 |
) |
|
|
349 |
|
(Gain) loss on sale of hotel properties |
|
(12 |
) |
|
|
(55 |
) |
|
|
140 |
|
|
|
(55 |
) |
Depreciation of hotel properties owned |
|
14,712 |
|
|
|
14,616 |
|
|
|
29,908 |
|
|
|
28,821 |
|
FFO attributable to common share and unit holders |
|
19,747 |
|
|
|
21,939 |
|
|
|
27,621 |
|
|
|
29,115 |
|
Amortization of finance lease assets |
|
150 |
|
|
|
— |
|
|
|
150 |
|
|
|
— |
|
Other charges |
|
27 |
|
|
|
38 |
|
|
|
77 |
|
|
|
38 |
|
Loss on early extinguishment of debt |
|
17 |
|
|
|
— |
|
|
|
17 |
|
|
|
691 |
|
Gain from partial lease termination |
|
— |
|
|
|
(164 |
) |
|
|
— |
|
|
|
(164 |
) |
Adjusted FFO attributable to common share and unit holders |
$ |
19,941 |
|
|
$ |
21,813 |
|
|
$ |
27,865 |
|
|
$ |
29,680 |
|
Weighted average number of common shares and units |
|
|
|
|
|
|
|
||||||||
Basic |
|
50,809,951 |
|
|
|
50,434,230 |
|
|
|
50,699,481 |
|
|
|
50,308,726 |
|
Diluted |
|
50,922,872 |
|
|
|
50,550,159 |
|
|
|
51,047,269 |
|
|
|
50,430,784 |
|
|
For the three months ended |
|
For the six months ended |
|||||||||||
|
June 30, |
|
June 30, |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”): |
|
|
|
|
|
|
|
|||||||
Net income |
$ |
7,034 |
|
|
$ |
9,365 |
|
|
$ |
1,548 |
|
$ |
4,324 |
|
Interest expense, including amortization of deferred fees |
|
7,723 |
|
|
|
6,442 |
|
|
|
15,030 |
|
|
12,880 |
|
Depreciation and amortization |
|
14,914 |
|
|
|
14,670 |
|
|
|
30,169 |
|
|
28,928 |
|
EBITDA |
|
29,671 |
|
|
|
30,477 |
|
|
|
46,747 |
|
|
46,132 |
|
(Gain) loss on sale of hotel properties |
|
(12 |
) |
|
|
(55 |
) |
|
|
140 |
|
|
(55 |
) |
EBITDAre |
|
29,659 |
|
|
|
30,422 |
|
|
|
46,887 |
|
|
46,077 |
|
Other charges |
|
27 |
|
|
|
38 |
|
|
|
77 |
|
|
38 |
|
Loss on early extinguishment of debt |
|
17 |
|
|
|
— |
|
|
|
17 |
|
|
691 |
|
Gain from partial lease termination |
|
— |
|
|
|
(164 |
) |
|
|
— |
|
|
(164 |
) |
Share based compensation |
|
1,656 |
|
|
|
1,555 |
|
|
|
3,260 |
|
|
3,007 |
|
Adjusted EBITDA |
$ |
31,359 |
|
|
$ |
31,851 |
|
|
$ |
50,241 |
|
$ |
49,649 |
|
CHATHAM LODGING TRUST Reconciliation of Net Income to 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, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
7,034 |
|
|
$ |
9,365 |
|
|
$ |
1,548 |
|
|
$ |
4,324 |
|
|
Add: |
Interest expense, including amortization of deferred fees |
|
7,723 |
|
|
|
6,442 |
|
|
|
15,030 |
|
|
|
12,880 |
|
|
Depreciation and amortization |
|
14,914 |
|
|
|
14,670 |
|
|
|
30,169 |
|
|
|
28,928 |
|
|
Corporate general and administrative |
|
4,633 |
|
|
|
4,612 |
|
|
|
9,227 |
|
|
|
8,954 |
|
|
Other charges |
|
27 |
|
|
|
38 |
|
|
|
77 |
|
|
|
38 |
|
|
Loss on early extinguishment of debt |
|
17 |
|
|
|
— |
|
|
|
17 |
|
|
|
691 |
|
|
Loss on sale of hotel properties |
|
— |
|
|
|
— |
|
|
|
140 |
|
|
|
— |
|
Less: |
Interest and other income |
|
(684 |
) |
|
|
(189 |
) |
|
|
(1,529 |
) |
|
|
(209 |
) |
|
Gain on sale of hotel properties |
|
(12 |
) |
|
|
(55 |
) |
|
|
— |
|
|
|
(55 |
) |
|
Gain from partial lease termination |
|
— |
|
|
|
(164 |
) |
|
|
— |
|
|
|
(164 |
) |
|
Adjusted Hotel EBITDA |
$ |
33,652 |
|
|
$ |
34,719 |
|
|
$ |
54,679 |
|
|
$ |
55,387 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total revenue |
$ |
86,479 |
|
|
$ |
84,476 |
|
|
$ |
154,920 |
|
|
$ |
152,091 |
|
|
Reimbursable costs from related parties |
|
(275 |
) |
|
|
(365 |
) |
|
|
(553 |
) |
|
|
(730 |
) |
|
Hotel revenue |
$ |
86,204 |
|
|
$ |
84,111 |
|
|
$ |
154,367 |
|
|
$ |
151,361 |
|
|
Hotel EBITDA margin |
|
39.0 |
% |
|
|
41.3 |
% |
|
|
35.4 |
% |
|
|
36.6 |
% |
CHATHAM LODGING TRUST Reconciliations of Guidance Net Income to FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA (In thousands, except share and per share data) |
|||||||
|
For the three months ended |
||||||
|
September 30, 2024 |
||||||
|
Low-End |
|
High-End |
||||
Funds From Operations (“FFO”): |
|
|
|
||||
Net income |
$ |
2,600 |
|
|
$ |
5,100 |
|
Preferred dividends |
|
(2,000 |
) |
|
|
(2,000 |
) |
Net income attributable to common shares and common units |
|
600 |
|
|
|
3,100 |
|
Depreciation of hotel properties owned |
|
14,800 |
|
|
|
14,800 |
|
FFO attributable to common share and unit holders |
|
15,400 |
|
|
|
17,900 |
|
Amortization of finance lease assets |
|
500 |
|
|
|
500 |
|
Adjusted FFO attributable to common share and unit holders |
$ |
15,900 |
|
|
$ |
18,400 |
|
Weighted average number of common shares and units |
|
|
|
||||
Diluted |
|
51,170,000 |
|
|
|
51,170,000 |
|
Adjusted FFO per diluted share |
$ |
0.31 |
|
|
$ |
0.36 |
|
|
For the three months ended |
||||
|
September 30, 2024 |
||||
|
Low-End |
|
High-End |
||
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”): |
|
|
|
||
Net income |
$ |
2,600 |
|
$ |
5,100 |
Interest expense, including amortization of deferred fees |
|
8,400 |
|
|
8,400 |
Depreciation and amortization |
|
15,400 |
|
|
15,400 |
EBITDA |
|
26,400 |
|
|
28,900 |
EBITDAre |
|
26,400 |
|
|
28,900 |
Share based compensation |
|
1,700 |
|
|
1,700 |
Adjusted EBITDA |
$ |
28,100 |
|
$ |
30,600 |
|
|
For the three months ended |
||||||
|
|
September 30, 2024 |
||||||
|
|
Low-End |
|
High-End |
||||
|
|
|
|
|
||||
Net income |
$ |
2,600 |
|
|
$ |
5,100 |
|
|
Add: |
Interest expense, including amortization of deferred fees |
|
8,400 |
|
|
|
8,400 |
|
|
Depreciation and amortization |
|
15,400 |
|
|
|
15,400 |
|
|
Corporate general and administrative |
|
4,500 |
|
|
|
4,500 |
|
|
Adjusted Hotel EBITDA |
$ |
30,900 |
|
|
$ |
33,400 |
|
|
|
|
|
|
||||
|
Total revenue |
$ |
86,200 |
|
|
$ |
88,100 |
|
|
Reimbursable costs from related parties |
|
(300 |
) |
|
|
(300 |
) |
|
Hotel revenue |
$ |
85,900 |
|
|
$ |
87,800 |
|
|
Hotel EBITDA margin |
|
36.0 |
% |
|
|
38.0 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240802721514/en/
Dennis Craven (Company)
Chief Operating Officer
(561) 227-1386
Chris Daly (Media)
DG Public Relations
(703) 864-5553
Source: Chatham Lodging Trust
FAQ
What was Chatham Lodging Trust's RevPAR for Q2 2024?
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What acquisition did Chatham Lodging Trust (CLDT) make in Q2 2024?
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