Chatham Lodging Trust Announces Fourth Quarter 2017 Results
https://www.bloomberg.com/press-releases/...urth-quarter-2017-results
Fourth Quarter 2017 Key Metrics
* Portfolio Revenue per Available Room (RevPAR) - Increased 1.1 percent, slightly above guidance, to $120, compared to the 2016 fourth quarter, for Chatham?s 40, wholly owned hotels. Average daily rate (ADR) improved 0.8 percent to $159, and occupancy grew 0.4 percent to 75.3 percent. * Portfolio RevPAR declined 0.5 percent, excluding four Houston hotels where RevPAR rose 23.5 percent, benefiting from demand attributable to Hurricane Harvey. * Net Income - Rose $2.8 million to $5.5 million. Net income per diluted share was $0.12 versus $0.07 in the 2016 fourth quarter. * Adjusted EBITDA - Equaled last year?s $26.3 million. * Adjusted FFO - Decreased $1.0 million, or 5.7 percent, to $16.0 million versus $17.0 million in the 2016 fourth quarter. Adjusted FFO per diluted share was $0.36 versus $0.44 in the 2016 fourth quarter, compared to guidance of $0.35-$0.38 per share. * Excluding the impact of the fourth quarter equity offering, two hotel acquisitions and one sold hotel, pro-forma Adjusted FFO per share would be $0.38, above consensus and at the upper end of its guidance. * Operating Margins - Declined 260 basis points to 43.3 percent. Hotel EBITDA margins were off 80 basis points to 35.9 percent.
|