Chatham Lodging Q1 net loss $5.5M; adjusted FFO $0.16 beats estimates, RevPAR up 2%

Chatham Lodging Trust

2024-Q1 EPS reported -$0.15 revenue$68,443,000

Net loss $5.5M ($0.15/sh) vs $5.0M loss ($0.14) in Q1 2023.
Adjusted FFO per share $0.16 beats consensus; Q2 2024 guidance $0.33-$0.36/sh.
RevPAR up 2% to $120; Silicon Valley/Bellevue hotels RevPAR up 17%.
Hotel EBITDA margin 30.8% up 10 bps; Adjusted EBITDA $18.9M (+6% YoY).
Sold HGI Denver Tech Center for $18M; net debt $412M; leverage 25%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Chatham Lodging Trust reported first quarter ended March 31, 2024 results: net income Net loss of $5.5 million, EPS $0.15.

Period: first quarter ended March 31, 2024
Net income: Net loss of $5.5 million
EPS: $0.15
Result: reported results

Exact text from the filing

First Quarter 2024 Operating Results • Portfolio Revenue Per Available Room (RevPAR) – Increased 2 percent to $120 compared to the 2023 first quarter. Average daily rate (ADR) accelerated 1 percent to $171, and occupancy jumped 1 percent to 70 percent for the 38 hotels owned as of March 31, 2024. ◦ RevPAR for the Silicon Valley and Bellevue hotels was up 17 percent over the 2023 first quarter. ◦ April 2024 RevPAR was up 5 percent over 2023 for the entire portfolio. • Net Income / (Loss) – Net loss of $5.5 million compared to net loss of $5.0 million in the 2023 first quarter. Net loss per diluted common share was $0.15 versus $0.14 during the 2023 first quarter.

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Source: SEC EDGAR

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