Chatham Lodging Q2 adjusted FFO $0.39 beats estimates; RevPAR up 4% to $151, exceeds 2019

Chatham Lodging Trust

2024-Q2 EPS reported -$0.05 revenue$154,920,000

Q2 net income $7.0M ($0.10 diluted EPS) vs $9.4M ($0.15) a year ago; adjusted FFO $19.9M ($0.39) beat consensus.
Portfolio RevPAR of $151 increased 4% YoY, first time exceeding 2019 RevPAR of $147; occupancy rose to 82%.
Acquired Home2 Suites Phoenix Downtown for $43.3M ($293K per room); expects stabilized NOI yield >9%.
Repaid $261M of maturing debt; $30M matures over next year; 60% of debt floating rate; leverage 26%.
Q3 2024 guidance: RevPAR $148-$152, adjusted FFO per share $0.31-$0.36; dividend maintained $0.07/common.

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