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Chatham Lodging Trust(CLDT) - 2024 Q3 - Quarterly Results
CLDTChatham Lodging Trust(CLDT)2024-11-07 14:08

Financial Performance - Net income for Q3 2024 was 4.3million,downfrom4.3 million, down from 7.5 million in Q3 2023, resulting in diluted net income per share of 0.05versus0.05 versus 0.11 in the prior year[2]. - Adjusted EBITDA for Q3 2024 was 29.6million,adecreasefrom29.6 million, a decrease from 30.6 million in Q3 2023[2]. - The company reported a GOP margin of 44.5% in Q3 2024, compared to 44.9% in Q3 2023[3]. - Total revenue for the three months ended September 30, 2024, was 87,177million,a0.587,177 million, a 0.5% increase from 86,741 million in 2023[37]. - Net income for the three months ended September 30, 2024, was 4,339million,down42.94,339 million, down 42.9% from 7,499 million in 2023[39]. - EBITDA for the three months ended September 30, 2024, was 27,888million,adecreaseof3.927,888 million, a decrease of 3.9% compared to 29,035 million in 2023[39]. - Total operating expenses for the three months ended September 30, 2024, were 74,659million,anincreaseof2.574,659 million, an increase of 2.5% from 72,868 million in 2023[37]. - Funds From Operations (FFO) attributable to common share and unit holders for the three months ended September 30, 2024, was 17,169million,downfrom17,169 million, down from 20,145 million in 2023[38]. - Adjusted FFO attributable to common share and unit holders for the three months ended September 30, 2024, was 17,599million,comparedto17,599 million, compared to 20,156 million in 2023[38]. Revenue and Growth - RevPAR growth of 2.1% was achieved in Q3 2024, with a RevPAR of 150forcomparablehotels,comparedto150 for comparable hotels, compared to 148 in Q3 2023[2]. - October RevPAR accelerated to 158,markinga6158, marking a 6% increase compared to October 2023, representing the second highest October RevPAR since the company's inception[2]. - Q4 2024 revenue guidance is projected to be between 124 million and 127million,reflectingagrowthof1127 million, reflecting a growth of 1% to 3% year-over-year[19]. - Total revenue for the nine months ended September 30, 2023, was 242,099,000, an increase from 238,832,000intheprioryear,reflectingagrowthofabout1.1238,832,000 in the prior year, reflecting a growth of about 1.1%[40]. - Hotel revenue for the three months ended September 30, 2023, was 86,894,000, compared to 86,460,000inthesameperiodlastyear,indicatingaslightincreaseof0.586,460,000 in the same period last year, indicating a slight increase of 0.5%[40]. Debt and Assets - Total debt outstanding as of September 30, 2024, was 439 million, with a leverage ratio of approximately 24%[14]. - As of September 30, 2024, total assets amount to 1.295billion,whiletotalliabilitiesstandat1.295 billion, while total liabilities stand at 496.9 million[35]. - Mortgage debt decreased significantly to 171.5millionfrom171.5 million from 394.5 million[35]. - Cash and cash equivalents decreased to 19.3millionfrom19.3 million from 68.1 million as of December 31, 2023[35]. - The company reported an accumulated deficit of (282.0)millionasofSeptember30,2024[36].HotelOperations−HotelEBITDAmarginforQ32024was37(282.0) million as of September 30, 2024[36]. Hotel Operations - Hotel EBITDA margin for Q3 2024 was 37%, slightly down from 38% in Q3 2023[2]. - The company experienced an increase in hotel operating expenses, totaling 48,241 million for the three months ended September 30, 2024, compared to 47,668millionin2023[37].−HotelEBITDAmarginfortheninemonthsendedSeptember30,2023,was36.047,668 million in 2023[37]. - Hotel EBITDA margin for the nine months ended September 30, 2023, was 36.0%, consistent with the margin of 37.1% from the previous year[40]. Capital Expenditures and Dividends - The company invested 6 million in capital expenditures during Q3 2024, with a year-to-date total of approximately 25million[16].−Acommondividendof25 million[16]. - A common dividend of 0.07 per share was declared, payable on October 15, 2024[17]. - Distributions declared per common share remained stable at 0.07forboththethreemonthsendedSeptember30,2024,and2023[37].FutureProjections−ThecompanyexpectsanetlossinQ42024between0.07 for both the three months ended September 30, 2024, and 2023[37]. Future Projections - The company expects a net loss in Q4 2024 between (6) million and (4)million,translatingtoalosspershareof(4) million, translating to a loss per share of (0.15) to (0.11)[19].−AdjustedEBITDAisanticipatedtobeintherangeof(0.11)[19]. - Adjusted EBITDA is anticipated to be in the range of 19 million to 21million,withanAdjustedHotelEBITDAmarginof3021 million, with an Adjusted Hotel EBITDA margin of 30% to 32%[19]. - Funds From Operations (FFO) attributable to common share and unit holders for the three months ended December 31, 2024, is projected to be between 7,051,000 and 8,943,000[42].−AdjustedFFOperdilutedshareisexpectedtorangefrom8,943,000[42]. - Adjusted FFO per diluted share is expected to range from 0.15 to 0.18forthethreemonthsendedDecember31,2024[42].−TotalrevenueforthethreemonthsendedDecember31,2024,isanticipatedtobebetween0.18 for the three months ended December 31, 2024[42]. - Total revenue for the three months ended December 31, 2024, is anticipated to be between 74,075,000 and 75,375,000[44].−AdjustedHotelEBITDAforthethreemonthsendedDecember31,2024,isforecastedtobebetween75,375,000[44]. - Adjusted Hotel EBITDA for the three months ended December 31, 2024, is forecasted to be between 22,140,000 and $24,032,000[44]. - Hotel EBITDA margin for the three months ended December 31, 2024, is expected to be between 30.0% and 32.0%[44].