Chatham Lodging Trust(CLDT)2025-05-06 14:19Financial Performance - Net loss applicable to common shareholders decreased to 7 million in Q1 2024, with diluted net loss per share improving from (0.01) [4] - Total revenue for Q1 2025 was 68,443,000 in Q1 2024 [45] - Operating income for Q1 2025 was 977,000 in Q1 2024 [45] - Net income attributable to Chatham Lodging Trust for Q1 2025 was 5,225,000 in Q1 2024 [45] - Funds From Operations (FFO) attributable to common share and unit holders for Q1 2025 was 7,877,000 in Q1 2024 [47] - Adjusted EBITDA for Q1 2025 was 18,884,000 in Q1 2024 [47] - Total assets decreased to 1,254,681,000 at the end of 2024 [43] - Total liabilities decreased to 462,684,000 at the end of 2024 [43] Revenue and Occupancy Metrics - RevPAR increased by 4% to 122 in Q1 2024, with occupancy rising to 72% from 69% [4] - RevPAR for Silicon Valley hotels increased by 8% in Q1 2025, while Los Angeles hotels saw a 14% increase [11] - April's RevPAR declined by 4% due to slowing demand and holiday impacts, but May is forecasted to trend positively [7] - For Q2 2025, RevPAR is projected to decline by 0.5% to 2%, with total hotel revenue expected between 80.2 million [27][28] Dividends and Shareholder Returns - The quarterly common dividend was raised by 29% to 0.07 per share [4] - The board raised its quarterly common dividend by 29 percent to 0.09 per common share in Q1 2025, up from 7 million, with a total capital expenditure budget of 83 million, with an average age of 23 years [4] - The sale of the Courtyard Houston, Texas, in April contributed to paying down borrowings on the credit facility [28] - The company completed renovations at the Residence Inn Bellevue and Hilton Garden Inn Portsmouth in April [28] Debt and Financial Ratios - As of March 31, 2025, the company had net debt of 389 million as of December 31, 2024 [22] - The leverage ratio was approximately 22 percent, down from 23 percent on December 31, 2024 [23] - The average interest rate on total debt outstanding as of March 31, 2025, was 6.4 percent [22] Future Projections - Adjusted EBITDA for 2025 is projected to be between 93 million, with Adjusted FFO expected between 53 million [27] - For the three months ended June 30, 2025, net income was between 5,818 million, while for the year ended December 31, 2025, it ranged from 8,521 million [51] - Adjusted FFO attributable to common share and unit holders for the three months ended June 30, 2025, was between 18,659 million, and for the year ended December 31, 2025, it was between 52,910 million [51] - Total revenue for the three months was between 80,478 million, and for the year, it ranged from 299,129 million [52] - Hotel EBITDA margin for the three months ended June 30, 2025, was between 37.5% and 39.5%, while for the year, it was between 34.0% and 35.0% [52] - EBITDA for the three months ended June 30, 2025, was between 27,180 million, and for the year, it ranged from 93,621 million [51] - Adjusted EBITDA for the three months ended June 30, 2025, was between 28,780 million, and for the year, it was between 92,810 million [51] Other Information - Approximately 65% of the company's hotel EBITDA over the last twelve months was generated from extended-stay hotels, which represent 61% of its portfolio [12] - The company owns 34 hotels totaling 5,164 rooms/suites across 14 states and the District of Columbia [31] - The weighted average number of common shares outstanding for Q1 2025 was 48,960,924, compared to 48,891,994 in Q1 2024 [45] - The company reported a loss per common share of 0.15 in Q1 2024 [45] - The company does not anticipate any additional acquisitions, dispositions, or debt or equity issuance in the near term [28] - Interest expense, including amortization of deferred fees, was 25,400 million for the year ended December 31, 2025 [51] - Depreciation and amortization for the three months ended June 30, 2025, was 59,700 million [51] - Preferred dividends for the three months and the year were consistently 8,000 million, respectively [51] - Gain on sale of hotel properties was 7,118 million for the year ended December 31, 2025 [51]