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Chatham Lodging Trust (CLDT) Misses Q3 FFO by 1c, Offers Guidance

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November 5, 2015 9:18 AM EST

Chatham Lodging Trust (NYSE: CLDT) reported Q3 FFO of $0.76, $0.01 worse than the analyst estimate of $0.77. Revenue for the quarter came in at $78.2 million versus the consensus estimate of $77.69 million.

Outlook and 2015 Guidance

The company provides guidance, but does not undertake to update it for any developments in its business. Achievement of the results is subject to the risks disclosed in the company’s filings with the Securities and Exchange Commission. The company’s 2015 guidance reflects the following:

  • Renovations at the company’s SpringHill Suites Savannah, Ga., and the Homewood Suites San Antonio, Texas, during the fourth quarter
  • Reduction in fourth quarter RevPAR growth of approximately 200 basis points to 5.0-5.5 percent
  • Incremental income taxes in its taxable REIT subsidiaries of $0.4 million or $0.01 per share
  • Incremental property taxes related to a re-assessment of the SpringHill Suites Savannah, Ga. of $0.4 million, or $0.01 per share
  • No additional acquisitions, dispositions, debt, or equity issuance
Q4 2015 2015 Forecast
RevPAR $119-$120 $131-$132
RevPAR growth +5.0-5.5% +5.75-6.0%
Total hotel revenue $66.0-$66.4 M $272.8-$273.2 M
Net income $1.5-$2.3 M $30.2-$31.0 M
Net income per diluted share $0.04-$0.06 $0.78-$0.80
Adjusted EBITDA $27.0-$27.8 M $127.5-$128.3 M
Adjusted funds from operation ("FFO") $16.3-$17.1 M $87.8-$88.6 M
Adjusted FFO per diluted share $0.42-$0.44 $2.29-$2.31
Hotel EBITDA margins 39.3-40.3% 43.4-43.7%
Corporate cash administrative expenses $2.2 M $8.5 M
Corporate non-cash administrative expenses $0.8 M $2.9 M
Cash Interest expense $7.2 M $26.6 M
Non-cash amortization of deferred fees $0.5 M $1.9 M
Income taxes $0.3 M $0.6 M
Chatham’s share of JV EBITDA $3.2-$3.3 M $17.1-$17.2 M
Chatham’s share of JV FFO $1.3-$1.4 M $9.5-$9.6 M
Weighted average shares outstanding 38.6 M 38.3 M

For earnings history and earnings-related data on Chatham Lodging Trust (CLDT) click here.


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