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Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint venture approximately $1.5 billion of premium-branded, upscale, extended-stay and select-service hotels, today announced results for the second quarter ended June 30, 2013.
Second Quarter 2013 Highlights
Hotel RevPAR – Rose 2.6 percent to $115 for the 20 hotels owned for the entire quarter. Excluding the Washington D.C. hotel, which currently is being renovated/rebranded, comparable RevPAR grew 6.1 percent (excluding the recently acquired Hyatt Place, RevPAR rose 5.3 percent).
Adjusted EBITDA – Increased 14.6 percent to $13.7 million.
Adjusted FFO – Improved 47.8 percent to $8.8 million. Adjusted FFO per diluted share rose 11.6 percent to $0.48.
Equity Offering and Continued Portfolio Growth – Raised $81.4 million in a common share follow-on offering to fund the acquisition of the Hyatt Place Pittsburgh for $40.0 million and entered into an agreement to acquire a Hampton Inn & Suites for $15.2 million.
Opportunistic JV Acquisition – Expanded joint venture relationship with Cerberus Capital Management, acquiring the Residence Inn in Torrance, Ca. for $31.0 million.
Consolidated Financial Results
The following is a summary of the consolidated financial results as reported based on the hotels owned for the comparable respective periods. RevPAR, ADR and occupancy are based on hotels owned as of June 30, 2013 ($ in millions, except per share data, RevPAR, ADR, occupancy and margins):
Three Months Ended
Six Months Ended
Hotel EBITDA Margin
Net income (loss)
AFFO per diluted share
Dividends per share
Operating Results Growth
“Our portfolio continues to produce solid results as we execute our strategic growth initiatives, enhance earnings growth and build long-term value for our shareholders by selectively investing in hotels in quality markets at the right prices, making timely improvements and building strong operating results through aggressive asset management,” said Jeffrey H. Fisher, Chatham’s president and CEO. “This allows us to produce meaningful cash flow and reward our shareholders with one of the strongest dividends in the industry.