PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded select-service hotels, announced results for the third quarter ended September 30, 2010.
Third Quarter 2010 Highlights
- Successfully invested approximately $135 million to acquire seven hotels comprising 837 rooms (two of these acquisitions occurred subsequent to quarter end), fully investing the proceeds from its IPO and more than doubling its portfolio of rooms from the end of the second quarter and bringing Chatham’s total current hotel portfolio to 13 hotels and 1,650 rooms.
- Pro forma revenue per available room (RevPAR) for the third quarter was $94.59, an increase of 4.7 percent from the comparable period in 2009, assuming the company owned all 13 of its hotels for the entire third quarter. Pro forma occupancy was up 4.9 percent to 79.6 percent and pro forma average daily rate (ADR) was down slightly, 0.1 percent, to $118.88.
- Gross operating profit (GOP) margins (hotel operating revenue less hotel operating expenses, before property taxes and insurance) were 41 percent for the third quarter.
- Generated Adjusted EBITDA of $2.3 million, Adjusted FFO of $1.9 million and Adjusted FFO per diluted share of $0.21 based on shares outstanding in the third quarter.
- Declared the company’s first quarterly dividend of $0.175 per share.
- Subsequent to quarter end, entered into an $85 million secured revolving credit facility that can expand to $110 million.
“We achieved these significant milestones within six months of our IPO, a time frame that exceeded our expectations,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president.
For a complete copy of the company’s news release and financials, please contact:
Dennis Craven (Company), Chief Financial Officer, (561) 227-1386
Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293
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