Chatham Lodging Trust (NYSE: CLDT) reported Q1 EPS of $0.06, $0.01 better than the analyst estimate of $0.05. Revenue for the quarter came in at $74.03 million versus the consensus estimate of $71.09 million.

First Quarter 2018 Key Metrics

• Portfolio Revenue per Available Room (RevPAR) - Decreased 2.4 percent to $122, compared to the 2017 first quarter, for Chatham’s 40, wholly owned hotels. Average daily rate (ADR) lessened 1.2 percent to $162, and occupancy declined 1.2 percent to 76 percent.
• Net Income - Declined $1.7 million to $2.9 million. Net income per diluted share was $0.06 versus $0.12 in the 2017 first quarter.
• Adjusted EBITDA - Decreased $1.7 million to $26.4 million, slightly above the upper end its guidance.
• Adjusted FFO - Lessened $1.6 million, to $16.5 million versus $18.1 million in the 2017 first quarter. Adjusted FFO per diluted share was $0.36, above consensus and compared to guidance of $0.33-$0.35 per share.
• Operating Margins - Gross operating profit margins declined 260 basis points to 44.4 percent. Hotel EBITDA margins were off 360 basis points to 36.3 percent, 30 basis points better than the upper end of its guidance.
• Balance Sheet - Solidified the balance sheet, successfully refinancing its unsecured revolving credit facility, extending the maturity to 2023 and reducing its borrowing costs.

GUIDANCE:

Chatham Lodging Trust sees FY2018 EPS of $0.57-$0.70, versus the consensus of $0.69. Chatham Lodging Trust sees FY2018 revenue of $310.8-316.6 million, versus the consensus of $315.76 million.

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