Chatham Lodging Trust (NYSE: CLDT) reported Q2 EPS of $0.29, $0.01 better than the analyst estimate of $0.28.

Highlights:

• Portfolio Revenue per Available Room (RevPAR) - Increased 0.8 percent to $143, compared to the 2017 second quarter, for Chatham’s 40, wholly owned hotels. Average daily rate (ADR) improved 0.6 percent to $172, and occupancy also rose 0.2 percent to 83 percent.
• Net Income - Improved $8.4 million to $13.5 million. Net income per diluted share was $0.29 versus $0.13 in the 2017 second quarter.
• Adjusted EBITDA - Advanced $2.5 million to $37.6 million, at the upper end of its guidance.
• Adjusted FFO - Rose $2.2 million, to $27.4 million, versus $25.2 million in the 2017 second quarter. Adjusted FFO per diluted share was $0.59, above consensus and compared to guidanceof $0.56-$0.59 per share.
• Operating Margins - Gross operating profit margins declined 50 basis points to 48.9 percent. Hotel EBITDA margins were off 70 basis points to 41.5 percent, within its range of guidance.
• Balance Sheet - Continued to de-lever, paying down $2.8 million of net debt in the quarter and reducing leverage to 33 percent.

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