Chatham Lodging Trust (NYSE: CLDT) reported Q3 EPS of $0.21, $0.04 worse than the analyst estimate of $0.25.

• Portfolio Revenue per Available Room (RevPAR) - Declined 0.3 percent to $148, compared to the 2018 third quarter, for Chatham’s 40 comparable wholly owned hotels. Average daily rate (ADR) rose 0.5 percent to $173.4, and occupancy lessened 0.8 percent to 85.2 percent.
• Net Income - Declined $4.6 million to $10.1 million, compared to the 2018 third quarter, driven by the company’s proportionate share of impairment losses in its unconsolidated joint ventures. Net income per diluted share was $0.21 versus $0.31 for the same period a year earlier.
• Adjusted EBITDA - Rose $0.8 million, or 2.0 percent higher than the 2018 third quarter, to $39.4 million, above the company’s guidance of $37.1-$39.1 million.
• Adjusted FFO - Improved $0.2 million, to $28.6 million, versus $28.4 million in the 2018 third quarter. Adjusted FFO per diluted share was $0.60, exceeding the upper end of the company’s guidance of $0.55-$0.59 per share.
• Operating Margins -For its 40 comparable hotels, despite a RevPAR decline, comparable gross operating profit margins increased 10 basis points to 48.2 percent versus the 2018 third quarter. Hotel EBITDA margins declined 10 basis points to 41.2 percent over the same period last year.

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