Chatham Lodging Announces First Quarter 2025 Results, Initiates Share Repurchase Program

About this update from Chatham Lodging Trust (reit)

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Occupancy jumped 4 percent to 72 percent, and average daily rate (ADR) was flat at $176.","length":229,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"RevPAR for the four Silicon Valley hotels was up 8 percent.","length":59,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":59,"olType":false}]},{"val":[{"type":"text","content":" Net Income (loss) – Incurred a net loss applicable to common shareholders of $1 million compared to a net loss of $7 million in the 2024 first quarter. Net loss to common shareholders per diluted common share was $(0.01) versus net loss per diluted common share of $(0.15) for the same period last year.","length":303,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Hotel Margins – Drove GOP margins 30 basis points higher to 39 percent in the 2025 first quarter. Hotel EBITDA margins declined 30 basis points to 31 percent in the 2025 first quarter.","length":184,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Adjusted EBITDA – Adjusted EBITDA declined $1 million to $18 million from $19 million.","length":86,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Adjusted FFO – Produced AFFO of $7 million in the 2025 first quarter versus $8 million in the 2024 first quarter. Adjusted FFO per diluted share was $0.14 compared to $0.16 in the 2024 first quarter. Unlike some other lodging REITS, Chatham does not add-back share-based compensation expense in its calculation of adjusted FFO per share.","length":337,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Dividend Increased – Raised the quarterly common dividend by 29 percent, or $0.02 per common share, to $0.09 per share.","length":119,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Asset Recycling – Closed on the sale of two of the five hotels under contract to sell for combined proceeds of $31 million. After quarter-end, closed on the sale of the last of the five hotels for $23 million. 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Share Buy-Back Plan ","length":19,"tagName":"p"},{"type":"text","content":"For the first time since its inception, the board of trustees approved a $25 million share repurchase program. Purchases may be made from time to time at management's discretion. The share repurchase program permits shares to be repurchased in a variety of methods, including open market purchases, accelerated share repurchases or other privately negotiated transactions. The share repurchase program has no time limit and may be suspended or discontinued at any time.","length":473,"tagName":"p"},{"type":"readMore"},{"type":"text","content":""Having successfully addressed close to $500 million in maturing debt essentially over the last two years while reducing our net debt ratio by approximately 50 percent since 2020 to the lowest levels in over a decade, we are well positioned to use a multitude of capital allocation strategies to enhance shareholder value," Fisher emphasized. "Announcing our first ever share repurchase program is another strategic option for us, and we will focus on the best outcomes of our investment dollars, whether that is share purchases, acquisitions or our Portland development. We are confident in our long-term trajectory, and with our recently announced dividend increase and this share buy-back program, we are further increasing the amount of capital we plan to return to shareholders."","length":804,"tagName":"p"},{"type":"text","content":" First Quarter 2025 Operating Results ","length":36,"tagName":"p"},{"type":"text","content":""Overall, we had a strong first quarter with RevPAR growth of 4 percent, and the quarter got off to a great start with growth of 5 percent in January, 7 percent in February followed by a flat March," Fisher commented. "Yet again, our RevPAR growth significantly outperformed the industry as our business travel markets, especially technology related, drove us higher. GOP and hotel EBITDA margins were strong this quarter, and we were able to generate Adjusted FFO per share at the top of our guidance range."","length":529,"tagName":"p"},{"type":"text","content":"Fisher continued, "Top of mind for us and our investor community is what the future looks like as the current uncertain economic climate has impacted RevPAR performance for us and the industry. Prior to the initial tariff policies and cuts in government spending announced in early March, we were projecting RevPAR growth of 3 percent in March, but RevPAR ended up flat for the month. April’s RevPAR decline of 4 percent was impacted by slowing demand attributable to the uncertain economic environment, but the biggest impact was the period surrounding the Passover and Easter holidays. Those holidays coming in successive weeks in the same month meaningfully impacted business travel. 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