Chatham Lodging Trust Announces Strong Fourth Quarter 2024 Results

About this update from Chatham Lodging Trust (reit)

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Occupancy jumped 5 percent to 74 percent, and average daily rate (ADR) declined 1 percent to $176.","length":362,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"RevPAR for the Silicon Valley and Bellevue hotels was up 9 percent over the 2023 fourth quarter.","length":96,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"January 2025 Portfolio RevPAR accelerated 5 percent","length":51,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":147,"olType":false}]},{"val":[{"type":"text","content":" Net Loss – Incurred a $1.9 million net loss applicable to common shareholders compared to a net loss of $9.3 million in the 2023 fourth quarter. Net loss per diluted common share was $(0.08) versus net loss per diluted common share of $(0.23) for the same period last year.","length":273,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Hotel Margins – Drove GOP margins 150 basis points higher to 40.5 percent in the 2024 fourth quarter from 39.0 percent in the 2023 fourth quarter. Hotel EBITDA margins surged 90 basis points to 32.5 percent in the 2023 fourth quarter.","length":234,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Adjusted EBITDA – Rose $0.3 million from $20.8 million last year to $21.1 million in the 2024 fourth quarter.","length":109,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Adjusted FFO – Produced AFFO of $10.0 million in the 2024 fourth quarter versus $9.8 million in the 2023 fourth quarter. Adjusted FFO per diluted share was $0.20 compared to $0.19 in the 2023 fourth quarter.","length":207,"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 $29 million. Subsequent to year-end, closed on the sale of one additional hotel for proceeds of $15 million. 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share","length":26,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;vertical-align:bottom;text-align:center;list-style-position:inside;width:10%;","val":[{"type":"text","content":"$0.07","length":5,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;text-align:center;list-style-position:inside;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;vertical-align:bottom;text-align:center;list-style-position:inside;width:10%;","val":[{"type":"text","content":"$0.07","length":5,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;text-align:center;list-style-position:inside;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;vertical-align:bottom;text-align:center;list-style-position:inside;width:10%;","val":[{"type":"text","content":"$0.28","length":5,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;text-align:center;list-style-position:inside;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;vertical-align:bottom;text-align:center;list-style-position:inside;width:10%;","val":[{"type":"text","content":"$0.28","length":5,"tagName":"p","attribs":{}}]}]}],"length":610},{"type":"text","content":" 2024 Highlights ","length":15,"tagName":"p"},{"type":"text","content":""2024 was a successful year for Chatham, with our top-line performance outperforming the industry and most peers. For the first time in over half a decade, labor expense pressures moderated, enabling us to produce strong gross operating profit margins of 43 percent and minimize margin erosion to only 70 basis points," highlighted Jeffrey H. Fisher, Chatham's president and chief executive officer. "Additionally, we addressed the last massive wave of maturing debt through the successful sale of older assets as well as the issuance of new debt, further solidifying our strong financial position."","length":623,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Chatham's 2024 highlights include:","length":38,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Grew RevPAR 3 percent, exceeding industry RevPAR performance by 56 percent","length":74,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Enjoyed third consecutive year of RevPAR growth outperforming the industry","length":74,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":74,"olType":false}]},{"val":[{"type":"text","content":"Expanded other department profits by 8 percent","length":46,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Generated GOP margins of 43 percent, minimizing the year-over-year margin decline to 70 basis points","length":100,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Sold or under contract to sell six hotels averaging 24 years of age and RevPAR of $98 for net proceeds of $101 million at a pro forma capitalization rate of approximately 6 percent, including foregone capital improvements","length":221,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Repaid $297 million of debt of maturing debt","length":44,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Reduced net debt by $29 million in 2024 after reducing net debt by $26 million in 2023","length":86,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Lowered overall leverage ratio from 25 percent to 23 percent","length":60,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":60,"olType":false}]},{"val":[{"type":"text","content":"Participated in the Global Real Estate Sustainability Benchmark ("GRESB") for the third time, increasing its overall score from 82 to 83","length":146,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"Earned four of five GRESB Stars and awarded GRESB's "Green Star"","length":78,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Ranked 24th out of 108 listed companies in the Americas, and 2nd in Chatham's peer group","length":92,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":170,"olType":false}]}],"tagName":"ul","bulletedList":true,"length":1021,"olType":false},{"type":"text","content":"Fisher continued, "As we look ahead, we are optimistic that our portfolio will continue to outperform as five of our largest hotels are located in the heart of the continued recovering and surging tech markets of Silicon Valley and Bellevue, Wash. Growth at those hotels should outpace the rest of our portfolio. The rapid expansion of technology spending around artificial intelligence, chip manufacturing and other technology advancements have us well positioned for higher RevPAR growth.","length":495,"tagName":"p"},{"type":"text","content":""We move forward with a positive outlook for 2025 on both the top- and bottom-lines. At our guidance mid-point, our RevPAR growth exceeds industry expectations yet again, operating margins are up over 2024 and adjusted FFO per share is up when accounting for the net impact from the hotels we have sold or are under contract to sell. Our balance sheet is in great shape, and we can make acquisitions, grow FFO and increase distributable cash flow. The outlook for Chatham is bright," Fisher emphasized.","length":512,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2024 Operating Results ","length":37,"tagName":"p"},{"type":"text","content":""It was a great fourth quarter as we generated RevPAR growth of 4 percent and increased our operating margins by a strong 150 basis points as labor and benefit cost increases continue to moderate at low single digit levels. As such, we were able to comfortably exceed the upper end of our guidance range and consensus estimates.","length":333,"tagName":"p"},{"type":"text","content":""Our success is more reliant on the health of the business traveler, and business travel demand continues to grow. We experienced this growth as five of our top six markets produced RevPAR growth of at least 4 percent in the quarter. Furthermore, technology dependent markets are most significant for Chatham, and the underlying strength in these markets are contributing to higher RevPAR growth. RevPAR growth in our four Silicon Valley hotels was up 14 percent in the quarter, and Bellevue market RevPAR was up 9 percent in the quarter (our Bellevue Residence Inn was under renovation during the quarter)," Fisher concluded.","length":636,"tagName":"p"},{"type":"text","content":" Hotel RevPAR Performance ","length":24,"tagName":"p"},{"type":"text","content":"The below chart summarizes key hotel financial statistics for the 36 comparable hotels owned as of December 31, 2024, compared to the 2023 and 2019 fourth quarters:","length":164,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:68%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;border-bottom:solid black 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below chart summarizes RevPAR statistics by month for the company’s 36 comparable hotels:","length":93,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;width:68%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;border-bottom:solid black 1.0pt;background-color:#CCEEFF;padding-left:0.0px;text-align:center;list-style-position:inside;width:10%;","val":[{"type":"text","content":" October ","length":7,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;background-color:#CCEEFF;padding-left:0.0px;text-align:center;list-style-position:inside;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;border-bottom:solid black 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Change in RevPAR vs. prior 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Craven, Chatham's chief operating officer, commented, "Fourth quarter ADR of $176 is our highest since inception and up 8 percent over 2019 levels. Occupancy of 74 percent is just shy of 2019 occupancy of 76 percent. Occupancy for each month of the quarter reached the highest levels since 2019, proving that business travel demand is growing. 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