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Chatham Lodging Trust Caps Record Year with Strong Fourth Quarter
Recent Capital Raise Positions Chatham to Continue Acquiring Hotels in 2015
Fourth Quarter 2014 Highlights
-
Portfolio RevPAR – Increased hotel RevPAR 6.5 percent to
$112 for Chatham’s 34, wholly owned hotels. Excluding theMaitland, Fla. , hotel which had significant rooms out of service due to the unexpected replacement of its copper water supply lines, RevPAR increased 7.5 percent. -
Adjusted EBITDA – Improved 68 percent to
$21.4 million . -
Adjusted FFO – Rose 68 percent to
$12.7 million . Adjusted FFO per diluted share advanced 28 percent to$0.37 from$0.29 , within the company’s guidance range of$0.36-$0.39 per share. Adjusted FFO per share was adversely impacted approximately$0.01 due to the delay in closing the Inland transactions in late November and$0.01 related to the displacement inMaitland, Fla. - Operating Margins – Increased hotel EBITDA margins 370 basis points to an industry leading 39.7 percent. Year-over-year comparable hotel EBITDA margins advanced 100 basis points for the quarter (includes all hotels regardless of ownership).
-
New Acquisitions–Invested
$107 million to acquire four hotels comprising 575 rooms, plus an additional$28 million into a joint venture between Chatham andNorthStar Realty Finance Corp. (NYSE: NRF) which acquired a 48-hotel, 6,401-room portfolio of upscale, extended-stay and premium-branded, select-service hotels for a cash purchase price of approximately$1.0 billion fromInland American Real Estate Trust, Inc.
Consolidated Financial Results
The following is a summary of the consolidated financial results for the
fourth quarter and year ended
Three Months Ended | Year Ended | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Net income (loss) | $(5.3) | $(0.1) | $67.1 | $3.0 | |||||
Net income (loss) per diluted share to common shareholders |
$(0.16) |
$(0.01) |
$2.30 |
$0.13 |
|||||
RevPAR | $112 | $105 | $122 | $113 | |||||
ADR | $149 | $138 | $149 | $141 | |||||
Occupancy | 75% | 76% | 82% | 80% | |||||
Adjusted EBITDA | $21.4 | $12.7 | $84.6 | $51.4 | |||||
GOP Margin | 47.2% | 43.6% | 48.3% | 44.9% | |||||
Hotel EBITDA Margin | 39.7% | 36.0% | 41.8% | 37.8% | |||||
AFFO | $12.7 | $7.6 | $55.1 | $31.7 | |||||
AFFO per diluted share | $0.37 | $0.29 | $1.91 | $1.49 | |||||
Dividends per share | $0.24 | $0.21 | $0.93 | $0.84 | |||||
“A strong fourth quarter culminated an extremely productive 2014 for
Chatham and its shareholders,” said
- generated a total shareholder return of 47 percent
-
expanded equity market capitalization 87 percent to
$985 million - named to the MSCI US REIT Index (RMZ) which represents approximately 85 percent of the US REIT universe
-
realized a tax-free gain of approximately
$80 million or approximately$3 per share on the recapitalization of the Innkeepers joint venture grew hotel investments by approximately$500 million , or nearly 70 percent, including the acquisition of four Silicon Valley Residence Inns - increased EBITDA 64 percent
- advanced adjusted FFO almost 75 percent and adjusted FFO per share 28 percent
“Our portfolio produced another quarter of solid operating results with
RevPAR growth of 6.5 percent, actually 7.5 percent excluding our
Homewood Suites in
“Chatham and Island Hospitality have a long track record of aggressively driving profits to the bottom line and generating strong internal profit growth, as evidenced by our outstanding operating margins of more than 48 percent for the year and hotel EBITDA margins of almost 42 percent,” Fisher emphasized. “Most of us in the industry believe we still have running room remaining in this lodging cycle, with most forecasters and brands projecting RevPAR to grow a healthy 5-7 percent in 2015. Their positive outlook continues through at least 2016 with key consultants such as STR and PKF projecting RevPAR growth of 5.9 percent and 6.6 percent respectively. These are strong growth dynamics, and given our already outstanding margins, Chatham remains bullish about our 2015 operating results growth. Since completing our IPO in 2010, Adjusted FFO per share has grown at an average annual rate of approximately 30 percent, and we expect to deliver a similar rate of growth in 2015, barring unforeseen economic disruptions, as we invest the proceeds from our January common stock offering and look to make additional acquisitions to maintain that growth rate beyond 2015.”
Joint Venture Investment Performance
The Innkeepers joint-venture portfolio produced 2014 fourth quarter
RevPAR growth of 8.0 percent to
Chatham will begin providing comparable metrics for the Inland joint-venture portfolio beginning with the 2015 first quarter once it has owned the portfolio for a full quarter.
Acquisitions
During the quarter, Chatham and NorthStar acquired a 52-hotel portfolio
from Inland American (Inland). Chatham acquired four hotels from the
Inland portfolio for a purchase price of
-
179-room
Hilton Garden Inn Burlington , Mass. -
176-room Courtyard by
Marriott Dallas (Addison),Texas -
120-room
Residence Inn by Marriott West UniversityHouston, Texas -
100-room Courtyard by Marriott West University
Houston, Texas
The remaining 48 upscale, extended-stay hotels and premium-branded,
select-service hotels were purchased in a separate joint venture between
NorthStar and Chatham for a gross purchase price of
All four of the Chatham wholly-owned hotels and 34 of the 48 hotels
owned by the joint venture are managed by Island Hospitality Management,
a hotel management company that as of
“The Innkeepers and Inland joint ventures provide Chatham with an
ownership investment in approximately
In
Capital Markets & Capital Structure
During the fourth quarter, the company completed several capital transactions with proceeds utilized to pay down borrowings on its senior secured revolving credit facility, including:
-
On
November 21, 2014 , the company completed two separate loans totaling$36.2 million , secured by the Homewood SuitesCarlsbad, Calif. , and the Homewood SuitesBillerica, Mass. The 10-year loans carry an interest rate of 4.32 percent and are interest-only for the first three years. -
On
December 17, 2014 , the company completed an$18.3 million loan on itsHampton Inn & Suites Houston , Texas. The 10-year loan carries an interest rate of 4.25 percent and is interest-only for the first three years. -
During the fourth quarter, Chatham sold 176,009 shares at an average
price of
$26.71 through the company’s At the Market Equity Offering Plan and its Dividend Reinvestment and Direct Share Purchase Plan, generating proceeds of$4.7 million .
As of
“In 2014, Chatham made approximately
There were no major scheduled renovations during the fourth quarter.
However, during the quarter, it was determined that the copper supply
lines in the Homewood Suites
Chatham expects to commence the expansion of its
Dividend
During the fourth quarter, Chatham, the only public lodging REIT to pay
monthly dividends, paid a monthly dividend of
“Our annual dividend has grown 243 percent since our initial public offering in 2010, consistent with the commitment we made that we would increase our dividend in conjunction with growth in adjusted EBITDA, adjusted FFO per share and cash flow,” Craven added. “We will continue building Chatham to be the premier, select-service hotel REIT by accumulating a superior portfolio of investments financed with the right balance of equity and debt that will appreciate in value and generate strong cash flow, enabling us to reward our investors with an attractive and dependable dividend that grows yearly.”
2015 Guidance
The company provides guidance, but does not undertake to update it for
any developments in its business. Achievement of the results is subject
to the risks disclosed in the company’s filings with the
-
The 4.0 million common share offering on
January 27, 2015 , at a price per share of$30.00 , resulting in net proceeds of approximately$118.5 million .-
The additional 1.5 million shares issued as part of upsizing the
offering above the 2.5 million initial offering size, until
invested in new acquisitions, temporarily reduces the 2015 FFO per
share guidance by approximately
$0.09 per share.
-
The additional 1.5 million shares issued as part of upsizing the
offering above the 2.5 million initial offering size, until
invested in new acquisitions, temporarily reduces the 2015 FFO per
share guidance by approximately
-
The acquisition of the 240-room
Residence Inn byMarriott San Diego Gaslamp for$90.0 million byMarch 1, 2015 . -
Renovations at the company’s
Residence Inn inBellevue, Wash. , during the first quarter, theResidence Inn inHouston, Texas during the second quarter and the SpringHill SuitesSavannah, Ga. , during the fourth quarter. - No additional acquisitions, dispositions, debt or equity issuance.
Q1 2015 | 2015 Forecast | |||||
RevPAR | $113-$116 | $128-$131 | ||||
RevPAR growth | +4.0-6.0% | +5.0-7.0% | ||||
Total hotel revenue | $55.8-$56.7 M | $261.4-$266.9 M | ||||
Net income | $1.1-$2.0 M | $36.8-$42.3 M | ||||
Net income per diluted share | $0.03-$0.05 | $0.97-$1.11 | ||||
Adjusted EBITDA | $23.0-$23.9 M | $124.3-$129.8 M | ||||
Adjusted funds from operation ("FFO") | $13.7-$14.6 M | $87.5-$93.0 M | ||||
Adjusted FFO per diluted share | $0.37-$0.39 | $2.30-$2.45 | ||||
Hotel EBITDA margins | 38.6-39.1% | 43.8-44.6% | ||||
Corporate cash administrative expenses | $2.0 M | $8.0 M | ||||
Corporate non-cash administrative expenses | $0.8 M | $2.7 M | ||||
Interest expense | $6.4 M | $25.6 M | ||||
Non-cash amortization of deferred fees | $0.5 M | $1.9 M | ||||
Income taxes | $0.0 M | $0.2 M | ||||
Chatham’s share of JV EBITDA | $3.5-$3.7 M | $17.8-$18.8 M | ||||
Chatham’s share of JV FFO | $1.9-$2.1 M | $11.3-$12.3 M | ||||
Weighted average shares outstanding | 37.1 M | 38.0 M | ||||
Funds from operations (FFO), Adjusted FFO (AFFO), EBITDA and Adjusted
EBITDA are non-GAAP financial measures within the meaning of the rules
of the
Earnings Call
The company will hold its fourth quarter 2014 conference later today,
About
Included in this press release are certain “non-GAAP financial
measures,” within the meaning of
FFO As Defined by NAREIT and Adjusted FFO
The company calculates FFO in accordance with standards established
by the
The company further adjusts FFO for certain additional items that are not in NAREIT’s definition of FFO, including acquisition transaction costs and other charges, losses on the early extinguishment of debt and adjustments for unconsolidated partnerships and joint ventures. The company believes that Adjusted FFO provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs that make similar adjustments to FFO.
EBITDA and Adjusted EBITDA
The company calculates EBITDA as net income or loss excluding interest expense; provision for income taxes, including income taxes applicable to sale of assets; depreciation and amortization; and after adjustments for unconsolidated partnerships and joint ventures. The company believes EBITDA is useful to investors in evaluating its operating performance because it helps investors compare the company’s operating performance between periods and between REITs that report similar measures by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, the company uses EBITDA as one measure in determining the value of hotel acquisitions and dispositions.
The company further adjusts EBITDA for certain additional items, including acquisition transaction costs and other charges, losses on the early extinguishment of debt, non-cash share-based compensation and adjustments for unconsolidated partnerships and joint ventures, which it believes are not indicative of the performance of its underlying hotel properties. The company believes that Adjusted EBITDA provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs.
Although the company presents FFO, Adjusted FFO, EBITDA and Adjusted EBITDA because it believes they are useful to investors in comparing the company’s operating performance between periods and between REITs, these measures have limitations as analytical tools. Some of these limitations are:
- FFO, Adjusted FFO, EBITDA and Adjusted EBITDA do not reflect the company’s cash expenditures, or future requirements, for capital expenditures or contractual commitments;
- FFO, Adjusted FFO, EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, the company’s working capital needs;
- FFO, Adjusted FFO, EBITDA and Adjusted EBITDA do not reflect funds available to make cash distributions;
- EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the company’s debts;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may need to be replaced in the future, and FFO, Adjusted FFO, EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
- Non-cash compensation is and will remain a key element of the company’s overall long-term incentive compensation package, although the company excludes it as an expense when evaluating its operating performance for a particular period using adjusted EBITDA;
- Adjusted FFO and Adjusted EBITDA do not reflect the impact of certain cash charges (including acquisition transaction costs) that result from matters the company considers not to be indicative of the underlying performance of its hotel properties; and
- Other companies in the company’s industry may calculate FFO, Adjusted FFO, EBITDA and Adjusted EBITDA differently than the company does, limiting their usefulness as a comparative measure.
The company’s reconciliation of FFO, Adjusted FFO, EBITDA and Adjusted EBITDA to net income attributable to common shareholders, as determined under GAAP, is set forth below.
Forward-Looking Statement Safe Harbor
Note: This press release contains forward-looking statements within
the meaning of federal securities regulations. These forward-looking
statements are identified by their use of terms and phrases such as
"anticipate," "believe," "could," "estimate," "expect," "intend," "may,"
"should," "plan," "predict," "project," "will," "continue" and other
similar terms and phrases, including references to assumption and
forecasts of future results. Forward-looking statements are not
guarantees of future performance and involve known and unknown risks,
uncertainties and other factors which may cause the actual results to
differ materially from those anticipated at the time the forward-looking
statements are made. These risks include, but are not limited to:
national and local economic and business conditions, including the
effect on travel of potential terrorist attacks, that will affect
occupancy rates at the company’s hotels and the demand for hotel
products and services; operating risks associated with the hotel
business; risks associated with the level of the company’s indebtedness
and its ability to meet covenants in its debt agreements; relationships
with property managers; the company’s ability to maintain its properties
in a first-class manner, including meeting capital expenditure
requirements; the company’s ability to compete effectively in areas such
as access, location, quality of accommodations and room rate structures;
changes in travel patterns, taxes and government regulations which
influence or determine wages, prices, construction procedures and costs;
the company’s ability to complete acquisitions and dispositions; and the
company’s ability to continue to satisfy complex rules in order for the
company to remain a REIT for federal income tax purposes and other risks
and uncertainties associated with the company’s business described in
the company's filings with the
CHATHAM LODGING TRUST | ||||||||||
Consolidated Balance Sheets | ||||||||||
(In thousands, except share and per share data) | ||||||||||
December 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
(unaudited) | ||||||||||
Assets: | ||||||||||
Investment in hotel properties, net | $ | 1,096,425 | $ | 652,877 | ||||||
Cash and cash equivalents | 15,078 | 4,221 | ||||||||
Restricted cash | 12,290 | 4,605 | ||||||||
Investment in unconsolidated real estate entities | 28,152 | 774 | ||||||||
Hotel receivables (net of allowance for doubtful accounts of $71 and $30, respectively). | 3,600 | 2,455 | ||||||||
Deferred costs, net | 7,514 | 7,113 | ||||||||
Prepaid expenses and other assets | 2,300 | 1,879 | ||||||||
Total assets | $ | 1,165,359 | $ | 673,924 | ||||||
Liabilities and Equity: | ||||||||||
Mortgage debt | $ | 527,721 | $ | 222,063 | ||||||
Revolving credit facility | 22,500 | 50,000 | ||||||||
Accounts payable and accrued expenses | 20,302 | 12,799 | ||||||||
Distributions and losses in excess of investments of unconsolidated real estate entities | - | 1,576 | ||||||||
Distributions payable | 2,884 | 1,950 | ||||||||
Total liabilities | 573,407 | 288,388 | ||||||||
Commitments and contingencies | ||||||||||
Equity: | ||||||||||
Shareholders' Equity: | ||||||||||
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2014 and December 31, 2013 |
- | - | ||||||||
Common shares, $0.01 par value, 500,000,000 shares authorized; 34,173,691 and 26,295,558 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively |
339 | 261 | ||||||||
Additional paid-in capital | 599,318 | 433,900 | ||||||||
Retained earnings (distributions in excess of retained earnings) | (11,120 | ) | (50,792 | ) | ||||||
Total shareholders' equity | 588,537 | 383,369 | ||||||||
Noncontrolling Interests: | ||||||||||
Noncontrolling Interest in Operating Partnership | 3,415 | 2,167 | ||||||||
Total equity | 591,952 | 385,536 | ||||||||
Total liabilities and equity | $ | 1,165,359 | $ | 673,924 | ||||||
CHATHAM LODGING TRUST | ||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
For the three months ended | For the year ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Revenue: | ||||||||||||||||||||
Room | $ | 49,509 | $ | 31,792 | $ | 184,926 | $ | 118,169 | ||||||||||||
Food and beverage | 885 | 594 | 2,764 | 1,311 | ||||||||||||||||
Other | 1,807 | 1,538 | 7,534 | 5,113 | ||||||||||||||||
Cost reimbursements from unconsolidated real estate entities | 411 | 409 | 1,992 | 1,635 | ||||||||||||||||
Total revenue | 52,612 | 34,333 | 197,216 | 126,228 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Room | 10,287 | 7,249 | 37,516 | 25,709 | ||||||||||||||||
Food and beverage expense | 580 | 437 | 1,966 | 944 | ||||||||||||||||
Telephone expense | 374 | 256 | 1,304 | 899 | ||||||||||||||||
Other hotel operating expense | 497 | 422 | 2,056 | 1,580 | ||||||||||||||||
General and administrative | 4,551 | 3,270 | 16,265 | 11,529 | ||||||||||||||||
Franchise and marketing fees | 4,022 | 2,587 | 15,110 | 9,394 | ||||||||||||||||
Advertising and promotions | 927 | 736 | 3,676 | 2,782 | ||||||||||||||||
Utilities | 2,019 | 1,279 | 7,269 | 4,955 | ||||||||||||||||
Repairs and maintenance | 2,287 | 1,599 | 8,705 | 6,310 | ||||||||||||||||
Management fees | 1,723 | 1,089 | 6,096 | 3,752 | ||||||||||||||||
Insurance | 293 | 202 | 998 | 742 | ||||||||||||||||
Total hotel operating expenses | 27,560 | 19,126 | 100,961 | 68,596 | ||||||||||||||||
Depreciation and amortization | 10,757 | 5,727 | 34,710 | 18,249 | ||||||||||||||||
Property taxes and insurance | 3,911 | 2,586 | 12,624 | 8,915 | ||||||||||||||||
General and administrative | 2,449 | 2,176 | 9,852 | 8,131 | ||||||||||||||||
Hotel property acquisition costs and other charges | 3,005 | 760 | 10,381 | 3,341 | ||||||||||||||||
Reimbursed costs from unconsolidated real estate entities | 411 | 409 | 1,992 | 1,635 | ||||||||||||||||
Total operating expenses | 48,093 | 30,784 | 170,520 | 108,867 | ||||||||||||||||
Operating income | 4,519 | 3,549 | 26,696 | 17,361 | ||||||||||||||||
Interest and other income | 18 | 8 | 108 | 132 | ||||||||||||||||
Interest expense, including amortization of deferred fees | (6,539 | ) | (3,145 | ) | (21,354 | ) | (11,580 | ) | ||||||||||||
Loss on early extinguishment of debt | - | - | (184 | ) | (933 | ) | ||||||||||||||
Loss from unconsolidated real estate entities | (2,358 | ) | (480 | ) | (3,830 | ) | (1,874 | ) | ||||||||||||
Net gain (loss) from remeasurement and sale of investment in unconsolidated real estate entities |
(952 | ) | - | 65,750 | - | |||||||||||||||
Income (loss) before income tax expense | (5,312 | ) | (68 | ) | 67,186 | 3,106 | ||||||||||||||
Income tax expense | (21 | ) | (48 | ) | (105 | ) | (124 | ) | ||||||||||||
Net income (loss) | (5,333 | ) | (116 | ) | 67,081 | 2,982 | ||||||||||||||
Net income (loss) attributable to noncontrolling interests | 33 | - | (208 | ) | - | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | (5,300 | ) | $ | (116 | ) | $ | 66,873 | $ | 2,982 | ||||||||||
Income (loss) per Common Share - Basic: | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | (0.16 | ) | $ | (0.01 | ) | $ | 2.32 | $ | 0.13 | ||||||||||
Income (loss) per Common Share - Diluted: | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | (0.16 | ) | $ | (0.01 | ) | $ | 2.30 | $ | 0.13 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Basic | 33,972,134 | 26,160,823 | 28,531,094 | 21,035,892 | ||||||||||||||||
Diluted | 33,972,134 | 26,160,823 | 28,846,724 | 21,283,831 | ||||||||||||||||
Distributions per common share | $ | 0.24 | $ | 0.21 | $ | 0.93 | $ | 0.84 | ||||||||||||
CHATHAM LODGING TRUST | |||||||||||||||||||
FFO and EBITDA | |||||||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||||||
For the three months ended | For the year ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Funds From Operations ("FFO"): | |||||||||||||||||||
Net income (loss) | $ | (5,333 | ) | $ | (116 | ) | $ | 67,081 | $ | 2,982 | |||||||||
Noncontrolling interests | 33 | - | (208 | ) | - | ||||||||||||||
Net (gain) loss from remeasurement and sale of investment in unconsolidated real estate entities | 952 | - | (65,750 | ) | - | ||||||||||||||
Loss on the sale of assets within the unconsolidated real estate entity | - | 14 | 1 | 252 | |||||||||||||||
Depreciation | 10,717 | 5,697 | 34,579 | 18,162 | |||||||||||||||
Adjustments for unconsolidated real estate entity items | 1,430 | 1,223 | 4,902 | 5,055 | |||||||||||||||
FFO attributable to common shareholders | 7,799 | 6,818 | 40,605 | 26,451 | |||||||||||||||
Hotel property acquisition costs and other charges | 3,005 | 760 | 10,381 | 3,341 | |||||||||||||||
Loss on early extinguishment of debt | - | - | 184 | 933 | |||||||||||||||
Adjustments for unconsolidated real estate entity items | 1,902 | 2 | 3,929 | 964 | |||||||||||||||
Adjusted FFO | $ | 12,706 | $ | 7,580 | $ | 55,099 | $ | 31,689 | |||||||||||
Weighted average number of common shares | |||||||||||||||||||
Basic | 33,972,134 | 26,160,823 | 28,531,094 | 21,035,892 | |||||||||||||||
Diluted | 34,332,997 | 26,452,390 | 28,846,724 | 21,283,831 | |||||||||||||||
For the three months ended | For the year ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"): |
|||||||||||||||||||
Net income (loss) | $ | (5,333 | ) | $ | (116 | ) | $ | 67,081 | $ | 2,982 | |||||||||
Interest expense | 6,539 | 3,147 | 21,354 | 11,580 | |||||||||||||||
Income tax expense | 21 | 48 | 105 | 124 | |||||||||||||||
Depreciation and amortization | 10,757 | 5,724 | 34,710 | 18,249 | |||||||||||||||
Adjustments for unconsolidated real estate entity items | 2,840 | 2,655 | 10,211 | 10,934 | |||||||||||||||
Noncontrolling interests | 33 | - | (208 | ) | - | ||||||||||||||
EBITDA | 14,857 | 11,458 | 133,253 | 43,869 | |||||||||||||||
Hotel property acquisition costs and other charges | 3,005 | 760 | 10,381 | 3,341 | |||||||||||||||
Loss on early extinguishment of debt | - | - | 184 | 933 | |||||||||||||||
Adjustments for unconsolidated real estate entity items | 1,924 | 2 | 4,053 | 964 | |||||||||||||||
Net (gain) loss from remeasurement and sale of investment in unconsolidated real estate entities | 952 | - | (65,750 | ) | - | ||||||||||||||
Loss on the sale of assets within the unconsolidated real estate entity | - | 14 | 1 | 252 | |||||||||||||||
Share based compensation | 629 | 498 | 2,469 | 2,086 | |||||||||||||||
Adjusted EBITDA | $ | 21,367 | $ | 12,732 | $ | 84,591 | $ | 51,445 | |||||||||||
CHATHAM LODGING TRUST | ||||||||||||||||
Hotel EBITDA | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
For the three months ended | For the year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenue | $ | 52,612 | $ | 34,333 | $ | 197,216 | $ | 126,228 | ||||||||
Less: total hotel operating expenses | 27,560 | 19,126 | 100,961 | 68,596 | ||||||||||||
Gross operating income | 25,052 | 15,207 | 96,255 | 57,632 | ||||||||||||
Less: property taxes and insurance | 3,911 | 2,586 | 12,624 | 8,915 | ||||||||||||
Hotel EBITDA | $ | 21,141 | $ | 12,621 | $ | 83,631 | $ | 48,717 | ||||||||
Source:
Chatham Lodging Trust
Dennis Craven (Company)
Chief Financial
Officer
561-227-1386
or
Daly Gray, Inc.
Chris Daly
(Media)
703-435-6293