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Chatham Lodging Trust Announces Third Quarter 2015 Results
RevPAR, EBITDA and FFO Growth Continues
Third Quarter 2015 Highlights
-
Portfolio RevPAR – Increased hotel RevPAR 5.3 percent to
$146 for Chatham’s 38, wholly owned hotels, within the company’s guidance range of 5-6 percent. -
Adjusted EBITDA – Advanced 38 percent to
$39.4 million . -
Adjusted FFO – Jumped 46 percent to
$29.3 million . Adjusted FFO per diluted share rose to$0.76 , within the company’s guidance range of$0.75-$0.78 per share. - Operating Margins – Expanded industry leading hotel EBITDA margins 20 basis points to 46.7 percent, within the company’s guidance range of 46.5 to 47.5 percent.
-
Acquisitions – Acquired three, high-quality, urban, in-fill
located hotels for approximately
$100 million (or approximately$312,500 per room) comprised of the 81-roomResidence Inn Boston (Dedham ), Mass., the 105-roomResidence Inn Fort Lauderdale Intracoastal/ Il Lugano and the 134-roomHilton Garden Inn Marina del Rey , Calif. RevPAR for the three hotels rose 6.7 percent in the 2015 third quarter.
Consolidated Financial Results
The following is a summary of the consolidated financial results for the
three and nine months ended
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $14.4 | $8.8 | $28.7 | $72.4 | |||||||||||
Net income per diluted share to common shareholders |
$0.37 |
$0.31 |
$0.74 |
$2.67 |
|||||||||||
RevPAR | $146 | $139 | $136 | $128 | |||||||||||
ADR | $167 | $159 | $163 | $152 | |||||||||||
Occupancy | 88% | 88% | 83% | 84% | |||||||||||
GOP Margin | 52.3% | 51.9% | 50.9% | 48.7% | |||||||||||
Hotel EBITDA Margin | 46.7% | 46.5% | 44.7% | 42.6% | |||||||||||
Adjusted EBITDA | $39.4 | $28.5 | $100.5 | $63.2 | |||||||||||
AFFO | $29.3 | $20.1 | $71.5 | $42.4 | |||||||||||
AFFO per diluted share | $0.76 | $0.73 | $1.87 | $1.57 | |||||||||||
Dividends per share | $0.30 | $0.24 | $0.90 | $0.69 | |||||||||||
High Quality Infill Portfolio Generates Consistent Revenue Growth and Continues Margin Expansion
“The high-quality of our portfolio serves as the foundation of our
financial performance, a portfolio where high demand, targeted marketing
and solid operating execution results in attractive RevPAR growth,
allowing us to generate the best operating margins of all lodging
REITs,” said
“We delivered RevPAR and FFO per share for the quarter within our guidance range, and we remain positive about top-line growth for the balance of 2015 and 2016.
“Although sentiment for lodging companies is bearish at the moment, fundamentals for quality, select-service portfolios such as ours remain strong because our higher RevPAR growth, combined with a lack of major food and beverage or other non-essential amenities, gives us the strength to continue to improve margins and grow FFO on a relative basis better than other REITs,” Fisher noted.
Additional data points on the portfolio’s third quarter RevPAR performance include:
- Eight hotels produced double digit RevPAR increases.
-
Four
Silicon Valley hotels saw overall RevPAR increase of 8.4 percent to$199 . -
RevPAR at the four hotels acquired from the Inland portfolio rose 4.6
percent to
$110 despite one of the four hotels undergoing renovation throughout the quarter. -
Four
Houston area hotels increased RevPAR 1.0 percent, impacted by one hotel under renovation throughout the quarter. The two medical center-area hotels again outperformed the overallHouston market with RevPAR up 4.8 percent.
“Our portfolio performance remains strong year-to-date,
“We continue to generate the highest operating margins among all lodging REITs with operating margins of 52 percent and hotel EBITDA margins of 47 percent in the quarter,” Fisher highlighted. “Year-over-year, our third quarter gross operating margins were up 40 basis points, and our hotel EBITDA margins were up 20 basis points. Our portfolio operates at high margins due to strong operating efficiencies combined with high absolute RevPAR for our class of hotels. As RevPAR continues to grow, we expect to drive comparable margins even higher.
“The acquisition of approximately
Joint Venture Investment Performance
The Innkeepers joint-venture portfolio produced 2015 third quarter
RevPAR growth of 8.2 percent to
“The RevPAR growth performance in the Innkeepers portfolio was
outstanding. Similar to the Chatham portfolio, the robust performance
was experienced across many markets with 19 of the 47 hotels
experiencing RevPAR growth of approximately 10 percent or higher.
For the Inland joint venture portfolio, RevPAR rose 2.6 percent to
“In the aggregate, the joint venture investments are generating strong,
leveraged cash-on-cash returns and are on track to deliver yields of
approximately 17 percent in 2015 based on expected distributions and our
aggregate joint venture investments of approximately
Acquisitions
During the quarter, the company completed the acquisition of three, high
quality hotels comprising 320 rooms for approximately
“Once again, we acquired three assets in non-marketed transactions which allows us to more efficiently invest capital and earn higher returns,” Craven emphasized. “These three hotels fit in perfectly with our high quality portfolio and sit ideally in some of the fastest growing markets in the country. RevPAR in these three markets is up double digits so far in 2015, and 2016 looks to be another strong year.”
Opened in 1998, the
Capital Markets & Capital Structure
As of
Chatham’s leverage ratio was approximately 41 percent at
“Our balance sheet is in great shape with relatively low leverage, and
it is substantially protected from any rise in interest rates given the
fact that most of our debt is long-term and fixed rate. Our attractive
capital structure enables us to generate significant free cash flow,”
explained
During the third quarter, Chatham completed the renovation of the
The 32-room expansion of the
Dividend
In January, Chatham’s board of trustees approved a 25 percent dividend
increase to an annualized rate of
Outlook and 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
-
Renovations at the company’s SpringHill Suites
Savannah, Ga. , and the Homewood SuitesSan Antonio, Texas , during the fourth quarter - Reduction in fourth quarter RevPAR growth of approximately 200 basis points to 5.0-5.5 percent
-
Incremental income taxes in its taxable REIT subsidiaries of
$0.4 million or$0.01 per share -
Incremental property taxes related to a re-assessment of the
SpringHill Suites
Savannah, Ga. of$0.4 million , or$0.01 per share - No additional acquisitions, dispositions, debt, or equity issuance
Q4 2015 | 2015 Forecast | |||||||
RevPAR | $119-$120 | $131-$132 | ||||||
RevPAR growth | +5.0-5.5% | +5.75-6.0% | ||||||
Total hotel revenue | $66.0-$66.4 M | $272.8-$273.2 M | ||||||
Net income | $1.5-$2.3 M | $30.2-$31.0 M | ||||||
Net income per diluted share | $0.04-$0.06 | $0.78-$0.80 | ||||||
Adjusted EBITDA | $27.0-$27.8 M | $127.5-$128.3 M | ||||||
Adjusted funds from operation ("FFO") | $16.3-$17.1 M | $87.8-$88.6 M | ||||||
Adjusted FFO per diluted share | $0.42-$0.44 | $2.29-$2.31 | ||||||
Hotel EBITDA margins | 39.3-40.3% | 43.4-43.7% | ||||||
Corporate cash administrative expenses | $2.2 M | $8.5 M | ||||||
Corporate non-cash administrative expenses | $0.8 M | $2.9 M | ||||||
Cash Interest expense | $7.2 M | $26.6 M | ||||||
Non-cash amortization of deferred fees | $0.5 M | $1.9 M | ||||||
Income taxes | $0.3 M | $0.6 M | ||||||
Chatham’s share of JV EBITDA | $3.2-$3.3 M | $17.1-$17.2 M | ||||||
Chatham’s share of JV FFO | $1.3-$1.4 M | $9.5-$9.6 M | ||||||
Weighted average shares outstanding | 38.6 M | 38.3 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 Securities and Exchange Commission. See the discussion included in this press release for information regarding these non-GAAP financial measures. |
Earnings Call
The company will hold its third quarter 2015 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) |
||||||||
September 30, | December 31, | |||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Assets: | ||||||||
Investment in hotel properties, net | $ | 1,265,038 | $ | 1,096,425 | ||||
Cash and cash equivalents | 16,057 | 15,077 | ||||||
Restricted cash | 16,519 | 12,030 | ||||||
Investment in unconsolidated real estate entities | 24,936 | 28,152 | ||||||
Hotel receivables (net of allowance for doubtful accounts of $89 and $71, respectively). | 7,159 | 3,601 | ||||||
Deferred costs, net | 7,166 | 7,514 | ||||||
Prepaid expenses and other assets | 4,998 | 2,300 | ||||||
Total assets | $ | 1,341,873 | $ | 1,165,099 | ||||
Liabilities and Equity: | ||||||||
Mortgage debt | $ | 543,167 | $ | 527,721 | ||||
Revolving credit facility | 60,000 | 22,500 | ||||||
Accounts payable and accrued expenses | 26,642 | 20,042 | ||||||
Distributions and losses in excess of investments of unconsolidated real estate entities | 1,420 | - | ||||||
Distributions payable | 4,041 | 2,884 | ||||||
Total liabilities | 635,270 | 573,147 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Shareholders' Equity: | ||||||||
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2015 and December 31, 2013 |
- | - | ||||||
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,307,129 and 34,173,691 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively |
379 | 339 | ||||||
Additional paid-in capital | 719,322 | 599,318 | ||||||
Retained earnings (distributions in excess of retained earnings) | (17,183 | ) | (11,120 | ) | ||||
Total shareholders' equity | 702,518 | 588,537 | ||||||
Noncontrolling Interests: | ||||||||
Noncontrolling Interest in Operating Partnership | 4,085 | 3,415 | ||||||
Total equity | 706,603 | 591,952 | ||||||
Total liabilities and equity | $ | 1,341,873 | $ | 1,165,099 | ||||
CHATHAM LODGING TRUST | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue: | ||||||||||||||||
Room | $ | 73,357 | $ | 57,482 | $ | 196,086 | $ | 135,417 | ||||||||
Food and beverage | 1,345 | 666 | 3,866 | 1,879 | ||||||||||||
Other | 2,599 | 2,098 | 6,804 | 5,727 | ||||||||||||
Cost reimbursements from unconsolidated real estate entities |
928 | 416 | 2,645 | 1,581 | ||||||||||||
Total revenue | 78,229 | 60,662 | 209,401 | 144,604 | ||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses: | ||||||||||||||||
Room | 13,430 | 10,672 | 37,126 | 27,229 | ||||||||||||
Food and beverage | 1,042 | 487 | 2,862 | 1,386 | ||||||||||||
Telephone | 412 | 356 | 1,237 | 929 | ||||||||||||
Other hotel operating | 638 | 609 | 1,826 | 1,559 | ||||||||||||
General and administrative | 5,430 | 4,439 | 15,415 | 11,712 | ||||||||||||
Franchise and marketing fees | 6,092 | 4,694 | 16,146 | 11,088 | ||||||||||||
Advertising and promotions | 1,324 | 1,059 | 3,735 | 2,749 | ||||||||||||
Utilities | 2,733 | 2,148 | 7,159 | 5,250 | ||||||||||||
Repairs and maintenance | 2,887 | 2,363 | 8,564 | 6,419 | ||||||||||||
Management fees | 2,588 | 1,883 | 6,601 | 4,373 | ||||||||||||
Insurance | 288 | 273 | 874 | 706 | ||||||||||||
Total hotel operating expenses | 36,864 | 28,983 | 101,545 | 73,400 | ||||||||||||
Depreciation and amortization | 12,559 | 10,273 | 36,146 | 23,953 | ||||||||||||
Property taxes, ground rent and insurance | 4,349 | 3,254 | 12,688 | 8,712 | ||||||||||||
General and administrative | 2,792 | 2,718 | 8,375 | 7,403 | ||||||||||||
Hotel property acquisition costs and other charges | 623 | 335 | 1,406 | 7,376 | ||||||||||||
Reimbursed costs from unconsolidated real estate entities | 928 | 416 | 2,645 | 1,581 | ||||||||||||
Total operating expenses | 58,115 | 45,979 | 162,805 | 122,425 | ||||||||||||
Operating income | 20,114 | 14,683 | 46,596 | 22,179 | ||||||||||||
Interest and other income | 130 | 62 | 513 | 89 | ||||||||||||
Interest expense, including amortization of deferred fees | (7,031 | ) | (6,714 | ) | (20,696 | ) | (14,815 | ) | ||||||||
Loss on early extinguishment of debt | - | - | - | (184 | ) | |||||||||||
Income (loss) from unconsolidated real estate entities | 1,467 | 845 | 2,543 | (1,471 | ) | |||||||||||
Net gain from reimbursement and sale of investment in unconsolidated real estate entities |
- | - | - | 66,701 | ||||||||||||
Income before income tax expense | 14,680 | 8,876 | 28,956 | 72,499 | ||||||||||||
Income tax expense | (274 | ) | (44 | ) | (299 | ) | (85 | ) | ||||||||
Net income | 14,406 | 8,832 | 28,657 | 72,414 | ||||||||||||
Net income attributable to noncontrolling interests |
(91 | ) | (132 | ) | (181 | ) | (240 | ) | ||||||||
Net income attributable to common shareholders | $ | 14,315 | $ | 8,700 | $ | 28,476 | $ | 72,174 | ||||||||
Income per Common Share - Basic: | ||||||||||||||||
Net income attributable to common shareholders | $ | 0.37 | $ | 0.32 | $ | 0.75 | $ | 2.70 | ||||||||
Income per Common Share - Diluted: | ||||||||||||||||
Net income attributable to common shareholders | $ | 0.37 | $ | 0.31 | $ | 0.74 | $ | 2.67 | ||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 38,212,028 | 27,370,815 | 37,818,340 | 26,697,483 | ||||||||||||
Diluted | 38,614,360 | 27,695,347 | 38,221,940 | 26,994,657 | ||||||||||||
Distributions per common share | $ | 0.30 | $ | 0.24 | $ | 0.90 | $ | 0.69 | ||||||||
CHATHAM LODGING TRUST | ||||||||||||||||
FFO and EBITDA | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
For the three months ended | For the nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Funds From Operations ("FFO"): | ||||||||||||||||
Net income | $ | 14,406 | $ | 8,832 | $ | 28,657 | $ | 72,414 | ||||||||
Noncontrolling interests | (91 | ) | (132 | ) | (181 | ) | (240 | ) | ||||||||
Net gain from remeasurement and sale of investment in unconsolidated real estate entity | - | - | - | (66,701 | ) | |||||||||||
Loss on the sale of assets within the unconsolidated real estate entity | - | - | - | 1 | ||||||||||||
Depreciation | 12,509 | 10,238 | 36,002 | 23,862 | ||||||||||||
Adjustments for unconsolidated real estate entity items | 1,877 | 1,038 | 5,543 | 3,472 | ||||||||||||
FFO attributable to common shareholders | 28,701 | 19,976 | 70,021 | 32,808 | ||||||||||||
Hotel property acquisition costs and other charges | 623 | 335 | 1,406 | 7,376 | ||||||||||||
Loss on early extinguishment of debt | - | - | - | 184 | ||||||||||||
Adjustments for unconsolidated real estate entity items | 2 | (190 | ) | 95 | 2,031 | |||||||||||
Adjusted FFO attributable to common shareholders | $ | 29,326 | $ | 20,121 | $ | 71,522 | $ | 42,399 | ||||||||
Weighted average number of common shares | ||||||||||||||||
Basic | 38,212,028 | 27,370,815 | 37,818,340 | 26,697,483 | ||||||||||||
Diluted | 38,614,360 | 27,695,347 | 38,221,940 | 26,994,657 | ||||||||||||
For the three months ended | For the nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"): |
||||||||||||||||
Net income | $ | 14,406 | $ | 8,832 | $ | 28,657 | $ | 72,414 | ||||||||
Interest expense | 7,031 | 6,714 | 20,696 | 14,815 | ||||||||||||
Income tax expense | 274 | 44 | 299 | 85 | ||||||||||||
Depreciation and amortization | 12,559 | 10,273 | 36,146 | 23,953 | ||||||||||||
Adjustments for unconsolidated real estate entity items | 3,800 | 1,981 | 11,214 | 7,369 | ||||||||||||
Noncontrolling interests | (91 | ) | (132 | ) | (181 | ) | (240 | ) | ||||||||
EBITDA | 37,979 | 27,712 | 96,831 | 118,396 | ||||||||||||
Hotel property acquisition costs and other charges | 623 | 335 | 1,406 | 7,376 | ||||||||||||
Loss on early extinguishment of debt | - | - | - | 184 | ||||||||||||
Adjustments for unconsolidated real estate entity items | 4 | (168 | ) | 126 | 2,130 | |||||||||||
Net gain from remeasurement and sale of investment in unconsolidated real estate entity | - | - | - | (66,701 | ) | |||||||||||
Loss on the sale of assets within the unconsolidated real estate entity | - | - | - | 1 | ||||||||||||
Share based compensation | 748 | 627 | 2,102 | 1,840 | ||||||||||||
Adjusted EBITDA | $ | 39,354 | $ | 28,506 | $ | 100,465 | $ | 63,226 | ||||||||
CHATHAM LODGING TRUST | ||||||||||||
Hotel EBITDA | ||||||||||||
(In thousands, except share and per share data) | ||||||||||||
For the three months ended | For the nine months ended | |||||||||||
September 30, | September 30, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Total revenue | $ | 78,229 | $ | 60,662 | $ | 209,401 | $ | 144,604 | ||||
Less: Total hotel operating expenses | 36,864 | 28,983 | 101,545 | 73,400 | ||||||||
Less: Reimbursed costs from unconsolidated real estate entities | 928 | 416 | 2,645 | 1,581 | ||||||||
Gross operating income | 40,437 | 31,263 | 105,211 | 69,623 | ||||||||
Less: Property taxes, ground rent and insurance | 4,349 | 3,254 | 12,688 | 8,712 | ||||||||
Hotel EBITDA | $ | 36,088 | $ | 28,009 | $ | 92,523 | $ | 60,911 | ||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151105005346/en/
Source:
Chatham Lodging Trust
Dennis Craven (Company)
Chief Operating
Officer
561-227-1386
or
Daly Gray, Inc.
Chris Daly
(Media)
703-435-6293