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Chatham Lodging Trust Announces Fourth Quarter 2015 Results
Fourth Quarter RevPAR Growth among Highest of all Lodging Companies
Fourth Quarter 2015 Highlights
-
Portfolio RevPAR – Increased hotel RevPAR 4.7 percent to
$119 for Chatham’s 38, wholly owned hotels, slightly below the company’s guidance range of 5-5.5 percent. -
Adjusted EBITDA – Improved 22 percent to
$26.0 million . -
Adjusted FFO – Rose 27 percent to
$16.1 million . Adjusted FFO per diluted share grew 14 percent to$0.42 , within the company’s guidance range of$0.42-$0.44 per share. - Operating Margins – Gross operating profit (total revenue less total hotel operating expenses) margins declined 80 basis points to 46.4 percent. Using comparable hotels regardless of ownership, gross operating margins were flat year-over-year, and hotel EBITDA margins were down 120 basis points, due to a 130 basis point increase in property taxes. For the year, comparable hotel operating margins were up 140 basis points, and hotel EBITDA margins were up 110 basis points.
-
Joint Venture Disposition – Sold its five percent joint venture
interest in the
Residence Inn by MarriottTorrance, Calif. , generating a sizable gain of approximately$3.6 million and an internal rate of return of almost 100 percent. As a result, Chatham rewarded its investors by declaring a$0.08 per share special dividend.
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 |
||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||
Net income (loss) | $4.5 | $(5.3) | $33.2 | $67.1 | |||||||
Net income per diluted share to common shareholders |
$0.12 |
$(0.16) |
$0.86 |
$2.30 |
|||||||
RevPAR | $119 | $113 | $131 | $124 | |||||||
ADR | $154 | $152 | $161 | $152 | |||||||
Occupancy | 77% | 75% | 82% | 82% | |||||||
GOP Margin | 46.4% | 47.2% | 49.9% | 48.3% | |||||||
Hotel EBITDA Margin | 37.5% | 39.7% | 43.1% | 41.8% | |||||||
Adjusted EBITDA | $26.0 | $21.4 | $126.5 | $84.6 | |||||||
AFFO | $16.1 | $12.7 | $87.6 | $55.1 | |||||||
AFFO per diluted share | $0.42 | $0.37 | $2.29 | $1.91 | |||||||
Dividends per share | $0.38 | $0.24 | $1.28 | $0.93 | |||||||
Operating Metrics Remain Consistent and Solid
“Despite Wall Street selling off lodging REIT stocks in 2015, Chatham
generated marked external growth and operating results while
strengthening its balance sheet,” said
-
raised the regular common share annual dividend 29 percent to
$1.20 per share from$0.93 per share, the fifth consecutive annual increase -
solidified its balance sheet for the long term, successfully closing
on a new, unsecured
$250 million senior revolving credit facility maturing in late 2020 that can be expanded to$400 million - improved adjusted EBITDA 50 percent
- increased adjusted FFO nearly 59 percent and adjusted FFO per share 20 percent
-
raised approximately
$121 million in a common share equity offering in early 2015, using proceeds to reduce leverage and partially fund four outstanding acquisitions -
acquired four, high-quality hotels in
San Diego andLos Angeles, Calif. ,Boston, Mass. , andFort Lauderdale, Fla. , for approximately$190 million , increasing hotel investments by approximately 16 percent and expanding the company’s wholly owned portfolio room count by 11 percent -
realized a gain of
$3.6 million on the sale of its five percent joint venture interest in theResidence Inn by MarriottTorrance, Calif. , and rewarded its investors with a special dividend of$0.08 per share.
“Chatham’s performance in 2015 stood apart from most competitors, validating our strategy,” Fisher highlighted.
Additional data points on the portfolio’s fourth quarter RevPAR performance include:
- Twelve hotels produced RevPAR increases of 10 percent or higher.
-
Four
Silicon Valley hotels saw an overall RevPAR increase of 3.2 percent to$161 . -
RevPAR at the four hotels acquired during 2015 rose 10.4 percent to
$144 . -
Four
Houston -area hotels increased RevPAR 10.2 percent.
“Our fourth quarter portfolio performance remained strong with RevPAR
gains across our broader portfolio and the following markets seeing
double digit RevPAR growth:
“We continue to generate outstanding margins, with operating margins of 46 percent and hotel EBITDA margins of 37 percent in the 2015 fourth quarter,” Fisher noted. “Despite the margin decline in the quarter due primarily to non-comparable hotels and property tax items, our operating margins for the full year were up an impressive 160 basis points to 49.9 percent, and our hotel EBITDA margins rose 130 basis points to 43.1 percent, which are the highest margins among all lodging REITs. As RevPAR continues to grow, we expect to drive comparable margins higher in 2016.
“As we move through 2016 and beyond, our high-quality portfolio will
serve as a foundation for our financial performance. Fundamentals for
quality, in-fill, select-service portfolios such as ours remain healthy
because RevPAR growth is solid, and combined with a lack of major food
and beverage or other non-essential amenities, our comparable margins
should rise. Combining these expected rising margins with acquisitions
of approximately
Joint Venture Investment Performance
In December, Chatham sold its interest in the
During the fourth quarter, the joint ventures contributed adjusted
EBITDA and adjusted FFO of approximately
“We are very pleased with the overall operating performance within these
joint ventures,” stated
Capital Markets & Capital Structure
As of
Chatham’s leverage ratio was approximately 41 percent at
During the fourth quarter, the company successfully closed on a new,
expanded
Previous Terms |
New Terms |
|||||
Facility amount | $175 million | $250 million | ||||
Accordion feature | Additional $50 million | Additional $150 million | ||||
Security | Secured | Fully unsecured | ||||
Interest rate* | LIBOR + 200-300 basis points | LIBOR + 155-230 basis points | ||||
Unused fees | 25-35 basis points | 20-30 basis points | ||||
Share repurchases | Not allowed | $75 million |
* At current leverage, savings are approximately 85 basis points. | ||
“We have further solidified our capital structure by unencumbering our
line of credit and pushing out all of our debt maturities through late
2020,” explained
Dividend
Chatham currently pays a monthly dividend of
During the fourth quarter, Chatham completed the renovation of the
SpringHill Suites in
The 32-room expansion of the
2016 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
- U.S. GDP growth rate of 2 to 2.5 percent in 2016
-
Renovations at the following hotels: Homewood Suites San Antonio and
Hilton Garden Inn Burlington , Mass., in the first quarter; Courtyard byMarriott Addison (Dallas ),Texas and Homewood SuitesCarlsbad, Calif. , during the second quarter;Residence Inn San Diego Gaslamp during the fourth quarter. -
Repayment of the
$6.0 million mortgage on one hotel that matures during the 2016 first quarter. -
Completion of the 32-room tower in
Mountain View, Calif. during the second quarter. - No additional acquisitions, dispositions, debt or equity issuance.
Q1 2016 |
2016 Forecast |
||||||
RevPAR | $123-$125 | $135-$137 | |||||
RevPAR growth | +2.0-4.0% | +3.0-4.0% | |||||
Total hotel revenue | $67.4-$68.8 M | $297.9-$301.1 M | |||||
Net income | $2.3-$3.6 M | $36.6-$40.4 M | |||||
Net income per diluted share | $0.06-$0.09 | $0.95-$1.05 | |||||
Adjusted EBITDA | $27.2-$28.5 M | $136.5-$140.2 M | |||||
Adjusted funds from operation ("FFO") | $16.8-$18.1 M | $94.7-$98.5 M | |||||
Adjusted FFO per diluted share | $0.43-$0.47 | $2.45-$2.55 | |||||
Hotel EBITDA margins | 39.0-40.0% | 43.0-43.6% | |||||
Corporate cash administrative expenses | $2.3 M | $8.8 M | |||||
Corporate non-cash administrative expenses | $0.8 M | $3.5 M | |||||
Interest expense (excluding fee amortization) | $6.8 M | $27.0 M | |||||
Non-cash amortization of deferred fees | $0.4 M | $1.5 M | |||||
Income taxes | $0.5 M | $1.9 M | |||||
Chatham’s share of JV EBITDA | $3.2-$3.3 M | $17.4-$18.0 M | |||||
Chatham’s share of JV FFO | $1.2-$1.3 M | $9.3-$9.9 M | |||||
Weighted average shares outstanding | 38.6 M | 38.6 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 fourth 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) | ||||||||||
December 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
Assets: | ||||||||||
Investment in hotel properties, net | $ |
1,258,452 |
$ | 1,096,425 | ||||||
Cash and cash equivalents | 21,036 | 15,077 | ||||||||
Restricted cash | 19,273 | 12,030 | ||||||||
Investment in unconsolidated real estate entities | 23,618 | 28,152 | ||||||||
Hotel receivables (net of allowance for doubtful accounts of $95 and $71, respectively). | 5,518 | 3,601 | ||||||||
Deferred costs, net | 8,034 | 7,514 | ||||||||
Prepaid expenses and other assets | 3,967 | 2,300 | ||||||||
Total assets | $ |
1,339,898 |
$ | 1,165,099 | ||||||
Liabilities and Equity: | ||||||||||
Mortgage debt | $ | 542,292 | $ | 527,721 | ||||||
Revolving credit facility | 65,580 | 22,500 | ||||||||
Accounts payable and accrued expenses |
25,100 |
20,042 | ||||||||
Distributions and losses in excess of investments of unconsolidated real estate entities |
2,703 |
- | ||||||||
Distributions payable | 7,221 | 2,884 | ||||||||
Total liabilities |
642,896 |
573,147 | ||||||||
Commitments and contingencies | ||||||||||
Equity: | ||||||||||
Shareholders' Equity: | ||||||||||
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2015 and December 31, 2014 |
- | - | ||||||||
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,308,937 and 34,173,691 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively |
379 | 339 | ||||||||
Additional paid-in capital | 719,773 | 599,318 | ||||||||
Retained earnings (distributions in excess of retained earnings) | (27,281 | ) | (11,120 | ) | ||||||
Total shareholders' equity | 692,871 |
588,537 |
||||||||
Noncontrolling Interests: | ||||||||||
Noncontrolling Interest in Operating Partnership | 4,131 | 3,415 | ||||||||
Total equity | 697,002 | 591,952 | ||||||||
Total liabilities and equity | $ |
1,339,898 |
$ | 1,165,099 | ||||||
CHATHAM LODGING TRUST | ||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||||
For the three months ended | For the years ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Revenue: | ||||||||||||||||||||
Room | $ | 62,051 | $ | 49,509 | $ | 258,137 | $ | 184,926 | ||||||||||||
Food and beverage | 1,670 | 885 | 5,536 | 2,764 | ||||||||||||||||
Other | 2,439 | 1,807 | 9,534 | 7,534 | ||||||||||||||||
Cost reimbursements from unconsolidated real estate entities | 1,098 | 411 | 3,743 | 1,992 | ||||||||||||||||
Total revenue | 67,258 | 52,612 | 276,950 | 197,216 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Room | 13,039 | 10,287 | 50,165 | 37,516 | ||||||||||||||||
Food and beverage | 1,265 | 580 | 4,127 | 1,966 | ||||||||||||||||
Telephone | 471 | 374 | 1,708 | 1,304 | ||||||||||||||||
Other hotel operating | 640 | 497 | 2,467 | 2,056 | ||||||||||||||||
General and administrative | 5,686 | 4,551 | 21,101 | 16,265 | ||||||||||||||||
Franchise and marketing fees | 5,094 | 4,022 | 21,240 | 15,110 | ||||||||||||||||
Advertising and promotions | 1,304 | 927 | 5,040 | 3,676 | ||||||||||||||||
Utilities | 2,305 | 2,019 | 9,464 | 7,269 | ||||||||||||||||
Repairs and maintenance | 3,159 | 2,287 | 11,722 | 8,705 | ||||||||||||||||
Management fees | 2,140 | 1,723 | 8,742 | 6,096 | ||||||||||||||||
Insurance | 344 | 293 | 1,218 | 998 | ||||||||||||||||
Total hotel operating expenses | 35,447 | 27,560 | 136,994 | 100,961 | ||||||||||||||||
Depreciation and amortization | 12,835 | 10,757 | 48,981 | 34,710 | ||||||||||||||||
Property taxes, ground rent and insurance | 5,893 | 3,911 | 18,581 | 12,624 | ||||||||||||||||
General and administrative | 3,301 | 2,449 | 11,677 | 9,852 | ||||||||||||||||
Hotel property acquisition costs and other charges | 44 | 3,005 | 1,451 | 10,381 | ||||||||||||||||
Reimbursed costs from unconsolidated real estate entities | 1,098 | 411 | 3,743 | 1,992 | ||||||||||||||||
Total operating expenses | 58,618 | 48,093 | 221,427 | 170,520 | ||||||||||||||||
Operating income | 8,640 | 4,519 | 55,523 | 26,696 | ||||||||||||||||
Interest and other income | 41 | 18 | 264 | 108 | ||||||||||||||||
Interest expense, including amortization of deferred fees | (7,229 | ) | (6,539 | ) | (27,924 | ) | (21,354 | ) | ||||||||||||
Loss on early extinguishment of debt | (412 | ) | - | (412 | ) | (184 | ) | |||||||||||||
Income (loss) from unconsolidated real estate entities | (132 | ) | (2,358 | ) | 2,411 | (3,830 | ) | |||||||||||||
Net gain (loss) from remeasurement and sales of investment in unconsolidated real estate entities |
3,576 | (952 | ) | 3,576 | 65,750 | |||||||||||||||
Income (loss) before income tax expense | 4,484 | (5,312 | ) | 33,438 | 67,186 | |||||||||||||||
Income tax benefit (expense) | 39 | (21 | ) | (260 | ) | (105 | ) | |||||||||||||
Net income (loss) | 4,523 | (5,333 | ) | 33,178 | 67,081 | |||||||||||||||
Net (income) loss attributable to noncontrolling interests | (32 | ) | 33 | (212 | ) | (208 | ) | |||||||||||||
Net income (loss) attributable to common shareholders | $ | 4,491 | $ | (5,300 | ) | $ | 32,966 | $ | 66,873 | |||||||||||
Income (loss) per Common Share - Basic: | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 0.12 | $ | (0.16 | ) | $ | 0.87 | $ | 2.32 | |||||||||||
Income (loss) per Common Share - Diluted: | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 0.12 | $ | (0.16 | ) | $ | 0.86 | $ | 2.30 | |||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Basic | 38,213,219 | 33,972,134 | 37,917,871 | 28,531,094 | ||||||||||||||||
Diluted | 38,619,472 | 33,972,134 | 38,322,285 | 28,846,724 | ||||||||||||||||
Distributions per common share | $ | 0.38 | $ | 0.24 | $ | 1.28 | $ | 0.93 | ||||||||||||
CHATHAM LODGING TRUST | ||||||||||||||||||||
FFO and EBITDA | ||||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||||
For the three months ended | For the years ended | |||||||||||||||||||
December 31, |
December 31, |
|||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Funds From Operations ("FFO"): | ||||||||||||||||||||
Net income (loss) | $ | 4,523 | $ | (5,333 | ) | $ | 33,178 | $ | 67,081 | |||||||||||
Noncontrolling interests | (32 | ) | 33 | (212 | ) | (208 | ) | |||||||||||||
Net (gain) loss from remeasurement and sales of investment in unconsolidated real estate entities | (3,576 | ) | 952 | (3,576 | ) | (65,750 | ) | |||||||||||||
Loss on the sale of assets within the unconsolidated real estate entity | - | - | - | 1 | ||||||||||||||||
Depreciation | 12,782 | 10,717 | 48,784 | 34,579 | ||||||||||||||||
Adjustments for unconsolidated real estate entity items | 1,916 | 1,430 | 7,458 | 4,902 | ||||||||||||||||
FFO attributable to common shareholders | 15,613 | 7,799 | 85,632 | 40,605 | ||||||||||||||||
Hotel property acquisition costs and other charges | 44 | 3,005 | 1,451 | 10,381 | ||||||||||||||||
Loss on early extinguishment of debt | 412 | - | 412 | 184 | ||||||||||||||||
Adjustments for unconsolidated real estate entity items | 10 | 1,902 | 104 | 3,932 | ||||||||||||||||
Adjusted FFO attributable to common shareholders | $ | 16,079 | $ | 12,706 | $ | 87,599 | $ | 55,102 | ||||||||||||
Weighted average number of common shares | ||||||||||||||||||||
Basic | 38,213,219 | 33,972,134 | 37,917,871 | 28,531,094 | ||||||||||||||||
Diluted | 38,619,472 | 34,332,997 | 38,322,285 | 28,846,724 | ||||||||||||||||
For the three months ended | For the years ended | |||||||||||||||||||
December 31, |
December 31, |
|||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"): |
||||||||||||||||||||
Net income (loss) | $ | 4,523 | $ | (5,333 | ) | $ | 33,178 | $ | 67,081 | |||||||||||
Interest expense | 7,229 | 6,539 | 27,924 | 21,354 | ||||||||||||||||
Income tax benefit (expense) | (39 | ) | 21 | 260 | 105 | |||||||||||||||
Depreciation and amortization | 12,835 | 10,757 | 48,981 | 34,710 | ||||||||||||||||
Adjustments for unconsolidated real estate entity items | 3,867 | 2,840 | 15,081 | 10,211 | ||||||||||||||||
Noncontrolling interests | (32 | ) | 33 | (212 | ) | (208 | ) | |||||||||||||
EBITDA | 28,383 | 14,857 | 125,212 | 133,253 | ||||||||||||||||
Hotel property acquisition costs and other charges | 44 | 3,005 | 1,451 | 10,381 | ||||||||||||||||
Loss on early extinguishment of debt | 412 | - | 412 | 184 | ||||||||||||||||
Adjustments for unconsolidated real estate entity items | 11 | 1,924 | 136 | 4,053 | ||||||||||||||||
Net (gain) loss from remeasurement and sales of investment in unconsolidated real estate entities | (3,576 | ) | 952 | (3,576 | ) | (65,750 | ) | |||||||||||||
Loss on the sale of assets within the unconsolidated real estate entity | - | - | - | 1 | ||||||||||||||||
Share based compensation | 732 | 629 | 2,835 | 2,469 | ||||||||||||||||
Adjusted EBITDA | $ | 26,006 | $ | 21,367 | $ | 126,470 | $ | 84,591 | ||||||||||||
CHATHAM LODGING TRUST | ||||||||||||||||||
Hotel EBITDA | ||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||
For the three months ended | For the years ended | |||||||||||||||||
December 31, | December 31 | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net Income (loss) | 4,523 | (5,333 | ) | 33,178 | 67,081 | |||||||||||||
Add: | Interest expense | 7,229 | 6,539 | 27,924 | 21,354 | |||||||||||||
Income tax benefit (expense) | (39 | ) | 21 | 260 | 105 | |||||||||||||
Depreciation and amortization | 12,835 | 10,757 | 48,981 | 34,710 | ||||||||||||||
General and administrative | 3,301 | 2,449 | 11,677 | 9,852 | ||||||||||||||
Hotel property acquisition costs and other charges | 44 | 3,005 | 1,451 | 10,381 | ||||||||||||||
Loss from unconsolidated real estate entities | 132 | 2,358 | - | 3,830 | ||||||||||||||
Loss on early extinguishment of debt | 412 | - | 412 | 184 | ||||||||||||||
Less: | Interest and other income | (41 | ) | (18 | ) | (264 | ) | (108 | ) | |||||||||
Income from unconsolidated real estate entities | - | - | (2,411 | ) | - | |||||||||||||
Net (gain) loss from remeasurement and sales of investment in unconsolidated real estate entities | (3,576 | ) | 952 | (3,576 | ) | (65,750 | ) | |||||||||||
Hotel EBITDA | 24,820 | 20,730 | 117,632 | 81,639 | ||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160224005444/en/
Source:
Chatham Lodging Trust
Dennis Craven (Company)
Chief Operating
Officer
561-227-1386
or
Daly Gray, Inc.
Chris Daly
(Media)
703-435-6293