Chatham Lodging Trust (NYSE: CLDT) Second-quarter earnings beat Wall Street expectations on Wednesday as increased business travel demand bolstered the REIT’s operating metrics, including revenue per room and occupancy. .
“The second quarter was fantastic, hitting all cylinders as RevPAR jumped significantly, coinciding with the continued return of our business travelers, operating margins exceeding 2019 levels and the successful sale of four non-core assets at a capitalization rate that highlights the underlying value of our premium portfolio,” said CEO and Chairman Jeffrey H. Fisher.
Adjusted FFO of $0.41 as of June 30 beat analysts’ average estimate of $0.34 and jumped $0.10 in the year-ago quarter.
Second-quarter revenue of $81.8 million also beat consensus of $77.4 million and rose from $50.2 million in the second quarter of last year.
Expenses for Q2 totaled $67.5m, compared to $52.7m in Q2 2021.
Adjusted EBITDA at the end of June was $31.1 million, compared to $12.5 million as of June 30, 2021.
The occupancy rate stood at 77% in Q2 compared to 70% in Q2 a year ago.
The average daily income in the second quarter fell from $131 in the second quarter of 2021 to $179.
Similarly, revenue per room for the second quarter fell from $92 in the second quarter of 2021 to $138.
Conference call at 10:00 a.m. ET.
Take a look at Chatham Lodging’s investor presentation slide deck.