Chatham Lodging Trust Announces Fourth Quarter 2020 Results


WEST PALM BEACH, Fla.–()–Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the fourth quarter and year ended December 31, 2020.

Fourth Quarter 2020 Operating Results

  • Portfolio Revenue Per Available Room (RevPAR) – All Chatham hotels have remained open throughout the pandemic. For the 39 comparable hotels owned as of December 31, 2020, RevPAR declined 60 percent to $47, compared to the 2019 fourth quarter. Average daily rate (ADR) decreased 34 percent to $104, and occupancy dropped 40 percent to 45 percent.
  • Net Loss Worsened $1.0 million to a loss of $(3.4) million for the 2020 fourth quarter, compared to the 2019 fourth quarter. Net loss per diluted share was $(0.07) versus net loss per diluted share of $(0.05) for the same period last year. During the quarter, Chatham recognized a gain of $21.1 million on the sale of the Residence Inn San Diego Mission Valley.
  • GOP Margin Generated positive GOP margins of 25 percent during the 2020 fourth quarter, compared to 42 percent in the 2019 fourth quarter.
  • Adjusted EBITDA – Produced positive Adjusted EBITDA for the second consecutive quarter, generating Adjusted EBITDA of $0.2 million, versus $25.9 million in the 2019 fourth quarter.
  • Adjusted FFO – Declined $24.0 million to $(8.7) million. Adjusted FFO per diluted share was $(0.18), compared to $0.32 in the 2019 fourth quarter.
  • Cash Burn Before Capital Expenditures Fourth quarter 2020 cash burn was $9.5 million versus $5.1 million in the third quarter and $12.8 million in the second quarter. Cash burn includes $2.3 million of principal amortization per quarter.

The following chart summarizes the consolidated financial results for the three and twelve months ended December 31, 2020 and 2019 based on all properties owned during those periods ($ in millions, except margin percentages and per share data):

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2020

 

2019

 

2020

 

2019

Net income (loss)

$(3.4)

 

$(2.4)

 

$(77.0)

 

$18.9

Diluted net income (loss) per common share

$(0.07)

 

$(0.05)

 

$(1.62)

 

$0.39

GOP Margin

24.9%

 

42.1%

 

32.2%

 

46.0%

Hotel EBITDA Margin

7.9%

 

33.9%

 

15.9%

 

38.3%

Adjusted EBITDA

$0.2

 

$25.9

 

$18.5

 

$131.0

AFFO

$(8.7)

 

$15.3

 

$(19.0)

 

$87.8

AFFO per diluted share

$(0.18)

 

$0.32

 

$(0.40)

 

$1.85

Dividends per share

$0.00

 

$0.33

 

$0.22

 

$1.32

The below chart summarizes key hotel financial statistics for the 39 comparable operating hotels owned as of December 31, 2020 (does not include…



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