Workflow
Chatham Lodging Trust(CLDT)
icon
Search documents
Chatham Lodging Trust(CLDT) - 2022 Q2 - Quarterly Report
2022-08-02 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Shares of Beneficial Interest, $0.01 par value CLDT New York Stock Exchange 6.625% Series A Cumulative Redeemable Preferred Shares CLDT-PA New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended ...
Chatham Lodging Trust (CLDT) Investor Presentation - Slideshow
2022-06-10 20:27
CHATHAM LODGING TRUST Investor Presentation June 2022 Safe Harbor Disclosure 2 We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expr ...
Chatham Lodging Trust(CLDT) - 2022 Q1 - Earnings Call Transcript
2022-05-04 20:30
Chatham Lodging Trust (NYSE:CLDT) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET Company Participants Chris Daly - IR, Daly Gray Public Relations Jeff Fisher - Chairman, President and CEO Dennis Craven - EVP and COO Jeremy Wegner - SVP and CFO Conference Call Participants Anthony Powell - Barclays Ari Klein - BMO Capital Markets Kyle Menges - B. Riley Securities Tyler Batory - Oppenheimer Operator Greetings. Welcome to the Chatham Lodging Trust First Quarter 2022 Financial Results Conference Call. ...
Chatham Lodging Trust(CLDT) - 2022 Q1 - Quarterly Report
2022-05-03 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Shares of Beneficial Interest, $0.01 par value CLDT New York Stock Exchange 6.625% Series A Cumulative Redeemable Preferred Shares CLDT-PA New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended ...
Chatham Lodging Trust(CLDT) - 2021 Q4 - Earnings Call Transcript
2022-02-24 20:03
Financial Data and Key Metrics Changes - Chatham Lodging Trust reported a Q4 2021 RevPAR of $92, representing a 93% increase compared to Q4 2020, but a 22.7% decline versus Q4 2019 [31] - The company generated total revenue of $57 million in Q4 2021, nearly double the $29 million from the previous year [27] - Adjusted EBITDA for Q4 2021 was $15.2 million, with FFO per share of $0.12, up from a loss of $0.18 per share in the same quarter last year [31][28] Business Line Data and Key Metrics Changes - The Residence Inn in San Diego Gaslamp and Residence Inn Anaheim were among the top producers of GOP in Q4 2021, indicating strong performance in specific locations [28] - The newly opened Home2 Suites at Warner Center has shown promising early results, achieving over 50% occupancy shortly after opening [12][20] Market Data and Key Metrics Changes - Silicon Valley, which comprised almost 25% of EBITDA in 2019, lagged with a RevPAR of $74 in Q4 2021, while occupancy was 61% [21] - The overall portfolio occupancy was 65% in Q4 2021, outperforming the industry average of 58% [24] Company Strategy and Development Direction - The company aims to focus on acquiring high-quality hotels in markets with strong growth potential while recycling capital from lower-tier hotels [35] - Chatham plans to maintain a portfolio that is approximately 80% extended stay, indicating a strategic focus on this segment [47] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of business travel, particularly in tech-driven markets like Silicon Valley and Bellevue, Washington [7][33] - The company has significantly improved its balance sheet, reducing net debt by $250 million since March 2020, positioning itself well for future investments [34] Other Important Information - The company has committed to sustainability and corporate governance, forming an ESG committee and participating in GRESB assessments [16][17] - Chatham's capital expenditures for 2022 are budgeted at $23.5 million, including $17.5 million for renovations [30] Q&A Session Summary Question: Recovery trajectory in Silicon Valley and San Francisco - Management noted that Silicon Valley and San Francisco have different demand generators, with recovery in Silicon Valley being more dependent on tech companies [38][39] Question: Details on asset acquisitions and dispositions - The focus is on selling older hotels with lower RevPAR while considering acquisitions based on asset age and cash flow potential [40][41] Question: Labor situation and wage growth expectations - The company is in a good position regarding labor and anticipates mid single-digit increases in labor costs for 2022 [42] Question: Drivers of GOP margins in December - The majority of GOP margin improvements were attributed to labor savings [45] Question: Future portfolio reshaping - The company aims to diversify its portfolio geographically while maintaining a focus on extended stay properties [47] Question: Performance of Home2 in LA - The hotel is performing according to pro forma expectations, with positive feedback from guests [50][51]
Chatham Lodging Trust(CLDT) - 2021 Q4 - Annual Report
2022-02-24 16:00
Company Overview - As of December 31, 2021, the company owned 41 hotels with a total of 6,169 rooms located in 16 states and the District of Columbia[22]. - The company primarily invests in upscale extended-stay hotels and premium-branded select-service hotels, focusing on the 25 largest metropolitan markets in the U.S.[29]. - The company is internally managed and has a management agreement with Island Hospitality Management Inc. for day-to-day operations of its hotels[24]. - As of December 31, 2021, all 41 hotels are managed by a single management company, increasing operational risk concentration[89]. Financial Performance - The company's leverage ratio was approximately 30.6% as of December 31, 2021, down from 35.8% at December 31, 2020[30]. - The company anticipates lower revenue and operating income in the first and fourth quarters, with higher performance expected in the second and third quarters[33]. - Management fees totaled approximately $7.2 million, $5.3 million, and $10.8 million for the years ended December 31, 2021, 2020, and 2019, respectively[48]. - Franchise and marketing/program fees totaled approximately $16.6 million, $11.6 million, and $25.9 million for the years ended December 31, 2021, 2020, and 2019, respectively[50]. - The company has suspended dividends during the first quarter of 2020 and continued this suspension through 2021 due to reduced cash flows[80]. - Future growth is contingent on obtaining new financing, as the company must distribute at least 90% of its REIT taxable income each year[85]. - The company is required to distribute at least 90% of its REIT taxable income to shareholders, which may be impacted by downturns in operating results or unexpected capital improvements[95]. - The company’s ability to make distributions may be adversely affected by unanticipated expenses and decreases in asset values[205]. Investment Strategy - The company plans to maintain a prudent capital structure, financing growth with free cash flow, debt, and issuances of common shares and/or preferred shares[30]. - The company employs value-added strategies such as re-branding and renovating to increase the operating results and values of acquired hotels[29]. - The company operates under franchise agreements, which may expose it to risks associated with concentrating hotel properties in specific brands[91]. - The company is developing a hotel in Los Angeles, facing risks such as construction delays, cost overruns, and environmental issues[118]. Regulatory and Compliance Risks - The company elected to be taxed as a REIT for federal income tax purposes, requiring a distribution of at least 90% of REIT taxable income[41]. - The company must meet various complex requirements under the Internal Revenue Code to maintain its REIT status[41]. - The company is currently undergoing tax examinations by the IRS and the State of New Hampshire for prior tax years, which could materially impact financial results[42]. - Compliance with environmental regulations may require additional capital investments, impacting financial performance[151]. - The company may incur additional costs to comply with the Americans with Disabilities Act (ADA) during acquisitions and in the future, potentially affecting financial results[158]. Market and Economic Conditions - The COVID-19 pandemic has significantly impacted the U.S. lodging industry, leading to reduced occupancy rates at some hotels[76]. - The lodging industry is sensitive to economic conditions, and declines in corporate budgets or consumer demand could lower revenues and profitability of hotel properties[120]. - The performance of the lodging industry is closely linked to U.S. GDP growth and discretionary spending levels, which could impact the company's business strategy[119]. - Increased operating expenses and competition from new hotels could reduce hotel revenues, affecting cash available for distribution to shareholders[98]. Environmental and Operational Risks - Environmental regulations may impose liabilities for hazardous substances, potentially exceeding the value of the property[37]. - The company requires a Phase I environmental site assessment prior to investment, but these assessments may not uncover all hazardous substances[40]. - The presence of hazardous substances may adversely affect the company's ability to sell real estate or borrow funds[37]. - The presence of harmful mold in hotel properties could lead to liability and costly remediation efforts[167]. - Climate change poses risks such as severe weather events and increased operating costs, which could materially affect hotel operations and financial results[150]. Competition and Market Dynamics - The company faces competition from institutional investors and other REITs, which may affect occupancy rates and revenue per available room (RevPAR)[32]. - Competition for acquisitions may limit the number of hotel properties that can be acquired, potentially increasing costs and reducing profitability[125]. - The cyclical nature of the lodging industry can lead to returns that are substantially below expectations, particularly during economic downturns[127]. - Increased use of Internet travel intermediaries and alternative lodging marketplaces could reduce demand for conventional hotel rooms, impacting profitability[134]. Risk Management - The company faces risks related to potential increases in property taxes, which could adversely affect shareholder distributions[71]. - The ongoing need for capital expenditures at hotel properties may negatively impact the company's business[71]. - The concentration of operational risk in one hotel management company could materially affect the company's financial condition and results of operations[89]. - The company may incur additional costs due to franchisors requiring upgraded operating standards, reducing cash available for distributions[90]. - The company is vulnerable to fluctuations in financial performance and capital expenditure requirements, which could affect its ability to make distributions[1].
Chatham Lodging Trust(CLDT) - 2021 Q3 - Earnings Call Transcript
2021-11-04 19:10
Chatham Lodging Trust (NYSE:CLDT) Q3 2021 Earnings Conference Call November 4, 2021 10:00 AM ET Company Participants Chris Daly - Investor Relations Jeff Fisher - Chairman, President and Chief Executive Officer Dennis Craven - Executive Vice President and Chief Operating Officer Jeremy Wegner - Senior Vice President and Chief Financial Officer Conference Call Participants Kyle Menges - B. Riley Securities Tyler Batory - Janney Operator Greetings, ladies and gentlemen and welcome to the Chatham Lodging Trust ...
Chatham Lodging Trust(CLDT) - 2021 Q3 - Quarterly Report
2021-11-03 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34693 CHATHAM LODGING TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 27-1200777 (State or Other Jurisdiction of ...
Chatham Lodging Trust(CLDT) - 2021 Q2 - Earnings Call Transcript
2021-08-03 19:10
Chatham Lodging Trust (NYSE:CLDT) Q2 2021 Earnings Conference Call August 3, 2021 10:00 AM ET Company Participants Chris Daly - Daly Gray Public Relations, IR Jeffrey Fisher - Chairman, President & CEO Dennis Craven - EVP & COO Jeremy Wegner - SVP & CFO Conference Call Participants Aryeh Klein - BMO Capital Markets Anthony Powell - Barclays Bank Kyle Menges - B. Riley Securities FBR Tyler Batory - Janney Montgomery Scott Operator Greetings, and welcome to Chatham Lodging Trust's Second Quarter 2021 Financia ...
Chatham Lodging Trust(CLDT) - 2021 Q2 - Quarterly Report
2021-08-02 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Shares of Beneficial Interest, $0.01 par value CLDT New York Stock Exchange 6.625% Series A Cumulative Redeemable Preferred Shares CLDT-PA New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended ...