Chatham Lodging Trust(US:CLDT)2021-08-02 16:00Financial Performance - Total revenue for the three months ended June 30, 2021, was $50,244,000, a significant increase from $20,173,000 for the same period in 2020, representing a growth of 148.5%[14] - Room revenue for the six months ended June 30, 2021, reached $75,905,000, compared to $71,437,000 for the same period in 2020, indicating a year-over-year increase of 6.9%[14] - The company reported a net loss of $6,016 for June 30, 2021, compared to a net loss of $55,304 for the same period in 2020[21] - Net loss attributable to common shareholders for the three months ended June 30, 2021, was $(8,558,000), compared to $(26,827,000) for the same period in 2020, showing an improvement of 68.0%[14] - For the three months ended June 30, 2021, the net loss was $8,718,000 compared to a net loss of $27,193,000 for the same period in 2020[172] - Net loss for the six months ended June 30, 2021, was $6.0 million, significantly improved from a net loss of $55.3 million in the same period of 2020[165] Assets and Liabilities - Total assets as of June 30, 2021, amounted to $1,476,718,000, up from $1,370,257,000 as of December 31, 2020, reflecting a growth of 7.7%[11] - Total liabilities decreased to $647,659,000 as of June 30, 2021, from $677,797,000 as of December 31, 2020, a reduction of 4.4%[11] - Cash and cash equivalents increased significantly to $131,367,000 as of June 30, 2021, compared to $21,124,000 as of December 31, 2020, marking a growth of 522.5%[11] - The total shareholders' equity increased to $814,221,000 as of June 30, 2021, from $677,752,000 as of December 31, 2020, reflecting a growth of 20.1%[11] - Total debt before unamortized debt issue costs was $1,287,080,000 as of June 30, 2021, with an outstanding balance of $599,815,000[7] Revenue Breakdown - Room revenue comprised 92.6% of total revenue for the quarter ended June 30, 2021, amounting to $46.5 million, up from $18.4 million in 2020, reflecting a recovery from the COVID-19 pandemic[116] - Food and beverage revenue for the quarter ended June 30, 2021, was $0.8 million, up 546.2% from $0.1 million in the same period of 2020[117] - Other operating revenue increased to $2.6 million for the quarter ended June 30, 2021, compared to $0.9 million in 2020, primarily due to increased occupancies[118] Operating Expenses - Hotel operating expenses for the three months ended June 30, 2021, were $28,390,000, up from $15,740,000 in the same period of 2020, representing an increase of 80.0%[14] - Total hotel operating expenses rose by $12.7 million or 80.4% to $28.4 million for the three months ended June 30, 2021, compared to $15.7 million for the same period in 2020[126] - General and administrative expenses increased to $3.1 million for the three months ended June 30, 2021, from $1.3 million in the same period of 2020[131] Cash Flow and Investments - Cash flows from operating activities showed a net cash used of $2,167 for June 30, 2021, compared to $15,740 for June 30, 2020[21] - The company had cash, cash equivalents, and restricted cash of $142,295 at the end of the period, up from $45,746 at the end of the previous year[21] - The company invested approximately $4.2 million in renovations and other non-recurring capital expenditures on existing hotels for the six months ended June 30, 2021[198] Debt and Financing - The Company had $128 million and $135.3 million of outstanding borrowings under its $250 million revolving credit facility as of June 30, 2021, and December 31, 2020, respectively[7] - The estimated fair value of the Company's fixed rate debt was $452.7 million as of June 30, 2021, down from $462.6 million as of December 31, 2020[49] - The Company entered into a $40 million loan agreement on August 4, 2020, to fund construction costs for the Warner Center hotel, with a rate of LIBOR plus a spread of 7.5%[48] Shareholder Information - The company declared no distributions per common share for the three months ended June 30, 2021, compared to $0.22 for the same period in 2020[14] - As of June 30, 2021, the Company had 48,756,555 common shares outstanding[59] - The Company issued 4,800,000 Series A Preferred Shares with a distribution rate of 6.625%, generating net proceeds of approximately $116.2 million[65] Market Conditions and Future Outlook - The company expects significant growth in RevPAR for the remainder of 2021 compared to 2020, although it will remain below 2019 levels[114] - The full impact of the COVID-19 pandemic on the company's financial condition and future results remains uncertain and will depend on various evolving factors[106] - Hotel demand is influenced by seasonal patterns, with lower revenue, operating income, and cash flow expected in the first and fourth quarters, and higher in the second and third quarters[208]