CLDT - Chatham Lodging beats Q3 estimates on portfolio performance
Hotel real estate investment trust Chatham Lodging (NYSE:CLDT) Q3 funds from operations and revenue results come in better-than-expected on its portfolio growth. Adjusted EBITDA of $19.6M in Q3 soars from $5.1M in the year-ago quarter. Hotel EBITDA margin of 35.2% doubles from 17.9% in Q3 of last year. Q3 diluted FFO of $0.21 beats the $0.20 consensus estimate, up from a loss of nine cents in Q3 2020; revenues of $64.3M in Q3 also beats the $62.12M estimate, jumping from $35M in the year-ago quarter. Q3 operating expenses of $59.85M rises from $45.21M in Q3 a year ago. Q3 interest expense of $5.82M improves from $7.3M in the same period a year ago. The company said it did not provide any guidance for the year due to the impact of the Covid-19 pandemic on the hotel industry. Shares of CLDT slip 1.7% intra-day. "Our strong performance is driven broadly across our portfolio
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Chatham Lodging beats Q3 estimates on portfolio performance