Chatham Lodging reports Q2 AFFO 36c, consensus 34c

Reports Q2 revenue $80.29M, consensus $79.67M. Reports Q2 RevPAR down less than 1% to $155 compared to last year’s RevPAR of $156 for the 34 comparable hotels. “After a weak April, our RevPAR turned positive in May and June, and our second quarter RevPAR decline of 0.4% finished better than our guidance range of a decline of 2 percent to a decline of 0.5 percent,” highlighted Jeffrey H. Fisher, Chatham’s president and CEO. “Despite the RevPAR decline, we were able to hold margins essentially flat compared to last year and delivered adjusted FFO per share at the top of our guidance range.” Fisher continued, “We were pleased with our overall performance in the second quarter, delivering solid operating results given the sluggish start to the quarter, completing the sale of five low RevPAR hotels in lagging markets, de-leveraging further our balance sheet to only 21 percent, and commencing our share repurchase plan. We are greatly positioned to add shareholder value through acquisitions, developments and share repurchases.