Chatham Lodging reports Q3 AFFO 32c, consensus 32c

Reports Q3 revenue $78.41M, consensus $79.14M. Reports Q3 RevPAR seclined 2.5% to $151 compared to the last year RevPAR of $155 for the 34 comparable hotels. “Despite weaker than expected RevPAR, we were able to deliver adjusted FFO per share towards the upper end of our guidance range as our operating margins benefitted from labor efficiencies and lower-than-expected property taxes,” commented Jeffrey H. Fisher, Chatham’s president and CEO. Fisher highlighted, “From a corporate perspective, we were excited to complete the refinancing and upsizing of our now $500M credit facility, which further strengthens our balance sheet and provides significant financial flexibility to pull a variety of levers to enhance shareholder value. On that note, we are actively repurchasing our common shares under our $25M share repurchase plan. Since announcing the plan, we have repurchased approximately 1 percent of outstanding shares at an average price of $6.85 per share.”