Chatham Lodging Trust Announces Strong 2013 First Quarter Results

 

PALM BEACH, Fla., May 7, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint venture approximately $1.5 billion of premium-branded, upscale, extended-stay and select-service hotels, today announced results for the quarter ended March 31, 2013.

First Quarter 2013 Highlights

·         Hotel RevPAR – Rose 4.2 percent to $101.  Excluding the Washington D.C. hotel which currently is being refurbished/rebranded, comparable RevPAR grew 6.4 percent. 

·         Adjusted EBITDA – Increased 9.5 percent to $9.4 million.

·         Adjusted FFO – Improved 55.4 percent to $4.5 million.  Adjusted FFO per diluted share rose 23.8 percent to $0.26.

 

·         Acquisitions Match-Funded with Equity Offering – Raised $53 million with common share follow-on offering to fund the accretive acquisition of two hotels for $62.8 million.

·         Opportunistic Debt Refinancings – Refinanced $80 million of debt, lowering the average interest rate on fixed-rate debt by approximately 80 basis points, enhancing earnings and extending weighted average maturity to 2020.

For a complete copy of the company’s news release, please contact:

Dennis Craven (Company)                                                    

Chief Financial Officer                                                           

(561) 227-1386                                                                      

Jerry Daly

Daly Gray, Inc. 

(Media)

(703) 435-6293