Evergreen Real Estate Group Expands National Affordable Housing Portfolio

Steve Rappin

CHICAGO, IL (May 12, 2020) — Chicago-based Evergreen Real Estate Group, a leader in the acquisition, development, rehabilitation and management of both affordable and market-rate multifamily housing, today announced it has been retained to manage affordable housing communities comprising a total of 971 units across Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin.

The assignments include a mix of affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to 8,500 units throughout the U.S.  

“The need and demand for affordable housing continues to grow, and Evergreen has the cross-market experience needed to deliver comprehensive property management services that help preserve, enhance and expand housing options for low-income households,” said Steve Rappin, president of Evergreen Real Estate Group.

“Our firm utilizes an integrated approach, which means our construction, development, acquisition and management teams work hand-in-hand to provide expertise across multiple disciplines.

Oso Apartments, a 48-unit affordable
housing community in Chicago’s
Albany Park neighborhood. 

"The efficiencies created by our model benefit not only residents, but also third-party owners, housing agencies and other partners.

“We are excited to announce these new properties under management, which are a mix of newly renovated apartments along with new construction, including affordable senior residences co-located with public library branches developed through a creative partnership with the Chicago Housing Authority and Chicago Public Library.”

For a complete list of the properties, please contact:

Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com,

(312) 267-4514 

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

www.evergreenreg.com.

Chatham Lodging Trust Announces First Quarter 2020 Results

  

Jeffrey H. Fisher

WEST PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 134 hotels wholly or through joint ventures, announced results for the first quarter ended March 31, 2020.

First Quarter 2020 Operating Results

Portfolio Revenue per Available Room (RevPAR) – Declined 21.8 percent to $96, compared to the 2019 first quarter. Average daily rate (ADR) decreased 5.2 percent to $153, and occupancy dropped 17.5 percent to 63 percent.

Net income (loss) – Declined $29.7 million to a loss of $(28.1) million for the 2020 first quarter compared to the 2019 first quarter, due primarily to a $15.3 million impairment on its investment in the Inland joint venture. Net loss per diluted share was $0.59 versus net income per diluted share of $0.03 last year.

Adjusted EBITDA – Decreased $10.5 million to $16.5 million.

Adjusted FFO – Declined $9.9 million to $6.3 million. Adjusted FFO per diluted share was $0.13, compared to $0.34 in the 2019 first quarter.

Operating Margins – Comparable hotel gross operating profit margins weakened 590 basis points to 38.0 percent. Comparable Hotel EBITDA margins were down 800 basis points to 27.6 percent.

“

"Our teams at Chatham and Island Hospitality are working vigorously to maximize revenue, and we have aggressively cut operating costs and deferred all non-essential capital expenditures to minimize the adverse effects on cash flow,” commented Jeffrey H. Fisher, Chatham’s president and chief executive officer.

  “We have the experience to persevere through difficult situations having lived through numerous cycles and shocks to the industry.  We are thankful to have this platform that enables us to move effectively, aggressively and quickly.”

Chatham and Island Hospitality have taken dramatic actions at its hotels.

 Dennis Craven

“We have taken meaningful short-term measures to protect long-term value for our shareholders and employees, preserving as much cash flow as possible and making additional liquidity available should the need arise if the recovery is slower than expected,” stated Dennis Craven, Chatham’s chief operating officer. 

“We appreciate the commitment of our employees and support of our lenders, banks and vendors during these unprecedented times. We are hopeful that people will have the confidence to resume travel, though we expect demand will recover slowly. Our actions provide us the stability to withstand a slow recovery.”

For complete details of first-quarter results, please contact:

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

 patrick@dalygray.com | www.dalygray.com

Dennis Craven (Company)                                               Chris Daly (Media)

Chief Operating Officer                                              Daly Gray, Inc.

(561) 227-1386                                                           (703) 435-6293

Ware Malcomb Promotes Dennis Phan to Controller

Dennis Phan

IRVINE, CA (May 12, 2020) – Ware Malcomb, an award-winning international design firm, today announced Dennis Phan has been promoted to Controller in the firm’s Irvine, Calif.-based headquarters office.

In this role, Phan manages the financial operations of the firm under the direction of CFO and Executive Vice President Tobin Sloane.

Phan brings over 14 years of experience to his new position as Controller. He joined Ware Malcomb in 2015 as a Senior Staff Accountant and was promoted to Assistant Controller in 2018. During this time, he has added tremendous value in the leadership and management of the firm’s financials.  

Tobin Sloane

“The talent and dedication that Dennis has demonstrated, combined with the incredible team he has developed, have been instrumental in effectively managing the financial complexities of the firm,” said Sloane.

“We look forward to his continued leadership and will rely on him and his team to serve as the backbone of Ware Malcomb’s financials as the firm continues to grow and diversify.”

Phan earned a Bachelor of Science degree in Biological Sciences from the University of California at Irvine, and a Master of Science degree in Accountancy from California State University at Fullerton. 

CONTACT:

Rachel Devany

VP Public Relations

 KCOMM for Ware Malcomb

Rachel@kcomm.com 

Maureen Bissonnette

 Associate Principal

Marketing, 

949.660.9128

mbissonnette@waremalcomb.com