Chatham Lodging: 2Q Earnings Snapshot
WEST PALM BEACH, Fla. (AP) _ Chatham Lodging Trust (CLDT) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The West Palm Beach, Florida-based real estate investment trust said it had funds from operations of $27.4 million, or 59 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 58 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $13.4 million, or 29 cents per share.
The real estate investment trust posted revenue of $86.6 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $83.3 million.
For the current quarter ending in October, Chatham Lodging expects its per-share funds from operations to range from 58 cents to 62 cents.
The company expects full-year funds from operations in the range of $1.85 to $1.93 per share.
The company’s shares have declined slightly more than 5 percent since the beginning of the year. The stock has risen 4 percent in the last 12 months.