Chatham Lodging: Q1 Earnings Snapshot
WEST PALM BEACH, Fla. (AP) _ Chatham Lodging Trust (CLDT) on Tuesday reported a loss in funds from operations in its first quarter, after reporting a profit in the same period a year earlier. The results did not meet Wall Street expectations.
The real estate investment trust, based in West Palm Beach, Florida, said it had a funds from operations loss of $7.1 million, or 15 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for a funds from operations loss of 14 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 $2.7 million, or 6 cents per share.
The real estate investment trust posted revenue of $32.1 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $32.3 million.
The company’s shares have increased 33% since the beginning of the year. The stock has more than doubled in the last 12 months.