Chatham Lodging: 4Q Earnings Snapshot
WEST PALM BEACH, Fla. (AP) _ Chatham Lodging Trust (CLDT) on Wednesday reported a loss in funds from operations in its fourth quarter, after reporting a profit in the same period a year earlier.
The real estate investment trust, based in West Palm Beach, Florida, said it had a funds from operations loss of $8.7 million, or 18 cents per share, in the period.
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 a loss of $3.4 million, or 7 cents per share.
The real estate investment trust posted revenue of $29.6 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $31.6 million.
For the year, the company reported funds from operations losses of $19 million, swinging to a loss in the period. Revenue was reported as $144.9 million.
The company’s shares have risen 23% since the beginning of the year. The stock has dropped 20% in the last 12 months.