Chatham Lodging: 2Q Earnings Snapshot
WEST PALM BEACH, Fla. (AP) _ Chatham Lodging Trust (CLDT) on Wednesday reported a loss in funds from operations in its second quarter, after reporting a profit in the same period a year earlier. The results fell short of Wall Street expectations.
The West Palm Beach, Florida-based real estate investment trust said it had a funds from operations loss of $12.4 million, or 26 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 24 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 a loss of $26 million, or 57 cents per share.
The real estate investment trust posted revenue of $20.2 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $19.6 million.
The company’s shares have dropped 69% since the beginning of the year. The stock has decreased 67% in the last 12 months.