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Chatham Lodging: Q2 Earnings Snapshot
By AP News - Aug 02, 2024, 06:47 AM ET
Last Updated - Aug 02, 2024, 06:47 AM EDT
WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Chatham Lodging Trust (CLDT) on Friday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in West Palm Beach, Florida, said it had funds from operations of $19.9 million, or 39 cents per share, in the period.
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The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 36 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 $4.9 million, or 10 cents per share.
The real estate investment trust, based in West Palm Beach, Florida, posted revenue of $86.5 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $85.5 million.
For the current quarter ending in September, Chatham Lodging expects its per-share funds from operations to range from 31 cents to 36 cents.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CLDT at https://www.zacks.com/ap/CLDT
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