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CLDT Chatham Lodging Trust

Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns interests in 85 hotels totaling 11,848 rooms/suites, comprised of 39 properties it wholly owns with an aggregate of 5,900 rooms/suites in 15 states and the District of Columbia and a minority investment in the Innkeepers joint venture that owns 46 hotels with an aggregate of 5,948 rooms/suites.

Company profile

Ticker
CLDT, CLDT-PA, CLDT+A
Exchange
CEO
Jeffrey H. Fisher
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Chatham Lodging L.P. • Chatham TRS Holding, Inc. • Chatham Leaseco I, LLC • Chatham Maitland HS LLC • Chatham Billerica HS LLC • Chatham Bloomington HS LLC • Chatham Brentwood HS LLC • Chatham Dallas HS LLC • Chatham Farmington HS LLC • Chatham Houston HAS LLC ...
IRS number
271200777

CLDT stock data

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Calendar

3 Aug 21
22 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 142.3M 142.3M 142.3M 142.3M 142.3M 142.3M
Cash burn (monthly) (positive/no burn) (positive/no burn) 796.67K 1.77M (positive/no burn) 532.33K
Cash used (since last report) n/a n/a 2.98M 6.62M n/a 1.99M
Cash remaining n/a n/a 139.31M 135.67M n/a 140.3M
Runway (months of cash) n/a n/a 174.9 76.7 n/a 263.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Aug 21 David Grissen Common Shares Grant Acquire A No No 11.47 5,000 57.35K 5,000
10 Aug 21 Ethel Issacs Williams Common Shares Grant Acquire A No No 11.47 5,000 57.35K 5,000

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

83.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 159 157 +1.3%
Opened positions 15 18 -16.7%
Closed positions 13 22 -40.9%
Increased positions 53 38 +39.5%
Reduced positions 50 67 -25.4%
13F shares
Current Prev Q Change
Total value 520.55M 1.02B -49.0%
Total shares 40.45M 40M +1.1%
Total puts 59.6K 31.3K +90.4%
Total calls 337.2K 517.2K -34.8%
Total put/call ratio 0.2 0.1 +192.1%
Largest owners
Shares Value Change
BLK Blackrock 8.32M $107.02M +3.7%
Vanguard 5.73M $73.69M +5.2%
Fuller & Thaler Asset Management 3.4M $43.75M -1.4%
Davidson Kempner Capital Management 2.3M $29.64M 0.0%
STT State Street 2.23M $28.65M +3.6%
Charles Schwab Investment Management 1.18M $15.18M +12.0%
Renaissance Technologies 1.05M $13.55M -21.5%
JPM JPMorgan Chase & Co. 1.04M $13.43M +3.8%
Geode Capital Management 1.02M $13.1M +4.4%
Dimensional Fund Advisors 701.43K $9.03M -2.7%
Largest transactions
Shares Bought/sold Change
Grantham, Mayo, Van Otterloo & Co. 556.58K +528.1K +1854.6%
Forward Management 341.51K -459.79K -57.4%
BLK Blackrock 8.32M +297.24K +3.7%
Renaissance Technologies 1.05M -288K -21.5%
Vanguard 5.73M +285.54K +5.2%
Healthcare Of Ontario Pension Plan Trust Fund 182.2K +182.2K NEW
Northwood Liquid Management 170.62K +170.62K NEW
GS Goldman Sachs 140.33K -166.68K -54.3%
Charles Schwab Investment Management 1.18M +126.43K +12.0%
DB Deutsche Bank AG - Registered Shares 64.44K -113.79K -63.8%

Financial report summary

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Risks
  • The current COVID-19 pandemic has had, and may continue to have, or a future pandemic could have, adverse effects on our financial condition, results of operations, cash flows and performance.
  • Our investment policies are subject to revision from time to time at our Board of Trustees' discretion, which could diminish shareholder returns below expectations.
  • We depend on the efforts and expertise of our key executive officers whose continued service is not guaranteed.
  • Our future growth depends on obtaining new financing and if we cannot secure financing in the future, our growth will be limited.
  • We must rely on third party management companies to operate our hotels in order to qualify as a REIT under the Code and, as a result, we have less control than if we were operating the hotels directly.
  • The management of the hotels in our portfolio is currently concentrated in one hotel management company.
  • Our franchisors could cause us to expend additional funds on upgraded operating standards, which may reduce cash available for distribution to shareholders.
  • Our franchisors may cancel or fail to renew our existing franchise licenses, which could adversely affect our operating results and our ability to make distributions to shareholders.
  • Future debt service obligations could adversely affect our overall operating results or cash flow and may require us to liquidate our properties, which could adversely affect our ability to make distributions to our shareholders and our share price.
  • If we are unable to repay our debt obligations in the future, we may be forced to refinance debt or dispose of or encumber our assets, which could adversely affect distributions to shareholders.
  • Interest expense on our debt may limit our cash available to fund our growth strategies and shareholder distributions.
  • Failure to hedge effectively against interest rate changes may adversely affect our results of operations and our ability to make shareholder distributions.
  • Joint venture investments that we make could be adversely affected by our lack of decision-making authority, our reliance on joint venture partners' financial condition and disputes between us and our joint venture partners.
  • We may from time to time make distributions to our shareholders in the form of our common shares, which could result in shareholders incurring tax liability without receiving sufficient cash to pay such tax.
  • Our conflict of interest policy may not be successful in eliminating the influence of future conflicts of interest that may arise between us and our trustees, officers and employees.
  • There may be conflicts of interest between us and affiliates owned by our Chief Executive Officer.
  • The lodging industry has experienced significant declines in the past and failure of the lodging industry to exhibit improvement may adversely affect our ability to execute our business strategy.
  • Our ability to make distributions to our shareholders may be affected by various operating risks common in the lodging industry.
  • Competition for acquisitions may reduce the number of properties we can acquire.
  • Competition for guests may lower our hotels' revenues and profitability.
  • The cyclical nature of the lodging industry may cause the return on our investments to be substantially less than we expect.
  • Due to our concentration in hotel investments, a downturn in the lodging industry would adversely affect our operations and financial condition.
  • The ongoing need for capital expenditures at our hotel properties may adversely affect our business, financial condition and results of operations and limit our ability to make distributions to our shareholders.
  • The increasing use by consumers of Internet travel intermediaries and alternative lodging market places may adversely affect our profitability.
  • The need for business-related travel and, thus, demand for rooms in our hotels may be materially and adversely affected by the increased use of business-related technology.
  • Future terrorist attacks or changes in terror alert levels could adversely affect travel and hotel demand.
  • We may assume liabilities in connection with the acquisition of hotel properties, including unknown liabilities, which, if significant, could adversely affect our business.
  • Uninsured and underinsured losses could adversely affect our operating results and our ability to make distributions to our shareholders.
  • Noncompliance with environmental laws and governmental regulations could adversely affect our operating results and our ability to make distributions to shareholders.
  • Compliance with the ADA and other changes in governmental rules and regulations could substantially increase our cost of doing business.
  • Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our hotel properties.
  • Increases in our property taxes would adversely affect our ability to make distributions to our shareholders.
  • Our hotel properties may contain or develop harmful mold, which could lead to liability for adverse health effects and costs of remediating the problem.
  • Our rights and the rights of our shareholders to take action against our trustees and officers are limited, which could limit your recourse in the event of actions not in your best interests.
  • Provisions of Maryland law may limit the ability of a third party to acquire control of our Company and may result in entrenchment of management and diminish the value of our common shares.
  • Provisions of our declaration of trust may limit the ability of a third party to acquire control of our Company and may result in entrenchment of management and diminish the value of our common shares.
  • Failure to maintain our qualification as a REIT would subject us to federal income tax and potentially to state and local taxes.
  • Our TRS Lessee structure subjects us to the risk of increased hotel operating expenses that could adversely affect our operating results and our ability to make distributions to our shareholders.
  • Our TRS structure increases our overall tax liability.
  • Our transactions with our TRS will cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on arm's-length terms.
  • If our leases with our TRS Lessees are not respected as true leases for federal income tax purposes, we would fail to qualify as a REIT.
  • Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
  • Our ownership limitations may restrict or prevent you from engaging in certain transfers of our common shares.
  • The ability of our Board of Trustees to revoke our REIT qualification without shareholder approval may cause adverse consequences to our shareholders.
  • The ability of our Board of Trustees to change our major policies may not be in our shareholders’ interest.
  • If we fail to maintain an effective system of internal controls, we may not be able to accurately determine our financial results or prevent fraud. As a result, our investors could lose confidence in our reported financial information, which could harm our business and the value of our shares.
  • Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments.
  • We may be subject to adverse legislative or regulatory tax changes that could reduce the market price of our shares.
  • We may be unable to generate sufficient cash flows from our operations to make distributions to our shareholders at any time in the future.
  • Our revolving credit facility may limit our ability to pay dividends on common shares.
  • The market price of our equity securities may vary substantially, which may limit your ability to liquidate your investment.
  • The number of shares available for future sale could adversely affect the market price of our common shares.
  • Future offerings of debt or equity securities or incurrence of debt may adversely affect the market price of our common shares.
Management Discussion
  • The lodging industry has been significantly impacted by the COVID-19 pandemic and there has been a significant decline in travel relative to 2019 but trends are improving and we expect strong growth in 2021 relative to 2020. Smith Travel Research reported that US lodging industry RevPAR increased 160.4% for the three months ended June 30, 2021, with RevPAR up 256.8% in April 2021, up 165.1% in May 2021 and up 118.4% in June 2021. We expect that over the remainder of 2021, RevPAR will increase significantly versus 2020 but remain below the RevPAR levels achieved in 2019. The full impact of the COVID-19 pandemic on the lodging industry continues to evolve and will depend on future developments including the duration and spread of the outbreak, the existence of governmental stay-at-home orders, peoples' willingness to travel, and the strength and timing of an economic recovery. All of these factors are uncertain, and the full impact of the COVID-19 pandemic on the lodging industry cannot be predicted at this time.
Content analysis
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