Brief: Chatham Lodging Trust Says Q1 Adjusted FFO Per Share $0.13

Chatham Lodging Trust

11/05/2020 13:27

May 11 (Reuters) - Chatham Lodging Trust  CLDT.N :
    * ANNOUNCES FIRST QUARTER 2020 RESULTS
    * Q1 ADJUSTED FFO PER SHARE $0.13
    * QTRLY TOTAL REVENUE $60.2 MILLION VERSUS $75.7 MILLION
    * QTRLY REVPAR DECLINED 21.8 PERCENT TO $96, COMPARED TO THE
2019
FIRST QUARTER
    * Q1 FFO PER SHARE VIEW $0.22 -- REFINITIV IBES DATA
    * LAID OFF OR FURLOUGHED ALMOST 70 PERCENT OF ITS EMPLOYEES
BEGINNING IN MID-MARCH
    * REDUCED STAFFING AT LOW OCCUPANCY HOTELS TO ABSOLUTE
MINIMUM
LEVELS
    * REDUCED ITS 2020 CAPITAL EXPENDITURES BUDGET BY
APPROXIMATELY
$10 MILLION OR 45 PERCENT
    * CURRENTLY HAS 6 UNENCUMBERED HOTELS AVAILABLE AS
COLLATERAL TO
SOURCE ADDITIONAL LIQUIDITY
    * TEMPORARILY REDUCED COMPENSATION FOR ITS EXECUTIVE
OFFICERS AND
EMPLOYEES
    * FISHER AND DENNIS CRAVEN HAVE BOTH VOLUNTEERED TO REDUCE
THEIR
SALARIES BY 50 PERCENT
    * JEREMY WEGNER, CHIEF FINANCIAL OFFICER, AND ALL OTHER
CORPORATE
EMPLOYEES HAVE TEMPORARILY REDUCED THEIR SALARY BY 25 PERCENT
    * BOARD OF TRUSTEES VOLUNTARILY AGREED TO TEMPORARILY REDUCE
THEIR
PROPOSED 2020 BASE COMPENSATION BY APPROXIMATELY 25 PERCENT

Source text for Eikon:  ID:nBw1GhQ83a 
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