Property-level profitability has deteriorated significantly, with NOI margins falling to -1.6% in 2026Q1 from a peak of 38.5% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Revenue | 293.94M | 295.07M | 317.21M | 311.11M | 294.85M | 203.97M | 132.45M | 328.33M | 324.23M | 298.86M | 293.82M | 276.95M | 197.22M | 126.23M | 100.46M | 73.1M | 25.47M |
| Revenue Growth % | -7.39% | -6.98% | 1.96% | 5.51% | 44.55% | 54% | -59.66% | 1.26% | 8.49% | 1.71% | 6.09% | 40.43% | 56.24% | 25.64% | 37.44% | 186.99% | - |
| Property Operating Expenses | 213.01M | 284.69M | 205.99M | 200.18M | 183.29M | 144.85M | 94.93M | 204.64M | 199.98M | 179.51M | 174.48M | 159.32M | 115.58M | 79.15M | 63.74M | 42.17M | 15.03M |
| Net Operating Income (NOI) | 80.93M | 10.38M | 111.22M | 110.93M | 111.56M | 59.13M | 37.52M | 123.69M | 124.25M | 119.34M | 119.34M | 117.63M | 81.64M | 47.08M | 36.72M | 30.93M | 10.45M |
| NOI Margin % | 27.53% | 3.52% | 35.06% | 35.66% | 37.84% | 28.99% | 28.33% | 37.67% | 38.32% | 39.93% | 40.62% | 42.47% | 41.4% | 37.3% | 36.55% | 42.31% | 41.01% |
| Operating Expenses | 53.71M | -16.12M | 78M | 82.32M | 75.1M | 76.34M | 79.17M | 70.31M | 62.29M | 59.12M | 59.89M | 60.66M | 44.56M | 26.38M | 21.84M | 23.09M | 7.72M |
| G&A Expenses | 11.98M | 50.63M | 18.39M | 17.52M | 17.34M | 15.75M | 33.73M | 14.08M | 14.12M | 12.82M | 11.12M | 11.68M | 9.85M | 8.13M | 7.57M | 5.8M | 3.55M |
| EBITDA | 86.72M | 86.26M | 93.96M | 86.87M | 95.8M | 37M | 11.97M | 104.64M | 324.21M | 295.18M | 293.82M | 104.5M | 61.41M | 35.61M | 28.92M | 12.04M | 2.1M |
| EBITDA Margin % | 29.5% | 29.23% | 29.62% | 27.92% | 32.49% | 18.14% | 9.04% | 31.87% | 99.99% | 98.77% | 100% | 37.73% | 31.14% | 28.21% | 28.79% | 16.47% | 8.26% |
| Depreciation & Amortization | 59.5M | 59.75M | 60.74M | 58.25M | 59.35M | 54.22M | 53.63M | 51.26M | 266.08M | 242.14M | 234.88M | 48.98M | 34.71M | 18.25M | 14.27M | 11.91M | 2.56M |
| D&A / Revenue % | 20.24% | 20.25% | 19.15% | 18.72% | 20.13% | 26.58% | 40.49% | 15.61% | 82.06% | 81.02% | 79.94% | 17.69% | 17.6% | 14.46% | 14.21% | 16.29% | 10.07% |
| Operating Income | 27.23M | 26.51M | 33.22M | 28.61M | 36.45M | -17.21M | -41.65M | 53.38M | 58.13M | 53.04M | 58.94M | 55.52M | 26.7M | 17.36M | 14.65M | 129K | -461K |
| Operating Margin % | 9.26% | 8.98% | 10.47% | 9.2% | 12.36% | -8.44% | -31.45% | 16.26% | 17.93% | 17.75% | 20.06% | 20.05% | 13.54% | 13.75% | 14.58% | 0.18% | -1.81% |
| Interest Expense | 3M | 24.18M | 29.47M | 25.92M | 26.45M | 24.46M | 28.12M | 28.25M | 26.88M | 27.9M | 28.3M | 27.92M | 21.35M | 11.58M | 14.64M | 8.19M | 932K |
| Interest Coverage | - | 1.69x | 1.14x | 1.10x | 1.37x | 0.17x | -1.99x | 1.67x | 2.15x | 2.08x | 2.08x | 2.12x | 4.05x | 1.15x | 0.77x | -0.33x | -0.29x |
| Non-Operating Income | -5.96M | -14.46M | -286K | 208K | 128K | -21.46M | 14.25M | 6.26M | 414K | -4.94M | 0 | -3.59M | -59.83M | 4.02M | 3.44M | 2.85M | -193K |
| Pretax Income | 9.31M | 15.31M | 4.04M | 2.49M | 9.87M | -18.84M | -77.02M | 18.88M | 30.84M | 30.08M | 31.39M | 33.44M | 67.19M | 3.11M | -1.38M | -9.04M | -1.2M |
| Pretax Margin % | 3.17% | 5.19% | 1.27% | 0.8% | 3.35% | -9.24% | -58.15% | 5.75% | 9.51% | 10.06% | 10.68% | 12.07% | 34.07% | 2.46% | -1.37% | -12.36% | -4.71% |
| Income Tax | 62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -28K | 396K | -301K | 260K | 105K | 124K | 75K | 69K | 17K |
| Effective Tax Rate % | 0.67% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.09% | 1.32% | -0.96% | 0.78% | 0.16% | 3.99% | -5.45% | -0.76% | -1.42% |
| Net Income | 9.21M | 15.05M | 4.17M | 2.64M | 9.8M | -18.41M | -76.02M | 18.7M | 30.64M | 29.48M | 31.48M | 32.97M | 66.87M | 2.98M | -1.45M | -9.11M | -1.22M |
| Net Margin % | 3.13% | 5.1% | 1.31% | 0.85% | 3.33% | -9.03% | -57.4% | 5.7% | 9.45% | 9.86% | 10.72% | 11.9% | 33.91% | 2.36% | -1.44% | -12.46% | -4.78% |
| Net Income Growth % | -15.67% | 261.33% | 57.56% | -73.03% | 153.26% | 75.78% | -506.47% | -38.96% | 3.95% | -6.37% | -4.5% | -50.7% | 2142.56% | 305.66% | 84.07% | -648.15% | - |
| Funds From Operations (FFO) | 68.71M | 74.8M | 64.91M | 60.9M | 69.16M | 35.8M | -22.4M | 69.96M | 296.72M | 271.62M | 266.37M | 81.95M | 101.58M | 21.23M | 12.82M | 2.8M | 1.35M |
| FFO Margin % | 23.38% | 25.35% | 20.46% | 19.57% | 23.45% | 17.55% | -16.91% | 21.31% | 91.52% | 90.89% | 90.66% | 29.59% | 51.51% | 16.82% | 12.76% | 3.83% | 5.29% |
| FFO Growth % | -6.18% | 15.24% | 6.58% | -11.94% | 93.14% | 259.87% | -132.01% | -76.42% | 9.24% | 1.97% | 225.05% | -19.33% | 378.47% | 65.57% | 357.47% | 108.09% | - |
| FFO per Share | 1.45 | 1.50 | 1.33 | 1.25 | 1.41 | 0.74 | -0.48 | 1.49 | 6.42 | 6.77 | 6.92 | 2.14 | 3.52 | 1.00 | 0.93 | 0.21 | 0.21 |
| FFO Payout Ratio % | 23.19% | 0% | 22.15% | 23.34% | 0.21% | 0.79% | -72.5% | 89.56% | 20.76% | 19.37% | 19.88% | 55.24% | 26.09% | 91.49% | 82.74% | 322.76% | 123.01% |
| EPS (Diluted) | 0.20 | 0.14 | -0.08 | -0.11 | -0.34 | -0.85 | -1.97 | -0.04 | 0.66 | 0.73 | 0.81 | 0.86 | 2.30 | 0.13 | -0.10 | -0.69 | -0.19 |
| EPS Growth % | -2.31% | 275% | 27.27% | 67.65% | 60% | 56.85% | -5496.59% | -105.33% | -9.59% | -9.88% | -5.81% | -62.61% | 1669.23% | 230% | 85.51% | -263.16% | - |
| EPS (Basic) | - | 0.14 | -0.08 | -0.11 | -0.34 | -0.85 | -1.97 | -0.04 | 0.67 | 0.73 | 0.82 | 0.87 | 2.32 | 0.13 | -0.10 | -0.69 | -0.19 |
| Diluted Shares Outstanding | 47.25M | 49.99M | 48.9M | 48.85M | 49.06M | 48.35M | 46.96M | 47.02M | 46.24M | 40.11M | 38.48M | 38.32M | 28.85M | 21.28M | 13.81M | 13.28M | 6.38M |
Tech-sector geographic concentration
As reported in the quarterly financial statements, Chatham Lodging Trust experienced a significant revenue decline of 1.6% in 2026Q1, following a broader trend of negative year-over-year growth that suggests the company is struggling to regain pre-pandemic occupancy levels within its core tech-heavy coastal markets.
The persistent revenue contraction appears to reflect a structural shift in corporate travel patterns, particularly within the Silicon Valley corridor. Investors should monitor whether this decline represents a permanent reduction in mid-week occupancy or if the portfolio can pivot toward alternative demand drivers to stabilize top-line performance.
Based on the provided income statement data, NOI margins plummeted to -1.6% in 2026Q1, a stark reversal from the 38.5% margin observed in 2025Q2, indicating that property-level operating expenses are currently outpacing rental income in a highly challenging inflationary environment for hotel labor and utility costs.
The extreme volatility in NOI margins suggests that the company's high fixed-cost structure is failing to absorb lower occupancy levels effectively. This margin compression warrants further investigation into whether the current cost base is sustainable or if management must implement more aggressive operational efficiencies to protect property-level cash flow.
According to recent SEC filings, FFO per share dropped to $0.22 in 2026Q1, representing a 36.6% decline in FFO growth, which highlights the sensitivity of the company's earnings to cyclical downturns and the potential for significant quarterly fluctuations in core operational profitability metrics.
The inconsistency in FFO generation suggests that the company's earnings quality may be compromised by its reliance on specific, volatile corporate travel segments. Analysts should scrutinize the gap between FFO and AFFO to determine if recurring maintenance CAPEX is adequately covered by current cash flows.
As indicated by the reported net loss of $4.3 million in 2026Q1, the company's GAAP profitability remains deeply negative, raising concerns about the sustainability of dividend payouts and the underlying quality of earnings when adjusted for the heavy depreciation charges inherent in the hotel REIT business model.
The recurring net losses suggest that the company may be struggling to generate sufficient economic profit after accounting for the capital-intensive nature of its hotel assets. Investors should remain cautious, as the reliance on non-GAAP metrics like FFO may obscure the long-term impact of asset aging and the necessity for ongoing capital reinvestment.
Quick answers to the most common questions about buying CLDT stock.
For fiscal year 2025, Chatham Lodging Trust (CLDT) reported total revenue of $295.1M. This represents a 1058.5% increase compared to $25.5M in 2010.
Chatham Lodging Trust (CLDT) is profitable, generating $15.1M in net income for the fiscal year ending 2025 with a net profit margin of 5.1%.
Chatham Lodging Trust (CLDT) reported an operating income of $26.5M, resulting in an operating profit margin of 9.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Chatham Lodging Trust (CLDT) generated $10.4M in gross profit for the year, representing a gross profit margin of 3.5%. This demonstrates the company's core pricing power and production efficiency.