PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Chatham Lodging Trust's unaudited interim consolidated financial statements, including balance sheets, statements of operations, equity, cash flows, and detailed notes on key financial matters [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show total assets slightly decreased to **$1,336.7 million** as of June 30, 2023, with net income improving to **$4.3 million** and operating cash flow increasing to **$32.7 million** for the six months ended June 30, 2023 | Financial Metric | Six Months Ended June 30, 2023 (USD) | Six Months Ended June 30, 2022 (USD) | | :--- | :--- | :--- | | **Total Revenue** | $152.1 million | $136.6 million | | **Net Income (Loss)** | $4.3 million | ($0.4 million) | | **Net Income (Loss) per Share (Diluted)** | $0.01 | ($0.09) | | **Net Cash from Operations** | $32.7 million | $21.7 million | | Balance Sheet Item | June 30, 2023 (USD) | December 31, 2022 (USD) | | :--- | :--- | :--- | | **Total Assets** | $1,336.7 million | $1,343.7 million | | **Total Liabilities** | $522.2 million | $525.7 million | | **Total Equity** | $814.5 million | $818.0 million | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail the company's structure as a REIT owning 39 hotels, its **$465.9 million** debt, equity components, lease obligations, and related-party transactions with Island Hospitality Management - As of June 30, 2023, the Company owned **39 hotels** with an aggregate of **5,915 rooms** located in 16 states and the District of Columbia[171](index=171&type=chunk) - Total debt outstanding as of June 30, 2023, was **$465.9 million**, which includes mortgage debt, an unsecured term loan, and excludes unamortized debt issue costs[157](index=157&type=chunk) - All **39** of the company's hotels are managed by Island Hospitality Management LLC (IHM), wholly owned by the Company's Chairman, President, and CEO, Jeffrey H. Fisher[172](index=172&type=chunk)[202](index=202&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results, highlighting recovery, revenue and expense trends, non-GAAP measures, liquidity, capital resources, and debt management [Overview](index=22&type=section&id=Overview) The company, a self-advised REIT, focuses on upscale extended-stay and select-service hotels, showing significant business improvement in 2022-2023, with a **25.8%** leverage ratio and **$466.7 million** total debt as of June 30, 2023 - The company's business experienced significant improvement through 2022 and into 2023, driven by leisure travel and recovering corporate demand segments[26](index=26&type=chunk) - The company's investment strategy focuses on upscale extended-stay and premium-branded select-service hotels near strong demand generators[27](index=27&type=chunk) - As of June 30, 2023, the leverage ratio was **25.8%**, with total debt of **$466.7 million** at a weighted average interest rate of approximately **5.0%**[268](index=268&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2023, total revenue increased by **11.3%** to **$152.1 million**, with net income improving to **$4.3 million**, driven by a **13.9%** increase in same-property RevPAR | Metric | Three Months Ended June 30, 2023 (USD) | Three Months Ended June 30, 2022 (USD) | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $84.5 million | $81.8 million | 3.3% | | **Net Income** | $9.4 million | $9.3 million | 0.5% | | **Same Property RevPAR** | $143.96 | $137.68 | 4.6% | | Metric | Six Months Ended June 30, 2023 (USD) | Six Months Ended June 30, 2022 (USD) | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $152.1 million | $136.6 million | 11.3% | | **Net Income (Loss)** | $4.3 million | ($0.4 million) | N/A | | **Same Property RevPAR** | $130.00 | $114.17 | 13.9% | [Non-GAAP Financial Measures](index=32&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like FFO, Adjusted FFO, EBITDA, and Adjusted Hotel EBITDA, with FFO at **$29.1 million** and Adjusted EBITDA at **$49.6 million** for the six months ended June 30, 2023 | Non-GAAP Measure (Six Months Ended June 30) | 2023 (USD) | 2022 (USD) | | :--- | :--- | :--- | | **FFO attributable to common share and unit holders** | $29.1 million | $23.8 million | | **Adjusted FFO attributable to common share and unit holders** | $29.7 million | $24.2 million | | **Adjusted EBITDA** | $49.6 million | $44.4 million | | **Adjusted Hotel EBITDA** | $55.4 million | $52.0 million | - Management considers FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, and Adjusted Hotel EBITDA as key supplemental measures of operating performance[75](index=75&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company held **$47.7 million** in cash, with net cash from operations at **$32.7 million**, and plans to invest **$15.0 million** in renovations, while remaining compliant with debt covenants - Cash, cash equivalents, and restricted cash totaled **$47.7 million** as of June 30, 2023, an increase of **$2.5 million** from year-end 2022[52](index=52&type=chunk) - Net cash provided by operating activities increased by **$11.0 million** to **$32.7 million** for the six months ended June 30, 2023, primarily due to improving hotel operating results[80](index=80&type=chunk) - The company expects to invest approximately **$15.0 million** on renovations and other expenditures on existing hotels during the remainder of 2023[53](index=53&type=chunk) - The company was in compliance with all financial covenants at June 30, 2023[317](index=317&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate changes, with **$90.0 million** in floating-rate debt, where a **100 basis point** SOFR increase would raise annual interest expense by **$0.9 million** - The company's main market risk is interest rate changes affecting its long-term debt[301](index=301&type=chunk) - A hypothetical **100 basis point** increase in SOFR would increase annual interest expense by approximately **$0.9 million**, based on the **$90.0 million** of floating rate debt outstanding as of June 30, 2023[302](index=302&type=chunk) | Debt Type | Total Principal (in thousands USD) | Weighted Average Interest Rate | | :--- | :--- | :--- | | **Floating Rate Debt** | $90,000 | 6.40% | | **Fixed Rate Debt** | $376,705 | 4.66% | [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the last quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[110](index=110&type=chunk) - There were no changes in internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[89](index=89&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to routine litigation in the ordinary course of business, which management believes will not materially impact its financial condition or results of operations - The Company is subject to routine litigation arising in the ordinary course of business but does not expect these proceedings to have a material adverse impact on its financial condition[90](index=90&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K were reported - No material changes to the Risk Factors disclosed in the 2022 Annual Report on Form 10-K were reported[326](index=326&type=chunk) [Item 5. Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No trustees or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2023 - No trustees or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[92](index=92&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the quarterly report, including CEO and CFO certifications and various Inline XBRL documents - The report includes CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[93](index=93&type=chunk)

Chatham Lodging Trust (NYSE:CLDT) Q1 2023 Earnings Conference Call May 4, 2023 1:00 PM ET Company Participants Chris Daly – President-DG Public Relations Jeff Fisher – Chairman, President and Chief Executive Officer Dennis Craven – Executive Vice President and Chief Operating Officer Jeremy Wegner – Senior Vice President and Chief Financial Officer Conference Call Participants Ari Klein – BMO Capital Markets Bryan Maher – B. Riley Securities Jonathan Jenkins – Oppenheimer Anthony Powell – Barclays Operator ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34693 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Co ...

Chatham Lodging Trust (NYSE:CLDT) Q4 2022 Earnings Conference Call February 23, 2023 10:00 AM ET Company Participants Chris Daly - President, DG Public Relations, IR Jeff Fisher - Chairman, CEO & President Dennis Craven - EVP & COO Jeremy Wegner - SVP and CFO Conference Call Participants Anthony Powell - Barclays Ari Klein - BMO Capital Markets Tyler Batory - Oppenheimer Bryan Maher - B. Riley Securities FBR Operator Greetings and welcome to the Chatham Lodging Trust Fourth quarter 2022 Financial Results Co ...

PART I. Company Information This section outlines the company's business, operational structure, risk factors, and legal and property details [Item 1. Business Overview](index=5&type=section&id=Item%201.%20Business) Chatham Lodging Trust is a Maryland REIT investing in upscale extended-stay and premium-branded select-service hotels, owning 39 hotels managed by IHM - Chatham Lodging Trust is an internally-managed Maryland REIT, focusing on upscale extended-stay and premium-branded select-service hotels[22](index=22&type=chunk) - All hotels are managed by Island Hospitality Management Inc. (IHM), which is 100% owned by the Company's Chairman, President, and CEO, Jeffrey H. Fisher[25](index=25&type=chunk) Hotel Portfolio Summary (as of Dec 31, 2022) | Metric | Value | | :----- | :---- | | Hotels Owned | 39 | | Total Rooms | 5,914 | | States of Operation | 16 states and D.C. | [Overview](index=6&type=section&id=Overview) The company operates as a REIT, leasing hotels to TRS Lessees, and focuses on upscale extended-stay and premium-branded select-service hotels - The Company operates as a REIT, leasing its wholly-owned hotels to Taxable REIT Subsidiary (TRS) Lessees, which then contract third-party management companies for day-to-day operations[24](index=24&type=chunk) - The portfolio includes brands like Residence Inn by Marriott, Homewood Suites by Hilton, Courtyard by Marriott, and Hampton Inn, primarily focusing on upscale extended-stay and premium-branded select-service hotels[26](index=26&type=chunk) [Financial Information About Industry Segments](index=7&type=section&id=Financial%20Information%20About%20Industry%20Segments) All hotels are evaluated as a single industry segment due to similar economic characteristics and customer services - The Company evaluates all its hotels as a single industry segment due to similar economic characteristics and customer services, thus not reporting segment-specific information[29](index=29&type=chunk) [Business Strategy](index=7&type=section&id=Business%20Strategy) The primary objective is to generate attractive shareholder returns through disciplined acquisitions, aggressive asset management, and a prudent capital structure - Primary objective is to generate attractive shareholder returns through disciplined acquisition of hotel properties, opportunistic repositioning, aggressive asset management, selective hotel development, flexible management company selection, and selective investment in hotel debt[30](index=30&type=chunk) - The Company aims to maintain a prudent capital structure with a net debt to investment in hotels at cost ratio between the high 20s and low 50s, which was approximately **26.6% at December 31, 2022**, down from 30.6% in 2021[31](index=31&type=chunk) [Competition](index=7&type=section&id=Competition) The company faces intense competition for hotel property investments and within the lodging industry from various entities and alternative marketplaces - The Company faces competition for hotel property investments from institutional funds, private equity, REITs, and hotel companies, some with greater financial resources[32](index=32&type=chunk)[33](index=33&type=chunk) - The lodging industry is highly competitive, with hotels competing on factors like location, brand, rates, and services, including competition from alternative lodging marketplaces[33](index=33&type=chunk) [Seasonality](index=8&type=section&id=Seasonality) Hotel demand is seasonal, with lower revenue and cash flow in the first and fourth quarters, and higher in the second and third - Hotel demand is seasonal, with lower revenue, operating income, and cash flow expected in the first and fourth quarters, and higher in the second and third quarters[34](index=34&type=chunk) [Regulation](index=8&type=section&id=Regulation) Properties are subject to various regulations, including fire, safety, ADA, and environmental compliance, with ongoing assessments for hazardous substances - Properties are subject to various covenants, laws, ordinances, and regulations, including fire, safety, and ADA requirements[35](index=35&type=chunk)[36](index=36&type=chunk) - Compliance with environmental regulations, including potential liability for hazardous substances, is an ongoing concern, with Phase I environmental site assessments conducted for all investments[38](index=38&type=chunk)[41](index=41&type=chunk) [Tax Status](index=9&type=section&id=Tax%20Status) The company maintains REIT taxation status, exempting it from federal income tax on distributed income, while its TRS is subject to corporate income tax - The Company elected REIT taxation status from 2010, which generally exempts it from federal income tax on distributed REIT taxable income, provided it meets specific requirements, including distributing at least 90% of its taxable income annually[42](index=42&type=chunk) - The Company's TRS is subject to federal, state, and local corporate income tax, and is currently under examination by the IRS for 2016 and by New Hampshire for 2018-2019[42](index=42&type=chunk)[43](index=43&type=chunk) [Hotel Management Agreements](index=10&type=section&id=Hotel%20Management%20Agreements) Management agreements with IHM have five-year terms with renewal options, including base fees of 3.0% of gross room revenue and incentive fees - Management agreements with IHM have an initial five-year term, automatically renewing for two successive five-year periods, with early termination options upon hotel sale without fee[45](index=45&type=chunk) - Base management fees are **3.0% of gross room revenue**, with an incentive fee of 10% of net operating income (less fixed costs, base fees, and a return threshold), capped at **1% of gross hotel revenues**[45](index=45&type=chunk)[47](index=47&type=chunk) Management Fees (in thousands) | Year Ended Dec 31, | Management Fees | | :----------------- | :-------------- | | 2022 | $10,133 | | 2021 | $7,156 | | 2020 | $5,289 | [Hotel Franchise Agreements](index=12&type=section&id=Hotel%20Franchise%20Agreements) Franchise fees are calculated as a percentage of gross room revenue, varying by brand, alongside marketing and program fees - Franchise fees are calculated as a specified percentage of gross room revenue, varying by brand (e.g., Hilton brands typically **4.0% franchise/royalty** and **4.0% marketing/program fees**; Marriott brands vary, e.g., Residence Inn **5.5% franchise** and **2.5% marketing**)[50](index=50&type=chunk)[452](index=452&type=chunk) Franchise and Marketing/Program Fees (in thousands) | Year Ended Dec 31, | Fees | | :----------------- | :----- | | 2022 | $23,674 | | 2021 | $16,560 | | 2020 | $11,608 | [Operating Leases](index=13&type=section&id=Operating%20Leases) The company is a lessee under various operating lease agreements for ground, air rights, garage, and office spaces, with significant future payments - The Company is a lessee under ground, air rights, garage, and office lease agreements, all qualifying as operating leases as of December 31, 2022[54](index=54&type=chunk)[430](index=430&type=chunk) - Notable leases include the Residence Inn San Diego Gaslamp (ground lease expiring **2065**) and Hilton Garden Inn Marina del Rey (ground lease expiring **2067**), with monthly and percentage rent payments[52](index=52&type=chunk)[53](index=53&type=chunk)[445](index=445&type=chunk)[404](index=404&type=chunk) Total Future Lease Payments (in thousands) | Year | Amount | | :--- | :----- | | 2023 | $2,093 | | 2024 | $2,115 | | 2025 | $2,186 | | 2026 | $1,894 | | 2027 | $1,272 | | Thereafter | $63,553 | | **Total** | **$73,113** | [Human Capital](index=14&type=section&id=Human%20Capital) The company had 17 employees as of February 2023, focusing on attracting, developing, and retaining diverse talent through competitive pay and benefits - As of February 23, 2023, the Company had **17 employees**, with day-to-day hotel operations managed by third-party companies[61](index=61&type=chunk) - Human capital objectives focus on attracting, developing, and retaining diverse talent through competitive pay, benefits, and a culture of diversity and inclusion[62](index=62&type=chunk) [Corporate Responsibility](index=14&type=section&id=Corporate%20Responsibility) The company is committed to ESG issues, publishing annual reports, implementing energy efficiency initiatives, and promoting diversity, equity, and inclusion - The Company is committed to ESG issues, publishing its annual Corporate Responsibility Report (latest in May 2022) aligned with GRI, SASB, and TCFD standards[63](index=63&type=chunk)[65](index=65&type=chunk) - Initiatives include improving energy efficiency (e.g., LED lighting, smart thermostats, low-flow systems) and community engagement through charitable activities[66](index=66&type=chunk)[67](index=67&type=chunk) - Diversity, Equity, and Inclusion efforts include increasing board diversity (**25% female**, **12.5% underrepresented group members**) and participating in the CEO Action for Diversity and Inclusion™ pledge[68](index=68&type=chunk) [Available Information](index=15&type=section&id=Available%20Information) Annual, quarterly, and current reports are available free of charge on the company's and SEC's websites - Annual, quarterly, and current reports (10-K, 10-Q, 8-K) are available free of charge on the Company's website (www.chathamlodgingtrust.com) and the SEC's website (www.sec.gov)[70](index=70&type=chunk) [Item 1A. Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from pandemics, financing

Chatham Lodging Trust (NYSE:CLDT) Q3 2022 Earnings Conference Call November 8, 2022 10:00 AM ET Company Participants Chris Daly - President, DG Public Relations Jeffrey Fisher - Chairman of the Board, CEO & President Dennis Craven - Executive Vice President & COO Jeremy Wegner - Senior Vice President and Chief Financial Officer Conference Call Participants Ari Klein - BMO Anthony Powell - Barclays Tyler Batory - Oppenheimer Operator Good morning and welcome to the Chatham Lodging Trust Third Quarter 2022 Fi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34693 CHATHAM LODGING TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 27-1200777 (State or Other Jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Shares of Beneficial Interest, $0.01 par value CLDT New York Stock Exchange 6.625% Series A Cumulative Redeemable Preferred Shares CLDT-PA New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended ...

CHATHAM LODGING TRUST Investor Presentation June 2022 Safe Harbor Disclosure 2 We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expr ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2022 was $55 million, up 75% compared to $31 million in Q1 2021 [29] - Adjusted EBITDA was $13.3 million, compared to approximately $1 million last year [32] - FFO per share was $0.07, up from a loss of $0.15 per share in the same quarter last year [32] - RevPAR for Q1 2022 was $88, representing a 56% increase from $57 in Q1 2021, but a 27.2% decline from $146 in Q1 2019 [39] Business Line Data and Key Metrics Changes - The five tech-driven hotels in Silicon Valley and Bellevue, which historically contributed 25% to 30% of EBITDA, saw a significant recovery with April RevPAR up 45% compared to Q1 figures [7][18] - GOP margins for Q1 2022 were 38% on RevPAR of $88, compared to 44% in Q1 2019 when RevPAR was $33 higher [30] Market Data and Key Metrics Changes - Weekday occupancy rose from 48% in January to 72% in April, indicating a strong recovery in business travel [15] - RevPAR in Austin increased from $115 in Q1 to $140 in April, driven by tech company expansions [21] Company Strategy and Development Direction - The company plans to close the sale of four older hotels for approximately $80 million, reallocating funds to pay down debt and pursue new acquisitions [8][10] - The focus remains on acquiring business-driven hotels, particularly in tech-centric markets, while also considering multifamily conversions for underperforming assets [9][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of business travel, particularly in tech markets, and noted a significant uptick in weekday demand [15][46] - The company anticipates continued improvement in performance metrics, with expectations for Q2 to show sequential growth [47] Other Important Information - The company has $158 million in liquidity, with no debt maturing in 2022 and only $114 million in 2023 [42][43] - Capital expenditures for the quarter were $4.1 million, with plans to reduce the total budget to approximately $19 million post-hotel sales [37] Q&A Session Summary Question: Have you seen any decline in leisure travel demand relative to 2021? - Management indicated that leisure demand remains strong, particularly in Northeastern hotels [50][51] Question: What is the outlook for occupancy recovery through the remainder of the year? - Management expects occupancy to approach 2019 levels in the second half of the year, driven by robust demand from corporate clients [60][62] Question: How do you feel about staffing levels as occupancy ramps up? - Management noted that the intern program will allow for high occupancy with reduced housekeeping needs, positioning them well for high-margin business [71] Question: Can you discuss the pricing valuations for the hotels being sold? - The four hotels generated $2.2 million of EBITDA in 2021, with attractive pricing based on a 6% cap rate on 2019 NOI [76] Question: What are the key metrics for reinstating the dividend? - Management stated that taxable income will drive the decision, considering various performance metrics [80]