Financial Data and Key Metrics Changes - Q4 2020 RevPAR declined 60% to $47 compared to Q4 2019, which was a slight improvement from Q3's 61% decline [45] - Adjusted EBITDA for Q4 2020 was $0.2 million, with cash flow before capital expenditures at minus $9.5 million [47] - The company ended Q4 with $21.1 million of unrestricted cash and $10.3 million of restricted cash [48] Business Line Data and Key Metrics Changes - The company generated the second highest EBITDA per room of all lodging REITs in 2020 [8] - 80% of hotel EBITDA was generated by Residence Inn and Homewood Suites hotels, indicating a significant increase in performance from these brands [11] - Average length of stay at Residence Inn was 4.4 nights in Q4 2020, compared to 2.4 nights in Q4 2019 [36] Market Data and Key Metrics Changes - Los Angeles was the top-performing market in Q4 with RevPAR of $79, while San Diego had a RevPAR of $74 [31][32] - The northeastern coastal market portfolio earned RevPAR of $63 on occupancy of about 50% [33] - Silicon Valley RevPAR was $46, significantly down from $158 in Q4 2019 [34] Company Strategy and Development Direction - The company focused on preserving long-term shareholder value by maximizing operating performance and enhancing liquidity [6] - A strategic goal was to solidify the balance sheet and enhance liquidity, with a pause on development projects during the pandemic [19] - The company is open to selling assets if pricing is strong to further enhance liquidity [21] Management's Comments on Operating Environment and Future Outlook - Management expects leisure travel to lead the recovery from the pandemic, with business travel gradually returning [26] - The company anticipates achieving cash flow breakeven at a RevPAR of approximately $75 [26] - Management is optimistic about returning to 2019 levels of occupancy and rates faster than most lodging REIT peers [27] Other Important Information - The company sold the Residence Inn Mission Valley for $67 million, generating a gain of $21.1 million [49] - Corporate G&A expenses were down approximately 20% year-over-year, and salary costs were reduced by over 50% [17] - The CapEx budget for 2021 is approximately $6 million, with no renovations planned [80] Q&A Session Summary Question: How is the company thinking about the pace of bringing more employees back in relation to occupancy? - Management believes that margin improvement will occur in the future compared to pre-pandemic levels, with a focus on controlling staffing levels as occupancy increases [56][58] Question: What are the expectations for the M&A market? - Management noted that there are not many transactions currently due to a wide bid-ask gap, but they are positioned to take advantage of future opportunities [60][62] Question: How did the opportunity to sell the Residence Inn come about? - The sale was initiated through inbound interest, and there is ongoing interest from the state of California for similar transactions [66][68] Question: How is the company addressing ADR and market competition? - Management is closely monitoring rates and believes there are opportunities to hold or increase rates in leisure markets [69][71] Question: What is the current liquidity situation for potential acquisitions? - The company can use its liquidity for acquisitions as long as it maintains a minimum of $25 million in liquidity [84] Question: Is there interest in establishing new joint ventures? - There has been interest in lodging investments, but the company is currently focused on direct asset acquisitions [90]

Hotel Portfolio - As of December 31, 2020, the company owned 39 hotels with a total of 5,900 rooms located in 15 states and the District of Columbia[22] - The company held a 10.3% noncontrolling interest in a joint venture owning 46 hotels with an aggregate of 5,948 rooms and a 10.0% interest in another joint venture owning 48 hotels with 6,402 rooms[22] - The company primarily invests in upscale extended-stay hotels, including 16 Residence Inn by Marriott and 7 Homewood Suites by Hilton[25] - The company focuses on acquiring hotel properties below replacement cost in strong demand markets[29] - The company operates a total of 39 wholly owned hotels with a total of 5,900 rooms[210] - The total purchase price for all hotels amounts to $1,408.1 million, averaging $238,661 per room[210] - The Residence Inn Silicon Valley I has the highest purchase price at $92.8 million, with a purchase price per room of $401,776[210] - The Residence Inn Bellevue has the largest number of rooms at 231, purchased for $71.8 million, averaging $316,883 per room[210] - The Homewood Suites by Hilton San Antonio River Walk was acquired for $32.5 million, with a purchase price per room of $222,603[210] - The Hampton Inn & Suites Houston Medical Center has a mortgage debt balance of $17.4 million[210] - The company has a diverse portfolio across various states, including California, Texas, and New York[210] Financial Performance and Strategy - The company's leverage ratio was approximately 35.8% as of December 31, 2020, an increase from 34.1% at December 31, 2019[31] - The company aims to maintain a leverage ratio between the mid-30s and low 50s over the long term[29] - The company plans to finance growth through free cash flow, debt, and issuances of common shares and/or preferred shares[31] - Future growth is contingent on securing new financing; without it, growth will be limited[79] - Future debt service obligations could adversely affect the company's overall operating results or cash flow, potentially requiring asset liquidation[69] - Increased debt service requirements and higher interest rates could reduce cash available for distributions to shareholders[90] - Future debt obligations may necessitate property liquidation, adversely affecting shareholder distributions and share price[92] - The company must distribute at least 90% of its REIT taxable income annually to maintain REIT status, limiting retained earnings for capital expenditures[89] - The company has not established a minimum distribution payment level, which may affect shareholder returns[198] Competition and Market Conditions - The company faces significant competition for hotel property investments from institutional pension funds, private equity investors, and REITs, which may increase acquisition costs and reduce suitable investment opportunities[32] - The lodging industry is highly competitive, with factors such as location, brand affiliation, and customer service impacting occupancy rates, average daily rates (ADR), and revenue per available room (RevPAR)[32] - The cyclical nature of the lodging industry may adversely affect the return on investments, especially during downturns[64] - Increased competition from alternative lodging marketplaces like Airbnb may reduce demand for traditional hotel rooms[132] - The COVID-19 pandemic has significantly impacted the U.S. lodging industry, leading to reduced occupancy rates at some hotels[70] - The company has experienced a sharp decline in group, business, and leisure travel due to various pandemic-related restrictions[75] - The ongoing pandemic may lead to a deterioration of economic conditions, potentially resulting in a recession that could adversely affect hotel demand and revenues[71] Regulatory and Compliance Risks - The company is subject to various regulations, including the Americans with Disabilities Act (ADA), which may require modifications to properties and could adversely affect financial conditions[35][36] - Environmental regulations impose potential liabilities for hazardous substances, which could exceed property values and affect the company's ability to sell or borrow against real estate[38][40] - The company has not conducted comprehensive audits for ADA compliance, which may lead to undiscovered liabilities[35][40] - The company continues to assess properties for ADA compliance and make necessary alterations, which may impact financial results[36] - Noncompliance with environmental laws could adversely affect operating results and the ability to distribute to shareholders[143] - The company may incur additional costs to comply with the Americans with Disabilities Act (ADA) and other regulations, impacting financial condition and shareholder distributions[148] Management and Operational Risks - The company utilizes independent management companies, including Island Hospitality Management, which managed all 39 wholly owned hotels as of December 31, 2020[24] - The concentration of hotel management in one company poses operational risks and may affect the company's ability to execute its business strategy[77] - The management of hotels is concentrated in one company, IHM, which manages all 39 wholly owned hotels, increasing operational risk[82] - The company relies on third-party management companies to operate its hotels, which is essential for maintaining its REIT status[69] Taxation and Dividend Distribution - The company has elected to be taxed as a REIT, requiring it to distribute at least 90% of its taxable income to avoid federal income tax[41] - The company may distribute taxable dividends in cash or common shares, which could lead to tax liabilities for shareholders[110] - Dividends payable by REITs do not qualify for reduced tax rates, potentially making investments in REITs less attractive compared to non-REIT corporations[180] - The ability to make distributions may be adversely affected by factors such as unanticipated expenses, decreases in asset values, and inaccurate operating expense estimates[197] - The revolving credit facility limits distributions to the greater of 95% of adjusted funds from operations or the amount required to maintain REIT status[200] Insurance and Liability Risks - The company maintains comprehensive insurance on hotel properties, but uninsured losses could adversely affect operating results and shareholder distributions[140] - In the event of a substantial loss, insurance coverage may not be sufficient to cover the full market value or replacement cost of the lost investment, potentially leading to significant financial obligations[141] - The company may assume unknown liabilities when acquiring hotel properties, which could significantly impact financial performance[139] - The presence of harmful mold in hotel properties could lead to liability and costly remediation efforts[158] Human Capital Management - The company employs 23 individuals, with 17 shared with a joint venture, focusing on talent development and diversity[58] - The company’s human capital management objectives include competitive pay and benefit programs to attract and retain talent[59] Lease Obligations - The total future lease payments for the company amount to $77.236 million, with $2.051 million due in 2021 and $66.720 million thereafter[56] - The company has a corporate office lease with a term of 11 years, including a 12-month rent abatement period[54] - The Residence Inn New Rochelle hotel has lease agreements expiring in 2104, with aggregate rent of approximately $31,000 per quarter[52] - The Hilton Garden Inn Marina del Rey hotel has minimum monthly payments of approximately $47,500, with percentage rent payments of 5% to 25% of gross income[53] - The Residence Inn San Diego Gaslamp hotel has a ground lease with monthly payments of approximately $44,400, increasing by 10% every five years[51] - The company’s leases typically provide multi-year renewal options, with options included in lease obligation calculations only when reasonably certain to be exercised[55]

Chatham Lodging Trust (NYSE:CLDT) Q3 2020 Earnings Conference Call October 29, 2020 10:00 AM ET Company Participants Chris Daly - IR Jeff Fisher - Chairman, President and CEO Dennis Craven - EVP and COO Jeremy Wegner - SVP and CFO Conference Call Participants Ari Klein - BMO Capital Mar Bryan Maher - B Riley Secu Tyler Batory - Janney Capital Markets Anthony Powell - Barclays Operator Greetings and welcome to the Chatham Lodging Trust Third Quarter 2020 Financial Results Conference Call. At this time, all p ...

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, 2020 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 ...

CHATHAM LODGING TRUST Investor Presentation September 2020 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 ...

Chatham Lodging Trust (NYSE:CLDT) Q2 2020 Earnings Conference Call August 5, 2020 10:00 AM ET Company Participants Chris Daly - Investor 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 Anthony Powell - Barclays Tyler Batory - Janney Capital Markets Operator Greetings and welcome to the Chath ...

Table of Contents 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 June 30, 2020 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 Ju ...

Chatham Lodging Trust (NYSE:CLDT) Q1 2020 Earnings Conference Call May 11, 2020 10:00 AM ET Company Participants Chris Daly - Owner of Daly Gray Jeff Fisher - Chairman, President and CEO Dennis Craven - EVP and COO Jeremy Wegner - SVP and CFO Conference Call Participants Ari Klein - BMO Capital Markets Tyler Batory - Janney Capital Markets Matt Boone - FBR Riley Operator Greetings and welcome to the Chatham Lodging Trust First Quarter 2020 Financial Results Conference Call. At this time, all participants ar ...

PART I [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) The Q1 2020 financial statements reflect a significant downturn with a $28.1 million net loss and 20.4% revenue decrease, primarily due to COVID-19 impacts [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Balance Sheet Highlights (In thousands) | Balance Sheet Highlights (In thousands) | March 31, 2020 (unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $57,972 | $6,620 | | Investment in hotel properties, net | $1,339,778 | $1,347,116 | | Total assets | $1,470,092 | $1,438,574 | | **Liabilities & Equity** | | | | Mortgage debt, net | $493,265 | $495,465 | | Revolving credit facility | $173,000 | $90,000 | | Total liabilities | $731,822 | $663,550 | | Total equity | $738,270 | $775,024 | - Cash and cash equivalents increased significantly to **$58.0 million** from **$6.6 million**, primarily due to drawing **$83.0 million** from the revolving credit facility to enhance liquidity in response to the COVID-19 pandemic[10](index=10&type=chunk)[173](index=173&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Statement of Operations (In thousands) | Statement of Operations (In thousands) | Three months ended March 31, 2020 | Three months ended March 31, 2019 | | :--- | :--- | :--- | | Total revenue | $60,209 | $75,679 | | Total operating expenses | $77,896 | $65,786 | | Operating (loss) income | $(17,686) | $9,893 | | Impairment loss on investment | $15,282 | $— | | Net (loss) income | $(28,111) | $1,628 | | (Loss) income per Common Share - Diluted | $(0.59) | $0.03 | - The company recorded a significant impairment loss of **$15.3 million** on its investment in unconsolidated real estate entities (the Inland JV), which was a major contributor to the net loss in Q1 2020[13](index=13&type=chunk)[48](index=48&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (In thousands) | Cash Flow Summary (In thousands) | Three months ended March 31, 2020 | Three months ended March 31, 2019 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(2,860) | $13,311 | | Net cash used in investing activities | $(12,307) | $(11,741) | | Net cash provided by (used in) financing activities | $64,556 | $(1,366) | | Net change in cash, cash equivalents and restricted cash | $49,389 | $204 | - Financing activities provided **$64.6 million** in cash, primarily from net borrowings of **$83.0 million** on the revolving credit facility, which was partially offset by **$16.2 million** in distributions to shareholders[18](index=18&type=chunk) [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail the company's REIT structure, a **$15.3 million** Inland JV impairment, credit facility draw, and subsequent covenant waivers and JV debt defaults - As of March 31, 2020, the company wholly owned **40 hotels** and held noncontrolling interests in two joint ventures (NewINK JV and Inland JV) which collectively own **94 hotels**[27](index=27&type=chunk) - Due to the significant impact of the COVID-19 pandemic, the company determined its investment in the Inland JV was not recoverable and recorded a full impairment of **$15.3 million**[48](index=48&type=chunk) - Subsequent to quarter-end, on May 6, 2020, the company amended its credit facility to waive certain financial covenants through March 31, 2021, and gain full access to the **$250 million** facility[106](index=106&type=chunk) - In April and May 2020, both the NewINK JV and the Inland JV failed to make their required debt service payments, resulting in events of default on their respective loans[107](index=107&type=chunk)[108](index=108&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) MD&A discusses the severe COVID-19 impact on Q1 2020 operations, including a **21.8%** RevPAR decrease, **$28.1 million** net loss, and liquidity measures [COVID-19 Pandemic Impact](index=26&type=section&id=COVID-19%20Pandemic) - The lodging industry has been significantly impacted by the COVID-19 pandemic due to travel restrictions and a decline in domestic travel, with the full impact uncertain and dependent on future developments[113](index=113&type=chunk) - In response to the pandemic, the company has taken actions to mitigate the financial impact, including suspending monthly dividends, reducing 2020 capital expenditures, borrowing under its credit facility, and temporarily reducing executive compensation[113](index=113&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Key Operating Metrics (Same Property, 40 hotels) | Key Operating Metrics (Same Property, 40 hotels) | Q1 2020 | Q1 2019 | % Change | | :--- | :--- | :--- | :--- | | Occupancy | 62.7% | 76.0% | (17.5)% | | ADR | $152.63 | $160.91 | (5.1)% | | RevPAR | $95.71 | $122.32 | (21.8)% | - Total revenue for Q1 2020 was **$60.2 million**, a decrease of **20.4%** from **$75.7 million** in Q1 2019, primarily due to the COVID-19 pandemic[127](index=127&type=chunk)[130](index=130&type=chunk) - Total hotel operating expenses decreased by **13.1%** to **$36.3 million**, reflecting cost reduction measures in response to lower revenues and occupancy[137](index=137&type=chunk) - The company recorded a net loss of **$28.1 million** in Q1 2020, compared to net income of **$1.6 million** in Q1 2019, largely driven by lower revenue and a **$15.3 million** impairment charge[153](index=153&type=chunk)[141](index=141&type=chunk) [Non-GAAP Financial Measures](index=33&type=section&id=Non-GAAP%20Financial%20Measures) FFO and Adjusted FFO (In thousands) | FFO and Adjusted FFO (In thousands) | Three months ended March 31, 2020 | Three months ended March 31, 2019 | | :--- | :--- | :--- | | Net (loss) income | $(28,111) | $1,628 | | FFO attributable to common share and unit holders | $3,492 | $16,156 | | Adjusted FFO attributable to common share and unit holders | $6,262 | $16,173 | EBITDA and Adjusted EBITDA (In thousands) | EBITDA and Adjusted EBITDA (In thousands) | Three months ended March 31, 2020 | Three months ended March 31, 2019 | | :--- | :--- | :--- | | Net (loss) income | $(28,111) | $1,628 | | EBITDA | $(4,142) | $25,952 | | EBITDAre | $12,535 | $25,952 | | Adjusted EBITDA | $16,509 | $27,028 | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2020, the company had cash, cash equivalents, and restricted cash of approximately **$69.6 million**, a significant increase from **$20.2 million** at year-end 2019[172](index=172&type=chunk) - The company drew down heavily on its **$250.0 million** revolving credit facility, with outstanding borrowings increasing to **$173.0 million** at March 31, 2020, from **$90.0 million** at December 31, 2019[177](index=177&type=chunk) - On May 6, 2020, the company amended its credit facility to waive financial covenants through March 31, 2021, and ensure access to the full facility size, in exchange for stricter limits on debt, dividends, and capital expenditures[180](index=180&type=chunk) - Planned 2020 capital expenditures have been reduced by approximately **$10 million** as a result of the COVID-19 pandemic[185](index=185&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk.) The company's primary market risk is interest rate exposure, with a **100 basis point** increase on **$173.0 million** floating-rate debt adding **$1.7 million** in annual interest Debt Maturities by Rate Type (as of March 31, 2020, in thousands) | Debt Maturities by Rate Type (as of March 31, 2020, in thousands) | Total | Fair Value | | :--- | :--- | :--- | | Floating rate debt | $173,000 | $173,000 | | Average interest rate | 3.48% | N/A | | Fixed rate debt | $494,564 | $468,690 | | Average interest rate | 4.66% | N/A | - A hypothetical **100 basis point** increase in the variable interest rate on the **$173.0 million** of floating rate debt outstanding would result in approximately **$1.7 million** of additional annual interest expense[204](index=204&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls and procedures were effective as of quarter-end, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2020[207](index=207&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the first quarter of 2020[208](index=208&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings.) The company's hotel manager, IHM, faces class-action lawsuits for wage and hour violations, with the company accruing **$0.7 million** for its estimated indemnification exposure - The company's hotel manager, IHM, is a defendant in several class action lawsuits in California related to alleged wage and hour law violations[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) - As of March 31, 2020, the company has accrued **$0.7 million** (**$0.1 million** for Ruffy/Doonan cases and **$0.6 million** for Perez class actions) as its estimated total exposure for these litigations[210](index=210&type=chunk)[211](index=211&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors.) The COVID-19 pandemic is a primary risk factor, causing severe adverse impacts on the company's financial condition and operations, including declining travel demand and potential debt covenant non-compliance - The COVID-19 pandemic is identified as a primary risk factor, causing a severe negative impact on the U.S. and global economies, financial markets, and the lodging industry[212](index=212&type=chunk)[214](index=214&type=chunk) - Specific risks stemming from the pandemic include a sharp decline in group, business, and leisure travel; reduced hotel operations; potential default on debt covenants; difficulty accessing capital; and suspension of dividends[215](index=215&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) There were no unregistered sales of equity securities during the period - None[219](index=219&type=chunk) [Defaults Upon Senior Securities](index=45&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) There were no defaults upon senior securities during the period - None[221](index=221&type=chunk) [Other Information](index=45&type=section&id=Item%205.%20Other%20Information.) No other information was reported under this item - None[225](index=225&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q, including amendments to the credit agreement and officer certifications - Key exhibits filed include the First Amendment to the Amended and Restated Credit Agreement, dated May 6, 2020, and CEO/CFO certifications[227](index=227&type=chunk)

Chatham Lodging Trust (NYSE:CLDT) Q4 2019 Earnings Conference Call February 26, 2020 10:00 AM ET Company Participants Chris Daly - President of Daly Gray Public Relations Jeff Fisher - Chairman, President & Chief Executive Officer Dennis Craven - Executive Vice President & Chief Operating Officer Jeremy Wegner - Senior Vice President & Chief Financial Officer Conference Call Participants Anthony Powell - Barclays Ari Klein - BMO Capital Markets Bryan Maher - B. Riley Tyler Batory - Janney Capital Markets Op ...