Financial Data and Key Metrics Changes - The company reported a net income of $1.6 million for Q1 2019, down from $2.9 million in Q1 2018 [29] - Adjusted FFO decreased by 1.8% to $16.2 million, with adjusted FFO per share at $0.34 compared to $0.36 in Q1 2018 [30] - Adjusted EBITDA increased by 2.3% to $27 million compared to $26.4 million in Q1 2018 [31] Business Line Data and Key Metrics Changes - Total revenue increased year-over-year despite a $600,000 decline in actual room revenue, with parking revenue up 17% and F&B revenue up 9% [6][7] - RevPAR for 40 comparable hotels declined by 1%, with occupancy up 50 basis points to 76% and ADR down 1.5% to $159 [15][29] Market Data and Key Metrics Changes - RevPAR in Silicon Valley increased by 3.6% to $183, while San Diego saw a 13% increase due to easier comps [17][18] - Washington D.C. experienced a 5% decline in RevPAR, impacted by renovations and the government shutdown [19] - The Northeastern coastal market hotels had a strong quarter with a 4% increase in RevPAR [20] Company Strategy and Development Direction - The company plans to explore asset sales to fund acquisitions or developments, with a focus on value-add opportunities [12] - Development of one or two hotels in attractive markets is being considered, with a preference for risk-adjusted returns over stabilized low cap rates [13] - The company has raised nearly $200 million over the past two years, positioning itself well for potential developments [13] Management's Comments on Operating Environment and Future Outlook - Management noted that RevPAR growth remains sluggish, but asset management efforts are focused on maximizing revenue and minimizing expenses [5] - The company expects Q2 RevPAR growth to be between 0.5% to 1.5%, with full-year guidance unchanged [33] - Challenges in the Boston area due to difficult Q4 comparisons are anticipated to impact overall 2019 RevPAR growth by approximately 65 basis points [33] Other Important Information - The company’s balance sheet remains strong, with net debt at $588 million and a leverage ratio of 35.1% [32] - Payroll and benefits costs increased by 2.7% on a per occupied room basis, with wages up 4.9% and benefits down 3.9% [24][25] Q&A Session Summary Question: What is the outlook for payroll and benefits increase? - Management expects moderation around a 3% range for total wages and benefits [35][36] Question: How much of the RevPAR weakness is attributed to renovations versus supply and tough comps? - Renovations accounted for about 60 basis points of the RevPAR decline, with total impact estimated at around one full point [38] Question: What is the outlook for new supply in the markets for 2020 and 2021? - Supply additions are expected to remain around 2% for the next year based on current trends [39] Question: What is the current state of acquisitions and dispositions? - The company is seeing a wide bid-ask spread in the market, but is looking for opportunistic deals [40] Question: Can you provide insights on March performance and expectations for April? - Strong corporate business in Silicon Valley and San Diego contributed positively to March performance [44][45] Question: How are recent acquisitions performing? - Charleston has underperformed expectations, while Dallas has exceeded occupancy expectations [47][49] Question: What are the potential development markets? - The company is focused on West Coast markets, particularly Southern California and Silicon Valley, for potential developments [51][52]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------------------|--------------------------------------------------------| | | | | For the transition per ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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) | --- | --- | --- | --- | |--------------------------------- ...

Chatham Lodging Trust (NYSE:CLDT) Q4 2018 Earnings Conference Call February 25, 2019 10:00 AM ET Company Participants Chris Daly - President, Daly Gray, Inc., IR Jeffrey Fisher - President and CEO Dennis Craven - EVP and COO Jeremy Wegner - SVP and CFO Conference Call Participants Anthony Powell - Barclays Bryan Maher - B. Riley FBR Tyler Batory - Janney Capital Markets Operator Greetings, and welcome to Chatham Lodging Trust Fourth Quarter 2018 Financial Results Conference Call. At this time, all participa ...