Chatham Lodging Trust (CLDT)

Chatham Lodging Announces First Quarter 2026 ResultsMay 7, 2026 6:30 AM
Business Wire Increases Guidance 15% following Strong Operating Results, Accretive Acquisition and Share Repurchases Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the first quarter ended March 31, 2026. First Quarter 2026 Key Operating Metrics Portfolio Revenue Per Available Room (RevPAR) – Increased 1 percent to $128 compared to the 2025 first quarter for the 39 comparable hotels. Occupancy increased 15 basis points to 73 percent and average daily rate (ADR) rose 80 basis points to $177, which represents an all-time first quarter record. RevPAR for the four Silicon Valley hotels was up 11 percent. Excluding the Mt. View hotel, which was under renovation for the entire quarter, RevPAR was up a strong 23 percent. RevPAR for the recently acquired six-hotel portfolio jumped 6 percent to $108. Net Income (loss) – Incurred a net loss applicable to common shareholders of $6 million compared to a net loss of less than $1 million in the 2025 first quarter (2025 included a gain on sale of assets of $7 million). Net loss to common shareholders per diluted common share was $(0.13) versus net loss per diluted common share of $(0.01) for the same period last year. Hotel Margins – Drove GOP margins 60 basis points higher to 40 percent in the 2026 first quarter. Hotel EBITDA margins surged 135 basis points to 32 percent in the 2026 first quarter. Adjusted EBITDA – Adjusted EBITDA rose approximately $500 thousand to $18 million. Adjusted FFO – AFFO jumped from $9 million in the 2025 first quarter to $10 million in the 2026 first quarter. Adjusted FFO per diluted share advanced 18 percent to $0.20 compared to $0.17 in the 2025 first quarter. Beginning in 2026, like all other peers, Chatham adds back share-based compensation expense in its calculation of adjusted FFO per share and prior periods have been recast. The following chart summarizes the consolidated financial results for the three months ended March 31, 2026, and 2025, based on all properties owned during those periods, except for RevPAR, which is based on the comparable 39 hotels ($ in millions, except margin percentages and per share data):     Three Months Ended       March 31,       2026     2025   Net loss to common shareholders   $ (6.3 )   $ (0.5 ) Diluted net loss per common share   $ (0.13 )   $ (0.01 ) RevPAR   $ 128     $ 127   GOP Margin     40 %     39 % Hotel EBITDA Margin     32 %     30 % Adjusted EBITDA   $ 18.4     $ 17.9   AFFO   $ 10.1     $ 9.0   AFFO per diluted share   $ 0.20     $ 0.17   Dividends declared per common share   $ 0.10     $ 0.09   First Quarter 2026 Highlights Highlights of the quarter include: Grew RevPAR 1 percent, far outperforming a decline of 3 percent that factored into the company’s annual guidance as it faced tough year-over-year comparisons in January and February. Chatham’s outperformance was driven by strong results in Silicon Valley and the recently acquired six-hotel portfolio, beating underwriting expectations. Expanded gross operating profit margins by approximately 60 basis points in the quarter to 40 percent through aggressive expense management, especially with regards to labor and productivity. Acquired six, high-quality, Hilton-branded hotels comprising 589 rooms for $92 million that are immediately accretive to Chatham’s operating margins, FFO and FFO per share. Repurchased 0.9 million shares in the quarter at an average price of $7.35. Through the end of the first quarter, the company has repurchased 2.2 million shares at an average price of $7.04, which equates to a 10 percent capitalization rate based on its 2026 corporate net operating income guidance. Raised its common share dividend 11 percent to $0.10 per share, marking the second consecutive year of a double-digit increase to its common dividend. Jeffrey H. Fisher, Chatham’s president and chief executive officer, stated, “As this proves, we are executing across multiple levels to enhance shareholder returns and our updated hotel EBITDA and AFFO per share guidance has been increased a strong 11 percent and 15 percent, respectively. Our total shareholder returns are best among lodging REITs in 2026, but we believe we are still undervalued and as such, will continue to aggressively repurchase shares using free cash flow and proceeds from any asset dispositions. We are excited about our future trajectory.” Portfolio Acquisition In March, Chatham acquired six Hilton-branded hotels comprising 589 rooms for $92 million, with two hotels located in Joplin, Mo., two hotels in Effingham, Ill., and two hotels in Paducah, Ky. Of the six hotels, there are two Homewood Suites, two Hampton Inn and Suites and two Home2 Suites by Hilton hotels. Chatham funded the acquisition with available cash and borrowings on its revolving credit facility. The hotels are generally the highest quality properties in their respective markets with an average age of only 10 years, and 66 percent of the portfolio’s rooms are extended-stay, in-line with Chatham’s portfolio prior to the acquisition. The hotels benefit from very favorable labor dynamics and will enhance Chatham’s already industry-leading Hotel EBITDA margins. The portfolio produced RevPAR growth of 6 percent in the first quarter and growth of 7 percent in April. Fisher concluded, “This is our first acquisition exceeding $50 million in approximately 5 years and completes an amazingly successful recycling initiative in which we sold six hotels with an average age of 25 years, RevPAR of $101 and hotel EBITDA margins of 27 percent and turned that into a portfolio with an average age of 10 years, RevPAR of $116 and hotel EBITDA margins of 42 percent. The portfolio diversifies our geographic footprint into areas of the country that are benefitting from expanded investments in manufacturing and distribution.” Share Buy-Back Plan During the three months ending March 31, 2026, the company repurchased 0.9 million common shares at a weighted-average price per share of $7.35 for an aggregate purchase price, including commissions, of approximately $6.6 million. Through quarter-end, since inception, the company repurchased 2.2 million shares at a weighted-average price per share of $7.04 for an aggregate purchase price, including commissions, of approximately $15.6 million under its $25 million plan. Hotel RevPAR Performance The chart below summarizes key hotel financial statistics for the 39 comparable hotels owned as of March 31, 2026, compared to the first quarter of 2025:     Q1 2026 RevPAR     Q1 2025 RevPAR   Occupancy     73 %     72 % ADR   $ 177     $ 175   RevPAR   $ 128     $ 127   The chart below summarizes RevPAR statistics by month for the company's 39 comparable hotels:     January     February     March     April   Occupancy     64   %     74 %     80 %     80 % ADR   $ 161       $ 179     $ 187     $ 185   RevPAR   $ 103       $ 133     $ 150     $ 147   RevPAR – prior year   $ 108       $ 131     $ 142     $ 144   % Change in RevPAR vs. prior year     (5 ) %     1 %     5 %     2 % Dennis Craven, Chatham's chief operating officer, commented, “We faced difficult comps in January and February after RevPAR growth of approximately 6 percent last year, so seeing that turn around in February and surge in March was very encouraging. Silicon Valley, our largest market was one of our hottest markets during the quarter, led the way with RevPAR growth of almost 23 percent after removing any renovation impacts and RevPAR of $153 is the highest quarterly RevPAR since the pandemic. Also, our recently acquired hotels produced RevPAR growth of almost 6 percent in the quarter bolstered by accelerating demand growth.” RevPAR performance for Chatham’s largest markets (markets that account for at least five percent of hotel EBITDA contribution over the last twelve months) is presented below:     % of LTM EBITDA     Q1 2026 RevPAR     Q1 2025 RevPAR     Change vs. Q1 2025   39 - Hotel Portfolio           $ 128     $ 127       1   % Silicon Valley     17 %   $ 153     $ 137       11   % Los Angeles     9 %   $ 152     $ 176       (14 ) % Coastal Northeast     9 %   $ 78     $ 85       (8 ) % Washington, D.C.     9 %   $ 139     $ 136       3   % Greater New York     9 %   $ 138     $ 139       (1 ) % San Diego     6 %   $ 183     $ 174       5   % Seattle     5 %   $ 109     $ 89       22   % The Residence Inn Mountain View, Ca., was under renovation this year, and the Residence Inn Seattle Bellevue Downtown (Chatham’s only hotel in Seattle market) and the Hilton Garden Inn Portsmouth, N.H., were under renovation during the 2025 first quarter. Craven remarked, “Our two big Sunnyvale hotels had a fantastic quarter with RevPAR up 26 percent. While the Sunnyvale hotels benefited from the Super Bowl in February, performance was great throughout the quarter due to increasing corporate demand. Demand was up 9 percent in the San Jose / Santa Cruz market in March. The strong trends continue in April with RevPAR up 12 percent at our three hotels not under renovation.” “In southern California, RevPAR declined 14 percent in the quarter at our three Los Angeles hotels, essentially giving back the 14 percent RevPAR gain last year as we were beneficiaries of wildfire-related business. San Diego RevPAR rebounded in the first quarter, up 5 percent to $183 on a 6 percent increase in ADR. Craven remarked further, “Despite having tough inauguration comps in our DC hotels, RevPAR grew 3 percent in the quarter as our Embassy Suites Springfield and Residence Inn Tysons Corner, Va., hotels experienced growing demand, some of which was due to easier comps related to the potential government shutdown last year. Lastly, RevPAR in our leisure markets was up 2 percent, and within our leisure hotels, RevPAR at our Hyatt Place Pittsburgh was up 23 percent and Florida RevPAR was up 1 percent.” Hotel Operations Performance The chart below summarizes key hotel operating performance measures for the three months ended March 31, 2026, and 2025. RevPAR is based on the 39 comparable hotels, and all other data is based on all properties owned during that period. Gross operating profit is calculated as Hotel EBITDA plus property taxes, ground rent and insurance (in millions, except for RevPAR and margin percentages):     Q1 2026     Q1 2025   RevPAR   $ 128     $ 127   Gross operating profit   $ 27     $ 27   Hotel EBITDA   $ 21     $ 21   GOP margin     40 %     39 % Hotel EBITDA margin     32 %     30 % Craven concluded, “Continuing a profitable 2025 trend, we were able to maximize productivity of our work force and reduce our labor and benefits on a per occupied room basis by approximately 1 percent (excluding the 6 hotels acquired in March). This alone increased our GOP margins by approximately 60 basis points in the quarter. Hotel EBITDA margins rose 135 basis points in the quarter and benefitted from a decline in property taxes of $0.2 million and property insurance of $0.1 million on our comparable hotels which aided margins by another 50 basis points.” Corporate Update The chart below summarizes key financial performance measures for the three months ended March 31, 2026 and 2025. Corporate EBITDA is calculated as hotel EBITDA minus cash corporate general and administrative expenses and is before debt service and capital expenditures. Debt service includes interest expense and principal amortization on its secured debt, as well as dividends on its preferred shares of $2.0 million per quarter. Cash flow before CapEx is calculated as corporate EBITDA less debt service. Amounts are in millions, except RevPAR.     Q1 2026     Q1 2025   RevPAR   $ 128     $ 127   Hotel EBITDA   $ 21     $ 21   Corporate EBITDA   $ 18     $ 18   Debt Service & Preferred   $ (7 )   $ (9 ) Cash flow before CapEx   $ 11     $ 9   Hotel Investments During the first quarter of 2026, the company incurred capital expenditures of approximately $6 million. The company completed the full renovation of the Residence Inn Austin, Texas, and completed the rooms portion of the full renovation at the Residence Inn Mountain View, Calif., during the first quarter. The extensive interior renovation of the Mountain View gatehouse will be completed during the second quarter. The company has plans for an extensive redesign of the exterior public space that will provide enhanced guest experience. This work will begin later this year. Chatham’s 2026 capital expenditure budget is approximately $27 million, which includes renovations at three hotels expected to cost approximately $17 million. The three hotels scheduled for renovation in 2026 are the Residence Inn San Diego Gaslamp, Homewood Suites Farmington, Conn., and Hyatt Place Pittsburgh, Pa. Each of these renovations will commence in the fourth quarter. Capital Markets & Capital Structure As of March 31, 2026, the company had net debt of $415 million (total consolidated debt less unrestricted cash). Total debt outstanding as of March 31, 2026, was $428 million at an average interest rate of 5.8 percent, comprised of $143 million of fixed-rate mortgage debt at an average interest rate of 7.2 percent, $200 million outstanding on its term loan at a rate of 5.1 percent and $85 million outstanding on the company's $300 million revolving credit facility at an interest rate of 5.2 percent. Based on the ratio of the company’s net debt to hotel investments at cost, Chatham’s leverage ratio was approximately 25 percent at March 31, 2026. Dividend During the quarter, the board of trustees raised its quarterly common dividend by 11 percent, or $0.01 per common share, to $0.10 per share. The increased common dividend, as well as the preferred share dividend of $0.41406 per share, were payable on April 15, 2026, to shareholders of record as of March 31, 2026. Guidance The company's guidance reflects the following assumptions: a. Renovations at the hotels mentioned in this release   b. Floating rate debt based on SOFR forward curve.   c. No additional acquisitions, dispositions, debt or equity issuance.   d. Effective January 1, 2026, the company excludes non-cash share-based compensation from its calculation of Adjusted FFO to make its presentation of this measure consistent with the majority of other public lodging REITs.     2026   RevPAR   $140 - $142   RevPAR growth     0.0% to 2.0%   Total hotel revenue   $308M - $314M   Net income (loss) to common shares   $(7.3)M - $(2.9)M   Net income (loss) per diluted share   $(0.15) - $(0.06)   Adjusted EBITDA   $95.3M - $99.6M   Adjusted FFO   $60.2M - $64.5M   Adjusted FFO per diluted share   $1.21 - $1.29   Hotel EBITDA margins     35 %   Corporate cash administrative expenses     $11.3M   Corporate non-cash administrative expenses     $6.0M   Interest income     $0.1M   Interest expense (excluding fee amortization)     $25.0M   Non-cash amortization of deferred fees     $2.0M   Weighted average shares/units outstanding     49.9M   The company provides guidance but does not undertake to update it for any developments in its business. Achievement of the results is subject to the risks disclosed in the company’s filings with the Securities and Exchange Commission. Earnings Call The company will hold its first quarter 2026 conference call later today at 11:00 a.m. Eastern Time. Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s website, www.chathamlodgingtrust.com, or may participate in the conference call by dialing 1-800-717-1738 or 1-646-307-1865 and referencing Chatham Lodging Trust. A recording of the call will be available by telephone until May 14, 2026, at 11:59 p.m. Eastern Time, by dialing 1-844-512-2921 or 1-412-317-6671, access ID 1139624. A replay of the conference call will be posted on Chatham’s website. About Chatham Lodging Trust Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust (REIT) focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns 39 hotels totaling 5,610 rooms/suites in 18 states and the District of Columbia. Additional information about Chatham may be found at chathamlodgingtrust.com. Non-GAAP Financial Measures Included in this press release are certain “non-GAAP financial measures,” within the meaning of Securities and Exchange Commission (SEC) rules and regulations, that are different from measures calculated and presented in accordance with GAAP (generally accepted accounting principles). The company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre, (5) Adjusted EBITDA, (6) Adjusted Hotel EBITDA, (7) Hotel EBITDA, (8) Hotel EBITDA Margin, (9) Corporate EBITDA and (10) Cash flow before CapEx and common dividends. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as prescribed by GAAP as a measure of its operating performance. FFO As Defined by Nareit and Adjusted FFO Chatham calculates FFO in accordance with standards established by the Nareit, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment write-downs, the cumulative effect of changes in accounting principles, plus depreciation and amortization (excluding amortization of deferred financing costs), and after adjustments for unconsolidated partnerships and joint ventures following the same approach. Chatham believes that the presentation of FFO provides useful information to investors regarding its operating performance because it measures its performance without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of real estate assets and certain other items that the company believes are not indicative of the property level performance of its hotel properties. Chatham believes that these items reflect historical cost of its asset base and its acquisition and disposition activities and are less reflective of its ongoing operations, and that by adjusting to exclude the effects of these items, FFO is useful to investors in comparing its operating performance between periods and between REITs that also report using the Nareit definition. Chatham calculates Adjusted FFO by further adjusting FFO for certain additional items that are not addressed in Nareit’s definition of FFO, including other charges, losses on the early extinguishment of debt and similar items related to its unconsolidated real estate entities that it believes do not represent costs related to hotel operations. Chatham believes that Adjusted FFO provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs that make similar adjustments to FFO. EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA Chatham calculates EBITDA for purposes of the credit facility debt as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; and (4) unconsolidated real estate entity items including interest, depreciation and amortization excluding gains and losses from sales of real estate. Chatham believes EBITDA is useful to investors in evaluating and facilitating comparisons of its operating performance because it helps investors compare Chatham's operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, Chatham uses EBITDA as one measure in determining the value of hotel acquisitions and dispositions. Chatham calculates EBITDAre in accordance with Nareit guidelines, which defines EBITDAre as net income or loss excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. We believe that the presentation of EBITDAre provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of performance between periods and between REITs. Chatham calculates Adjusted EBITDA by further adjusting EBITDA for certain additional items, including other charges, losses on the early extinguishment of debt, amortization of non-cash share-based compensation and similar items related to its unconsolidated real estate entities, which it believes are not indicative of the performance of its underlying hotel properties entities. Chatham believes that Adjusted EBITDA provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs that report similar measures. Adjusted Hotel EBITDA is defined as net income before interest, income taxes, depreciation and amortization, corporate general and administrative, impairment loss, loss on early extinguishment of debt, interest and other income and income or loss from unconsolidated real estate entities. Chatham presents Adjusted Hotel EBITDA because Chatham believes it is useful to investors in comparing its hotel operating performance between periods and comparing its Adjusted Hotel EBITDA to those of our peer companies. Adjusted Hotel EBITDA represents the results of operations for its wholly owned hotels only. Although Chatham presents FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA because it believes they are useful to investors in comparing Chatham's operating performance between periods and between REITs that report similar measures, these measures have limitations as analytical tools. Some of these limitations are: FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect the company’s cash expenditures, or future requirements, for capital expenditures or contractual commitments; FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect changes in, or cash requirements for, Chatham’s working capital needs; FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect funds available to make cash distributions; EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect the interest expense, or the cash requirements to service interest or principal payments, on Chatham’s debts; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may need future replacement, and FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect any cash requirements for such replacements; Non-cash compensation is and will remain a key element of Chatham’s overall long-term incentive compensation package, although Chatham excludes it as an expense when evaluating its ongoing operating performance for a particular period using adjusted EBITDA; Adjusted FFO, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect the impact of certain cash charges (including acquisition transaction costs) that result from matters Chatham considers not to be indicative of the underlying performance of its hotel properties; and Other companies in Chatham’s industry may calculate FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA differently than Chatham does, limiting their usefulness as a comparative measure. In addition, FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not represent cash generated from operating activities as determined by GAAP and should not be considered as alternatives to net income or loss, cash flows from operations or any other operating performance measure prescribed by GAAP. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA are not measures of Chatham’s liquidity. Because of these limitations, FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Chatham compensates for these limitations by relying primarily on its GAAP results and using FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA only supplementally. Chatham’s consolidated financial statements and the notes to those statements included elsewhere are prepared in accordance with GAAP. Chatham’s reconciliation of FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA to net income attributable to common shareholders, as determined under GAAP, is set forth below. Forward-Looking Statement Safe Harbor Note: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements generally are characterized by the use of the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions. These forward-looking statements include information about possible or assumed future results of the lodging industry and our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements. Important factors that could cause our actual results to differ materially from expected results include, but are not limited to: national and local economic and business conditions, including the effect on travel of potential terrorist attacks, that will affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and its ability to meet covenants in its debt agreements; relationships with property managers; our ability to maintain its properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; our ability to complete acquisitions and dispositions; and our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; and inaccuracies of our accounting estimates and the uncertainty and economic impact of pandemics, epidemics or other public health emergencies of fear of such events, such as the recent COVID-19 pandemic. Given these uncertainties, undue reliance should not be placed on such statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances or to reflect the occurrence of unanticipated events. The forward-looking statements should also be read in light of the risk factors identified in the “Risk Factors” section in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by our subsequent filings with the SEC under the Exchange Act. CHATHAM LODGING TRUST Consolidated Balance Sheets (In thousands, except share and per share data)       March 31,     December 31,       2026     2025       (unaudited)           Assets:                 Investment in hotel properties, net   $ 1,189,314     $ 1,106,890   Cash and cash equivalents     13,691       24,435   Restricted cash     5,622       8,203   Right of use asset, net     16,746       16,912   Hotel receivables (net of allowance for doubtful accounts of $291 and $261, respectively)     2,802       2,831   Deferred costs, net     7,054       7,384   Prepaid expenses and other assets     8,045       3,726   Total assets   $ 1,243,274     $ 1,170,381   Liabilities and Equity:                 Mortgage debt, net   $ 141,533     $ 141,475   Revolving credit facility     85,000       —   Unsecured term loan, net     197,582       197,438   Accounts payable and accrued expenses (including $748 and $234 due to related parties, respectively)     30,339       26,648   Lease liability     19,921       20,067   Distributions payable     7,040       6,704   Total liabilities     481,415       392,332   Commitments and contingencies                 Equity:                 Shareholders’ Equity:                 Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively     48       48   Common shares, $0.01 par value, 500,000,000 shares authorized; 46,875,361 and 47,708,587 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively     469       477   Additional paid-in capital     1,032,911       1,039,804   Accumulated deficit     (310,507 )     (299,527 ) Total shareholders’ equity     722,921       740,802   Noncontrolling Interests:                 Noncontrolling interest in Operating Partnership     38,938       37,247   Total equity     761,859       778,049   Total liabilities and equity   $ 1,243,274     $ 1,170,381   CHATHAM LODGING TRUST Consolidated Statements of Operations (In thousands, except share and per share data) (unaudited)       For the three months ended       March 31,       2026     2025   Revenue:                 Room   $ 61,203     $ 62,418   Food and beverage     1,602       1,659   Other     4,428       4,281   Reimbursable costs from related parties     271       277   Total revenue     67,504       68,635   Expenses:                 Hotel operating expenses:                 Room     14,005       14,828   Food and beverage     1,368       1,437   Telephone     344       311   Other hotel operating     1,115       1,025   General and administrative     7,051       6,911   Franchise and marketing fees     5,276       5,431   Advertising and promotions     1,668       1,607   Utilities     3,067       3,153   Repairs and maintenance     3,666       3,959   Management fees paid to related parties     2,262       2,290   Insurance     849       827   Total hotel operating expenses     40,671       41,779   Depreciation and amortization     14,778       15,032   Property taxes, ground rent and insurance     5,160       5,744   General and administrative     4,649       4,606   Other charges     455       7   Reimbursable costs from related parties     271       277   Total operating expenses     65,984       67,445   Operating income before gain on sale of hotel properties     1,520       1,190   Gain on sale of hotel properties     122       7,118   Operating income     1,642       8,308   Interest and other income     79       63   Interest expense, including amortization of deferred fees     (6,201 )     (6,852 ) Income before income tax expense     (4,480 )     1,519   Income tax expense     (62 )     —   Net (loss) income     (4,542 )     1,519   Net loss attributable to noncontrolling interests     238       17   Net (loss) income attributable to Chatham Lodging Trust     (4,304 )     1,536   Preferred dividends     (1,987 )     (1,987 ) Net loss attributable to common shareholders   $ (6,291 )   $ (451 )                   Loss per common share - basic:                 Net loss attributable to common shareholders   $ (0.13 )   $ (0.01 ) Loss per common share - diluted:                 Net loss attributable to common shareholders   $ (0.13 )   $ (0.01 ) Weighted average number of common shares outstanding:                 Basic     47,251,535       48,960,924   Diluted     47,251,535       48,960,924   Distributions declared per common share:   $ 0.10     $ 0.09   CHATHAM LODGING TRUST Reconciliation of Net Income to Adjusted FFO, EBITDA, EBITDAre and Adjusted EBITDA (In thousands, except share and per share data)       For the three months ended       March 31,       2026     2025   Funds From Operations (“FFO”):                 Net (loss) income   $ (4,542 )   $ 1,519   Preferred dividends     (1,987 )     (1,987 ) Net loss attributable to common shares and common units     (6,529 )     (468 ) Gain on sale of hotel properties     (122 )     (7,118 ) Depreciation of hotel properties owned     14,272       14,466   FFO attributable to common share and unit holders     7,621       6,880   Share-based compensation     1,531       1,607   Amortization of finance lease assets     453       514   Other charges     455       7   Adjusted FFO attributable to common share and unit holders   $ 10,060     $ 9,008   Weighted average number of common shares and units                 Basic     48,972,121       50,711,873   Diluted     50,005,191       51,593,653       For the three months ended       March 31,       2026     2025   Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”):                 Net (loss) income   $ (4,542 )   $ 1,519   Interest expense, including amortization of deferred fees     6,201       6,852   Income tax expense     62       —   Depreciation and amortization     14,778       15,032   EBITDA     16,499       23,403   Gain on sale of hotel properties     (122 )     (7,118 ) EBITDAre     16,377       16,285   Other charges     455       7   Share-based compensation     1,531       1,607   Adjusted EBITDA   $ 18,363     $ 17,899   CHATHAM LODGING TRUST Reconciliation of Net Income to Adjusted Hotel EBITDA (In thousands, except share and per share data)         For the three months ended         March 31,         2026     2025                       Net (loss) income   $ (4,542 )   $ 1,519   Add: Interest expense, including amortization of deferred fees     6,201       6,852     Depreciation and amortization     14,778       15,032     Corporate general and administrative     4,649       4,606     Other charges     455       7     Income tax expense     62       —   Less: Interest and other income     (79 )     (63 )   Gain on sale of hotel properties     (122 )     (7,118 )   Adjusted Hotel EBITDA   $ 21,402     $ 20,835   CHATHAM LODGING TRUST Reconciliations of Guidance Net Income to FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA (In thousands, except share and per share data)       For the year ended       December 31, 2026       Low-End     High-End   Funds From Operations (“FFO”):                 Net income   $ 725     $ 5,073   Preferred dividends     (8,000 )     (8,000 ) Net loss attributable to common shares and common units     (7,275 )     (2,927 ) Gain on sale of hotel properties     (122 )     (122 ) Depreciation of hotel properties owned     59,262       59,262   FFO attributable to common share and unit holders     51,865       56,213   Share-based compensation     6,000       6,000   Amortization of finance lease assets     1,885       1,885   Other charges     455       455   Adjusted FFO attributable to common share and unit holders   $ 60,205     $ 64,553   Weighted average number of common shares and units                 Diluted     49,887,000       49,887,000   Adjusted FFO per diluted share   $ 1.21     $ 1.29       For the year ended       December 31, 2026       Low-End     High-End   Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”):                 Net income   $ 725     $ 5,073   Interest expense, including amortization of deferred fees     26,800       26,800   Income tax expense     62       62   Depreciation and amortization     61,347       61,347   EBITDA     88,934       93,282   Gain on sale of hotel properties     (122 )     (122 ) EBITDAre     88,812       93,160   Other charges     455       455   Share-based compensation     6,000       6,000   Adjusted EBITDA   $ 95,267     $ 99,615                 For the year ended         December 31, 2026         Low-End     High-End                       Net income   $ 725     $ 5,073   Add: Interest expense, including amortization of deferred fees     26,800       26,800     Depreciation and amortization     61,347       61,347     Corporate general and administrative     17,300       17,300     Other charges     455       455     Income tax expense     62       62   Less: Interest and other income     (100 )     (100 )   Gain on sale of hotel properties     (122 )     (122 )   Adjusted Hotel EBITDA   $ 106,467     $ 110,815                         Total revenue   $ 308,808     $ 315,023     Reimbursable costs from related parties     (1,100 )     (1,100 )   Hotel revenue   $ 307,708     $ 313,923     Hotel EBITDA margin     34.6 %     35.3 %   View source version on businesswire.com: https://www.businesswire.com/news/home/20260507359416/en/ Dennis Craven (Company)
Chief Operating Officer
(561) 227-1386 Chris Daly (Media)
DG Public Relations
(703) 864-5553 Original: Chatham Lodging Announces First Quarter 2026 Results

Chatham Lodging Trust Announces First Quarter 2026 Earnings Call to be Held on Thursday, May 7, 2026April 13, 2026 4:15 PM
Business Wire
Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced that it will report first quarter 2026 financial results on Thursday, May 7, 2026, before the opening of the market. That same day at 11:00 a.m. ET, Jeffrey H. Fisher, Chatham’s chief executive officer, Dennis M. Craven, executive vice president and chief operating officer, and Jeremy Wegner, senior vice president and chief financial officer, will host a conference call to review first quarter 2026 financial results.


Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s Web site, http://chathamlodgingtrust.com/, or may participate in the conference call by dialing 1-800-717-1738 or 1-646-307-1865 and referencing Chatham Lodging Trust. A recording of the call will be available by telephone until May 14, 2026, at 11:59 PM ET, by dialing 1-844-512-2921 or 1-412-317-6671, access ID 1139624. A replay of the conference call will be posted on Chatham’s website.


About Chatham Lodging Trust


Chatham Lodging Trust is a self-advised, publicly-traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. Additional information about Chatham may be found at chathamlodgingtrust.com.


Included in this press release are certain “non-GAAP financial measures,” within the meaning of Securities and Exchange Commission (SEC) rules and regulations, that are different from measures calculated and presented in accordance with GAAP (generally accepted accounting principles). The company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, and (4) Adjusted EBITDA. These non-GAAP financial measures could be considered along with, but not as alternatives to, net income or loss, cash flows from operations or any other measures of the company’s operating performance prescribed by GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413610626/en/
Chris Daly

Daly Gray Public Relations

(Media)

chris@dalygray.com

(703) 864-5553


Dennis Craven

Chatham Lodging Trust

(Company)

dcraven@cl-trust.com

(561) 227-1386


Original: Chatham Lodging Trust Announces First Quarter 2026 Earnings Call to be Held on Thursday, May 7, 2026

Chatham Completes Substantial Acquisition, Increases Dividend 11 PercentMarch 4, 2026 6:30 AM
Business Wire
Chatham Lodging Trust (NYSE: CLDT) today announced the acquisition of six hotels comprising 589 rooms for $92 million, or approximately $156,000 per room. Additionally, the company increased its quarterly common dividend by 11 percent to $0.10 per share, the second consecutive year of double digit increases to its common share dividend.


Dividend Update


Chatham’s board of trustees declared both its quarterly common and preferred dividends. The $0.10 per share common dividend and preferred share dividend of $0.41406 per preferred share are payable on April 15, 2026, to shareholders of record as of March 31, 2026.


Jeffrey H. Fisher, Chatham’s president and chief executive officer, highlighted, “We are proud of the job we’ve done over the past few years repositioning the company for growth. The combination of historically low new supply growth, record amounts of new investments in technology, especially with respect to artificial intelligence, and reshoring manufacturing back into the United States should result in strong, multi-year growth for the lodging industry. Operationally, management expense pressures, particularly with respect to labor costs, are moderating. Furthermore, this accretive acquisition, which equates to an approximate 10 percent capitalization rate using 2025 hotel net operating income, will provide further growth in free cash flow, giving us the confidence to boost our dividend by a healthy 11 percent for 2026.”


Portfolio Acquisition Details


Chatham acquired six, high-quality, Hilton-branded hotels comprising 589 rooms for $92 million, with two hotels located in Joplin, Mo., two hotels in Effingham, Ill., and two hotels in Paducah, Ky. Of the six hotels, there are two Homewood Suites, two Hampton Inn and Suites and two Home2 Suites by Hilton hotels. Chatham funded the acquisition with available cash and borrowings on its revolving credit facility.


“This very strategic acquisition truly complements our existing portfolio for multiple reasons. First, the hotels are generally the highest quality properties in their respective markets with the average age of the portfolio only 10 years. Second, 66 percent of the portfolio’s rooms are extended-stay, an exact match to our existing portfolio, more than double our nearest peer, and as everyone knows, is our preferred segment. Third, the hotels benefit from very favorable labor dynamics and generate Hotel EBITDA margins that will further increase our already industry leading margins. Fourth, the portfolio diversifies our geographic footprint into areas of the country that are benefitting from expanded investments in manufacturing and distribution,” Fisher commented.


To illustrate, Paducah sits on Interstate 24 and is proximate to the many high traffic commerce routes between St. Louis, Louisville, Nashville and Memphis. Effingham sits at the crossroads of Interstates 57 and 70, midway between Indianapolis and St. Louis, and brings into town almost 200,000 of workers from eight neighboring counties each week. Joplin is adjacent to the intersection of both Interstates 44 and 49 in southwest Missouri and benefits from its location between Kansas City, Saint Louis, Oklahoma City and ever-growing northwest Arkansas, home to Walmart, J.B. Hunt and Tyson Foods.


Fisher continued, ”Lastly, this transaction highlights our extremely successful recycling initiative over the past 18 months, selling older, lower RevPAR, lower margin hotels at a low capitalization rate and reinvesting those proceeds into newer, higher RevPAR, higher margin hotels at a higher capitalization rate that will be accretive to earnings and cash flow in 2026.”


Over the past 18 months, Chatham sold six hotels for approximately $100 million. The hotels had an average age of 25 years, RevPAR of $101 and hotel EBITDA margins of 27 percent. In comparison, the $92 million acquired portfolio has an average age of 10 years, generated RevPAR of $116 and hotel EBITDA margins of 42 percent in 2025. Although the acquired portfolio will only be included in Chatham’s results for 10 months in 2026, the below summarizes the financial contributions of the acquired portfolio to Chatham’s on a full-year basis:



2025 Hotel EBITDA of approximately $10 million would represent a 12 percent increase



Using 2025 Hotel EBITDA and a pro forma blended interest rate of 6 percent, the acquired portfolio would add approximately $0.10 of adjusted FFO per year



Chatham’s net debt to EBITDA ratio increases approximately 50 basis points



Fisher concluded, “We have multiple levers to enhance shareholder returns and are executing on those. We have been aggressively repurchasing shares and will continue to do so using free cash flow. We are increasing our common dividend by double digits for the second consecutive year. We have been patiently analyzing many acquisition opportunities, waiting for the right deal that ticked a lot of boxes, and this deal certainly does that. It represents our first acquisition in almost two years. We are enthusiastic about our future.”


About Chatham Lodging Trust


Chatham Lodging Trust is a self-advised, publicly-traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. Additional information about Chatham may be found at chathamlodgingtrust.com.


Included in this press release are certain “non-GAAP financial measures,” within the meaning of Securities and Exchange Commission (SEC) rules and regulations, that are different from measures calculated and presented in accordance with GAAP (generally accepted accounting principles). The company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, and (4) Adjusted EBITDA. These non-GAAP financial measures could be considered along with, but not as alternatives to, net income or loss, cash flows from operations or any other measures of the company’s operating performance prescribed by GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260304979657/en/
Chris Daly

Daly Gray Public Relations

(Media)

chris@dalygray.com

(703) 864-5553


Dennis Craven

Chatham Lodging Trust

(Company)

dcraven@cl-trust.com

(561) 227-1386


Original: Chatham Completes Substantial Acquisition, Increases Dividend 11 Percent

Chatham Lodging Announces Fourth Quarter 2025 ResultsFebruary 25, 2026 6:30 AM
Business Wire
Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels, today announced results for the fourth quarter ended December 31, 2025.


Fourth Quarter 2025 Key Items



Portfolio Revenue Per Available Room (RevPAR) – Declined 1.8 percent to $131 compared to 2024 fourth quarter RevPAR of $133 for the 33 comparable hotels. Average daily rate (ADR) decreased 0.9 percent to $179, and occupancy slipped 70 basis points to 73 percent.



Net Income (loss) – Earned net income applicable to common shareholders of $3 million in the 2025 fourth quarter compared to a loss of $4 million in the 2024 fourth quarter. Fourth quarter net income to common shareholders per diluted common share was $0.05 in 2025 compared to a loss of $0.08 for the same period last year.



Hotel Margins – GOP margins declined a mere 30 basis points to 40.2 percent despite declining RevPAR, while Hotel EBITDA rose 70 basis points to 33.2 percent.



Adjusted EBITDA – Adjusted EBITDA declined $1 million from last year, but excluding hotels sold, actually grew 4 percent or $1 million from $19 million to $20 million.



Adjusted FFO – Produced AFFO of $10 million in both the 2025 and 2024 fourth quarters. On a per share basis, adjusted FFO rose 5 percent or $0.01 per share to $0.21 per share in the 2025 fourth quarter.



Corporate Initiatives – Repurchased approximately 1.0 million shares for an estimated $7.0 million during the quarter at an average price of $6.73 per share. Also closed the sale of a 26-year-old hotel for $17 million. Including the pending renovation of $6 million, the sale price equates to an approximate 4 percent capitalization rate.



The following chart summarizes the consolidated financial results for the three- and twelve-months ended December 31, 2025 and 2024, based on all properties owned during those periods, except for RevPAR, which is based on the 33 comparable hotels ($ in millions, except margin percentages and per share data):




 






 






Three Months Ended






 






 






Year Ended






 








 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Net income (loss) to common shareholders






 






$2.6






 






 






($3.7






)






 






$7.1






 






 






($3.8






)








Diluted net income (loss) per common share






 






$0.05






 






 






($0.08






)






 






$0.14






 






 






($0.08






)








RevPAR






 






$131






 






 






$133






 






 






$143






 






 






$142






 








GOP Margin






 






40






%






 






41






%






 






42






%






 






43






%








Hotel EBITDA Margin






 






33






%






 






33






%






 






35






%






 






35






%








Adjusted EBITDA






 






$20.2






 






 






$21.1






 






 






$92.8






 






 






$100.9






 








AFFO






 






$10.4






 






 






$10.0






 






 






$52.7






 






 






$55.5






 








AFFO per diluted share






 






$0.21






 






 






$0.20






 






 






$1.02






 






 






$1.08






 








Dividends declared per common share






 






$0.09






 






 






$0.07






 






 






$0.36






 






 






$0.28






 







2025 Highlights


Jeffrey H. Fisher, Chatham’s president and chief executive officer highlighted, “We accomplished much during 2025. Operationally, we produced solid results despite very volatile conditions, and our intense asset management enabled us to hold margins essentially flat year-over-year. In fact, for the first time since the pandemic, we generated the highest operating margins in the industry, reclaiming our spot atop the rankings, a position we held from essentially 2010 to 2019. Strategically, we sold four of our older hotels at a very attractive cap rate, using a portion of the proceeds to lower debt and to acquire shares under our newly implemented repurchase plan. In fact, since announcing the plan, we have repurchased approximately 1.8 million shares at an average price of $6.87 per share for total repurchase of almost $13 million, or just over half of our $25 million repurchase plan. Since inception, we have repurchased approximately 4 percent of outstanding shares at an approximate 9.3 percent capitalization rate based on our 2026 guidance.”


Chatham's 2025 highlights include:



Raised common dividend by approximately 28 percent



Implemented a $25 million share repurchase plan for the first time in history, and in 2025 acquired 1.3 million shares at an average price of $6.83 per share for total repurchases of $9 million.



Maintained RevPAR at $142 compared to 2024 despite many industry-wide challenges (DOGE, Liberation Day and its impact on inbound international travel, government shutdown threats and ultimately a shutdown).


Enjoyed fourth consecutive year of RevPAR outperforming industry performance






Expanded other department profits by 1 percent, adding 25 basis points of margins



Generated GOP margins of 42 percent, a decline of only 20 basis points despite flat RevPAR



Grew RevPAR index by 1 percent, adding approximately $3 million of room revenue



Delivered a decline in labor and benefit expenses across all departments on a per occupied room basis



Sold four hotels with an average age of 23 years for $71 million ($90 million including near-term foregone renovations) at an approximate 6 percent capitalization rate



Successfully completed the largest ($500 million) and most attractive financing in Chatham's history (decline in overall borrowing costs)



Reduced net debt by $70 million


Lowered overall leverage ratio from 23 percent to 20 percent






Added 10 rooms to the portfolio, converting available spaces for best use and financial returns



Participated in the Global Real Estate Sustainability Benchmark (“GRESB”) for the fourth time, achieving a score of 81 percent which is 8 percent higher than peer average


Ranked 29 out of 95 listed companies in the Americas, and 4th in Chatham's peer group






“2025 was a successful year notwithstanding our and our peer’s shareholder returns. Our 2026 guidance reflects a conservative short-term outlook given recent industry volatility, but we are quite positive on the industry long-term. GDP growth is projected to be strong in 2026, and if even a portion of the announced capital investments come to fruition for reshoring and existing corporate expansions, the outlook past 2026 looks equally strong. Existing hotel owners stand to outperform as demand growth is expected to outpace muted supply growth expectations. We have flexibility and significant capacity to make acquisitions, repurchase shares, grow FFO and increase distributable cash flow," Fisher emphasized.


Hotel RevPAR Performance


The chart below summarizes key hotel financial statistics for the 33 comparable hotels owned as of December 31, 2025, compared to the 2024 fourth quarter:




 






 






Q4 2025 RevPAR






 






 






Q4 2024 RevPAR






 








Occupancy






 






 






73






%






 






 






74






%








ADR






 






$






179






 






 






$






180






 








RevPAR






 






$






131






 






 






$






133






 







The chart below summarizes RevPAR statistics by month for the company’s 33 comparable hotels:




 






 






October






 






 






November






 






 






December






 








Occupancy






 






81






%






 






72






%






 






68






%








ADR






 






$199






 






 






$172






 






 






$161






 








RevPAR






 






$161






 






 






$123






 






 






$108






 








RevPAR – prior year






 






$164






 






 






$125






 






 






$110






 








% Change in RevPAR vs. prior year






 






(2






)%






 






(2






)%






 






(1






)%







Fisher continued, “Continuing a trend throughout the first three quarters of the year, fourth quarter demand was adversely impacted by government shutdowns as well as the decline in convention-related business in four of our markets where two of the markets have convention centers closed for renovation. RevPAR was down 11 percent at our three Washington D.C. hotels and down 11 percent across our convention-dependent markets of San Diego, San Antonio, Austin and Dallas. The impact from the shutdown and convention-driven business adversely impacted fourth quarter RevPAR by approximately 300 basis points.”


RevPAR performance for Chatham’s largest markets (markets that account for five percent of hotel EBITDA contribution over the last twelve months) is presented below:




 






 






% OF LTM




EBITDA






 






 






Q4 2025




RevPAR






 






 






Q4 2024




RevPAR






 






 






Change vs.




Q4 2024






 








33 - Hotel Portfolio






 






 






 






 






 






$






131






 






 






$






133






 






 






 






(2






)%








Silicon Valley






 






 






16






%






 






$






135






 






 






$






136






 






 






 






(1






)%








Los Angeles






 






 






10






%






 






$






155






 






 






$






154






 






 






 






1






%








Coastal Northeast






 






 






10






%






 






$






148






 






 






$






158






 






 






 






(6






)%








Greater New York






 






 






9






%






 






$






171






 






 






$






163






 






 






 






5






%








Washington, D.C.






 






 






9






%






 






$






122






 






 






$






137






 






 






 






(11






)%








San Diego






 






 






6






%






 






$






150






 






 






$






179






 






 






 






(16






)%








Dallas






 






 






5






%






 






$






95






 






 






$






89






 






 






 






7






%








Seattle






 






 






5






%






 






$






115






 






 






$






101






 






 






 






14






%







Dennis Craven, Chatham's chief operating officer, summarized performance in other key markets below:



"In Silicon Valley, we were able to meaningfully reduce our RevPAR decline from down 4 percent in the third quarter to only 1 percent in the fourth quarter. Specifically in Sunnyvale, as mentioned in the third quarter, our RevPAR was down 9 percent as we turned away a group asking for reduced pricing, and we were able to replace most of that lost business in the fourth quarter at these two hotels with RevPAR down less than 1 percent.



Los Angeles RevPAR growth at our Anaheim Residence Inn was offset by declines at our Marina Del Rey and Woodland Hills hotels as corporate and leisure demand continues to be impacted by general unrest in the area.



Our Coastal Northeast hotels saw RevPAR decline 6 percent with occupancy down 8 percent on general softness in leisure travel in November and December attributable to timing of holidays and weather over key weekends.



RevPAR growth of 5 percent and 14 percent in Greater New York and Seattle was attributable to strengthening corporate demand in each of our hotels in these markets.



The RevPAR decline in San Diego is due to a softer convention calendar as well as reduced demand from border patrol groups that were prevalent in 2024."



Approximately 66 percent of Chatham’s hotel EBITDA over the last twelve months was generated from its extended-stay hotels. Chatham has the highest concentration of extended-stay rooms of any public lodging REIT at 59 percent. RevPAR performance for Chatham’s largest brands (brands that account for more than 5 percent of hotel EBITDA contribution over the last twelve months) is presented below (number of hotels in parentheses):




 






 






% of LTM

EBITDA






 






 






Q4 2025

RevPAR






 






 






Q4 2024

RevPAR






 






 






Change vs.

Q4 2024






 








Residence Inn (16)






 






 






53






%






 






$






142






 






 






$






145






 






 






 






(2






)%








Hilton Garden Inn (3)






 






 






7






%






 






$






129






 






 






$






135






 






 






 






(5






)%








Courtyard (3)






 






 






7






%






 






$






100






 






 






$






95






 






 






 






5






%








Home2 Suites (2)






 






 






7






%






 






$






135






 






 






$






126






 






 






 






7






%








Hampton Inn (2)






 






 






6






%






 






$






148






 






 






$






162






 






 






 






(9






)%








Hyatt Place (2)






 






 






6






%






 






$






109






 






 






$






107






 






 






 






2






%








Embassy Suites (1)






 






 






5






%






 






$






113






 






 






$






138






 






 






 






(18






)%







Hotel Operations Performance


The chart below summarizes key hotel operating performance measures for the three months ended December 31, 2025, and 2024. RevPAR is based on the 33 comparable hotels, and all other data is based on all properties owned during that period. Gross operating profit is calculated as Hotel EBITDA plus property taxes, ground rent and insurance (in millions, except for RevPAR and margin percentages):




 






 






Q4 2025






 






 






Q4 2024






 








RevPAR






 






$






131






 






 






$






133






 








Gross operating profit






 






$






27






 






 






$






30






 








Hotel EBITDA






 






$






22






 






 






$






24






 








GOP margin






 






 






40






%






 






 






41






%








Hotel EBITDA margin






 






 






33






%






 






 






33






%







Craven concluded, “Excluding sold hotels, hotel EBITDA grew $1 million versus last year as we were able to minimize our increase in labor and benefit costs to less than 3 percent on a cost per occupied room basis, and we benefitted from a decline in property taxes of $0.8 million that aided margins by 100 basis points.”


Corporate Update


The chart below summarizes key financial performance measures for the three months ended December 31, 2025, and 2024. Corporate EBITDA is calculated as hotel EBITDA minus cash corporate general and administrative expenses and is before debt service and capital expenditures. Debt service includes interest expense and principal amortization on its secured debt, as well as dividends on its preferred shares of $2.0 million per quarter. Cash flow before CapEx is calculated as Corporate EBITDA less debt service. Amounts are in millions, except RevPAR.




 






 






Q4 2025






 






 






Q4 2024






 








RevPAR






 






$






131






 






 






$






133






 








Hotel EBITDA






 






$






22






 






 






$






24






 








Corporate EBITDA






 






$






20






 






 






$






21






 








Debt Service & Preferred






 






$






(7






)






 






$






(9






)








Cash flow before CapEx






 






$






13






 






 






$






12






 







Hotel Investments


During the fourth quarter of 2025, the company incurred capital expenditures of approximately $4 million. The company commenced renovations of the Residence Inn Austin, Texas, and the Residence Inn Mountain View, Calif., and these will finish in the 2026 first quarter. Chatham’s 2025 capital expenditure budget was approximately $26 million, and the company expects total expenditures to be approximately $25 million.


Chatham’s 2026 capital expenditure budget is approximately $26 million, which includes renovations at three hotels expected to cost approximately $17 million. The three hotels scheduled for renovation in 2026 are the Residence Inn San Diego Gaslamp, Homewood Suites Farmington, CT and Hyatt Place Pittsburgh, PA, and all renovations will commence in the fourth quarter.


Share Buy-Back Plan


During the three months ended December 31, 2025, the company repurchased 1.0 million common shares at a weighted-average price per share of $6.73 for an aggregate purchase price, including commissions, of approximately $7.0 million. During 2025, the company repurchased 1.3 million common shares at a weighted average price per share of $6.83 for an aggregate purchase price, including commissions, of approximately $9.0 million.


Including shares repurchased after quarter-end, since inception, the company has repurchased 1.8 million shares at a weighted-average price per share of $6.87 for an aggregate purchase price, including commissions, of approximately $12.6 million.


Capital Markets & Capital Structure


As of December 31, 2025, the company had net debt of $319 million (total consolidated debt less unrestricted cash), a decline of $70 million down from $389 million as of December 31, 2024. Total debt outstanding as of December 31, 2025, was $343 million at an average interest rate of 6.2 percent, comprised of $143 million of fixed-rate mortgage debt at an average interest rate of 7.2 percent, $200 million outstanding on its term loan at a rate of 5.5 percent and nothing outstanding on the company's $300 million revolving credit facility which carries a current interest rate of 5.5 percent. Based on the ratio of the company’s net debt to hotel investments at cost, Chatham’s leverage ratio was approximately 20 percent, down from 23 percent on December 31, 2024.


Dividend


During the quarter, the board of trustees declared its regular quarterly common and preferred dividends. The $0.09 common dividend, as well as the preferred share dividend of $0.41406 per share, were payable on January 15, 2026, to shareholders of record as of December 31, 2025.


The Board will continue to evaluate the common share dividend on a quarterly basis, and the company will announce its first quarter 2026 dividend next week.


Guidance


The company’s guidance reflects the following assumptions:




a.






Renovations at the hotels mentioned in this release








b.






Floating rate debt based on SOFR forward curve








c.






$2.1 million impact on 2026 Hotel EBITDA from hotels sold in 2025








d.






No additional acquisitions, dispositions, debt or equity issuance








e.






Effective January 1, 2026, the Company will exclude non-cash share-based compensation from its calculation of Adjusted FFO to make its presentation of this measure consistent with the majority of other public lodging REITs.










2026








RevPAR






$142 - $145








RevPAR growth






-0.5% to 1.5%








Total hotel revenue






$284 - $290 M








Net income (loss) to common shares






$(13.0) - $(8.0) M








Net income (loss) per diluted share






$(0.27) - $(0.16)








Adjusted EBITDA






$84 - $89 M








Adjusted FFO






$53 - $58 M








Adjusted FFO per diluted share






$1.04 - $1.14








Hotel EBITDA margins






33.5% - 34.5%








Corporate cash administrative expenses






$11.1 M








Corporate non-cash administrative expenses






$6.1 M








Interest expense (excluding fee amortization)






$21.4 M








Non-cash amortization of deferred fees






$2.0 M








Weighted average shares/units outstanding






50.9 M







The company provides guidance but does not undertake to update it for any developments in its business. Achievement of the results is subject to the risks disclosed in the company’s filings with the Securities and Exchange Commission.


Earnings Call


The company will hold its fourth quarter 2025 conference call later today at 10:30 a.m. Eastern Time. Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s website, www.chathamlodgingtrust.com, or may participate in the conference call by dialing 1-800-717-1738 or 1-646-307-1865 and referencing Chatham Lodging Trust. A recording of the call will be available by telephone until March 4, 2026, at 11:59 p.m. Eastern Time, by dialing 1-844-512-2921 or 1-412-317-6671, access ID 1101688. A replay of the conference call will be posted on Chatham’s website.


About Chatham Lodging Trust


Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust (REIT) focused primarily on investing in premium-branded extended-stay and select-service hotels. The company owns 33 hotels totaling 5,021 rooms/suites in 15 states and the District of Columbia. Additional information about Chatham may be found at chathamlodgingtrust.com.


Non-GAAP Financial Measures


Included in this press release are certain “non-GAAP financial measures,” within the meaning of Securities and Exchange Commission (SEC) rules and regulations, that are different from measures calculated and presented in accordance with GAAP (generally accepted accounting principles). The company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (5) EBITDAre (6) Adjusted EBITDA and (7) Adjusted Hotel EBITDA. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as prescribed by GAAP as a measure of its operating performance.


FFO As Defined by NAREIT and Adjusted FFO


The company calculates FFO in accordance with standards established by the NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment write-downs, the cumulative effect of changes in accounting principles, plus depreciation and amortization (excluding amortization of deferred financing costs), and after adjustments for unconsolidated partnerships and joint ventures following the same approach. The company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it measures its performance without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of real estate assets and certain other items that the company believes are not indicative of the property level performance of its hotel properties. The company believes that these items reflect historical cost of its asset base and its acquisition and disposition activities and are less reflective of its ongoing operations, and that by adjusting to exclude the effects of these items, FFO is useful to investors in comparing its operating performance between periods and between REITs that also report using the NAREIT definition.


The company calculates Adjusted FFO by further adjusting FFO for certain additional items that are not addressed in NAREIT’s definition of FFO, including other charges, losses on the early extinguishment of debt and similar items related to its unconsolidated real estate entities that it believes do not represent costs related to hotel operations. The company believes that Adjusted FFO provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs that make similar adjustments to FFO.


EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA


The company calculates EBITDA for purposes of the credit facility debt as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; and (4) unconsolidated real estate entity items including interest, depreciation and amortization excluding gains and losses from sales of real estate. The company believes EBITDA is useful to investors in evaluating and facilitating comparisons of its operating performance because it helps investors compare the company’s operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, the company uses EBITDA as one measure in determining the value of hotel acquisitions and dispositions.


The company calculates EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated joint ventures. We believe that the presentation of EBITDAre provides useful information to investors regarding the Company's operating performance and can facilitate comparisons of operating performance between periods and between REITs.


The company calculates Adjusted EBITDA by further adjusting EBITDA for certain additional items, including other charges, losses on the early extinguishment of debt, amortization of non-cash share-based compensation and similar items related to its unconsolidated real estate entities, which it believes are not indicative of the performance of its underlying hotel properties entities. The company believes that Adjusted EBITDA provides investors with another financial measure that may facilitate comparisons of operating performance between periods and between REITs that report similar measures.


Adjusted Hotel EBITDA is defined as net income before interest, income taxes, depreciation and amortization, corporate general and administrative, impairment loss, loss on early extinguishment of debt, interest and other income and income or loss from unconsolidated real estate entities. The Company presents Adjusted Hotel EBITDA because the Company believes it is useful to investors in comparing its hotel operating performance between periods and comparing its Adjusted Hotel EBITDA margins to those of our peer companies. Adjusted Hotel EBITDA represents the results of operations for its wholly owned hotels only.


Although the company presents FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA because it believes they are useful to investors in comparing the company’s operating performance between periods and between REITs that report similar measures, these measures have limitations as analytical tools. Some of these limitations are:



FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect the company’s cash expenditures, or future requirements, for capital expenditures or contractual commitments;



FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect changes in, or cash requirements for, the company’s working capital needs;



FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect funds available to make cash distributions;



EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the company’s debts;



Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may need to be replaced in the future, and FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect any cash requirements for such replacements;



Non- cash compensation is and will remain a key element of the company’s overall long-term incentive compensation package, although the company excludes it as an expense when evaluating its ongoing operating performance for a particular period using adjusted EBITDA;



Adjusted FFO, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect the impact of certain cash charges (including acquisition transaction costs) that result from matters the company considers not to be indicative of the underlying performance of its hotel properties; and



Other companies in the company’s industry may calculate FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA differently than the company does, limiting their usefulness as a comparative measure.



In addition, FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA do not represent cash generated from operating activities as determined by GAAP and should not be considered as alternatives to net income or loss, cash flows from operations or any other operating performance measure prescribed by GAAP. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA are not measures of the Company’s liquidity. Because of these limitations, FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.


The Company compensates for these limitations by relying primarily on its GAAP results and using FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA only supplementally. The Company’s consolidated financial statements and the notes to those statements included elsewhere are prepared in accordance with GAAP. The company’s reconciliation of FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA to net income attributable to common shareholders, as determined under GAAP, is set forth below.


Forward-Looking Statement Safe Harbor


Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include those with regard to the potential future impact of the COVID-19 pandemic, within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements include information about possible or assumed future results of the lodging industry and our business, financial condition, liquidity, results of operations, cash flow and plans and objectives. These statements generally are characterized by the use of the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements. Important factors that we think could cause our actual results to differ materially from expected results are summarized below.


Other risks include, but are not limited to: national and local economic and business conditions, including the effect on travel of potential terrorist attacks, that will affect occupancy rates at the company’s hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of the company’s indebtedness and its ability to meet covenants in its debt agreements; relationships with property managers; the company’s ability to maintain its properties in a Fourth-class manner, including meeting capital expenditure requirements; the company’s ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; the company’s ability to complete acquisitions and dispositions; and the company’s ability to continue to satisfy complex rules in order for the company to remain a REIT for federal income tax purposes and other risks and uncertainties associated with the company’s business described in the company's filings with the SEC; inaccuracies of our accounting estimates and the uncertainty and economic impact of pandemics, epidemics or other public health emergencies of fear of such events, such as the recent COVID-19 pandemic. Given these uncertainties, undue reliance should not be placed on such statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances or to reflect the occurrence of unanticipated events. The forward-looking statements should also be read in light of the risk factors identified in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as updated by the Company's subsequent filings with the SEC under the Exchange Act.




 




CHATHAM LODGING TRUST




Consolidated Balance Sheets




(In thousands, except share and per share data)




 








 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 








Assets:






 






 






 






 






 






 






 






 








Investment in hotel properties, net






 






$






1,106,890






 






 






$






1,197,518






 








Cash and cash equivalents






 






 






24,435






 






 






 






20,195






 








Restricted cash






 






 






8,203






 






 






 






9,649






 








Right of use asset, net






 






 






16,912






 






 






 






17,547






 








Hotel receivables (net of allowance for doubtful accounts of $261 and $300, respectively)






 






 






2,831






 






 






 






2,921






 








Deferred costs, net






 






 






7,384






 






 






 






4,038






 








Prepaid expenses and other assets






 






 






3,726






 






 






 






2,813






 








Total assets






 






$






1,170,381






 






 






$






1,254,681






 








Liabilities and Equity:






 






 






 






 






 






 






 






 








Mortgage debt, net






 






$






141,475






 






 






$






157,211






 








Revolving credit facility






 






 






—






 






 






 






110,000






 








Unsecured term loan, net






 






 






197,438






 






 






 






139,638






 








Accounts payable and accrued expenses (including $234 and $490 due to related parties, respectively)






 






 






26,648






 






 






 






29,621






 








Lease liability






 






 






20,067






 






 






 






20,634






 








Distributions payable






 






 






6,704






 






 






 






5,580






 








Total liabilities






 






 






392,332






 






 






 






462,684






 








Commitments and contingencies






 






 






 






 






 






 






 






 








Equity:






 






 






 






 






 






 






 






 








Shareholders’ Equity:






 






 






 






 






 






 






 






 








Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at December 31, 2025 and 2024, respectively






 






 






48






 






 






 






48






 








Common shares, $0.01 par value, 500,000,000 shares authorized; 47,708,587 and 48,912,293 shares issued and outstanding at December 31, 2025 and 2024, respectively






 






 






477






 






 






 






488






 








Additional paid-in capital






 






 






1,039,804






 






 






 






1,047,176






 








Accumulated deficit






 






 






(299,527






)






 






 






(289,130






)








Total shareholders’ equity






 






 






740,802






 






 






 






758,219






 








Noncontrolling Interests:






 






 






 






 






 






 






 






 








Noncontrolling Interest in Operating Partnership






 






 






37,247






 






 






 






33,778






 








Total equity






 






 






778,049






 






 






 






791,997






 








Total liabilities and equity






 






$






1,170,381






 






 






$






1,254,681






 









 




CHATHAM LODGING TRUST




Consolidated Statements of Operations




(In thousands, except share and per share data)




 








 






 






For the three months ended






 






 






For the years ended






 








 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Revenue:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Room






 






$






61,469






 






 






$






68,528






 






 






$






269,206






 






 






$






290,290






 








Food and beverage






 






 






1,810






 






 






 






1,931






 






 






 






6,894






 






 






 






7,737






 








Other






 






 






4,183






 






 






 






4,383






 






 






 






17,897






 






 






 






18,077






 








Reimbursable costs from related parties






 






 






275






 






 






 






269






 






 






 






1,078






 






 






 






1,105






 








Total revenue






 






 






67,737






 






 






 






75,111






 






 






 






295,075






 






 






 






317,209






 








Expenses:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Hotel operating expenses:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Room






 






 






14,497






 






 






 






16,201






 






 






 






59,752






 






 






 






65,311






 








Food and beverage






 






 






1,325






 






 






 






1,536






 






 






 






5,517






 






 






 






6,218






 








Telephone






 






 






288






 






 






 






369






 






 






 






1,172






 






 






 






1,360






 








Other hotel operating






 






 






1,134






 






 






 






1,095






 






 






 






4,487






 






 






 






4,127






 








General and administrative






 






 






6,307






 






 






 






6,923






 






 






 






27,010






 






 






 






28,826






 








Franchise and marketing fees






 






 






5,405






 






 






 






5,939






 






 






 






23,620






 






 






 






25,355






 








Advertising and promotions






 






 






1,619






 






 






 






1,625






 






 






 






6,804






 






 






 






6,229






 








Utilities






 






 






2,812






 






 






 






3,100






 






 






 






12,372






 






 






 






13,161






 








Repairs and maintenance






 






 






3,808






 






 






 






4,281






 






 






 






15,272






 






 






 






16,516






 








Management fees paid to related parties






 






 






2,320






 






 






 






2,615






 






 






 






9,895






 






 






 






10,733






 








Insurance






 






 






813






 






 






 






836






 






 






 






3,272






 






 






 






3,340






 








Total hotel operating expenses






 






 






40,328






 






 






 






44,520






 






 






 






169,173






 






 






 






181,176






 








Depreciation and amortization






 






 






14,616






 






 






 






15,286






 






 






 






59,749






 






 






 






60,741






 








Impairment loss






 






 






—






 






 






 






4,256






 






 






 






—






 






 






 






4,256






 








Property taxes, ground rent and insurance






 






 






4,747






 






 






 






5,982






 






 






 






21,952






 






 






 






23,709






 








General and administrative






 






 






3,848






 






 






 






4,766






 






 






 






16,589






 






 






 






18,388






 








Other charges






 






 






3






 






 






 






250






 






 






 






27






 






 






 






327






 








Reimbursable costs from related parties






 






 






275






 






 






 






269






 






 






 






1,078






 






 






 






1,105






 








Total operating expenses






 






 






63,817






 






 






 






75,329






 






 






 






268,568






 






 






 






289,702






 








Operating income (loss) before gain on sale of hotel properties






 






 






3,920






 






 






 






(218






)






 






 






26,507






 






 






 






27,507






 








Gain on sale of hotel properties






 






 






6,863






 






 






 






5,867






 






 






 






14,369






 






 






 






5,713






 








Operating income






 






 






10,783






 






 






 






5,649






 






 






 






40,876






 






 






 






33,220






 








Interest and other income






 






 






78






 






 






 






85






 






 






 






270






 






 






 






1,712






 








Interest expense, including amortization of deferred fees






 






 






(6,151






)






 






 






(7,588






)






 






 






(25,659






)






 






 






(30,880






)








Loss on early extinguishment of debt






 






 






—






 






 






 






—






 






 






 






(174






)






 






 






(17






)








Income (loss) before income tax expense






 






 






4,710






 






 






 






(1,854






)






 






 






15,313






 






 






 






4,035






 








Income tax expense






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Net income (loss)






 






 






4,710






 






 






 






(1,854






)






 






 






15,313






 






 






 






4,035






 








Net (income) loss attributable to non-controlling interest






 






 






(97






)






 






 






146






 






 






 






(260






)






 






 






131






 








Net income (loss) attributable to Chatham Lodging Trust






 






 






4,613






 






 






 






(1,708






)






 






 






15,053






 






 






 






4,166






 








Preferred dividends






 






 






(1,987






)






 






 






(1,987






)






 






 






(7,950






)






 






 






(7,950






)








Net income (loss) attributable to common shareholders






 






$






2,626






 






 






$






(3,695






)






 






$






7,103






 






 






$






(3,784






)








Income (loss) per common share - basic:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss) attributable to common shareholders






 






$






0.05






 






 






$






(0.08






)






 






$






0.14






 






 






$






(0.08






)








Income (loss) per common share - diluted:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss) attributable to common shareholders






 






$






0.05






 






 






$






(0.08






)






 






$






0.14






 






 






$






(0.08






)








Weighted average number of common shares outstanding:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






48,307,638






 






 






 






48,907,102






 






 






 






48,793,017






 






 






 






48,900,997






 








Diluted






 






 






49,107,204






 






 






 






48,907,102






 






 






 






49,992,069






 






 






 






48,900,997






 








Distributions per common share:






 






$






0.09






 






 






$






0.07






 






 






$






0.36






 






 






$






0.28






 









 




CHATHAM LODGING TRUST




FFO and EBITDA




(In thousands, except share and per share data)




 








 






 






For the three months ended






 






 






For the years ended






 








 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Funds From Operations (“FFO”):






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss)






 






$






4,710






 






 






$






(1,854






)






 






$






15,313






 






 






$






4,035






 








Preferred dividends






 






 






(1,987






)






 






 






(1,987






)






 






 






(7,950






)






 






 






(7,950






)








Net income (loss) attributable to common shares and common units






 






 






2,723






 






 






 






(3,841






)






 






 






7,363






 






 






 






(3,915






)








Gain on sale of hotel properties






 






 






(6,863






)






 






 






(5,867






)






 






 






(14,369






)






 






 






(5,713






)








Depreciation of hotel properties owned






 






 






14,108






 






 






 






14,802






 






 






 






57,664






 






 






 






59,513






 








Impairment loss






 






 






—






 






 






 






4,256






 






 






 






—






 






 






 






4,256






 








FFO attributed to common share and unit holders






 






 






9,968






 






 






 






9,350






 






 






 






50,658






 






 






 






54,141






 








Amortization of finance lease assets






 






 






459






 






 






 






430






 






 






 






1,887






 






 






 






1,010






 








Other charges






 






 






3






 






 






 






250






 






 






 






27






 






 






 






327






 








Loss on early extinguishment of debt






 






 






—






 






 






 






—






 






 






 






174






 






 






 






17






 








Adjusted FFO attributed to common share and unit holders






 






$






10,430






 






 






$






10,030






 






 






$






52,746






 






 






$






55,495






 








Weighted average number of common shares and units






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






50,028,224






 






 






 






50,816,444






 






 






 






50,522,421






 






 






 






50,757,548






 








Diluted






 






 






50,827,790






 






 






 






51,134,893






 






 






 






51,721,473






 






 






 






51,172,183






 









 






 






For the three months ended






 






 






For the years ended






 








 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”):






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss)






 






$






4,710






 






 






$






(1,854






)






 






$






15,313






 






 






$






4,035






 








Interest expense, including amortization of deferred fees






 






 






6,151






 






 






 






7,588






 






 






 






25,659






 






 






 






30,880






 








Depreciation and amortization






 






 






14,616






 






 






 






15,286






 






 






 






59,749






 






 






 






60,741






 








EBITDA






 






 






25,477






 






 






 






21,020






 






 






 






100,721






 






 






 






95,656






 








Impairment loss






 






 






—






 






 






 






4,256






 






 






 






—






 






 






 






4,256






 








Gain on sale of hotel properties






 






 






(6,863






)






 






 






(5,867






)






 






 






(14,369






)






 






 






(5,713






)








EBITDAre






 






 






18,614






 






 






 






19,409






 






 






 






86,352






 






 






 






94,199






 








Other charges






 






 






3






 






 






 






250






 






 






 






27






 






 






 






327






 








Loss on early extinguishment of debt






 






 






—






 






 






 






—






 






 






 






174






 






 






 






17






 








Share based compensation






 






 






1,546






 






 






 






1,487






 






 






 






6,256






 






 






 






6,398






 








Adjusted EBITDA






 






$






20,163






 






 






$






21,146






 






 






$






92,809






 






 






$






100,941






 









 




CHATHAM LODGING TRUST




ADJUSTED HOTEL EBITDA




(In thousands, except share and per share data)




 








 






 






For the three months ended






 






 






For the years ended






 








 






 






December 31,






 






 






December 31,






 








 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss)






 






$






4,710






 






 






$






(1,854






)






 






$






15,313






 






 






$






4,035






 








Add: Interest expense, including amortization of deferred fees






 






 






6,151






 






 






 






7,588






 






 






 






25,659






 






 






 






30,880






 








Depreciation and amortization






 






 






14,616






 






 






 






15,286






 






 






 






59,749






 






 






 






60,741






 








Corporate general and administrative






 






 






3,848






 






 






 






4,766






 






 






 






16,589






 






 






 






18,388






 








Other charges






 






 






3






 






 






 






250






 






 






 






27






 






 






 






327






 








Impairment loss






 






 






—






 






 






 






4,256






 






 






 






—






 






 






 






4,256






 








Loss on early extinguishment of debt






 






 






—






 






 






 






—






 






 






 






174






 






 






 






17






 








Less: Interest and other income






 






 






(78






)






 






 






(85






)






 






 






(270






)






 






 






(1,712






)








Gain on sale of hotel properties






 






 






(6,863






)






 






 






(5,867






)






 






 






(14,369






)






 






 






(5,713






)








Adjusted Hotel EBITDA






 






$






22,387






 






 






$






24,340






 






 






$






102,872






 






 






$






111,219






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total revenue






 






$






67,737






 






 






$






75,111






 






 






$






295,075






 






 






$






317,209






 








Reimbursable costs from related parties






 






 






(275






)






 






 






(269






)






 






 






(1,078






)






 






 






(1,105






)








Hotel revenue






 






$






67,462






 






 






$






74,842






 






 






$






293,997






 






 






$






316,104






 








Hotel EBITDA margin






 






 






33.2






%






 






 






32.5






%






 






 






35.0






%






 






 






35.2






%









 




CHATHAM LODGING TRUST




Reconciliations of Guidance Net Income to FFO, Adjusted FFO,




EBITDA, EBITDAre, Adjusted EBITDA and Adjusted Hotel EBITDA




(In thousands, except share and per share data)




 








 






 






For the year ended






 








 






 






December 31, 2026






 








 






 






Low-End






 






 






High-End






 








Funds From Operations (“FFO”):






 






 






 






 






 






 






 






 








Net loss






 






$






(4,969






)






 






$






(15






)








Preferred dividends






 






 






(8,000






)






 






 






(8,000






)








Net loss attributable to common shares and common units






 






 






(12,969






)






 






 






(8,015






)








Depreciation of hotel properties owned






 






 






57,794






 






 






 






57,794






 








FFO attributable to common share and unit holders






 






 






44,825






 






 






 






49,779






 








Share based compensation






 






 






6,100






 






 






 






6,100






 








Amortization of finance lease assets






 






 






1,885






 






 






 






1,885






 








Other Charges






 






 






11






 






 






 






11






 








Adjusted FFO attributable to common share and unit holders






 






$






52,821






 






 






$






57,775






 








Weighted average number of common shares and units






 






 






 






 






 






 






 






 








Diluted






 






 






50,880






 






 






 






50,880






 








Adjusted FFO per diluted share






 






$






1.04






 






 






$






1.14






 









 






 






For the year ended






 








 






 






December 31, 2026






 








 






 






Low-End






 






 






High-End






 








Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”):






 






 






 






 






 






 






 






 








Net loss






 






$






(4,969






)






 






$






(15






)








Interest expense, including amortization of deferred fees






 






 






23,200






 






 






 






23,200






 








Depreciation and amortization






 






 






59,879






 






 






 






59,879






 








EBITDA






 






 






78,110






 






 






 






83,064






 








EBITDAre






 






 






78,110






 






 






 






83,064






 








Other Charges






 






 






11






 






 






 






11






 








Share based compensation






 






 






6,100






 






 






 






6,100






 








Adjusted EBITDA






 






$






84,221






 






 






$






89,175






 









 






 






For the year ended






 








 






 






December 31, 2026






 








 






 






Low-End






 






 






High-End






 








 






 






 






 






 






 






 






 






 








Net loss






 






$






(4,969






)






 






$






(15






)








Add: Interest expense, including amortization of deferred fees






 






 






23,200






 






 






 






23,200






 








Depreciation and amortization






 






 






59,879






 






 






 






59,879






 








Other Charges






 






 






11






 






 






 






11






 








Corporate general and administrative






 






 






17,200






 






 






 






17,200






 








Less: Interest and other income






 






 






(100






)






 






 






(100






)








Adjusted Hotel EBITDA






 






$






95,221






 






 






$






100,175






 








 






 






 






 






 






 






 






 






 








Total revenue






 






$






285,342






 






 






$






291,461






 








Reimbursable costs from related parties






 






 






(1,100






)






 






 






(1,100






)








Hotel revenue






 






$






284,242






 






 






$






290,361






 








Hotel EBITDA margin






 






 






33.5






%






 






 






34.5






%







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260225478897/en/
Dennis Craven (Company)

Chief Operating Officer

(561) 227-1386


Chris Daly (Media)

DG Public Relations

(703) 864-5553


Original: Chatham Lodging Announces Fourth Quarter 2025 Results