Company Quick10K Filing
Chatham Lodging Trust
Price18.31 EPS0
Shares47 P/E41
MCap863 P/FCF12
Net Debt559 EBIT43
TEV1,422 TEV/EBIT33
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-11
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-09
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-11
10-Q 2011-03-31 Filed 2011-05-11
10-K 2010-12-21 Filed 2011-03-09
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-20
8-K 2020-09-02 Regulation FD, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-06-01
8-K 2020-05-13
8-K 2020-05-11
8-K 2020-05-06
8-K 2020-03-26
8-K 2020-03-17
8-K 2020-03-10
8-K 2020-03-06
8-K 2020-02-26
8-K 2020-02-25
8-K 2019-10-31
8-K 2019-07-31
8-K 2019-05-15
8-K 2019-05-01
8-K 2019-03-29
8-K 2019-02-25
8-K 2019-02-25
8-K 2019-01-10
8-K 2018-12-26
8-K 2018-12-06
8-K 2018-10-31
8-K 2018-08-28
8-K 2018-08-01
8-K 2018-05-18
8-K 2018-05-01
8-K 2018-02-26
8-K 2018-02-23

CLDT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 cldtex31120200630.htm
EX-31.2 cldtex31220200630.htm
EX-32.1 cldtex32120200630.htm

Chatham Lodging Trust Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.51.20.90.60.30.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

cldt-20200630
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-34693
CHATHAM LODGING TRUST
(Exact Name of Registrant as Specified in Its Charter)

Maryland27-1200777
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
222 Lakeview Avenue, Suite 200
West Palm BeachFlorida33401
(Address of Principal Executive Offices)(Zip Code)
(561) 802-4477
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of Each Exchange On Which Registered
Common Shares of Beneficial Interest, $0.01 par valueCLDTNew York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x  Yes    ¨  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨
Non-accelerated filer
¨  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    x  No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at August 5, 2020
Common Shares of Beneficial Interest ($0.01 par value per share)46,967,891

1

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TABLE OF CONTENTS
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Item1.
Item2.
Item3.
Item4.
Item1.
Item1A.
Item2.
Item3.
Item4.
Item5.
Item6.

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
CHATHAM LODGING TRUST
Consolidated Balance Sheets
(In thousands, except share and per share data)
 
June 30,
2020
December 31,
2019
(unaudited)
Assets:
Investment in hotel properties, net$1,328,717  $1,347,116  
Investment in hotel properties under development30,546  20,496  
Cash and cash equivalents36,883  6,620  
Restricted cash8,863  13,562  
Investment in unconsolidated real estate entities  17,969  
Right of use asset, net20,959  21,270  
Hotel receivables (net of allowance for doubtful accounts of $355 and $451, respectively)
2,251  4,626  
Deferred costs, net4,495  4,271  
Prepaid expenses and other assets4,612  2,615  
Deferred tax asset, net29  29  
Total assets$1,437,355  $1,438,574  
Liabilities and Equity:
Mortgage debt, net$491,175  $495,465  
Revolving credit facility173,000  90,000  
Accounts payable and accrued expenses19,306  33,012  
Distributions and losses in excess of investments in unconsolidated real estate entities17,778  15,214  
Lease liability, net 23,483  23,717  
Distributions payable469  6,142  
Total liabilities725,211  663,550  
Commitments and contingencies (Note 13)
Equity:
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at June 30, 2020 and December 31, 2019
    
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,965,827 and 46,928,445 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
470  469  
Additional paid-in capital905,977  904,273  
Accumulated deficit(207,306) (142,365) 
Total shareholders’ equity699,141  762,377  
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership13,003  12,647  
Total equity712,144  775,024  
Total liabilities and equity$1,437,355  $1,438,574  
The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
CHATHAM LODGING TRUST
Consolidated Statements of Operations
(In thousands, except share and per share data)
(unaudited)
For the three months endedFor the six months ended
June 30,June 30,
2020201920202019
Revenue:
Room$18,389  $79,970  $71,437  $148,055  
Food and beverage117  2,535  2,180  4,962  
Other873  3,934  4,391  7,610  
Reimbursable costs from unconsolidated real estate entities794  1,435  2,374  2,926  
Total revenue20,173  87,874  80,382  163,553  
Expenses:
Hotel operating expenses:
Room4,517  16,372  17,912  31,942  
Food and beverage128  2,120  2,018  4,129  
Telephone351  410  730  843  
Other hotel operating 182  971  992  1,910  
General and administrative3,360  6,574  8,636  12,741  
Franchise and marketing fees1,636  6,984  6,356  12,916  
Advertising and promotions854  1,485  2,364  3,018  
Utilities1,863  2,525  4,378  5,275  
Repairs and maintenance1,640  3,431  5,101  7,042  
Management fees848  2,892  2,872  5,436  
Insurance361  365  721  702  
Total hotel operating expenses15,740  44,129  52,080  85,954  
Depreciation and amortization13,667  12,999  26,729  25,771  
Impairment loss on investment in unconsolidated real estate entities    15,282    
Property taxes, ground rent and insurance5,892  6,242  11,990  12,409  
General and administrative2,487  3,611  5,252  7,125  
Other charges215  25  2,984  42  
Reimbursable costs from unconsolidated real estate entities794  1,435  2,374  2,926  
Total operating expenses38,795  68,441  116,691  134,227  
Operating (loss) income before gain (loss) on sale of hotel property(18,622) 19,433  (36,309) 29,326  
Gain (loss) on sale of hotel property2  (3,300) 3  (3,300) 
Operating (loss) income(18,620) 16,133  (36,306) 26,026  
Interest and other income39  66  120  121  
Interest expense, including amortization of deferred fees(7,034) (7,131) (13,867) (14,328) 
(Loss) income from unconsolidated real estate entities(1,578) 457  (5,251) (666) 
 (Loss) income before income tax expense(27,193) 9,525  (55,304) 11,153  
Income tax expense        
Net (loss) income(27,193) 9,525  (55,304) 11,153  
Net (loss) income attributable to noncontrolling interests366  (88) 694  (103) 
Net (loss) income attributable to common shareholders$(26,827) $9,437  $(54,610) $11,050  
(Loss) income per Common Share - Basic:
Net (loss) income attributable to common shareholders (Note 10)$(0.57) $0.20  $(1.16) $0.23  
(Loss) income per Common Share - Diluted:
Net (loss) income attributable to common shareholders (Note 10)$(0.57) $0.20  $(1.16) $0.23  
Weighted average number of common shares outstanding:
Basic46,960,289  46,760,016  46,954,411  46,658,973  
Diluted46,960,289  46,976,999  46,954,411  46,855,916  
Distributions declared per common share:$  $0.33  $0.22  $0.66  
The accompanying notes are an integral part of these consolidated financial statements.
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CHATHAM LODGING TRUST
Consolidated Statements of Equity
(In thousands, except share and per share data)
(unaudited)

Three months ended June 30, 2019 and 2020
Common SharesAdditional Paid - In CapitalRetained earnings (distributions in excess of retained earnings)Total Shareholders’ EquityNoncontrolling Interest in Operating PartnershipTotal Equity
SharesAmount
Balance, April 1, 201946,571,005  $466  $897,161  $(113,039) $784,588  $10,329  $794,917  
Issuance of shares, net of offering costs of $32
347,378  3  6,823  —  6,826  —  6,826  
Amortization of share based compensation—  —  15  —  15  1,110  1,125  
Dividends declared on common shares ($0.33 per share)
—  —  —  (15,447) (15,447) —  (15,447) 
Distributions declared on LTIP units ($0.33 per unit)
—  —  —  —  —  (349) (349) 
Reallocation of noncontrolling interest—  —  70  —  70  (70)   
Net income—  —  —  9,437  9,437  88  9,525  
Balance, June 30, 201946,918,383  $469  $904,069  $(119,049) $785,489  $11,108  $796,597  
Balance, April 1, 202046,960,389  $469  $905,936  $(180,479) $725,926  $12,344  $738,270  
Issuance of shares, net of offering costs of $1
5,438  1  35  —  36  —  36  
Amortization of share based compensation—  —  6  —  6  1,025  1,031  
Net loss—  —  —  (26,827) (26,827) (366) (27,193) 
Balance, June 30, 202046,965,827  $470  $905,977  $(207,306) $699,141  $13,003  $712,144  

 - continued -
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 Six Months Ended June 30, 2019 and 2020
Common SharesAdditional Paid - In CapitalRetained earnings (distributions in excess of retained earnings)Total Shareholders’ EquityNoncontrolling Interest in Operating PartnershipTotal Equity
SharesAmount
Balance, January 1, 201946,525,652  $465  $896,286  $(99,285) $797,466  $9,952  $807,418  
Issuance of shares pursuant to Equity Incentive Plan27,870  —  500  —  500  —  500  
Issuance of shares, net of offering costs of $201
364,861  4  6,915  —  6,919  —  6,919  
Amortization of share based compensation—  —  31  —  31  2,041  2,072  
Dividends declared on common shares ($0.66 per share)
—  —  —  (30,814) (30,814) —  (30,814) 
Distributions declared on LTIP units ($0.66 per unit)
—  —  —  —  —  (651) (651) 
Reallocation of noncontrolling interest—  —  337  —  337  (337)   
Net income—  —  —  11,050  11,050  103  11,153  
Balance, June 30, 201946,918,383  $469  $904,069  $(119,049) $785,489  $11,108  $796,597  
Balance, January 1, 202046,928,445  $469  $904,273  $(142,365) $762,377  $12,647  $775,024  
Issuance of shares pursuant to Equity Incentive Plan24,516  —  450  —  450  —  450  
Issuance of shares, net of offering costs of $3
12,866  1  125  —  126  —  126  
Amortization of share based compensation—  —  15  —  15  2,397  2,412  
Dividends declared on common shares ($0.22 per share)
—  —  —  (10,331) (10,331) —  (10,331) 
Distributions declared on LTIP units ($0.22 per unit)
—  —  —  —  —  (233) (233) 
Reallocation of noncontrolling interest—  —  1,114  —  1,114  (1,114)   
Net loss—  —  —  (54,610) (54,610) (694) (55,304) 
Balance, June 30, 202046,965,827  $470  $905,977  $(207,306) $699,141  $13,003  $712,144  


The accompanying notes are an integral part of these consolidated financial statements.
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CHATHAM LODGING TRUST
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
For the six months ended
June 30,
20202019
Cash flows from operating activities:
Net (loss) income$(55,304) $11,153  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation26,607  25,647  
Amortization of deferred franchise fees122  124  
Amortization of deferred financing fees included in interest expense489  456  
Loss on sale of hotel property  3,300  
Impairment loss on investment in unconsolidated real estate entities15,282    
Share based compensation2,349  2,297  
Accelerated share based compensation for employee severance288    
Loss from unconsolidated real estate entities5,251  666  
Changes in assets and liabilities:
Right of use asset311