Company Quick10K Filing
Chatham Lodging Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 47 $890
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-07-31 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-25 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-08-01 Quarter: 2018-06-30
10-Q 2018-05-01 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-10-31 Quarter: 2017-09-30
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-02-27 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-16 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-03-11 Annual: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-03-15 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-09 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-11 Quarter: 2011-06-30
10-Q 2011-05-11 Quarter: 2011-03-31
10-K 2011-03-09 Annual: 2010-12-21
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-13 Quarter: 2010-06-30
10-Q 2010-05-20 Quarter: 2010-03-31
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-05-15 Officers, Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-03-29 Officers
8-K 2019-02-25 Earnings, Exhibits
8-K 2019-02-25 Other Events, Exhibits
8-K 2019-01-10 Earnings, Exhibits
8-K 2018-12-26 Officers, Regulation FD, Exhibits
8-K 2018-12-06 Regulation FD, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-08-28 Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-05-18 Shareholder Vote
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-02-26 Earnings, Exhibits
8-K 2018-02-23 Other Events, Exhibits
CLDT 2019-09-30
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 cldtex31120190930.htm
EX-31.2 cldtex31220190930.htm
EX-32.1 cldtex32120190930.htm

Chatham Lodging Trust Earnings 2019-09-30

CLDT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ARR 1,016 14,924 13,548 0 0 -462 -462 667 -1.4 -3%
STAR 988 4,766 3,445 468 0 253 506 3,706 0% 7.3 5%
NXRT 967 1,277 1,003 160 0 -16 69 1,914 0% 27.8 -1%
RPT 963 1,874 1,070 245 0 20 145 1,846 0% 12.7 1%
HIFR 933 2,032 1,103 0 0 86 174 1,767 10.2 4%
CMCT 917 1,197 197 182 0 343 410 699 0% 1.7 29%
CLDT 890 1,445 648 331 157 26 104 1,443 47% 13.9 2%
FSP 786 1,843 1,043 267 147 11 142 773 55% 5.4 1%
NRE 776 1,272 598 95 31 182 236 946 33% 4.0 14%
CHCT 768 490 211 53 0 4 32 956 0% 29.8 1%

Document
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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 September 30, 2019
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 October 31, 2019
Common Shares of Beneficial Interest ($0.01 par value per share)46,924,776  

1

Table of Contents
TABLE OF CONTENTS
Page
Item1.
Item2.
Item3.
Item4.
Item1.
Item1A.
Item2.
Item3.
Item4.
Item5.
Item6.

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Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
CHATHAM LODGING TRUST
Consolidated Balance Sheets
(In thousands, except share and per share data)
 
September 30,
2019
December 31,
2018
(unaudited)
Assets:
Investment in hotel properties, net$1,352,891  $1,373,773  
Investment in hotel properties under development15,174    
Cash and cash equivalents10,257  7,192  
Restricted cash16,137  25,145  
Investment in unconsolidated real estate entities19,506  21,545  
Right of use asset, net21,424    
Hotel receivables (net of allowance for doubtful accounts of $311 and $264, respectively)
9,456  4,495  
Deferred costs, net4,478  5,070  
Prepaid expenses and other assets4,119  2,431  
Deferred tax asset, net58  58  
Total assets$1,453,500  $1,439,709  
Liabilities and Equity:
Mortgage debt, net$497,640  $501,782  
Revolving credit facility86,000  81,500  
Accounts payable and accrued expenses36,263  33,692  
Distributions and losses in excess of investments in unconsolidated real estate entities11,722  9,650  
Lease liability, net 23,822    
Distributions payable6,018  5,667  
Total liabilities661,465  632,291  
Commitments and contingencies (Note 14)
Equity:
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2019 and December 31, 2018
    
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,922,936 and 46,525,652 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
469  465  
Additional paid-in capital904,160  896,286  
Retained earnings (distributions in excess of retained earnings)(124,531) (99,285) 
Total shareholders’ equity780,098  797,466  
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership11,937  9,952  
Total equity792,035  807,418  
Total liabilities and equity$1,453,500  $1,439,709  
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 nine months ended
September 30,September 30,
2019201820192018
Revenue:
Room$81,807  $81,457  $229,862  $225,983  
Food and beverage2,436  2,274  7,398  6,584  
Other4,536  3,731  12,146  10,285  
Cost reimbursements from unconsolidated real estate entities1,301  1,435  4,225  4,335  
Total revenue90,080  88,897  253,631  247,187  
Expenses:
Hotel operating expenses:
Room17,288  17,261  49,231  47,759  
Food and beverage2,133  1,870  6,262  5,350  
Telephone409  442  1,252  1,316  
Other hotel operating 1130  886  3,039  2,403  
General and administrative6,369  6,498  19,109  19,318  
Franchise and marketing fees7,146  6,863  20,062  18,962  
Advertising and promotions1,483  1,627  4,502  4,677  
Utilities3,033  3,064  8,308  8,209  
Repairs and maintenance3,637  3,783  10,679  11,043  
Management fees2,950  2,915  8,386  8,158  
Insurance334  340  1,037  1,012  
Total hotel operating expenses45,912  45,549  131,867  128,207  
Depreciation and amortization12,923  11,963  38,694  35,920  
Property taxes, ground rent and insurance6,255  5,919  18,664  17,874  
General and administrative3,486  3,649  10,611  10,818  
Other charges309  7  351  256  
Reimbursed costs from unconsolidated real estate entities1,301  1,435  4,225  4,335  
Total operating expenses70,186  68,522  204,412  197,410  
Operating income before gain (loss) on sale of hotel property19,894  20,375  49,219  49,777  
Gain (loss) on sale of hotel property4    (3,295) (18) 
Operating income19,898  20,375  45,924  49,759  
Interest and other income34  335  155  352  
Interest expense, including amortization of deferred fees(7,050) (6,708) (21,378) (20,005) 
Income (loss) from unconsolidated real estate entities(2,784) 689  (3,450) 938  
Income before income tax expense10,098  14,691  21,251  31,044  
Income tax expense        
Net income10,098  14,691  21,251  31,044  
Net income attributable to noncontrolling interests(96) (111) (199) (231) 
Net income attributable to common shareholders$10,002  $14,580  $21,052  $30,813  
Income per Common Share - Basic:
Net income attributable to common shareholders (Note 11)$0.21  $0.31  $0.44  $0.67  
Income per Common Share - Diluted:
Net income attributable to common shareholders (Note 11)$0.21  $0.31  $0.44  $0.66  
Weighted average number of common shares outstanding:
Basic46,913,922  46,149,765  46,744,890  45,925,178  
Diluted47,152,166  46,384,969  46,956,964  46,078,558  
Distributions declared per common share:$0.33  $0.33  $0.99  $0.99  
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 September 30, 2018 and 2019
Common SharesAdditional Paid - In CapitalRetained earnings (distributions in excess of retained earnings)Total Shareholders’ EquityNoncontrolling Interest in Operating PartnershipTotal Equity
SharesAmount
Balance, July 1, 201845,876,812  $459  $882,752  $(83,079) $800,132  $8,546  $808,678  
Issuance of shares, net of offering costs of $258
637,374  6  13,416  —  13,422  —  13,422  
Amortization of share based compensation—  —  8  —  8  915  923  
Dividends declared on common shares ($0.33 per share)
—  —  —  (15,259) (15,259) —  (15,259) 
Distributions declared on LTIP units ($0.33 per unit)
—  —  —  —  —  (277) (277) 
Reallocation of noncontrolling interest—  —  (20) —  (20) 20    
Net income—  —  —  14,580  14,580  111  14,691  
Balance, September 30, 201846,514,186  $465  $896,156  $(83,758) $812,863  $9,315  $822,178  
Balance, July 1, 201946,918,383  $469  $904,069  $(119,049) $785,489  $11,108  $796,597  
Issuance of shares, net of offering costs of $6
4,553    75  —  75  —  75  
Amortization of share based compensation—  —  16  —  16  1,083  1,099  
Dividends declared on common shares ($0.33 per share)
—  —  —  (15,484) (15,484) —  (15,484) 
Distributions declared on LTIP units ($0.33 per unit)
—  —  —  —  —  (350) (350) 
Net income—  —  —  10,002  10,002  96  10,098  
Balance, September 30, 201946,922,936  $469  $904,160  $(124,531) $780,098  $11,937  $792,035  

 



















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 Nine Months Ended September 30, 2018 and 2019
Common SharesAdditional Paid - In CapitalRetained earnings (distributions in excess of retained earnings)Total Shareholders’ EquityNoncontrolling Interest in Operating PartnershipTotal Equity
SharesAmount
Balance, January 1, 201845,375,266  $450  $871,730  $(69,018) $803,162  $6,618  $809,780  
Issuance of shares pursuant to Equity Incentive Plan21,670  —  500  —  500  —  500  
Issuance of shares, net of offering costs of $515
1,117,250  15  23,832  —  23,847  —  23,847  
Amortization of share based compensation—  —  94  —  94  2,692  2,786  
Dividends declared on common shares ($0.99 per share)
—  —  —  (45,553) (45,553) —  (45,553) 
Distributions declared on LTIP units ($0.99 per unit)
—  —  —  —  —  (878) (878) 
Forfeited distributions declared on LTIP units—  —  —  —  —  652  652  
Net income—  —  —  30,813  30,813  231  31,044  
Balance, September 30, 201846,514,186  $465  $896,156  $(83,758) $812,863  $9,315  $822,178  
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 $207
369,414  4  6,990  —  6,994  —  6,994  
Amortization of share based compensation—  —  47  —  47  3,124  3,171  
Dividends declared on common shares ($0.99 per share)
—  —  —  (46,298) (46,298) —  (46,298) 
Distributions declared on LTIP units ($0.99 per unit)
—  —  —  —  —  (1,001) (1,001) 
Reallocation of noncontrolling interest—  —  337  —  337  (337)   
Net income—  —  —  21,052  21,052  199  21,251  
Balance, September 30, 201946,922,936  $469  $904,160  $(124,531) $780,098  $11,937  $792,035  
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 nine months ended
September 30,
20192018
Cash flows from operating activities:
Net income$21,251  $31,044  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation38,508  35,744  
Amortization of deferred franchise fees186  176  
Amortization of deferred financing fees included in interest expense684  680  
Loss on sale of hotel property3,295    
Share based compensation3,508  3,162  
Loss (gain) from unconsolidated real estate entities3,450  (938) 
Distributions from unconsolidated entities  354  
Changes in assets and liabilities:
Right of use asset460  —  
Hotel receivables(4,938) (2,368) 
Deferred costs(30) (109) 
Prepaid expenses and other assets(1,801) (1,262) 
Accounts payable and accrued expenses5,395  4,948  
Lease liability(287)   
Net cash provided by operating activities69,681  71,431  
Cash flows from investing activities:
Improvements and additions to hotel properties(30,342) (23,309) 
Acquisition of hotel properties, net of cash acquired(8,100) (21,046) 
Investment in hotel properties under development(6,902)   
Proceeds from sale of hotel properties, net8,987    
Distributions from unconsolidated real estate entities661  3,871  
Net cash used in investing activities(35,696) (40,484) 
Cash flows from financing activities:
Borrowings on revolving credit facility59,500  83,000  
Repayments on revolving credit facility(55,000) (85,000) 
Payments on mortgage debt(4,424) (3,638) 
Payment of financing costs(48) (954) 
Payment of offering costs(207) (515) 
Proceeds from issuance of common shares7,199  24,361  
Distributions-common shares/units(46,948) (46,047) 
Net cash used in financing activities(39,928) (28,793) 
Net change in cash, cash equivalents and restricted cash(5,943) 2,154  
Cash, cash equivalents and restricted cash, beginning of period32,337  36,499  
Cash, cash equivalents and restricted cash, end of period$26,394  $38,653  
Supplemental disclosure of cash flow information:
Cash paid for interest$20,605  $18,897  
Capitalized interest$226  $  
Cash paid for income taxes$591  $856  
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Supplemental disclosure of non-cash investing and financing information:
On January 16, 2019, the Company issued 27,870 shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2018. On January 16, 2018, the Company issued 21,670 shares to its independent trustees pursuant to the Company’s Equity Incentive Plan as compensation for services performed in 2017.
As of September 30, 2019, the Company had accrued distributions payable of $6,018. These distributions were paid on October 25, 2019, except for $781 related to accrued but unpaid distributions on unvested performance based shares and LTIP units. As of September 30, 2018, the Company had accrued distributions payable of $5,578. These distributions were paid on October 26, 2018, except for $395 related to accrued but unpaid distributions on unvested performance based shares.
Accrued share based compensation of $337 and $375 is included in accounts payable and accrued expenses as of September 30, 2019 and 2018, respectively.
Accrued capital improvements of $2,421 and $2,172 are included in accounts payable and accrued expenses as of September 30, 2019 and 2018, respectively.

The accompanying notes are an integral part of these consolidated financial statements.
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CHATHAM LODGING TRUST
Notes to the Consolidated Financial Statements
(in thousands, except share and per share data, unless otherwise specified)
(unaudited)
 
1. Organization

Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust (“REIT”) on October 26, 2009. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels.
In January 2014, the Company established an At the Market Equity Offering ("Prior ATM Plan") whereby, from time to time, we may publicly offer and sell our common shares having an aggregate maximum offering price of up to $50 million by means of ordinary brokers’ transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933. The Company filed a $100 million registration statement for a new ATM program (the "ATM Plan" and together with the Prior ATM Plan, the "ATM Plans") on December 28, 2017 to replace the prior program. At the same time, the Company entered into sales agreements with Cantor Fitzgerald & Co. ("Cantor"), Barclays Capital Inc. (“Barclays”), Robert W. Baird & Co. Incorporated, ("Baird"), Citigroup Global Markets Inc. ("Citigroup"), Stifel, Nicolaus & Company, Incorporated ("Stifel") and Wells Fargo Securities, LLC ("Wells Fargo") as sales agents. During the three months ended September 30, 2019, we issued no shares under the ATM Plan. As of September 30, 2019, there was approximately $90.4 million available for issuance under the ATM Plan.
In January 2014, the Company established a $25 million dividend reinvestment and stock purchase plan (the "Prior DRSPP"). We filed a new $50 million shelf registration statement for the dividend reinvestment and stock purchase plan (the "New DRSPP" and together with the Prior DRSPP, the "DRSPPs") on December 28, 2017 to replace the prior program. Under the DRSPPs, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on the Company's common shares. Shareholders may also make optional cash purchases of the Company's common shares subject to certain limitations detailed in the prospectus for the DRSPPs. During the three months ended September 30, 2019, we issued 4,553 shares under the New DRSPP at a weighted average price of $17.73, which generated $0.1 million of proceeds. As of September 30, 2019, there was approximately $28.0 million available for issuance under the New DRSPP.
The net proceeds from any share offerings or issuances are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100.0% of the common units of limited partnership interest in the Operating Partnership. Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets.
As of September 30, 2019, the Company wholly owned 40 hotels with an aggregate of 6,092 rooms located in 15 states and the District of Columbia. As of September 30, 2019, the Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of Colony Capital, Inc. ("CLNY"), which owns 47 hotels acquired from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management ("Cerberus"), comprising 6,098 rooms and (ii) held a 10% noncontrolling interest in a separate joint venture (the "Inland JV") with CLNY, which owns 48 hotels acquired from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of