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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chatham Lodging Trust | NYSE:CLDT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.16 | -1.74% | 9.02 | 9.34 | 8.62 | 9.34 | 518,443 | 00:47:54 |
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Maryland
|
|
27-1200777
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
222 Lakeview Avenue, Suite 200
|
|
|
West Palm Beach, Florida
|
|
33401
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
|
|
|
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
Emerging growth company
|
¨
|
Class
|
Outstanding at August 2, 2017
|
Common Shares of Beneficial Interest ($0.01 par value per share)
|
39,236,397
|
|
|
Page
|
|
|
|
|
|
|
Item 1.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
|
|
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(unaudited)
|
|
|
||||
Assets:
|
|
|
|
||||
Investment in hotel properties, net
|
$
|
1,215,677
|
|
|
$
|
1,233,094
|
|
Cash and cash equivalents
|
12,794
|
|
|
12,118
|
|
||
Restricted cash
|
25,025
|
|
|
25,083
|
|
||
Investment in unconsolidated real estate entities
|
25,345
|
|
|
20,424
|
|
||
Hotel receivables (net of allowance for doubtful accounts of $234 and $155, respectively)
|
7,277
|
|
|
4,389
|
|
||
Deferred costs, net
|
4,263
|
|
|
4,642
|
|
||
Prepaid expenses and other assets
|
5,103
|
|
|
2,778
|
|
||
Deferred tax asset, net
|
—
|
|
|
426
|
|
||
Total assets
|
$
|
1,295,484
|
|
|
$
|
1,302,954
|
|
Liabilities and Equity:
|
|
|
|
||||
Mortgage debt, net
|
$
|
528,077
|
|
|
$
|
530,323
|
|
Revolving credit facility
|
45,000
|
|
|
52,500
|
|
||
Accounts payable and accrued expenses
|
27,823
|
|
|
27,782
|
|
||
Distributions and losses in excess of investments of unconsolidated real estate entities
|
5,780
|
|
|
6,017
|
|
||
Distributions payable
|
5,035
|
|
|
4,742
|
|
||
Total liabilities
|
611,715
|
|
|
621,364
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
Equity:
|
|
|
|
||||
Shareholders’ Equity:
|
|
|
|
||||
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at June 30, 2017 and December 31, 2016
|
—
|
|
|
—
|
|
||
Common shares, $0.01 par value, 500,000,000 shares authorized; 39,225,717 and 38,367,014 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively
|
388
|
|
|
380
|
|
||
Additional paid-in capital
|
739,476
|
|
|
722,019
|
|
||
Retained earnings (distributions in excess of retained earnings)
|
(61,474
|
)
|
|
(45,657
|
)
|
||
Total shareholders’ equity
|
678,390
|
|
|
676,742
|
|
||
Noncontrolling Interests:
|
|
|
|
||||
Noncontrolling interest in Operating Partnership
|
5,379
|
|
|
4,848
|
|
||
Total equity
|
683,769
|
|
|
681,590
|
|
||
Total liabilities and equity
|
$
|
1,295,484
|
|
|
$
|
1,302,954
|
|
|
For the three months ended
|
For the six months ended
|
||||||||||||
|
June 30,
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
2017
|
|
2016
|
||||||||
Revenue:
|
|
|
|
|
|
|
||||||||
Room
|
$
|
72,801
|
|
|
$
|
72,768
|
|
$
|
137,194
|
|
|
$
|
136,702
|
|
Food and beverage
|
1,473
|
|
|
1,726
|
|
2,975
|
|
|
3,234
|
|
||||
Other
|
2,967
|
|
|
2,637
|
|
5,413
|
|
|
4,990
|
|
||||
Cost reimbursements from unconsolidated real estate entities
|
668
|
|
|
870
|
|
1,549
|
|
|
1,924
|
|
||||
Total revenue
|
77,909
|
|
|
78,001
|
|
147,131
|
|
|
146,850
|
|
||||
Expenses:
|
|
|
|
|
|
|
||||||||
Hotel operating expenses:
|
|
|
|
|
|
|
||||||||
Room
|
15,024
|
|
|
14,574
|
|
28,529
|
|
|
28,385
|
|
||||
Food and beverage
|
1,212
|
|
|
1,245
|
|
2,464
|
|
|
2,423
|
|
||||
Telephone
|
387
|
|
|
430
|
|
795
|
|
|
851
|
|
||||
Other hotel operating
|
710
|
|
|
638
|
|
1,310
|
|
|
1,227
|
|
||||
General and administrative
|
5,974
|
|
|
5,700
|
|
11,628
|
|
|
11,196
|
|
||||
Franchise and marketing fees
|
6,089
|
|
|
5,948
|
|
11,391
|
|
|
11,136
|
|
||||
Advertising and promotions
|
1,270
|
|
|
1,344
|
|
2,602
|
|
|
2,696
|
|
||||
Utilities
|
2,352
|
|
|
2,235
|
|
4,722
|
|
|
4,617
|
|
||||
Repairs and maintenance
|
3,179
|
|
|
3,158
|
|
6,431
|
|
|
6,359
|
|
||||
Management fees
|
2,588
|
|
|
2,384
|
|
4,835
|
|
|
4,613
|
|
||||
Insurance
|
295
|
|
|
338
|
|
628
|
|
|
675
|
|
||||
Total hotel operating expenses
|
39,080
|
|
|
37,994
|
|
75,335
|
|
|
74,178
|
|
||||
Depreciation and amortization
|
11,714
|
|
|
12,281
|
|
23,718
|
|
|
24,756
|
|
||||
Impairment loss
|
6,663
|
|
|
—
|
|
6,663
|
|
|
—
|
|
||||
Property taxes, ground rent and insurance
|
5,573
|
|
|
5,014
|
|
10,361
|
|
|
10,037
|
|
||||
General and administrative
|
3,287
|
|
|
2,972
|
|
6,555
|
|
|
6,084
|
|
||||
Hotel property acquisition costs and other charges
|
15
|
|
|
298
|
|
15
|
|
|
310
|
|
||||
Reimbursed costs from unconsolidated real estate entities
|
668
|
|
|
870
|
|
1,549
|
|
|
1,924
|
|
||||
Total operating expenses
|
67,000
|
|
|
59,429
|
|
124,196
|
|
|
117,289
|
|
||||
Operating income
|
10,909
|
|
|
18,572
|
|
22,935
|
|
|
29,561
|
|
||||
Interest and other income
|
6
|
|
|
15
|
|
18
|
|
|
36
|
|
||||
Interest expense, including amortization of deferred fees
|
(6,773
|
)
|
|
(7,092
|
)
|
(13,765
|
)
|
|
(14,129
|
)
|
||||
Loss on early extinguishment of debt
|
—
|
|
|
—
|
|
—
|
|
|
(4
|
)
|
||||
Income from unconsolidated real estate entities
|
927
|
|
|
942
|
|
842
|
|
|
295
|
|
||||
Loss on sale from unconsolidated real estate entities
|
—
|
|
|
(8
|
)
|
—
|
|
|
(8
|
)
|
||||
Income before income tax expense
|
5,069
|
|
|
12,429
|
|
10,030
|
|
|
15,751
|
|
||||
Income tax expense
|
—
|
|
|
(179
|
)
|
(317
|
)
|
|
(179
|
)
|
||||
Net income
|
5,069
|
|
|
12,250
|
|
9,713
|
|
|
15,572
|
|
||||
Net income attributable to noncontrolling interests
|
(35
|
)
|
|
(82
|
)
|
(66
|
)
|
|
(104
|
)
|
||||
Net income attributable to common shareholders
|
$
|
5,034
|
|
|
$
|
12,168
|
|
$
|
9,647
|
|
|
$
|
15,468
|
|
|
|
|
|
|
|
|
||||||||
Income per Common Share - Basic:
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders (Note 10)
|
$
|
0.13
|
|
|
$
|
0.32
|
|
$
|
0.25
|
|
|
$
|
0.40
|
|
Income per Common Share - Diluted:
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders (Note 10)
|
$
|
0.13
|
|
|
$
|
0.31
|
|
$
|
0.25
|
|
|
$
|
0.40
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
||||||||
Basic
|
38,525,306
|
|
|
38,299,132
|
|
38,443,663
|
|
|
38,286,790
|
|
||||
Diluted
|
38,749,661
|
|
|
38,477,212
|
|
38,659,189
|
|
|
38,446,918
|
|
||||
Distributions declared per common share:
|
$
|
0.33
|
|
|
$
|
0.33
|
|
$
|
0.66
|
|
|
$
|
0.64
|
|
|
Common Shares
|
|
Additional
Paid - In
Capital
|
|
Retained earnings (distributions in excess of retained earnings)
|
|
Total
Shareholders’
Equity
|
|
Noncontrolling
Interest in
Operating
Partnership
|
|
Total
Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
Balance, January 1, 2016
|
38,308,937
|
|
|
$
|
379
|
|
|
$
|
719,773
|
|
|
$
|
(27,281
|
)
|
|
$
|
692,871
|
|
|
$
|
4,131
|
|
|
$
|
697,002
|
|
Issuance of shares pursuant to Equity Incentive Plan
|
34,339
|
|
|
—
|
|
|
550
|
|
|
—
|
|
|
550
|
|
|
—
|
|
|
550
|
|
||||||
Issuance of shares, net of offering costs of $1
|
9,278
|
|
|
1
|
|
|
191
|
|
|
—
|
|
|
192
|
|
|
—
|
|
|
192
|
|
||||||
Amortization of share based compensation
|
—
|
|
|
—
|
|
|
646
|
|
|
—
|
|
|
646
|
|
|
598
|
|
|
1,244
|
|
||||||
Dividends declared on common shares ($0.64 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,586
|
)
|
|
(24,586
|
)
|
|
—
|
|
|
(24,586
|
)
|
||||||
Distributions declared on LTIP units ($0.64 per unit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(354
|
)
|
|
(354
|
)
|
||||||
Reallocation of noncontrolling interest
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
(11
|
)
|
|
—
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
15,468
|
|
|
15,468
|
|
|
104
|
|
|
15,572
|
|
||||||
Balance, June 30, 2016
|
38,352,554
|
|
|
$
|
380
|
|
|
$
|
721,171
|
|
|
$
|
(36,399
|
)
|
|
$
|
685,152
|
|
|
$
|
4,468
|
|
|
$
|
689,620
|
|
Balance, January 1, 2017
|
38,367,014
|
|
|
$
|
380
|
|
|
$
|
722,019
|
|
|
$
|
(45,657
|
)
|
|
$
|
676,742
|
|
|
$
|
4,848
|
|
|
$
|
681,590
|
|
Issuance of shares pursuant to Equity Incentive Plan
|
23,980
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
500
|
|
||||||
Issuance of shares, net of offering costs of $512
|
829,723
|
|
|
8
|
|
|
16,351
|
|
|
—
|
|
|
16,359
|
|
|
—
|
|
|
16,359
|
|
||||||
Issuance of restricted time-based shares
|
5,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of share based compensation
|
—
|
|
|
—
|
|
|
421
|
|
|
—
|
|
|
421
|
|
|
1,115
|
|
|
1,536
|
|
||||||
Dividends declared on common shares ($0.66 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,464
|
)
|
|
(25,464
|
)
|
|
—
|
|
|
(25,464
|
)
|
||||||
Distributions declared on LTIP units ($0.66 per unit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(465
|
)
|
|
(465
|
)
|
||||||
Reallocation of noncontrolling interest
|
—
|
|
|
—
|
|
|
185
|
|
|
—
|
|
|
185
|
|
|
(185
|
)
|
|
—
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
9,647
|
|
|
9,647
|
|
|
66
|
|
|
9,713
|
|
||||||
Balance, June 30, 2017
|
39,225,717
|
|
|
$
|
388
|
|
|
$
|
739,476
|
|
|
$
|
(61,474
|
)
|
|
$
|
678,390
|
|
|
$
|
5,379
|
|
|
$
|
683,769
|
|
|
For the six months ended
|
||||||
|
June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
9,713
|
|
|
$
|
15,572
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
23,611
|
|
|
24,649
|
|
||
Amortization of deferred franchise fees
|
107
|
|
|
107
|
|
||
Amortization of deferred financing fees included in interest expense
|
141
|
|
|
548
|
|
||
Impairment loss
|
6,663
|
|
|
—
|
|
||
Loss on early extinguishment of debt
|
—
|
|
|
4
|
|
||
Share based compensation
|
1,786
|
|
|
1,495
|
|
||
Income from unconsolidated real estate entities
|
(842
|
)
|
|
(295
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Hotel receivables
|
(2,887
|
)
|
|
(1,850
|
)
|
||
Deferred tax asset
|
426
|
|
|
—
|
|
||
Deferred costs
|
(44
|
)
|
|
(94
|
)
|
||
Prepaid expenses and other assets
|
(2,349
|
)
|
|
(426
|
)
|
||
Accounts payable and accrued expenses
|
321
|
|
|
(98
|
)
|
||
Net cash provided by operating activities
|
36,646
|
|
|
39,612
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Improvements and additions to hotel properties
|
(12,865
|
)
|
|
(11,774
|
)
|
||
Distributions from unconsolidated entities
|
719
|
|
|
4,069
|
|
||
Investment in unconsolidated real estate entities
|
(5,037
|
)
|
|
—
|
|
||
Restricted cash
|
58
|
|
|
(3,235
|
)
|
||
Net cash used in investing activities
|
(17,125
|
)
|
|
(10,940
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings on revolving credit facility
|
24,000
|
|
|
24,450
|
|
||
Repayments on revolving credit facility
|
(31,500
|
)
|
|
(23,750
|
)
|
||
Payments on mortgage debt
|
(2,070
|
)
|
|
(1,784
|
)
|
||
Principal prepayment of mortgage debt
|
—
|
|
|
(5,954
|
)
|
||
Payment of financing costs
|
—
|
|
|
(50
|
)
|
||
Payment of offering costs
|
(512
|
)
|
|
(1
|
)
|
||
Proceeds from issuance of common shares
|
16,871
|
|
|
192
|
|
||
Distributions-common shares/units
|
(25,634
|
)
|
|
(27,503
|
)
|
||
Net cash used in financing activities
|
(18,845
|
)
|
|
(34,400
|
)
|
||
Net change in cash and cash equivalents
|
676
|
|
|
(5,728
|
)
|
||
Cash and cash equivalents, beginning of period
|
12,118
|
|
|
21,036
|
|
||
Cash and cash equivalents, end of period
|
$
|
12,794
|
|
|
$
|
15,308
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
13,297
|
|
|
$
|
13,486
|
|
Cash paid for income taxes
|
$
|
294
|
|
|
$
|
485
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Land and improvements
|
$
|
274,554
|
|
|
$
|
274,554
|
|
Building and improvements
|
1,045,697
|
|
|
1,045,880
|
|
||
Furniture, fixtures and equipment
|
53,603
|
|
|
50,495
|
|
||
Renovations in progress
|
13,309
|
|
|
10,067
|
|
||
|
1,387,163
|
|
|
1,380,996
|
|
||
Less: accumulated depreciation
|
(171,486
|
)
|
|
(147,902
|
)
|
||
Investment in hotel properties, net
|
$
|
1,215,677
|
|
|
$
|
1,233,094
|
|
|
For the three months ended
|
For the six months ended
|
||||||||||||
|
June 30,
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
2017
|
|
2016
|
||||||||
Revenue
|
$
|
130,192
|
|
|
$
|
130,813
|
|
$
|
238,766
|
|
|
$
|
239,260
|
|
Total hotel operating expenses
|
81,747
|
|
|
74,604
|
|
156,704
|
|
|
142,452
|
|
||||
Operating income
|
$
|
48,445
|
|
|
$
|
56,209
|
|
$
|
82,062
|
|
|
$
|
96,808
|
|
Net income (loss) from continuing operations
|
$
|
8,075
|
|
|
$
|
7,769
|
|
$
|
562
|
|
|
$
|
(121
|
)
|
Net income (loss)
|
$
|
8,075
|
|
|
$
|
7,769
|
|
$
|
562
|
|
|
$
|
(121
|
)
|
|
|
|
|
|
|
|
||||||||
Income (loss) allocable to the Company
|
$
|
825
|
|
|
$
|
792
|
|
$
|
65
|
|
|
$
|
(5
|
)
|
Basis difference adjustment
|
102
|
|
|
150
|
|
777
|
|
|
300
|
|
||||
Total loss from unconsolidated real estate entities attributable to the Company
|
$
|
927
|
|
|
$
|
942
|
|
$
|
842
|
|
|
$
|
295
|
|
Collateral
|
Interest
Rate
|
|
Maturity Date
|
|
6/30/17
Property Carrying Value |
|
Balance Outstanding on Loan as of
|
|||||||||
June 30, 2017
|
|
December 31,
2016 |
||||||||||||||
Senior Unsecured Revolving Credit Facility
(1)
|
3.35
|
%
|
|
November 25, 2019
|
|
$
|
—
|
|
|
$
|
45,000
|
|
|
$
|
52,500
|
|
Residence Inn by Marriott New Rochelle, NY
|
5.75
|
%
|
|
September 1, 2021
|
|
19,612
|
|
|
13,953
|
|
|
14,141
|
|
|||
Residence Inn by Marriott San Diego, CA
|
4.66
|
%
|
|
February 6, 2023
|
|
44,298
|
|
|
28,749
|
|
|
29,026
|
|
|||
Homewood Suites by Hilton San Antonio, TX
|
4.59
|
%
|
|
February 6, 2023
|
|
32,320
|
|
|
16,415
|
|
|
16,575
|
|
|||
Residence Inn by Marriott Vienna, VA
|
4.49
|
%
|
|
February 6, 2023
|
|
30,581
|
|
|
22,476
|
|
|
22,699
|
|
|||
Courtyard by Marriott Houston, TX
|
4.19
|
%
|
|
May 6, 2023
|
|
32,478
|
|
|
18,568
|
|
|
18,758
|
|
|||
Hyatt Place Pittsburgh, PA
|
4.65
|
%
|
|
July 6, 2023
|
|
35,251
|
|
|
22,652
|
|
|
22,864
|
|
|||
Residence Inn by Marriott Bellevue, WA
|
4.97
|
%
|
|
December 6, 2023
|
|
68,314
|
|
|
45,835
|
|
|
46,206
|
|
|||
Residence Inn by Marriott Garden Grove, CA
|
4.79
|
%
|
|
April 6, 2024
|
|
39,400
|
|
|
33,418
|
|
|
33,674
|
|
|||
Residence Inn by Marriott Silicon Valley I, CA
|
4.64
|
%
|
|
July 1, 2024
|
|
81,009
|
|
|
64,800
|
|
|
64,800
|
|
|||
Residence Inn by Marriott Silicon Valley II, CA
|
4.64
|
%
|
|
July 1, 2024
|
|
88,655
|
|
|
70,700
|
|
|
70,700
|
|
|||
Residence Inn by Marriott San Mateo, CA
|
4.64
|
%
|
|
July 1, 2024
|
|
63,962
|
|
|
48,600
|
|
|
48,600
|
|
|||
Residence Inn by Marriott Mountain View, CA
|
4.64
|
%
|
|
July 6, 2024
|
|
56,007
|
|
|
37,900
|
|
|
37,900
|
|
|||
SpringHill Suites by Marriott Savannah, GA
|
4.62
|
%
|
|
July 6, 2024
|
|
36,906
|
|
|
30,000
|
|
|
30,000
|
|
|||
Hilton Garden Inn Marina del Rey, CA
|
4.68
|
%
|
|
July 6, 2024
|
|
42,461
|
|
|
21,953
|
|
|
22,145
|
|
|||
Homewood Suites by Hilton Billerica, MA
|
4.32
|
%
|
|
December 6, 2024
|
|
11,454
|
|
|
16,225
|
|
|
16,225
|
|
|||
Homewood Suites by Hilton Carlsbad CA
|
4.32
|
%
|
|
December 6, 2024
|
|
29,440
|
|
|
19,950
|
|
|
19,950
|
|
|||
Hampton Inn & Suites Houston Medical Center, TX
|
4.25
|
%
|
|
January 6, 2025
|
|
15,061
|
|
|
18,300
|
|
|
18,300
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
Total debt before unamortized debt issue costs
|
|
|
|
|
$
|
727,209
|
|
|
$
|
575,494
|
|
|
$
|
585,063
|
|
|
Unamortized mortgage debt issue costs
|
|
|
|
|
|
|
(2,417
|
)
|
|
(2,240
|
)
|
|||||
Total debt outstanding
|
|
|
|
|
|
|
$
|
573,077
|
|
|
$
|
582,823
|
|
(1)
|
The interest rate for the senior unsecured revolving credit facility is variable and based on either LIBOR plus an applicable margin ranging from
1.55%
to
2.3%
, or prime plus an applicable margin of
0.55%
to
1.3%
.
|
|
Amount
|
||
2017 (remaining six months)
|
$
|
2,262
|
|
2018
|
5,374
|
|
|
2019
|
52,340
|
|
|
2020
|
9,899
|
|
|
2021
|
22,308
|
|
|
2022
|
10,350
|
|
|
Thereafter
|
472,961
|
|
|
Total debt before unamortized debt issue costs
|
$
|
575,494
|
|
Unamortized mortgage debt issue costs
|
(2,417
|
)
|
|
Total debt outstanding
|
$
|
573,077
|
|
|
For the three months ended
|
|
For the six months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Federal
|
$
|
—
|
|
|
$
|
152
|
|
|
$
|
271
|
|
|
$
|
152
|
|
State
|
—
|
|
|
27
|
|
|
46
|
|
|
27
|
|
||||
Tax expense (benefit)
|
$
|
—
|
|
|
$
|
179
|
|
|
$
|
317
|
|
|
$
|
179
|
|
|
|
Record
Date
|
|
Payment
Date
|
|
Common
share
distribution
amount
|
|
LTIP
unit
distribution
amount
|
||||
January
|
1/31/2017
|
|
2/24/2017
|
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
February
|
2/28/2017
|
|
3/31/2017
|
|
0.11
|
|
|
0.11
|
|
|||
March
|
3/31/2017
|
|
4/28/2017
|
|
0.11
|
|
|
0.11
|
|
|||
1st Quarter 2017
|
|
|
|
|
$
|
0.33
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|||||
April
|
4/28/2017
|
|
5/26/2017
|
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
May
|
5/26/2017
|
|
6/30/2017
|
|
0.11
|
|
|
0.11
|
|
|||
June
|
6/30/2017
|
|
7/28/2017
|
|
0.11
|
|
|
$
|
0.11
|
|
||
2nd Quarter 2017
|
|
|
|
|
$
|
0.33
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|||||
Total 2017
|
|
|
|
|
$
|
0.66
|
|
|
$
|
0.66
|
|
|
For the three months ended
|
|
For the six months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders
|
$
|
5,034
|
|
|
$
|
12,168
|
|
|
$
|
9,647
|
|
|
$
|
15,468
|
|
Dividends paid on unvested shares and units
|
(65
|
)
|
|
(48
|
)
|
|
(127
|
)
|
|
(94
|
)
|
||||
Undistributed earnings allocated to unvested shares and units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income attributable to common shareholders
|
$
|
4,969
|
|
|
$
|
12,120
|
|
|
$
|
9,520
|
|
|
$
|
15,374
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares - basic
|
38,525,306
|
|
|
38,299,132
|
|
|
38,443,663
|
|
|
38,286,790
|
|
||||
Unvested shares
|
224,355
|
|
|
178,080
|
|
|
215,526
|
|
|
160,128
|
|
||||
Weighted average number of common shares - diluted
|
38,749,661
|
|
|
38,477,212
|
|
|
38,659,189
|
|
|
38,446,918
|
|
||||
Basic income per Common Share:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders per weighted average basic common share
|
$
|
0.13
|
|
|
$
|
0.32
|
|
|
$
|
0.25
|
|
|
$
|
0.40
|
|
Diluted income per Common Share:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders per weighted average diluted common share
|
$
|
0.13
|
|
|
$
|
0.31
|
|
|
$
|
0.25
|
|
|
$
|
0.40
|
|
Award Type
|
Award Date
|
|
Total Shares Granted
|
|
Vested as of June 30, 2017
|
||
2014 Time-based Awards
|
1/31/2014
|
|
48,213
|
|
|
48,213
|
|
2014 Performance-based Awards
|
1/31/2014
|
|
38,805
|
|
|
12,935
|
|
2015 Time-based Awards
|
1/30/2015
|
|
40,161
|
|
|
26,774
|
|
2015 Performance-based Awards
|
1/30/2015
|
|
36,144
|
|
|
—
|
|
2015 Time-based Awards
|
6/1/2015
|
|
8,949
|
|
|
5,966
|
|
2017 Restricted Board Awards
|
1/11/2017
|
|
5,000
|
|
|
—
|
|
Performance Award
|
|
|
|
|
|
Risk Free Interest
|
|
Grant Date
|
|
Volatility
|
|
Dividend Yield
|
|
Rate
|
|
1/31/2014
|
|
27%
|
|
—%
|
|
0.71%
|
|
1/30/2015
|
|
29%
|
|
—%
|
|
0.84%
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||
|
Number of
Shares
|
|
Weighted -
Average Grant
Date Fair
Value
|
|
Number of
Shares
|
|
Weighted -
Average Grant
Date Fair
Value
|
||||||
Non-vested at beginning of the period
|
110,825
|
|
|
$
|
22.05
|
|
|
170,480
|
|
|
$
|
21.38
|
|
Granted
|
5,000
|
|
|
20.20
|
|
|
—
|
|
|
—
|
|
||
Vested
|
(32,441
|
)
|
|
25.77
|
|
|
(59,655
|
)
|
|
20.14
|
|
||
Forfeited
|
(25,870
|
)
|
|
$
|
13.17
|
|
|
—
|
|
|
$
|
—
|
|
Non-vested at end of the period
|
57,514
|
|
|
$
|
23.78
|
|
|
110,825
|
|
|
$
|
22.05
|
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||
|
Number of
Shares |
|
Weighted -
Average Grant Date Fair Value |
|
Number of
Shares |
|
Weighted -
Average Grant Date Fair Value |
||||||
Non-vested at beginning of the period
|
295,551
|
|
|
$
|
14.36
|
|
|
183,300
|
|
|
$
|
14.13
|
|
Granted
|
223,922
|
|
|
19.20
|
|
|
112,251
|
|
|
14.73
|
|
||
Vested
|
(37,417
|
)
|
|
14.73
|
|
|
—
|
|
|
—
|
|
||
Non-vested at end of the period
|
482,056
|
|
|
$
|
16.58
|
|
|
295,551
|
|
|
$
|
14.36
|
|
|
Grant Date
|
Volatility
|
Dividend Yield
|
Risk Free Interest Rate
|
Discount
|
Outperformance Plan
|
6/1/2015
|
26%
|
4.5%
|
0.95%
|
—%
|
2016 Time-Based LTIP Unit Awards
|
1/28/2016
|
28%
|
—%
|
0.79%
|
7.5%
|
2016 Performance-Based LTIP Unit Awards
|
1/28/2016
|
30%
|
5.8%
|
1.13%
|
—%
|
2017 Time-Based LTIP Unit Awards
|
3/1/2017
|
24%
|
—%
|
0.92%
|
7.5%
|
2017 Performance-Based LTIP Unit Awards
|
3/1/2017
|
25%
|
5.8%
|
1.47%
|
—%
|
|
Other Leases
(1)
|
|
Office Lease
|
||||
|
Amount
|
||||||
2017 (remaining six months)
|
$
|
608
|
|
|
$
|
380
|
|
2018
|
1,217
|
|
|
772
|
|
||
2019
|
1,220
|
|
|
792
|
|
||
2020
|
1,267
|
|
|
812
|
|
||
2021
|
1,273
|
|
|
832
|
|
||
2022
|
1,276
|
|
|
853
|
|
||
Thereafter
|
68,178
|
|
|
3,310
|
|
||
Total
|
$
|
75,039
|
|
|
$
|
7,751
|
|
Property
|
Courtyard Altoona
|
Springhill Suites Washington
|
Residence Inn Garden Grove
|
Residence Inn San Diego
|
Residence Inn San Antonio
|
Residence Inn Vienna
|
Residence Inn Washington D.C.
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Original Management Fee
|
4.0
|
%
|
4.0
|
%
|
2.5
|
%
|
2.5
|
%
|
2.5
|
%
|
2.5
|
%
|
2.5
|
%
|
Amended Management Fee
|
3.0
|
%
|
3.0
|
%
|
3.0
|
%
|
3.0
|
%
|
3.0
|
%
|
3.0
|
%
|
3.0
|
%
|
Original Monthly Accounting Fee
|
1,211
|
|
991
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
Amended Monthly Accounting Fee
|
1,500
|
|
1,200
|
|
1,200
|
|
1,200
|
|
1,200
|
|
1,200
|
|
1,200
|
|
Original Monthly Revenue Management Fee
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Amended Monthly Revenue Management Fee
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
Property
|
Homewood Suites Billerica
|
Homewood Suites Bloomington
|
Homewood Suites Maitland
|
Homewood Suites Dallas
|
Homewood Suites Brentwood
|
Homewood Suites Farmington
|
||||||
|
|
|
|
|
|
|
||||||
Renewal Date
|
4/1/2017
|
|
4/1/2017
|
|
5/1/2017
|
|
5/1/2017
|
|
6/1/2017
|
|
8/1/2017
|
|
Original Management Fee
|
2.0
|
%
|
2.0
|
%
|
2.0
|
%
|
2.0
|
%
|
2.0
|
%
|
2.0
|
%
|
Amended Management Fee
|
3.0
|
%
|
3.0
|
%
|
3.0
|
%
|
3.0
|
%
|
3.0
|
%
|
3.0
|
%
|
Original Monthly Accounting Fee
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
Amended Monthly Accounting Fee
|
1,200
|
|
1,200
|
|
1,200
|
|
1,200
|
|
1,200
|
|
1,200
|
|
Original Monthly Revenue Management Fee
|
550
|
|
550
|
|
550
|
|
550
|
|
550
|
|
550
|
|
Amended Monthly Revenue Management Fee
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
•
|
Revenue Per Available Room (“RevPAR”),
|
•
|
Average Daily Rate (“ADR”),
|
•
|
Occupancy,
|
•
|
Funds From Operations (“FFO”),
|
•
|
Adjusted FFO,
|
•
|
Earnings before interest, taxes, depreciation and amortization (“EBITDA”),
|
•
|
Adjusted EBITDA, and
|
•
|
Adjusted Hotel EBITDA
|
|
For the three months ended
|
|
|
|||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
% Change
|
|||||
Room
|
$
|
72,801
|
|
|
$
|
72,768
|
|
|
—
|
%
|
Food and beverage
|
1,473
|
|
|
1,726
|
|
|
(14.7
|
)%
|
||
Other
|
2,967
|
|
|
2,637
|
|
|
12.5
|
%
|
||
Cost reimbursements from unconsolidated real estate entities
|
668
|
|
|
870
|
|
|
(23.2
|
)%
|
||
Total revenue
|
$
|
77,909
|
|
|
$
|
78,001
|
|
|
(0.1
|
)%
|
|
For the three months ended June 30,
|
|
|
|
|
||||||||||||||||
|
2017
|
|
2016
|
|
Percentage Change
|
||||||||||||||||
|
Same Property (38 hotels)
|
|
Actual (38 hotels)
|
|
Same Property (38 hotels)
|
|
Actual (38 hotels)
|
|
Same Property(38 hotels)
|
|
Actual (38/38 hotels)
|
||||||||||
Occupancy
|
82.8
|
%
|
|
82.8
|
%
|
|
85.7
|
%
|
|
85.7
|
%
|
|
(3.3
|
)%
|
|
(3.3
|
)%
|
||||
ADR
|
$
|
169.06
|
|
|
$
|
169.06
|
|
|
$
|
164.28
|
|
|
$
|
164.28
|
|
|
2.9
|
%
|
|
2.9
|
%
|
RevPAR
|
$
|
140.06
|
|
|
$
|
140.06
|
|
|
$
|
140.78
|
|
|
$
|
140.78
|
|
|
(0.5
|
)%
|
|
(0.5
|
)%
|
|
For the three months ended
|
|
|
|||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
% Change
|
|||||
Hotel operating expenses:
|
|
|
|
|
|
|||||
Room
|
$
|
15,024
|
|
|
$
|
14,574
|
|
|
3.1
|
%
|
Food and beverage
|
1,212
|
|
|
1,245
|
|
|
(2.7
|
)%
|
||
Telephone
|
387
|
|
|
430
|
|
|
(10.0
|
)%
|
||
Other
|
710
|
|
|
638
|
|
|
11.3
|
%
|
||
General and administrative
|
5,974
|
|
|
5,700
|
|
|
4.8
|
%
|
||
Franchise and marketing fees
|
6,089
|
|
|
5,948
|
|
|
2.4
|
%
|
||
Advertising and promotions
|
1,270
|
|
|
1,344
|
|
|
(5.5
|
)%
|
||
Utilities
|
2,352
|
|
|
2,235
|
|
|
5.2
|
%
|
||
Repairs and maintenance
|
3,179
|
|
|
3,158
|
|
|
0.7
|
%
|
||
Management fees
|
2,588
|
|
|
2,384
|
|
|
8.6
|
%
|
||
Insurance
|
295
|
|
|
338
|
|
|
(12.7
|
)%
|
||
Total hotel operating expenses
|
$
|
39,080
|
|
|
$
|
37,994
|
|
|
2.9
|
%
|
|
For the three months ended
|
|
|
|||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
% Change
|
|||||
Mortgage debt interest
|
$
|
6,310
|
|
|
$
|
6,302
|
|
|
0.1
|
%
|
Credit facility interest and unused fees
|
582
|
|
|
510
|
|
|
14.1
|
%
|
||
Amortization of deferred financing costs
|
(119
|
)
|
|
280
|
|
|
(142.5
|
)%
|
||
Total
|
$
|
6,773
|
|
|
$
|
7,092
|
|
|
(4.5
|
)%
|
|
Six Months Ended
|
|
|
|||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
% Change
|
|||||
Room
|
$
|
137,194
|
|
|
$
|
136,702
|
|
|
0.4
|
%
|
Food and beverage
|
2,975
|
|
|
3,234
|
|
|
(8.0
|
)%
|
||
Other
|
5,413
|
|
|
4,990
|
|
|
8.5
|
%
|
||
Cost reimbursements from unconsolidated real estate entities
|
1,549
|
|
|
1,924
|
|
|
(19.5
|
)%
|
||
Total revenue
|
$
|
147,131
|
|
|
$
|
146,850
|
|
|
0.2
|
%
|
|
For the six months ended June 30,
|
|
|
|
|
||||||||||||||||
|
2017
|
|
2016
|
|
Percentage Change
|
||||||||||||||||
|
Same Property (38 hotels)
|
|
Actual (38 hotels)
|
|
Same Property (38 hotels)
|
|
Actual (38 hotels)
|
|
Same Property (38 hotels)
|
|
Actual (38/38 hotels)
|
||||||||||
Occupancy
|
79.8
|
%
|
|
79.8
|
%
|
|
81.7
|
%
|
|
81.7
|
%
|
|
(2.3
|
)%
|
|
(2.3
|
)%
|
||||
ADR
|
$
|
166.29
|
|
|
$
|
166.29
|
|
|
$
|
161.89
|
|
|
$
|
161.89
|
|
|
2.7
|
%
|
|
2.7
|
%
|
RevPAR
|
$
|
132.70
|
|
|
$
|
132.70
|
|
|
$
|
132.26
|
|
|
$
|
132.26
|
|
|
0.3
|
%
|
|
0.3
|
%
|
|
For the six months ended
|
|
|
|||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
% Change
|
|||||
Hotel operating expenses:
|
|
|
|
|
|
|||||
Room
|
$
|
28,529
|
|
|
$
|
28,385
|
|
|
0.5
|
%
|
Food and beverage
|
2,464
|
|
|
2,423
|
|
|
1.7
|
%
|
||
Telephone
|
795
|
|
|
851
|
|
|
(6.6
|
)%
|
||
Other
|
1,310
|
|
|
1,227
|
|
|
6.8
|
%
|
||
General and administrative
|
11,628
|
|
|
11,196
|
|
|
3.9
|
%
|
||
Franchise and marketing fees
|
11,391
|
|
|
11,136
|
|
|
2.3
|
%
|
||
Advertising and promotions
|
2,602
|
|
|
2,696
|
|
|
(3.5
|
)%
|
||
Utilities
|
4,722
|
|
|
4,617
|
|
|
2.3
|
%
|
||
Repairs and maintenance
|
6,431
|
|
|
6,359
|
|
|
1.1
|
%
|
||
Management fees
|
4,835
|
|
|
4,613
|
|
|
4.8
|
%
|
||
Insurance
|
628
|
|
|
675
|
|
|
(7.0
|
)%
|
||
Total hotel operating expenses
|
$
|
75,335
|
|
|
$
|
74,178
|
|
|
1.6
|
%
|
|
For the six months ended
|
|
|
|||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
% Change
|
|||||
Mortgage debt interest
|
$
|
12,495
|
|
|
$
|
12,571
|
|
|
(0.6
|
)%
|
Credit facility interest and unused fees
|
1,129
|
|
|
1,009
|
|
|
11.9
|
%
|
||
Amortization of deferred financing costs
|
141
|
|
|
549
|
|
|
(74.3
|
)%
|
||
Total
|
$
|
13,765
|
|
|
$
|
14,129
|
|
|
(2.6
|
)%
|
|
For the three months ended
|
For the six months ended
|
||||||||||||
|
June 30,
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
2017
|
|
2016
|
||||||||
Funds From Operations (“FFO”):
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
5,069
|
|
|
$
|
12,250
|
|
$
|
9,713
|
|
|
$
|
15,572
|
|
Loss on sale from unconsolidated real estate entities
|
—
|
|
|
8
|
|
—
|
|
|
8
|
|
||||
Depreciation
|
11,661
|
|
|
12,227
|
|
23,611
|
|
|
24,649
|
|
||||
Impairment loss
|
6,663
|
|
|
—
|
|
6,663
|
|
|
—
|
|
||||
Adjustments for unconsolidated real estate entity items
|
1,763
|
|
|
2,015
|
|
3,234
|
|
|
3,976
|
|
||||
FFO attributable to common share and unit holders
|
25,156
|
|
|
26,500
|
|
43,221
|
|
|
44,205
|
|
||||
Hotel property acquisition costs and other charges
|
15
|
|
|
298
|
|
15
|
|
|
310
|
|
||||
Loss on early extinguishment of debt
|
—
|
|
|
—
|
|
—
|
|
|
4
|
|
||||
Adjustments for unconsolidated real estate entity items
|
8
|
|
|
13
|
|
15
|
|
|
23
|
|
||||
Adjusted FFO attributable to common share and unit holders
|
$
|
25,179
|
|
|
$
|
26,811
|
|
$
|
43,251
|
|
|
$
|
44,542
|
|
Weighted average number of common shares
|
|
|
|
|
|
|
||||||||
Basic
|
38,795,416
|
|
|
38,556,907
|
|
38,707,640
|
|
|
38,544,565
|
|
||||
Diluted
|
39,019,771
|
|
|
38,734,987
|
|
38,923,165
|
|
|
38,704,693
|
|
|
For the three months ended
|
|
For the six months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”):
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
5,069
|
|
|
$
|
12,250
|
|
|
$
|
9,713
|
|
|
$
|
15,572
|
|
Interest expense
|
6,773
|
|
|
7,092
|
|
|
13,765
|
|
|
14,129
|
|
||||
Income tax expense
|
—
|
|
|
179
|
|
|
317
|
|
|
179
|
|
||||
Depreciation and amortization
|
11,714
|
|
|
12,281
|
|
|
23,718
|
|
|
24,756
|
|
||||
Adjustments for unconsolidated real estate entity items
|
3,825
|
|
|
3,968
|
|
|
7,137
|
|
|
7,950
|
|
||||
EBITDA
|
27,381
|
|
|
35,770
|
|
|
54,650
|
|
|
62,586
|
|
||||
Hotel property acquisition costs and other charges
|
15
|
|
|
298
|
|
|
15
|
|
|
310
|
|
||||
Impairment loss
|
6,663
|
|
|
—
|
|
|
6,663
|
|
|
—
|
|
||||
Loss on early extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Adjustments for unconsolidated real estate entity items
|
28
|
|
|
27
|
|
|
42
|
|
|
36
|
|
||||
Loss on sale from unconsolidated real estate entities
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
||||
Share based compensation
|
999
|
|
|
759
|
|
|
1,786
|
|
|
1,495
|
|
||||
Adjusted EBITDA
|
$
|
35,086
|
|
|
$
|
36,862
|
|
|
$
|
63,156
|
|
|
$
|
64,439
|
|
|
|
For the three months ended
|
For the six months ended
|
||||||||||||
|
|
June 30,
|
June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
|
$
|
5,069
|
|
|
$
|
12,250
|
|
$
|
9,713
|
|
|
$
|
15,572
|
|
Add:
|
Interest expense
|
6,773
|
|
|
7,092
|
|
13,765
|
|
|
14,129
|
|
||||
|
Income tax expense
|
—
|
|
|
179
|
|
317
|
|
|
179
|
|
||||
|
Depreciation and amortization
|
11,714
|
|
|
12,281
|
|
23,718
|
|
|
24,756
|
|
||||
|
Corporate general and administrative
|
3,287
|
|
|
2,972
|
|
6,555
|
|
|
6,084
|
|
||||
|
Hotel property acquisition costs and other charges
|
15
|
|
|
298
|
|
15
|
|
|
310
|
|
||||
|
Impairment loss
|
6,663
|
|
|
—
|
|
6,663
|
|
|
—
|
|
||||
|
Loss on early extinguishment of debt
|
—
|
|
|
—
|
|
—
|
|
|
4
|
|
||||
|
Loss on sale from unconsolidated real estate entities
|
—
|
|
|
8
|
|
—
|
|
|
8
|
|
||||
Less:
|
Interest and other income
|
(6
|
)
|
|
(15
|
)
|
(18
|
)
|
|
(36
|
)
|
||||
|
Income from unconsolidated real estate entities
|
(927
|
)
|
|
(942
|
)
|
(842
|
)
|
|
(295
|
)
|
||||
|
Adjusted Hotel EBITDA
|
$
|
32,588
|
|
|
$
|
34,123
|
|
$
|
59,886
|
|
|
$
|
60,711
|
|
•
|
FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
|
•
|
FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
|
•
|
FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect funds available to make cash distributions;
|
•
|
EBITDA, 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 our 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, 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 our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our 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 we consider not to be indicative of the underlying performance of our hotel properties; and
|
•
|
Other companies in our industry may calculate FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and Adjusted Hotel EBITDA differently than we do, limiting their usefulness as a comparative measure.
|
|
Payments Due by Period
|
||||||||||||||||||
Contractual Obligations
|
Total
|
|
Less Than
One Year |
|
One to Three
Years |
|
Three to Five
Years |
|
More Than Five
Years |
||||||||||
Corporate office lease (1)
|
$
|
7,751
|
|
|
$
|
380
|
|
|
$
|
1,564
|
|
|
$
|
1,644
|
|
|
$
|
4,163
|
|
Revolving credit facility, including interest (2)
|
52,463
|
|
|
1,097
|
|
|
4,388
|
|
|
46,978
|
|
|
—
|
|
|||||
Ground leases
|
75,039
|
|
|
608
|
|
|
2,437
|
|
|
2,540
|
|
|
69,454
|
|
|||||
Property loans, including interest (2)
|
672,453
|
|
|
14,692
|
|
|
61,690
|
|
|
80,484
|
|
|
515,587
|
|
|||||
Total
|
$
|
807,706
|
|
|
$
|
16,777
|
|
|
$
|
70,079
|
|
|
$
|
131,646
|
|
|
$
|
589,204
|
|
(1)
|
The Company entered into a new corporate office lease in 2015. The lease is for
eleven
years and includes a
12
-month rent abatement period and certain tenant improvement allowances. The Company shares the space with related parties and is reimbursed for the pro-rata share of rentable space occupied by related parties.
|
(2)
|
Does not reflect paydowns or additional borrowings under the senior unsecured revolving credit facility after
June 30, 2017
. Interest payments are based on the interest rate in effect as of
June 30, 2017
. See Note 7, “Debt” to our unaudited consolidated financial statements for additional information relating to our property loans.
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total/ Weighted Average
|
|
Fair Value
|
|||||||||||||||
Floating rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt
|
—
|
|
|
—
|
|
|
$
|
45,000
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
45,000
|
|
|
$
|
45,000
|
|
||
Average interest rate (1)
|
—
|
|
|
—
|
|
|
3.51
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.51
|
%
|
|
|
|||||||
Fixed rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt
|
$2,262
|
|
$5,374
|
|
$7,340
|
|
$
|
9,899
|
|
|
$
|
22,308
|
|
|
$
|
10,350
|
|
|
$472,961
|
|
$
|
530,494
|
|
|
$
|
537,912
|
|
|||||
Average interest rate
|
4.76
|
%
|
|
4.69
|
%
|
|
4.68
|
%
|
|
4.67
|
%
|
|
5.25
|
%
|
|
4.62
|
%
|
|
4.62
|
%
|
|
4.65
|
%
|
|
|
Exhibit
Number
|
|
Description of Exhibit
|
|
|
|
|
|
|
3.1
|
|
Articles of Amendment and Restatement of Chatham Lodging Trust
(1)
|
|
|
|
3.2
|
|
Second Amended and Restated Bylaws of Chatham Lodging Trust
(2)
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.1*
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Furnished herewith. Such certification shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
|
|
|
|
|
(1
|
)
|
Incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K filed with the SEC on February 29, 2016 (File No. 001-34693).
|
|
|
|
(2
|
)
|
Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on April 21, 2015 (File No. 001-34693).
|
|
|
|
CHATHAM LODGING TRUST
|
|
|
|
|
Dated:
|
August 2, 2017
|
|
By: /s/ JEREMY B. WEGNER
|
|
|
|
Jeremy B. Wegner
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer and duly authorized officer of the registrant)
|
1 Year Chatham Lodging Chart |
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