Chatham Lodging Trust Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Chatham Lodging Trust submitted its Q1 2024 10-Q filing on May 6, 2024.</b>

AI Summary

Chatham Lodging Trust (CLDT-PA) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Chatham Lodging Trust filed its 10-Q report for the quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial statement items and disclosures are included in this report. The company's fiscal year ends on December 31. The filing was made on May 6, 2024.

Why It Matters

For investors and stakeholders tracking Chatham Lodging Trust, this filing contains several important signals. This 10-Q provides investors with a detailed look at Chatham Lodging Trust's financial performance and position during the first quarter of 2024. Understanding the specifics of this filing is crucial for assessing the REIT's operational health, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: medium — Chatham Lodging Trust shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains detailed financial information but does not usually include significant new strategic announcements or material adverse events that would drastically alter the risk profile without further context.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand revenue trends, expense management, and overall profitability for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report)
• 2024-05-06 — Filing Date (10-Q submission date)
• 2024-01-01 — Reporting Period Start Date (Quarterly report)
• 1231 — Fiscal Year End (Annual fiscal year)

Key Players & Entities

• Chatham Lodging Trust (company) — Filer of the 10-Q report
• 2024-03-31 (date) — End of the reporting period
• 2024-05-06 (date) — Filing date of the 10-Q
• 2024-01-01 (date) — Start of the reporting period
• MD (location) — State of incorporation
• FL (location) — State of business and mailing address
• West Palm Beach (location) — City of business and mailing address
• 271200777 (identifier) — IRS number

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2024-01-01: Quarterly Period Start — Marks the beginning of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.01 — Common Shares of Beneficial Interest, $0.01 par value CLDT New York Stock Exchange

Filing Documents

• cldt-20240331.htm (10-Q) — 1047KB
• cldtex31120240331.htm (EX-31.1) — 10KB
• cldtex31220240331.htm (EX-31.2) — 10KB
• cldtex32120240331.htm (EX-32.1) — 7KB
• 0001476045-24-000035.txt (&nbsp;) — 6354KB
• cldt-20240331.xsd (EX-101.SCH) — 60KB
• cldt-20240331_cal.xml (EX-101.CAL) — 63KB
• cldt-20240331_def.xml (EX-101.DEF) — 313KB
• cldt-20240331_lab.xml (EX-101.LAB) — 631KB
• cldt-20240331_pre.xml (EX-101.PRE) — 462KB
• cldt-20240331_htm.xml (XML) — 742KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 20

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk. 32

Controls and Procedures

Item 4. Controls and Procedures. 33

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 34

Risk Factors

Item 1A. Risk Factors. 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 34

Other Information

Item 5. Other Information. 34

Exhibits

Item 6. Exhibits. 35 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CHATHAM LODGING TRUST Consolidated Balance Sheets (In thousands, except share and per share data) March 31, 2024 December 31, 2023 (unaudited) Assets: Investment in hotel properties, net $ 1,205,271 $ 1,227,633 Cash and cash equivalents 72,260 68,130 Restricted cash 19,240 17,619 Right of use asset, net 17,996 18,141 Hotel receivables (net of allowance for doubtful accounts of $ 339 and $ 280 , respectively) 3,748 4,375 Deferred costs, net 4,765 4,246 Prepaid expenses and other assets 9,694 3,786 Total assets $ 1,332,974 $ 1,343,930 Liabilities and Equity: Mortgage debt, net $ 392,985 $ 394,544 Revolving credit facility — — Unsecured term loan, net 89,597 89,533 Accounts payable and accrued expenses (including $ 548 and $ 399 due to related parties, respectively) 29,285 29,255 Lease liability, net 20,698 20,808 Distributions payable 5,431 5,414 Total liabilities 537,996 539,554 Commitments and contingencies (Note 12) 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, 2024 and December 31, 2023, respectively 48 48 Common shares, $ 0.01 par value, 500,000,000 shares authorized; 48,907,719 and 48,859,836 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 489 488 Additional paid-in capital 1,046,779 1,047,176 Accumulated deficit ( 282,287 ) ( 271,651 ) Total shareholders' equity 765,029 776,061 Noncontrolling Interests: Noncontrolling interest in Operating Partnership 29,949 28,315 Total equity 794,978 804,376 Total liabilities and equity $ 1,332,974 $ 1,343,930 The accompanying notes are an integral part of these consolidated financial statements. 3 CHATHAM LODGING TRUST Consolidated Statements of Operations (In thousands, except share and per share data) (unaudited) For the three months ended March 31, 2024 2023 Revenue: Room $ 62,483 $

View Full Filing

View this 10-Q filing on SEC EDGAR