Chatham Lodging Trust

Previous wording

At March 31, 2026, our leverage ratio was 24.6% measured as the ratio of our net debt (total debt outstanding before deferred financing costs less unrestricted cash and cash equivalents) to hotel investments at cost. Over the past several years, we have maintained a leverage ratio between the low 20s and the low 50s. As of March 31, 2026, we have total debt of $428.2 million at a weighted-average interest rate of approximately 5.84%.

Current wording

At June 30, 2026, our leverage ratio was 24.1% measured as the ratio of our net debt (total debt outstanding before deferred financing costs less unrestricted cash and cash equivalents) to hotel investments at cost. Over the past several years, we have maintained a leverage ratio between the low 20s and the low 50s. As of June 30, 2026, we have total debt of $418.2 million at a weighted-average interest rate of approximately 5.84%.

Previous wording

Smith Travel Research reported that U.S. lodging industry RevPAR increased 3.8% for the three months ended March 31, 2026, with RevPAR up 0.4% in January 2026, up 4.3% in February 2026 and up 5.9% in March 2026. We expect that during the remainder of 2026, lodging industry RevPAR will continue to increase modestly.

Current wording

Smith Travel Research reported that U.S. lodging industry RevPAR increased 5.7% for the three months ended June 30, 2026, with RevPAR up 4.4% in April 2026, up 4.0% in May 2026 and up 8.4% in June 2026. We expect that during the remainder of 2026, lodging industry RevPAR will continue to increase modestly.

Previous wording

Total revenue was $67.5 million for the three months ended March 31, 2026, down $1.1 million compared to total revenue of $68.6 million for the corresponding 2025 period. The decrease in total revenue primarily was related to the four sold hotels in 2025, which contributed zero revenue during the three months ended March 31, 2026, down $4.1 million from the $4.1 million that the sold hotels contributed for the corresponding 2025 period. The decrease was partially offset by the 1.0% increase in same property RevPAR and the acquisition of six hotels in 2026, which contributed $2.2 million of revenue during the three months ended March 31, 2026, up $2.2 million from the corresponding 2025 period. Since all of our hotels are select-service or limited-service hotels, room revenue is the primary revenue source as these hotels do not have significant food and beverage revenue or large group conference facilities. Room revenue comprised 90.7% and 90.9% of total revenue for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Total revenue was $87.8 million for the three months ended June 30, 2026, up $7.5 million compared to total revenue of $80.3 million for the corresponding 2025 period. The increase in total revenue primarily was related to the 3.3% increase in same property RevPAR and the acquisition of six hotels in 2026, which contributed $7.3 million of revenue during the three months ended June 30, 2026. The increase was partially offset by the two hotels sold in 2025, which contributed zero revenue during the three months ended June 30, 2026, down from the $2.1 million that the sold hotels contributed for the corresponding 2025 period. Since all of our hotels are select-service or limited-service hotels, room revenue is the primary revenue source as these hotels do not have significant food and beverage revenue or large group conference facilities. Room revenue comprised 91.8% and 91.4% of total revenue for the three months ended June 30, 2026 and 2025, respectively.

Previous wording

Food and beverage revenue was $1.6 million for the three months ended March 31, 2026, down $0.1 million compared to $1.7 million for the corresponding 2025 period.

Current wording

Food and beverage revenue was $1.6 million for the three months ended June 30, 2026, down $0.3 million compared to $1.9 million for the corresponding 2025 period.

Previous wording

Other operating revenue is comprised of parking, meeting room, gift shop, in-room movie and other ancillary amenities revenue. Other operating revenue was $4.4 million and $4.3 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Other operating revenue is comprised of parking, meeting room, gift shop, in-room movie and other ancillary amenities revenue. Other operating revenue was $5.3 million and $4.8 million for the three months ended June 30, 2026 and 2025, respectively.

Previous wording

Reimbursable costs from related parties were $0.3 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. The cost reimbursements were offset by the reimbursed costs from related parties included in operating expenses.

Current wording

Reimbursable costs from related parties were $0.3 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively. The cost reimbursements were offset by the reimbursed costs from related parties included in operating expenses.

Previous wording

In the table below, we present both actual and same property room revenue metrics. Actual Occupancy, ADR and RevPAR metrics reflect the performance of the hotels for the actual days such hotels were owned by the Company during the periods presented. Same property Occupancy, ADR and RevPAR reflect results for the hotels owned by us as of March 31, 2026 that have been in operation for a full year regardless of our ownership during the period presented, which is a non-GAAP financial measure. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us.

Current wording

In the table below, we present both actual and same property room revenue metrics. Actual Occupancy, ADR and RevPAR metrics reflect the performance of the hotels for the actual days such hotels were owned by the Company during the periods presented. Same property Occupancy, ADR and RevPAR reflect results for the hotels owned by us as of June 30, 2026 that have been in operation for a full year regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us.

Previous wording

For the three months ended March 31, 2026 same property RevPAR increased 1.0% due to an increase in occupancy of 0.1% and an increase in ADR of 0.8%. Same property RevPAR decreased 5.1% in January 2026, increased 1.5% in February 2026 and increased 5.3% in March 2026. Same property RevPAR was $102.79 in January 2026, $132.81 in February 2026 and $149.53 in March 2026.

Current wording

For the three months ended June 30, 2026 same property RevPAR increased 3.3% due to a decrease in occupancy of 0.5% and an increase in ADR of 3.9%. Same property RevPAR increased 1.8% in April 2026, decreased 0.8% in May 2026 and increased 8.7% in June 2026. Same property RevPAR was $147.11 in April 2026, $151.69 in May 2026 and $175.32 in June 2026.

Previous wording

Hotel operating expenses decreased $1.1 million, or 2.7%, to $40.7 million for the three months ended March 31, 2026 from $41.8 million for the three months ended March 31, 2025. The four sold hotels contributed zero in operating expenses for the three months ended March 31, 2026, down $2.9 million from the $2.9 million that the sold hotels contributed for the corresponding 2025 period. This was partially offset by the acquisition of six hotels in 2026, which contributed $1.1 million in operating expenses during the three months ended March 31, 2026, up $1.1 million from the corresponding 2025 period, and the impact of inflation.

Current wording

Hotel operating expenses increased $3.5 million, or 8.2%, to $46.5 million for the three months ended June 30, 2026 from $43.0 million for the three months ended June 30, 2025. The increase in hotel operating expenses was related primarily to the acquisition of six hotels in 2026, which contributed $3.7 million in operating expenses during the three months ended June 30, 2026, and the impact of inflation. This was partially offset by the two sold hotels which contributed zero in operating expenses for the three months ended June 30, 2026, down from the $1.4 million that the sold hotels contributed for the corresponding 2025 period.

Previous wording

The remaining hotel operating expenses decreased $0.3 million, from $27.0 million for the three months ended March 31, 2025 to $26.7 million for the three months ended March 31, 2026.

Current wording

The remaining hotel operating expenses increased $1.8 million, from $28.1 million for the three months ended June 30, 2025 to $29.9 million for the three months ended June 30, 2026.

Previous wording

Depreciation and amortization expense was $14.8 million and $15.0 million for the three months ended March 31, 2026 and 2025, respectively. The decrease was primarily related to the sales of four hotels in 2025 partially offset by the acquisition of six hotels in 2026.

Current wording

Depreciation and amortization expense was $15.7 million and $15.4 million for the three months ended June 30, 2026 and 2025, respectively. The increase was primarily related to the acquisition of six hotels in 2026 partially offset by the sales of two hotels in 2025.

Previous wording

Total property taxes, ground rent and insurance expenses decreased $0.5 million from $5.7 million for the three months ended March 31, 2025 to $5.2 million for the three months ended March 31, 2026. The decrease was primarily related to the sales of four hotels in 2025 and successful property tax appeals at multiple hotel properties, partially offset by the acquisition of six hotels in 2026.

Current wording

Total property taxes, ground rent and insurance expenses decreased $0.8 million from $6.1 million for the three months ended June 30, 2025 to $5.3 million for the three months ended June 30, 2026. The decrease was primarily related to the sales of two hotels in 2025 and successful property tax appeals at multiple hotel properties, partially offset by the acquisition of six hotels in 2026.

Previous wording

General and administrative expenses principally consist of employee-related costs, including base payroll, bonuses and amortization of restricted stock and awards of long-term incentive plan units ("LTIP units"). These expenses also include corporate operating costs, professional fees and trustees’ fees. Total general and administrative expenses (excluding amortization of share-based compensation of $1.5 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively) was $3.1 million for the three months ended March 31, 2026 versus $3.0 million for the three months ended March 31, 2025.

Current wording

General and administrative expenses principally consist of employee-related costs, including base payroll, bonuses and amortization of share-based compensation expense. These expenses also include corporate operating costs, professional fees and trustees’ fees. Total general and administrative expenses (excluding amortization of share-based compensation of $1.5 million and $1.6 million for the three months ended June 30, 2026 and 2025, respectively) was $3.1 million for the three months ended June 30, 2026 versus $2.4 million for the three months ended June 30, 2025.

Previous wording

Reimbursable costs from related parties, comprised of shared office expenses and rent, were $0.3 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. The cost reimbursements were offset by the cost reimbursements from related parties included in revenues.

Current wording

Reimbursable costs from related parties, comprised of shared office expenses and rent, were $0.3 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively. The cost reimbursements were offset by the cost reimbursements from related parties included in revenues.

Previous wording

Interest expense decreased $0.7 million from $6.9 million for the three months ended March 31, 2025 to $6.2 million for the three months ended March 31, 2026 and is comprised of the following (dollars in thousands):

Current wording

Interest expense increased $0.5 million from $6.4 million for the three months ended June 30, 2025 to $6.9 million for the three months ended June 30, 2026 and is comprised of the following (dollars in thousands):

Previous wording

The decrease in interest expense was due to lower floating SOFR-based interest rates during the three months ended March 31, 2026 than during the three months ended March 31, 2025.

Current wording

The increase in interest expense was due to higher debt balances during the three months ended June 30, 2026 than during the three months ended June 30, 2025.

Previous wording

Net loss was $(4.5) million for the three months ended March 31, 2026, compared to net income of $1.5 million for the three months ended March 31, 2025. The change in net (loss) income was primarily due to the factors discussed above.

Current wording

Net income was $8.5 million for the three months ended June 30, 2026, compared to net income of $5.5 million for the three months ended June 30, 2025. The change in net income was primarily due to the factors discussed above.

Previous wording

Results of operations for the three months ended March 31, 2026 include the operating activities of the hotels we owned during the period. We sold one hotel located in Brentwood, TN on January 30, 2025, sold one hotel located in Houston, TX on March 17, 2025, sold one hotel located in Houston, TX on April 22, 2025, and sold one hotel located in Billerica, MA on December 23, 2025. We acquired a portfolio of six hotels on March 3, 2026, which were located in Paducah, KY, Joplin, MO, and Effingham, IL. The changes in results described below were driven primarily by an increase in RevPAR, the sales of four hotels, the acquisition of six hotels and inflationary cost pressures.

Current wording

Results of operations for the six months ended June 30, 2026 include the operating activities of the hotels we owned during the period. We sold one hotel located in Brentwood, TN on January 30, 2025, sold one hotel located in Houston, TX on March 17, 2025, sold one hotel located in Houston, TX on April 22, 2025, and sold one hotel located in Billerica, MA on December 23, 2025. We acquired a portfolio of six hotels on March 3, 2026, which were located in Paducah, KY, Joplin, MO, and Effingham, IL. The changes in results described below were driven primarily by an increase in RevPAR, the sales of four hotels, the acquisition of six hotels and inflationary cost increases.

Previous wording

Room expenses, which are the most significant component of hotel operating expenses, decreased $0.8 million from $14.8 million for the three months ended March 31, 2025 to $14.0 million for the three months ended March 31, 2026. The decrease in room expenses was related primarily to the decrease in costs from the sales of four hotels, partially offset by the increase in costs from the acquisition of six hotels and the impact of inflation.

Current wording

Room expenses, which are the most significant component of hotel operating expenses, increased $0.8 million from $29.8 million for the six months ended June 30, 2025 to $30.6 million for the six months ended June 30, 2026. The increase in room expenses was related primarily to the acquisition of six hotels and the impact of inflation, partially offset by the decrease in costs from the sales of four hotels.

Previous wording

Other charges increased from $7 thousand for the three months ended March 31, 2025 to $0.5 million for the three months ended March 31, 2026 due to additional audit fees related to the acquisition of six hotels in 2026.

Current wording

Other charges increased from $7 thousand for the six months ended June 30, 2025 to $0.5 million for the six months ended June 30, 2026 due to additional audit fees related to the acquisition of six hotels in 2026.

Previous wording

Gain on sale of hotel properties decreased $7.0 million to $0.1 million for the three months ended March 31, 2026 compared to $7.1 million for the three months ended March 31, 2025. The HWS Brentwood hotel property was sold on January 30, 2025, and the HI Houston hotel property was sold on March 17, 2025, which resulted in a total gain of $7.1 million in the prior period.

Current wording

Gain on sale of hotel properties decreased $7.4 million to $0.1 million for the six months ended June 30, 2026 compared to $7.5 million for the six months ended June 30, 2025. The HWS Brentwood hotel property was sold on January 30, 2025, the HI Houston hotel property was sold on March 17, 2025, and the CY Houston hotel property was sold on April 22, 2025 which resulted in a total gain of $7.5 million in the prior period.

Previous wording

Interest on cash and cash equivalents and other income was $0.1 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Interest on cash and cash equivalents and other income was $0.1 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

The following is a reconciliation of net income (loss) to FFO and Adjusted FFO for the three months ended March 31, 2026 and 2025 (in thousands, except share data):

Current wording

The following is a reconciliation of net income (loss) to FFO and Adjusted FFO for the three and six months ended June 30, 2026 and 2025 (in thousands, except share data):

Previous wording

The following is a reconciliation of net income (loss) to EBITDA, EBITDAre and Adjusted EBITDA for the three months ended March 31, 2026 and 2025 (in thousands):

Current wording

The following is a reconciliation of net income (loss) to EBITDA, EBITDAre and Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025 (in thousands):

Previous wording

The following is a presentation of, and a reconciliation of net income (loss) to, Adjusted Hotel EBITDA for the three months ended March 31, 2026 and 2025 (in thousands):

Current wording

The following is a presentation of, and a reconciliation of net income (loss) to, Adjusted Hotel EBITDA for the three and six months ended June 30, 2026 and 2025 (in thousands):

Previous wording

Our principal sources of cash include net cash from operations, availability under our credit facility, proceeds from debt and equity issuances, and proceeds from the sale of hotel properties. Our principal uses of cash include acquisitions, capital expenditures, operating costs, corporate expenditures, interest costs, debt repayments, common share repurchases, and distributions to equity holders.

Current wording

Our principal sources of cash include net cash from operations, availability under our revolving credit facility, proceeds from debt and equity issuances, and proceeds from the sale of hotel properties. Our principal uses of cash include acquisitions, capital expenditures, operating costs, corporate expenditures, interest costs, debt repayments, common share repurchases, and distributions to equity holders.

Previous wording

Cash, cash equivalents, and restricted cash totaled $19.3 million as of March 31, 2026, a decrease of $13.3 million from December 31, 2025, primarily due to net cash provided by operating activities of $13.3 million, net cash used in investing activities of $(98.5) million, and net cash provided by financing activities of $71.8 million.

Current wording

Cash, cash equivalents, and restricted cash totaled $17.7 million as of June 30, 2026, a decrease of $14.9 million from December 31, 2025, primarily due to net cash provided by operating activities of $38.9 million, net cash used in investing activities of $(105.9) million, and net cash provided by financing activities of $52.0 million.

Previous wording

Net cash flows provided by operating activities increased $9.1 million to $13.3 million during the three months ended March 31, 2026 compared to $4.2 million during the three months ended March 31, 2025. The increase in cash from operating activities was primarily due to improving revenue from our hotels which generated same property RevPAR growth of 1.0% during the three months ended March 31, 2026, the acquisition of six hotels in 2026 and an increase in accounts payable and accrued expenses, partially offset by the sale of four hotels in 2025.

Current wording

Net cash flows provided by operating activities increased $12.6 million to $38.9 million during the six months ended June 30, 2026 compared to $26.3 million during the six months ended June 30, 2025. The increase in cash from operating activities was primarily due to improving revenue from our hotels which generated same property RevPAR growth of 2.3% during the six months ended June 30, 2026, the acquisition of six hotels in 2026 and an increase in accounts payable and accrued expenses, partially offset by the sale of four hotels in 2025.

Previous wording

Net cash flows used in investing activities increased $121.3 million to $98.5 million during the three months ended March 31, 2026 compared to net cash flows provided by investing activities of $22.8 million during the three months ended March 31, 2025. For the three months ended March 31, 2026, net cash flows used in investing activities of $98.5 million consisted of $6.0 million related to capital improvements on our hotels and $92.5 million related to the acquisition of six hotels. For the three months ended March 31, 2025, net cash flows provided by investing activities of $22.8 million consisted of $29.9 million in net proceeds related to the sales of two hotels, partially offset by $7.1 million related to capital improvements on our hotels.

Current wording

Net cash flows used in investing activities increased $142.4 million to $105.9 million during the six months ended June 30, 2026 compared to net cash flows provided by investing activities of $36.5 million during the six months ended June 30, 2025. For the six months ended June 30, 2026, net cash flows used in investing activities of $105.9 million consisted of $13.4 million related to capital improvements on our hotels and $92.5 million related to the acquisition of six hotels. For the six months ended June 30, 2025, net cash flows provided by investing activities of $36.5 million consisted of $53.0 million in net proceeds related to the sales of three hotels, partially offset by $(16.4) million related to capital improvements on our hotels.

Previous wording

We expect to invest approximately $20.5 million on renovations, discretionary and emergency expenditures on our existing hotels during the remainder of 2026, including improvements required under any brand PIP.

Current wording

We expect to invest approximately $13.1 million on renovations, discretionary and emergency expenditures on our existing hotels during the remainder of 2026, including improvements required under any brand PIP.

Previous wording

Net cash flows provided by (used in) financing activities increased $103.4 million to $71.8 million during the three months ended March 31, 2026 compared to $(31.6) million during the three months ended March 31, 2025. For the three months ended March 31, 2026, net cash flows provided by financing activities of $71.8 million were comprised of net borrowings on our revolving credit facility of $85.0 million, repurchases of common shares of $6.6 million, distributions to common share and LTIP unit holders of $4.5 million and distributions on preferred shares of $2.0 million. For the three months ended March 31, 2025, net cash flows used in financing activities of $(31.6) million were comprised of the repayment of mortgage debt of $16.0 million, net repayments on our revolving credit facility of $10.0 million, distributions to common share and LTIP unit holders of $3.7 million and distributions on preferred shares of $2.0 million.

Current wording

Net cash flows provided by financing activities increased $120.4 million to $52.0 million during the six months ended June 30, 2026 compared to net cash flows used in financing activities of $68.4 million during the six months ended June 30, 2025. For the six months ended June 30, 2026, net cash flows provided by financing activities of $52.0 million were comprised of net borrowings on our revolving credit facility of $75.0 million, repurchases of common shares of $9.5 million, distributions to common share and LTIP unit holders of $9.5 million and distributions on preferred shares of $4.0 million. For the six months ended June 30, 2025, net cash flows used in financing activities of $68.4 million were comprised of the repayment of mortgage debt of $16.0 million, net repayments on our revolving credit facility of $40.0 million, distributions to common share and LTIP unit holders of $8.3 million, distributions on preferred shares of $4.0 million, and repurchases of common shares of $0.1 million.

Previous wording

We declared total dividends of $0.10 and $0.09 per common share and LTIP unit for the three months ended March 31, 2026 and 2025, respectively. We declared total dividends of $0.41406 and $0.41406 per Series A preferred share for the three months ended March 31, 2026 and 2025, respectively.

Current wording

We declared total dividends of $0.20 and $0.18 per common share and LTIP unit for the six months ended June 30, 2026 and 2025, respectively. We declared total dividends of $0.82812 and $0.82812 per Series A preferred share for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

At March 31, 2026, our leverage ratio was approximately 24.6% measured as the ratio of our net debt (total debt outstanding before deferred financing costs less unrestricted cash and cash equivalents) to hotel investments at cost. Over the past several years, we have maintained a leverage ratio between the low 20s and the low 50s. At March 31, 2026, we had total debt of $428.2 million at an average interest rate of approximately 5.84%.

Current wording

At June 30, 2026, our leverage ratio was approximately 24.1% measured as the ratio of our net debt (total debt outstanding before deferred financing costs less unrestricted cash and cash equivalents) to hotel investments at cost. Over the past several years, we have maintained a leverage ratio between the low 20s and the low 50s. At June 30, 2026, we had total debt of $418.2 million at an average interest rate of approximately 5.84%.

Previous wording

At March 31, 2026 and December 31, 2025, we had $85.0 million and zero, respectively, in outstanding borrowings under our $300.0 million revolving credit facility. We had $200.0 million and $200.0 million in outstanding borrowings under our unsecured term loan at March 31, 2026 and December 31, 2025, respectively.

Current wording

At June 30, 2026 and December 31, 2025, we had $75.0 million and zero, respectively, in outstanding borrowings under our $300.0 million revolving credit facility. We had $200.0 million and $200.0 million in outstanding borrowings under our unsecured term loan at June 30, 2026 and December 31, 2025, respectively.

Previous wording

In December 2017, we established a $50.0 million dividend reinvestment and stock purchase plan (the "DRSPP") which renewed in December 2020 and renewed again in January 2024. Under the DRSPP, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on common shares. Shareholders may also make optional cash purchases of common shares subject to certain limitations detailed in the prospectuses for the DRSPP. During the three months ended March 31, 2026, the Company issued 1,569 common shares under the DRSPP at a weighted-average price per share of $7.38, which generated $12 thousand of proceeds. As of March 31, 2026, there was approximately $49.9 million of common shares available for issuance under the DRSPP.

Current wording

In December 2017, we established a $50.0 million dividend reinvestment and share purchase plan (the "DRSPP") which renewed in December 2020 and renewed again in January 2024. Under the DRSPP, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on common shares. Shareholders may also make optional cash purchases of common shares subject to certain limitations detailed in the prospectuses for the DRSPP. During the three months ended June 30, 2026, the Company issued 1,555 common shares under the DRSPP at a weighted-average price per share of $9.53, which generated $15 thousand of proceeds. During the six months ended June 30, 2026, the Company issued 3,124 common shares under the DRSPP at a weighted-average price per share of $8.45, which generated $26 thousand of proceeds. As of June 30, 2026, there was approximately $49.9 million of common shares available for issuance under the DRSPP.

Previous wording

In May 2025, the Board of Trustees authorized and approved a $25.0 million share repurchase program (the "Share Repurchase Program") of our common shares. Under the Share Repurchase Program, we have the ability to repurchase up to $25.0 million of common shares through open market purchases or other privately negotiated transactions at times and in amounts as we deem appropriate. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time. During the three months ended March 31, 2026, the Company repurchased 904,927 common shares at a weighted-average price per share of $7.35 for an aggregate purchase price, including commissions, of approximately $6.6 million. As of March 31, 2026, there was approximately $9.4 million of common shares available for repurchase under the Share Repurchase Program.

Current wording

In May 2025, the Board of Trustees authorized and approved a $25.0 million share repurchase program (the "Share Repurchase Program") of our common shares. Under the Share Repurchase Program, we have the ability to repurchase up to $25.0 million of common shares through open market purchases or other privately negotiated transactions at times and in amounts as we deem appropriate. The Share Repurchase Program has no time limit and may be suspended or discontinued at any time. During the three months ended June 30, 2026, the Company repurchased 311,745 common shares at a weighted-average price per share of $9.07 for an aggregate purchase price, including commissions, of approximately $2.8 million. During the six months ended June 30, 2026, the Company repurchased 1,216,672 common shares at a weighted-average price per share of $7.79 for an aggregate purchase price, including commissions, of approximately $9.5 million. As of June 30, 2026, approximately $6.6 million of common shares remained available for repurchase under the Share Repurchase Program.

Previous wording

We expect to meet our short-term liquidity requirements generally through existing cash balances and availability under our credit facility. We believe that our existing cash balances and availability under our credit facility will be adequate to fund operating obligations, pay interest on any borrowings and fund dividends in accordance with the requirements for qualification as a REIT under the Code. We expect to meet our long-term liquidity requirements, such as hotel property acquisitions and development, and debt maturities or repayments through additional long-term secured and unsecured borrowings, the issuance of additional equity or debt securities or the possible sale of existing assets.

Current wording

We expect to meet our short-term liquidity requirements generally through existing cash balances and availability under our revolving credit facility. We believe that our existing cash balances and availability under our revolving credit facility will be adequate to fund operating obligations, pay interest on any borrowings and fund dividends in accordance with the requirements for qualification as a REIT under the Code. We expect to meet our long-term liquidity requirements, such as hotel property acquisitions and development, and debt maturities or repayments through additional long-term secured and unsecured borrowings, the issuance of additional equity or debt securities or the possible sale of existing assets.

Previous wording

Our dividend policy for common shares has been to distribute, annually, approximately 100% of our annual taxable income. During the three months ended March 31, 2026, the Company declared total dividends on common shares of $0.10 per share and distributions on LTIP units of $0.10 per unit. We plan to pay dividends required to maintain REIT status. The amount of any dividend is determined by our Board of Trustees.

Current wording

Our dividend policy for common shares has been to distribute, annually, approximately 100% of our annual taxable income. During the six months ended June 30, 2026, the Company declared total dividends on common shares of $0.20 per share and distributions on LTIP units of $0.20 per unit. We plan to pay dividends required to maintain REIT status. The amount of any dividend is determined by our Board of Trustees.

Previous wording

Chatham declared dividends of $0.41406 per share of 6.625% Series A Cumulative Redeemable Preferred Shares during the three months ended March 31, 2026.

Current wording

Chatham declared dividends of $0.82812 per share of 6.625% Series A Cumulative Redeemable Preferred Shares during the six months ended June 30, 2026.

Previous wording

Demand for our hotels is affected by recurring seasonal patterns. Generally, we expect that we will have lower revenue, operating income and cash flow in the first and fourth quarters and higher revenue, operating income and cash flow in the second and third quarters. These general trends are, however, influenced by overall economic cycles and the geographic locations of our hotels. To the extent that cash flow from operations is insufficient during any quarter, due to temporary or seasonal fluctuations in revenue, we expect to utilize cash on hand or borrowings under our credit facility to pay expenses, debt service or to make distributions to our equity holders.

Current wording

Demand for our hotels is affected by recurring seasonal patterns. Generally, we expect that we will have lower revenue, operating income and cash flow in the first and fourth quarters and higher revenue, operating income and cash flow in the second and third quarters. These general trends are, however, influenced by overall economic cycles and the geographic locations of our hotels. To the extent that cash flow from operations is insufficient during any quarter, due to temporary or seasonal fluctuations in revenue, we expect to utilize cash on hand or borrowings under our revolving credit facility to pay expenses, debt service or to make distributions to our equity holders.