Chatham Lodging Trust
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
CLDT$15.50+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001437749-26-025638
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001437749-26-035178
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 134 previous paragraphs and 135 current paragraphs.
76 unchanged; 54 reworded; 3 added; 3 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 30 previous and 30 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Other charges decreased from $16 thousand for the three months ended September 30, 2025 to $(122) thousand for the three months ended September 30, 2026.
Current report
Income tax expense was $0.2 million and zero for the nine months ended September 30, 2026 and 2025, respectively.
Current report
Our mortgage debt agreements contain “cash trap” provisions that are triggered when the hotel's operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of the lenders until a specified debt service coverage ratio or debt yield is reached. Such provisions do not allow the lender the right to accelerate repayment of the underlying debt. As of September 30, 2026, one of our mortgage debt lenders has enforced cash trap provisions resulting in $0.7 million of restricted cash. We do not expect that the cash trap will affect our ability to satisfy our short-term liquidity requirements.
Removed paragraphs (3)
Previous report
Other charges increased from zero for the three months ended June 30, 2025 to $26 thousand for the three months ended June 30, 2026.
Previous report
Food and beverage revenue was $3.2 million for the six months ended June 30, 2026, down $0.3 million compared to $3.5 million for the corresponding 2025 period.
Previous report
Income tax expense was $0.1 million and zero for the six months ended June 30, 2026 and 2025, respectively. We are subject to income taxes based on the taxable income of our TRS Lessees at a combined federal and state tax rate of approximately 25%. The Company’s TRS continues to have cumulative three-year taxable losses and recognizes a full valuation allowance equal to 100% of the gross deferred tax assets due to the uncertainty of the TRS's ability to utilize these deferred tax assets.
Reworded paragraphs (54)
Previous 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%.
Current wording
At September 30, 2026, our leverage ratio was 23.2% 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 September 30, 2026, we have total debt of $408.2 million at a weighted-average interest rate of approximately 5.87%.
Previous 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.
Current wording
Smith Travel Research reported that U.S. lodging industry RevPAR increased 7.1% for the three months ended September 30, 2026, with RevPAR up 8.2% in July 2026, up 2.0% in August 2026 and up 11.0% in September 2026. We expect that during the remainder of 2026, lodging industry RevPAR will continue to increase.
Previous wording
Results of operations for the three months ended June 30, 2026 include the operating activities of the hotels we owned during the period. We 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 two hotels, the acquisition of six hotels and inflationary cost increases.
Current wording
Results of operations for the three months ended September 30, 2026 include the operating activities of the hotels we owned during the period. We 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 sale of one hotel, the acquisition of six hotels and inflationary cost increases.
Previous 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.
Current wording
Total revenue was $90.9 million for the three months ended September 30, 2026, up $12.5 million compared to total revenue of $78.4 million for the corresponding 2025 period. The increase in total revenue primarily was related to the 8.3% increase in same property RevPAR and the acquisition of six hotels in 2026, which contributed $7.2 million of revenue during the three months ended September 30, 2026. The increase was partially offset by the one hotel sold in 2025, which contributed zero revenue during the three months ended September 30, 2026, down from the $1.5 million that the sold hotel 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 91.7% and 91.7% of total revenue for the three months ended September 30, 2026 and 2025, respectively.
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 $5.3 million and $4.8 million for the three months ended June 30, 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 $5.7 million and $4.6 million for the three months ended September 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Reimbursable costs from related parties were $0.3 million and $0.3 million for the three months ended September 30, 2026 and 2025, respectively. The cost reimbursements were offset by the reimbursed costs from related parties included in operating expenses.
Previous 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.
Current wording
For the three months ended September 30, 2026 same property RevPAR increased 8.3% due to a decrease in occupancy of 4.9% and an increase in ADR of 3.1%. Same property RevPAR increased 9.7% in July 2026, increased 7.7% in August 2026 and increased 7.4% in September 2026. Same property RevPAR was $169.09 in July 2026, $153.07 in August 2026 and $162.28 in September 2026.
Previous 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.
Current wording
Hotel operating expenses increased $6.1 million, or 13.8%, to $50.1 million for the three months ended September 30, 2026 from $44.0 million for the three months ended September 30, 2025. The increase in hotel operating expenses was related primarily to the acquisition of six hotels in 2026, which contributed $4.0 million in operating expenses during the three months ended September 30, 2026, and the impact of inflation. This was partially offset by the one sold hotel which contributed zero in operating expenses for the three months ended September 30, 2026, down from the $1.0 million that the sold hotel contributed for the corresponding 2025 period.
Previous wording
Room expenses, which are the most significant component of hotel operating expenses, increased $1.6 million from $15.0 million for the three months ended June 30, 2025 to $16.6 million for the three months ended June 30, 2026. The increase in room expenses was related primarily to the increase in costs from the acquisition of six hotels and the impact of inflation, partially offset by the sales of two hotels.
Current wording
Room expenses, which are the most significant component of hotel operating expenses, increased $2.5 million from $15.5 million for the three months ended September 30, 2025 to $18.0 million for the three months ended September 30, 2026. The increase in room expenses was related primarily to the increase in costs from the acquisition of six hotels and the impact of inflation, partially offset by the sale of one hotel.
Previous 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.
Current wording
The remaining hotel operating expenses increased $3.5 million, from $28.6 million for the three months ended September 30, 2025 to $32.1 million for the three months ended September 30, 2026.
Previous 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.
Current wording
Depreciation and amortization expense was $16.1 million and $14.7 million for the three months ended September 30, 2026 and 2025, respectively. The increase was primarily related to the acquisition of six hotels in 2026 partially offset by the sale of one hotel in 2025.
Previous 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.
Current wording
Total property taxes, ground rent and insurance expenses increased $0.2 million from $5.3 million for the three months ended September 30, 2025 to $5.5 million for the three months ended September 30, 2026. The increase was primarily related to the acquisition of six hotels in 2026 partially offset by the sale of one hotel in 2025.
Previous 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.
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 $1.5 million for the three months ended September 30, 2026 and 2025, respectively) was $3.2 million for the three months ended September 30, 2026 versus $2.6 million for the three months ended September 30, 2025.
Previous 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.
Current 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 September 30, 2026 and 2025, respectively. The cost reimbursements were offset by the cost reimbursements from related parties included in revenues.
Previous wording
Gain on Sale of Hotel Properties
Current wording
Loss (gain) on sale of hotel properties was $82 thousand and $(39) thousand for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Interest on cash and cash equivalents and other income was $23 thousand and $59 thousand for the three months ended June 30, 2026 and 2025, respectively.
Current wording
Interest on cash and cash equivalents and other income was $28 thousand and $71 thousand for the three months ended September 30, 2026 and 2025, respectively.
Previous 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):
Current wording
Interest expense increased $0.6 million from $6.2 million for the three months ended September 30, 2025 to $6.8 million for the three months ended September 30, 2026 and is comprised of the following (dollars in thousands):
Previous wording
Income tax expense was $0.1 million and zero for the three months ended June 30, 2026 and 2025, respectively. We are subject to income taxes based on the taxable income of our TRS Lessees at a combined federal and state tax rate of approximately 25%. The Company’s TRS continues to have cumulative three-year taxable losses and recognizes a full valuation allowance equal to 100% of the gross deferred tax assets due to the uncertainty of the TRS's ability to utilize these deferred tax assets.
Current wording
Income tax expense was $0.1 million and zero for the three months ended September 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Net income was $7.5 million for the three months ended September 30, 2026, compared to net income of $3.6 million for the three months ended September 30, 2025. The change in net income was primarily due to the factors discussed above.
Previous wording
Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025
Current wording
Comparison of the nine months ended September 30, 2026 to the nine months ended September 30, 2025
Previous 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.
Current wording
Results of operations for the nine months ended September 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
Total revenue was $155.3 million for the six months ended June 30, 2026, up $6.4 million compared to total revenue of $148.9 million for the corresponding 2025 period. The increase in total revenue primarily was related to the 2.3% increase in same property RevPAR and the acquisition of six hotels in 2026, which contributed $9.5 million of revenue during the six months ended June 30, 2026. The increase was partially offset by the sale of four hotels in 2025, which contributed zero revenue during the six months ended June 30, 2026, down from the $6.3 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 91.3% and 91.2% of total revenue for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Total revenue was $246.2 million for the nine months ended September 30, 2026, up $18.9 million compared to total revenue of $227.3 million for the corresponding 2025 period. The increase in total revenue primarily was related to the 4.4% increase in same property RevPAR and the acquisition of six hotels in 2026, which contributed $16.8 million of revenue during the nine months ended September 30, 2026. The increase was partially offset by the sale of four hotels in 2025, which contributed zero revenue during the nine months ended September 30, 2026, down from the $7.8 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 91.5% and 91.4% of total revenue for the nine months ended September 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Food and beverage revenue was $4.8 million for the nine months ended September 30, 2026, down $0.3 million compared to $5.1 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 $9.7 million and $9.1 million for the six months ended June 30, 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 $15.4 million and $13.7 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Reimbursable costs from related parties were $0.5 million and $0.5 million for the six months ended June 30, 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 $0.8 million and $0.8 million for the nine months ended September 30, 2026 and 2025, respectively. The cost reimbursements were offset by the reimbursed costs from related parties included in operating expenses.
Previous wording
For the six months ended June 30, 2026 same property RevPAR increased 2.3% due to a decrease in occupancy of 0.3% and an increase in ADR of 2.5%.
Current wording
For the nine months ended September 30, 2026 same property RevPAR increased 4.4% due to an increase in occupancy of 1.5% and an increase in ADR of 2.7%.
Previous wording
Hotel operating expenses increased $2.4 million, or 2.8%, to $87.2 million for the six months ended June 30, 2026 from $84.8 million for the six months ended June 30, 2025. The increase in hotel operating expenses was primarily related to the acquisition of six hotels in 2026, which contributed $4.8 million in operating expenses during the six months ended June 30, 2026, and the impact of inflation. This was partially offset by the four hotels sold which contributed zero in operating expenses for the six months ended June 30, 2026, down from the $4.2 million that the sold hotels contributed for the corresponding 2025 period.
Current wording
Hotel operating expenses increased $8.5 million, or 6.6%, to $137.3 million for the nine months ended September 30, 2026 from $128.8 million for the nine months ended September 30, 2025. The increase in hotel operating expenses was primarily related to the acquisition of six hotels in 2026, which contributed $8.8 million in operating expenses during the nine months ended September 30, 2026, and the impact of inflation. This was partially offset by the four hotels sold which contributed zero in operating expenses for the nine months ended September 30, 2026, down from the $5.2 million that the sold hotels contributed for the corresponding 2025 period.
Previous 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.
Current wording
Room expenses, which are the most significant component of hotel operating expenses, increased $3.3 million from $45.3 million for the nine months ended September 30, 2025 to $48.6 million for the nine months ended September 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
The remaining hotel operating expenses increased $1.6 million, from $55.0 million for the six months ended June 30, 2025 to $56.6 million for the six months ended June 30, 2026.
Current wording
The remaining hotel operating expenses increased $5.1 million, from $83.6 million for the nine months ended September 30, 2025 to $88.7 million for the nine months ended September 30, 2026.
Previous wording
Depreciation and amortization expense was $30.5 million and $30.4 million for the six 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 four hotels in 2025.
Current wording
Depreciation and amortization expense was $46.6 million and $45.1 million for the nine months ended September 30, 2026 and 2025, respectively. The increase was primarily related to the acquisition of six hotels in 2026 partially offset by the sales of four hotels in 2025.
Previous wording
Total property taxes, ground rent and insurance expenses decreased $1.5 million from $11.9 million for the six months ended June 30, 2025 to $10.4 million for the six months ended June 30, 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 $1.3 million from $17.2 million for the nine months ended September 30, 2025 to $15.9 million for the nine months ended September 30, 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.
Previous 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 $3.0 million and $3.2 million for the six months ended June 30, 2026 and 2025, respectively) was $6.2 million for the six months ended June 30, 2026 versus $5.4 million for the six months ended June 30, 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 $4.6 million and $4.7 million for the nine months ended September 30, 2026 and 2025, respectively) was $9.4 million for the nine months ended September 30, 2026 versus $8.0 million for the nine months ended September 30, 2025.
Previous 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.
Current wording
Other charges increased from $24 thousand for the nine months ended September 30, 2025 to $0.4 million for the nine months ended September 30, 2026 primarily due to additional audit fees related to the acquisition of six hotels in 2026.
Previous wording
Reimbursable costs from related parties, comprised of shared office expenses and rent, were $0.5 million and $0.5 million for the six months ended June 30, 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 $0.8 million and $0.8 million for the nine months ended September 30, 2026 and 2025, respectively. The cost reimbursements were offset by the cost reimbursements from related parties included in revenues.
Previous 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.
Current wording
Gain on sale of hotel properties decreased $7.5 million to $49 thousand for the nine months ended September 30, 2026 compared to $7.5 million for the nine months ended September 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 six months ended June 30, 2026 and 2025, respectively.
Current wording
Interest on cash and cash equivalents and other income was $0.1 million and $0.2 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Interest expense decreased $0.2 million from $13.3 million for the six months ended June 30, 2025 to $13.1 million for the six months ended June 30, 2026 and is comprised of the following (dollars in thousands):
Current wording
Interest expense increased $0.4 million from $19.5 million for the nine months ended September 30, 2025 to $19.9 million for the nine months ended September 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 six months ended June 30, 2026 than during the six months ended June 30, 2025, partially offset by increased amortization of deferred financing costs from the new revolving credit facility and term loan.
Current wording
The increase in interest expense was due to higher debt balances during the nine months ended September 30, 2026 than during the nine months ended September 30, 2025 combined with increased amortization of deferred financing costs from the new revolving credit facility and term loan.
Previous wording
Net income was $4.0 million for the six months ended June 30, 2026, compared to net income of $7.0 million for the six months ended June 30, 2025. The change in net income was primarily due to the factors discussed above.
Current wording
Net income was $11.4 million for the nine months ended September 30, 2026, compared to net income of $10.6 million for the nine months ended September 30, 2025. The change in net income was primarily due to the factors discussed above.
Previous 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):
Current wording
The following is a reconciliation of net income (loss) to FFO and Adjusted FFO for the three and nine months ended September 30, 2026 and 2025 (in thousands, except share data):
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Food and beverage revenue was $1.6 million for the three months ended September 30, 2026, flat compared to $1.6 million for the corresponding 2025 period.
Current report — wording carried from elsewhere
Loss on Sale of Hotel Properties
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Gain on sale of hotel properties decreased $0.4 million to $10 thousand for the three months ended June 30, 2026 compared to $0.4 million for the three months ended June 30, 2025. The CY Houston hotel property was sold on April 22, 2025, which resulted in a gain in the prior period.