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) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Common Shares of Beneficial Interest, $0.01 par value | CLDT | New York Stock Exchange | ||||||||||||
6.625% Series A Cumulative Redeemable Preferred Shares | CLDT-PA | New York Stock Exchange |
Large accelerated filer | Accelerated filer | ||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Business | ||||||||
Item 1A. | Risk Factors | |||||||
Item 1B. | Unresolved Staff Comments | |||||||
Item 2. | Properties | |||||||
Item 3. | Legal Proceedings | |||||||
Item 4. | Mine Safety Disclosures | |||||||
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |||||||
Item 6. | ||||||||
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Item 7A. | Quantitative and Qualitative Disclosures about Market Risk | |||||||
Item 8. | Consolidated Financial Statements and Supplementary Data | |||||||
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | |||||||
Item 9A | Controls and Procedures | |||||||
Item 9B. | Other Information | |||||||
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | |||||||
PART III. | ||||||||
Item 10. | Trustees, Executive Officers and Corporate Governance | |||||||
Item 11. | Executive Compensation | |||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||
Item 13. | Certain Relationships and Related Transactions, and Trustee Independence | |||||||
Item 14. | Principal Accountant Fees and Services | |||||||
PART IV | ||||||||
Item 15. | Exhibits and Financial Statement Schedules |
• | our business and investment strategy; | ||||
• | our forecasted operating results; | ||||
• | completion of hotel acquisitions and dispositions; | ||||
• | completion of hotel developments; | ||||
• | our ability to obtain future financing arrangements; | ||||
• | our expected leverage levels; | ||||
• | our understanding of our competition; | ||||
• | market and lodging industry trends and expectations; | ||||
• | our investment in joint ventures; | ||||
• | anticipated capital expenditures; and | ||||
• | our ability to maintain our qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes. |
Type of Offering (1) | Date | Shares Issued | Price per Share | Gross Proceeds (in thousands) | Net Proceeds (in thousands) | |||||||
Initial public offering | 4/21/2010 | 8,625,000 | $ | 20.00 | $ | 172,500 | $ | 158,700 | ||||
Private placement offering (2) | 4/21/2010 | 500,000 | 20.00 | 10,000 | 10,000 | |||||||
Follow-on common share offering | 2/8/2011 | 4,000,000 | 16.00 | 64,000 | 60,300 | |||||||
Over-allotment option | 2/8/2011 | 600,000 | 16.00 | 9,600 | 9,100 | |||||||
Follow-on common share offering | 1/14/2013 | 3,500,000 | 14.70 | 51,400 | 48,400 | |||||||
Over-allotment option | 1/31/2013 | 92,677 | 14.70 | 1,400 | 1,300 | |||||||
Follow-on common share offering | 6/18/2013 | 4,500,000 | 16.35 | 73,600 | 70,000 | |||||||
Over-allotment option | 6/28/2013 | 475,823 | 16.35 | 7,800 | 7,400 | |||||||
Follow-on common share offering | 9/30/2013 | 3,250,000 | 18.35 | 59,600 | 56,700 | |||||||
Over-allotment option | 10/11/2013 | 487,500 | 18.35 | 8,900 | 8,500 | |||||||
Follow-on common share offering | 9/24/2014 | 6,000,000 | 21.85 | 131,100 | 125,600 | |||||||
Over-allotment option | 9/24/2014 | 900,000 | 21.85 | 19,700 | 18,900 | |||||||
Follow-on common share offering | 1/27/2015 | 3,500,000 | 30.00 | 105,000 | 103,300 | |||||||
Over-allotment option | 1/27/2015 | 525,000 | 30.00 | 15,750 | 15,500 | |||||||
Follow-on common share offering | 11/9/2017 | 5,000,000 | 21.90 | 109,500 | 108,700 | |||||||
41,956,000 | $ | 839,850 | $ | 802,400 |
• | principal customer base includes business travelers, whether short-term transient travelers or those on extended assignments and corporate relocations; | ||||
• | services and amenities include complimentary breakfast and evening hospitality hour, high-speed internet access, in-room movie channels, limited meeting space, daily linen and room cleaning service, 24-hour front desk, guest grocery services, and an on-site maintenance staff; and | ||||
• | physical facilities include large suites, quality construction, full separate kitchens in each guest suite or suites that include a wet bar, refrigerator and microwave, quality room furnishings, pool, and exercise facilities. |
Property | Location | Management Company | Date of Acquisition | Year Opened | Number of Rooms | Purchase Price | Purchase Price per Room | Mortgage Debt Balance | ||||||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | Billerica, Massachusetts | IHM | 4/23/2010 | 1999 | 147 | $12.5 million | $ | 85,714 | $16.2 million | |||||||||
Homewood Suites by Hilton Minneapolis-Mall of America | Bloomington, Minnesota | IHM | 4/23/2010 | 1998 | 144 | $18.0 million | $ | 125,000 | — | |||||||||
Homewood Suites by Hilton Nashville-Brentwood | Brentwood, Tennessee | IHM | 4/23/2010 | 1998 | 121 | $11.3 million | $ | 93,388 | — | |||||||||
Homewood Suites by Hilton Dallas-Market Center | Dallas, Texas | IHM | 4/23/2010 | 1998 | 137 | $10.7 million | $ | 78,102 | — | |||||||||
Homewood Suites by Hilton Hartford-Farmington | Farmington, Connecticut | IHM | 4/23/2010 | 1999 | 121 | $11.5 million | $ | 95,041 | — | |||||||||
Homewood Suites by Hilton Orlando-Maitland | Maitland, Florida | IHM | 4/23/2010 | 2000 | 143 | $9.5 million | $ | 66,433 | — | |||||||||
Hampton Inn & Suites Houston-Medical Center | Houston, Texas | IHM | 7/2/2010 | 1997 | 120 | $16.5 million | $ | 137,500 | $18.3 million | |||||||||
Courtyard Altoona | Altoona, Pennsylvania | IHM | 8/24/2010 | 2001 | 105 | $11.3 million | $ | 107,619 | — | |||||||||
Springhill Suites Washington | Washington, Pennsylvania | IHM | 8/24/2010 | 2000 | 86 | $12.0 million | $ | 139,535 | — | |||||||||
Residence Inn Long Island Holtsville | Holtsville, New York | IHM | 8/3/2010 | 2004 | 124 | $21.3 million | $ | 171,774 | — | |||||||||
Residence Inn White Plains | White Plains, New York | IHM | 9/23/2010 | 1982 | 135 | $21.2 million | $ | 159,398 | — | |||||||||
Residence Inn New Rochelle | New Rochelle, New York | IHM | 10/5/2010 | 2000 | 127 | $21.0 million | $ | 169,355 | $13.8 million | |||||||||
Residence Inn Garden Grove | Garden Grove, California | IHM | 7/14/2011 | 2003 | 200 | $43.6 million | $ | 218,000 | $33.2 million | |||||||||
Residence Inn Mission Valley | San Diego, California | IHM | 7/14/2011 | 2003 | 192 | $52.5 million | $ | 273,438 | $28.5 million | |||||||||
Homewood Suites by Hilton San Antonio River Walk | San Antonio, Texas | IHM | 7/14/2011 | 1996 | 146 | $32.5 million | $ | 222,603 | $16.3 million | |||||||||
Residence Inn Washington DC | Washington, DC | IHM | 7/14/2011 | 1974 | 103 | $29.4 million | $ | 280,000 | — | |||||||||
Residence Inn Tysons Corner | Vienna, Virginia | IHM | 7/14/2011 | 2001 | 121 | $37.0 million | $ | 305,785 | $22.3 million | |||||||||
Hampton Inn Portland Downtown | Portland, Maine | IHM | 12/27/2012 | 2011 | 125 | $28.0 million | $ | 229,508 | — | |||||||||
Courtyard Houston | Houston, Texas | IHM | 2/5/2013 | 2010 | 197 | $34.8 million | $ | 176,395 | $18.4 million | |||||||||
Hyatt Place Pittsburgh North Shore | Pittsburgh, Pennsylvania | IHM | 6/17/2013 | 2010 | 178 | $40.0 million | $ | 224,719 | $22.4 million | |||||||||
Hampton Inn Exeter | Exeter, New Hampshire | IHM | 8/9/2013 | 2010 | 111 | $15.2 million | $ | 136,937 | — | |||||||||
Hilton Garden Inn Denver Tech | Denver, Colorado | IHM | 9/26/2013 | 1999 | 180 | $27.9 million | $ | 155,000 | — | |||||||||
Residence Inn Bellevue | Bellevue, Washington | IHM | 10/31/2013 | 2008 | 231 | $71.8 million | $ | 316,883 | $45.5 million | |||||||||
Springhill Suites Savannah | Savannah, Georgia | IHM | 12/5/2013 | 2009 | 160 | $39.8 million | $ | 248,438 | $30.0 million | |||||||||
Residence Inn Silicon Valley I | Sunnyvale, CA | IHM | 6/9/2014 | 1983 | 231 | $92.8 million | $ | 401,776 | $64.8 million | |||||||||
Residence Inn Silicon Valley II | Sunnyvale, CA | IHM | 6/9/2014 | 1985 | 248 | $102.0 million | $ | 411,103 | $70.7 million | |||||||||
Residence Inn San Mateo | San Mateo, CA | IHM | 6/9/2014 | 1985 | 160 | $72.7 million | $ | 454,097 | $48.6 million | |||||||||
Residence Inn Mountain View | Mountain View, CA | IHM | 6/9/2014 | 1985 | 144 | $56.4 million | $ | 503,869 | $37.9 million | |||||||||
Hyatt Place Cherry Creek | Glendale, CO | IHM | 8/29/2014 | 1987 | 199 | $32.0 million | $ | 164,948 | — | |||||||||
Courtyard Addison | Addison, TX | IHM | 11/17/2014 | 2000 | 176 | $24.1 million | $ | 137,178 | — | |||||||||
Courtyard West University Houston | Houston, TX | IHM | 11/17/2014 | 2004 | 100 | $20.1 million | $ | 201,481 | — | |||||||||
Residence Inn West University Houston | Houston, TX | IHM | 11/17/2014 | 2004 | 120 | $29.4 million | $ | 245,363 | — | |||||||||
Hilton Garden Inn Burlington | Burlington, MA | IHM | 11/17/2014 | 1975 | 180 | $33.0 million | $ | 184,392 | — | |||||||||
Residence Inn San Diego Gaslamp | San Diego, CA | IHM | 2/25/2015 | 2009 | 240 | $90.0 million | $ | 375,000 | — | |||||||||
Residence Inn Dedham | Dedham, MA | IHM | 7/17/2015 | 2008 | 81 | $22.0 million | $ | 271,605 | — | |||||||||
Residence Inn Il Lugano | Fort Lauderdale, FL | IHM | 8/17/2015 | 2013 | 105 | $33.5 million | $ | 319,048 | — | |||||||||
Hilton Garden Inn Marina del Rey | Marina del Rey, CA | IHM | 9/17/2015 | 1998 | 134 | $45.1 million | $ | 336,194 | $21.8 million | |||||||||
Hilton Garden Inn Portsmouth | Portsmouth, NH | IHM | 9/20/2017 | 2006 | 131 | $43.5 million | $ | 332,061 | — | |||||||||
Summerville Courtyard | Summerville, SC | IHM | 11/15/2017 | 2014 | 96 | $20.2 million | $ | 210,417 | — | |||||||||
Embassy Suites Springfield | Springfield, VA | IHM | 12/6/2017 | 2013 | 219 | $68.0 million | $ | 310,500 | — | |||||||||
Total | 6.018 | $1,414.1 million | $ | 234,978 | $508.5 million |
• | Disciplined acquisition of hotel properties: We invest primarily in premium-branded upscale extended-stay and select-service hotels with a focus on the 25 largest metropolitan markets in the United States. We focus on acquiring hotel properties at prices below replacement cost in markets that have strong demand generators and where we expect demand growth will outpace new supply. We also seek to acquire properties that we believe are undermanaged or undercapitalized. | ||||
• | Opportunistic hotel repositioning: We employ value-added strategies, such as re-branding, renovating, expanding or changing management, when we believe such strategies will increase the operating results and values of the hotels we acquire. | ||||
• | Aggressive asset management: Although as a REIT we cannot operate our hotels, we proactively manage our third-party hotel | ||||
• | Selective hotel development: We may consider developing a limited number of hotels in cases where we believe newly developed hotels will generate attractive returns and enhance the quality of our hotel portfolio. | ||||
• | Flexible selection of hotel management | ||||
• | Selective investment in hotel debt: We may consider selectively investing in debt collateralized by hotel property if we believe we can foreclose on or acquire ownership of the underlying hotel property in the relative near term. We do not intend to invest in any debt where we do not expect to gain ownership of the underlying property or to originate any debt financing. |
• | there are not existing environmental liabilities related to our properties of which we are not aware; | ||||
• | |||||
future laws, ordinances or regulations will not impose material environmental liability; or | |||||
• | |||||
the current environmental condition of a hotel will not be affected by the condition of properties in the vicinity of the hotel (such as the presence of leaking underground storage tanks) or by third parties unrelated to us. |
Property | Management Company | Base Management Fee | Monthly Accounting Fee | Monthly Revenue Management Fee | Incentive Management Fee Cap | ||||||||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | IHM | 3.0 | % | $ | 1,200 | $ | 1,000 | 1.0 | % | ||||||||
Homewood Suites by Hilton Minneapolis-Mall of America | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton Nashville-Brentwood | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton Dallas-Market Center | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton Hartford-Farmington | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton Orlando-Maitland | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Hampton Inn & Suites Houston-Medical Center | IHM | 3.0 | % | 1,000 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Long Island Holtsville | IHM | 3.0 | % | 1,000 | 1,000 | 1.0 | % | ||||||||||
Residence Inn White Plains | IHM | 3.0 | % | 1,000 | 750 | 1.0 | % | ||||||||||
Residence Inn New Rochelle | IHM | 3.0 | % | 1,000 | 750 | 1.0 | % | ||||||||||
Residence Inn Garden Grove | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton San Antonio River Walk | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Washington DC | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Tysons Corner | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Hampton Inn Portland Downtown | IHM | 3.0 | % | 1,000 | 550 | 1.0 | % | ||||||||||
Courtyard Houston | IHM | 3.0 | % | 1,000 | 550 | 1.0 | % | ||||||||||
Hyatt Place Pittsburgh North Shore | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Hampton Inn Exeter | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Hilton Garden Inn Denver Tech | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Bellevue | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Springhill Suites Savannah | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Silicon Valley I | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Silicon Valley II | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Residence Inn San Mateo | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Mountain View | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Hyatt Place Cherry Creek | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Courtyard Addison | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Courtyard West University Houston | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Residence Inn West University Houston | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Hilton Garden Inn Burlington | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Residence Inn San Diego Gaslamp | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Hilton Garden Inn Marina del Rey | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Dedham | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Il Lugano | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Hilton Garden Inn Portsmouth | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Courtyard Summerville | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Embassy Suites Springfield | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Summerville | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Courtyard Dallas | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
Residence Inn Austin Northwest/The Domain Area | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||||||||
TownePlace Suites Austin Northwest/The Domain Area | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % |
Property | Management Company | Base Management Fee | Monthly Accounting Fee | Monthly Revenue Management Fee | Incentive Management Fee Cap | ||||||
Courtyard Altoona | IHM | 3.0 | % | $ | 1,500 | $ | 1,000 | 1.0 | % | ||
Springhill Suites Washington | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Minneapolis-Mall of America | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Nashville-Brentwood | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Dallas-Market Center | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Hartford-Farmington | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Orlando-Maitland | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hampton Inn & Suites Houston-Medical Center | IHM | 3.0 | % | 1,000 | — | 1.0 | % | ||||
Residence Inn Long Island Holtsville | IHM | 3.0 | % | 1,000 | — | 1.0 | % | ||||
Residence Inn White Plains | IHM | 3.0 | % | 1,000 | 876 | 1.0 | % | ||||
Residence Inn New Rochelle | IHM | 3.0 | % | 1,000 | 876 | 1.0 | % | ||||
Residence Inn Garden Grove | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Mission Valley | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton San Antonio River Walk | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Washington DC | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Tysons Corner | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hampton Inn Portland Downtown | IHM | 3.0 | % | 1,000 | 550 | 1.0 | % | ||||
Courtyard Houston | IHM | 3.0 | % | 1,000 | 550 | 1.0 | % | ||||
Hyatt Place Pittsburgh North Shore | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Hampton Inn Exeter | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hilton Garden Inn Denver Tech | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Residence Inn Bellevue | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Springhill Suites Savannah | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Silicon Valley I | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Silicon Valley II | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn San Mateo | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Mountain View | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hyatt Place Cherry Creek | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Courtyard Addison | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Courtyard West University Houston | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Residence Inn West University Houston | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hilton Garden Inn Burlington | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Residence Inn San Diego Gaslamp | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Hilton Garden Inn Marina del Rey | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Residence Inn Dedham | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Il Lugano | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Hilton Garden Inn Portsmouth | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Courtyard Summerville | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Embassy Suites Springfield | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % |
Property | Franchise Company | Franchise/Royalty Fee | Marketing/Program Fee | Expiration | Property | Franchise Company | Franchise/Royalty Fee | Marketing/Program Fee | Expiration | |||||||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | |||||||
Homewood Suites by Hilton Minneapolis-Mall of America | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Minneapolis-Mall of America | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | |||||||
Homewood Suites by Hilton Nashville-Brentwood | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Nashville-Brentwood | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | |||||||
Homewood Suites by Hilton Dallas-Market Center | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Dallas-Market Center | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | |||||||
Homewood Suites by Hilton Hartford-Farmington | Promus Hotels, Inc | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Hartford-Farmington | Promus Hotels, Inc | 4.0 | % | 4.0 | % | 2025 | |||||||
Homewood Suites by Hilton Orlando-Maitland | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Orlando-Maitland | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2025 | |||||||
Hampton Inn & Suites Houston-Medical Center | Hampton Inns Franchise LLC | 5.0 | % | 4.0 | % | 2020 | Hampton Inn & Suites Houston-Medical Center | Hampton Inns Franchise LLC | 6.0 | % | 4.0 | % | 2035 | |||||||
Courtyard Altoona | Marriott International, Inc. | 5.5 | % | 2.0 | % | 2030 | ||||||||||||||
Springhill Suites Washington | Marriott International, Inc. | 5.0 | % | 2.5 | % | 2030 | ||||||||||||||
Residence Inn Long Island Holtsville | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2025 | Residence Inn Long Island Holtsville | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2025 | |||||||
Residence Inn White Plains | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2030 | Residence Inn White Plains | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2030 | |||||||
Residence Inn New Rochelle | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2030 | Residence Inn New Rochelle | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2030 | |||||||
Residence Inn Garden Grove | Marriott International, Inc. | 5.0 | % | 2.5 | % | 2031 | Residence Inn Garden Grove | Marriott International, Inc. | 5.0 | % | 2.5 | % | 2031 | |||||||
Residence Inn Mission Valley | Marriott International, Inc. | 5.0 | % | 2.5 | % | 2031 | ||||||||||||||
Homewood Suites by Hilton San Antonio River Walk | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2026 | Homewood Suites by Hilton San Antonio River Walk | Promus Hotels, Inc. | 4.0 | % | 4.0 | % | 2026 | |||||||
Residence Inn Washington DC | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2033 | Residence Inn Washington DC | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2033 | |||||||
Residence Inn Tysons Corner | Marriott International, Inc. | 5.0 | % | 2.5 | % | 2031 | Residence Inn Tysons Corner | Marriott International, Inc. | 5.0 | % | 2.5 | % | 2031 | |||||||
Hampton Inn Portland Downtown | Hampton Inns Franchise LLC | 6.0 | % | 4.0 | % | 2032 | Hampton Inn Portland Downtown | Hampton Inns Franchise LLC | 6.0 | % | 4.0 | % | 2032 | |||||||
Courtyard Houston | Marriott International, Inc. | 5.5 | % | 2.0 | % | 2030 | Courtyard Houston | Marriott International, Inc. | 5.5 | % | 2.0 | % | 2030 | |||||||
Hyatt Place Pittsburgh North Shore | Hyatt Hotels, LLC | 5.0 | % | 3.5 | % | 2030 | Hyatt Place Pittsburgh North Shore | Hyatt Hotels, LLC | 5.0 | % | 3.5 | % | 2030 | |||||||
Hampton Inn Exeter | Hampton Inns Franchise LLC | 6.0 | % | 4.0 | % | 2031 | Hampton Inn Exeter | Hampton Inns Franchise LLC | 6.0 | % | 4.0 | % | 2031 | |||||||
Hilton Garden Inn Denver Tech | Hilton Garden Inns Franchise LLC | 5.5 | % | 4.3 | % | 2028 | Hilton Garden Inn Denver Tech | Hilton Garden Inns Franchise LLC | 5.5 | % | 4.3 | % | 2028 | |||||||
Residence Inn Bellevue | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2033 | Residence Inn Bellevue | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2033 | |||||||
Springhill Suites Savannah | Marriott International, Inc. | 5.0 | % | 2.5 | % | 2033 | Springhill Suites Savannah | Marriott International, Inc. | 5.0 | % | 2.5 | % | 2033 | |||||||
Residence Inn Silicon Valley I | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2029 | Residence Inn Silicon Valley I | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2029 | |||||||
Residence Inn Silicon Valley II | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2029 | Residence Inn Silicon Valley II | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2029 | |||||||
Residence Inn San Mateo | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2029 | Residence Inn San Mateo | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2029 | |||||||
Residence Inn Mountain View | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2029 | Residence Inn Mountain View | Marriott International, Inc. | 5.5 | % | 2.5 | % | 2029 | |||||||
Hyatt Place Cherry Creek | Hyatt Hotels, LLC | 3% to 5% | 3.5 | % | 2034 | Hyatt Place Cherry Creek | Hyatt Hotels, LLC | 5.0 | % | 3.5 | % | 2034 | ||||||||
Courtyard Addison | Marriott International, Inc. | 5.5 | % | 2.0 | % | 2029 | Courtyard Addison | Marriott International, Inc. | 5.5 | % | 2.0 | % | 2029 | |||||||
Courtyard West University Houston | Marriott International, Inc. | 5.5 | % | 2.0 | % | 2029 | Courtyard West University Houston | Marriott International, Inc. | 5.5 | % | 2.0 | % | 2029 | |||||||
Residence Inn West University Houston | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2024 | Residence Inn West University Houston | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2024 | |||||||
Hilton Garden Inn Burlington | Hilton Garden Inns Franchise LLC | 5.5 | % | 4.3 | % | 2029 | Hilton Garden Inn Burlington | Hilton Garden Inns Franchise LLC | 5.5 | % | 4.3 | % | 2029 | |||||||
Residence Inn San Diego Gaslamp | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2035 | Residence Inn San Diego Gaslamp | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2035 | |||||||
Hilton Garden Inn Marina del Rey | Hilton Franchise Holding LLC | 3% to 5.5% | 4.3 | % | 2030 | Hilton Garden Inn Marina del Rey | Hilton Franchise Holding LLC | 5.5 | % | 4.3 | % | 2030 | ||||||||
Residence Inn Dedham | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2030 | Residence Inn Dedham | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2030 | |||||||
Residence Inn Il Lugano | Marriott International, Inc. | 3% to 6.0% | 2.5 | % | 2045 | Residence Inn Il Lugano | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2045 | ||||||||
Hilton Garden Inn Portsmouth | Hilton Garden Inns Franchise LLC | 5.5 | % | 4.0 | % | 2037 | Hilton Garden Inn Portsmouth | Hilton Garden Inns Franchise LLC | 5.5 | % | 4.0 | % | 2037 | |||||||
Courtyard Summerville | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2037 | Courtyard Summerville | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2037 | |||||||
Embassy Suites Springfield | Hilton Franchise Holding LLC | 5.5 | % | 4.0 | % | 2037 | Embassy Suites Springfield | Hilton Franchise Holding LLC | 5.5 | % | 4.0 | % | 2037 | |||||||
Residence Inn Summerville | Residence Inn Summerville | Marriott International, Inc. | 6.0 | % | 2.5 | % | 2038 | |||||||||||||
Courtyard Dallas | Courtyard Dallas | Marriott International, Inc. | 4.0% to 6.0% | 2.0 | % | 2038 | ||||||||||||||
Residence Inn Austin Northwest/The Domain Area | Residence Inn Austin Northwest/The Domain Area | Marriott International, Inc. | 5.5% to 6.0% | 2.5 | % | 2036 | ||||||||||||||
TownePlace Suites Austin Northwest/The Domain Area | TownePlace Suites Austin Northwest/The Domain Area | Marriott International, Inc. | 3.0% to 5.5% | 2.0 | % | 2041 |
Total Future Lease Payments | |||||
Amount | |||||
2022 | $ | 2,072 | |||
2023 | 2,093 | ||||
2024 | 2,115 | ||||
2025 | 2,186 | ||||
2026 | 1,894 | ||||
Thereafter | 64,825 | ||||
Total lease payments | $ | 75,185 |
Other Leases(1) | Office Lease | |||||
Amount | ||||||
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 | $ | 74,431 | $ | 7,371 |
• | The current COVID-19 pandemic has had, and may continue to have, or a future pandemic could have, adverse effects on our financial condition, results of operations, cash flows and performance. | ||||
• | Our investment policies are subject to revision from time to time at our Board of Trustees' discretion. | ||||
• | We depend on the efforts and expertise of our key executive officers whose continued service is not guaranteed. | ||||
• | Our future growth depends on obtaining new financing. | ||||
• | We must rely on third-party management companies to operate our hotels in order to qualify as a REIT. | ||||
• | The management of the hotels in our portfolio is currently concentrated in one hotel management company. | ||||
• | Our franchisors could cause us to expend additional funds on upgraded operating standards. | ||||
• | Our franchisors may cancel or fail to renew our existing franchise licenses. | ||||
• | Fluctuations in our financial performance, capital expenditure requirements and excess cash flow could adversely affect our ability to make distributions. | ||||
• | Future debt service obligations could adversely affect our overall operating results or cash flow and may require us to liquidate our properties. | ||||
• | If we are unable to repay our debt obligations in the future, we may be forced to refinance debt or dispose of or encumber our assets, which could adversely affect distributions to shareholders. | ||||
• | Interest expense on our debt may limit our cash available to fund growth strategies and shareholder distributions. | ||||
• | Failure to hedge effectively against interest rate changes may adversely affect us. | ||||
• | Changes in the method pursuant to which the LIBOR rates are determined and phasing out of LIBOR after 2021 may affect our financial results. | ||||
• | Joint venture investments that we may make could be adversely affected by our lack of decision-making authority, our reliance on joint venture partners' financial condition and disputes between us and our joint-venture partners. | ||||
• | We may from time to time make distributions to our shareholders in the form of our common shares, which could result in shareholders incurring tax liability without receiving sufficient cash to pay such tax. | ||||
• | Our conflict of interest policy may not be successful in eliminating the influence of future conflicts of interest that may arise between us and our trustees, officers and employees. | ||||
• | There may be conflicts of interest between us and affiliates owned by our Chief Executive Officer. | ||||
• | Hotel development is subject to timing, cost, and other risks. |
• | The lodging industry has experienced significant declines in the past and failure of the lodging industry to exhibit improvement may adversely affect our ability to execute our business strategy. | ||||
• | Our ability to make distributions to our shareholders may be affected by operating risks in the lodging industry. | ||||
• | Competition for acquisitions may reduce the number of properties we can acquire. | ||||
• | Competition for guests may lower our hotels' revenues and profitability. | ||||
• | The cyclical nature of the lodging industry may adversely affect the return on our investments. | ||||
• | Due to our concentration therein, a downturn in the lodging industry would adversely affect our business. | ||||
• | The ongoing need for capital expenditures at our hotel properties may adversely affect our business. |
• | The increasing use by consumers of Internet travel intermediaries and alternative lodging market places may adversely affect our profitability. | ||||
• | The need for business-related travel may be adversely affected by the use of business-related technology. | ||||
• | We and our hotel managers rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business. | ||||
• | Future terrorist attacks or changes in terror alert levels could adversely affect travel and hotel demand. | ||||
• | We may assume liabilities in connection with the acquisition of hotel properties, including unknown liabilities. | ||||
• | Uninsured and underinsured losses could adversely affect our operating results. | ||||
• | We face risks associated with natural disasters and the direct and indirect physical effects of climate change, which may include more frequent and more severe storms, hurricanes, flooding, droughts and wildfires, any of which could have a material adverse effect on our hotel properties, operations, cash flows and financing options. | ||||
• | Noncompliance with environmental laws and governmental regulations could adversely affect our business. | ||||
• | Compliance with the ADA and other changes in governmental rules and regulations could substantially increase our cost of doing business. | ||||
• | The outbreak of widespread contagious disease, such as COVID-19, could reduce travel. |
• | Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our hotel properties. | ||||
• | Increases in our property taxes would adversely affect our ability to make distributions to our shareholders. | ||||
• | Our hotel properties may contain or develop harmful mold, which could lead to liabilities and remediation costs. |
• | Our rights and the rights of our shareholders to take action against our trustees and officers are limited. | ||||
• | Provisions of Maryland law may limit the ability of a third party to acquire control of our Company. | ||||
• | Provisions of our declaration of trust may limit the ability of a third party to acquire control of our Company. | ||||
• | Failure to make required distributions would subject us to tax. | ||||
• | Failure to maintain our qualification as a REIT would subject us to federal income tax and potentially other taxes. | ||||
• | Our TRS Lessee structure subjects us to the risk of increased hotel operating expenses. | ||||
• | Our TRS structure increases our overall tax liability. | ||||
• | Our transactions with our TRS will cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on arm's-length terms. | ||||
• | If our leases with our TRS Lessees are not respected as true leases for federal income tax purposes, we would fail to qualify as a REIT. | ||||
• | Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends. | ||||
• | If our hotel managers do not qualify as "eligible independent contractors," we would fail to qualify as a REIT. | ||||
• | Our ownership limitations may restrict or prevent you from engaging in certain transfers of our common shares. | ||||
• | The ability of our Board of Trustees to revoke our REIT qualification without shareholder approval may cause adverse consequences to our shareholders. | ||||
• | The ability of our Board of Trustees to change our major policies may not be in our shareholders’ interest. | ||||
• | If we fail to maintain an effective system of internal controls, we may not be able to accurately determine our financial results or prevent fraud. As a result, our investors could lose confidence in our reported financial information, which could harm our business and the value of our shares. | ||||
• | Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments. | ||||
• | We may be subject to adverse legislative or regulatory tax changes. | ||||
• | We may be unable to generate sufficient cash flows from our operations to make distributions to our shareholders at any time in the future. | ||||
• | Our revolving credit facility may limit our ability to pay dividends on common shares. | ||||
• | The market price of our equity securities may vary substantially. | ||||
• | The number of shares available for future sale could adversely affect the market price of our common shares. | ||||
• | Future offerings of debt or equity securities or incurrence of debt may adversely affect the market price of our common shares. |
• | reducing the hotel revenue that we recognize with respect to hotels leased to our TRS Lessees; and | ||||
• | |||||
correspondingly reducing the profits (or increasing the loss) of hotels leased to our TRS Lessees. We may be unable to reduce many of our expenses in tandem with revenue declines, (or we may choose not to reduce them for competitive reasons), and certain expenses may increase while our revenue declines. |
• | operating cash flow will be insufficient to make required payments of expenses, principal and interest; | ||||
• | |||||
our leverage may increase our vulnerability to adverse economic and industry conditions; | |||||
• | |||||
we may be required to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing cash available for distribution to our shareholders, funds available for operations and capital expenditures, future business opportunities or other purposes; | |||||
• | |||||
the terms of any refinancing will not be as favorable as the terms of the debt being refinanced; and | |||||
• | |||||
the terms of our debt may limit our ability to make distributions to our shareholders. |
• | competition from other hotel properties and alternative lodging market places in the markets in which we | ||||
• | |||||
an over-supply or over-building of hotel properties in the markets in which we | |||||
• | |||||
dependence on business and commercial travelers and tourism; | |||||
• | |||||
increases in energy costs and other expenses and factors affecting travel, which may affect travel patterns and reduce the number of business and commercial travelers and tourists; | |||||
• | |||||
increases in operating costs due to inflation and other factors that may not be offset by increased room rates; | |||||
• | |||||
necessity for periodic capital reinvestment to repair and upgrade hotel properties; | |||||
• | |||||
changes in interest rates and in the availability, cost and terms of debt financing; | |||||
• | |||||
changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance with laws and regulations, fiscal policies and ordinances; | |||||
• | |||||
unforeseen events beyond our control, such as terrorist attacks, travel related health concerns including pandemics and epidemics such as COVID-19, H1N1 influenza (swine flu), avian bird flu, SARS and Zika virus, political instability, regional hostilities, imposition of taxes or surcharges by regulatory authorities, travel related accidents and unusual weather patterns, including natural disasters such as hurricanes, tsunamis, earthquakes, wildfires and flooding; | |||||
• | |||||
disruptions to the operations of our hotels caused by organized labor activities, including strikes, work stoppages or | |||||
• | |||||
adverse effects of a downturn in the economy or in the hotel industry; and | |||||
• | |||||
risk generally associated with the ownership of hotel properties and real estate, as we discuss in detail below. |
• | possible environmental problems; | ||||
• | |||||
construction cost overruns and delays; | |||||
• | |||||
possibility that revenues will be reduced temporarily while rooms or restaurants offered are out of service due to capital improvement projects; | |||||
• | |||||
a possible shortage of available cash to fund capital improvements and the related possibility that financing for these capital improvements may not be available on affordable terms; | |||||
• | |||||
uncertainties as to market demand or a loss of market demand after capital improvements have begun; and | |||||
• | |||||
disputes with franchisors/managers regarding compliance with relevant management/franchise agreements. |
• | that there are no existing liabilities related to our properties of which we are not aware; | ||||
• | |||||
that future laws, ordinances or regulations will not impose material environmental liability; or | |||||
• | |||||
that the current environmental condition of a hotel will not be affected by the condition of properties in the vicinity of the hotel (such as the presence of leaking underground storage tanks) or by third parties unrelated to us. |
• | adverse changes in international, national, regional and local economic and market conditions; | ||||
• | |||||
changes in interest rates and in the availability, cost and terms of debt financing; | |||||
• | |||||
changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance with laws and regulations, fiscal policies and ordinances; | |||||
• | |||||
the ongoing need for capital improvements, particularly in older structures; | |||||
• | |||||
changes in operating expenses; and | |||||
• | |||||
civil unrest, acts of God, including earthquakes, wildfires, tornadoes, hurricanes, floods and other natural disasters, which may result in uninsured losses, and acts of war or terrorism. |
• | actual receipt of an improper benefit or profit in money, property or services; or | ||||
• | |||||
active and deliberate dishonesty by the trustee or officer that was established by a final judgment as being material to the cause of action adjudicated. |
• | "Business combination" provisions that, subject to limitations, prohibit certain business combinations between us and an "interested shareholder" (defined generally as any person who beneficially owns 10% or more of the voting power of our shares) or an affiliate of any interested shareholder for five years after the most recent date on which the shareholder becomes an interested shareholder, and thereafter imposes special appraisal rights and special shareholder voting requirements on these combinations; and | ||||
• | "Control share" provisions that provide that our "control shares" (defined as shares which, when aggregated with other shares controlled by the shareholder, entitle the shareholder to exercise one of three increasing ranges of voting power in electing trustees) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of ownership or control of "control shares") have no voting rights except to the extent approved by our shareholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares. |
• | our inability to realize attractive returns on our investments; | ||||
• | unanticipated expenses that reduce our cash flow or non-cash earnings; | ||||
• | decreases in the value of the underlying assets; and | ||||
• | the fact that anticipated operating expense levels may not prove accurate, as actual results may vary from estimates. |
• | actual or anticipated variations in our quarterly results of operations; | ||||
• | changes in market valuations of companies in the hotel or real estate industries; | ||||
• | changes in expectations of future financial performance or changes in estimates of securities analysts; | ||||
• | fluctuations in stock market prices and volumes; | ||||
• | issuances of common shares or other securities in the future; | ||||
• | the addition or departure of key personnel; and | ||||
• | announcements by us or our competitors of acquisitions, investments or strategic alliances or changes thereto. |
Property | Location | Date of Acquisition | Year Opened | Number of Rooms | Purchase Price | Purchase Price per Room | Mortgage Debt Balance | |||||||||||||||||||||||||||||||||||||||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | Billerica, Massachusetts | 4/23/2010 | 1999 | 147 | $ | 12.5 | million | $ | 85,714 | $ | 15.1 | million | ||||||||||||||||||||||||||||||||||||||
Homewood Suites by Hilton Minneapolis-Mall of America | Bloomington, Minnesota | 4/23/2010 | 1998 | 144 | $ | 18.0 | million | $ | 125,000 | — | ||||||||||||||||||||||||||||||||||||||||
Homewood Suites by Hilton Nashville-Brentwood | Brentwood, Tennessee | 4/23/2010 | 1998 | 121 | $ | 11.3 | million | $ | 93,388 | — | ||||||||||||||||||||||||||||||||||||||||
Homewood Suites by Hilton Dallas-Market Center | Dallas, Texas | 4/23/2010 | 1998 | 137 | $ | 10.7 | million | $ | 78,102 | — | ||||||||||||||||||||||||||||||||||||||||
Homewood Suites by Hilton Hartford-Farmington | Farmington, Connecticut | 4/23/2010 | 1999 | 121 | $ | 11.5 | million | $ | 95,041 | — | ||||||||||||||||||||||||||||||||||||||||
Homewood Suites by Hilton Orlando-Maitland | Maitland, Florida | 4/23/2010 | 2000 | 143 | $ | 9.5 | million | $ | 66,433 | — | ||||||||||||||||||||||||||||||||||||||||
Hampton Inn & Suites Houston-Medical Center | Houston, Texas | 7/2/2010 | 1997 | 120 | $ | 16.5 | million | $ | 137,500 | $ | 17.1 | million | ||||||||||||||||||||||||||||||||||||||
Residence Inn Long Island Holtsville | Holtsville, New York | 8/3/2010 | 2004 | 124 | $ | 21.3 | million | $ | 171,774 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn White Plains | White Plains, New York | 9/23/2010 | 1982 | 135 | $ | 21.2 | million | $ | 159,398 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn New Rochelle | New Rochelle, New York | 10/5/2010 | 2000 | 127 | $ | 21.0 | million | $ | 169,355 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn Garden Grove | Garden Grove, California | 7/14/2011 | 2003 | 200 | $ | 43.6 | million | $ | 218,000 | $ | 30.8 | million | ||||||||||||||||||||||||||||||||||||||
Homewood Suites by Hilton San Antonio River Walk | San Antonio, Texas | 7/14/2011 | 1996 | 146 | $ | 32.5 | million | $ | 222,603 | $ | 14.8 | million | ||||||||||||||||||||||||||||||||||||||
Residence Inn Washington DC | Washington, DC | 7/14/2011 | 1974 | 103 | $ | 29.4 | million | $ | 280,000 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn Tysons Corner | Vienna, Virginia | 7/14/2011 | 2001 | 121 | $ | 37.0 | million | $ | 305,785 | $ | 20.2 | million | ||||||||||||||||||||||||||||||||||||||
Hampton Inn Portland Downtown | Portland, Maine | 12/27/2012 | 2011 | 125 | $ | 28.0 | million | $ | 229,508 | — | ||||||||||||||||||||||||||||||||||||||||
Courtyard Houston | Houston, Texas | 2/5/2013 | 2010 | 197 | $ | 34.8 | million | $ | 176,395 | $ | 16.7 | million | ||||||||||||||||||||||||||||||||||||||
Hyatt Place Pittsburgh North Shore | Pittsburgh, Pennsylvania | 6/17/2013 | 2010 | 178 | $ | 40.0 | million | $ | 224,719 | $ | 20.5 | million | ||||||||||||||||||||||||||||||||||||||
Hampton Inn Exeter | Exeter, New Hampshire | 8/9/2013 | 2010 | 111 | $ | 15.2 | million | $ | 136,937 | — | ||||||||||||||||||||||||||||||||||||||||
Hilton Garden Inn Denver Tech | Denver, Colorado | 9/26/2013 | 1999 | 180 | $ | 27.9 | million | $ | 155,000 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn Bellevue | Bellevue, Washington | 10/31/2013 | 2008 | 231 | $ | 71.8 | million | $ | 316,883 | $ | 42.1 | million | ||||||||||||||||||||||||||||||||||||||
Springhill Suites Savannah | Savannah, Georgia | 12/5/2013 | 2009 | 160 | $ | 39.8 | million | $ | 248,438 | $ | 28.9 | million | ||||||||||||||||||||||||||||||||||||||
Residence Inn Silicon Valley I | Sunnyvale, CA | 6/9/2014 | 1983 | 231 | $ | 92.8 | million | $ | 401,776 | $ | 62.4 | million | ||||||||||||||||||||||||||||||||||||||
Residence Inn Silicon Valley II | Sunnyvale, CA | 6/9/2014 | 1985 | 248 | $ | 102.0 | million | $ | 411,103 | $ | 68.1 | million | ||||||||||||||||||||||||||||||||||||||
Residence Inn San Mateo | San Mateo, CA | 6/9/2014 | 1985 | 160 | $ | 72.7 | million | $ | 454,097 | $ | 46.8 | million | ||||||||||||||||||||||||||||||||||||||
Residence Inn Mountain View | Mountain View, CA | 6/9/2014 | 1985 | 144 | $ | 56.4 | million | $ | 503,869 | $ | 36.5 | million | ||||||||||||||||||||||||||||||||||||||
Hyatt Place Cherry Creek | Glendale, CO | 8/29/2014 | 1987 | 199 | $ | 32.0 | million | $ | 164,948 | — | ||||||||||||||||||||||||||||||||||||||||
Courtyard Addison | Addison, TX | 11/17/2014 | 2000 | 176 | $ | 24.1 | million | $ | 137,178 | — | ||||||||||||||||||||||||||||||||||||||||
Courtyard West University Houston | Houston, TX | 11/17/2014 | 2004 | 100 | $ | 20.1 | million | $ | 201,481 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn West University Houston | Houston, TX | 11/17/2014 | 2004 | 120 | $ | 29.4 | million | $ | 245,363 | — | ||||||||||||||||||||||||||||||||||||||||
Hilton Garden Inn Burlington | Burlington, MA | 11/17/2014 | 1975 | 180 | $ | 33.0 | million | $ | 184,392 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn San Diego Gaslamp | San Diego, CA | 2/25/2015 | 2009 | 240 | $ | 90.0 | million | $ | 375,000 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn Dedham | Dedham, MA | 7/17/2015 | 2008 | 81 | $ | 22.0 | million | $ | 271,605 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn Il Lugano | Fort Lauderdale, FL | 8/17/2015 | 2013 | 105 | $ | 33.5 | million | $ | 319,048 | — | ||||||||||||||||||||||||||||||||||||||||
Hilton Garden Inn Marina del Rey | Marina del Rey, CA | 9/17/2015 | 1998 | 136 | $ | 45.1 | million | $ | 336,194 | $ | 20.0 | million | ||||||||||||||||||||||||||||||||||||||
Hilton Garden Inn Portsmouth | Portsmouth, NH | 9/20/2017 | 2006 | 131 | $ | 43.5 | million | $ | 332,061 | — | ||||||||||||||||||||||||||||||||||||||||
Summerville Courtyard | Summerville, SC | 11/15/2017 | 2014 | 96 | $ | 20.2 | million | $ | 210,417 | — | ||||||||||||||||||||||||||||||||||||||||
Embassy Suites Springfield | Springfield, VA | 12/6/2017 | 2013 | 219 | $ | 68.0 | million | $ | 310,502 | — | ||||||||||||||||||||||||||||||||||||||||
Summerville Residence Inn | Summerville, SC | 8/27/2018 | 2018 | 96 | $ | 20.8 | million | $ | 216,667 | — | ||||||||||||||||||||||||||||||||||||||||
Dallas DT Courtyard | Dallas, TX | 12/5/2018 | 2018 | 167 | $ | 49.0 | million | $ | 293,413 | — | ||||||||||||||||||||||||||||||||||||||||
Residence Inn Austin Northwest/The Domain Area | Austin, TX | 8/3/2021 | 2016 | 132 | $ | 37.0 | million | $ | 280,000 | — | ||||||||||||||||||||||||||||||||||||||||
TownePlace Suites Austin Northwest/The Domain Area | Austin, TX | 8/3/2021 | 2021 | 137 | $ | 34.3 | million | $ | 250,000 | — | ||||||||||||||||||||||||||||||||||||||||
Total | 6,169 | $ | 1,479.4 | million | $ | 239,804 | $ | 439.9 | million |
Property | Location | Management Company | Date of Acquisition | Year Opened | Number of Rooms | Purchase Price | Purchase Price per Room | Mortgage Debt Balance | ||||||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | Billerica, Massachusetts | IHM | 4/23/2010 | 1999 | 147 | $12.5 million | $ | 85,714 | $16.2 million | |||||||||
Homewood Suites by Hilton Minneapolis-Mall of America | Bloomington, Minnesota | IHM | 4/23/2010 | 1998 | 144 | $18.0 million | $ | 125,000 | — | |||||||||
Homewood Suites by Hilton Nashville-Brentwood | Brentwood, Tennessee | IHM | 4/23/2010 | 1998 | 121 | $11.3 million | $ | 93,388 | — | |||||||||
Homewood Suites by Hilton Dallas-Market Center | Dallas, Texas | IHM | 4/23/2010 | 1998 | 137 | $10.7 million | $ | 78,102 | — | |||||||||
Homewood Suites by Hilton Hartford-Farmington | Farmington, Connecticut | IHM | 4/23/2010 | 1999 | 121 | $11.5 million | $ | 95,041 | — | |||||||||
Homewood Suites by Hilton Orlando-Maitland | Maitland, Florida | IHM | 4/23/2010 | 2000 | 143 | $9.5 million | $ | 66,433 | — | |||||||||
Hampton Inn & Suites Houston-Medical Center | Houston, Texas | IHM | 7/2/2010 | 1997 | 120 | $16.5 million | $ | 137,500 | $18.3 million | |||||||||
Courtyard Altoona | Altoona, Pennsylvania | IHM | 8/24/2010 | 2001 | 105 | $11.3 million | $ | 107,619 | — | |||||||||
Springhill Suites Washington | Washington, Pennsylvania | IHM | 8/24/2010 | 2000 | 86 | $12.0 million | $ | 139,535 | — | |||||||||
Residence Inn Long Island Holtsville | Holtsville, New York | IHM | 8/3/2010 | 2004 | 124 | $21.3 million | $ | 171,774 | — | |||||||||
Residence Inn White Plains | White Plains, New York | IHM | 9/23/2010 | 1982 | 135 | $21.2 million | $ | 159,398 | — | |||||||||
Residence Inn New Rochelle | New Rochelle, New York | IHM | 10/5/2010 | 2000 | 127 | $21.0 million | $ | 169,355 | $13.8 million | |||||||||
Residence Inn Garden Grove | Garden Grove, California | IHM | 7/14/2011 | 2003 | 200 | $43.6 million | $ | 218,000 | $33.2 million | |||||||||
Residence Inn Mission Valley | San Diego, California | IHM | 7/14/2011 | 2003 | 192 | $52.5 million | $ | 273,438 | $28.5 million | |||||||||
Homewood Suites by Hilton San Antonio River Walk | San Antonio, Texas | IHM | 7/14/2011 | 1996 | 146 | $32.5 million | $ | 222,603 | $16.3 million | |||||||||
Residence Inn Washington DC | Washington, DC | IHM | 7/14/2011 | 1974 | 103 | $29.4 million | $ | 280,000 | — | |||||||||
Residence Inn Tysons Corner | Vienna, Virginia | IHM | 7/14/2011 | 2001 | 121 | $37.0 million | $ | 305,785 | $22.3 million | |||||||||
Hampton Inn Portland Downtown | Portland, Maine | IHM | 12/27/2012 | 2011 | 125 | $28.0 million | $ | 229,508 | — | |||||||||
Courtyard Houston | Houston, Texas | IHM | 2/5/2013 | 2010 | 197 | $34.8 million | $ | 176,395 | $18.4 million | |||||||||
Hyatt Place Pittsburgh North Shore | Pittsburgh, Pennsylvania | IHM | 6/17/2013 | 2010 | 178 | $40.0 million | $ | 224,719 | $22.4 million | |||||||||
Hampton Inn Exeter | Exeter, New Hampshire | IHM | 8/9/2013 | 2010 | 111 | $15.2 million | $ | 136,937 | — | |||||||||
Hilton Garden Inn Denver Tech | Denver, Colorado | IHM | 9/26/2013 | 1999 | 180 | $27.9 million | $ | 155,000 | — | |||||||||
Residence Inn Bellevue | Bellevue, Washington | IHM | 10/31/2013 | 2008 | 231 | $71.8 million | $ | 316,883 | $45.5 million | |||||||||
Springhill Suites Savannah | Savannah, Georgia | IHM | 12/5/2013 | 2009 | 160 | $39.8 million | $ | 248,438 | $30.0 million | |||||||||
Residence Inn Silicon Valley I | Sunnyvale, CA | IHM | 6/9/2014 | 1983 | 231 | $92.8 million | $ | 401,776 | $64.8 million | |||||||||
Residence Inn Silicon Valley II | Sunnyvale, CA | IHM | 6/9/2014 | 1985 | 248 | $102.0 million | $ | 411,103 | $70.7 million | |||||||||
Residence Inn San Mateo | San Mateo, CA | IHM | 6/9/2014 | 1985 | 160 | $72.7 million | $ | 454,097 | $48.6 million | |||||||||
Residence Inn Mountain View | Mountain View, CA | IHM | 6/9/2014 | 1985 | 144 | $56.4 million | $ | 503,869 | $37.9 million | |||||||||
Hyatt Place Cherry Creek | Glendale, CO | IHM | 8/29/2014 | 1987 | 199 | $32.0 million | $ | 164,948 | — | |||||||||
Courtyard Addison | Addison, TX | IHM | 11/17/2014 | 2000 | 176 | $24.1 million | $ | 137,178 | — | |||||||||
Courtyard West University Houston | Houston, TX | IHM | 11/17/2014 | 2004 | 100 | $20.1 million | $ | 201,481 | — | |||||||||
Residence Inn West University Houston | Houston, TX | IHM | 11/17/2014 | 2004 | 120 | $29.4 million | $ | 245,363 | — | |||||||||
Hilton Garden Inn Burlington | Burlington, MA | IHM | 11/17/2014 | 1975 | 180 | $33.0 million | $ | 184,392 | — | |||||||||
Residence Inn San Diego Gaslamp | San Diego, CA | IHM | 2/25/2015 | 2009 | 240 | $90.0 million | $ | 375,000 | — | |||||||||
Residence Inn Dedham | Dedham, MA | IHM | 7/17/2015 | 2008 | 81 | $22.0 million | $ | 271,605 | — | |||||||||
Residence Inn Il Lugano | Fort Lauderdale, FL | IHM | 8/17/2015 | 2013 | 105 | $33.5 million | $ | 319,048 | — | |||||||||
Hilton Garden Inn Marina del Rey | Marina del Rey, CA | IHM | 9/17/2015 | 1998 | 134 | $45.1 million | $ | 336,194 | $21.8 million | |||||||||
Hilton Garden Inn Portsmouth | Portsmouth, NH | IHM | 9/20/2017 | 2006 | 131 | $43.5 million | $ | 332,061 | — | |||||||||
Summerville Courtyard | Summerville, SC | IHM | 11/15/2017 | 2014 | 96 | $20.2 million | $ | 210,417 | — | |||||||||
Embassy Suites Springfield | Springfield, VA | IHM | 12/6/2017 | 2013 | 219 | $68.0 million | $ | 310,500 | — | |||||||||
Total | 6,018 | $1,414.1 million | $ | 234,978 | $508.5 million |
2017 | ||||||||||
High | Low | Dividends | ||||||||
First quarter | $ | 21.32 | $ | 18.79 | $ | 0.33 | ||||
Second quarter | 20.50 | 18.82 | 0.33 | |||||||
Third quarter | 21.34 | 19.59 | 0.33 | |||||||
Fourth Quarter | 23.76 | 21.18 | 0.33 | |||||||
2016 | ||||||||||
High | Low | Dividends | ||||||||
First quarter | $ | 21.94 | $ | 16.91 | $ | 0.31 | ||||
Second quarter | 22.77 | 19.61 | 0.33 | |||||||
Third quarter | 24.56 | 18.95 | 0.33 | |||||||
Fourth Quarter | 21.35 | 16.77 | 0.33 |
Value of initial investment at December 31, | |||||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||
Chatham Lodging Trust | $ | 100.00 | $ | 118.04 | $ | 97.92 | $ | 108.96 | $ | 65.09 | $ | 82.68 | |||||||||||||||||||||||
Russell 2000 | $ | 100.00 | $ | 114.65 | $ | 102.02 | $ | 128.06 | $ | 153.62 | $ | 176.39 | |||||||||||||||||||||||
FTSE Nareit All Equity REITs | $ | 100.00 | $ | 104.77 | $ | 96.03 | $ | 118.08 | $ | 107.00 | $ | 145.06 | |||||||||||||||||||||||
FTSE Nareit Lodging | $ | 100.00 | $ | 101.61 | $ | 83.82 | $ | 91.21 | $ | 68.37 | $ | 80.79 |
Value of initial investment at December 31, 2012 | Value of initial investment at December 31, 2013 | Value of initial investment at December 31, 2014 | Value of initial investment at December 31, 2015 | Value of initial investment at December 31, 2016 | Value of initial investment at December 31, 2017 | |||||||||||||||||||
Chatham Lodging Trust | $ | 100.00 | $ | 139.27 | $ | 139.27 | $ | 205.49 | $ | 152.25 | $ | 163.47 | ||||||||||||
Russell 2000 Index | $ | 100.00 | $ | 138.82 | $ | 138.82 | $ | 145.62 | $ | 139.19 | $ | 168.85 | ||||||||||||
FTSE NAREIT All Equity REIT Index | $ | 100.00 | $ | 103.21 | $ | 131.23 | $ | 134.23 | $ | 146.69 | $ | 160.29 | ||||||||||||
FTSE NAREIT Lodging/Resorts Index | $ | 100.00 | $ | 127.18 | $ | 168.52 | $ | 127.37 | $ | 158.38 | $ | 169.72 |
2021 | 2020 | ||||||||||||||||||||||
Common shares: | |||||||||||||||||||||||
Ordinary income | $ | — | — | % | $ | — | — | % | |||||||||||||||
Return of capital | — | — | % | 0.2200 | 100.0 | % | |||||||||||||||||
Total | $ | — | — | % | $ | 0.2200 | 100.0 | % | |||||||||||||||
Series A preferred shares: | |||||||||||||||||||||||
Ordinary income | $ | 0.89713 | 100.0 | % | $ | — | — | % | |||||||||||||||
Return of capital | — | — | % | — | — | % | |||||||||||||||||
Total | $ | 0.89713 | 100.0 | % | $ | — | — | % |
2017 | 2016 | ||||||||||||
Common shares: | |||||||||||||
Ordinary income | $ | 1.128 | 85.5 | % | $ | 1.242 | 90 | % | |||||
Return of capital | 0.120 | 9.1 | % | 0.138 | 10 | % | |||||||
Unrecap. Sec. 1250 Gain | 0.072 | 5.4 | % | — | — | % | |||||||
Total | $ | 1.32 | 100 | % | $ | 1.38 | 100 | % |
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans | ||||||||||||
Equity compensation plans approved by security holders¹ | — | — | ||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||
Total | — | — |
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||||||||
(In thousands, except share and per-share data) | ||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||
Total revenue | $ | 298,856 | $ | 293,820 | $ | 276,950 | $ | 197,216 | $ | 126,228 | ||||||||||
Hotel operating expenses | 155,679 | 148,777 | 136,994 | 100,961 | 68,596 | |||||||||||||||
Depreciation and amortization | 46,292 | 48,775 | 48,981 | 34,710 | 18,249 | |||||||||||||||
Impairment loss | 6,663 | — | — | — | — | |||||||||||||||
Property taxes, ground rent and insurance | 20,916 | 21,564 | 18,581 | 12,624 | 8,915 | |||||||||||||||
General and administrative | 12,825 | 11,119 | 11,677 | 9,852 | 8,131 | |||||||||||||||
Other charges | 523 | 510 | 1,451 | 10,381 | 3,341 | |||||||||||||||
Reimbursed costs from unconsolidated real estate entities | 2,920 | 4,139 | 3,743 | 1,992 | 1,635 | |||||||||||||||
Total operating expenses | 245,818 | 234,884 | 221,427 | 170,520 | 108,867 | |||||||||||||||
Operating income | 53,038 | 58,936 | 55,523 | 26,696 | 17,361 | |||||||||||||||
Interest and other income | 30 | 51 | 264 | 108 | 132 | |||||||||||||||
Interest expense, including amortization of deferred fees | (27,901 | ) | (28,297 | ) | (27,924 | ) | (21,354 | ) | (11,580 | ) | ||||||||||
Loss on early extinguishment of debt | — | (4 | ) | (412 | ) | (184 | ) | (933 | ) | |||||||||||
Gain on sale of hotel property | 3,327 | — | — | — | — | |||||||||||||||
Income (loss) from unconsolidated real estate entities | 1,582 | 718 | 2,411 | (3,830 | ) | (1,874 | ) | |||||||||||||
Net gain (loss) from remeasurement and sales of investment in unconsolidated real estate entities | — | (10 | ) | 3,576 | 65,750 | — | ||||||||||||||
Income before income tax benefit (expense) | 30,076 | 31,394 | 33,438 | 67,186 | 3,106 | |||||||||||||||
Income tax benefit (expense) | (396 | ) | 301 | (260 | ) | (105 | ) | (124 | ) | |||||||||||
Net income | $ | 29,680 | $ | 31,695 | $ | 33,178 | $ | 67,081 | $ | 2,982 | ||||||||||
Net income attributable to non-controlling interest | (202 | ) | (212 | ) | (212 | ) | (208 | ) | — | (208 | ) | |||||||||
Net income attributable to common shareholders | $ | 29,478 | $ | 31,483 | $ | 32,966 | $ | 66,873 | $ | 2,982 | ||||||||||
Income per Common Share - Basic: | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 0.73 | $ | 0.82 | $ | 0.87 | $ | 2.32 | $ | 0.13 | ||||||||||
Income per Common Share - Diluted: | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 0.73 | $ | 0.81 | $ | 0.86 | $ | 2.30 | $ | 0.13 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Basic | 39,859,143 | 38,299,067 | 37,917,871 | 28,531,094 | 21,035,892 | |||||||||||||||
Diluted | 40,112,266 | 38,482,875 | 38,322,285 | 28,846,724 | 21,283,831 | |||||||||||||||
Other Data: | ||||||||||||||||||||
Net cash provided by operating activities | 86,689 | 87,669 | 81,842 | 49,306 | 31,571 | |||||||||||||||
Net cash used in investing activities | (160,645 | ) | (21,078 | ) | (182,363 | ) | (452,988 | ) | (235,190 | ) | ||||||||||
Net cash provided by (used in) financing activities | 71,171 | (75,509 | ) | 106,480 | 414,538 | 203,344 | ||||||||||||||
Cash dividends declared per common share | 1.32 | 1.30 | 1.28 | 0.93 | 0.84 |
As of | As of | As of | As of | As of | |||||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2015 | December 31, 2014 | December 31, 2013 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Investment in hotel properties, net | $ | 1,320,082 | $ | 1,233,094 | $ | 1,258,452 | $ | 1,096,425 | $ | 652,877 | |||||||||
Cash and cash equivalents | 9,333 | 12,118 | 21,036 | 15,077 | 4,221 | ||||||||||||||
Restricted cash | 27,166 | 25,083 | 19,273 | 12,030 | 4,605 | ||||||||||||||
Investment in unconsolidated real estate entities | 24,389 | 20,424 | 23,618 | 28,152 | 774 | ||||||||||||||
Hotel receivables (net of allowance for doubtful accounts) | 4,047 | 4,389 | 4,433 | 3,601 | 2,455 | ||||||||||||||
Deferred costs, net | 4,646 | 4,642 | 5,365 | 7,514 | 7,113 | ||||||||||||||
Prepaid expenses and other assets | 2,523 | 2,778 | 5,052 | 2,300 | 1,879 | ||||||||||||||
Deferred tax asset, net | 30 | 426 | — | — | — | ||||||||||||||
Total assets | $ | 1,392,216 | $ | 1,302,954 | $ | 1,337,229 | $ | 1,165,099 | $ | 673,924 | |||||||||
Mortgage debt, net | $ | 506,316 | $ | 530,323 | $ | 539,623 | $ | 527,721 | $ | 222,063 | |||||||||
Revolving credit facility | 32,000 | 52,500 | 65,580 | 22,500 | 50,000 | ||||||||||||||
Accounts payable and accrued expenses | 31,692 | 27,782 | 25,100 | 20,042 | 12,799 | ||||||||||||||
Distributions in excess of investments of unconsolidated real estate entities | 6,582 | 6,017 | 2,703 | — | 1,576 | ||||||||||||||
Distributions payable | 5,846 | 4,742 | 7,221 | 2,884 | 1,950 | ||||||||||||||
Total liabilities | 582,436 | 621,364 | 640,227 | 573,147 | 288,388 | ||||||||||||||
Total shareholders’ equity | 803,162 | 676,742 | 692,871 | 588,537 | 383,369 | ||||||||||||||
Noncontrolling Interest in Operating Partnership | 6,618 | 4,848 | 4,131 | 3,415 | 2,167 | ||||||||||||||
Total liabilities and equity | $ | 1,392,216 | $ | 1,302,954 | $ | 1,337,229 | $ | 1,165,099 | $ | 673,924 |
Type of Offering (1) | Date | Shares Issued | Price per Share | Gross Proceeds (in thousands) | Net Proceeds (in thousands) | |||||||
Initial public offering | 4/21/2010 | 8,625,000 | $ | 20.00 | $ | 172,500 | $ | 158,700 | ||||
Private placement offering (2) | 4/21/2010 | 500,000 | 20.00 | 10,000 | 10,000 | |||||||
Follow-on common share offering | 2/8/2011 | 4,000,000 | 16.00 | 64,000 | 60,300 | |||||||
Over-allotment option | 2/8/2011 | 600,000 | 16.00 | 9,600 | 9,100 | |||||||
Follow-on common share offering | 1/14/2013 | 3,500,000 | 14.70 | 51,400 | 48,400 | |||||||
Over-allotment option | 1/31/2013 | 92,677 | 14.70 | 1,400 | 1,300 | |||||||
Follow-on common share offering | 6/18/2013 | 4,500,000 | 16.35 | 73,600 | 70,000 | |||||||
Over-allotment option | 6/28/2013 | 475,823 | 16.35 | 7,800 | 7,400 | |||||||
Follow-on common share offering | 9/30/2013 | 3,250,000 | 18.35 | 59,600 | 56,700 | |||||||
Over-allotment option | 10/11/2013 | 487,500 | 18.35 | 8,900 | 8,500 | |||||||
Follow-on common share offering | 9/24/2014 | 6,000,000 | 21.85 | 131,100 | 125,600 | |||||||
Over-allotment option | 9/24/2014 | 900,000 | 21.85 | 19,700 | 18,900 | |||||||
Follow-on common share offering | 1/27/2015 | 3,500,000 | 30.00 | 105,000 | 103,300 | |||||||
Over-allotment option | 1/27/2015 | 525,000 | 30.00 | 15,750 | 15,500 | |||||||
Follow-on common share offering | 11/9/2017 | 5,000,000 | 21.90 | 109,500 | 108,700 | |||||||
41,956,000 | $ | 839,850 | $ | 802,400 |
Year ended | For the year ended | ||||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | % Change | December 31, 2021 | December 31, 2020 | % Change | ||||||||||||||||||||||
Room | $ | 278,466 | $ | 273,345 | 1.9 | % | Room | $ | 187,369 | $ | 130,564 | 43.5 | % | ||||||||||||||
Food and beverage | 6,255 | 6,221 | 0.5 | % | Food and beverage | 3,525 | 2,718 | 29.7 | % | ||||||||||||||||||
Other | 11,215 | 10,115 | 10.9 | % | Other | 11,350 | 7,589 | 49.6 | % | ||||||||||||||||||
Cost reimbursements from unconsolidated real estate entities | 2,920 | 4,139 | (29.5 | )% | |||||||||||||||||||||||
Cost reimbursements from unconsolidated entities | Cost reimbursements from unconsolidated entities | 1,731 | 4,045 | (57.2) | % | ||||||||||||||||||||||
Total revenue | $ | 298,856 | $ | 293,820 | 1.7 | % | Total revenue | $ | 203,975 | $ | 144,916 | 40.8 | % |
For the year ended | |||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | % Change | |||||||||||||||||||||||||||||||||
Same Property (40 hotels) | Actual (41 hotels) | Same Property (40 hotels) | Actual (40 hotels) | Same Property (40 hotels) | Actual (41/40 hotels) | ||||||||||||||||||||||||||||||
Occupancy | 64.6 | % | 64.6 | % | 48.1 | % | 48.6 | % | 34.3 | % | 32.9 | % | |||||||||||||||||||||||
ADR | $ | 132.68 | $ | 132.42 | $ | 119.39 | $ | 120.84 | 11.1 | % | 9.6 | % | |||||||||||||||||||||||
RevPAR | $ | 85.71 | $ | 85.54 | $ | 57.45 | $ | 58.76 | 49.2 | % | 45.6 | % |
For the years ended December 31, | |||||||||||||||||||||
2017 | 2016 | Percentage Change | |||||||||||||||||||
Same Property (40 hotels) | Actual (41 hotels) | Same Property (40 hotels) | Actual (38 hotels) | Same Property (40 hotels) | Actual (41/38 hotels) | ||||||||||||||||
Occupancy | 79.8 | % | 79.9 | % | 80.7 | % | 80.6 | % | (1.1 | )% | (0.9 | )% | |||||||||
ADR | $ | 166.82 | $ | 166.40 | $ | 163.74 | $ | 162.89 | 1.9 | % | 2.2 | % | |||||||||
RevPAR | $ | 133.05 | $ | 132.93 | $ | 132.13 | $ | 131.32 | 0.7 | % | 1.2 | % |
For the year ended | |||||||||||||||||
December 31, 2021 | December 31, 2020 | % Change | |||||||||||||||
Hotel operating expenses: | |||||||||||||||||
Room | $ | 40,396 | $ | 31,883 | 26.7 | % | |||||||||||
Food and beverage expense | 2,404 | 2,456 | (2.1) | % | |||||||||||||
Telephone expense | 1,502 | 1,451 | 3.5 | % | |||||||||||||
Other expense | 2,299 | 1,629 | 41.1 | % | |||||||||||||
General and administrative | 20,424 | 16,733 | 22.1 | % | |||||||||||||
Franchise and marketing fees | 16,560 | 11,608 | 42.7 | % | |||||||||||||
Advertising and promotions | 3,721 | 3,983 | (6.6) | % | |||||||||||||
Utilities | 10,255 | 9,229 | 11.1 | % | |||||||||||||
Repairs and maintenance | 11,784 | 9,799 | 20.3 | % | |||||||||||||
Management fees | 7,156 | 5,289 | 35.3 | % | |||||||||||||
Insurance | 2,792 | 1,438 | 94.2 | % | |||||||||||||
Total hotel operating expenses | $ | 119,293 | $ | 95,498 | 24.9 | % |
Year ended | ||||||||||
December 31, 2017 | December 31, 2016 | % Change | ||||||||
Hotel operating expenses: | ||||||||||
Room | $ | 59,151 | $ | 57,209 | 3.4 | % | ||||
Food and beverage expense | 5,342 | 4,928 | 8.4 | % | ||||||
Telephone expense | 1,647 | 1,712 | (3.8 | )% | ||||||
Other expense | 2,886 | 2,358 | 22.4 | % | ||||||
General and administrative | 23,639 | 22,274 | 6.1 | % | ||||||
Franchise and marketing fees | 23,247 | 22,412 | 3.7 | % | ||||||
Advertising and promotions | 5,380 | 5,147 | 4.5 | % | ||||||
Utilities | 9,944 | 9,545 | 4.2 | % | ||||||
Repairs and maintenance | 13,317 | 12,444 | 7.0 | % | ||||||
Management fees | 9,898 | 9,389 | 5.4 | % | ||||||
Insurance | 1,228 | 1,359 | (9.6 | )% | ||||||
Total hotel operating expenses | $ | 155,679 | $ | 148,777 | 4.6 | % |
Year ended | ||||||||||
December 31, 2017 | December 31, 2016 | % Change | ||||||||
Mortgage debt interest | $ | 24,977 | $ | 25,250 | (1.1 | )% | ||||
Credit facility interest | 1,577 | 1,307 | 20.7 | % | ||||||
Other fees | 692 | 657 | 5.3 | % | ||||||
Amortization of deferred financing costs | 655 | 1,083 | (39.5 | )% | ||||||
Total | $ | 27,901 | $ | 28,297 | (1.4 | )% |
Years Ended | ||||||||||
December 31, 2016 | December 31, 2015 | % Change | ||||||||
Room | $ | 273,345 | $ | 258,137 | 5.9 | % | ||||
Food and beverage | 6,221 | 5,536 | 12.4 | % | ||||||
Other | 10,115 | 9,534 | 6.1 | % | ||||||
Cost reimbursements from unconsolidated real estate entities | 4,139 | 3,743 | 10.6 | % | ||||||
Total revenue | $ | 293,820 | $ | 276,950 | 6.1 | % |
For the years ended December 31, | |||||||||||||||||||||
2016 | 2015 | Percentage Change | |||||||||||||||||||
Same Property (38 hotels) | Actual (38 hotels) | Same Property (38 hotels) | Actual (34 hotels) | Same Property (38 hotels) | Actual (38/34 hotels) | ||||||||||||||||
Occupancy | 80.6 | % | 80.6 | % | 81.6 | % | 81.5 | % | (1.2 | )% | (1.1 | )% | |||||||||
ADR | $ | 162.89 | $ | 162.89 | $ | 160.99 | $ | 158.11 | 1.2 | % | 3.0 | % | |||||||||
RevPAR | $ | 131.32 | $ | 131.32 | $ | 131.38 | $ | 128.82 | (0.1 | )% | 1.9 | % |
Years Ended | ||||||||||
December 31, 2016 | December 31, 2015 | % Change | ||||||||
Hotel operating expenses: | ||||||||||
Room | $ | 57,209 | $ | 50,165 | 14.0 | % | ||||
Food and beverage expense | 4,928 | 4,127 | 19.4 | % | ||||||
Telephone expense | 1,712 | 1,708 | 0.2 | % | ||||||
Other expense | 2,358 | 2,467 | (4.4 | )% | ||||||
General and administrative | 22,274 | 21,101 | 5.6 | % | ||||||
Franchise and marketing fees | 22,412 | 21,240 | 5.5 | % | ||||||
Advertising and promotions | 5,147 | 5,040 | 2.1 | % | ||||||
Utilities | 9,545 | 9,464 | 0.9 | % | ||||||
Repairs and maintenance | 12,444 | 11,722 | 6.2 | % | ||||||
Management fees | 9,389 | 8,742 | 7.4 | % | ||||||
Insurance | 1,359 | 1,218 | 11.6 | % | ||||||
Total hotel operating expenses | $ | 148,777 | $ | 136,994 | 8.6 | % |
For the year ended | |||||||||||||||||
December 31, 2021 | December 31, 2020 | % Change | |||||||||||||||
Mortgage debt interest | $ | 21,081 | $ | 23,227 | (9.2) | % | |||||||||||
Credit facility interest and unused fees | 3,441 | 5,001 | (31.2) | % | |||||||||||||
Interest rate cap | (52) | 25 | (308.0) | % | |||||||||||||
Construction loan interest | 2,117 | 202 | 948.0 | % | |||||||||||||
Capitalized interest | (3,551) | (1,473) | 141.1 | % | |||||||||||||
Amortization of deferred financing costs | 1,424 | 1,140 | 24.9 | % | |||||||||||||
Total | $ | 24,460 | $ | 28,122 | (13.0) | % |
Years Ended | ||||||||||
December 31, 2016 | December 31, 2015 | % Change | ||||||||
Mortgage debt interest | $ | 25,250 | $ | 25,105 | 0.6 | % | ||||
Credit facility interest | 1,307 | 574 | 127.7 | % | ||||||
Other fees | 657 | 637 | 3.1 | % | ||||||
Amortization of deferred financing costs | 1,083 | 1,608 | (32.6 | )% | ||||||
Total | $ | 28,297 | $ | 27,924 | 1.3 | % |
For the year ended | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Funds From Operations (“FFO”): | |||||||||||||||||||||||||||||
Net (loss) income | $ | (18,845) | $ | (77,020) | $ | 18,880 | |||||||||||||||||||||||
Preferred dividends | (3,975) | — | — | ||||||||||||||||||||||||||
Net (loss) income attributable to common shares and common units | (22,820) | (77,020) | 18,880 | ||||||||||||||||||||||||||
Loss (gain) on sale of hotel property | 21 | (21,116) | 3,282 | ||||||||||||||||||||||||||
Loss on the sale of assets within unconsolidated real estate entities | — | 2 | 219 | ||||||||||||||||||||||||||
Gain on sale of investment in unconsolidated real estate entities | (23,817) | — | — | ||||||||||||||||||||||||||
Depreciation | 53,967 | 53,627 | 51,258 | ||||||||||||||||||||||||||
Impairment loss | 5,640 | — | — | ||||||||||||||||||||||||||
Impairment loss on investment in unconsolidated real estate entities | — | 15,282 | — | ||||||||||||||||||||||||||
Impairment loss within the unconsolidated real estate entities | — | 1,388 | 4,197 | ||||||||||||||||||||||||||
Adjustments for unconsolidated real estate entity items | 568 | 4,434 | 7,493 | ||||||||||||||||||||||||||
FFO attributed to common share and unit holders | 13,559 | (23,403) | 85,329 | ||||||||||||||||||||||||||
Other charges | 711 | 4,385 | 1,441 | ||||||||||||||||||||||||||
Adjustments for unconsolidated real estate entity items | 46 | 9 | 1,028 | ||||||||||||||||||||||||||
Adjusted FFO attributed to common share and unit holders | $ | 14,316 | $ | (19,009) | 87,798 | ||||||||||||||||||||||||
Weighted average number of common shares and units | |||||||||||||||||||||||||||||
Basic | 49,281,763 | 47,635,600 | 47,238,309 | ||||||||||||||||||||||||||
Diluted | 49,490,938 | 47,635,600 | 47,472,805 |
For the year ended | ||||||||||||
December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Funds From Operations (“FFO”): | ||||||||||||
Net income | $ | 29,680 | $ | 31,695 | $ | 33,178 | ||||||
Gain on sale of hotel property | (3,327 | ) | — | — | ||||||||
Loss (income) on sale from unconsolidated real estate entities | — | 10 | (3,576 | ) | ||||||||
Depreciation | 46,060 | 48,562 | 48,784 | |||||||||
Impairment loss | 6,663 | — | — | |||||||||
Adjustments for unconsolidated real estate entity items | 6,600 | 8,186 | 7,458 | |||||||||
FFO attributed to common share and unit holders | 85,676 | 88,453 | 85,844 | |||||||||
Other charges | 523 | 510 | 1,451 | |||||||||
Loss on early extinguishment of debt | — | 4 | 412 | |||||||||
Adjustments for unconsolidated real estate entity items | 96 | 25 | 104 | |||||||||
Adjusted FFO attributed to common share and unit holders | $ | 86,295 | $ | 88,992 | 87,811 | |||||||
Weighted average number of common shares and units | ||||||||||||
Basic | 40,138,856 | 38,556,842 | 38,175,646 | |||||||||
Diluted | 40,391,978 | 38,740,650 | 38,327,355 |
For the year ended | For the year ended | ||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”): | Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”): | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 29,680 | $ | 31,695 | $ | 33,178 | |||||||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | $ | (18,845) | $ | (77,020) | $ | 18,880 | ||||||||||||||||||||||||||||||||||
Interest expense | 27,901 | 28,297 | 27,924 | Interest expense | 24,460 | 28,122 | 28,247 | ||||||||||||||||||||||||||||||||||
Income tax (benefit) expense | 396 | (301 | ) | 260 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 46,292 | 48,775 | 48,981 | Depreciation and amortization | 54,215 | 53,871 | 51,505 | ||||||||||||||||||||||||||||||||||
Adjustments for unconsolidated real estate entity items | 14,650 | 15,908 | 15,081 | Adjustments for unconsolidated real estate entity items | 1,184 | 8,965 | 18,214 | ||||||||||||||||||||||||||||||||||
EBITDA | 118,919 | 124,374 | 125,424 | EBITDA | 61,014 | 13,938 | 116,846 | ||||||||||||||||||||||||||||||||||
Impairment loss | Impairment loss | 5,640 | — | — | |||||||||||||||||||||||||||||||||||||
Impairment loss on investment in unconsolidated real estate entities | Impairment loss on investment in unconsolidated real estate entities | — | 15,282 | — | |||||||||||||||||||||||||||||||||||||
Impairment loss within the unconsolidated real estate entities | Impairment loss within the unconsolidated real estate entities | — | 1,388 | 4,197 | |||||||||||||||||||||||||||||||||||||
Loss (gain) on sale of hotel property | Loss (gain) on sale of hotel property | 21 | (21,116) | 3,282 | |||||||||||||||||||||||||||||||||||||
Loss on the sale of assets within unconsolidated real estate entities | Loss on the sale of assets within unconsolidated real estate entities | — | 2 | 219 | |||||||||||||||||||||||||||||||||||||
Gain on sale of investment in unconsolidated real estate entities | Gain on sale of investment in unconsolidated real estate entities | (23,817) | — | — | |||||||||||||||||||||||||||||||||||||
EBITDAre | EBITDAre | 42,858 | 9,494 | 124,544 | |||||||||||||||||||||||||||||||||||||
Other charges | 523 | 510 | 1,451 | Other charges | 711 | 4,385 | 1,441 | ||||||||||||||||||||||||||||||||||
Impairment loss | 6,663 | — | — | ||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | 4 | 412 | ||||||||||||||||||||||||||||||||||||||
Adjustments for unconsolidated real estate entity items | 136 | 62 | 136 | Adjustments for unconsolidated real estate entity items | 46 | 9 | 293 | ||||||||||||||||||||||||||||||||||
Gain on sale of hotel property | (3,327 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Loss (income) on sale from unconsolidated real estate entities | — | 10 | (3,576 | ) | |||||||||||||||||||||||||||||||||||||
Share based compensation | 3,784 | 3,013 | 2,835 | Share based compensation | 4,823 | 4,597 | 4,719 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 126,698 | $ | 127,973 | $ | 126,682 | Adjusted EBITDA | $ | 48,438 | $ | 18,485 | $ | 130,997 |
For the year ended | ||||||||||||||||||||||||||||||||||||
For the year ended | December 31, | |||||||||||||||||||||||||||||||||||
December 31, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | $ | (18,845) | $ | (77,020) | $ | 18,880 | |||||||||||||||||||||||||||||
Add: | Add: | Interest expense | 24,460 | 28,122 | 28,247 | |||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||
Net income | 29,680 | 31,695 | 33,178 | |||||||||||||||||||||||||||||||||
Add: | Interest expense | 27,901 | 28,297 | 27,924 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 54,215 | 53,871 | 51,505 | |||||||||||||||||||||||||||||||||
Income tax expense | 396 | — | 260 | Corporate general and administrative | 15,752 | 11,564 | 14,077 | |||||||||||||||||||||||||||||
Depreciation and amortization | 46,292 | 48,775 | 48,981 | Other charges | 711 | 4,385 | 1,441 | |||||||||||||||||||||||||||||
Corporate general and administrative | 12,825 | 11,119 | 11,677 | Impairment loss | 5,640 | — | — | |||||||||||||||||||||||||||||
Other charges | 523 | 510 | 1,451 | Loss from unconsolidated real estate entities | 1,231 | 7,424 | 6,448 | |||||||||||||||||||||||||||||
Impairment loss | 6,663 | — | — | Impairment loss on investment in unconsolidated real estate entities | — | 15,282 | — | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | 4 | 412 | Loss on sale of hotel property | 21 | — | 3,282 | |||||||||||||||||||||||||||||
Loss on sale from unconsolidated real estate entities | — | 10 | — | |||||||||||||||||||||||||||||||||
Less: | Interest and other income | (30 | ) | (51 | ) | (264 | ) | Less: | Interest and other income | (243) | (179) | (190) | ||||||||||||||||||||||||
Gain on sale of hotel property | (3,327 | ) | — | — | ||||||||||||||||||||||||||||||||
Income from unconsolidated real estate entities | (1,582 | ) | (718 | ) | (2,411 | ) | ||||||||||||||||||||||||||||||
Income on sale from unconsolidated real estate entities | — | — | (3,576 | ) | Gain on sale of hotel property | — | (21,116) | — | ||||||||||||||||||||||||||||
Income tax benefit | — | (301 | ) | — | Gain on sale of investment in unconsolidated real estate entities | (23,817) | — | — | ||||||||||||||||||||||||||||
Adjusted Hotel EBITDA | Adjusted Hotel EBITDA | $ | 119,341 | $ | 119,340 | $ | 117,632 | Adjusted Hotel EBITDA | $ | 59,125 | $ | 22,333 | $ | 123,690 |
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) | $ | 7,371 | $ | 772 | $ | 1,603 | $ | 1,686 | $ | 3,310 | |||||||||
Revolving credit facility, including interest (2) | 37,054 | 1,742 | 35,312 | — | — | ||||||||||||||
Ground leases | 74,432 | 1,217 | 2,487 | 2,550 | 68,178 | ||||||||||||||
Property loans, including interest (2) | 632,218 | 28,687 | 63,197 | 76,916 | 463,418 | ||||||||||||||
Total | $ | 751,075 | $ | 32,418 | $ | 102,599 | $ | 81,152 | $ | 534,906 |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Floating rate: | |||||||||||||||||||||||||||||||||||||||||||||||
Debt | $ | — | $ | 70,000 | $ | 35,007 | $ | — | $ | — | $ | — | $ | 105,007 | $ | 105,030 | |||||||||||||||||||||||||||||||
Average interest rate | — | 3.43 | % | 7.75 | % | — | — | — | 4.87 | % | |||||||||||||||||||||||||||||||||||||
Fixed rate: | |||||||||||||||||||||||||||||||||||||||||||||||
Debt | $ | 9,249 | $ | 117,919 | $ | 296,811 | $ | 15,947 | $ | — | $ | — | $ | 439,926 | $ | 443,387 | |||||||||||||||||||||||||||||||
Average interest rate | 4.63 | % | 4.66 | % | 4.64 | % | 4.25 | % | — | — | 4.63 | % |
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | Fair Value | |||||||||||||||||||||
Floating rate: | ||||||||||||||||||||||||||||
Debt | — | $ | 32,000 | — | — | — | — | $ | 32,000 | $ | 32,000 | |||||||||||||||||
Average interest rate (1) | — | 4.17 | % | — | — | — | — | 4.17 | % | |||||||||||||||||||
Fixed rate: | ||||||||||||||||||||||||||||
Debt | $5,041 | $6,992 | $9,536 | $ | 21,945 | $ | 9,954 | $454,986 | $ | 508,454 | $ | 506,608 | ||||||||||||||||
Average interest rate | 4.71 | % | 4.70 | % | 4.68 | % | 5.26 | % | 4.63 | % | 4.63 | % | 4.66 | % |
Exhibit Number | Description of Exhibit | |||||||
Articles of Amendment and Restatement of Chatham Lodging Trust(12) | ||||||||
Second Amended and Restated Bylaws of Chatham Lodging Trust(1) | ||||||||
Articles Supplementary to the Company's Declaration of Trust designating the 6.625% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share(19) | ||||||||
Description of the Company's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | ||||||||
Chatham Lodging Trust Equity Incentive Plan, Amended and Restated as of May 17, 2013 (2) | ||||||||
Employment Agreement between Chatham Lodging Trust and Jeffrey H. Fisher(12) | ||||||||
Employment Agreement between Chatham Lodging Trust and Peter Willis(12) | ||||||||
Employment Agreement between Chatham Lodging Trust and Dennis M. Craven(12) | ||||||||
Employment Agreement between Chatham Lodging Trust and Jeremy Wegner(3) | ||||||||
First Amendment to Employment Agreement of Peter Willis dated January 30, 2015(4) | ||||||||
First Amendment to Employment Agreement of Dennis Craven dated January 30, 2015(4) | ||||||||
Form of Indemnification Agreement between Chatham Lodging Trust and its officers and trustees(5) | ||||||||
Form of LTIP Unit Vesting Agreement(5) | ||||||||
Form of Share Award Agreement for Trustees(5) | ||||||||
Form of Share Award Agreement for Officers(6) | ||||||||
Share Award Agreement, dated as of June 1, 2015, between Chatham Lodging Trust and Jeremy Wegner(7) | ||||||||
LTIP Unit Award Agreement, dated as of June 1, 2015, between Chatham Lodging Trust, Chatham Lodging, L.P. and Jeffrey Fisher (Outperformance Plan) (8) | ||||||||
LTIP Unit Award Agreement, dated as of June 1, 2015, between Chatham Lodging Trust, Chatham Lodging, L.P. and Dennis Craven (Outperformance Plan) (8) | ||||||||
LTIP Unit Award Agreement, dated as of June 1, 2015, between Chatham Lodging Trust, Chatham Lodging, L.P. and Peter Willis (Outperformance Plan) (8) | ||||||||
Agreement of Limited Partnership of Chatham Lodging, L.P.(5) | ||||||||
First Amendment to the Agreement of Limited Partnership of Chatham Lodging, L.P.(7) | ||||||||
Second Amendment to the Agreement of Limited Partnership of Chatham Lodging, L.P.(20) | ||||||||
Form of IHM Hotel Management Agreement(5) | ||||||||
Third Amended and Restated Limited Liability Company Agreement of INK Acquisition LLC, dated as of June 9, 2014, by and between Platform Member-T, LLC and Chatham Lodging, L.P.(9) | ||||||||
Second Amended and Restated Limited Liability Company Agreement of INK Acquisition III, LLC, dated as of June 9, 2014, by and between Platform Member Holdings-T Cam2, LLC and Chatham TRS Holding, Inc.(9) | ||||||||
Loan Agreement, dated as of June 9, 2014, between Grand Prix Sili II, LLC, as borrower, and JP Morgan Chase Bank, National Association, as lender.(9) | ||||||||
Limited Liability Company Agreement of IHP I Owner JV, LLC, dated as of November 17, 2014, by and between Platform Member II-T, LLC and Chatham IHP, LLC.(10) | ||||||||
Limited Liability Company Agreement of IHP I OPs JV, LLC, dated as of November 17, 2014, by and between Platform Member Holdings II-T Cam2, LLC and Chatham TRS Holding, Inc.(10) | ||||||||
Amended and Restated Credit Agreement, dated as of | ||||||||
Form of 2016 Time-Based LTIP Unit Award Agreement(12) | ||||||||
Form of 2016 Performance-Based LTIP Unit Award Agreement(12) | ||||||||
Form of 2017 Time-Based LTIP Unit Award Agreement(13) | ||||||||
Form of 2017 Performance-Based LTIP Unit Award Agreement(13) | ||||||||
Separation Agreement and General Release, dated as of March 5, 2020, by and between Chatham Lodging Trust and Peter Willis(15) | ||||||||
First Amendment to Amended and Restated Credit Agreement, dated as of May 6, 2020, among Chatham Lodging Trust, as parent guarantee, Chatham Lodging L.P., as borrower, the several banks and other financial institutions or entities that are parties thereto, as lenders and Barclays Bank PLC, as administrative agent(16) | ||||||||
Third Amendment to Amended and Restated Credit Agreement, dated as of December 16, 2020, among Chatham Lodging Trust, as parent guarantee, Chatham Lodging L.P., as borrower, the several banks and other financial institutions or entities that are parties thereto, as lenders and Barclays Bank PLC, as administrative agent(17) | ||||||||
Sales Agreement, dated | ||||||||
List of Subsidiaries of Chatham Lodging Trust | ||||||||
PricewaterhouseCoopers LLP Consent | ||||||||
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 | ||||||||
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 | ||||||||
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** | The instance document does not appear in the interactive data file because its inline XBRL | |||||||
101.SCH** | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL** | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF** | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB** | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE** | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the interactive date file because its XBRL tags are embedded within the inline XBRL document |
Incorporated by reference to the | |||||
(2) | Incorporated by reference to the | ||||
(3) | Incorporated by reference to the | ||||
(4) | Incorporated by reference to the | ||||
(5) | Incorporated by reference to Amendment No. 4 to the | ||||
(6) | Incorporated by reference to the | ||||
(7) | Incorporated by reference to the | ||||
(8) | Incorporated by reference to the | ||||
(9) | Incorporated by reference to the | ||||
(10) | Incorporated by reference to the | ||||
(11) | Incorporated by reference to the | ||||
(12) | Incorporated by reference to the | ||||
(13) | Incorporated by reference to the | ||||
(14) | Incorporated by reference to the | ||||
(15) | Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on March 6, 2020 (File No. 001-34693). | ||||
(16) | Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on May 6, 2020 (File No. 001-34693). | ||||
(17) | Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on December | ||||
(18) | Incorporated by reference to Exhibit 1.1 to the Company's Current Report on Form 8-K filed with the SEC on January 5, 2021 (File No. 001-34693). | ||||
(19) | Incorporated by reference to Exhibit 3.3 to the Company's Registration Statement on Form 8-A filed with the SEC on June 25, 2021 (File No. 001-34693). | ||||
(20) | Incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed with the SEC on June 28, 2021 (File No. 001-34693). |
CHATHAM LODGING TRUST | |||||||||||
Dated: | February 25, 2022 | ||||||||||
/s/ JEFFREY H. FISHER | |||||||||||
Jeffrey H. Fisher | |||||||||||
Chairman of the Board, President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
SIGNATURE | TITLE | DATE | ||||||||||||
/s/ JEFFREY H. FISHER | Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) | February | ||||||||||||
Jeffrey H. Fisher | ||||||||||||||
/s/ JEREMY B. WEGNER | Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | February | ||||||||||||
Jeremy B. Wegner | ||||||||||||||
/s/ EDWIN B. BREWER, JR. | Trustee | February | ||||||||||||
Edwin B. Brewer, Jr. | ||||||||||||||
/s/ | Trustee | February | ||||||||||||
/s/ DAVID GRISSEN | Trustee | February 25, 2022 | ||||||||||||
David Grissen | ||||||||||||||
/s/ MARY ELIZABETH HIGGINS | Trustee | February 25, 2022 | ||||||||||||
Mary Elizabeth Higgins | ||||||||||||||
/s/ ROBERT PERLMUTTER | Trustee | February | ||||||||||||
Robert Perlmutter | ||||||||||||||
/s/ ROLF E. RUHFUS | Trustee | February | ||||||||||||
Rolf E. Ruhfus | ||||||||||||||
/s/ ETHEL ISAACS WILLIAMS | Trustee | February 25, 2022 | ||||||||||||
Ethel Isaacs Williams | ||||||||||||||
Page No. | ||||||||
Report of Independent Registered | F-2 | |||||||
Consolidated Balance Sheets at December 31, | F-4 | |||||||
Consolidated Statements of Operations for the years ended December 31, | F-5 | |||||||
Consolidated Statements of Equity for the years ended December 31, | F-6 | |||||||
Consolidated Statements of Cash Flows for the years ended December 31, | F-7 | |||||||
Notes to Consolidated Financial Statements | F-8 | |||||||
Financial Statement Schedule | ||||||||
Schedule III - Real Estate and Accumulated Depreciation at December 31, | F- |
December 31, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Investment in hotel properties, net | $ | 1,320,082 | $ | 1,233,094 | |||
Cash and cash equivalents | 9,333 | 12,118 | |||||
Restricted cash | 27,166 | 25,083 | |||||
Investment in unconsolidated real estate entities | 24,389 | 20,424 | |||||
Hotel receivables (net of allowance for doubtful accounts of $200 and $155, respectively) | 4,047 | 4,389 | |||||
Deferred costs, net | 4,646 | 4,642 | |||||
Prepaid expenses and other assets | 2,523 | 2,778 | |||||
Deferred tax asset, net | 30 | 426 | |||||
Total assets | $ | 1,392,216 | $ | 1,302,954 | |||
Liabilities and Equity: | |||||||
Mortgage debt, net | $ | 506,316 | $ | 530,323 | |||
Revolving credit facility | 32,000 | 52,500 | |||||
Accounts payable and accrued expenses | 31,692 | 27,782 | |||||
Distributions and losses in excess of investments of unconsolidated real estate entities | 6,582 | 6,017 | |||||
Distributions payable | 5,846 | 4,742 | |||||
Total liabilities | 582,436 | 621,364 | |||||
Commitments and contingencies (see note 12) | |||||||
Equity: | |||||||
Shareholders’ Equity: | |||||||
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2017 and 2016 | — | — | |||||
Common shares, $0.01 par value, 500,000,000 shares authorized; 45,375,266 and 38,367,014 shares issued and outstanding at December 31, 2017 and 2016, respectively | 450 | 380 | |||||
Additional paid-in capital | 871,730 | 722,019 | |||||
Retained earnings (distributions in excess of retained earnings) | (69,018 | ) | (45,657 | ) | |||
Total shareholders’ equity | 803,162 | 676,742 | |||||
Noncontrolling Interests: | |||||||
Noncontrolling interest in operating partnership | 6,618 | 4,848 | |||||
Total equity | 809,780 | 681,590 | |||||
Total liabilities and equity | $ | 1,392,216 | $ | 1,302,954 |
December 31, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Investment in hotel properties, net | $ | 1,282,870 | $ | 1,265,174 | |||||||
Investment in hotel properties under development | 67,554 | 43,651 | |||||||||
Cash and cash equivalents | 19,188 | 21,124 | |||||||||
Restricted cash | 10,681 | 10,329 | |||||||||
Right of use asset, net | 19,985 | 20,641 | |||||||||
Hotel receivables (net of allowance for doubtful accounts of $382 and $248, respectively) | 3,003 | 1,688 | |||||||||
Deferred costs, net | 4,627 | 5,384 | |||||||||
Prepaid expenses and other assets | 2,791 | 2,266 | |||||||||
Total assets | $ | 1,410,699 | $ | 1,370,257 | |||||||
Liabilities and Equity: | |||||||||||
Mortgage debt, net | $ | 439,282 | $ | 460,145 | |||||||
Revolving credit facility | 70,000 | 135,300 | |||||||||
Construction loan | 35,007 | 13,325 | |||||||||
Accounts payable and accrued expenses | 27,718 | 25,374 | |||||||||
Distributions and losses in excess of investments of unconsolidated real estate entities | — | 19,951 | |||||||||
Lease liability, net | 22,696 | 23,233 | |||||||||
Distributions payable | 1,803 | 469 | |||||||||
Total liabilities | 596,506 | 677,797 | |||||||||
Commitments and contingencies (see note 14) | 0 | 0 | |||||||||
Equity: | |||||||||||
Shareholders’ Equity: | |||||||||||
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 0 shares issued and outstanding at December 31, 2021 and 2020, respectively | 48 | — | |||||||||
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,768,890 and 46,973,473 shares issued and outstanding at December 31, 2021 and 2020, respectively | 487 | 470 | |||||||||
Additional paid-in capital | 1,048,070 | 906,000 | |||||||||
Accumulated deficit | (251,103) | (228,718) | |||||||||
Total shareholders’ equity | 797,502 | 677,752 | |||||||||
Noncontrolling Interests: | |||||||||||
Noncontrolling interest in operating partnership | 16,691 | 14,708 | |||||||||
Total equity | 814,193 | 692,460 | |||||||||
Total liabilities and equity | $ | 1,410,699 | $ | 1,370,257 |
For the year ended | ||||||||||||
December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Revenue: | ||||||||||||
Room | $ | 278,466 | $ | 273,345 | $ | 258,137 | ||||||
Food and beverage | 6,255 | 6,221 | 5,536 | |||||||||
Other | 11,215 | 10,115 | 9,534 | |||||||||
Cost reimbursements from unconsolidated real estate entities | 2,920 | 4,139 | 3,743 | |||||||||
Total revenue | 298,856 | 293,820 | 276,950 | |||||||||
Expenses: | ||||||||||||
Hotel operating expenses: | ||||||||||||
Room | 59,151 | 57,209 | 50,165 | |||||||||
Food and beverage | 5,342 | 4,928 | 4,127 | |||||||||
Telephone | 1,647 | 1,712 | 1,708 | |||||||||
Other hotel operating | 2,886 | 2,358 | 2,467 | |||||||||
General and administrative | 23,639 | 22,274 | 21,101 | |||||||||
Franchise and marketing fees | 23,247 | 22,412 | 21,240 | |||||||||
Advertising and promotions | 5,380 | 5,147 | 5,040 | |||||||||
Utilities | 9,944 | 9,545 | 9,464 | |||||||||
Repairs and maintenance | 13,317 | 12,444 | 11,722 | |||||||||
Management fees | 9,898 | 9,389 | 8,742 | |||||||||
Insurance | 1,228 | 1,359 | 1,218 | |||||||||
Total hotel operating expenses | 155,679 | 148,777 | 136,994 | |||||||||
Depreciation and amortization | 46,292 | 48,775 | 48,981 | |||||||||
Impairment loss | 6,663 | — | — | |||||||||
Property taxes, ground rent and insurance | 20,916 | 21,564 | 18,581 | |||||||||
General and administrative | 12,825 | 11,119 | 11,677 | |||||||||
Other charges | 523 | 510 | 1,451 | |||||||||
Reimbursable costs from unconsolidated real estate entities | 2,920 | 4,139 | 3,743 | |||||||||
Total operating expenses | 245,818 | 234,884 | 221,427 | |||||||||
Operating income | 53,038 | 58,936 | 55,523 | |||||||||
Interest and other income | 30 | 51 | 264 | |||||||||
Interest expense, including amortization of deferred fees | (27,901 | ) | (28,297 | ) | (27,924 | ) | ||||||
Loss on early extinguishment of debt | — | (4 | ) | (412 | ) | |||||||
Gain on sale of hotel property | 3,327 | — | — | |||||||||
Income from unconsolidated real estate entities | 1,582 | 718 | 2,411 | |||||||||
Income (loss) on sale from unconsolidated real estate entities | — | (10 | ) | 3,576 | ||||||||
Income before income tax benefit (expense) | 30,076 | 31,394 | 33,438 | |||||||||
Income tax benefit (expense) | (396 | ) | 301 | (260 | ) | |||||||
Net income | 29,680 | 31,695 | 33,178 | |||||||||
Net income attributable to non-controlling interest | (202 | ) | (212 | ) | (212 | ) | ||||||
Net income attributable to common shareholders | $ | 29,478 | $ | 31,483 | $ | 32,966 | ||||||
Income per Common Share - Basic: | ||||||||||||
Net income attributable to common shareholders (Note 10) | $ | 0.73 | $ | 0.82 | $ | 0.87 | ||||||
Income per Common Share - Diluted: | ||||||||||||
Net income attributable to common shareholders (Note 10) | $ | 0.73 | $ | 0.81 | $ | 0.86 | ||||||
Weighted average number of common shares outstanding: | ||||||||||||
Basic | 39,859,143 | 38,299,067 | 37,917,871 | |||||||||
Diluted | 40,112,266 | 38,482,875 | 38,322,285 | |||||||||
Distributions per common share: | $ | 1.32 | $ | 1.38 | $ | 1.28 |
For the year ended | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Room | $ | 187,369 | $ | 130,564 | $ | 296,267 | |||||||||||||||||||||||
Food and beverage | 3,525 | 2,718 | 9,824 | ||||||||||||||||||||||||||
Other | 11,350 | 7,589 | 16,567 | ||||||||||||||||||||||||||
Reimbursable costs from unconsolidated entities | 1,731 | 4,045 | 5,670 | ||||||||||||||||||||||||||
Total revenue | 203,975 | 144,916 | 328,328 | ||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||||
Room | 40,396 | 31,883 | 65,270 | ||||||||||||||||||||||||||
Food and beverage | 2,404 | 2,456 | 8,396 | ||||||||||||||||||||||||||
Telephone | 1,502 | 1,451 | 1,638 | ||||||||||||||||||||||||||
Other hotel operating | 2,299 | 1,629 | 4,039 | ||||||||||||||||||||||||||
General and administrative | 20,424 | 16,733 | 25,641 | ||||||||||||||||||||||||||
Franchise and marketing fees | 16,560 | 11,608 | 25,850 | ||||||||||||||||||||||||||
Advertising and promotions | 3,721 | 3,983 | 6,043 | ||||||||||||||||||||||||||
Utilities | 10,255 | 9,229 | 10,867 | ||||||||||||||||||||||||||
Repairs and maintenance | 11,784 | 9,799 | 14,321 | ||||||||||||||||||||||||||
Management fees | 7,156 | 5,289 | 10,822 | ||||||||||||||||||||||||||
Insurance | 2,792 | 1,438 | 1,364 | ||||||||||||||||||||||||||
Total hotel operating expenses | 119,293 | 95,498 | 174,251 | ||||||||||||||||||||||||||
Depreciation and amortization | 54,215 | 53,871 | 51,505 | ||||||||||||||||||||||||||
Impairment loss | 5,640 | — | — | ||||||||||||||||||||||||||
Impairment loss on investment in unconsolidated real estate entities | — | 15,282 | — | ||||||||||||||||||||||||||
Property taxes, ground rent and insurance | 23,826 | 23,040 | 24,717 | ||||||||||||||||||||||||||
General and administrative | 15,752 | 11,564 | 14,077 | ||||||||||||||||||||||||||
Other charges | 711 | 4,385 | 1,441 | ||||||||||||||||||||||||||
Reimbursable costs from unconsolidated entities | 1,731 | 4,045 | 5,670 | ||||||||||||||||||||||||||
Total operating expenses | 221,168 | 207,685 | 271,661 | ||||||||||||||||||||||||||
Operating (loss) income before (loss) gain on sale of hotel property | (17,193) | (62,769) | 56,667 | ||||||||||||||||||||||||||
(Loss) gain on sale of hotel property | (21) | 21,116 | (3,282) | ||||||||||||||||||||||||||
Operating (loss) income | (17,214) | (41,653) | 53,385 | ||||||||||||||||||||||||||
Interest and other income | 243 | 179 | 190 | ||||||||||||||||||||||||||
Interest expense net of amounts capitalized, including amortization of deferred fees | (24,460) | (28,122) | (28,247) | ||||||||||||||||||||||||||
Loss from unconsolidated real estate entities | (1,231) | (7,424) | (6,448) | ||||||||||||||||||||||||||
Gain on sale of investment in unconsolidated real estate entities | 23,817 | — | — | ||||||||||||||||||||||||||
(Loss) income before income tax expense | (18,845) | (77,020) | 18,880 | ||||||||||||||||||||||||||
Income tax expense | — | — | — | ||||||||||||||||||||||||||
Net (loss) income | (18,845) | (77,020) | 18,880 | ||||||||||||||||||||||||||
Net loss (income) attributable to non-controlling interest | 435 | 997 | (177) | ||||||||||||||||||||||||||
Net (loss) income attributable to Chatham Lodging Trust | (18,410) | (76,023) | 18,703 | ||||||||||||||||||||||||||
Preferred dividends | (3,975) | — | — | ||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (22,385) | $ | (76,023) | $ | 18,703 | |||||||||||||||||||||||
(Loss) income per Common Share - Basic: | |||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders (Note 11) | $ | (0.46) | $ | (1.62) | $ | 0.39 | |||||||||||||||||||||||
(Loss) income per Common Share - Diluted: | |||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders (Note 11) | $ | (0.46) | $ | (1.62) | $ | 0.39 | |||||||||||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 48,349,027 | 46,961,039 | 46,788,784 | ||||||||||||||||||||||||||
Diluted | 48,349,027 | 46,961,039 | 47,023,280 | ||||||||||||||||||||||||||
Distributions per common share: | $ | — | $ | .22 | $ | 1.32 |
Common Shares | Additional Paid - In Capital | Accumulated Deficit | Total Shareholders’ Equity | Noncontrolling Interest in Operating Partnership | Total Equity | |||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||
Balance, January 1, 2015 | 34,173,691 | $ | 339 | $ | 599,318 | $ | (11,120 | ) | $ | 588,537 | $ | 3,415 | $ | 591,952 | ||||||||||||
Issuance of shares pursuant to Equity Incentive Plan | 14,113 | — | 412 | — | 412 | — | 412 | |||||||||||||||||||
Issuance of shares, net of offering costs of $2,042 | 4,028,512 | 40 | 118,757 | — | 118,797 | — | 118,797 | |||||||||||||||||||
Issuance of restricted time-based shares | 49,110 | — | — | — | — | — | — | |||||||||||||||||||
Issuance of performance based shares | 44,274 | — | — | — | — | — | — | |||||||||||||||||||
Repurchase of common shares | (763 | ) | — | (22 | ) | — | (22 | ) | — | (22 | ) | |||||||||||||||
Amortization of share based compensation | — | — | 1,594 | — | 1,594 | 691 | 2,285 | |||||||||||||||||||
Dividends declared on common shares ($1.28 per share) | — | — | — | (49,127 | ) | (49,127 | ) | — | (49,127 | ) | ||||||||||||||||
Distributions declared on LTIP units ($1.28 per unit) | — | — | — | — | — | (473 | ) | (473 | ) | |||||||||||||||||
Reallocation of noncontrolling interest | — | — | (286 | ) | — | (286 | ) | 286 | — | |||||||||||||||||
Net income | — | — | — | 32,966 | 32,966 | 212 | 33,178 | |||||||||||||||||||
Balance December 31, 2015 | 38,308,937 | 379 | 719,773 | (27,281 | ) | 692,871 | 4,131 | 697,002 | ||||||||||||||||||
Issuance of shares pursuant to Equity Incentive Plan | 26,488 | — | 550 | — | 550 | — | 550 | |||||||||||||||||||
Issuance of shares, net of offering costs of $75 | 23,738 | 1 | 407 | — | 408 | — | 408 | |||||||||||||||||||
Issuance of restricted time-based shares | 7,851 | — | — | — | — | — | — | |||||||||||||||||||
Amortization of share based compensation | — | — | 1,278 | — | 1,278 | 1,235 | 2,513 | |||||||||||||||||||
Dividends declared on common shares ($1.30 per share) | — | — | — | (49,859 | ) | (49,859 | ) | — | (49,859 | ) | ||||||||||||||||
Distributions declared on LTIP units ($1.30 per unit) | — | — | — | — | — | (719 | ) | (719 | ) | |||||||||||||||||
Reallocation of noncontrolling interest | — | — | 11 | — | 11 | (11 | ) | — | ||||||||||||||||||
Net income | — | — | — | 31,483 | 31,483 | 212 | 31,695 | |||||||||||||||||||
Balance, December 31, 2016 | 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 $2,149 | 6,979,272 | 70 | 148,472 | — | 148,542 | — | 148,542 | |||||||||||||||||||
Issuance of restricted time-based shares | 5,000 | — | — | — | — | — | — | |||||||||||||||||||
Amortization of share based compensation | — | — | 815 | — | 815 | 2,469 | 3,284 | |||||||||||||||||||
Dividends declared on common shares ($1.32 per share) | — | — | — | (52,839 | ) | (52,839 | ) | — | (52,839 | ) | ||||||||||||||||
Distributions declared on LTIP units ($1.32 per unit) | — | — | — | — | — | (977 | ) | (977 | ) | |||||||||||||||||
Reallocation of noncontrolling interest | — | — | (76 | ) | — | (76 | ) | 76 | — | |||||||||||||||||
Net income | — | — | — | 29,478 | 29,478 | 202 | 29,680 | |||||||||||||||||||
Balance, December 31, 2017 | 45,375,266 | $ | 450 | $ | 871,730 | $ | (69,018 | ) | $ | 803,162 | $ | 6,618 | $ | 809,780 |
Preferred Shares | Common Shares | Additional Paid - In Capital | Accumulated Deficit | Total Shareholders’ Equity | Noncontrolling Interest in Operating Partnership | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | — | $ | — | 46,537,031 | $ | 465 | $ | 896,286 | $ | (99,285) | $ | 797,466 | $ | 9,952 | $ | 807,418 | |||||||||||||||||||||||||||||||||||||
Issuance of shares pursuant to Equity Incentive Plan | — | — | 27,870 | — | 500 | — | 500 | — | 500 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares, net of offering costs of $209 | — | — | 363,544 | 4 | 7,087 | — | 7,091 | — | 7,091 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of share based compensation | — | — | — | — | 63 | — | 63 | 4,206 | 4,269 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common shares ($1.32 per share) | — | — | — | — | — | (61,783) | (61,783) | — | (61,783) | ||||||||||||||||||||||||||||||||||||||||||||
Distributions declared on LTIP units ($1.32 per unit) | — | — | — | — | — | — | — | (1,351) | (1,351) | ||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | 337 | — | 337 | (337) | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 18,703 | 18,703 | 177 | 18,880 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | —�� | $ | — | 46,928,445 | $ | 469 | $ | 904,273 | $ | (142,365) | $ | 762,377 | $ | 12,647 | $ | 775,024 | |||||||||||||||||||||||||||||||||||||
Issuance of shares pursuant to Equity Incentive Plan | — | — | 24,516 | — | 450 | — | 450 | — | 450 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares, net of offering costs of $49 | — | — | 20,512 | 1 | 133 | — | 134 | — | 134 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of share based compensation | — | — | — | — | 30 | — | 30 | 4,406 | 4,436 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common shares ($0.22 per share) | — | — | — | — | — | (10,330) | (10,330) | — | (10,330) | ||||||||||||||||||||||||||||||||||||||||||||
Distributions declared on LTIP units ($0.22 per unit) | — | — | — | — | — | — | — | (234) | (234) | ||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | 1,114 | — | 1,114 | (1,114) | — | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (76,023) | (76,023) | (997) | (77,020) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | — | $ | — | 46,973,473 | $ | 470 | $ | 906,000 | $ | (228,718) | $ | 677,752 | $ | 14,708 | $ | 692,460 | |||||||||||||||||||||||||||||||||||||
Issuance of preferred shares, net of offering costs of $4,063 | 4,800,000 | 48 | — | — | 115,889 | — | 115,937 | — | 115,937 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares pursuant to Equity Incentive Plan | — | — | 40,203 | — | 450 | — | 450 | — | 450 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares, net of offering costs of $822 | — | — | 1,745,214 | 17 | 23,773 | — | 23,790 | — | 23,790 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted time-based shares | — | — | 10,000 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of share based compensation | — | — | — | — | 43 | — | 43 | 4,293 | 4,336 | ||||||||||||||||||||||||||||||||||||||||||||
Forfeited distributions on LTIP units | — | — | — | — | — | — | — | 40 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends accrued on preferred shares | — | — | — | — | — | (3,975) | (3,975) | — | (3,975) | ||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest | — | — | — | — | 1,915 | — | 1,915 | (1,915) | — | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (18,410) | (18,410) | (435) | (18,845) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 4,800,000 | $ | 48 | 48,768,890 | $ | 487 | $ | 1,048,070 | $ | (251,103) | $ | 797,502 | $ | 16,691 | $ | 814,193 |
For the year ended | |||||||||||||||||
December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net (loss) income | $ | (18,845) | $ | (77,020) | $ | 18,880 | |||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||
Depreciation | 53,967 | 53,627 | 51,258 | ||||||||||||||
Amortization of deferred franchise fees | 248 | 244 | 247 | ||||||||||||||
Amortization of deferred financing fees included in interest expense | 1,825 | 1,275 | 912 | ||||||||||||||
Loss (gain) on sale of hotel property | 21 | (21,116) | 3,282 | ||||||||||||||
Gain on sale of unconsolidated real estate entities | (23,817) | — | — | ||||||||||||||
Impairment loss | 5,640 | — | — | ||||||||||||||
Impairment loss on investment in unconsolidated real estate entities | — | 15,282 | — | ||||||||||||||
Deferred tax expense | — | 29 | 29 | ||||||||||||||
Share based compensation | 4,823 | 4,597 | 4,719 | ||||||||||||||
Accelerated share based compensation for employee severance | — | 288 | — | ||||||||||||||
Loss from unconsolidated real estate entities | 1,231 | 7,424 | 6,448 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Right of use asset | 656 | 629 | 613 | ||||||||||||||
Hotel receivables | (1,314) | 2,940 | (102) | ||||||||||||||
Deferred costs | (327) | (6) | (17) | ||||||||||||||
Prepaid expenses and other assets | (526) | 292 | (308) | ||||||||||||||
Accounts payable and accrued expenses | 5,732 | (7,962) | 664 | ||||||||||||||
Lease liability | (537) | (484) | (391) | ||||||||||||||
Net cash provided by (used in) operating activities | 28,777 | (19,961) | 86,234 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Improvements and additions to hotel properties | (9,505) | (14,487) | (35,859) | ||||||||||||||
Investment in hotel properties under development | (23,903) | (23,155) | (12,224) | ||||||||||||||
Acquisition of hotel properties, net of cash acquired | (71,335) | — | (8,171) | ||||||||||||||
Proceeds from sale of hotel properties, net | — | 64,448 | 8,987 | ||||||||||||||
Distributions from unconsolidated entities | — | — | 2,692 | ||||||||||||||
Proceeds from sale of unconsolidated real estates entities | 2,800 | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | (101,943) | 26,806 | (44,575) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Borrowings on revolving credit facility | 90,000 | 86,000 | 74,500 | ||||||||||||||
Repayments on revolving credit facility | (155,300) | (40,700) | (66,000) | ||||||||||||||
Borrowings on construction loan | 21,682 | 13,325 | — | ||||||||||||||
Payments on mortgage debt | (21,190) | (35,744) | (6,695) | ||||||||||||||
Payments of financing costs | (736) | (2,351) | (48) | ||||||||||||||
Payment of offering costs on common shares | (822) | (49) | (209) | ||||||||||||||
Proceeds from issuance of common shares | 24,612 | 182 | 7,298 | ||||||||||||||
Payment of offering costs on preferred shares | (4,063) | — | — | ||||||||||||||
Proceeds from issuance of preferred shares | 120,000 | — | — | ||||||||||||||
Distributions - common shares/units | (282) | (16,237) | (62,660) | ||||||||||||||
Distributions - preferred shares | (2,319) | — | — | ||||||||||||||
Net cash provided by (used in) financing activities | 71,582 | 4,426 | (53,814) | ||||||||||||||
Net change in cash, cash equivalents and restricted cash | (1,584) | 11,271 | (12,155) | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 31,453 | 20,182 | 32,337 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 29,869 | $ | 31,453 | $ | 20,182 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest, net of amounts capitalized | $ | 25,931 | $ | 28,119 | $ | 25,328 | |||||||||||
Capitalized interest | $ | 3,551 | $ | 1,473 | $ | — | |||||||||||
Cash paid for income taxes | $ | 387 | $ | 328 | $ | 887 |
�� | For the year ended | ||||||||||
December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 29,680 | $ | 31,695 | $ | 33,178 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | 46,060 | 48,562 | 48,784 | ||||||||
Amortization of deferred franchise fees | 217 | 214 | 197 | ||||||||
Amortization of deferred financing fees included in interest expense | 648 | 1,076 | 1,606 | ||||||||
Gain on sale of hotel property | (3,327 | ) | — | — | |||||||
Income (loss) on sale from unconsolidated real estate entities | — | 10 | (3,576 | ) | |||||||
Impairment loss | 6,663 | — | — | ||||||||
Loss on early extinguishment of debt | — | 4 | 412 | ||||||||
Loss on write-off of deferred franchise fee | 16 | — | — | ||||||||
Deferred tax expense (benefit) | 396 | (426 | ) | — | |||||||
Share based compensation | 3,784 | 3,013 | 2,835 | ||||||||
Income from unconsolidated real estate entities | (1,582 | ) | (718 | ) | (2,411 | ) | |||||
Distributions from unconsolidated entities | 667 | — | — | ||||||||
Changes in assets and liabilities: | |||||||||||
Hotel receivables | 353 | 47 | (318 | ) | |||||||
Deferred costs | (935 | ) | (94 | ) | (580 | ) | |||||
Prepaid expenses and other assets | 356 | 2,288 | (2,277 | ) | |||||||
Accounts payable and accrued expenses | 3,693 | 1,998 | 3,992 | ||||||||
Net cash provided by operating activities | 86,689 | 87,669 | 81,842 | ||||||||
Cash flows from investing activities: | |||||||||||
Improvements and additions to hotel properties | (30,233 | ) | (22,496 | ) | (20,331 | ) | |||||
Acquisition of hotel properties, net of cash acquired | (138,248 | ) | — | (169,447 | ) | ||||||
Proceeds from sale of hotel properties | 12,555 | — | — | ||||||||
Distributions from unconsolidated entities | 2,551 | 7,228 | 12,903 | ||||||||
Investment in unconsolidated real estate entities | (5,036 | ) | — | — | |||||||
Restricted cash | (2,234 | ) | (5,810 | ) | (5,488 | ) | |||||
Net cash used in investing activities | (160,645 | ) | (21,078 | ) | (182,363 | ) | |||||
Cash flows from financing activities: | |||||||||||
Borrowings on revolving credit facility | 129,000 | 43,450 | 131,580 | ||||||||
Repayments on revolving credit facility | (149,500 | ) | (56,530 | ) | (88,500 | ) | |||||
Payments on debt | (4,160 | ) | (3,775 | ) | (3,239 | ) | |||||
Principal prepayment of mortgage debt | — | (5,954 | ) | (4,760 | ) | ||||||
Payments of financing costs | — | (50 | ) | (2,112 | ) | ||||||
Payment of offering costs | (2,149 | ) | (75 | ) | (2,042 | ) | |||||
Proceeds from issuance of common shares | 150,691 | 482 | 120,839 | ||||||||
In-substance repurchase of vested common shares | — | — | (22 | ) | |||||||
Forfeited distributions - non vested shares | (94 | ) | (91 | ) | — | ||||||
Distributions-common shares/units | (52,617 | ) | (52,966 | ) | (45,264 | ) | |||||
Net cash provided by (used in) financing activities | 71,171 | (75,509 | ) | 106,480 | |||||||
Net change in cash and cash equivalents | (2,785 | ) | (8,918 | ) | 5,959 | ||||||
Cash and cash equivalents, beginning of period | 12,118 | 21,036 | 15,077 | ||||||||
Cash and cash equivalents, end of period | $ | 9,333 | $ | 12,118 | $ | 21,036 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | 26,541 | $ | 26,836 | $ | 25,508 | |||||
Cash paid for income taxes | $ | 710 | $ | 742 | $ | 160 |
December 31, 2017 | December 31, 2016 | December 31, 2021 | December 31, 2020 | |||||||||||||||
Loan costs | $ | 4,561 | $ | 4,561 | Loan costs | $ | 5,174 | $ | 4,455 | |||||||||
Franchise fees | 4,407 | 3,568 | Franchise fees | 4,619 | 4,311 | |||||||||||||
Other | 21 | — | Other | 19 | 75 | |||||||||||||
8,989 | 8,129 | 9,812 | 8,841 | |||||||||||||||
Less accumulated amortization | (4,343 | ) | (3,487 | ) | Less accumulated amortization | (5,185) | (3,457) | |||||||||||
Deferred costs, net | $ | 4,646 | $ | 4,642 | Deferred costs, net | $ | 4,627 | $ | 5,384 |
December 31, 2021 | December 31, 2020 | ||||||||||
Mortgage debt | $ | 439,926 | $ | 461,116 | |||||||
Deferred financing costs | (644) | (971) | |||||||||
Mortgage debt, net | $ | 439,282 | $ | 460,145 |
December 31, 2017 | December 31, 2016 | ||||||
Mortgage debt | $ | 508,454 | $ | 532,563 | |||
Deferred financing costs | (2,138 | ) | (2,240 | ) | |||
Mortgage debt, net | $ | 506,316 | $ | 530,323 |
HGI Portsmouth | CY Summerville | ES Springfield | Total | |||||||||
Acquisition date | 9/20/2017 | 11/15/2017 | 12/6/2017 | |||||||||
Number of rooms (unaudited) | 131 | 96 | 219 | 446 | ||||||||
Land | $ | 3,600 | $ | 2,500 | $ | 7,700 | $ | 13,800 | ||||
Building and improvements | 37,630 | 16,923 | 58,807 | 113,360 | ||||||||
Furniture, fixtures and equipment | 2,120 | 730 | 1,490 | 4,340 | ||||||||
Cash | 8 | 1 | 3 | 12 | ||||||||
Accounts receivable | 32 | 1 | — | 33 | ||||||||
Prepaid expenses and other assets | 12 | 28 | 129 | 169 | ||||||||
Accounts payable and accrued expenses | (27 | ) | (1 | ) | (51 | ) | (79 | ) | ||||
Net assets acquired, net of cash | $ | 43,367 | $ | 20,181 | $ | 68,075 | $ | 131,623 |
For the Year Ended December 31, 2017 | |||||||
Revenue | Operating Income | ||||||
Hilton Garden Inn Portsmouth, NH | $ | 2,453 | $ | 1,116 | |||
Courtyard Summerville, SC | $ | 384 | $ | 152 | |||
Embassy Suites Springfield, VA | $ | 674 | $ | 161 | |||
Total | $ | 3,511 | $ | 1,429 |
For the year ended | |||||
December 31, | |||||
2015 | |||||
Pro forma total revenue | $ | 292,908 | |||
Pro forma net income | $ | 32,137 | |||
Pro forma income per share: | |||||
Basic | $ | 0.85 | |||
Diluted | $ | 0.84 | |||
Weighted average common shares outstanding | |||||
Basic | 37,917,871 | ||||
Diluted | 38,322,285 |
December 31, 2021 | December 31, 2020 | ||||||||||
Land and improvements | $ | 291,768 | $ | 287,049 | |||||||
Building and improvements | 1,258,845 | 1,195,276 | |||||||||
Furniture, fixtures and equipment | 91,110 | 84,381 | |||||||||
Renovations in progress | 7,869 | 11,225 | |||||||||
1,649,592 | 1,577,931 | ||||||||||
Less: accumulated depreciation | (366,722) | (312,757) | |||||||||
Investment in hotel properties, net | $ | 1,282,870 | $ | 1,265,174 |
December 31, 2017 | December 31, 2016 | ||||||
Land and improvements | $ | 291,054 | $ | 274,554 | |||
Building and improvements | 1,140,477 | 1,045,880 | |||||
Furniture, fixtures and equipment | 63,443 | 50,495 | |||||
Renovations in progress | 13,262 | 10,067 | |||||
1,508,236 | 1,380,996 | ||||||
Less: accumulated depreciation | (188,154 | ) | (147,902 | ) | |||
Investment in hotel properties, net | $ | 1,320,082 | $ | 1,233,094 |
For the year ended | ||||||||
December 31, | ||||||||
2017 | 2016 | |||||||
Cash generated from other activities and excess cash | $ | — | $ | — | ||||
Total | $ | — | $ | — |
For the year ended | |||||||
December 31, | |||||||
2017 | 2016 | ||||||
Cash generated from other activities and excess cash | $ | 2,518 | $ | 4,728 | |||
Total | $ | 2,518 | $ | 4,728 |
For the year ended | |||||||
December 31, | |||||||
2017 | 2016 | ||||||
Cash generated from other activities and excess cash | $ | 700 | $ | 2,500 | |||
Total | $ | 700 | $ | 2,500 |
Balance Sheet | |||||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||
Assets | |||||||||||||||||
Investment in hotel properties, net | $ | — | $ | 1,604,501 | $ | 2,221,718 | |||||||||||
Other assets | — | 79,136 | 104,560 | ||||||||||||||
Total Assets | $ | — | $ | 1,683,637 | $ | 2,326,278 | |||||||||||
Liabilities | |||||||||||||||||
Mortgages and notes payable, net | $ | — | $ | 1,622,305 | $ | 1,612,217 | |||||||||||
Other liabilities | — | 80,423 | 34,948 | ||||||||||||||
Total Liabilities | — | 1,702,728 | 1,647,165 | ||||||||||||||
Equity | |||||||||||||||||
Chatham Lodging Trust | — | (1,835) | 69,008 | ||||||||||||||
Joint Venture Partner | — | (17,256) | 610,105 | ||||||||||||||
Total Equity | — | (19,091) | 679,113 | ||||||||||||||
Total Liabilities and Equity | $ | — | $ | 1,683,637 | $ | 2,326,278 |
Balance Sheet | |||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2015 | |||||||||
Assets | |||||||||||
Investment in hotel properties, net | $ | 2,363,726 | $ | 1,849,295 | $ | 1,857,497 | |||||
Other assets | 130,910 | 143,769 | 206,894 | ||||||||
Total Assets | $ | 2,494,636 | $ | 1,993,064 | $ | 2,064,391 | |||||
Liabilities | |||||||||||
Mortgages and notes payable | $ | 1,597,351 | $ | 1,656,949 | $ | 1,657,000 | |||||
Other Liabilities | 38,773 | 34,567 | 35,807 | ||||||||
Total Liabilities | 1,636,124 | 1,691,516 | 1,692,807 | ||||||||
Equity | |||||||||||
Chatham Lodging Trust | 87,326 | 30,428 | 37,633 | ||||||||
Joint Venture Partner | 771,186 | 271,120 | 333,951 | ||||||||
Total Equity | 858,512 | 301,548 | 371,584 | ||||||||
Total Liabilities and Equity | $ | 2,494,636 | $ | 1,993,064 | $ | 2,064,391 |
For the year ended | |||||||||||||||||
December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenue | $ | 24,690 | $ | 246,694 | $ | 496,485 | |||||||||||
Total hotel operating expenses | 24,106 | 216,846 | 329,879 | ||||||||||||||
Impairment loss | — | 578,217 | 41,132 | ||||||||||||||
Hotel operating income | $ | 584 | $ | 29,848 | $ | 166,606 | |||||||||||
Net loss from continuing operations | $ | (13,109) | $ | (701,880) | $ | (76,869) | |||||||||||
Loss on sale of hotels | $ | — | $ | (15) | $ | (2,129) | |||||||||||
Net loss | $ | (13,109) | $ | (701,895) | $ | (78,998) | |||||||||||
Loss allocable to the Company | $ | (1,347) | $ | (8,420) | $ | (8,044) | |||||||||||
Basis difference adjustment | $ | 116 | $ | 996 | $ | 1,596 | |||||||||||
Total loss from unconsolidated real estate entities attributable to the Company | $ | (1,231) | $ | (7,424) | $ | (6,448) |
For the year ended | ||||||||||||
Statement of Operations | December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Revenue | $ | 487,174 | $ | 484,708 | $ | 497,698 | ||||||
Total hotel operating expenses | 294,280 | 289,569 | 290,123 | |||||||||
Hotel operating income | $ | 192,894 | $ | 195,139 | $ | 207,575 | ||||||
Net income (loss) from continuing operations | $ | (107 | ) | $ | 964 | $ | 19,241 | |||||
Loss on sale of hotels | $ | — | $ | — | $ | — | ||||||
Net income (loss) | $ | (107 | ) | $ | 964 | $ | 19,241 | |||||
Income (loss) allocable to the Company | $ | 7 | $ | 118 | $ | 1,811 | ||||||
Basis difference adjustment | $ | 1,575 | $ | 600 | $ | 600 | ||||||
Total income (loss) from unconsolidated real estate entities attributable to Chatham | $ | 1,582 | $ | 718 | $ | 2,411 |
Loan/Collateral | Interest Rate | Maturity Date | 12/31/17 Property Carrying Value | Balance Outstanding as of | ||||||||||||
December 31, 2017 | December 31, 2016 | |||||||||||||||
Senior Unsecured Revolving Credit Facility (1) | 4.17 | % | November 25, 2019 | $ | — | $ | 32,000 | $ | 52,500 | |||||||
Residence Inn by Marriott New Rochelle, NY | 5.75 | % | September 1, 2021 | 19,222 | 13,762 | 14,141 | ||||||||||
Residence Inn by Marriott San Diego, CA | 4.66 | % | February 6, 2023 | 45,958 | 28,469 | 29,026 | ||||||||||
Homewood Suites by Hilton San Antonio, TX | 4.59 | % | February 6, 2023 | 32,173 | 16,253 | 16,575 | ||||||||||
Residence Inn by Marriott Vienna, VA | 4.49 | % | February 6, 2023 | 30,287 | 22,251 | 22,699 | ||||||||||
Courtyard by Marriott Houston, TX | 4.19 | % | May 6, 2023 | 32,371 | 18,375 | 18,758 | ||||||||||
Hyatt Place Pittsburgh, PA | 4.65 | % | July 6, 2023 | 35,199 | 22,437 | 22,864 | ||||||||||
Residence Inn by Marriott Bellevue, WA | 4.97 | % | December 6, 2023 | 67,418 | 45,462 | 46,206 | ||||||||||
Residence Inn by Marriott Garden Grove, CA | 4.79 | % | April 6, 2024 | 38,643 | 33,160 | 33,674 | ||||||||||
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % | July 1, 2024 | 79,584 | 64,800 | 64,800 | ||||||||||
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % | July 1, 2024 | 86,974 | 70,700 | 70,700 | ||||||||||
Residence Inn by Marriott San Mateo, CA | 4.64 | % | July 1, 2024 | 63,012 | 48,600 | 48,600 | ||||||||||
Residence Inn by Marriott Mountain View, CA | 4.64 | % | July 1, 2024 | 55,162 | 37,900 | 37,900 | ||||||||||
SpringHill Suites by Marriott Savannah, GA | 4.62 | % | July 6, 2024 | 36,393 | 30,000 | 30,000 | ||||||||||
Hilton Garden Inn Marina del Rey, CA (2) | 4.68 | % | July 6, 2024 | 41,906 | 21,760 | 22,145 | ||||||||||
Homewood Suites by Hilton Billerica, MA | 4.32 | % | December 6, 2024 | 12,191 | 16,225 | 16,225 | ||||||||||
Homewood Suites by Hilton Carlsbad, CA | 4.32 | % | December 6, 2024 | — | — | 19,950 | ||||||||||
Hampton Inn & Suites Houston Medical Cntr., TX | 4.25 | % | January 6, 2025 | 15,116 | 18,300 | 18,300 | ||||||||||
Total debt before unamortized debt issue costs | $ | 691,609 | $ | 540,454 | $ | 585,063 | ||||||||||
Unamortized mortgage debt issue costs | (2,138 | ) | (2,240 | ) | ||||||||||||
Total debt outstanding | 538,316 | 582,823 |
Loan/Collateral | Interest Rate | Maturity Date | 12/31/21 Property Carrying Value | Balance Outstanding as of | |||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Revolving Credit Facility (1) | 3.43 | % | March 8, 2023 | $ | 697,911 | $ | 70,000 | $ | 135,300 | ||||||||||||||||||||
Construction loan (2) | 7.75 | % | August 4, 2024 | 67,554 | 35,007 | 13,325 | |||||||||||||||||||||||
Residence Inn by Marriott New Rochelle, NY | 5.75 | % | September 1, 2021 | — | — | 12,602 | |||||||||||||||||||||||
Homewood Suites by Hilton San Antonio, TX | 4.59 | % | February 6, 2023 | 27,634 | 14,808 | 15,195 | |||||||||||||||||||||||
Residence Inn by Marriott Vienna, VA | 4.49 | % | February 6, 2023 | 29,931 | 20,243 | 20,780 | |||||||||||||||||||||||
Courtyard by Marriott Houston, TX | 4.19 | % | May 6, 2023 | 29,258 | 16,673 | 17,126 | |||||||||||||||||||||||
Hyatt Place Pittsburgh, PA | 4.65 | % | July 6, 2023 | 32,697 | 20,515 | 21,031 | |||||||||||||||||||||||
Residence Inn by Marriott Bellevue, WA | 4.97 | % | December 6, 2023 | 60,851 | 42,089 | 42,998 | |||||||||||||||||||||||
Residence Inn by Marriott Garden Grove, CA | 4.79 | % | April 6, 2024 | 39,712 | 30,839 | 31,463 | |||||||||||||||||||||||
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % | July 1, 2024 | 71,675 | 62,374 | 63,418 | |||||||||||||||||||||||
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % | July 1, 2024 | 79,649 | 68,054 | 69,192 | |||||||||||||||||||||||
Residence Inn by Marriott San Mateo, CA | 4.64 | % | July 1, 2024 | 59,812 | 46,781 | 47,564 | |||||||||||||||||||||||
Residence Inn by Marriott Mountain View, CA | 4.64 | % | July 1, 2024 | 45,254 | 36,481 | 37,092 | |||||||||||||||||||||||
SpringHill Suites by Marriott Savannah, GA | 4.62 | % | July 6, 2024 | 32,481 | 28,873 | 29,358 | |||||||||||||||||||||||
Hilton Garden Inn Marina del Rey, CA | 4.68 | % | July 6, 2024 | 37,217 | 20,024 | 20,490 | |||||||||||||||||||||||
Homewood Suites by Hilton Billerica, MA | 4.32 | % | December 6, 2024 | 12,214 | 15,114 | 15,411 | |||||||||||||||||||||||
Hampton Inn & Suites Houston Medical Cntr., TX | 4.25 | % | January 6, 2025 | 15,100 | 17,058 | 17,396 | |||||||||||||||||||||||
Total debt before unamortized debt issue costs | $ | 1,338,950 | $ | 544,933 | $ | 609,741 | |||||||||||||||||||||||
Unamortized mortgage debt issue costs | (644) | (971) | |||||||||||||||||||||||||||
Total debt outstanding | $ | 544,289 | $ | 608,770 |
1.The interest rate for the |
Amount | |||
2018 | $ | 5,041 | |
2019 | 38,992 | ||
2020 | 9,536 | ||
2021 | 21,945 | ||
2022 | 9,954 | ||
Thereafter | 454,986 | ||
Total | $ | 540,454 |
Amount | |||||
2022 | $ | 9,249 | |||
2023 | 187,919 | ||||
2024 | 331,818 | ||||
2025 | 15,947 | ||||
2026 | — | ||||
Thereafter | — | ||||
Total debt before unamortized debt issue costs | $ | 544,933 | |||
Unamortized mortgage debt issue costs | (644) | ||||
Total debt outstanding | $ | 544,289 |
For the year ended | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Federal | $ | — | $ | (29) | $ | (29) | |||||||||||||||||||||||
State | — | — | — | ||||||||||||||||||||||||||
Current tax expense (benefit) | $ | — | $ | (29) | $ | (29) | |||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||||||
Federal | — | 29 | 29 | ||||||||||||||||||||||||||
State | — | — | — | ||||||||||||||||||||||||||
Deferred tax expense (benefit) | — | 29 | 29 | ||||||||||||||||||||||||||
Total income tax expense (benefit) | $ | — | $ | — | $ | — |
For the year ended | ||||||||||||
December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | 56 | $ | 129 | ||||||
State | — | 69 | 131 | |||||||||
Current tax expense | $ | — | $ | 125 | $ | 260 | ||||||
Deferred: | ||||||||||||
Federal | 350 | (380 | ) | — | ||||||||
State | 46 | (46 | ) | — | ||||||||
Deferred tax (expense) benefit | 396 | (426 | ) | — | ||||||||
Total tax (expense) benefit | $ | 396 | $ | (301 | ) | $ | 260 |
For the year ended | |||||||||||||||||
December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Book loss before income taxes of the TRS | $ | (24,391) | $ | (4,838) | $ | (8,167) | |||||||||||
Statutory rate of 21% for 2018 and after | $ | (5,122) | $ | (1,016) | $ | (1,715) | |||||||||||
Effect of state and local income taxes, net of federal tax benefit | (1,049) | (253) | (347) | ||||||||||||||
Permanent adjustments | 8 | 4 | 8 | ||||||||||||||
Change in valuation allowance | 5,977 | 1,445 | 2,100 | ||||||||||||||
Valuation allowance release | — | — | — | ||||||||||||||
Other | 186 | (180) | (46) | ||||||||||||||
Total income tax (benefit) expense | $ | — | $ | — | $ | — | |||||||||||
Effective tax rate | — | % | — | % | — | % |
For the year ended | |||||||||||
December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Book income (loss) before income taxes of the TRS | $ | (4,261 | ) | $ | 974 | $ | 2,384 | ||||
Statutory rate of 34% applied to pre-tax income | $ | (1,449 | ) | $ | 331 | $ | 810 | ||||
Effect of state and local income taxes, net of federal tax benefit | (108 | ) | 38 | 97 | |||||||
Tax reform impact | 644 | — | — | ||||||||
Provision to return adjustment | 5 | (406 | ) | 211 | |||||||
Permanent adjustments | 13 | 16 | 140 | ||||||||
Change in valuation allowance | 1,289 | (299 | ) | (998 | ) | ||||||
Other | 2 | 19 | — | ||||||||
Total income tax (benefit) expense | $ | 396 | $ | (301 | ) | $ | 260 | ||||
Effective tax rate | (9.29 | )% | (30.90 | )% | 10.91 | % |
For the year ended | |||||||
December 31, | |||||||
2017 | 2016 | ||||||
Total deferreds: | |||||||
Allowance for doubtful accounts | $ | 51 | $ | 59 | |||
Accrued compensation | 505 | 627 | |||||
AMT credit | 30 | 65 | |||||
Total book to tax difference in partnership | (579 | ) | (404 | ) | |||
Net operating loss | 1,312 | 79 | |||||
Valuation allowance | (1,289 | ) | — | ||||
Net deferred tax asset | $ | 30 | $ | 426 |
For the year ended | |||||||||||
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Gross deferred tax assets: | |||||||||||
Allowance for doubtful accounts | $ | 99 | $ | 133 | |||||||
Accrued compensation | 521 | 547 | |||||||||
Net operating loss | 12,427 | 6,541 | |||||||||
Gross deferred tax assets | $ | 13,047 | $ | 7,221 | |||||||
Less: Valuation Allowance | $ | (13,047) | $ | (7,070) | |||||||
Total deferred tax assets net of valuation allowance | $ | — | $ | 151 | |||||||
Gross deferred tax liabilities: | |||||||||||
Total book/tax difference in partnership | $ | — | $ | (151) | |||||||
Gross deferred tax liabilities: | $ | — | $ | (151) | |||||||
Net, deferred tax assets: | $ | — | $ | — |
Record Date | Payment Date | Common share distribution amount | LTIP unit distribution amount | Taxable Ordinary Income | Return of Capital | Section 199A Dividends | ||||||||||||||||||||||||||||||||||||||
January | 1/31/2020 | 2/28/2020 | $ | 0.11 | $ | 0.11 | $ | — | $ | 0.1100 | $ | — | ||||||||||||||||||||||||||||||||
February | 2/28/2020 | 3/27/2020 | 0.11 | 0.11 | — | 0.1100 | — | |||||||||||||||||||||||||||||||||||||
Total 2020 | $ | 0.22 | $ | 0.22 | $ | — | $ | 0.2200 | $ | — |
Record Date | Payment Date | Common share distribution amount | LTIP unit distribution amount | Taxable Ordinary Income | Unrecap. Sec. 1250 Gain | ||||||||||||||||
January | 1/31/2017 | 2/24/2017 | 0.11 | 0.11 | 0.1042 | $ | 0.0058 | ||||||||||||||
February | 2/28/2017 | 3/31/2017 | 0.11 | 0.11 | 0.1042 | 0.0058 | |||||||||||||||
March | 3/31/2017 | 4/28/2017 | 0.11 | 0.11 | 0.1042 | 0.0058 | |||||||||||||||
1st Quarter 2017 | $ | 0.33 | $ | 0.33 | $ | 0.3126 | $ | 0.0174 | |||||||||||||
April | 4/28/2017 | 5/26/2017 | $ | 0.11 | $ | 0.11 | $ | 0.1042 | $ | 0.0058 | |||||||||||
May | 5/26/2017 | 6/30/2017 | 0.11 | 0.11 | 0.1042 | 0.0058 | |||||||||||||||
June | 6/30/2017 | 7/28/2017 | 0.11 | $ | 0.11 | 0.1042 | $ | 0.0058 | |||||||||||||
2nd Quarter 2017 | $ | 0.33 | $ | 0.33 | $ | 0.3126 | $ | 0.0174 | |||||||||||||
July | 7/31/2017 | 8/25/2017 | $ | 0.11 | $ | 0.11 | $ | 0.1042 | $ | 0.0058 | |||||||||||
August | 8/31/2017 | 9/29/2017 | 0.11 | 0.11 | 0.1042 | 0.0058 | |||||||||||||||
September | 9/29/2017 | 10/27/2017 | $ | 0.11 | 0.11 | $ | 0.1042 | 0.0058 | |||||||||||||
3rd Quarter 2017 | $ | 0.33 | $ | 0.33 | $ | 0.3126 | $ | 0.0174 | |||||||||||||
October | 10/31/2017 | 11/24/2017 | $ | 0.11 | $ | 0.11 | $ | 0.1042 | $ | 0.0058 | |||||||||||
November | 11/30/2017 | 12/29/2017 | 0.11 | 0.11 | 0.1042 | 0.0058 | |||||||||||||||
December | 12/29/2017 | 1/26/2018 | $ | 0.11 | $ | 0.11 | $ | 0.1042 | 0.0058 | ||||||||||||
4th Quarter 2017 | $ | 0.33 | $ | 0.33 | $ | 0.3126 | $ | 0.0174 | |||||||||||||
Total 2017 | $ | 1.32 | $ | 1.32 | $ | 1.2504 | $ | 0.0696 |
Record Date | Payment Date | Dividend Per Preferred Share | Taxable Ordinary Income | Return of Capital | Section 199A Dividends | |||||||||||||||||||||||||||||||||
September | 9/30/2021 | 10/15/2021 | $ | 0.48307 | $ | 0.48307 | $ | — | $ | 0.48307 | ||||||||||||||||||||||||||||
December | 12/31/2021 | 1/18/2022 | $ | 0.41406 | $ | 0.41406 | $ | — | $ | 0.41406 | ||||||||||||||||||||||||||||
Total 2021 | $ | 0.89713 | $ | 0.89713 | $ | — | $ | 0.89713 |
Record Date | Payment Date | Common share distribution amount | LTIP unit distribution amount | Taxable Ordinary Income | Return of Capital | |||||||||||||||
Special | 1/15/2016 | 1/29/2016 | $ | 0.08 | $ | 0.08 | $ | 0.072 | $ | 0.008 | ||||||||||
January | 1/29/2016 | 2/26/2016 | $ | 0.10 | $ | 0.10 | $ | 0.090 | $ | 0.010 | ||||||||||
February | 2/29/2016 | 3/25/2016 | 0.10 | 0.10 | 0.090 | 0.010 | ||||||||||||||
March | 3/31/2016 | 4/29/2016 | 0.11 | 0.11 | 0.099 | 0.011 | ||||||||||||||
1st Quarter 2016 | $ | 0.39 | $ | 0.39 | $ | 0.351 | $ | 0.039 | ||||||||||||
April | 4/29/2016 | 5/27/2016 | $ | 0.11 | $ | 0.11 | $ | 0.099 | $ | 0.011 | ||||||||||
May | 5/31/2016 | 6/24/2016 | 0.11 | 0.11 | 0.099 | 0.011 | ||||||||||||||
June | 6/30/2016 | 7/29/2016 | 0.11 | $ | 0.11 | 0.099 | 0.011 | |||||||||||||
2nd Quarter 2016 | $ | 0.33 | $ | 0.33 | $ | 0.297 | $ | 0.033 | ||||||||||||
July | 7/29/2016 | 8/26/2016 | $ | 0.11 | $ | 0.11 | $ | 0.099 | $ | 0.011 | ||||||||||
August | 8/31/2016 | 9/30/2016 | 0.11 | 0.11 | 0.099 | 0.011 | ||||||||||||||
September | 9/30/2016 | 10/28/2016 | $ | 0.11 | 0.11 | $ | 0.099 | $ | 0.011 | |||||||||||
3rd Quarter 2016 | $ | 0.33 | $ | 0.33 | $ | 0.297 | $ | 0.033 | ||||||||||||
October | 10/31/2016 | 11/25/2016 | $ | 0.11 | $ | 0.11 | $ | 0.099 | $ | 0.011 | ||||||||||
November | 11/30/2016 | 12/30/2016 | 0.11 | 0.11 | 0.099 | 0.011 | ||||||||||||||
December | 12/30/2016 | 1/27/2017 | $ | 0.11 | $ | 0.11 | $ | 0.099 | $ | 0.011 | ||||||||||
4th Quarter 2016 | $ | 0.33 | $ | 0.33 | $ | 0.297 | $ | 0.033 | ||||||||||||
Total 2016 | $ | 1.38 | $ | 1.38 | $ | 1.242 | $ | 0.138 |
Type of Offering (1) | Date | Shares Issued | Price per Share | Gross Proceeds (in thousands) | Net Proceeds (in thousands) | |||||||
Initial public offering | 4/21/2010 | 8,625,000 | $ | 20.00 | $ | 172,500 | $ | 158,700 | ||||
Private placement offering (2) | 4/21/2010 | 500,000 | 20.00 | 10,000 | 10,000 | |||||||
Follow-on common share offering | 2/8/2011 | 4,000,000 | 16.00 | 64,000 | 60,300 | |||||||
Over-allotment option | 2/8/2011 | 600,000 | 16.00 | 9,600 | 9,100 | |||||||
Follow-on common share offering | 1/14/2013 | 3,500,000 | 14.70 | 51,400 | 48,400 | |||||||
Over-allotment option | 1/31/2013 | 92,677 | 14.70 | 1,400 | 1,300 | |||||||
Follow-on common share offering | 6/18/2013 | 4,500,000 | 16.35 | 73,600 | 70,000 | |||||||
Over-allotment option | 6/28/2013 | 475,823 | 16.35 | 7,800 | 7,400 | |||||||
Follow-on common share offering | 9/30/2013 | 3,250,000 | 18.35 | 59,600 | 56,700 | |||||||
Over-allotment option | 10/11/2013 | 487,500 | 18.35 | 8,900 | 8,500 | |||||||
Follow-on common share offering | 9/24/2014 | 6,000,000 | 21.85 | 131,100 | 125,600 | |||||||
Over-allotment option | 9/24/2014 | 900,000 | 21.85 | 19,700 | 18,900 | |||||||
Follow-on common share offering | 1/27/2015 | 3,500,000 | 30.00 | 105,000 | 103,300 | |||||||
Over-allotment option | 1/27/2015 | 525,000 | 30.00 | 15,750 | 15,500 | |||||||
Follow-on common share offering | 11/9/2017 | 5,000,000 | 21.90 | $ | 109,500 | $ | 108,700 | |||||
41,956,000 | $ | 839,850 | $ | 802,400 |
For the year ended | |||||||||||||||||
December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Numerator: | |||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (22,385) | $ | (76,023) | $ | 18,703 | |||||||||||
Dividends paid on unvested shares and units | — | (50) | (297) | ||||||||||||||
Net (loss) income attributable to common shareholders | $ | (22,385) | $ | (76,073) | $ | 18,406 | |||||||||||
Denominator: | |||||||||||||||||
Weighted average number of common shares - basic | 48,349,027 | 46,961,039 | 46,788,784 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Unvested shares | — | — | 234,496 | ||||||||||||||
Weighted average number of common shares - diluted | 48,349,027 | 46,961,039 | 47,023,280 | ||||||||||||||
Basic (loss) income per Common Share: | |||||||||||||||||
Net (loss) income attributable to common shareholders per weighted average basic common share | $ | (0.46) | $ | (1.62) | $ | 0.39 | |||||||||||
Diluted (loss) income per Common Share: | |||||||||||||||||
Net (loss) income attributable to common shareholders per weighted average diluted common share | $ | (0.46) | $ | (1.62) | $ | 0.39 |
For the year ended | |||||||||||
December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Numerator: | |||||||||||
Net income | $ | 29,478 | $ | 31,483 | $ | 32,966 | |||||
Dividends paid on unvested shares and LTIP units | (235 | ) | (189 | ) | (151 | ) | |||||
Net income attributable to common shareholders | $ | 29,243 | $ | 31,294 | $ | 32,815 | |||||
Denominator: | |||||||||||
Weighted average number of common shares - basic | 39,859,143 | 38,299,067 | 37,917,871 | ||||||||
Effect of dilutive securities: | |||||||||||
Unvested shares | 253,123 | 183,808 | 404,414 | ||||||||
Weighted average number of common shares - diluted | 40,112,266 | 38,482,875 | 38,322,285 | ||||||||
Basic income per Common Share: | |||||||||||
Net income attributable to common shareholders per weighted average common share | $ | 0.73 | $ | 0.82 | $ | 0.87 | |||||
Diluted income per Common Share: | |||||||||||
Net income attributable to common shareholders per weighted average common share | $ | 0.73 | $ | 0.81 | $ | 0.86 |
Award Type | Award Date | Total Shares Granted | Vested as of December 31, 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 Grant Date | Volatility | Dividend Yield | Risk Free Interest Rate | |||
1/31/2014 | 27 | % | — | % | 0.71 | % |
1/30/2015 | 29 | % | — | % | 0.84 | % |
December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||
Number of Shares | Weighted - Average Grant Date Fair Value | 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 | 1,667 | $ | 17.40 | 5,001 | $ | 18.33 | 8,334 | $ | 18.52 | ||||||||||||||||||||||||||
Granted | 10,000 | 11.47 | — | — | — | — | |||||||||||||||||||||||||||||
Vested | (1,667) | 17.40 | (3,334) | 18.80 | (3,333) | 18.80 | |||||||||||||||||||||||||||||
Unvested at end of the period | 10,000 | $ | 11.47 | 1,667 | $ | 17.40 | 5,001 | $ | 18.33 |
December 31, 2017 | December 31, 2016 | December 31, 2015 | ||||||||||||||||||
Number of Shares | Weighted - Average Grant Date Fair Value | 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 | 179,641 | $ | 14.92 | |||||||||||
Granted | 5,000 | 20.20 | — | — | 85,254 | 26.59 | ||||||||||||||
Vested | (32,441 | ) | 25.77 | (59,655 | ) | 20.14 | (94,415 | ) | 13.80 | |||||||||||
Forfeited | (25,870 | ) | 13.17 | — | — | — | — | |||||||||||||
Unvested at end of the period | 57,514 | $ | 23.78 | 110,825 | $ | 22.05 | 170,480 | $ | 21.38 |
December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||
Number of Units | Weighted - Average Grant Date Fair Value | Number of Units | Weighted - Average Grant Date Fair Value | Number of Units | Weighted - Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Non-vested at beginning of the period | 669,609 | $ | 15.73 | 598,320 | $ | 18.30 | 476,398 | $ | 17.73 | ||||||||||||||||||||||||||
Granted | 330,945 | 14.55 | 325,507 | 13.42 | 221,853 | 18.73 | |||||||||||||||||||||||||||||
Vested | (219,451) | 16.39 | (254,218) | 18.82 | (99,931) | 16.55 | |||||||||||||||||||||||||||||
Forfeited | (16,925) | 17.02 | — | — | — | — | |||||||||||||||||||||||||||||
Non-vested at end of period | 764,178 | $ | 15.00 | 669,609 | $ | 15.73 | 598,320 | $ | 18.30 |
December 31, 2017 | December 31, 2016 | December 31, 2015 | ||||||||||||||||||
Number of Shares | Weighted - Average Grant Date Fair Value | 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 | 51,555 | $ | 15.18 | |||||||||||
Granted | 223,922 | 19.20 | 112,251 | 14.73 | 183,300 | 14.13 | ||||||||||||||
Vested | (37,417 | ) | 14.73 | — | — | (51,555 | ) | (15.18 | ) | |||||||||||
Non-vested at end of period | 482,056 | $ | 16.58 | 295,551 | $ | 14.36 | 183,300 | $ | 14.13 |
Relative TSR Hurdles (Percentile) | Payout Percentage | ||||||||||
Threshold | 25th | 50% | |||||||||
Target | 50th | 100% | |||||||||
Maximum | 75th | 150% |
Grant Date | Number of Units Granted | Estimated Value per Unit | Volatility | Dividend Yield | Risk-Free Interest Rate | ||||||||||||||||||||
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 | 1/28/16 | 28% | —% | 0.79% | 7.5% | 2016 Time-Based LTIP Unit Awards | 1/28/2016 | 72,966 | $16.69 | 28% | —% | 0.79% | |||||||||||||
2016 Performance-Based LTIP Unit Awards | 1/28/16 | 30% | 5.8% | 1.13% | —% | 2016 Performance-Based LTIP Unit Awards | 1/28/2016 | 39,285 | $11.09 | 30% | 5.8% | 1.13% | |||||||||||||
2017 Time-Based LTIP Unit Awards | 3/1/17 | 24% | —% | 0.92% | 7.5% | 2017 Time-Based LTIP Unit Awards | 3/1/2017 | 89,574 | $18.53 | 24% | —% | 0.92% | |||||||||||||
2017 Performance-Based LTIP Unit Awards | 3/1/17 | 25% | 5.8% | 1.47% | —% | 2017 Performance-Based LTIP Unit Awards | 3/1/2017 | 134,348 | $19.65 | 25% | 5.8% | 1.47% | |||||||||||||
2018 Time-Based LTIP Unit Awards | 2018 Time-Based LTIP Unit Awards | 3/1/2018 | 97,968 | $16.83 | 26% | —% | 2.07% | ||||||||||||||||||
2018 Performance-Based LTIP Unit Awards | 2018 Performance-Based LTIP Unit Awards | 3/1/2018 | 146,949 | $17.02 | 26% | 6.2% | 2.37% | ||||||||||||||||||
2019 Time-Based LTIP Unit Awards | 2019 Time-Based LTIP Unit Awards | 3/1/2019 | 88,746 | $18.45 | 21% | —% | 2.57% | ||||||||||||||||||
2019 Performance-Based LTIP Unit Awards | 2019 Performance-Based LTIP Unit Awards | 3/1/2019 | 133,107 | $18.91 | 21% | 6.2% | 2.55% | ||||||||||||||||||
2020 Time-Based LTIP Unit Awards | 2020 Time-Based LTIP Unit Awards | 3/1/2020 | 130,206 | $13.05 | 20% | —% | 1.06% | ||||||||||||||||||
2020 Performance-Based LTIP Unit Awards | 2020 Performance-Based LTIP Unit Awards | 3/1/2020 | 195,301 | $13.66 | 20% | 8.1% | 0.90% | ||||||||||||||||||
2021 Time-Based LTIP Unit Awards | 2021 Time-Based LTIP Unit Awards | 3/1/2021 | 132,381 | $12.52 | 78% | —% | 0.08% | ||||||||||||||||||
2021 Performance-Based LTIP Unit Awards | 2021 Performance-Based LTIP Unit Awards | 3/1/2021 | 198,564 | $15.91 | 64% | 3.4% | 0.30% |
Total Future Lease Payments | |||||
Amount | |||||
2022 | $ | 2,072 | |||
2023 | 2,093 | ||||
2024 | 2,115 | ||||
2025 | 2,186 | ||||
2026 | 1,894 | ||||
Thereafter | 64,825 | ||||
Total lease payments | $ | 75,185 | |||
Less: Imputed interest | (52,489) | ||||
Present value of lease liabilities | $ | 22,696 |
Other Leases(1) | Office Lease | |||||
Amount | ||||||
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 | $ | 74,431 | $ | 7,371 |
Total Future Lease Payments | |||||
Amount | |||||
2021 | $ | 2,051 | |||
2022 | 2,071 | ||||
2023 | 2,093 | ||||
2024 | 2,115 | ||||
2025 | 2,186 | ||||
Thereafter | 66,720 | ||||
Total lease payments | $ | 77,236 | |||
Less: Imputed interest | (54,003) | ||||
Present value of lease liabilities | $ | 23,233 |
Right of Use Asset | Lease Liability | |||||||
Balance as of January 1, 2021 | $ | 20,641 | $ | 23,233 | ||||
Amortization | (656) | (537) | ||||||
Balance as of December 31, 2021 | $ | 19,985 | $ | 22,696 |
Lease Term and Discount Rate | December 31, 2021 | ||||
Weighted-average remaining lease term (years) | 40.55 | ||||
Weighted-average discount rate | 6.60% |
Property | Management Company | Base Management Fee | Monthly Accounting Fee | Monthly Revenue Management Fee | Incentive Management Fee Cap | ||||||||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton Minneapolis-Mall of America | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton Nashville-Brentwood | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton Dallas-Market Center | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton Hartford-Farmington | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton Orlando-Maitland | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Hampton Inn & Suites Houston-Medical Center | IHM | 3.0 | % | $1,000 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Long Island Holtsville | IHM | 3.0 | % | $1,000 | $1,000 | 1.0 | % | ||||||||||
Residence Inn White Plains | IHM | 3.0 | % | $1,000 | $750 | 1.0 | % | ||||||||||
Residence Inn New Rochelle | IHM | 3.0 | % | $1,000 | $750 | 1.0 | % | ||||||||||
Residence Inn Garden Grove | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Homewood Suites by Hilton San Antonio River Walk | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Washington DC | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Tysons Corner | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Hampton Inn Portland Downtown | IHM | 3.0 | % | $1,000 | $550 | 1.0 | % | ||||||||||
Courtyard Houston | IHM | 3.0 | % | $1,000 | $550 | 1.0 | % | ||||||||||
Hyatt Place Pittsburgh North Shore | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Hampton Inn Exeter | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Hilton Garden Inn Denver Tech | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Bellevue | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Springhill Suites Savannah | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Silicon Valley I | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Silicon Valley II | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Residence Inn San Mateo | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Mountain View | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Hyatt Place Cherry Creek | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Courtyard Addison | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Courtyard West University Houston | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Residence Inn West University Houston | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Hilton Garden Inn Burlington | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Residence Inn San Diego Gaslamp | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Hilton Garden Inn Marina del Rey | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Dedham | IHM | 3.0 | % | $1,200 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Il Lugano | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Hilton Garden Inn Portsmouth | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Courtyard Summerville | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Embassy Suites Springfield | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Summerville | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Courtyard Dallas | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
Residence Inn Austin Northwest/The Domain Area | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % | ||||||||||
TownePlace Suites Austin Northwest/The Domain Area | IHM | 3.0 | % | $1,500 | $1,000 | 1.0 | % |
Property | Management Company | Base Management Fee | Monthly Accounting Fee | Monthly Revenue Management Fee | Incentive Management Fee Cap | ||||||
Courtyard Altoona | IHM | 3.0 | % | $ | 1,500 | $ | 1,000 | 1.0 | % | ||
Springhill Suites Washington | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Minneapolis-Mall of America | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Nashville-Brentwood | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Dallas-Market Center | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Hartford-Farmington | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton Orlando-Maitland | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hampton Inn & Suites Houston-Medical Center | IHM | 3.0 | % | 1,000 | — | 1.0 | % | ||||
Residence Inn Long Island Holtsville | IHM | 3.0 | % | 1,000 | — | 1.0 | % | ||||
Residence Inn White Plains | IHM | 3.0 | % | 1,000 | 876 | 1.0 | % | ||||
Residence Inn New Rochelle | IHM | 3.0 | % | 1,000 | 876 | 1.0 | % | ||||
Residence Inn Garden Grove | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Mission Valley | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Homewood Suites by Hilton San Antonio River Walk | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Washington DC | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Tysons Corner | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hampton Inn Portland Downtown | IHM | 3.0 | % | 1,000 | 550 | 1.0 | % | ||||
Courtyard Houston | IHM | 3.0 | % | 1,000 | 550 | 1.0 | % | ||||
Hyatt Place Pittsburgh North Shore | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Hampton Inn Exeter | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hilton Garden Inn Denver Tech | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Residence Inn Bellevue | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Springhill Suites Savannah | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Silicon Valley I | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Silicon Valley II | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn San Mateo | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Mountain View | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hyatt Place Cherry Creek | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Courtyard Addison | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Courtyard West University Houston | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Residence Inn West University Houston | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Hilton Garden Inn Burlington | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Residence Inn San Diego Gaslamp | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Hilton Garden Inn Marina del Rey | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Residence Inn Dedham | IHM | 3.0 | % | 1,200 | 1,000 | 1.0 | % | ||||
Residence Inn Il Lugano | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Hilton Garden Inn Portsmouth | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Courtyard Summerville | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % | ||||
Embassy Suites Springfield | IHM | 3.0 | % | 1,500 | 1,000 | 1.0 | % |
Property | Franchise/Royalty Fee | Marketing/Program Fee | Expiration | Property | Franchise/Royalty Fee | Marketing/Program Fee | Expiration | ||||||||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | 4.0 | % | 4.0 | % | 2025 | ||||||||
Homewood Suites by Hilton Minneapolis-Mall of America | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Minneapolis-Mall of America | 4.0 | % | 4.0 | % | 2025 | ||||||||
Homewood Suites by Hilton Nashville-Brentwood | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Nashville-Brentwood | 4.0 | % | 4.0 | % | 2025 | ||||||||
Homewood Suites by Hilton Dallas-Market Center | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Dallas-Market Center | 4.0 | % | 4.0 | % | 2025 | ||||||||
Homewood Suites by Hilton Hartford-Farmington | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Hartford-Farmington | 4.0 | % | 4.0 | % | 2025 | ||||||||
Homewood Suites by Hilton Orlando-Maitland | 4.0 | % | 4.0 | % | 2025 | Homewood Suites by Hilton Orlando-Maitland | 4.0 | % | 4.0 | % | 2025 | ||||||||
Hampton Inn & Suites Houston-Medical Center | 5.0 | % | 4.0 | % | 2020 | Hampton Inn & Suites Houston-Medical Center | 6.0 | % | 4.0 | % | 2035 | ||||||||
Courtyard Altoona | 5.5 | % | 2.0 | % | 2030 | ||||||||||||||
Springhill Suites Washington | 5.0 | % | 2.5 | % | 2030 | ||||||||||||||
Residence Inn Long Island Holtsville | 5.5 | % | 2.5 | % | 2025 | Residence Inn Long Island Holtsville | 5.5 | % | 2.5 | % | 2025 | ||||||||
Residence Inn White Plains | 5.5 | % | 2.5 | % | 2030 | Residence Inn White Plains | 5.5 | % | 2.5 | % | 2030 | ||||||||
Residence Inn New Rochelle | 5.5 | % | 2.5 | % | 2030 | Residence Inn New Rochelle | 5.5 | % | 2.5 | % | 2030 | ||||||||
Residence Inn Garden Grove | 5.0 | % | 2.5 | % | 2031 | Residence Inn Garden Grove | 5.0 | % | 2.5 | % | 2031 | ||||||||
Residence Inn Mission Valley | 5.0 | % | 2.5 | % | 2031 | ||||||||||||||
Homewood Suites by Hilton San Antonio River Walk | 4.0 | % | 4.0 | % | 2026 | Homewood Suites by Hilton San Antonio River Walk | 4.0 | % | 4.0 | % | 2026 | ||||||||
Residence Inn Washington DC | 5.5 | % | 2.5 | % | 2033 | Residence Inn Washington DC | 5.5 | % | 2.5 | % | 2033 | ||||||||
Residence Inn Tysons Corner | 5.0 | % | 2.5 | % | 2031 | Residence Inn Tysons Corner | 5.0 | % | 2.5 | % | 2031 | ||||||||
Hampton Inn Portland Downtown | 6.0 | % | 4.0 | % | 2032 | Hampton Inn Portland Downtown | 6.0 | % | 4.0 | % | 2032 | ||||||||
Courtyard Houston | 5.5 | % | 2.0 | % | 2030 | Courtyard Houston | 5.5 | % | 2.0 | % | 2030 | ||||||||
Hyatt Place Pittsburgh North Shore | 5.0 | % | 3.5 | % | 2030 | Hyatt Place Pittsburgh North Shore | 5.0 | % | 3.5 | % | 2030 | ||||||||
Hampton Inn Exeter | 6.0 | % | 4.0 | % | 2031 | Hampton Inn Exeter | 6.0 | % | 4.0 | % | 2031 | ||||||||
Hilton Garden Inn Denver Tech | 5.5 | % | 4.3 | % | 2028 | Hilton Garden Inn Denver Tech | 5.5 | % | 4.3 | % | 2028 | ||||||||
Residence Inn Bellevue | 5.5 | % | 2.5 | % | 2033 | Residence Inn Bellevue | 5.5 | % | 2.5 | % | 2033 | ||||||||
Springhill Suites Savannah | 5.0 | % | 2.5 | % | 2033 | Springhill Suites Savannah | 5.0 | % | 2.5 | % | 2033 | ||||||||
Residence Inn Silicon Valley I | 5.5 | % | 2.5 | % | 2029 | Residence Inn Silicon Valley I | 5.5 | % | 2.5 | % | 2029 | ||||||||
Residence Inn Silicon Valley II | 5.5 | % | 2.5 | % | 2029 | Residence Inn Silicon Valley II | 5.5 | % | 2.5 | % | 2029 | ||||||||
Residence Inn San Mateo | 5.5 | % | 2.5 | % | 2029 | Residence Inn San Mateo | 5.5 | % | 2.5 | % | 2029 | ||||||||
Residence Inn Mountain View | 5.5 | % | 2.5 | % | 2029 | Residence Inn Mountain View | 5.5 | % | 2.5 | % | 2029 | ||||||||
Hyatt Place Cherry Creek | 3% to 5.0% | 3.5 | % | 2034 | Hyatt Place Cherry Creek | 5.0 | % | 3.5 | % | 2034 | |||||||||
Courtyard Addison | 5.5 | % | 2.0 | % | 2029 | Courtyard Addison | 5.5 | % | 2.0 | % | 2029 | ||||||||
Courtyard West University Houston | 5.5 | % | 2.0 | % | 2029 | Courtyard West University Houston | 5.5 | % | 2.0 | % | 2029 | ||||||||
Residence Inn West University Houston | 6.0 | % | 2.5 | % | 2024 | Residence Inn West University Houston | 6.0 | % | 2.5 | % | 2024 | ||||||||
Hilton Garden Inn Burlington | 5.5 | % | 4.3 | % | 2029 | Hilton Garden Inn Burlington | 5.5 | % | 4.3 | % | 2029 | ||||||||
Residence Inn San Diego Gaslamp | 6.0 | % | 2.5 | % | 2035 | Residence Inn San Diego Gaslamp | 6.0 | % | 2.5 | % | 2035 | ||||||||
Hilton Garden Inn Marina del Rey | 3% to 5.5% | 4.3 | % | 2030 | Hilton Garden Inn Marina del Rey | 5.5 | % | 4.3 | % | 2030 | |||||||||
Residence Inn Dedham | 6.0 | % | 2.5 | % | 2030 | Residence Inn Dedham | 6.0 | % | 2.5 | % | 2030 | ||||||||
Residence Inn Il Lugano | 3% to 6.0% | 2.5 | % | 2045 | Residence Inn Il Lugano | 6.0 | % | 2.5 | % | 2045 | |||||||||
Hilton Garden Inn Portsmouth | 5.5 | % | 4.0 | % | 2037 | Hilton Garden Inn Portsmouth | 5.5 | % | 4.0 | % | 2037 | ||||||||
Courtyard Summerville | 6.0 | % | 2.5 | % | 2037 | Courtyard Summerville | 6.0 | % | 2.5 | % | 2037 | ||||||||
Embassy Suites Springfield | 5.5 | % | 4.0 | % | 2037 | Embassy Suites Springfield | 5.5 | % | 4.0 | % | 2037 | ||||||||
Residence Inn Summerville | Residence Inn Summerville | 6.0 | % | 2.5 | % | 2038 | |||||||||||||
Courtyard Dallas | Courtyard Dallas | 4.0% to 6.0% | 2.0 | % | 2038 | ||||||||||||||
Residence Inn Austin Northwest/The Domain Area | Residence Inn Austin Northwest/The Domain Area | 5.5% to 6.0% | 2.5 | % | 2036 | ||||||||||||||
TownePlace Suites Austin Northwest/The Domain Area | TownePlace Suites Austin Northwest/The Domain Area | 3.0% to 5.5% | 2.0 | % | 2041 |
Quarter Ended - 2017 | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Total revenue | $ | 69,222 | $ | 77,909 | $ | 81,404 | $ | 70,321 | |||||||
Total operating expenses | 57,195 | 67,000 | 61,044 | 60,579 | |||||||||||
Operating income | 12,027 | 10,909 | 20,360 | 9,742 | |||||||||||
Net income attributable to common shareholders | 4,613 | 5,034 | 14,393 | 5,438 | |||||||||||
Income per common share, basic (1) | 0.12 | 0.13 | 0.36 | 0.12 | |||||||||||
Income per common share, diluted (1) | 0.12 | 0.13 | 0.36 | 0.12 | |||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 38,361,113 | 38,525,306 | 39,298,974 | 43,205,683 | |||||||||||
Diluted | 38,573,928 | 38,749,661 | 39,550,494 | 43,522,022 | |||||||||||
Quarter Ended - 2016 | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Total revenue | $ | 68,850 | $ | 78,001 | $ | 79,733 | $ | 67,236 | |||||||
Total operating expenses | 57,861 | 59,429 | 60,275 | 57,319 | |||||||||||
Operating income | 10,989 | 18,572 | 19,458 | 9,917 | |||||||||||
Net income attributable to common shareholders | 3,300 | 12,168 | 13,355 | 2,660 | |||||||||||
Income per common share, basic (1) | 0.09 | 0.32 | 0.35 | 0.07 | |||||||||||
Income per common share, diluted (1) | 0.08 | 0.31 | 0.34 | 0.07 | |||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 38,274,448 | 38,299,132 | 38,307,382 | 38,315,040 | |||||||||||
Diluted | 38,671,129 | 38,734,987 | 38,768,638 | 38,525,598 |
Initial Cost | Gross Amount at End of Year | ||||||||||||||||||||||||||||||
Description | Year of Acquisition | Encumbrances | Land | Buildings & Improvements | Cost Cap. Sub. To Acq. Land | Cost Cap. Sub. To Acq. Bldg & Improvements | Land | Buildings & Improvements | Total | Bldg & Improvements | Accumulated Depreciation | Year of Original Construction | Depreciation Life | ||||||||||||||||||
Homewood Suites Orlando - Maitland, FL | 2010 | — | $ | 1,800 | $ | 7,200 | $ | 34 | $ | 4,999 | $ | 1,834 | $ | 12,199 | $ | 14,033 | $ | 12,199 | $ | 2,337 | 2000 | (1) | |||||||||
Homewood Suites Boston - Billerica, MA | 2010 | 16,225 | 1,470 | 10,555 | 48 | 1,440 | 1,518 | 11,995 | 13,513 | 11,995 | 2,457 | 1999 | (1) | ||||||||||||||||||
Homewood Suites Minneapolis - Mall of America, Bloomington, MN | 2010 | — | 3,500 | 13,960 | 19 | 3,475 | 3,519 | 17,435 | 20,954 | 17,435 | 3,331 | 1998 | (1) | ||||||||||||||||||
Homewood Suites Nashville - Brentwood, TN | 2010 | — | 1,525 | 9,300 | 12 | 3,136 | 1,537 | 12,436 | 13,973 | 12,436 | 2,340 | 1998 | (1) | ||||||||||||||||||
Homewood Suites Dallas - Market Center, Dallas, TX | 2010 | — | 2,500 | 7,583 | 29 | 1,647 | 2,529 | 9,230 | 11,759 | 9,230 | 1,964 | 1998 | (1) | ||||||||||||||||||
Homewood Suites Hartford - Farmington, CT | 2010 | — | 1,325 | 9,375 | 92 | 1,225 | 1,417 | 10,600 | 12,017 | 10,600 | 2,259 | 1999 | (1) | ||||||||||||||||||
Hampton Inn & Suites Houston - Houston, TX | 2010 | 18,300 | 3,200 | 12,709 | 56 | 1,547 | 3,256 | 14,256 | 17,512 | 14,256 | 2,724 | 1997 | (1) | ||||||||||||||||||
Residence Inn Holtsville - Holtsville, NY | 2010 | — | 2,200 | 18,765 | — | 1,151 | 2,200 | 19,916 | 22,116 | 19,916 | 3,888 | 2004 | (1) | ||||||||||||||||||
Courtyard Altoona - Altoona, PA | 2010 | — | — | 10,730 | — | 1,002 | — | 11,732 | 11,732 | 11,732 | 2,379 | 2001 | (1) | ||||||||||||||||||
SpringHill Suites Washington - Washington, PA | 2010 | — | 1,000 | 10,692 | — | (5,604 | ) | 1,000 | 5,088 | 6,088 | 5,088 | 2,302 | 2000 | (1) | |||||||||||||||||
Residence Inn White Plains - White Plains, NY | 2010 | — | 2,200 | 17,677 | — | 6,724 | 2,200 | 24,401 | 26,601 | 24,401 | 4,732 | 1982 | (1) | ||||||||||||||||||
Residence Inn New Rochelle - New Rochelle, NY | 2010 | 13,762 | — | 20,281 | 9 | 3,063 | 9 | 23,344 | 23,353 | 23,344 | 4,555 | 2000 | (1) | ||||||||||||||||||
Residence Inn Garden Grove - Garden Grove, CA | 2011 | 33,160 | 7,109 | 35,484 | — | 1,792 | 7,109 | 37,276 | 44,385 | 37,276 | 6,263 | 2003 | (1) | ||||||||||||||||||
Residence Inn Mission Valley - San Diego, CA | 2011 | 28,469 | 9,856 | 39,535 | — | 715 | 9,856 | 40,250 | 50,106 | 40,250 | 6,549 | 2003 | (1) | ||||||||||||||||||
Homewood Suites San Antonio - San Antonio, TX | 2011 | 16,253 | 5,999 | 24,764 | 7 | 4,725 | 6,006 | 29,489 | 35,495 | 29,489 | 4,915 | 1996 | (1) | ||||||||||||||||||
Residence Inn Washington DC - Washington, DC | 2011 | — | 6,083 | 22,063 | 28 | 5,572 | 6,111 | 27,635 | 33,746 | 27,635 | 5,010 | 1974 | (1) | ||||||||||||||||||
Residence Inn Tyson's Corner - Vienna, VA | 2011 | 22,251 | 5,752 | 28,917 | — | 269 | 5,752 | 29,186 | 34,938 | 29,186 | 4,732 | 2001 | (1) | ||||||||||||||||||
Hampton Inn Portland Downtown - Portland, ME | 2012 | — | 4,315 | 22,664 | — | 217 | 4,315 | 22,881 | 27,196 | 22,881 | 2,877 | 2011 | (1) | ||||||||||||||||||
Courtyard Houston - Houston, TX | 2013 | 18,375 | 5,600 | 27,350 | — | 1,743 | 5,600 | 29,093 | 34,693 | 29,093 | 3,453 | 2010 | (1) | ||||||||||||||||||
Hyatt Place Pittsburgh - Pittsburgh, PA | 2013 | 22,437 | 3,000 | 35,576 | — | 264 | 3,000 | 35,840 | 38,840 | 35,840 | 4,098 | 2011 | (1) | ||||||||||||||||||
Hampton Inn & Suites Exeter - Exeter, NH | 2013 | — | 1,900 | 12,350 | 4 | 76 | 1,904 | 12,426 | 14,330 | 12,426 | 1,371 | 2010 | (1) | ||||||||||||||||||
Hilton Garden Inn Denver Tech - Denver, CO | 2013 | — | 4,100 | 23,100 | 5 | 461 | 4,105 | 23,561 | 27,666 | 23,561 | 2,631 | 1999 | (1) | ||||||||||||||||||
Residence Inn Bellevue - Bellevue, WA | 2013 | 45,462 | 13,800 | 56,957 | — | 1,795 | 13,800 | 58,752 | 72,552 | 58,752 | 6,277 | 2008 | (1) | ||||||||||||||||||
SpringHill Suites Savannah - Savannah, GA | 2013 | 30,000 | 2,400 | 36,050 | — | 1,297 | 2,400 | 37,347 | 39,747 | 37,347 | 3,915 | 2009 | (1) | ||||||||||||||||||
Residence Inn Silicon Valley I - Sunnyvale, CA | 2014 | 64,800 | 42,652 | 45,846 | — | 366 | 42,652 | 46,212 | 88,864 | 46,212 | 10,955 | 1983 | (1) | ||||||||||||||||||
Residence Inn Silicon Valley II - Sunnyvale, CA | 2014 | 70,700 | 46,474 | 50,380 | — | 632 | 46,474 | 51,012 | 97,486 | 51,012 | 12,108 | 1985 | (1) | ||||||||||||||||||
Residence Inn San Mateo - San Mateo, CA | 2014 | 48,600 | 38,420 | 31,352 | — | 450 | 38,420 | 31,802 | 70,222 | 31,802 | 7,523 | 1985 | (1) | ||||||||||||||||||
Residence Inn Mt. View - Mountain View, CA | 2014 | 37,900 | 22,019 | 31,813 | — | 7,642 | 22,019 | 39,455 | 61,474 | 39,455 | 8,153 | 1985 | (1) | ||||||||||||||||||
Hyatt Place Cherry Creek - Cherry Creek, CO | 2014 | — | 3,700 | 26,300 | — | 1,559 | 3,700 | 27,859 | 31,559 | 27,859 | 2,293 | 1987 | (1) | ||||||||||||||||||
Courtyard Addison - Dallas, TX | 2014 | — | 2,413 | 21,554 | — | 1,675 | 2,413 | 23,229 | 25,642 | 23,229 | 1,873 | 2000 | (1) | ||||||||||||||||||
Courtyard West University - Houston, TX | 2014 | — | 2,012 | 17,916 | — | 432 | 2,012 | 18,348 | 20,360 | 18,348 | 1,448 | 2004 | (1) | ||||||||||||||||||
Residence Inn West University - Houston, TX | 2014 | — | 3,640 | 25,631 | — | 1,375 | 3,640 | 27,006 | 30,646 | 27,006 | 2,202 | 2004 | (1) | ||||||||||||||||||
Hilton Garden Inn Burlington - Burlington, MA | 2014 | — | 4,918 | 27,193 | — | 1,443 | 4,918 | 28,636 | 33,554 | 28,636 | 2,364 | 1975 | (1) | ||||||||||||||||||
Residence Inn Gaslamp - San Diego, CA | 2015 | — | — | 89,040 | — | 1,646 | — | 90,686 | 90,686 | 90,686 | 6,432 | 2009 | (1) | ||||||||||||||||||
Hilton Garden Inn Marina del Rey, CA | 2015 | 21,760 | — | 43,210 | — | 461 | — | 43,671 | 43,671 | 43,671 | 2,518 | 2013 | (1) | ||||||||||||||||||
Residence Inn Dedham, MA | 2015 | — | 4,230 | 17,304 | — | 37 | 4,230 | 17,341 | 21,571 | 17,341 | 1,068 | 1998 | (1) | ||||||||||||||||||
Residence Inn Ft. Lauderdale, FL | 2015 | — | 9,200 | 24,048 | — | 753 | 9,200 | 24,801 | 34,001 | 24,801 | 1,453 | 2008 | (1) |
Initial Cost | Gross Amount at End of Year | ||||||||||||||||||||||||||||||||||||||||
Description | Year of Acquisition | Encumbrances | Land | Buildings & Improvements | Cost Cap. Sub. To Acq. Land | Cost Cap. Sub. To Acq. Bldg & Improvements | Land | Buildings & Improvements | Total | Bldg & Improvements | Accumulated Depreciation | Year of Original Construction | Depreciation Life | ||||||||||||||||||||||||||||
Homewood Suites Orlando - Maitland, FL | 2010 | — | $ | 1,800 | $ | 7,200 | $ | 34 | $ | 5,212 | $ | 1,834 | $ | 12,412 | $ | 14,246 | $ | 12,412 | $ | 4,736 | 2000 | (1) | |||||||||||||||||||
Homewood Suites Boston - Billerica, MA | 2010 | 15,114 | 1,470 | 10,555 | 48 | 3,993 | 1,518 | 14,548 | 16,066 | 14,548 | 4,545 | 1999 | (1) | ||||||||||||||||||||||||||||
Homewood Suites Minneapolis - Mall of America, Bloomington, MN | 2010 | — | 3,500 | 13,960 | 19 | 4,277 | 3,519 | 18,237 | 21,756 | 18,237 | 6,109 | 1998 | (1) | ||||||||||||||||||||||||||||
Homewood Suites Nashville - Brentwood, TN | 2010 | — | 1,525 | 9,300 | 12 | 3,802 | 1,537 | 13,102 | 14,639 | 13,102 | 4,459 | 1998 | (1) | ||||||||||||||||||||||||||||
Homewood Suites Dallas - Market Center, Dallas, TX | 2010 | — | 2,500 | 7,583 | 30 | 4,518 | 2,530 | 12,101 | 14,631 | 12,101 | 3,959 | 1998 | (1) | ||||||||||||||||||||||||||||
Homewood Suites Hartford - Farmington, CT | 2010 | — | 1,325 | 9,375 | 92 | 3,662 | 1,417 | 13,037 | 14,454 | 13,037 | 4,060 | 1999 | (1) | ||||||||||||||||||||||||||||
Hampton Inn & Suites Houston - Houston, TX | 2010 | 17,058 | 3,200 | 12,709 | 60 | 3,147 | 3,260 | 15,856 | 19,116 | 15,856 | 4,473 | 1997 | (1) | ||||||||||||||||||||||||||||
Residence Inn Holtsville - Holtsville, NY | 2010 | — | 2,200 | 18,765 | — | 1,321 | 2,200 | 20,086 | 22,286 | 20,086 | 6,124 | 2004 | (1) | ||||||||||||||||||||||||||||
Residence Inn White Plains - White Plains, NY | 2010 | — | 2,200 | 17,677 | — | 9,585 | 2,200 | 27,262 | 29,462 | 27,262 | 8,834 | 1982 | (1) | ||||||||||||||||||||||||||||
Residence Inn New Rochelle - New Rochelle, NY | 2010 | — | — | 20,281 | 9 | 6,934 | 9 | 27,215 | 27,224 | 27,215 | 7,779 | 2000 | (1) | ||||||||||||||||||||||||||||
Residence Inn Garden Grove - Garden Grove, CA | 2011 | 30,839 | 7,109 | 35,484 | 57 | 5,518 | 7,166 | 41,002 | 48,168 | 41,002 | 10,869 | 2003 | (1) | ||||||||||||||||||||||||||||
Homewood Suites San Antonio - San Antonio, TX | 2011 | 14,808 | 5,999 | 24,764 | 6 | 5,602 | 6,005 | 30,366 | 36,371 | 30,366 | 8,957 | 1996 | (1) | ||||||||||||||||||||||||||||
Residence Inn Washington DC - Washington, DC | 2011 | — | 6,083 | 22,063 | 28 | 6,477 | 6,111 | 28,540 | 34,651 | 28,540 | 8,836 | 1974 | (1) | ||||||||||||||||||||||||||||
Residence Inn Tyson's Corner - Vienna, VA | 2011 | 20,243 | 5,752 | 28,917 | — | 2,752 | 5,752 | 31,669 | 37,421 | 31,669 | 8,215 | 2001 | (1) | ||||||||||||||||||||||||||||
Hampton Inn Portland Downtown - Portland, ME | 2012 | — | 4,315 | 22,664 | — | 369 | 4,315 | 23,033 | 27,348 | 23,033 | 5,235 | 2011 | (1) | ||||||||||||||||||||||||||||
Courtyard Houston - Houston, TX | 2013 | 16,673 | 5,600 | 27,350 | — | 2,947 | 5,600 | 30,297 | 35,897 | 30,297 | 6,935 | 2010 | (1) | ||||||||||||||||||||||||||||
Hyatt Place Pittsburgh - Pittsburgh, PA | 2013 | 20,515 | 3,000 | 35,576 | 5 | 1,506 | 3,005 | 37,082 | 40,087 | 37,082 | 8,037 | 2011 | (1) | ||||||||||||||||||||||||||||
Hampton Inn & Suites Exeter - Exeter, NH | 2013 | — | 1,900 | 12,350 | 4 | 189 | 1,904 | 12,539 | 14,443 | 12,539 | 2,675 | 2010 | (1) | ||||||||||||||||||||||||||||
Hilton Garden Inn Denver Tech - Denver, CO | 2013 | — | 4,100 | 23,100 | 5 | 675 | 4,105 | 23,775 | 27,880 | 23,775 | 5,153 | 1999 | (1) | ||||||||||||||||||||||||||||
Residence Inn Bellevue - Bellevue, WA | 2013 | 42,089 | 13,800 | 56,957 | — | 2,444 | 13,800 | 59,401 | 73,201 | 59,401 | 12,596 | 2008 | (1) | ||||||||||||||||||||||||||||
SpringHill Suites Savannah - Savannah, GA | 2013 | 28,873 | 2,400 | 36,050 | 1 | 1,703 | 2,401 | 37,753 | 40,154 | 37,753 | 8,056 | 2009 | (1) | ||||||||||||||||||||||||||||
Residence Inn Silicon Valley I - Sunnyvale, CA | 2014 | 62,374 | 42,652 | 45,846 | — | 6,016 | 42,652 | 51,862 | 94,514 | 51,862 | 24,462 | 1983 | (1) | ||||||||||||||||||||||||||||
Residence Inn Silicon Valley II - Sunnyvale, CA | 2014 | 68,054 | 46,474 | 50,380 | — | 7,428 | 46,474 | 57,808 | 104,282 | 57,808 | 26,790 | 1985 | (1) | ||||||||||||||||||||||||||||
Residence Inn San Mateo - San Mateo, CA | 2014 | 46,781 | 38,420 | 31,352 | — | 5448 | 38,420 | 36,800 | 75,220 | 36,800 | 16,780 | 1985 | (1) | ||||||||||||||||||||||||||||
Residence Inn Mt. View - Mountain View, CA | 2014 | 36,481 | 22,019 | 31,813 | — | 10,244 | 22,019 | 42,057 | 64,076 | 42,057 | 19,466 | 1985 | (1) | ||||||||||||||||||||||||||||
Hyatt Place Cherry Creek - Cherry Creek, CO | 2014 | — | 3,700 | 26,300 | — | 1,868 | 3,700 | 28,168 | 31,868 | 28,168 | 5,452 | 1987 | (1) | ||||||||||||||||||||||||||||
Courtyard Addison - Dallas, TX | 2014 | — | 2,413 | 21,554 | — | 2,645 | 2,413 | 24,199 | 26,612 | 24,199 | 4,791 | 2000 | (1) |
Initial Cost | Gross Amount at End of Year | ||||||||||||||||||||||||||||||
Description | Year of Acquisition | Encumbrances | Land | Buildings & Improvements | Cost Cap. Sub. To Acq. Land | Cost Cap. Sub. To Acq. Bldg & Improvements | Land | Buildings & Improvements | Total | Bldg & Improvements | Accumulated Depreciation | Year of Original Construction | Depreciation Life | ||||||||||||||||||
Warner Center | 2017 | — | 6,500 | — | 99 | — | 6,599 | — | 6,599 | — | — | (1) | |||||||||||||||||||
Hilton Garden Inn Portsmouth, NH | 2017 | — | 3,600 | 37,630 | 214 | 3,600 | 37,844 | 41,444 | 37,844 | 267 | 2006 | (1) | |||||||||||||||||||
Courtyard Summerville, SC | 2017 | — | 2,500 | 16,923 | 96 | 2,500 | 17,019 | 19,519 | 17,019 | 55 | 2014 | (1) | |||||||||||||||||||
Embassy Suites Springfield, VA | 2017 | — | 7,700 | 58,807 | 224 | 7,700 | 59,031 | 66,731 | 59,031 | — | 2013 | (1) | |||||||||||||||||||
Grand Total(s) | $ | 290,612 | $ | 1,078,584 | $ | 442 | $ | 61,736 | $ | 291,054 | $ | 1,140,320 | $ | 1,431,374 | $ | 1,140,320 | $ | 148,071 | |||||||||||||
Initial Cost | Gross Amount at End of Year | ||||||||||||||||||||||||||||||||||||||||
Description | Year of Acquisition | Encumbrances | Land | Buildings & Improvements | Cost Cap. Sub. To Acq. Land | Cost Cap. Sub. To Acq. Bldg & Improvements | Land | Buildings & Improvements | Total | Bldg & Improvements | Accumulated Depreciation | Year of Original Construction | Depreciation Life | ||||||||||||||||||||||||||||
Courtyard West University - Houston, TX | 2014 | — | 2,012 | 17,916 | — | 1451 | 2,012 | 19,367 | 21,379 | 19,367 | 3,542 | 2004 | (1) | ||||||||||||||||||||||||||||
Residence Inn West University - Houston, TX | 2014 | — | 3,640 | 25,631 | — | 1,688 | 3,640 | 27,319 | 30,959 | 27,319 | 5,270 | 2004 | (1) | ||||||||||||||||||||||||||||
Hilton Garden Inn Burlington - Burlington, MA | 2014 | — | 4,918 | 27,193 | — | (3,850) | 4,918 | 23,343 | 28,261 | 23,343 | 5,685 | 1975 | (1) | ||||||||||||||||||||||||||||
Residence Inn Gaslamp - San Diego, CA | 2015 | — | — | 89,040 | 10 | 2,134 | 10 | 91,174 | 91,184 | 91,174 | 15,987 | 2009 | (1) | ||||||||||||||||||||||||||||
Hilton Garden Inn - Marina del Rey, CA | 2015 | 20,024 | — | 43,210 | — | 917 | — | 44,127 | 44,127 | 44,127 | 7,078 | 2013 | (1) | ||||||||||||||||||||||||||||
Residence Inn - Dedham, MA | 2015 | — | 4,230 | 17,304 | — | 2,159 | 4,230 | 19,463 | 23,693 | 19,463 | 3,209 | 1998 | (1) | ||||||||||||||||||||||||||||
Residence Inn - Ft. Lauderdale, FL | 2015 | — | 9,200 | 24,048 | 14 | 1,987 | 9,214 | 26,035 | 35,249 | 26,035 | 4,241 | 2008 | (1) | ||||||||||||||||||||||||||||
Warner Center - Woodland Hills, CA | 2017 | 35,007 | 6,500 | — | 99 | — | 6,599 | — | 6,599 | — | — | ||||||||||||||||||||||||||||||
Hilton Garden Inn - Portsmouth, NH | 2017 | — | 3,600 | 37,630 | — | 610 | 3,600 | 38,240 | 41,840 | 38,240 | 4,107 | 2006 | (1) | ||||||||||||||||||||||||||||
Courtyard - Summerville, SC | 2017 | — | 2,500 | 16,923 | 7 | 220 | 2,507 | 17,143 | 19,650 | 17,143 | 1772 | 2014 | (1) | ||||||||||||||||||||||||||||
Embassy Suites - Springfield, VA | 2017 | — | 7,700 | 58,807 | — | 416 | 7,700 | 59,223 | 66,923 | 59,223 | 6,029 | 2013 | (1) | ||||||||||||||||||||||||||||
Residence Inn - Summerville, SC | 2018 | — | 2,300 | 17,060 | — | 256 | 2,300 | 17,316 | 19,616 | 17,316 | 1,478 | 2018 | (1) | ||||||||||||||||||||||||||||
Courtyard Dallas Downtown - Dallas, TX | 2018 | — | 2,900 | 42,760 | — | 140 | 2,900 | 42,900 | 45,800 | 42,900 | 3,300 | 2018 | (1) | ||||||||||||||||||||||||||||
Silicon Valley III - Sunnyvale, CA | 2018 | — | 8,171 | — | — | — | 8,171 | — | 8,171 | — | — | ||||||||||||||||||||||||||||||
Residence Inn Austin Northwest/The Domain Area - Austin, TX | 2021 | — | 2,400 | 33,346 | — | 84 | 2,400 | 33,430 | 35,830 | 33,430 | 346 | 2016 | (1) | ||||||||||||||||||||||||||||
TownePlace Suites Austin Northwest/The Domain Area - Austin, TX | 2021 | — | 2,300 | 29,347 | — | 59 | 2,300 | 29,406 | 31,706 | 29,406 | 304 | 2021 | (1) | ||||||||||||||||||||||||||||
Grand Total(s) | $ | 297,827 | $ | 1,140,140 | $ | 540 | $ | 118,553 | $ | 298,367 | $ | 1,258,693 | $ | 1,557,060 | $ | 1,258,693 | $ | 300,731 |
(1) Depreciation is computed based upon the following estimated useful lives: | |||||||||||||||||||||||||||||||||||||||||
Years | |||||||||||||||||||||||||||||||||||||||||
Building | 40 | ||||||||||||||||||||||||||||||||||||||||
Land improvements | |||||||||||||||||||||||||||||||||||||||||
Building improvements | 5-20 |
Notes: | Notes: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) The change in total cost of real estate assets for the year ended is as follows: | (a) The change in total cost of real estate assets for the year ended is as follows: | (a) The change in total cost of real estate assets for the year ended is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 1,320,273 | $ | 1,306,192 | $ | 1,105,504 | $ | 654,560 | $ | 423,729 | 392,463 | Balance at the beginning of the year | $ | 1,488,830 | $ | 1,520,189 | $ | 1,510,864 | $ | 1,431,374 | $ | 1,320,273 | $ | 1,306,192 | 1,105,504 | |||||||||||||||||||||||||||||||||
Acquisitions | 133,660 | — | 187,032 | 444,233 | 222,273 | 26,979 | Acquisitions | 67,393 | — | 8,171 | 65,020 | 133,660 | — | 187,032 | ||||||||||||||||||||||||||||||||||||||||||||
Dispositions during the year | (33,053 | ) | — | — | — | — | (951 | ) | Dispositions during the year | — | (52,770) | (17,889) | — | (33,053) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Capital expenditures and transfers from construction-in-progress | Capital expenditures and transfers from construction-in-progress | 10,494 | 14,081 | 13,656 | 6,711 | 8,558 | 5,238 | Capital expenditures and transfers from construction-in-progress | 837 | 21,411 | 19,043 | 14,470 | 10,494 | 14,081 | 13,656 | |||||||||||||||||||||||||||||||||||||||||||
Investment in Real Estate | $ | 1,431,374 | $ | 1,320,273 | $ | 1,306,192 | $ | 1,105,504 | $ | 654,560 | $ | 423,729 | Investment in Real Estate | $ | 1,557,060 | $ | 1,488,830 | $ | 1,520,189 | $ | 1,510,864 | $ | 1,431,374 | $ | 1,320,273 | $ | 1,306,192 |
(b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows: | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 257,344 | $ | 224,339 | $ | 187,780 | $ | 148,071 | $ | 116,866 | $ | 83,245 | 50,910 | |||||||||||||||||||
Depreciation and amortization | 43,387 | 42,145 | 41,908 | 39,709 | 36,401 | 33,621 | 32,335 | |||||||||||||||||||||||||
Dispositions during the year | — | (9,140) | (5,349) | — | (5,196) | — | — | |||||||||||||||||||||||||
Balance at the end of the year | $ | 300,731 | $ | 257,344 | $ | 224,339 | $ | 187,780 | $ | 148,071 | $ | 116,866 | $ | 83,245 | ||||||||||||||||||
(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,557,212 as of December 31, 2021. |
(b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows: | ||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 116,866 | $ | 83,245 | $ | 50,910 | $ | 28,980 | $ | 17,398 | 8,394 | |||||||||||||||
Depreciation and amortization | 36,401 | 33,621 | 32,335 | 21,930 | 11,582 | 9,004 | ||||||||||||||||||||
Dispositions during the year | $ | (5,196 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Balance at the end of the year | $ | 148,071 | $ | 116,866 | $ | 83,245 | $ | 50,910 | $ | 28,980 | $ | 17,398 | ||||||||||||||
(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,431,531 as of December 31, 2017. |