ADDED
The loan has a term of five years, carries a fixed interest rate of 7.29%, and is interest-only for its duration.
In February 2023, following the end of the measurement period, the Company s TSR met certain criteria and based on the Company s TSR over the measurement period, 234,361 LTIP units vested.
In February 2025, following the end of the measurement period, the Company s TSR met certain criteria and based on the Company s TSR over the measurement period, 142,905 LTIP units vested.
The interest rate for the unsecured term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%.
The difference between total hotel property level revenue and total revenue on the consolidated statements of operations is due to reimbursable costs from related parties of $1.1 million, $1.1 million, and $1.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
On June 6, 2024, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate and Wells Fargo Bank to obtain a $22.0 million loan secured by the SpringHill Suites Savannah and a $15.0 million loan secured by the Hampton Inn Suites Exeter.
Each loan has a term of ten years, carries a fixed interest rate of 6.70%, and is interest-only for its duration.
In February 2024, following the end of the measurement period, the Company s TSR met certain criteria and based on the Company s TSR over the measurement period, 170,173 LTIP units vested.
The interest rate for the revolving credit facility is variable and based on one-month term secured overnight financing rate ("SOFR") plus a spread of 1.50% to 2.25% based on the Company's leverage and a credit spread adjustment of 0.10%.
The number of common shares of beneficial interest outstanding as of February 27, 2026 was 47,254,037 .
REMOVED
The number of common shares of beneficial interest outstanding as of February 26, 2025 was 48,974,708 .
Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.
As of December 31, 2024, the Company owned 37 hotels with an aggregate of 5,596 rooms located in 16 states and the District of Columbia.
5 Financial Information About Industry Segments We evaluate all of our hotels as a single industry segment because all of our hotels have similar economic characteristics and provide similar services to similar types of customers.
Fisher that as of December 31, 2024, managed all of our hotels.
At December 31, 2024, our leverage ratio was approximately 23.1 percent, which decreased from 24.8 percent at December 31, 2023.
7 Although it is our policy to require an acceptable Phase I environmental site assessment for all real property in which we invest prior to our investment, such surveys are limited in scope.
8 Hotel Management Agreements The management agreements with IHM have an initial term of five years and will automatically renew for two successive five-year periods unless IHM provides written notice no later than 90 days prior to the then-current term's expiration date of their intent not to renew.
The IHM management agreements provide for early termination at the Company s option upon sale of any IHM-managed hotel for no termination fee, with six months' advance notice.The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels.
10 Hotel Franchise Agreements The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue.