CLDTMEDIUM SIGNALFINANCIAL10-K

CLDT significantly improved profitability with net income surging 261% to $15.1M while reducing total debt by 17.2% to $338.9M, though operating cash flow declined 13.2%.

The dramatic improvement in net income combined with substantial debt reduction suggests CLDT has strengthened its financial position and capital structure. However, the decline in operating cash flow despite higher profitability warrants monitoring as it could indicate timing differences or changes in working capital management.

Comparing 2026-02-27 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

CLDT delivered strong financial improvements with net income jumping 261% to $15.1M and operating income rising 23% to $40.9M, while simultaneously reducing total debt by $70M (-17.2%) and overall liabilities by 15.2%. The company also increased cash reserves by 21% to $24.4M, demonstrating improved liquidity. However, operating cash flow declined 13.2% to $64.1M despite the earnings growth, creating a mixed but overall positive financial picture that suggests improved profitability and balance sheet strength with some working capital considerations to monitor.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+261.3%
$4.2M$15.1M

Net income grew 261.3% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+23%
$33.2M$40.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Cash & Equivalents
Balance Sheet
+21%
$20.2M$24.4M

Cash grew 21% — improving liquidity position supports investment and shareholder returns.

Total Debt
Balance Sheet
-17.2%
$409.2M$338.9M

Debt reduced 17.2% — deleveraging strengthens balance sheet and reduces financial risk.

Total Liabilities
Balance Sheet
-15.2%
$462.7M$392.3M

Liabilities reduced 15.2% — deleveraging improves balance sheet strength and financial flexibility.

Operating Cash Flow
Cash Flow
-13.2%
$73.8M$64.1M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-26
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.
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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.
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