Overview

• U.S. lodging REIT's Q1 RevPAR rose 1% yr/yr, led by Silicon Valley and new hotels

• Adjusted FFO per share up 18% yr/yr; adjusted EBITDA rose slightly

• Company acquired six Hilton-branded hotels for $92 mln and repurchased 0.9 mln shares

Outlook

• Chatham Lodging sees 2026 RevPAR between $140 and $142, up 0% to 2%

• Company expects 2026 total hotel revenue of $308 mln to $314 mln

• Chatham Lodging forecasts 2026 adjusted FFO per diluted share of $1.21 to $1.29

Result Drivers

• SILICON VALLEY AND NEW HOTELS - Strong RevPAR growth in Silicon Valley and the recently acquired six-hotel portfolio drove overall portfolio performance

• EXPENSE MANAGEMENT - Aggressive expense controls, especially in labor and productivity, expanded gross operating profit margins

• LOWER TAXES AND INSURANCE - Declines in property taxes and insurance costs aided hotel EBITDA margins

Company press release: ID:nBw7gzM5Sa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		-$0.13
Q1 Adjusted FFO Per Share		$0.20
Q1 RevPAR		$128

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy"

• Wall Street's median 12-month price target for Chatham Lodging Trust is $10.00, about 13% above its May 6 closing price of $8.85

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