CHATHAM LODGING TRUST

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2017

(in thousands)



			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)

- continued -



			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

(1) Depreciation is computed based upon the following estimated useful lives:

Years

Building

Land improvements

Building improvements

5-20



Notes:

(a) The change in total cost of real estate assets for the year ended is as follows:
	2017			2016		2015		2014		2013		2012
Balance at the beginning of the year	$	1,320,273		$	1,306,192	$	1,105,504	$	654,560	$	423,729	392,463
Acquisitions	133,660			—		187,032		444,233		222,273		26,979
Dispositions during the year	(33,053		)	—		—		—		—		(951		)
Capital expenditures and transfers from construction-in-progress	10,494			14,081		13,656		6,711		8,558		5,238
Investment in Real Estate	$	1,431,374		$	1,320,273	$	1,306,192	$	1,105,504	$	654,560	$	423,729



(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.