CHATHAM LODGING TRUST

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2015

(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	$	3,001	$	1,834	$	10,201	$	12,035	$	10,201	$	1,503	2000	(1)
Homewood Suites Boston - Billerica, MA	2010	16,225	1,470		10,555		48		1,017		1,518		11,572		13,090		11,572		1,931		1999	(1)
Homewood Suites Minneapolis - Mall of America, Bloomington, MN	2010	—	3,500		13,960		19		1,767		3,519		15,727		19,246		15,727		2,477		1998	(1)
Homewood Suites Nashville - Brentwood, TN	2010	—	1,525		9,300		12		1,361		1,537		10,661		12,198		10,661		1,756		1998	(1)
Homewood Suites Dallas - Market Center, Dallas, TX	2010	—	2,500		7,583		17		1,216		2,517		8,799		11,316		8,799		1,507		1998	(1)
Homewood Suites Hartford - Farmington, CT	2010	—	1,325		9,375		92		1,324		1,417		10,699		12,116		10,699		1,779		1999	(1)
Hampton Inn & Suites Houston - Houston, TX	2010	18,300	3,200		12,709		56		705		3,256		13,414		16,670		13,414		1,933		1997	(1)
Residence Inn Holtsville - Holtsville, NY	2010	—	2,200		18,765		—		1,080		2,200		19,845		22,045		19,845		2,831		2004	(1)
Courtyard Altoona - Altoona, PA	2010	5,954	—		10,730		—		901		—		11,631		11,631		11,631		1,716		2001	(1)
SpringHill Suites Washington - Washington, PA	2010	—	1,000		10,692		—		984		1,000		11,676		12,676		11,676		1,704		2000	(1)
Residence Inn White Plains - White Plains, NY	2010	—	2,200		17,677		—		5,771		2,200		23,448		25,648		23,448		3,037		1982	(1)
Residence Inn New Rochelle - New Rochelle, NY	2010	14,496	—		20,281		9		2,883		9		23,164		23,173		23,164		3,341		2000	(1)
Homewood Suites Carlsbad - Carlsbad, CA	2010	19,950	3,900		27,520		—		144		3,900		27,664		31,564		27,664		3,582		2008	(1)
Residence Inn Garden Grove - Garden Grove, CA	2011	34,000	7,109		35,484		—		1,580		7,109		37,064		44,173		37,064		4,261		2003	(1)
Residence Inn Mission Valley - San Diego, CA	2011	29,554	9,856		39,535		—		474		9,856		40,009		49,865		40,009		4,484		2003	(1)
Homewood Suites San Antonio - San Antonio, TX	2011	16,880	5,999		24,764		7		3,821		6,006		28,585		34,591		28,585		2,999		1996	(1)
Doubletree Suites Washington DC - Washington, DC	2011	—	6,083		22,063		28		4,618		6,111		26,681		32,792		26,681		3,164		1974	(1)
Residence Inn Tyson's Corner - Vienna, VA	2011	23,124	5,752		28,917		—		140		5,752		29,057		34,809		29,057		3,255		2001	(1)
Hampton Inn Portland Downtown - Portland, ME	2012	—	4,315		22,664		—		181		4,315		22,845		27,160		22,845		1,714		2011	(1)
Courtyard Houston - Houston, TX	2013	19,123	5,600		27,350		—		106		5,600		27,456		33,056		27,456		1,991		2010	(1)
Hyatt Place Pittsburgh - Pittsburgh, PA	2013	23,268	3,000		35,576		—		157		3,000		35,733		38,733		35,733		2,280		2011	(1)
Hampton Inn & Suites Exeter - Exeter, NH	2013	—	1,900		12,350		4		14		1,904		12,364		14,268		12,364		742		2010	(1)
Hilton Garden Inn Denver Tech - Denver, CO	2013	—	4,100		23,100		5		446		4,105		23,546		27,651		23,546		1,372		1999	(1)
Residence Inn Bellevue - Bellevue, WA	2013	46,907	13,800		56,957		—		1,740		13,800		58,697		72,497		58,697		3,165		2008	(1)
SpringHill Suites Savannah - Savannah, GA	2013	30,000	2,400		36,050		—		857		2,400		36,907		39,307		36,907		1,900		2009	(1)
Residence Inn Silicon Valley I - Sunnyvale, CA	2014	64,800	42,652		45,846		—		168		42,652		46,014		88,666		46,014		4,792		1983	(1)
Residence Inn Silicon Valley II - Sunnyvale, CA	2014	70,700	46,474		50,380		—		208		46,474		50,588		97,062		50,588		5,264		1985	(1)
Residence Inn San Mateo - San Mateo, CA	2014	48,600	38,420		31,352		—		176		38,420		31,528		69,948		31,528		3,285		1985	(1)
Residence Inn Mt. View - Mountain View, CA	2014	37,900	22,019		31,813		—		105		22,019		31,918		53,937		31,918		3,324		1985	(1)
Hyatt Place Cherry Creek - Cherry Creek, CO	2014	—	3,700		26,300		—		242		3,700		26,542		30,242		26,542		894		1987	(1)
Courtyard Addison - Dallas, TX	2014	—	2,413		21,554		—		60		2,413		21,614		24,027		21,614		607		2000	(1)
Courtyard West University - Houston, TX	2014	—	2,012		17,916		—		79		2,012		17,995		20,007		17,995		505		2004	(1)
Residence Inn West University - Houston, TX	2014	—	3,640		25,631		—		972		3,640		26,603		30,243		26,603		732		2004	(1)
Hilton Garden Inn Burlington - Burlington, MA	2014	—	4,918		27,193		—		569		4,918		27,762		32,680		27,762		790		1975	(1)
Residence Inn Gaslamp - San Diego, CA	2015	—	—		89,040		—		29		—		89,069		89,069		89,069		1,890		2009	(1)
Hilton Garden Inn Marina del Rey, CA	2015	22,510	—		43,210		—		6		—		43,216		43,216		43,216		313		2013	(1)
Residence Inn Dedham, MA	2015	—	4,230		17,304		—		3		4,230		17,307		21,537		17,307		199		1998	(1)
Residence Inn Ft. Lauderdale, FL	2015	—	9,200		24,048		—		—		9,200		24,048		33,248		24,048		226		2008	(1)
Grand Total(s)			$	274,212	$	992,744	$	331	$	38,905	$	274,543	$	1,031,649	$	1,306,192	$	1,031,649	$	83,245

(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:
	2015		2014		2013		2012			2011
Balance at the beginning of the year	$	1,105,504	$	654,560	$	423,729	$	392,463		200,974
Acquisitions	187,032		444,233		222,273		26,979			185,995
Dispositions during the year	—		—		—		(951		)	—
Capital expenditures and transfers from construction-in-progress	13,656		6,711		8,558		5,238			5,494
Investment in Real Estate	$	1,306,192	$	1,105,504	$	654,560	$	423,729		$	392,463



(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	$	50,910	$	28,980	$	17,398	$	8,394	1,901
Depreciation and amortization	32,335		21,930		11,582		9,004		6,493
Balance at the end of the year	$	83,245	$	50,910	$	28,980	$	17,398	$	8,394

(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,258,452 as of December 31, 2015.