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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM
10-Q
 
 
 


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019
OR
    
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    
For the transition period from              to              .
Commission File Number 001-34571
 
 
 
 
 
 
PEBBLEBROOK HOTEL TRUST
 
(Exact Name of Registrant as Specified in Its Charter)
 
 
 
 
 
Maryland
 
 
27-1055421
(State of Incorporation
or Organization)
 
 
(I.R.S. Employer
Identification No.)
 
 
 
7315 Wisconsin Avenue,
1100 West
 

Bethesda,
Maryland
 
20814
(Address of Principal Executive Offices)
 
(Zip Code)
(240)
507-1300
(Registrant’s telephone number, including area code)
 





Securities registered pursuant to Section 12(b) of the Act:
 
 
 
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value per share
 
PEB
 
New York Stock Exchange
6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share
 
PEB-PC
 
New York Stock Exchange
6.375% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share
 
PEB-PD
 
New York Stock Exchange
6.375% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share
 
PEB-PE
 
New York Stock Exchange
6.30% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share
 
PEB-PF
 
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☑  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☑  Yes   ¨  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 ☐ (do not check if a smaller reporting company)
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    ☑  No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
Outstanding at July 22, 2019
Common shares of beneficial interest ($0.01 par value per share)
 
130,633,110



Pebblebrook Hotel Trust
TABLE OF CONTENTS
 
 
 
 
Page
PART I. FINANCIAL INFORMATION
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.


Pebblebrook Hotel Trust
Consolidated Balance Sheets
(In thousands, except share data)
 
June 30,
2019
 
December 31,
2018
 
(Unaudited)
 
 
ASSETS
 
 
 
Investment in hotel properties, net
$
6,421,038

 
$
6,534,193

Hotels held for sale
114,166

 

Ground lease asset, net

 
199,745

Cash and cash equivalents
41,988

 
83,366

Restricted cash
28,274

 
24,445

Hotel receivables (net of allowance for doubtful accounts of $540 and $526, respectively)
75,394

 
59,897

Prepaid expenses and other assets
49,854

 
76,702

Total assets
$
6,730,714

 
$
6,978,348

LIABILITIES AND EQUITY
 
 
 
Debt
$
2,398,726

 
$
2,746,898

Accounts payable and accrued expenses
524,145

 
360,279

Deferred revenues
53,116

 
54,741

Accrued interest
4,984

 
2,741

Liabilities related to hotels held for sale
1,162

 

Distribution payable
58,307

 
43,759

Total liabilities
3,040,440

 
3,208,418

Commitments and contingencies (Note 11)

 

Shareholders’ equity:
 
 
 
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at June 30, 2019 and at December 31, 2018), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at June 30, 2019 and December 31, 2018
204

 
204

Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,484,956 issued and outstanding at June 30, 2019 and 130,311,289 issued and outstanding at December 31, 2018
1,305

 
1,303

Additional paid-in capital
4,065,672

 
4,065,804

Accumulated other comprehensive income (loss)
(28,798
)
 
1,330

Distributions in excess of retained earnings
(358,615
)
 
(308,806
)
Total shareholders’ equity
3,679,768

 
3,759,835

Non-controlling interests
10,506

 
10,095

Total equity
3,690,274

 
3,769,930

Total liabilities and equity
$
6,730,714

 
$
6,978,348

The accompanying notes are an integral part of these financial statements.


3

Table of Contents

Pebblebrook Hotel Trust
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per-share data)
(Unaudited)

 
For the three months ended June 30,
 
For the six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Room
$
306,291

 
$
142,018

 
$
555,277

 
$
264,489

Food and beverage
97,965

 
49,210

 
184,715

 
93,778

Other operating
37,827

 
15,273

 
69,260

 
29,289

Total revenues
442,083

 
206,501

 
809,252

 
387,556

Expenses:
 
 
 
 
 
 
 
Hotel operating expenses:
 
 
 
 
 
 
 
Room
70,454

 
33,157

 
137,829

 
64,865

Food and beverage
66,934

 
32,328

 
130,291

 
62,924

Other direct and indirect
113,620

 
54,523

 
219,695

 
106,362

Total hotel operating expenses
251,008

 
120,008

 
487,815

 
234,151

Depreciation and amortization
53,299

 
24,562

 
107,601

 
49,464

Real estate taxes, personal property taxes, property insurance, and ground rent
30,984

 
12,488

 
62,421

 
24,603

General and administrative
8,809

 
5,794

 
17,438

 
8,131

Transaction costs
1,044

 
1,979

 
3,541

 
2,357

(Gain) loss and other operating expenses
1,130

 
(6,811
)
 
4,690

 
(11,019
)
Total operating expenses
346,274

 
158,020

 
683,506

 
307,687

Operating income (loss)
95,809

 
48,481

 
125,746

 
79,869

Interest expense
(28,719
)
 
(10,816
)
 
(58,047
)
 
(20,627
)
Other
7

 
22,968

 
16

 
25,478

Income (loss) before income taxes
67,097

 
60,633

 
67,715

 
84,720

Income tax (expense) benefit
(6,579
)
 
(2,338
)
 
(1,542
)
 
(1,909
)
Net income (loss)
60,518

 
58,295

 
66,173

 
82,811

Net income (loss) attributable to non-controlling interests
145

 
192

 
165

 
299

Net income (loss) attributable to the Company
60,373

 
58,103

 
66,008

 
82,512

Distributions to preferred shareholders
(8,139
)
 
(4,024
)
 
(16,278
)
 
(8,047
)
Net income (loss) attributable to common shareholders
$
52,234

 
$
54,079

 
$
49,730

 
$
74,465

Net income (loss) per share available to common shareholders, basic
$
0.40

 
$
0.78

 
$
0.38

 
$
1.08

Net income (loss) per share available to common shareholders, diluted
$
0.40

 
$
0.78

 
$
0.38

 
$
1.07

Weighted-average number of common shares, basic
130,484,956

 
68,912,185

 
130,458,164

 
68,894,413

Weighted-average number of common shares, diluted
130,595,854

 
69,204,571

 
130,662,407

 
69,227,098


4

Table of Contents

Pebblebrook Hotel Trust
Consolidated Statements of Operations and Comprehensive Income - Continued
(In thousands, except share and per-share data)
(Unaudited)

 
For the three months ended June 30,
 
For the six months ended June 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Comprehensive Income:
 
 
 
 
 
 
 
Net income (loss)
$
60,518

 
$
58,295

 
$
66,173

 
$
82,811

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative instruments
(21,089
)
 
2,012

 
(30,128
)
 
7,290

Other

 
579

 

 

Comprehensive income (loss)
39,429

 
60,886

 
36,045

 
90,101

Comprehensive income (loss) attributable to non-controlling interests
86

 
201

 
80

 
324

Comprehensive income (loss) attributable to the Company
$
39,343

 
$
60,685

 
$
35,965

 
$
89,777

The accompanying notes are an integral part of these financial statements.


5

Table of Contents


Pebblebrook Hotel Trust
Consolidated Statements of Equity
(In thousands, except share data)
(Unaudited)
 
 
Three Months Ended June 30, 2019
 
 
Preferred Shares
 
Common Shares
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
 Distributions in Excess of Retained Earnings
 
Total Shareholders' Equity
 
Non-Controlling Interests
 
Total Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance at March 31, 2019
 
20,400,000

 
$
204

 
130,484,956

 
$
1,305

 
$
4,063,830

 
$
(7,709
)
 
$
(361,081
)
 
$
3,696,549

 
$
10,250

 
$
3,706,799

Share-based compensation
 

 

 

 

 
1,842

 

 

 
1,842

 
276

 
2,118

Distributions on common shares/units
 

 

 

 

 

 

 
(49,768
)
 
(49,768
)
 
(165
)
 
(49,933
)
Distributions on preferred shares
 

 

 

 

 

 

 
(8,139
)
 
(8,139
)
 

 
(8,139
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 


Unrealized gain (loss) on derivative instruments
 

 

 

 

 

 
(21,089
)
 

 
(21,089
)
 

 
(21,089
)
Net income (loss)
 

 

 

 

 

 

 
60,373

 
60,373

 
145

 
60,518

Balance at June 30, 2019
 
20,400,000

 
$
204

 
130,484,956

 
$
1,305

 
$
4,065,672

 
$
(28,798
)
 
$
(358,615
)
 
$
3,679,768

 
$
10,506

 
$
3,690,274

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2018
 
 
Preferred Shares
 
Common Shares
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
 Distributions in Excess of Retained Earnings
 
Total Shareholders' Equity
 
Non-Controlling Interests
 
Total Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance at March 31, 2018
 
10,000,000

 
$
100

 
68,912,185

 
$
689

 
$
1,683,046

 
$
8,936

 
$
(197,359
)
 
$
1,495,412

 
$
4,918

 
$
1,500,330

Share-based compensation
 

 

 

 

 
1,592

 

 

 
1,592

 
276

 
1,868

Distributions on common shares/units
 

 

 

 

 

 

 
(26,320
)
 
(26,320
)
 
(90
)
 
(26,410
)
Distributions on preferred shares
 

 

 

 

 

 

 
(4,024
)
 
(4,024
)
 
(16
)
 
(4,040
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 


Unrealized gain (loss) on derivative instruments
 

 

 

 

 

 
2,012

 

 
2,012

 

 
2,012

Other
 

 

 

 

 

 
579

 

 
579

 

 
579

Net income (loss)
 

 

 

 

 

 

 
58,103

 
58,103

 
192

 
58,295

Balance at June 30, 2018
 
10,000,000

 
$
100

 
68,912,185

 
$
689

 
$
1,684,638

 
$
11,527

 
$
(169,600
)
 
$
1,527,354

 
$
5,280

 
$
1,532,634

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6

Table of Contents

 
 
Six Months Ended June 30, 2019
 
 
Preferred Shares
 
Common Shares
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
 Distributions in Excess of Retained Earnings
 
Total Shareholders' Equity
 
Non-Controlling Interests
 
Total Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance at December 31, 2018
 
20,400,000

 
$
204

 
130,311,289

 
$
1,303

 
$
4,065,804

 
$
1,330

 
$
(308,806
)
 
$
3,759,835

 
$
10,095

 
$
3,769,930

Issuance of shares, net of offering costs
 

 

 

 

 
(275
)
 

 

 
(275
)
 

 
(275
)
Issuance of common shares for Board of Trustees compensation
 

 

 
25,282

 
1

 
739

 

 

 
740

 

 
740

Repurchase of common shares
 

 

 
(126,681
)
 
(1
)
 
(4,008
)
 

 

 
(4,009
)
 

 
(4,009
)
Share-based compensation
 

 

 
275,066

 
2

 
3,412

 

 

 
3,414

 
552

 
3,966

Distributions on common shares/units
 

 

 

 

 

 

 
(99,539
)
 
(99,539
)
 
(306
)
 
(99,845
)
Distributions on preferred shares
 

 

 

 

 

 

 
(16,278
)
 
(16,278
)
 

 
(16,278
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative instruments
 

 

 

 

 

 
(30,128
)
 

 
(30,128
)
 

 
(30,128
)
Net income (loss)
 

 

 

 

 

 

 
66,008

 
66,008

 
165

 
66,173

Balance at June 30, 2019
 
20,400,000

 
$
204

 
130,484,956

 
$
1,305

 
$
4,065,672

 
$
(28,798
)
 
$
(358,615
)
 
$
3,679,768

 
$
10,506

 
$
3,690,274

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
Preferred Shares
 
Common Shares
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
 Distributions in Excess of Retained Earnings
 
Total Shareholders' Equity
 
Non-Controlling Interests
 
Total Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance at December 31, 2017
 
10,000,000

 
$
100

 
68,812,575

 
$
688

 
$
1,685,437

 
$
3,689

 
$
(191,013
)
 
$
1,498,901

 
$
4,625

 
$
1,503,526

Issuance of common shares for Board of Trustees compensation
 

 

 
17,410

 
1

 
661

 

 

 
662

 

 
662

Repurchase of common shares
 

 

 
(69,687
)
 
(1
)
 
(2,506
)
 

 

 
(2,507
)
 

 
(2,507
)
Share-based compensation
 

 

 
151,887

 
1

 
1,046

 

 

 
1,047

 
552

 
1,599

Distributions on common shares/units
 

 

 

 

 

 

 
(52,504
)
 
(52,504
)
 
(180
)
 
(52,684
)
Distributions on preferred shares
 

 

 

 

 

 

 
(8,047
)
 
(8,047
)
 
(16
)
 
(8,063
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative instruments
 

 

 

 

 

 
7,290

 

 
7,290

 

 
7,290

Cumulative effect adjustment from adoption of new accounting standard
 

 

 

 

 

 
548

 
(548
)
 

 

 

Net income (loss)
 

 

 

 

 

 

 
82,512

 
82,512

 
299

 
82,811

Balance at June 30, 2018
 
10,000,000

 
$
100

 
68,912,185

 
$
689

 
$
1,684,638

 
$
11,527

 
$
(169,600
)
 
$
1,527,354

 
$
5,280

 
$
1,532,634


7

Table of Contents


The accompanying notes are an integral part of these financial statements.

8

Table of Contents


Pebblebrook Hotel Trust
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
For the six months ended June 30,
 
2019
 
2018
Operating activities:
 
 
 
Net income (loss)
$
66,173

 
$
82,811

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
107,601

 
49,464

Share-based compensation
3,966

 
1,599

(Gain) loss on marketable securities

 
(20,477
)
Amortization of deferred financing costs and mortgage loan premiums
3,901

 
1,043

Non-cash ground rent
3,051

 
1,350

Other
4,735

 
1,146

Changes in assets and liabilities:
 
 
 
Hotel receivables
(17,150
)
 
(5,731
)
Prepaid expenses and other assets
9,019

 
(11,355
)
Accounts payable and accrued expenses
13,461

 
3,140

Deferred revenues
(637
)
 
(501
)
Net cash provided by (used in) operating activities
194,120

 
102,489

Investing activities:
 
 
 
Improvements and additions to hotel properties
(75,907
)
 
(35,301
)
Proceeds from sales of hotel properties
302,323

 

Investment in marketable securities

 
(356,180
)
Sale of marketable securities

 
6,658

Purchase of corporate office equipment, software, and furniture
(398
)
 
(26
)
Property insurance proceeds

 
2,648

Net cash provided by (used in) investing activities
226,018

 
(382,201
)
Financing activities:
 
 
 
Payment of offering costs — common and preferred shares
(275
)
 

Payment of deferred financing costs
(237
)
 
(42
)
Borrowings under revolving credit facilities
56,893