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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 September 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.)
 
 
 
4747 Bethesda Avenue
1100
 

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, $0.01 par value per share
 
PEB
 
New York Stock Exchange
6.50% Series C Cumulative Redeemable Preferred Shares
 
PEB-PC
 
New York Stock Exchange
6.375% Series D Cumulative Redeemable Preferred Shares
 
PEB-PD
 
New York Stock Exchange
6.375% Series E Cumulative Redeemable Preferred Shares
 
PEB-PE
 
New York Stock Exchange
6.30% Series F Cumulative Redeemable Preferred Shares
 
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 October 21, 2019
Common shares of beneficial interest ($0.01 par value per share)
 
130,634,135



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)
 
September 30,
2019
 
December 31,
2018
 
(Unaudited)
 
 
ASSETS
 
 
 
Investment in hotel properties, net
$
6,329,968

 
$
6,534,193

Hotels held for sale
28,851

 

Ground lease asset, net

 
199,745

Cash and cash equivalents
29,758

 
83,366

Restricted cash
27,048

 
24,445

Hotel receivables (net of allowance for doubtful accounts of $517 and $526, respectively)
70,990

 
59,897

Prepaid expenses and other assets
57,998

 
76,702

Total assets
$
6,544,613

 
$
6,978,348

LIABILITIES AND EQUITY
 
 
 
Debt
$
2,229,728

 
$
2,746,898

Accounts payable and accrued expenses
537,016

 
360,279

Deferred revenues
56,995

 
54,741

Accrued interest
5,674

 
2,741

Liabilities related to hotels held for sale
298

 

Distribution payable
58,436

 
43,759

Total liabilities
2,888,147

 
3,208,418

Commitments and contingencies (Note 11)

 

Shareholders’ equity:
 
 
 
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at September 30, 2019 and at December 31, 2018), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at September 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 September 30, 2019 and 130,311,289 issued and outstanding at December 31, 2018
1,305

 
1,303

Additional paid-in capital
4,067,529

 
4,065,804

Accumulated other comprehensive income (loss)
(36,672
)
 
1,330

Distributions in excess of retained earnings
(386,631
)
 
(308,806
)
Total shareholders’ equity
3,645,735

 
3,759,835

Non-controlling interests
10,731

 
10,095

Total equity
3,656,466

 
3,769,930

Total liabilities and equity
$
6,544,613

 
$
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 September 30,
 
For the nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Room
$
296,622

 
$
146,907

 
$
851,899

 
$
411,396

Food and beverage
90,088

 
43,141

 
274,803

 
136,919

Other operating
36,842

 
15,432

 
106,102

 
44,721

Total revenues
423,552

 
205,480

 
1,232,804

 
593,036

Expenses:
 
 
 
 
 
 
 
Hotel operating expenses:
 
 
 
 
 
 
 
Room
71,878

 
34,675

 
209,707

 
99,540

Food and beverage
64,690

 
30,687

 
194,981

 
93,611

Other direct and indirect
110,922

 
54,301

 
330,617

 
160,663

Total hotel operating expenses
247,490

 
119,663

 
735,305

 
353,814

Depreciation and amortization
69,775

 
24,765

 
177,376

 
74,229

Real estate taxes, personal property taxes, property insurance, and ground rent
31,588

 
11,206

 
94,009

 
35,809

General and administrative
8,315

 
6,663

 
25,753

 
14,794

Transaction costs
4,035

 
3,188

 
7,576

 
5,545

(Gain) loss and other operating expenses
1,529

 
(357
)
 
6,219

 
(11,376
)
Total operating expenses
362,732

 
165,128

 
1,046,238

 
472,815

Operating income (loss)
60,820

 
40,352

 
186,566

 
120,221

Interest expense
(26,465
)
 
(12,647
)
 
(84,512
)
 
(33,274
)
Other
7

 
3,931

 
23

 
29,409

Income (loss) before income taxes
34,362

 
31,636

 
102,077

 
116,356

Income tax (expense) benefit
(4,382
)
 
(1,719
)
 
(5,924
)
 
(3,628
)
Net income (loss)
29,980

 
29,917

 
96,153

 
112,728

Net income (loss) attributable to non-controlling interests
89

 
125

 
254

 
424

Net income (loss) attributable to the Company
29,891

 
29,792

 
95,899

 
112,304

Distributions to preferred shareholders
(8,139
)
 
(4,023
)
 
(24,417
)
 
(12,070
)
Net income (loss) attributable to common shareholders
$
21,752

 
$
25,769

 
$
71,482

 
$
100,234

Net income (loss) per share available to common shareholders, basic
$
0.17

 
$
0.37

 
$
0.55

 
$
1.45

Net income (loss) per share available to common shareholders, diluted
$
0.17

 
$
0.37

 
$
0.55

 
$
1.44

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

 
68,912,185

 
130,467,193

 
68,900,402

Weighted-average number of common shares, diluted
130,622,130

 
69,255,858

 
130,690,342

 
69,267,098


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 September 30,
 
For the nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Comprehensive Income:
 
 
 
 
 
 
 
Net income (loss)
$
29,980

 
$
29,917

 
$
96,153

 
$
112,728

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative instruments
(7,874
)
 
829

 
(38,002
)
 
8,119

Comprehensive income (loss)
22,106

 
30,746

 
58,151

 
120,847

Comprehensive income (loss) attributable to non-controlling interests
66

 
128

 
146

 
452

Comprehensive income (loss) attributable to the Company
$
22,040

 
$
30,618

 
$
58,005

 
$
120,395

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 September 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 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

Share-based compensation
 

 

 

 

 
1,857

 

 

 
1,857

 
277

 
2,134

Distribution on common shares/units
 

 

 

 

 

 

 
(49,768
)
 
(49,768
)
 
(141
)
 
(49,909
)
Distribution on preferred shares
 

 

 

 

 

 

 
(8,139
)
 
(8,139
)
 

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


 
 
 


Unrealized gain (loss) on derivative instruments
 

 

 

 

 

 
(7,874
)
 

 
(7,874
)
 

 
(7,874
)
Net income (loss)
 

 

 

 

 

 

 
29,891

 
29,891

 
89

 
29,980

Balance at September 30, 2019
 
20,400,000
 
$
204

 
130,484,956
 
$
1,305

 
$4,067,529
 
$
(36,672
)
 
$
(386,631
)
 
$
3,645,735

 
$
10,731

 
$
3,656,466

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 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 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
Issuance of shares, net of offering costs
 

 

 

 

 
(470
)
 

 

 
(470
)
 

 
(470
)
Share-based compensation
 

 

 

 

 
2,362

 

 

 
2,362

 
276

 
2,638

Distribution on common shares/units
 

 

 

 

 

 

 
(26,453
)
 
(26,453
)
 
(89
)
 
(26,542
)
Distribution on preferred shares
 

 

 

 

 

 

 
(4,023
)
 
(4,023
)
 

 
(4,023
)
Other comprehensive income (loss):
 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on derivative instruments
 

 

 

 

 

 
829

 

 
829

 

 
829

Net income (loss)
 

 

 

 

 

 

 
29,792
 
29,792

 
125

 
29,917

Balance at September 30, 2018
 
10,000,000
 
$100
 
68,912,185
 
$689
 
$1,686,530
 
$
12,356

 
$(170,284)
 
$1,529,391
 
$5,592
 
$1,534,983
 
 
 
 
 
Nine Months Ended September 30, 2019

6

Table of Contents

 
 
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

 
5,269

 

 

 
5,271

 
829

 
6,100

Distributions on common shares/units
 

 

 

 

 

 

 
(149,307
)
 
(149,307
)
 
(447
)
 
(149,754
)
Distributions on preferred shares
 

 

 

 

 

 

 
(24,417
)
 
(24,417
)
 

 
(24,417
)
Other comprehensive income (loss):
 

 

 

 

 

 
 
 

 
 
 

 
 
Unrealized gain (loss) on derivative instruments
 

 

 

 

 

 
(38,002
)
 

 
(38,002
)
 

 
(38,002
)
Net income (loss)
 

 

 

 

 

 

 
95,899

 
95,899

 
254

 
96,153

Balance at September 30, 2019
 
20,400,000

 
$
204

 
130,484,956

 
$
1,305

 
$
4,067,529

 
$
(36,672
)
 
$
(386,631
)
 
$
3,645,735

 
$
10,731

 
$
3,656,466

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 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 shares, net of offering costs
 

 

 

 

 
(470
)
 

 

 
(470
)
 

 
(470
)
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

 
3,408

 

 

 
3,409

 
828

 
4,237

Distributions on common shares/units
 

 

 

 

 

 

 
(78,957
)
 
(78,957
)
 
(269
)
 
(79,226
)
Distributions on preferred shares
 

 

 

 

 

 

 
(12,070
)
 
(12,070
)
 
(16
)
 
(12,086
)
Other comprehensive income (loss):
 

 
 
 

 

 

 

 

 
 
 

 
 
Unrealized gain (loss) on derivative instruments
 

 

 

 

 

 
8,119

 

 
8,119

 

 
8,119

Cumulative effect adjustment from adoption of new accounting standard
 

 

 

 

 

 
548

 
(548
)
 

 

 

Net income (loss)
 

 

 

 

 

 

 
112,304

 
112,304

 
424

 
112,728

Balance at September 30, 2018
 
10,000,000

 
$
100

 
68,912,185

 
$
689

 
$
1,686,530

 
$
12,356

 
$
(170,284
)
 
$
1,529,391

 
$
5,592

 
$
1,534,983


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 nine months ended September 30,
 
2019
 
2018
Operating activities:
 
 
 
Net income (loss)
$
96,153

 
$
112,728

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
177,376

 
74,229

Share-based compensation
6,100

 
4,237

(Gain) loss on marketable securities

 
(24,369
)
Amortization of deferred financing costs, non-cash interest and mortgage loan premiums
13,547

 
2,889

Non-cash ground rent
4,921

 
2,027

Other
2,301

 
1,807

Changes in assets and liabilities:
 
 
 
Hotel receivables
(12,504
)
 
(7,019
)
Prepaid expenses and other assets
1,147

 
(4,582
)
Accounts payable and accrued expenses
23,791

 
10,254

Deferred revenues
3,269

 
(1,387
)
Net cash provided by (used in) operating activities
316,101

 
170,814

Investing activities:
 
 
 
Improvements and additions to hotel properties
(117,989
)
 
(56,935
)
Proceeds from sales of hotel properties
437,871

 

Investment in marketable securities

 
(356,180
)
Sale of marketable securities

 
6,658

Payment for merger consideration

 
(112,000
)
Purchase of corporate office equipment, software, and furniture
(560
)
 
(34
)
Property insurance proceeds

 
5,104

Net cash provided by (used in) investing activities
319,322

 
(513,387
)
Financing activities:
 
 
 
Payment of offering costs — common and preferred shares
(275
)
 
(470