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Section 1: 10-Q (10-Q)

peb-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM10-Q
 

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

For the quarterly period ended June 30, 2020
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)
Maryland27-1055421
(State of Incorporation
or Organization)
(I.R.S. Employer
Identification No.)
4747 Bethesda AvenueSuite 1100
Bethesda,Maryland20814
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $0.01 par value per sharePEBNew York Stock Exchange
6.50% Series C Cumulative Redeemable Preferred Shares PEB-PCNew York Stock Exchange
6.375% Series D Cumulative Redeemable Preferred Shares PEB-PDNew York Stock Exchange
6.375% Series E Cumulative Redeemable Preferred Shares PEB-PENew York Stock Exchange
6.30% Series F Cumulative Redeemable Preferred Shares PEB-PFNew 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 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 filerAccelerated 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.
ClassOutstanding at July 24, 2020
Common shares of beneficial interest ($0.01 par value per share)130,865,181




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 and per-share data)
June 30,
2020
December 31, 2019
 (Unaudited) 
ASSETS
Investment in hotel properties, net$6,021,473  $6,332,587  
Hotel held for sale56,874    
Cash and cash equivalents339,810  30,098  
Restricted cash13,027  26,777  
Hotel receivables (net of allowance for doubtful accounts of $890 and $738, respectively)
8,678  49,619  
Prepaid expenses and other assets55,241  59,474  
Total assets$6,495,103  $6,498,555  
LIABILITIES AND EQUITY
Debt$2,452,970  $2,229,220  
Accounts payable, accrued expenses and other liabilities247,094  260,166  
Lease liabilities - operating leases256,344  256,271  
Deferred revenues35,377  57,704  
Accrued interest3,492  4,694  
Liabilities related to hotel held for sale1,772    
Distribution payable9,308  58,564  
      Total liabilities3,006,357  2,866,619  
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at June 30, 2020 and at December 31, 2019), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at June 30, 2020 and December 31, 2019
204  204  
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,564,060 shares issued and outstanding at June 30, 2020 and 130,484,956 shares issued and outstanding at December 31, 2019
1,306  1,305  
Additional paid-in capital4,077,497  4,069,410  
Accumulated other comprehensive income (loss)(79,385) (24,715) 
Distributions in excess of retained earnings(531,914) (424,996) 
Total shareholders’ equity3,467,708  3,621,208  
Non-controlling interests21,038  10,728  
      Total equity3,488,746  3,631,936  
      Total liabilities and equity$6,495,103  $6,498,555  
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,
 2020201920202019
Revenues:
Room$10,801  $306,291  $187,942  $555,277  
Food and beverage3,089  97,965  70,181  184,715  
Other operating8,702  37,827  33,576  69,260  
Total revenues22,592  442,083  291,699  809,252  
Expenses:
Hotel operating expenses:
Room5,430  70,454  59,555  137,829  
Food and beverage3,707  66,934  55,566  130,291  
Other direct and indirect31,448  113,620  126,918  219,695  
Total hotel operating expenses40,585  251,008  242,039  487,815  
Depreciation and amortization55,520  53,299  111,348  107,601  
Real estate taxes, personal property taxes, property insurance, and ground rent27,460  30,984  57,226  62,421  
General and administrative8,315  9,853  30,928  20,979  
Impairment loss    20,570    
(Gain) loss on sale of hotel properties    (117,448)   
(Gain) loss and other operating expenses1,403  1,130  2,836  4,690  
Total operating expenses133,283  346,274  347,499  683,506  
Operating income (loss)(110,691) 95,809  (55,800) 125,746  
Interest expense(24,091) (28,719) (47,682) (58,047) 
Other303  7  327  16  
Income (loss) before income taxes(134,479) 67,097  (103,155) 67,715  
Income tax (expense) benefit3,565  (6,579) 14,309  (1,542) 
Net income (loss)(130,914) 60,518  (88,846) 66,173  
Net income (loss) attributable to non-controlling interests(401) 145  (282) 165  
Net income (loss) attributable to the Company(130,513) 60,373  (88,564) 66,008  
Distributions to preferred shareholders(8,139) (8,139) (16,278) (16,278) 
Net income (loss) attributable to common shareholders$(138,652) $52,234  $(104,842) $49,730  
Net income (loss) per share available to common shareholders, basic$(1.06) $0.40  $(0.80) $0.38  
Net income (loss) per share available to common shareholders, diluted$(1.06) $0.40  $(0.80) $0.38  
Weighted-average number of common shares, basic130,563,831  130,484,956  130,559,838  130,458,164  
Weighted-average number of common shares, diluted130,563,831  130,595,854  130,559,838  130,662,407  
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,
2020201920202019
Comprehensive Income:
Net income (loss)$(130,914) $60,518  $(88,846) $66,173  
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments(405) (21,089) (54,670) (30,128) 
Comprehensive income (loss)(131,319) 39,429  (143,516) 36,045  
Comprehensive income (loss) attributable to non-controlling interests(402) 86  (437) 80  
Comprehensive income (loss) attributable to the Company$(130,917) $39,343  $(143,079) $35,965  
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, 2020
Preferred SharesCommon SharesAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss) Distributions in Excess of Retained Earnings Total Shareholders' EquityNon-Controlling InterestsTotal Equity
SharesAmountSharesAmount
Balance at March 31, 202020,400,000  $204  130,563,226  $1,306  $4,075,727  $(78,980) $(391,950) $3,606,307  $21,459  $3,627,766  
Issuance of shares, net of offering costs—  —  —  —  (9) —  —  (9) —  (9) 
Share-based compensation—  —  834  —  1,779  —  —  1,779  —  1,779  
Distributions on common shares/units—  —  —  —  —  —  (1,312) (1,312) (20) (1,332) 
Distributions on preferred shares—  —  —  —  —  —  (8,139) (8,139) —  (8,139) 
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments—  —  —  —  —  (405) —  (405) —  (405) 
Net income (loss)—  —  —  —  —  —  (130,513) (130,513) (401) (130,914) 
Balance at June 30, 202020,400,000  $204  130,564,060  $1,306  $4,077,497  $(79,385) $(531,914) $3,467,708  $21,038  $3,488,746  
Three Months Ended June 30, 2019
Preferred SharesCommon SharesAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Distributions in Excess of Retained EarningsTotal Shareholders' EquityNon-Controlling InterestsTotal Equity
SharesAmountSharesAmount
Balance at March 31, 201920,400,000  $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, 201920,400,000  $204  130,484,956$1,305  $4,065,672$(28,798) $(358,615) $3,679,768  $10,506  $3,690,274  
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Table of Contents
Six Months Ended June 30, 2020
Preferred SharesCommon SharesAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss) Distributions in Excess of Retained Earnings Total Shareholders' EquityNon-Controlling InterestsTotal Equity
SharesAmountSharesAmount
Balance at December 31, 201920,400,000  $204  130,484,956  $1,305  $4,069,410  $(24,715) $(424,996) $3,621,208  $10,728  $3,631,936  
Issuance of shares, net of offering costs—  —  —  —  (94) —  —  (94) —  (94) 
Issuance of common shares for Board of Trustees compensation—  —  23,528  1  636  —  —  637  —  637  
Repurchase of common shares—  —  (47,507) (1) (1,254) —  —  (1,255) —  (1,255) 
Share-based compensation103,083  1  8,799  —  —  8,800  10,616  19,416  
Distributions on common shares/units—  —  —  —  —  —  (2,076) (2,076) (24) (2,100) 
Distributions on preferred shares—  —  —  —  —  —  (16,278) (16,278) —  (16,278) 
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments—  —  —  —  —  (54,670) —  (54,670) —  (54,670) 
Net income (loss)—  —  —  —  —  —  (88,564) (88,564) (