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Name | Symbol | Market | Type |
---|---|---|---|
Pebblebrook Hotel Trust 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest | NYSE:PEBPC | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
|
|
|
FORM
|
10-Q
|
|
|
☑
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
|
|
|
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
|
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.
|
|
|||||||
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
|
|
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
|
|
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
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
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
|
|
|
|||||||
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
|
|
|
465,373
|
|
||
Repayments under revolving credit facilities
|
(226,893
|
)
|
|
(127,373
|
)
|
||
Repayments of debt
|
(181,219
|
)
|
|
(1,175
|
)
|
||
Repurchases of common shares
|
(4,009
|
)
|
|
(2,507
|
)
|
||
Distributions — common shares/units
|
(85,273
|
)
|
|
(53,078
|
)
|
||
Distributions — preferred shares
|
(16,278
|
)
|
|
(8,047
|
)
|
||
Proceeds from refundable membership deposits
|
—
|
|
|
30
|
|
||
Repayments of refundable membership deposits
|
(396
|
)
|
|
(486
|
)
|
||
Net cash provided by (used in) financing activities
|
(457,687
|
)
|
|
272,695
|
|
||
Net change in cash and cash equivalents and restricted cash
|
(37,549
|
)
|
|
(7,017
|
)
|
||
Cash and cash equivalents and restricted cash, beginning of year
|
107,811
|
|
|
32,533
|
|
||
Cash and cash equivalents and restricted cash, end of period
|
$
|
70,262
|
|
|
$
|
25,516
|
|
1.
|
Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
|
2.
|
Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable.
|
3.
|
Level 3 – Model-derived valuations with unobservable inputs.
|
Property
|
|
Location
|
|
Ownership Interest
|
|
Guest Rooms
|
||
Villa Florence San Francisco on Union Square
|
|
San Francisco, CA
|
|
100
|
%
|
|
189
|
|
Hotel Vitale
|
|
San Francisco, CA
|
|
100
|
%
|
|
200
|
|
The Marker San Francisco
|
|
San Francisco, CA
|
|
100
|
%
|
|
208
|
|
Hotel Spero
|
|
San Francisco, CA
|
|
100
|
%
|
|
236
|
|
Chaminade Resort & Spa
|
|
Santa Cruz, CA
|
|
100
|
%
|
|
156
|
|
Harbor Court Hotel San Francisco
|
|
San Francisco, CA
|
|
100
|
%
|
|
131
|
|
Viceroy Santa Monica Hotel
|
|
Santa Monica, CA
|
|
100
|
%
|
|
162
|
|
Le Parc Suite Hotel
|
|
West Hollywood, CA
|
|
100
|
%
|
|
154
|
|
Montrose West Hollywood
|
|
West Hollywood, CA
|
|
100
|
%
|
|
133
|
|
Chamberlain West Hollywood Hotel
|
|
West Hollywood, CA
|
|
100
|
%
|
|
115
|
|
Grafton on Sunset
|
|
West Hollywood, CA
|
|
100
|
%
|
|
108
|
|
The Westin Copley Place, Boston
|
|
Boston, MA
|
|
100
|
%
|
|
803
|
|
The Liberty, A Luxury Collection Hotel, Boston
|
|
Boston, MA
|
|
99.99
|
%
|
|
298
|
|
Hyatt Regency Boston Harbor
|
|
Boston, MA
|
|
100
|
%
|
|
270
|
|
Sofitel Washington DC Lafayette Square
|
|
Washington, DC
|
|
100
|
%
|
|
237
|
|
George Hotel
|
|
Washington, DC
|
|
100
|
%
|
|
139
|
|
Mason & Rook Hotel
|
|
Washington, DC
|
|
100
|
%
|
|
178
|
|
Donovan Hotel
|
|
Washington, DC
|
|
100
|
%
|
|
193
|
|
Rouge Hotel
|
|
Washington, DC
|
|
100
|
%
|
|
137
|
|
Topaz Hotel
|
|
Washington, DC
|
|
100
|
%
|
|
99
|
|
Hotel Madera
|
|
Washington, DC
|
|
100
|
%
|
|
82
|
|
Paradise Point Resort & Spa
|
|
San Diego, CA
|
|
100
|
%
|
|
462
|
|
Hilton San Diego Gaslamp Quarter
|
|
San Diego, CA
|
|
100
|
%
|
|
286
|
|
Solamar Hotel
|
|
San Diego, CA
|
|
100
|
%
|
|
235
|
|
L'Auberge Del Mar
|
|
Del Mar, CA
|
|
100
|
%
|
|
121
|
|
Hilton San Diego Resort & Spa
|
|
San Diego, CA
|
|
100
|
%
|
|
357
|
|
The Heathman Hotel
|
|
Portland, OR
|
|
100
|
%
|
|
151
|
|
Southernmost Beach Resort
|
|
Key West, FL
|
|
100
|
%
|
|
262
|
|
The Marker Key West
|
|
Key West, FL
|
|
100
|
%
|
|
96
|
|
The Roger New York
|
|
New York, NY
|
|
100
|
%
|
|
194
|
|
Hotel Chicago Downtown, Autograph Collection
|
|
Chicago, IL
|
|
100
|
%
|
|
354
|
|
The Westin Michigan Avenue Chicago
|
|
Chicago, IL
|
|
100
|
%
|
|
752
|
|
Hotel Palomar Washington DC
|
(1)
|
Washington, DC
|
|
100
|
%
|
|
335
|
|
The Liaison Capitol Hill
|
(2)
|
Washington, DC
|
|
100
|
%
|
|
343
|
|
Onyx Hotel
|
(3)
|
Boston, MA
|
|
100
|
%
|
|
112
|
|
Hotel Amarano Burbank
|
(4)
|
Burbank, CA
|
|
100
|
%
|
|
132
|
|
|
|
|
|
|
|
8,420
|
|
|
|
Total Consideration
|
||
Common shares
|
|
$
|
2,144,057
|
|
Series E preferred shares
|
|
101,622
|
|
|
Series F preferred shares
|
|
132,600
|
|
|
OP units
|
|
4,665
|
|
|
Cash
|
|
1,719,150
|
|
|
Total consideration
|
|
$
|
4,102,094
|
|
|
|
November 30, 2018
|
||
Investment in hotel properties
|
|
$
|
4,120,370
|
|
Restricted cash reserves
|
|
14,784
|
|
|
Hotel and other receivables
|
|
34,669
|
|
|
Intangible assets
|
|
171,660
|
|
|
Prepaid expenses and other assets
|
|
47,808
|
|
|
Accounts payable and accrued expenses
|
|
(258,036
|
)
|
|
Deferred revenues
|
|
(23,816
|
)
|
|
Accrued interest
|
|
(2,496
|
)
|
|
Distributions payable
|
|
(2,744
|
)
|
|
Other
|
|
(105
|
)
|
|
Total consideration
|
|
$
|
4,102,094
|
|
•
|
Investment in hotel properties — The Company estimated the fair values of the land and improvements, buildings and improvements, and furniture, fixtures, and equipment at the hotel properties by using a combination of the market, cost, and income approaches. These valuation methodologies are based on significant Level 2 and Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures, and cash flow projections at the respective hotel properties.
|
•
|
Intangible assets — The Company estimated the fair value of its lease intangible assets by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancellable term of the lease. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. The market lease intangible assets are amortized as adjustments to ground rent expense over the remaining terms of the respective leases.
|
•
|
Above market lease liabilities — The Company estimated the fair value of its above market lease liabilities by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancellable term of the lease. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. The above market lease liabilities were included in accounts payable and other liabilities in the accompanying consolidated balance sheet prior to the adoption of ASC 842
Leases
. The above market lease liabilities are amortized as adjustments to ground rent expense over the remaining terms of the respective leases.
|
•
|
Restricted cash reserves, hotel and other receivables, prepaid expenses and other assets, accounts payable and other liabilities, deferred revenues, accrued interest, and distributions payable — the carrying amounts of the assets acquired, the liabilities assumed, and the equity interests acquired approximate fair value because of their short term maturities.
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited)
|
||||||||||||||
Total revenues
|
$
|
442,083
|
|
|
$
|
459,484
|
|
|
$
|
809,252
|
|
|
$
|
823,643
|
|
Operating income (loss)
|
$
|
95,809
|
|
|
$
|
110,482
|
|
|
$
|
125,746
|
|
|
$
|
152,211
|
|
Net income (loss) attributable to common shareholders
|
$
|
52,234
|
|
|
$
|
64,842
|
|
|
$
|
49,730
|
|
|
$
|
74,156
|
|
Net income (loss) per share available to common shareholders — basic
|
$
|
0.40
|
|
|
$
|
0.50
|
|
|
$
|
0.38
|
|
|
$
|
0.57
|
|
Net income (loss) per share available to common shareholders — diluted
|
$
|
0.40
|
|
|
$
|
0.50
|
|
|
$
|
0.38
|
|
|
$
|
0.57
|
|
|
June 30,
2019 |
|
December 31, 2018
|
||||
Land
|
$
|
991,793
|
|
|
$
|
1,056,862
|
|
Buildings and improvements
|
5,169,832
|
|
|
5,440,513
|
|
||
Furniture, fixtures and equipment
|
460,887
|
|
|
462,620
|
|
||
Right-of-use asset, operating leases
|
323,910
|
|
|
—
|
|
||
Capital lease asset
|
91,985
|
|
|
91,985
|
|
||
Construction in progress
|
25,260
|
|
|
25,643
|
|
||
Investment in hotel properties
|
$
|
7,063,667
|
|
|
$
|
7,077,623
|
|
Less: Accumulated depreciation
|
(642,629
|
)
|
|
(543,430
|
)
|
||
Investment in hotel properties, net
|
$
|
6,421,038
|
|
|
$
|
6,534,193
|
|
|
|
|
|
|
Balance Outstanding as of
|
||||||
|
Interest Rate
|
|
Maturity Date
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Revolving credit facilities
|
|
|
|
|
|
|
|
||||
Senior unsecured credit facility
|
Floating
(1)
|
|
January 2022
|
|
$
|
—
|
|
|
$
|
170,000
|
|
PHL unsecured credit facility
|
Floating
(2)
|
|
January 2022
|
|
—
|
|
|
—
|
|
||
Total revolving credit facilities
|
|
|
|
|
$
|
—
|
|
|
$
|
170,000
|
|
|
|
|
|
|
|
|
|
||||
Unsecured term loans
|
|
|
|
|
|
|
|
|
|
||
First Term Loan
|
Floating
(3)
|
|
January 2023
|
|
300,000
|
|
|
300,000
|
|
||
Second Term Loan
|
Floating
(3)
|
|
April 2022
|
|
65,000
|
|
|
65,000
|
|
||
Third Term Loan
|
Floating
(3)
|
|
January 2021
|
|
200,000
|
|
|
200,000
|
|
||
Fourth Term Loan
|
Floating
(3)
|
|
October 2024
|
|
110,000
|
|
|
110,000
|
|
||
Sixth Term Loan
|
|
|
|
|
|
|
|
||||
Tranche 2020
|
Floating
(3)
|
|
December 2020
|
|
70,000
|
|
|
250,000
|
|
||
Tranche 2021
|
Floating
(3)
|
|
November 2021
|
|
300,000
|
|
|
300,000
|
|
||
Tranche 2022
|
Floating
(3)
|
|
November 2022
|
|
400,000
|
|
|
400,000
|
|
||
Tranche 2023
|
Floating
(3)
|
|
November 2023
|
|
400,000
|
|
|
400,000
|
|
||
Tranche 2024
|
Floating
(3)
|
|
January 2024
|
|
400,000
|
|
|
400,000
|
|
||
Total Sixth Term Loan
|
|
|
|
|
1,570,000
|
|
|
1,750,000
|
|
||
Total term loans at stated value
|
|
|
|
|
2,245,000
|
|
|
2,425,000
|
|
||
Deferred financing costs, net
|
|
|
|
|
(12,747
|
)
|
|
(15,716
|
)
|
||
Total term loans
|
|
|
|
|
$
|
2,232,253
|
|
|
$
|
2,409,284
|
|
|
|
|
|
|
|
|
|
|
|
||
Senior unsecured notes
|
|
|
|
|
|
|
|
|
|
||
Series A Notes
|
4.70%
|
|
December 2023
|
|
60,000
|
|
|
60,000
|
|
||
Series B Notes
|
4.93%
|
|
December 2025
|
|
40,000
|
|
|
40,000
|
|
||
Total senior unsecured notes at stated value
|
|
|
|
|
100,000
|
|
|
100,000
|
|
||
Deferred financing costs, net
|
|
|
|
|
(484
|
)
|
|
(531
|
)
|
||
Total senior unsecured notes
|
|
|
|
|
$
|
99,516
|
|
|
$
|
99,469
|
|
|
|
|
|
|
|
|
|
|
|
||
Mortgage loans
|
|
|
|
|
|
|
|
|
|
||
The Westin San Diego Gaslamp Quarter
|
3.69%
|
|
January 2020
|
|
66,987
|
|
|
68,207
|
|
||
Deferred financing costs, net
|
|
|
|
|
(30
|
)
|
|
(62
|
)
|
||
Total mortgage loans
|
|
|
|
|
$
|
66,957
|
|
|
$
|
68,145
|
|
Total debt
|
|
|
|
|
$
|
2,398,726
|
|
|
$
|
2,746,898
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Unsecured revolving credit facilities
|
$
|
624
|
|
|
$
|
2,375
|
|
|
$
|
2,024
|
|
|
$
|
3,860
|
|
Unsecured term loan facilities
|
21,350
|
|
|
5,814
|
|
|
43,215
|
|
|
11,336
|
|
||||
Senior unsecured notes
|
1,198
|
|
|
1,092
|
|
|
2,396
|
|
|
2,290
|
|
||||
Mortgage debt
|
626
|
|
|
650
|
|
|
1,252
|
|
|
1,297
|
|
||||
Amortization of deferred financing fees
|
2,413
|
|
|
525
|
|
|
3,901
|
|
|
1,042
|
|
||||
Other
|
2,508
|
|
|
360
|
|
|
5,259
|
|
|
802
|
|
||||
Total interest expense
|
$
|
28,719
|
|
|
$
|
10,816
|
|
|
$
|
58,047
|
|
|
$
|
20,627
|
|
|
|
|
|
|
|
Notional Value as of
|
||||||
Hedge Type
|
|
Interest Rate
|
|
Maturity
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Swap - cash flow
|
|
1.57%
|
(1)
|
May 2019
|
|
$
|
—
|
|
|
$
|
100,000
|
|
Swap - cash flow
|
|
1.57%
|
(1)
|
May 2019
|
|
—
|
|
|
62,500
|
|
||
Swap - cash flow
|
|
1.57%
|
(1)
|
May 2019
|
|
—
|
|
|
15,000
|
|
||
Swap - cash flow
|
|
1.63%
|
|
January 2020
|
|
50,000
|
|
|
50,000
|
|
||
Swap - cash flow
|
|
1.63%
|
|
January 2020
|
|
50,000
|
|
|
50,000
|
|
||
Swap - cash flow
|
|
2.46%
|
|
January 2020
|
|
50,000
|
|
|
50,000
|
|
||
Swap - cash flow
|
|
2.46%
|
|
January 2020
|
|
50,000
|
|
|
50,000
|
|
||
Swap - cash flow
|
|
1.66%
|
|
January 2020
|
|
50,000
|
|
|
50,000
|
|
||
Swap - cash flow
|
|
1.66%
|
|
January 2020
|
|
50,000
|
|
|
50,000
|
|
||
Swap - cash flow
|
|
1.74%
|
|
January 2021
|
|
75,000
|
|
|
75,000
|
|
||
Swap - cash flow
|
|
1.75%
|
|
January 2021
|
|
50,000
|
|
|
50,000
|
|
||
Swap - cash flow
|
|
1.53%
|
|
January 2021
|
|
37,500
|
|
|
37,500
|
|
||
Swap - cash flow
|
|
1.53%
|
|
January 2021
|
|
37,500
|
|
|
37,500
|
|
||
Swap - cash flow
|
|
1.46%
|
(1)
|
January 2021
|
|
100,000
|
|
|
100,000
|
|
||
Swap - cash flow
|
|
1.47%
|
(1)
|
January 2021
|
|
47,500
|
|
|
47,500
|
|
||
Swap - cash flow
|
|
1.47%
|
(1)
|
January 2021
|
|
47,500
|
|
|
47,500
|
|
||
Swap - cash flow
|
|
1.47%
|
(1)
|
January 2021
|
|
47,500
|
|
|
47,500
|
|
||
Swap - cash flow
|
|
1.47%
|
(1)
|
January 2021
|
|
47,500
|
|
|
47,500
|
|
||
Swap - cash flow
|
|
2.60%
|
(2)
|
October 2021
|
|
55,000
|
|
|
55,000
|
|
||
Swap - cash flow
|
|
2.60%
|
(2)
|
October 2021
|
|
55,000
|
|
|
55,000
|
|
||
Swap - cash flow
|
|
1.78%
|
(1)
|
January 2022
|
|
100,000
|
|
|
100,000
|
|
||
Swap - cash flow
|
|
1.78%
|
(1)
|
January 2022
|
|
50,000
|
|
|
50,000
|
|
||
Swap - cash flow
|
|
1.79%
|
(1)
|
January 2022
|
|
30,000
|
|
|
30,000
|
|
||
Swap - cash flow
|
|
1.68%
|
|
April 2022
|
|
25,000
|
|
|
25,000
|
|
||
Swap - cash flow
|
|
1.68%
|
|
April 2022
|
|
25,000
|
|
|
25,000
|
|
||
Swap - cash flow
|
|
1.64%
|
|
April 2022
|
|
25,000
|
|
|
25,000
|
|
||
Swap - cash flow
|
|
1.64%
|
|
April 2022
|
|
25,000
|
|
|
25,000
|
|
||
Swap - cash flow
|
|
2.60%
|
(3)
|
January 2024
|
|
75,000
|
|
|
75,000
|
|
||
Swap - cash flow
|
|
2.60%
|
(3)
|
January 2024
|
|
50,000
|
|
|
50,000
|
|
||
Swap - cash flow
|
|
2.60%
|
(3)
|
January 2024
|
|
25,000
|
|
|
25,000
|
|
||
Swap - cash flow
|
|
2.60%
|
(3)
|
January 2024
|
|
75,000
|
|
|
75,000
|
|
||
Swap - cash flow
|
|
2.60%
|
(3)
|
January 2024
|
|
75,000
|
|
|
75,000
|
|
||
Swap - cash flow
|
|
1.99%
|
(4)
|
November 2023
|
|
85,000
|
|
|
—
|
|
||
Swap - cash flow
|
|
1.99%
|
(4)
|
November 2023
|
|
85,000
|
|
|
—
|
|
||
Swap - cash flow
|
|
1.99%
|
(4)
|
November 2023
|
|
50,000
|
|
|
—
|
|
||
Swap - cash flow
|
|
1.99%
|
(4)
|
November 2023
|
|
30,000
|
|
|
—
|
|
||
Swap - cash flow
|
|
2.12%
|
(4)
|
December 2020
|
|
100,000
|
|
|
—
|
|
||
Swap - cash flow
|
|
2.12%
|
(4)
|
December 2020
|
|
100,000
|
|
|
—
|
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
San Francisco, CA
|
|
$
|
79,853
|
|
|
$
|
48,285
|
|
|
$
|
163,096
|
|
|
$
|
92,733
|
|
Los Angeles, CA
|
|
54,682
|
|
|
32,736
|
|
|
102,046
|
|
|
62,465
|
|
||||
San Diego, CA
|
|
62,851
|
|
|
16,995
|
|
|
120,139
|
|
|
34,124
|
|
||||
Boston, MA
|
|
81,842
|
|
|
21,770
|
|
|
129,374
|
|
|
34,088
|
|
||||
Seattle, WA
|
|
8,121
|
|
|
9,104
|
|
|
14,762
|
|
|
15,525
|
|
||||
Portland, OR
|
|
28,585
|
|
|
26,492
|
|
|
47,288
|
|
|
44,905
|
|
||||
Washington DC
|
|
35,828
|
|
|
8,123
|
|
|
63,756
|
|
|
13,508
|
|
||||
Southern FL
|
|
29,501
|
|
|
14,784
|
|
|
69,031
|
|
|
35,767
|
|
||||
Chicago, IL
|
|
25,324
|
|
|
—
|
|
|
36,423
|
|
|
—
|
|
||||
Other
(1)
|
|
35,496
|
|
|
28,212
|
|
|
63,337
|
|
|
54,441
|
|
||||
|
|
$
|
442,083
|
|
|
$
|
206,501
|
|
|
$
|
809,252
|
|
|
$
|
387,556
|
|
Dividend per
Share/Unit
|
|
For the Quarter
Ended
|
|
Record Date
|
|
Payable Date
|
||
$
|
0.38
|
|
|
March 31, 2019
|
|
March 29, 2019
|
|
April 15, 2019
|
$
|
0.38
|
|
|
June 30, 2019
|
|
June 28, 2019
|
|
July 15, 2019
|
Security Type
|
|
As of June 30, 2019
|
|
As of December 31, 2018
|
||
6.50% Series C
|
|
5,000,000
|
|
|
5,000,000
|
|
6.375% Series D
|
|
5,000,000
|
|
|
5,000,000
|
|
6.375% Series E
|
|
4,400,000
|
|
|
4,400,000
|
|
6.30% Series F
|
|
6,000,000
|
|
|
6,000,000
|
|
|
|
20,400,000
|
|
|
20,400,000
|
|
Security Type
|
|
Dividend per
Share/Unit
|
|
For the Quarter
Ended
|
|
Record Date
|
|
Payable Date
|
||
6.50% Series C
|
|
$
|
0.41
|
|
|
March 31, 2019
|
|
March 29, 2019
|
|
April 15, 2019
|
6.50% Series C
|
|
$
|
0.41
|
|
|
June 30, 2019
|
|
June 28, 2019
|
|
July 15, 2019
|
6.375% Series D
|
|
$
|
0.40
|
|
|
March 31, 2019
|
|
March 29, 2019
|
|
April 15, 2019
|
6.375% Series D
|
|
$
|
0.40
|
|
|
June 30, 2019
|
|
June 28, 2019
|
|
July 15, 2019
|
6.375% Series E
|
|
$
|
0.40
|
|
|
March 31, 2019
|
|
March 29, 2019
|
|
April 15, 2019
|
6.375% Series E
|
|
$
|
0.40
|
|
|
June 30, 2019
|
|
June 28, 2019
|
|
July 15, 2019
|
6.30% Series F
|
|
$
|
0.39
|
|
|
March 31, 2019
|
|
March 29, 2019
|
|
April 15, 2019
|
6.30% Series F
|
|
$
|
0.39
|
|
|
June 30, 2019
|
|
June 28, 2019
|
|
July 15, 2019
|
|
Shares
|
|
Weighted-Average
Grant Date
Fair Value
|
|||
Unvested at December 31, 2018
|
127,732
|
|
|
$
|
32.22
|
|
Granted
|
87,405
|
|
|
$
|
32.70
|
|
Vested
|
(66,276
|
)
|
|
$
|
30.20
|
|
Forfeited
|
(707
|
)
|
|
$
|
32.70
|
|
Unvested at June 30, 2019
|
148,154
|
|
|
$
|
33.41
|
|
Performance Award Grant Date
|
|
Percentage of Total Award
|
|
Grant Date Fair Value by Component ($ in millions)
|
|
Volatility
|
|
Interest Rate
|
|
Dividend Yield
|
|
December 13, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Relative Total Shareholder Return
|
|
50.00%
|
|
$4.7
|
|
29.00%
|
|
0.34% - 2.25%
|
|
2.40%
|
|
Absolute Total Shareholder Return
|
|
50.00%
|
|
$2.9
|
|
29.00%
|
|
0.34% - 2.25%
|
|
2.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
February 4, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Relative Total Shareholder Return
|
|
30.00%
|
|
$0.7
|
|
29.00%
|
|
0.62%
|
|
2.40%
|
|
Absolute Total Shareholder Return
|
|
30.00%
|
|
$0.5
|
|
29.00%
|
|
0.62%
|
|
2.40%
|
|
EBITDA Comparison
|
|
40.00%
|
|
$0.8
|
|
29.00%
|
|
0.62%
|
|
2.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
February 11, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Relative Total Shareholder Return
|
|
30.00%
|
|
$0.9
|
|
22.00%
|
|
1.02%
|
|
2.50%
|
|
Absolute Total Shareholder Return
|
|
40.00%
|
|
$0.7
|
|
22.00%
|
|
1.02%
|
|
2.50%
|
|
EBITDA Comparison
|
|
30.00%
|
|
$0.7
|
|
22.00%
|
|
1.02%
|
|
2.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
July 27, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Relative Total Shareholder Return
|
|
30.00%
|
|
—
|
(1)
|
22.00%
|
|
0.68%
|
|
2.50%
|
|
Absolute Total Shareholder Return
|
|
40.00%
|
|
—
|
(1)
|
22.00%
|
|
0.68%
|
|
2.50%
|
|
EBITDA Comparison
|
|
30.00%
|
|
—
|
(1)
|
22.00%
|
|
0.68%
|
|
2.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
February 10, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Relative Total Shareholder Return
|
|
70.00%
|
|
$1.6
|
|
25.00%
|
|
0.71%
|
|
3.00%
|
|
Absolute Total Shareholder Return
|
|
15.00%
|
|
$0.2
|
|
25.00%
|
|
0.71%
|
|
3.00%
|
|
EBITDA Comparison
|
|
15.00%
|
|
$0.4
|
|
25.00%
|
|
0.71%
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
February 15, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Relative and Absolute Total Shareholder Return
|
|
65.00% / 35.00%
|
|
$2.7
|
|
28.00%
|
|
1.27%
|
|
5.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
February 14, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Relative and Absolute Total Shareholder Return
|
|
65.00% / 35.00%
|
|
$3.5
|
|
28.00%
|
|
2.37%
|
|
4.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
February 13, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Relative and Absolute Total Shareholder Return
|
|
65.00% / 35.00%
|
|
$4.5
|
|
26.00%
|
|
2.52%
|
|
4.20%
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common shareholders
|
$
|
52,234
|
|
|
$
|
54,079
|
|
|
$
|
49,730
|
|
|
$
|
74,465
|
|
Less: dividends paid on unvested share-based compensation
|
(74
|
)
|
|
(83
|
)
|
|
(147
|
)
|
|
(166
|
)
|
||||
Undistributed earnings attributable to share-based compensation
|
(3
|
)
|
|
(88
|
)
|
|
—
|
|
|
(69
|
)
|
||||
Net income (loss) available to common shareholders
|
$
|
52,157
|
|
|
$
|
53,908
|
|
|
$
|
49,583
|
|
|
$
|
74,230
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares — basic
|
130,484,956
|
|
|
68,912,185
|
|
|
130,458,164
|
|
|
68,894,413
|
|
||||
Effect of dilutive share-based compensation
|
110,898
|
|
|
292,386
|
|
|
204,243
|
|
|
332,685
|
|
||||
Weighted-average number of common shares — diluted
|
130,595,854
|
|
|
69,204,571
|
|
|
130,662,407
|
|
|
69,227,098
|
|
||||
|
|
|
|
|
|
|
|
||||||||
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
|
|
Lease Properties
|
|
Lease Type
|
|
Lease Expiration Date
|
|
Hotel Monaco Washington DC
|
|
Operating lease
|
|
November 2059
|
|
Argonaut Hotel
|
|
Operating lease
|
|
December 2059
|
|
Hotel Zelos San Francisco
|
|
Operating lease
|
|
June 2097
|
|
Hotel Zephyr Fisherman's Wharf
|
|
Operating lease
|
|
February 2062
|
|
Hotel Palomar Los Angeles Beverly Hills
|
|
Operating lease
|
|
January 2107
|
(1)
|
Union Station Hotel Nashville, Autograph Collection
|
|
Operating lease
|
|
December 2105
|
|
Southernmost Beach Resort
|
|
Operating lease
|
|
April 2029
|
|
Hyatt Regency Boston Harbor
|
|
Operating lease
|
|
April 2077
|
|
Hilton San Diego Resort & Spa
|
|
Operating lease
|
|
July 2068
|
|
Paradise Point Resort & Spa
|
|
Operating lease
|
|
May 2050
|
|
Hotel Vitale
|
|
Operating lease
|
|
March 2056
|
(2)
|
Viceroy Santa Monica Hotel
|
|
Operating lease
|
|
September 2065
|
|
The Westin Copley Place, Boston
|
|
Operating lease
|
|
December 2077
|
(3)
|
The Liberty, A Luxury Collection Hotel, Boston
|
|
Operating lease
|
|
May 2080
|
|
Hotel Zeppelin San Francisco
|
|
Operating and capital lease
|
|
June 2059
|
(4)
|
Harbor Court Hotel San Francisco
|
|
Capital lease
|
|
August 2052
|
|
The Roger New York
|
|
Capital lease
|
|
December 2044
|
|
Year ending December 31,
|
|
|
||
2019 (excluding the six months ended June 30, 2019)
|
|
$
|
8,590
|
|
2020
|
|
17,345
|
|
|
2021
|
|
17,434
|
|
|
2022
|
|
17,505
|
|
|
2023
|
|
17,578
|
|
|
Thereafter
|
|
1,159,743
|
|
|
Total lease payments
|
|
$
|
1,238,195
|
|
Less: Imputed interest
|
|
(991,042
|
)
|
|
Present value of lease liabilities
|
|
$
|
247,153
|
|
Year ending December 31,
|
|
|
||
2019
|
|
$
|
18,882
|
|
2020
|
|
19,091
|
|
|
2021
|
|
19,223
|
|
|
2022
|
|
19,325
|
|
|
2023
|
|
19,429
|
|
|
Thereafter
|
|
1,219,303
|
|
|
Total
|
|
$
|
1,315,253
|
|
|
For the six months ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Interest paid, net of capitalized interest
|
$
|
47,741
|
|
|
$
|
18,729
|
|
Income taxes paid
|
$
|
1,461
|
|
|
$
|
99
|
|
Non-Cash Investing and Financing Activities:
|
|
|
|
||||
Distributions payable on common shares/units
|
$
|
50,749
|
|
|
$
|
27,987
|
|
Distributions payable on preferred shares
|
$
|
7,558
|
|
|
$
|
3,442
|
|
Issuance of common shares for Board of Trustees compensation
|
$
|
740
|
|
|
$
|
662
|
|
Accrued additions and improvements to hotel properties
|
$
|
4,040
|
|
|
$
|
1,566
|
|
Right of use assets obtained in exchange for lease liabilities
|
$
|
247,139
|
|
|
$
|
—
|
|
Purchase of ground lease
|
$
|
16,444
|
|
|
$
|
—
|
|
Write-off of deferred financing costs
|
$
|
1,281
|
|
|
$
|
—
|
|
•
|
risks associated with the hotel industry, including competition, changes in visa and other travel policies by the U.S. government making it less convenient, more difficult or less desirable for international travelers to enter the U.S.,
increases in employment costs, energy costs and other operating costs, or decreases in demand caused by events beyond our control including, without limitation, actual or threatened terrorist attacks, cyber attacks, any type of flu or disease-related pandemic, or downturns in general and local economic conditions;
|
•
|
the availability and terms of financing and capital and the general volatility of securities markets;
|
•
|
our dependence on third-party managers of our hotels, including our inability to implement strategic business decisions directly;
|
•
|
risks associated with the global economy and real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws;
|
•
|
interest rate increases;
|
•
|
our possible failure to qualify as a REIT under the Code and the risk of changes in laws affecting REITs;
|
•
|
the timing and availability of potential hotel acquisitions and our ability to identify and complete hotel acquisitions in accordance with our business strategy;
|
•
|
the possibility of uninsured losses;
|
•
|
risks associated with redevelopment and repositioning projects, including delays and cost overruns; and
|
•
|
the other factors discussed under the heading "Risk Factors" in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended
December 31, 2018
.
|
•
|
On
February 14, 2019
, we sold
The Liaison Capitol Hill
for
$111.0 million
.
|
•
|
On
February 22, 2019
, we sold
Hotel Palomar Washington DC
for
$141.5 million
.
|
•
|
On
May 29, 2019
, we sold
Onyx Hotel
for
$58.3 million
.
|
•
|
We repaid
$180.0 million
of a portion of the tranche maturing in 2020 of our sixth term loan.
|
•
|
We acquired the ground lease underlying the land of the
Solamar Hotel
.
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Same-Property Occupancy
|
|
86.8
|
%
|
|
87.1
|
%
|
|
81.1
|
%
|
|
81.6
|
%
|
||||
Same-Property ADR
|
|
$
|
266.56
|
|
|
$
|
262.00
|
|
|
$
|
258.42
|
|
|
$
|
250.08
|
|
Same-Property RevPAR
|
|
$
|
231.47
|
|
|
$
|
228.30
|
|
|
$
|
209.65
|
|
|
$
|
204.18
|
|
Same-Property Total RevPAR
|
|
$
|
334.96
|
|
|
$
|
328.43
|
|
|
$
|
305.91
|
|
|
$
|
296.87
|
|
|
For the three months ended June 30,
|
|
|
For the six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
$
|
60,518
|
|
|
$
|
58,295
|
|
|
|
$
|
66,173
|
|
|
$
|
82,811
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
53,239
|
|
|
24,510
|
|
|
|
107,483
|
|
|
49,359
|
|
||||
FFO
|
$
|
113,757
|
|
|
$
|
82,805
|
|
|
|
$
|
173,656
|
|
|
$
|
132,170
|
|
Distribution to preferred shareholders
|
(8,139
|
)
|
|
(4,024
|
)
|
|
|
(16,278
|
)
|
|
(8,047
|
)
|
||||
FFO available to common share and unit holders
|
$
|
105,618
|
|
|
$
|
78,781
|
|
|
|
$
|
157,378
|
|
|
$
|
124,123
|
|
|
For the three months ended June 30,
|
|
For the six months ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
$
|
60,518
|
|
|
$
|
58,295
|
|
|
$
|
66,173
|
|
|
$
|
82,811
|
|
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
28,719
|
|
|
10,816
|
|
|
58,047
|
|
|
20,627
|
|
||||
Income tax expense (benefit)
|
6,579
|
|
|
2,338
|
|
|
1,542
|
|
|
1,909
|
|
||||
Depreciation and amortization
|
53,299
|
|
|
24,562
|
|
|
107,601
|
|
|
49,464
|
|
||||
EBITDA and EBITDA
re
|
$
|
149,115
|
|
|
$
|
96,011
|
|
|
$
|
233,363
|
|
|
$
|
154,811
|
|
Property
|
|
Location
|
|
Acquisition/Disposition Date
|
|
Non-comparable property for the three months ended June 30, 2019 and 2018
|
|
Non-comparable property for the six months ended June 30, 2019 and 2018
|
LaSalle portfolio
|
(1)
|
Various
|
|
November 30, 2018
|
|
X
|
|
X
|
The Grand Hotel Minneapolis
|
|
Minneapolis, MN
|
|
December 4, 2018
|
|
X
|
|
X
|
The Liaison Capitol Hill
|
|
Washington, DC
|
|
February 14, 2019
|
|
X
|
|
X
|
Hotel Palomar Washington DC
|
|
Washington, DC
|
|
February 22, 2019
|
|
X
|
|
X
|
Onyx Hotel
|
|
Boston, MA
|
|
May 29, 2019
|
|
X
|
|
X
|
|
|
|
|
|
Balance Outstanding as of
|
||||||
|
Interest Rate
|
|
Maturity Date
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Revolving credit facilities
|
|
|
|
|
|
|
|
||||
Senior unsecured credit facility
|
Floating
(1)
|
|
January 2022
|
|
$
|
—
|
|
|
$
|
170,000
|
|
PHL unsecured credit facility
|
Floating
(2)
|
|
January 2022
|
|
—
|
|
|
—
|
|
||
Total revolving credit facilities
|
|
|
|
|
$
|
—
|
|
|
$
|
170,000
|
|
|
|
|
|
|
|
|
|
||||
Unsecured term loans
|
|
|
|
|
|
|
|
||||
First Term Loan
|
Floating
(3)
|
|
January 2023
|
|
300,000
|
|
|
300,000
|
|
||
Second Term Loan
|
Floating
(3)
|
|
April 2022
|
|
65,000
|
|
|
65,000
|
|
||
Third Term Loan
|
Floating
(3)
|
|
January 2021
|
|
200,000
|
|
|
200,000
|
|
||
Fourth Term Loan
|
Floating
(3)
|
|
October 2024
|
|
110,000
|
|
|
110,000
|
|
||
Sixth Term Loan:
|
|
|
|
|
|
|
|
||||
Tranche 2020
|
Floating
(3)
|
|
December 2020
|
|
70,000
|
|
|
250,000
|
|
||
Tranche 2021
|
Floating
(3)
|
|
November 2021
|
|
300,000
|
|
|
300,000
|
|
||
Tranche 2022
|
Floating
(3)
|
|
November 2022
|
|
400,000
|
|
|
400,000
|
|
||
Tranche 2023
|
Floating
(3)
|
|
November 2023
|
|
400,000
|
|
|
400,000
|
|
||
Tranche 2024
|
Floating
(3)
|
|
January 2024
|
|
400,000
|
|
|
400,000
|
|
||
Total Sixth Term Loan
|
|
|
|
|
1,570,000
|
|
|
1,750,000
|
|
||
Total term loans at stated value
|
|
|
|
|
2,245,000
|
|
|
2,425,000
|
|
||
Deferred financing costs, net
|
|
|
|
|
(12,747
|
)
|
|
(15,716
|
)
|
||
Total term loans
|
|
|
|
|
$
|
2,232,253
|
|
|
$
|
2,409,284
|
|
|
|
|
|
|
|
|
|
||||
Senior unsecured notes
|
|
|
|
|
|
|
|
||||
Series A Notes
|
4.70%
|
|
December 2023
|
|
60,000
|
|
|
60,000
|
|
||
Series B Notes
|
4.93%
|
|
December 2025
|
|
40,000
|
|
|
40,000
|
|
||
Total senior unsecured notes at stated value
|
|
|
|
|
100,000
|
|
|
100,000
|
|
||
Deferred financing costs, net
|
|
|
|
|
(484
|
)
|
|
(531
|
)
|
||
Total senior unsecured notes
|
|
|
|
|
$
|
99,516
|
|
|
$
|
99,469
|
|
|
|
|
|
|
|
|
|
||||
Mortgage loans
|
|
|
|
|
|
|
|
||||
The Westin San Diego Gaslamp Quarter
|
3.69%
|
|
January 2020
|
|
66,987
|
|
|
68,207
|
|
||
Deferred financing costs, net
|
|
|
|
|
(30
|
)
|
|
(62
|
)
|
||
Total mortgage loans
|
|
|
|
|
$
|
66,957
|
|
|
$
|
68,145
|
|
Total debt
|
|
|
|
|
$
|
2,398,726
|
|
|
$
|
2,746,898
|
|
|
Payments due by period
|
||||||||||||||||||
|
Total
|
|
Less
than 1
year
|
|
1 to 3
years
|
|
3 to 5
years
|
|
More
than 5
years
|
||||||||||
Mortgage loans
(1)
|
$
|
68,443
|
|
|
$
|
68,443
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Term loans
(2)
|
2,547,396
|
|
|
82,240
|
|
|
784,318
|
|
|
1,569,218
|
|
|
111,620
|
|
|||||
Unsecured notes
(1)
|
125,508
|
|
|
4,792
|
|
|
9,584
|
|
|
68,174
|
|
|
42,958
|
|
|||||
Borrowings under credit facilities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Hotel and ground leases
(4)
|
1,239,196
|
|
|
16,772
|
|
|
33,718
|
|
|
33,930
|
|
|
1,154,776
|
|
|||||
Capital lease obligation
|
65,821
|
|
|
1,238
|
|
|
2,579
|
|
|
2,673
|
|
|
59,331
|
|
|||||
Refundable membership initiation deposits
(5)
|
30,894
|
|
|
258
|
|
|
—
|
|
|
—
|
|
|
30,636
|
|
|||||
Purchase commitments
(6)
|
12,879
|
|
|
12,879
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Corporate office lease
|
18,988
|
|
|
1,044
|
|
|
3,681
|
|
|
3,874
|
|
|
10,389
|
|
|||||
Total
|
$
|
4,109,125
|
|
|
$
|
187,666
|
|
|
$
|
833,880
|
|
|
$
|
1,677,869
|
|
|
$
|
1,409,710
|
|
(1)
|
Amounts include principal and interest.
|
(2)
|
Amounts include principal and interest. Borrowings under the term loan facilities bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin.
|
(3)
|
Amounts include principal and interest under the two revolving credit facilities. Interest expense is calculated based on the weighted-average interest rate for all outstanding credit facility borrowings as of
June 30, 2019
. It is assumed that the outstanding borrowings will be repaid upon maturity with fixed interest-only payments until then.
|
(4)
|
Our leases may require minimum fixed rent payments, percentage rent payments based on a percentage of revenues in excess of certain thresholds or rent payments equal to the greater of a minimum fixed rent or percentage rent. Minimum fixed rent may be adjusted annually by increases in consumer price index ("CPI") and may be subject to minimum and maximum increases. The table above reflects only minimum fixed rent for all periods presented and does not include assumptions for CPI adjustments.
|
(5)
|
Represents refundable initiation membership deposits from club members at LaPlaya.
|
(6)
|
Amounts represent purchase orders and contracts that have been executed for renovation projects at the properties. We are committed to these purchase orders and contracts and anticipate making similar arrangements in the future with the existing properties or any future properties that we may acquire.
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(1)
|
||||||
April 1, 2019 - April 30, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
May 1, 2019 - May 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
June 1, 2019 - June 30, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
56,600,000
|
|
Exhibit
Number
|
|
Description of Exhibit
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS XBRL
|
|
Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
101.SCH XBRL
|
|
Taxonomy Extension Schema Document
|
101.CAL XBRL
|
|
Taxonomy Extension Calculation Linkbase Document
|
101.LAB XBRL
|
|
Taxonomy Extension Label Linkbase Document
|
101.DEF XBRL
|
|
Taxonomy Extension Definition Linkbase Document
|
101.PRE XBRL
|
|
Taxonomy Extension Presentation Linkbase Document
|
*
|
Management agreement or compensatory plan or arrangement.
|
†
|
Filed herewith.
|
††
|
Furnished herewith.
|
|
|
|
PEBBLEBROOK HOTEL TRUST
|
|
|
|
|
Date:
|
July 25, 2019
|
|
/s/ J
ON
E. B
ORTZ
|
|
|
|
Jon E. Bortz
|
|
|
|
Chairman, President and Chief Executive Officer
|
1 Year Pebblebrook Hotel Trust 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest Chart |
1 Month Pebblebrook Hotel Trust 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest Chart |
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