EX-12.1 4 peb-20151231xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

PEBBLEBROOK HOTEL TRUST
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS
(In thousands, except ratios)

 
 
For the year ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees
 
$
91,372

 
$
66,729

 
$
36,795

 
$
22,404

 
$
13,427

Fixed charges
 
43,478

 
30,089

 
27,799

 
16,802

 
14,842

Amortization of capitalized interest
 
15

 
—

 
—

 
—

 
—

Distributed income of equity investees
 
13,858

 
9,152

 
1,617

 
—

 
—

Total Added Items
 
148,723

 
105,970

 
66,211

 
39,206

 
28,269

Subtract:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(598
)
 
—

 
(206
)
 
(236
)
 
—

Total Earnings
 
$
148,125

 
$
105,970

 
$
66,005

 
$
38,970

 
$
28,269

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Interest expensed
 
$
38,803

 
$
27,669

 
$
23,938

 
$
13,532

 
$
12,098

Interest capitalized
 
598

 
—

 
206

 
236

 
—

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
(29
)
 
(604
)
 
(259
)
 
1,400

 
1,555

Estimate of interest within rental expense
 
4,106

 
3,024

 
3,914

 
1,634

 
1,189

Total Fixed Charges
 
43,478

 
30,089

 
27,799

 
16,802

 
14,842

Preferred share dividends
 
25,965

 
25,095

 
22,969

 
17,841

 
10,427

Combined Fixed Charges and Preferred Share Dividends
 
$
69,443

 
$
55,184

 
$
50,768

 
$
34,643

 
$
25,269

Ratio of Earnings to Fixed Charges
 
3.41

 
3.52

 
2.37

 
2.32

 
1.90

Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
 
2.13

 
1.92

 
1.30

 
1.12

 
1.12