0001474098-18-000036.txt : 20180426 0001474098-18-000036.hdr.sgml : 20180426 20180426161222 ACCESSION NUMBER: 0001474098-18-000036 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180426 DATE AS OF CHANGE: 20180426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pebblebrook Hotel Trust CENTRAL INDEX KEY: 0001474098 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 271055421 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34571 FILM NUMBER: 18778666 BUSINESS ADDRESS: STREET 1: 7315 WISCONSIN AVE STREET 2: SUITE 1100 WEST CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 240-507-1300 MAIL ADDRESS: STREET 1: 7315 WISCONSIN AVE STREET 2: SUITE 1100 WEST CITY: BETHESDA STATE: MD ZIP: 20814 10-Q 1 peb-2018331x10q.htm 10-Q Document
 
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 March 31, 2018
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)
 
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 April 23, 2018
Common shares of beneficial interest ($0.01 par value per share)
 
69,039,917



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)
 
March 31,
2018
 
December 31,
2017
 
(Unaudited)
 
 
ASSETS
 
 
 
Investment in hotel properties, net
$
2,446,670

 
$
2,456,450

Investment in marketable securities
157,759

 

Ground lease asset, net
28,889

 
29,037

Cash and cash equivalents
15,969

 
25,410

Restricted cash
7,254

 
7,123

Hotel receivables (net of allowance for doubtful accounts of $105 and $245, respectively)
33,798

 
29,206

Prepaid expenses and other assets
51,587

 
43,642

Total assets
$
2,741,926

 
$
2,590,868

LIABILITIES AND EQUITY
 
 
 
Unsecured revolving credit facilities
$
203,000

 
$
45,000

Term loans, net of unamortized deferred financing costs
670,665

 
670,406

Senior unsecured notes, net of unamortized deferred financing costs
99,398

 
99,374

Mortgage debt, net of unamortized deferred financing costs
69,875

 
70,457

Accounts payable and accrued expenses
135,747

 
141,290

Deferred revenues
28,224

 
26,919

Accrued interest
3,343

 
2,073

Distribution payable
31,344

 
31,823

Total liabilities
1,241,596

 
1,087,342

Commitments and contingencies (Note 10)

 

Shareholders’ equity:
 
 
 
Preferred shares of beneficial interest, $.01 par value (liquidation preference $250,000 at March 31, 2018 and at December 31, 2017), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at March 31, 2018 and December 31, 2017
100

 
100

Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 68,912,185 issued and outstanding at March 31, 2018 and 68,812,575 issued and outstanding at December 31, 2017
689

 
688

Additional paid-in capital
1,683,046

 
1,685,437

Accumulated other comprehensive income (loss)
8,936

 
3,689

Distributions in excess of retained earnings
(197,359
)
 
(191,013
)
Total shareholders’ equity
1,495,412

 
1,498,901

Non-controlling interests
4,918

 
4,625

Total equity
1,500,330

 
1,503,526

Total liabilities and equity
$
2,741,926

 
$
2,590,868

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


3


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

 
For the three months ended March 31,
 
2018
 
2017
Revenues:
 
 
 
Room
$
122,471

 
$
125,570

Food and beverage
44,568

 
43,632

Other operating
14,016

 
12,976

Total revenues
181,055

 
182,178

Expenses:
 
 
 
Hotel operating expenses:
 
 
 
Room
31,708

 
32,983

Food and beverage
30,596

 
29,288

Other direct and indirect
51,839

 
52,168

Total hotel operating expenses
114,143

 
114,439

Depreciation and amortization
24,902

 
26,296

Real estate taxes, personal property taxes, property insurance, and ground rent
12,115

 
13,712

General and administrative
2,610

 
6,151

Impairment and other losses
795

 
1,049

Gain on insurance settlement
(4,898
)
 

Total operating expenses
149,667

 
161,647

Operating income (loss)
31,388

 
20,531

Interest income
63

 

Interest expense
(9,811
)
 
(9,341
)
Other
2,447

 
64

Income (loss) before income taxes
24,087

 
11,254

Income tax (expense) benefit
429

 
2,835

Net income (loss)
24,516

 
14,089

Net income (loss) attributable to non-controlling interests
107

 
55

Net income (loss) attributable to the Company
24,409

 
14,034

Distributions to preferred shareholders
(4,023
)
 
(4,023
)
Net income (loss) attributable to common shareholders
$
20,386

 
$
10,011

Net income (loss) per share available to common shareholders, basic
$
0.29

 
$
0.14

Net income (loss) per share available to common shareholders, diluted
$
0.29

 
$
0.14

Weighted-average number of common shares, basic
68,876,444

 
71,610,994

Weighted-average number of common shares, diluted
69,208,048

 
71,892,820


4


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 March 31,
 
2018
 
2017
 
 
 
 
Comprehensive Income:
 
 
 
Net income (loss)
$
24,516

 
$
14,089

Other comprehensive income (loss):
 
 
 
Unrealized gain (loss) on derivative instruments
5,278

 
2,104

Unrealized gain (loss) on marketable securities
(579
)
 

Comprehensive income (loss)
29,215

 
16,193

Comprehensive income (loss) attributable to non-controlling interests
123

 
62

Comprehensive income (loss) attributable to the Company
$
29,092

 
$
16,131

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


5



Pebblebrook Hotel Trust
Consolidated Statements of Equity
(In thousands, except share data)
(Unaudited)

 
 
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, 2016
 
10,000,000

 
$
100

 
71,922,904

 
$
719

 
$
1,776,404

 
$
(2,312
)
 
$
(169,227
)
 
$
1,605,684

 
$
3,432

 
$
1,609,116

Issuance of shares, net of offering costs
 

 

 

 

 
(62
)
 

 

 
(62
)
 

 
(62
)
Issuance of common shares for Board of Trustees compensation
 

 

 
16,711

 
1

 
502

 

 

 
503

 

 
503

Repurchase of common shares
 

 

 
(2,210,690
)
 
(22
)
 
(62,422
)
 

 

 
(62,444
)
 

 
(62,444
)
Share-based compensation
 

 

 
208,238

 
1

 
850

 

 

 
851

 
276

 
1,127

Distributions on common shares/units
 

 

 

 

 

 

 
(26,441
)
 
(26,441
)
 
(90
)
 
(26,531
)
Distributions on preferred shares
 

 

 

 

 

 

 
(4,023
)
 
(4,023
)
 

 
(4,023
)
Net contribution from non-controlling interests
 

 

 

 

 

 

 

 

 
107

 
107

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

 

 

 

 

 
2,104

 

 
2,104

 

 
2,104

Net income (loss)
 

 

 

 

 

 

 
14,034

 
14,034

 
55

 
14,089

Balance at March 31, 2017
 
10,000,000

 
$
100

 
69,937,163

 
$
699

 
$
1,715,272

 
$
(208
)
 
$
(185,657
)
 
$
1,530,206

 
$
3,780

 
$
1,533,986

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
(546
)
 

 

 
(545
)
 
276

 
(269
)
Distributions on common shares/units
 

 

 

 

 

 

 
(26,184
)
 
(26,184
)
 
(90
)
 
(26,274
)
Distributions on preferred shares
 

 

 

 

 

 

 
(4,023
)
 
(4,023
)
 

 
(4,023
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative instruments
 

 

 

 

 

 
5,278

 

 
5,278

 

 
5,278

Unrealized gain (loss) on marketable securities
 

 

 

 

 

 
(579
)
 

 
(579
)
 

 
(579
)
Cumulative effect adjustment from adoption of new accounting standard
 

 

 

 

 

 
548

 
(548
)
 

 

 

Net income (loss)
 

 

 

 

 

 

 
24,409

 
24,409

 
107

 
24,516

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


6



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

7



Pebblebrook Hotel Trust
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

 
For the three months ended March 31,
 
2018
 
2017
Operating activities:
 
 
 
Net income (loss)
$
24,516

 
$
14,089

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
24,902

 
26,296

Share-based compensation
(269
)
 
1,127

(Gain) loss on derivative instruments

 
(64
)
Amortization of deferred financing costs and mortgage loan premiums
518

 
399

Impairment and other losses

 
1,049

Non-cash ground rent
676

 
733

Other
502

 
15

Changes in assets and liabilities:
 
 
 
Hotel receivables
(4,452
)
 
(2,141
)
Prepaid expenses and other assets
(7,717
)
 
(3,009
)
Accounts payable and accrued expenses
1,330

 
(3,034
)
Deferred revenues
1,285

 
1,692

Net cash provided by (used in) operating activities
41,291

 
37,152

Investing activities:
 
 
 
Improvements and additions to hotel properties
(16,179
)
 
(21,821
)
Investment in marketable securities
(158,338
)
 

Purchase of corporate office equipment, software, and furniture
(5
)
 
(6
)
Property insurance proceeds
97

 

Net cash provided by (used in) investing activities
(174,425
)
 
(21,827
)
Financing activities:
 
 
 
Payment of offering costs — common and preferred shares

 
(62
)
Payment of deferred financing costs

 
(2
)
Contributions from non-controlling interest

 
107

Borrowings under revolving credit facilities
226,286

 
132,000

Repayments under revolving credit facilities
(68,286
)
 
(10,000
)
Repayments of mortgage debt
(592
)
 
(44,996
)
Repurchase of common shares
(2,507
)
 
(62,444
)
Distributions — common shares/units
(26,753
)
 
(28,029
)
Distributions — preferred shares
(4,023
)
 
(4,023
)
Proceeds from refundable membership deposits
36

 
698

Repayments of refundable membership deposits
(337
)
 
(312
)
Net cash provided by (used in) financing activities
123,824

 
(17,063
)
Net change in cash and cash equivalents and restricted cash
(9,310
)
 
(1,738
)
Cash and cash equivalents and restricted cash, beginning of year
32,533

 
40,829

Cash and cash equivalents and restricted cash, end of period
$
23,223

 
$
39,091

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

8


PEBBLEBROOK HOTEL TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Organization
Pebblebrook Hotel Trust (the "Company") was formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities, with an emphasis on major gateway coastal markets.
As of March 31, 2018, the Company owned 28 hotels with a total of 6,972 guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; Boston, Massachusetts; Miami (Coral Gables), Florida; Minneapolis, Minnesota; Naples, Florida; Nashville, Tennessee; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Santa Monica, California; Seattle, Washington; Stevenson, Washington; Washington, D.C.; West Hollywood, California; and Los Angeles (Beverly Hills), California.
Substantially all of the Company’s assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. At March 31, 2018, the Company owned 99.7% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.3% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), the Company’s taxable REIT subsidiary ("TRS"), which in turn engages third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation.
Certain reclassifications have been made to the prior period’s financial statements to conform to the current year presentation.
Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Fair Value Measurements
A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:


9


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.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. Marketable securities are carried at fair value using Level 1 inputs. See Note 5 to the accompanying financial statements for disclosures on the fair value of debt and derivative instruments.
Investment in Hotel Properties
Upon acquisition of a hotel property, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Hotel acquisitions are generally considered to be asset acquisitions defined by ASU 2017-01 and transaction costs related to asset acquisitions are capitalized. Acquisition costs related to business combinations are expensed as incurred and are included in general and administrative expenses on the statement of operations.
Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Assets under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred.
Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations.
The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life.
The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Board of Trustees has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.

10


Investment in Marketable Securities
The Company's investment in marketable securities is classified as available for sale and is reported at fair value, based on quoted market prices. Changes in the fair value of available-for-sale securities are included in accumulated other comprehensive income in the consolidated statements of equity. Investment income, including dividends, is reported as a component of “Other” in the consolidated statements of operations and comprehensive income. Any realized gains and losses are accounted for using the specific identification method. The Company regularly reviews its investment in marketable securities for impairment taking into consideration the length of time and magnitude of the amount that each marketable security is in an unrealized loss position. If the Company does not expect to recover the entire amortized cost basis of a marketable security, it considers the impairment to be other than temporary and will record in earnings the difference between the marketable security’s amortized cost basis and its fair value.
As of March 31, 2018 and December 31, 2017, the carrying values of the investment in marketable securities were $158.3 million and zero, respectively. For the three months ended March 31, 2018 and 2017, unrealized losses recorded in accumulated other comprehensive loss related to the investment were $0.6 million and zero, respectively.
Revenue Recognition
Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services and are presented on a disaggregated basis on the consolidated statements of operations and comprehensive income. Room revenue is recognized over a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied.
The Company recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense.
Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income.
The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses.
For the three months ended March 31, 2018 and 2017, the Company recognized $14.7 million and $14.0 million, respectively, in revenues that were included in the deferred revenues (contract liabilities) at the beginning of the respective periods.
Income Taxes
To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

11


Share-based Compensation
The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds.
Earnings Per Share
Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.
Recent Accounting Standards
In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have a material impact on the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of retained earnings. The adoption of this standard has resulted in the reclassification of certain accounts on the Company's consolidated balance sheets to present deferred revenues (contract liabilities) and additional disclosures. As of March 31, 2018 and December 31, 2017, the Company reclassified $6.9 million and $7.5 million, respectively, from accounts payable and accrued expenses to deferred revenues on the Company's consolidated balance sheets. The Company also considered and determined that presenting revenue disaggregated by rooms, food and beverage, and other depicts the appropriate categories about the nature and timing of its revenue streams and that no additional disaggregation is needed.
In February 2016, the FASB issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. This ASU is expected to result in the recognition of right-to-use assets and related liabilities to account for the Company's future obligations under the ground lease arrangements for which the Company is the lessee. The Company will continue to evaluate the potential effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures.
In August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017, but earlier adoption is permitted. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.
In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash equivalents in the statement of cash flows. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. As a result, the Company's consolidated statements of cash flows included changes to cash and cash equivalents and restricted cash for all periods presented.

12


In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.
In May 2017, the FASB issued ASU No. 2017-09,  Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award, and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company adopted this standard on January 1, 2018 and reclassified an immaterial amount from retained earnings to accumulated other comprehensive income. In subsequent periods, any ineffectiveness related to the Company's derivatives instruments are reflected in accumulated other comprehensive income.

Note 3. Acquisition and Disposition of Hotel Properties
  
The Company had no acquisitions and dispositions during the three months ended March 31, 2018.
The Company will report a disposed or held for sale hotel property or group of hotel properties in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on its operations and financial results. All other disposed hotel properties will have their operating results reflected within continuing operations on the Company's consolidated statements of operations for all periods presented.
On June 20, 2017, the Company sold the Dumont NYC for $118.0 million and recognized an immaterial gain on sale. In March 2017, the Company recognized an impairment loss of $1.0 million related to this hotel property when the property was designated as held for sale.
On June 23, 2017, the Company sold the parking garage at the Revere Hotel Boston Common for $95.0 million. The Company recognized a gain of $13.9 million related to the sale of this parking garage.
For the three months ended March 31, 2018 and 2017, the Company's consolidated statements of operations included operating income of zero and $1.5 million, respectively, related to the sale of the Dumont NYC and the parking garage at the Revere Hotel Boston Common.
The sales of the hotel property and parking garage described above did not represent a strategic shift that had a major effect in the Company’s operations and financial results, and therefore, did not qualify as discontinued operations.

13


Note 4. Investment in Hotel Properties
Investment in hotel properties as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands):
 
 
March 31,
2018
 
December 31, 2017
Land
$
448,401

 
$
448,401

Buildings and improvements
2,217,352

 
2,205,315

Furniture, fixtures and equipment
243,226

 
240,842

Construction in progress
9,985

 
9,514

Investment in hotel properties
$
2,918,964

 
$
2,904,072

Less: Accumulated depreciation
(472,294
)
 
(447,622
)
Investment in hotel properties, net
$
2,446,670

 
$
2,456,450


On September 10, 2017, Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel ("Hotel Colonnade") located in Coral Gables, Florida and LaPlaya Beach Resort and LaPlaya Beach Club ("LaPlaya") located in Naples, Florida were impacted by the effects of Hurricane Irma. Hotel Colonnade did not suffer any material damage and remained open. LaPlaya was closed in anticipation of the storm and re-opened in stages beginning in the fourth quarter of 2017 and was fully reopened in January 2018.

The Company’s insurance policies provide coverage for property damage, business interruption, and reimbursement for other costs that were incurred relating to damages sustained during Hurricane Irma. Insurance proceeds are subject to deductibles. The Company recorded an impairment loss and a corresponding receivable reflecting the insurance proceeds that are probable of receipt up to the amount of loss recorded. As of March 31, 2018, the Company recorded a $4.9 million gain related to business interruption and expense reimbursement claims for the period through December 31, 2017. The Company believes the insurance receivable to be recoverable by considering various factors, including discussions and agreements reached with the insurance providers, consideration of their financial strength and review of the insurance policy provisions and limits. The Company continues to work with its insurance providers to resolve the remaining property and business interruption claims.
Note 5. Debt
Senior Unsecured Revolving Credit Facilities
The Company's $750.0 million unsecured credit facility provides for a $450.0 million unsecured revolving credit facility and a $300.0 million unsecured term loan (the "First Term Loan"). On October 13, 2017, the Company amended and restated the credit agreement governing its senior unsecured revolving credit facility and the First Term Loan. The revolving credit facility matures in January 2022 with options to extend the maturity date to January 2023 pursuant to certain terms and conditions and payment of an extension fee. 
The First Term Loan matures in January 2023. The Company has the ability to increase the aggregate borrowing capacity under the credit agreement to up to $1.3 billion, subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus 1.45% to 2.25%, depending on the Company’s leverage ratio. Additionally, the Company is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% of the unused portion of the revolving credit facility, depending on the amount of borrowings outstanding. The credit agreement that governs the revolving credit facility and the First Term Loan contains certain financial covenants, including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a maximum percentage of secured debt to total asset value.
As of March 31, 2018 and December 31, 2017, the Company had $203.0 million and $45.0 million, respectively, in outstanding borrowings under the revolving credit facility. As of March 31, 2018, the Company had $247.0 million borrowing capacity remaining under the revolving credit facility. As of March 31, 2018, the Company was in compliance with the credit agreement debt covenants. For the three months ended March 31, 2018 and 2017, the Company incurred unused commitment fees of $0.2 million and $0.2 million, respectively.
On May 17, 2017, PHL entered into a $10.0 million unsecured revolving credit facility ("PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. On October 13, 2017, PHL amended and restated the credit agreement governing the PHL Credit Facility. The PHL Credit Facility's maturity was extended to January 2022. Borrowings on the PHL Credit Facility bear interest at LIBOR plus 1.45% to 2.25%, depending on the Company's leverage ratio. The PHL Credit Facility is subject to debt covenants substantially similar to the covenants under the Company's amended and restated

14


credit agreement. Additionally, PHL is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% of the unused portion of the PHL Credit Facility.
As of March 31, 2018 and December 31, 2017, PHL had no borrowings under its revolving credit facility. As of March 31, 2018, there is $10.0 million borrowing capacity remaining under the PHL Credit Facility.
Unsecured Term Loan Facilities
On October 13, 2017, the Company amended and restated the credit agreement governing its senior unsecured revolving credit facility and the First Term Loan. The First Term Loan's maturity was extended to January 2023. As of March 31, 2018, the Company had $300.0 million outstanding under the First Term Loan. This term loan facility bears interest at a variable rate of LIBOR plus 1.40% to 2.20%, depending on the Company's leverage ratio.
On April 13, 2015, the Company entered into a second unsecured term loan facility. This term loan had a $100.0 million capacity which could have been increased to up to $200.0 million, subject to lender approval. On January 5, 2016, the Company exercised its option to increase the borrowing capacity to $175.0 million and borrowed the additional $75.0 million resulting from such increase. On October 13, 2017, the Company amended and restated the credit agreement governing this loan and entered into a second credit agreement, in effect separating it into two tranches, consisting of a $65.0 million unsecured term loan maturing in April 2022 (the "Second Term Loan") and a $110.0 million unsecured term loan maturing in October 2024 (the "Fourth Term Loan").
As of March 31, 2018, the Company had $65.0 million outstanding under the Second Term Loan. The Second Term Loan bears interest at a variable rate of LIBOR plus 1.40% to 2.20%, depending on the Company's leverage ratio. The Company has the ability to increase the aggregate borrowing capacity of the Second Term Loan to up to $150.0 million subject to lender approval.
On June 10, 2015, the Company entered into a third unsecured term loan facility (the "Third Term Loan"). The Third Term Loan has a $125.0 million capacity, which may be increased up to $250.0 million, subject to lender approval, and matures in January 2021. On January 5, 2016, the Company exercised its option to increase the borrowing capacity to $200.0 million and borrowed the additional $75.0 million resulting from such increase. On October 13, 2017, the Company amended and restated the credit agreement governing the Third Term Loan. As of March 31, 2018, the Company had $200.0 million outstanding under the Third Term Loan. This Third Term Loan bears interest at a variable rate of LIBOR plus 1.40% to 2.20%, depending on the Company's leverage ratio.
On October 13, 2017, the Company entered into a fourth unsecured term loan facility (the "Fourth Term Loan"). The Fourth Term Loan has a $110.0 million capacity and matures in October 2024. As of March 31, 2018, the Company had $110.0 million outstanding under the Fourth Term Loan. The Fourth Term Loan bears interest at a variable rate of LIBOR plus 1.70% to 2.60%, depending on the Company's leverage ratio. The Company has the ability to increase the aggregate borrowing capacity of the Fourth Term Loan to up to $250.0 million subject to lender approval.
As of March 31, 2018 and December 31, 2017, the Company had $675.0 million and $675.0 million, respectively, in aggregate outstanding borrowings under the four unsecured term loan facilities. Each of the term loan facilities is subject to debt covenants substantially similar to the covenants under the credit agreement that governs the revolving credit facility and First Term Loan. As of March 31, 2018, the Company was in compliance with all debt covenants of its term loan facilities. The Company has entered into interest rate swaps to effectively fix the LIBOR rates for all of its unsecured term loan facilities, except for $65.0 million of the Second Term Loan and for $10.0 million of the Fourth Term Loan (see “Derivative and Hedging Activities” below).
Senior Unsecured Notes
On November 12, 2015, the Company issued $60.0 million of senior unsecured notes (the "Series A Notes") bearing a fixed interest rate of 4.70% per annum and maturing in December 2023. On November 12, 2015, the Company issued $40.0 million of senior unsecured notes (the "Series B Notes") bearing a fixed interest rate of 4.93% per annum and maturing in December 2025. The Series A Notes and the Series B Notes are subject to debt covenants substantially similar to the covenants under the credit agreement that governs the revolving credit facility and the First Term Loan. On October 13, 2017, the agreement governing the Series A Notes and the Series B Notes was also amended to match the financial and other covenants in the senior unsecured revolving credit facility, as amended and restated. As of March 31, 2018, the Company was in compliance with all such debt covenants.
Derivative and Hedging Activities
The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. All of the Company's interest rate swaps are cash flow hedges. On January 1, 2018, the Company adopted ASU No. 2017-12, Derivatives and

15


Hedging: Targeted Improvements to Accounting for Hedging Activities. All unrealized gains and losses on these hedging instruments are reported in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
As of March 31, 2018, the Company had interest rate swaps with an aggregate notional amount of $300.0 million to hedge the variable interest rate on the First Term Loan and, as a result, the First Term Loan had a weighted-average effective interest rate of 2.83% per annum through July 13, 2017 and a weighted-average effective interest rate of 3.36% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at March 31, 2018.
The Company entered into interest rate swap agreements with an aggregate notional amount of $200.0 million to effectively fix the LIBOR rate of the Third Term Loan through January 2021, resulting in a weighted-average effective interest rate of 3.11% per annum, based on the Company’s leverage ratio at March 31, 2018.
The Company entered into interest rate swap agreements with an aggregate notional amount of $100.0 million to effectively fix the LIBOR rate of a portion of the Fourth Term Loan through April 2022, resulting in a weighted-average effective interest rate of 3.46% per annum, based on the Company’s leverage ratio at March 31, 2018. The interest rate on the other $10.0 million of the Fourth Term Loan remains floating at variable rate of LIBOR plus 1.70% to 2.60%, depending on the Company's leverage ratio.
The Company records all derivative instruments at fair value in the consolidated balance sheets. Fair values of interest rate swaps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (Level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company incorporates these counterparty credit risks in its fair value measurements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions.
As of March 31, 2018, the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of $9.8 million and $0.3 million, respectively, in the accompanying consolidated balance sheets. For the three months ended March 31, 2018 and 2017, there was $5.3 million and $2.1 million in unrealized gain (loss), respectively, recorded in accumulated other comprehensive income (loss). For the three months ended March 31, 2018 and 2017, the Company recorded a gain (loss) of zero and $0.1 million, respectively, for the ineffective portion of the change in fair values of the interest rate swaps. For the three months ended March 31, 2018 and 2017, the Company reclassified $0.3 million and $1.1 million, respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $2.1 million will be reclassified from accumulated other comprehensive income (loss) to interest expense in the next 12 months.
Mortgage Debt
Each of the Company’s mortgage loans is secured by a first mortgage lien or by leasehold interests under the ground lease on the underlying property. The mortgages are non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds.
Debt Summary
Debt as of March 31, 2018 and December 31, 2017 consisted of the following (dollars in thousands):

16


 
 

 

Balance Outstanding as of
 
Interest Rate

Maturity Date

March 31, 2018

December 31, 2017
Revolving credit facilities
 
 
 
 
 
 
 
Senior unsecured revolving credit facility
Floating (1)

January 2022

$
203,000


$
45,000

PHL unsecured revolving credit facility
Floating (2)

January 2022




Total revolving credit facilities
 
 
 
 
$
203,000

 
$
45,000

 
 
 
 
 
 
 
 
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

Total term loans at stated value




675,000


675,000

Deferred financing costs, net




(4,335
)

(4,594
)
Total term loans




$
670,665


$
670,406











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




(602
)

(626
)
Total senior unsecured notes




$
99,398


$
99,374











Mortgage loans









The Westin San Diego Gaslamp Quarter
3.69%

January 2020

69,981


70,573

Mortgage loans at stated value




69,981


70,573

Deferred financing costs, net




(106
)

(116
)
Total mortgage loans




$
69,875


$
70,457

Total debt




$
1,042,938


$
885,237

 
________________________ 
(1) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin.
(2) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.
(3) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At March 31, 2018 and December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. See "Derivative and Hedging Activities" above.
The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within level 2 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt (unsecured senior notes and mortgage loans) as of March 31, 2018 and December 31, 2017 was $164.3 million and $167.1 million, respectively.
The Company was in compliance with all debt covenants as of March 31, 2018.
Note 6. Equity

17


Common Shares
The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share (“common shares”). Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees.
On March 5, 2014, the Company filed a prospectus supplement with the SEC to sell up to $175.0 million in common shares under a new "at the market" offering program (an "ATM program"). At the same time, the Company terminated its prior $170.0 million ATM program. As of March 1, 2017, $159.8 million in common shares remained available for issuance under the $175.0 million ATM program, and as of that date the Company terminated the program.
On February 22, 2016, the Company announced that the Board of Trustees authorized a share repurchase program of up to $150.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase its common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. Upon repurchase by the Company, common shares cease to be outstanding and became authorized but unissued common shares. For the three months ended March 31, 2018, the Company had no repurchases under this program and as of March 31, 2018, $56.6 million of common shares remained available for repurchase under this program.
On July 27, 2017, the Company announced that the Board of Trustees authorized a new share repurchase program of up to $100.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase its common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. This $100.0 million share repurchase program will commence upon completion of the Company's $150.0 million share repurchase program.
Common Dividends
The Company declared the following dividends on common shares/units for the three months ended March 31, 2018:
Dividend per
Share/Unit
 
For the Quarter
Ended
 
Record Date
 
Payable Date
$
0.38

 
March 31, 2018
 
March 29, 2018
 
April 16, 2018
Preferred Shares
The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $.01 par value per share (“preferred shares”).
As of March 31, 2018 and December 31, 2017, the Company had 5,000,000 of its 6.50% Series C Cumulative Redeemable Preferred Shares ("Series C Preferred Shares") and 5,000,000 of its 6.375% Series D Cumulative Redeemable Preferred Shares ("Series D Preferred Shares") outstanding.
The Series C Preferred Shares and Series D Preferred Shares (collectively, the “Preferred Shares”) rank senior to the common shares and on parity with each other with respect to payment of distributions. The Preferred Shares are cumulative redeemable preferred shares, do not have any maturity date and are not subject to mandatory redemption. The Company could not redeem the Series C Preferred Shares prior to March 18, 2018 and may not redeem the Series D Preferred Shares prior to June 9, 2021, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. On or after June 9, 2021, the Company may, at its option, redeem the Series D Preferred Shares, and at any time the Company may, at its option, redeem the Series C Preferred Shares, in each case in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on a defined formula subject to a share cap. The share cap on each Series C Preferred Share is 2.0325 common shares and each Series D Preferred Share is 1.9794 common shares.
Preferred Dividends
The Company declared the following dividends on preferred shares for the three months ended March 31, 2018:
 

18


Security Type
 
Dividend  per
Share/Unit
 
For the Quarter
Ended
 
Record Date
 
Payable Date
6.50% Series C
 
$
0.41

 
March 31, 2018
 
March 29, 2018
 
April 16, 2018
6.375% Series D
 
$
0.40

 
March 31, 2018
 
March 29, 2018
 
April 16, 2018
Non-controlling Interest of Common Units in Operating Partnership
Holders of Operating Partnership units have certain redemption rights that enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders.
As of March 31, 2018 and December 31, 2017, the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at March 31, 2018, 145,598 LTIP units have vested. Only vested LTIP units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described above.
Note 7. Share-Based Compensation Plan
The Company maintains the 2009 Equity Incentive Plan, as amended and restated (as amended, the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three to five years, with certain awards vesting over periods of up to six years. The Company pays or accrues for dividends on share-based awards. All share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. As of March 31, 2018, there were 1,207,886 common shares available for issuance under the Plan, assuming performance-based equity awards vest at target.
Service Condition Share Awards
From time to time, the Company awards restricted common shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three to five years based on continued service or employment.
The following table provides a summary of service condition restricted share activity as of March 31, 2018:
 
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 2017
137,105

 
$
30.05

Granted
52,609

 
$
36.86

Vested
(61,982
)
 
$
31.35

Forfeited

 
$

Unvested at March 31, 2018
127,732

 
$
32.22

The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the three months ended March 31, 2018 and 2017, the Company recognized approximately $0.4 million and $0.4 million, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of March 31, 2018, there was $3.7 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.1 years.
Performance-Based Equity Awards

On January 30, 2013, the Board of Trustees approved a target award of 72,118 performance-based equity awards to officers and employees of the Company. In January 2016, these awards vested and the Company issued 120,730 and 56,562 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested were based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2013 through December 31, 2015.

19


On December 13, 2013, the Board of Trustees approved a target award of 252,088 performance-based equity awards to officers and employees of the Company. The awards vest ratably on January 1, 2016, 2017, 2018, 2019 and 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined on each vesting date based upon the two performance criteria as defined in the award agreements for the period of performance beginning on the grant date and ending on the applicable vesting date. In January 2016, the Company issued 25,134 of common shares which represented achieving 49% of the 50,418 target number of shares for that measurement period. In January 2017, the Company issued 12,285 of common shares which represented achieving 25% of the 49,914 target number of shares for that measurement period. In January 2018, the Company issued 72,236 of common shares which represented achieving 145% of the 49,914 target number of shares for that measurement period.
On February 4, 2014, the Board of Trustees approved a target award of 66,483 performance-based equity awards to officers and employees of the Company. In January 2017, these awards vested and the Company issued 112,782 and 25,619 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2014 through December 31, 2016.
On February 11, 2015, the Board of Trustees approved a target award of 44,962 performance-based equity awards to officers and employees of the Company. In January 2018, these awards vested and the Company issued 14,089 and 2,501 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2015 through December 31, 2017.
On July 27, 2015, a target award of 771 performance-based equity awards was granted to an employee of the Company. In January 2018, these awards vested and the Company issued 1,079 common shares to the employee. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2016 through December 31, 2017.
On February 10, 2016, the Board of Trustees approved a target award of 100,919 performance-based equity awards to officers and employees of the Company. These awards vest in 2019. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 17,372 target awards to non-executive management employees which have no maximum) and will be determined in 2019 based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2016 through December 31, 2018.
On February 15, 2017, the Board of Trustees approved a target award of 81,939 performance-based equity awards to officers and employees of the Company. These awards vest in 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined in 2020 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2017 through December 31, 2019.
On February 14, 2018, the Board of Trustees approved a target award of 78,918 performance-based equity awards to officers and employees of the Company. These awards vest in 2021. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined in 2021 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2018 through December 31, 2020.
The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions:

20


Performance Award Grant Date
 
Percentage of Total Award
 
Grant Date Fair Value by Component ($ in millions)
 
Volatility
 
Interest Rate
 
Dividend Yield
January 30, 2013
 
 
 
 
 
 
 
 
 
 
 
Relative Total Shareholder Return
 
30.00%
 
$0.7
 
31.00%
 
0.41%
 
2.20%
 
Absolute Total Shareholder Return
 
30.00%
 
$0.5
 
31.00%
 
0.41%
 
2.20%
 
EBITDA Comparison
 
40.00%
 
$0.7
 
31.00%
 
0.41%
 
2.20%
 
 
 
 
 
 
 
 
 
 
 
 
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%
(1)Amounts round to zero.

In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718. The EBITDA Comparison component is a performance condition as defined by ASC 718, and, therefore, compensation expense related to this component will be reassessed at each reporting date based on the Company's estimate of the probable level of achievement, and the accrual of compensation expense will be adjusted as appropriate.
 

21


Dividends on unvested performance-based equity awards accrue over the vesting period and will be paid on the actual number of shares that vest at the end of the applicable period. The Company recognizes compensation expense on a straight-line basis through the vesting date. As of March 31, 2018, there was approximately $7.9 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 2.0 years. For the three months ended March 31, 2018 and 2017, the Company recognized $(1.0) million and $0.4 million, respectively, in expense related to these awards.
Long-Term Incentive Partnership Units
LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership.
As of March 31, 2018, the Operating Partnership had two classes of LTIP units, LTIP Class A and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company.
On December 13, 2013, the Board of Trustees approved a grant of 226,882 LTIP Class B units to executive officers of the Company. These LTIP units are subject to time-based vesting in five equal annual installments beginning January 1, 2016 and ending on January 1, 2020. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $29.19 per unit. The aggregate grant date fair value of the LTIP Class B units was $6.6 million.
As of March 31, 2018, the Company had 236,351 LTIP units outstanding. All unvested LTIP units will vest upon a change in control. As of March 31, 2018, of the 236,351 units outstanding, 145,598 LTIP units have vested.
For the three months ended March 31, 2018 and 2017, the Company recognized $0.3 million and $0.3 million, respectively, in expense related to these LTIP units. As of March 31, 2018, there was $1.9 million of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 0.9 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets.
Note 8. Income Taxes
The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company has estimated PHL's income tax expense (benefit) for the three months ended March 31, 2018 using an estimated combined federal and state effective tax rate of 30.0%.
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of March 31, 2018 and December 31, 2017, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2014 and 2013, respectively.
Note 9. Earnings Per Share
The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):

22


 
For the three months ended March 31,
 
2018
 
2017
Numerator:
 
 
 
Net income (loss) attributable to common shareholders
$
20,386

 
$
10,011

Less: dividends paid on unvested share-based compensation
(83
)
 
(104
)
Net income (loss) available to common shareholders
$
20,303

 
$
9,907

Denominator:
 
 
 
Weighted-average number of common shares — basic
68,876,444

 
71,610,994

Effect of dilutive share-based compensation
331,604

 
281,826

Weighted-average number of common shares — diluted
69,208,048

 
71,892,820

 
 
 
 
Net income (loss) per share available to common shareholders — basic
$
0.29

 
$
0.14

Net income (loss) per share available to common shareholders — diluted
$
0.29

 
$
0.14

For the three months ended March 31, 2018 and 2017, 4,212 and 18,394, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.
Note 10. Commitments and Contingencies
Management Agreements
The Company’s hotel properties are operated pursuant to management agreements with various management companies. The terms of these management agreements range from five years to 21 years, not including renewals, and five years to 52 years, including renewals. Many of the Company’s management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees. Most of the agreements also provide the Company the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to five times the annual base management and incentive management fees, depending on the agreement and the reason for termination. Certain of the Company’s management agreements are non-terminable except upon the manager’s breach of a material representation or the manager’s failure to meet performance thresholds as defined in the management agreement.
The management agreements require the payment of a base management fee generally between 2% and 4% of hotel revenues. Under certain management agreements, the management companies are also eligible to receive an incentive management fee if hotel operating income, cash flows or other performance measures, as defined in the agreements, exceed certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Combined base and incentive management fees were $5.3 million and $5.4 million for the three months ended March 31, 2018 and 2017, respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's consolidated statements of operations and comprehensive income.
Reserve Funds
Certain of the Company’s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment.
Restricted Cash
At March 31, 2018 and December 31, 2017, the Company had $7.3 million and $7.1 million, respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or loan agreements.

23


Ground and Hotel Leases
The Hotel Monaco Washington DC is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $0.2 million or a percentage of gross hotel revenues and gross food and beverage revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the hotel structure due to its status as a national historic landmark.
The Argonaut Hotel is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $1.3 million or a percentage of rooms revenues, food and beverage revenues and other department revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the structure due to its status as a national historic landmark.

The Hotel Zelos San Francisco is subject to a long-term hotel lease agreement for the right to use the ground floor lobby area and floors five through nine of the building and underlying land. The hotel lease expires in 2097. The hotel is required to pay the greater of a fixed rent or percentage rent. The fixed rent increases annually by at least 2% and at most the lesser of (i) the increase in the consumer price index ("CPI") and (ii) 4%. Percentage rent is based on gross hotel and gross food and beverage revenues in excess of certain thresholds (adjusted for CPI increases), as defined in the lease agreement.

The Hotel Zephyr Fisherman's Wharf is subject to a long-term primary ground lease agreement. Through 2016, the primary ground lease required the hotel to make annual base rental payments of $0.1 million and percentage rental payments based on 5% of room revenues and 7.5% of retail revenues attributed to guest rooms and retail space added to the hotel property in 1998. Beginning in 2017, the primary ground lease requires the hotel to pay percentage rent based on 6% of total room revenues and 7.5% of total retail and parking revenues. The primary ground lease expires in 2062.

The Hotel Zeppelin San Francisco is subject to a long-term hotel lease for the right to use floors three through seven, the basement and the roof of an adjacent, attached building containing 64 of the 196 guest rooms at the property. The hotel lease expires in 2059, with a one-time extension option of 30 years. The Company is required to pay annual base rent of approximately $0.5 million, beginning in October 2017. The annual base rent is subject to a fixed increase every year during the remaining lease term. The building portion of the long-term hotel lease was determined to be a capital lease.

The Hotel Palomar Los Angeles Beverly Hills is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2107, including 19 five-year extension options. The hotel is required to pay annual base rent of approximately $3.8 million through January 2021 and the base rent will be adjusted for CPI increases at each five-year extension.

The Union Station Hotel Nashville, Autograph Collection is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2105. The hotel is required to pay the greater of annual base rent of $0.1 million or annual real property taxes.

The ground leases and the Hotel Zelos San Francisco hotel lease are considered operating leases. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense was $3.1 million and $3.3 million for the three months ended March 31, 2018 and 2017, respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income.

Litigation
The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.



24


Note 11. Supplemental Information to Statements of Cash Flows
 
 
For the three months ended March 31,
 
2018
 
2017
 
(in thousands)
Interest paid, net of capitalized interest
$
7,655

 
$
7,464

Income taxes paid
$

 
$
79

Non-Cash Investing and Financing Activities:
 
 
 
Distributions payable on common shares/units
$
27,902

 
$
28,274

Distributions payable on preferred shares
$
3,442

 
$
3,442

Issuance of common shares for Board of Trustees compensation
$
662

 
$
503

Accrued additions and improvements to hotel properties
$
1,286

 
$
4,525

Write-off of deferred financing costs
$

 
$
356


25



Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. Pebblebrook Hotel Trust is a Maryland real estate investment trust that conducts its operations so as to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). Substantially all of the operations are conducted through Pebblebrook Hotel, L.P. (our "Operating Partnership"), a Delaware limited partnership of which Pebblebrook Hotel Trust is the sole general partner. In this report, we use the terms "the Company", "we" or "our" to refer to Pebblebrook Hotel Trust and its subsidiaries, unless the context indicates otherwise.

FORWARD-LOOKING STATEMENTS
This report, together with other statements and information publicly disseminated by us, contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "should", "potential", "could", "seek", "assume", "forecast", "believe", "expect", "intend", "anticipate", "estimate", "project" or similar expressions. Forward-looking statements in this report include, among others, statements about our business strategy, including acquisition and development strategies, industry trends, estimated revenues and expenses, estimated costs and durations of renovation or restoration projects, estimated insurance recoveries, our ability to realize deferred tax assets and expected liquidity needs and sources (including capital expenditures and our ability to obtain financing or raise capital). You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and which could materially affect actual results, performance or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to:
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, 2017.
Accordingly, there is no assurance that our expectations will be realized. Except as otherwise required by the federal securities laws, we disclaim any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Overview


26


The U.S. lodging industry is expected to continue to generate moderate revenue growth in 2018. Corporate business travel demand has recently improved along with positive business sentiment and a growing global economy. Leisure travel demand is solid, but international inbound travel demand continues to exhibit weakness. On average, supply has increased, in many of the larger urban markets such as New York, Boston, Los Angeles, Miami, Nashville, Philadelphia, Portland, Seattle and Washington, D.C. As a result, we expect that the urban markets will continue to underperform the U.S. lodging industry’s modest RevPAR growth in 2018.
We believe that our capital reinvestments and redevelopment projects will drive continued operating cash flow growth and higher long-term economic values across our portfolio. During the first quarter, our hotels performed better than expected and we are encouraged by the positive travel trends in increased short-term group and transient bookings, fewer cancellations, better group attendance and increased overall group spend, as well as solid demand from the leisure segment. The overall improvements in business travel trends has been broad based across our portfolio. These trends seem to be continuing into the second quarter.
The remediation of our 189-room LaPlaya Beach Resort and LaPlaya Beach Club (“LaPlaya”) property following damage caused by Hurricane Irma was completed and all rooms were placed back into service during this quarter. We agreed to a $4.9 million settlement with our insurance carriers for business interruption and expense reimbursement claims for the period through December 31, 2017. We continue to work with our insurance providers to resolve the remaining property and business interruption claims.
During the quarter ended March 31, 2018, we invested approximately $157.8 million in marketable securities representing approximately 4.8 percent of the outstanding shares of LaSalle Hotel Properties. During the quarter, we also proposed a business combination with LaSalle Hotel Properties.
While we do not operate our hotel properties, both our asset management team and our executive management team monitor and work cooperatively with our hotel managers by advising and making recommendations in all aspects of our hotels’ operations, including property positioning and repositioning, revenue and expense management, operations analysis, physical design, renovation and capital improvements, guest experience and overall strategic direction. Through these efforts, we seek to improve property efficiencies, lower costs, maximize revenues and enhance property operating margins, which we expect will enhance returns to our shareholders.

Key Indicators of Financial Condition and Operating Performance

We measure hotel results of operations and the operating performance of our business by evaluating financial and non-financial metrics such as room revenue per available room ("RevPAR"); average daily rate ("ADR"); occupancy rate ("occupancy"); funds from operations ("FFO"); and earnings before interest, income taxes, depreciation and amortization ("EBITDA"). We evaluate individual hotel and company-wide performance with comparisons to budgets, prior periods and competing properties. ADR, occupancy and RevPAR may be impacted by macroeconomic factors as well as regional and local economies and events. See "Non-GAAP Financial Matters" for further discussion of FFO and EBITDA.

Hotel Operating Statistics

The following table represents the key same-property hotel operating statistics for our hotels for the three months ended March 31, 2018 and 2017.
 
For the three months ended March 31,
 
2018
 
2017
 
 
 
 
Same-Property Occupancy
79.8
%
 
80.5
%
Same-Property ADR
$
244.44

 
$
242.82

Same-Property RevPAR
$
195.17

 
$
195.53


The table above includes information from all of the hotels we owned as of March 31, 2018. These hotel results for the respective periods include information reflecting operational performance for some hotels prior to our ownership of those hotels.
Non-GAAP Financial Measures

27


Non-GAAP financial measures are measures of our historical or future financial performance that are different from measures calculated and presented in accordance with U.S. GAAP. We report FFO and EBITDA, which are non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance.
We calculate FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which defines FFO as net income (calculated in accordance with U.S. GAAP), excluding real estate related depreciation and amortization, gains (losses) from sales of real estate, impairments of real estate assets (including impairment of real estate related joint ventures), the cumulative effect of changes in accounting principles and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. By excluding the effect of real estate related depreciation and amortization including our share of the joint venture depreciation and amortization, gains (losses) from sales of real estate and impairments of real estate assets (including impairment of real estate related joint ventures), all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that FFO provides investors a useful financial measure to evaluate our operating performance.
The following table reconciles net income (loss) to FFO and FFO available to common share and unit holders for the three months ended March 31, 2018 and 2017 (in thousands):
 
For the three months ended March 31,
 
2018
 
2017
Net income (loss)
$
24,516

 
$
14,089

Adjustments:
 
 
 
Depreciation and amortization
24,849

 
26,237

Impairment loss

 
1,049

FFO
$
49,365

 
$
41,375

Distribution to preferred shareholders
(4,023
)
 
(4,023
)
FFO available to common share and unit holders
$
45,342

 
$
37,352

EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. We believe that EBITDA provides investors a useful financial measure to evaluate our operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).
The following table reconciles net income (loss) to EBITDA for the three months ended March 31, 2018 and 2017 (in thousands):
 
For the three months ended March 31,
 
2018
 
2017
Net income (loss)
$
24,516

 
$
14,089

Adjustments:
 
 
 
Interest expense
9,811

 
9,341

Income tax expense (benefit)
(429
)
 
(2,835
)
Depreciation and amortization
24,902

 
26,296

EBITDA
$
58,800

 
$
46,891

Neither FFO nor EBITDA represent cash generated from operating activities as determined by U.S. GAAP and neither should be considered as an alternative to U.S. GAAP net income (loss), as an indication of our financial performance, or to U.S. GAAP cash flow from operating activities, as a measure of liquidity. In addition, FFO and EBITDA are not indicative of funds available to fund cash needs, including the ability to make cash distributions.
Results of Operations
At March 31, 2018 and 2017, we had 28 and 29 wholly owned properties and leasehold interests, respectively. All properties owned during these periods have been included in our results of operations during the respective periods since their dates of acquisition and through the dates of disposition, as applicable. Based on when a property was acquired or disposed,

28


operating results for certain properties are not comparable for the three months ended March 31, 2018 and 2017. The properties listed in the table below are hereinafter referred to as "non-comparable properties" for the periods indicated and all other properties are referred to as "comparable properties":
Property
 
Location
 
Acquisition/Disposition Date
 
Non-comparable property for the three months ended March 31, 2018 and 2017
Dumont NYC
(1) 
New York, NY
 
October 19, 2016
 
X
(1) We obtained full ownership of this property as a result of the joint venture redemption transaction in October 2016. We subsequently sold this property on June 20, 2017.
Comparison of the three months ended March 31, 2018 to the three months ended March 31, 2017
Revenues — Total hotel revenues decreased by $1.1 million due to the revenue decline at the non-comparable property of $3.5 million, a decline in parking revenue at the Revere Hotel Boston Common as a result of the sale of the parking garage in 2017, a decline in revenues at the Hotel Monaco Washington DC due to the presidential inauguration and Women's March which occurred in January 2017 and a decline in revenue at Hotel Vintage Portland due to the renovation and closure of its restaurant in 2018. These declines were offset by increases in rooms and food and beverage revenue in 2018 at the Revere Hotel Boston Common and Hotel Zoe San Francisco due to renovations which were ongoing during the first quarter of 2017.
Hotel operating expenses — Total hotel operating expenses decreased $0.3 million, which was a result of a decline in expenses of $3.2 million from the non-comparable properties offset by increases in expenses at Revere Hotel Boston Common and Hotel Zoe San Francisco which were under renovations during the first quarter of 2017.
Depreciation and amortization — Depreciation and amortization expense decreased by $1.4 million primarily due to the reduction in depreciation from the non-comparable properties offset by additional depreciation on an increase in assets as a result of the renovations at the Hotel Palomar Los Angeles Beverly Hills and Union Station Hotel Nashville, Autograph Collection.
Real estate taxes, personal property taxes, property insurance and ground rent — Real estate taxes, personal property taxes, property insurance and ground rent decreased by $1.6 million primarily due to a real estate tax adjustment recorded in the first quarter of 2017 as a result of a higher than estimated assessment on one property. There was no similar adjustment in the first quarter of 2018. In addition, there was a decline in real estate tax as a result of selling the parking garage at the Revere Hotel Boston Common and the non-comparable properties. Real estate taxes for the rest of the portfolio and ground rent were consistent with the prior year.
Corporate general and administrative — Corporate general and administrative expenses decreased by $3.5 million due to a decrease in share-based compensation as a result of a reduction in the number of performance shares expected to vest and a decrease in bonus expense as a result of a lower bonus payouts. Corporate general and administrative expenses consist of employee compensation costs, legal and professional fees, insurance, state franchise taxes and other expenses.
Impairment and other losses — Impairment and other losses decreased by $0.3 million. An impairment of $1.0 million was recognized in the first quarter of 2017. In the first quarter of 2018, the Company incurred $0.8 million in costs related to the property damage sustained by LaPlaya from Hurricane Irma which are expected to be recovered through insurance proceeds.
Gain on insurance settlement — Gain on insurance settlement increased by $4.9 million as a result of the settlement of business interruption claim for the Hurricane Irma costs and lost profits at LaPlaya for the period through December 31, 2017.
Interest expense — Interest expense increased by $0.5 million as a result of higher borrowings under the revolving credit facility during 2018.
Other — Other income increased by $2.4 million due to dividend income from marketable securities.
Income tax (expense) benefit — Income tax benefit decreased by $2.4 million due primarily to a decrease in taxable loss of PHL during the first quarter of 2018 compared to the first quarter of 2017 in addition to a decline in our effective tax rate.
Non-controlling interests — Non-controlling interests represent the allocation of income or loss of our Operating Partnership to the common units held by the LTIP unit holders.

29


Other comprehensive income (loss) — Other comprehensive income increased by $2.6 million primarily as a result of an increase in unrealized gain from interest rate swap derivatives and change in fair value of our marketable securities.

Critical Accounting Policies

Our consolidated financial statements have been prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of our financial statements and the reported amounts of revenues and expenses during the reporting period. While we do not believe the reported amounts would be materially different, application of these policies involves the exercise of judgment and the use of assumptions as to future uncertainties and, as a result, actual results could differ from these estimates. We evaluate our estimates and judgments on an ongoing basis. We base our estimates on experience and on various other assumptions that are believed to be reasonable under the circumstances. All of our significant accounting policies, including certain critical accounting policies, are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.
Recent Accounting Standards
See Note 2, “Summary of Significant Accounting Policies,” to our consolidated interim financial statements for additional information relating to recently issued accounting pronouncements.

Liquidity and Capital Resources
We expect to meet our short-term liquidity requirements through net cash provided by operations, existing cash balances and, if necessary, short-term borrowings under our senior unsecured revolving credit facilities. We expect our existing cash balances and cash provided by operations will be adequate to fund operating requirements, service debt and fund dividends in accordance with the REIT requirements of the federal income tax laws.
We expect to meet our long-term liquidity requirements, such as hotel property acquisitions, property redevelopment, investments in new joint ventures, and debt principal payments and debt maturities, through the net proceeds from additional issuances of common shares, additional issuances of preferred shares, issuances of units of limited partnership interest in our Operating Partnership, secured and unsecured borrowings, hotel property sales and cash provided by operations. The success of our business strategy may depend in part on our ability to access additional capital through issuances of debt and equity securities, which is dependent on favorable market conditions.
We strive to maintain prudent debt leverage and intend to opportunistically enhance our capital position.
Unsecured Revolving Credit Facilities, Unsecured Term Loan Facilities and Senior Unsecured Notes
Our $750.0 million unsecured credit facility provides for a $450.0 million unsecured revolving credit facility (the "Revolver") and a $300.0 million unsecured term loan (the "First Term Loan"). On October 13, 2017, we amended and restated the credit agreement governing our unsecured revolving credit facility and the First Term Loan. The Revolver matures in January 2022 with options to extend the maturity date to January 2023 and the First Term Loan matures in January 2023.
As of March 31, 2018, we had $203.0 million outstanding under the Revolver and $300.0 million outstanding under the First Term Loan. As of March 31, 2018, we had $247.0 million borrowing capacity remaining under the Revolver. We have the ability to further increase the aggregate borrowing capacity under the credit agreement to up to $1.3 billion, subject to lender approval. We intend to repay indebtedness incurred under the Revolver from time to time out of cash flows from operations and, as market conditions permit, from the net proceeds of issuances of additional equity and debt securities and from the net proceeds of dispositions of hotel properties.
Interest is paid on the periodic advances under the senior unsecured revolving credit facility at varying rates, based upon either LIBOR or the alternate base rate, plus an additional margin amount. The interest rate depends upon our leverage ratio pursuant to the provisions of the credit facility agreement. We entered into interest rate swap agreements to effectively fix the interest rates of the First Term Loan through January 15, 2020. The First Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.36% from July 13, 2017 through January 15, 2020, based on our leverage ratio at March 31, 2018.
On April 13, 2015, we entered into a second unsecured term loan facility. This term loan had a $100.0 million capacity, which could have been increased up to $200.0 million, subject to lender approval. On January 5, 2016, we exercised the option to increase the borrowing capacity to $175.0 million and borrowed the additional $75.0 million resulting from such increase. On October 13, 2017,  we amended and restated the credit agreement governing this term loan facility and entered into a second credit agreement, in effect separating it into two tranches, consisting of a $65.0 million unsecured term loan maturing in April

30


2022 (the "Second Term Loan") and a $110.0 million unsecured term loan maturing in October 2024 (the "Fourth Term Loan"). The borrowings under the Second Term Loan bear interest at a rate of LIBOR plus 1.40% to 2.20%, depending on our leverage ratio. We have the ability to increase the aggregate borrowing capacity to up to $150.0 million, subject to lender approval.
On June 10, 2015, we entered into a third unsecured term loan facility (the "Third Term Loan"). The Third Term Loan has a $125.0 million capacity, which may be increased up to $250.0 million, subject to lender approval, and matures in January 2021. On January 5, 2016, we exercised the option to increase the borrowing capacity to $200.0 million and borrowed the additional $75.0 million resulting from such increase. On October 13, 2017, we amended and restated the credit agreement governing the Third Term Loan. The Third Term Loan bears interest at a variable rate of LIBOR plus 1.40% to 2.20%, depending on our leverage ratio. We entered into interest rate swap agreements with an aggregate notional amount of $200.0 million to effectively fix the LIBOR rate through January 2021, resulting in a weighted-average effective interest rate of 3.11%, based on our leverage ratio at March 31, 2018.
The Fourth Term Loan has a $110.0 million capacity and matures in October 2024. As of March 31, 2018, we had $110.0 million outstanding under the Fourth Term Loan. The Fourth Term Loan bears interest at a variable rate of LIBOR plus 1.70% to 2.60% depending on our leverage ratio. We entered into interest rate swap agreements with an aggregate notional amount of $100.0 million to effectively fix the LIBOR rate through April 2022 on $100.0 million of the Fourth Term Loan resulting in a weighted-average effective interest rate of 3.46%, based on the Company’s leverage ratio at March 31, 2018. The interest rate on the other $10.0 million of the Fourth Term Loan remains floating at LIBOR plus 1.70% to 2.60%, depending on our leverage ratio. We have the ability to increase the aggregate borrowing capacity to up to $250.0 million, subject to lender approval.
We did not make any changes to our interest rate swap agreements.
On November 12, 2015, we issued $60.0 million of senior unsecured notes bearing a fixed interest rate of 4.70% per annum and maturing in December 2023 (the "Series A Notes"). On November 12, 2015, we issued $40.0 million of senior unsecured notes bearing a fixed interest rate of 4.93% per annum and maturing in December 2025 (the "Series B Notes"). The agreement governing the Series A Notes and the Series B Notes was also amended on October 13, 2017 to match the financial and other covenants in our senior unsecured revolving credit facility, as amended and restated. 
On May 17, 2017, PHL entered into another $10.0 million unsecured revolving credit facility (the "PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. On October 13, 2017, we amended the agreement governing the $10.0 million PHL Credit Facility to extend the maturity date to January 2022 on substantially similar terms as our senior unsecured revolving credit facility, as amended and restated. Borrowings under the PHL Credit Facility bear interest at LIBOR plus 1.45% to 2.25%, depending on the Company's leverage ratio. As of March 31, 2018, we had no borrowings under the PHL Credit Facility.



31


Debt Summary
Debt as of March 31, 2018 and December 31, 2017 consisted of the following (dollars in thousands):
 
 
 
 
 
Balance Outstanding as of
 
Interest Rate
 
Maturity Date
 
March 31, 2018
 
December 31, 2017
Revolving credit facilities
 
 
 
 
 
 
 
Senior unsecured revolving credit facility
Floating (1)
 
January 2022
 
$
203,000

 
$
45,000

PHL unsecured revolving credit facility
Floating(2)
 
January 2022
 

 

Total revolving credit facilities
 
 
 
 
$
203,000

 
$
45,000

 
 
 
 
 
 
 
 
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

Total term loans at stated value
 
 
 
 
675,000

 
675,000

Deferred financing costs, net
 
 
 
 
(4,335
)
 
(4,594
)
Total term loans
 
 
 
 
$
670,665

 
$
670,406

 
 
 
 
 
 
 
 
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
 
 
 
 
(602
)
 
(626
)
Total senior unsecured notes
 
 
 
 
$
99,398

 
$
99,374

 
 
 
 
 
 
 
 
Mortgage loans
 
 
 
 
 
 
 
The Westin San Diego Gaslamp Quarter
3.69%
 
January 2020
 
69,981

 
70,573

Mortgage loans at stated value
 
 
 
 
69,981

 
70,573

Deferred financing costs, net
 
 
 
 
(106
)
 
(116
)
Total mortgage loans
 
 
 
 
$
69,875

 
$
70,457

Total debt
 
 
 
 
$
1,042,938

 
$
885,237

__________
(1) Borrowings bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin.
(2) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.
(3) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At March 31, 2018 and December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. See "Derivative and Hedging Activities" above.
Issuance of Shares of Beneficial Interest
On March 5, 2014, we entered into equity distribution agreements (collectively, the “Equity Distribution Agreements”) with each of Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Raymond James & Associates, Inc. (collectively, the “Sales Agents”), providing for our sale from time to time of our common shares having an

32


aggregate offering price of up to $175.0 million, pursuant to a prospectus supplement we filed with the SEC, through any of the Sales Agents, acting as sales agent and/or principal, through an at-the-market offering program (our “ATM program”). At the same time, we terminated our prior $170.0 million ATM program. No common shares were issued or sold under our ATM program during the three months ended March 31, 2018. As of March 1, 2017, $159.8 million in common shares remained available for issuance under the $175.0 million ATM program, and on that date the program was terminated.
On February 22, 2016, we announced that our board of trustees authorized a share repurchase program of up to $150.0 million of the Company's outstanding common shares. Under this program, we may repurchase common shares from time to time in transactions on the open market or by private agreement. We may suspend or discontinue this program at any time. As of March 31, 2018, $56.6 million of common shares remained available for repurchase under this program.
On July 27, 2017, we announced that our board of trustees authorized a new share repurchase program of up to $100.0 million of the Company's outstanding common shares. Under this program, we may repurchase common shares from time to time in transactions on the open market or by private agreement. We may suspend or discontinue this program at any time. This $100.0 million share repurchase program will commence upon the completion of our $150.0 million share repurchase program.
Sources and Uses of Cash
Our principal sources of cash are cash from operations, borrowings under mortgage financings and other debt, draws on our credit facilities, proceeds from offerings of our equity securities and hotel property sales. Our principal uses of cash are asset acquisitions, debt service, capital investments, operating costs, corporate expenses and dividends.
Cash Provided by Operations. Our cash provided by operating activities was $41.3 million for the three months ended March 31, 2018. Our cash from operations includes the operating activities of the 28 hotels we owned as of March 31, 2018. Our cash provided by operating activities was $37.2 million for the three months ended March 31, 2017. Our cash from operations includes the operating activities of the 29 hotels we wholly owned as of March 31, 2017.
Cash Used in Investing Activities. Our cash used in investing activities was $174.4 million for the three months ended March 31, 2018. During the three months ended March 31, 2018, we invested $16.2 million in improvements to our hotel properties and purchased $158.3 million in marketable securities. Our cash used in investing activities was $21.8 million for the three months ended March 31, 2017. During the three months ended March 31, 2017, we invested $21.8 million in improvements to our hotel properties.
Cash Provided by Financing Activities. Our cash provided by financing activities was $123.8 million for the three months ended March 31, 2018. During the three months ended March 31, 2018, we borrowed $226.3 million under the revolving credit facilities (a portion of which was used to purchase the marketable securities described above in "Cash Used in Investing Activities"), repaid $68.3 million under the revolving credit facilities, repaid $0.6 million of mortgage debt, repurchased $2.5 million of common shares for tax withholding purposes in connection with vested share-based equity awards, paid $30.8 million in distributions and paid $0.3 million in other transactions. For the three months ended March 31, 2017, cash used in financing activities was $17.1 million. During the three months ended March 31, 2017, we borrowed $132.0 million under the Revolver, repaid $10.0 million under the Revolver, repaid $45.0 million of mortgage debt, repurchased $62.4 million of common shares under our share repurchase program and for tax withholding purposes in connection with vested share-based equity awards, paid $32.1 million in distributions and received $0.4 million in other transactions.
Capital Investments
We maintain and intend to continue maintaining all of our hotels, including each hotel that we acquire in the future, in good repair and condition and in conformity with applicable laws and regulations and when applicable, in accordance with the franchisor’s standards and the agreed-upon requirements in our management agreements. Routine capital investments will be administered by the hotel management companies. However, we maintain approval rights over the capital investments as part of the annual budget process and as otherwise required from time to time.
From time to time, certain of our hotel properties may undergo renovations as a result of our decision to upgrade portions of the hotels, such as guestrooms, meeting space and restaurants, in order to better compete with other hotels in our markets. In addition, after we acquire a hotel property, we are often required by the franchisor or brand manager, if there is one, to complete a property improvement plan (“PIP”) in order to bring the hotel property up to the franchisor’s or brand’s standards. Generally, we expect to fund renovations and improvements with available cash, restricted cash, borrowings under our credit facility, or proceeds from new mortgage debt or equity offerings.

33


For the three months ended March 31, 2018, we invested $16.2 million in capital investments to reposition and improve the properties we own. We expect to invest approximately $40.0 million to $50.0 million in capital investments for our hotels through the remainder of 2018, including approximately $17.0 million at the Mondrian Los Angeles.
Contractual Obligations and Off-Balance Sheet Arrangements
The table below summarizes our contractual obligations as of March 31, 2018 and the effect such obligations are expected to have on our liquidity and cash flow in future periods (in thousands):
 
 
Payments due by period
 
Total
 
Less
than 1
year
 
1 to 3
years
 
3 to 5
years
 
More
than 5
years
Mortgage loans (1)
$
74,650

 
$
4,966

 
$
69,684

 
$

 
$

Term loans (2)
778,423

 
23,203

 
244,802

 
393,938

 
116,480

Unsecured notes (1)
132,696

 
4,792

 
9,584

 
9,584

 
108,736

Borrowings under credit facilities (3)
230,131

 
7,145

 
14,309

 
208,677

 

Hotel and ground leases (4)
753,329

 
7,348

 
14,803

 
14,952

 
716,226

Capital lease obligation
36,398

 
300

 
652

 
726

 
34,720

Refundable membership initiation deposits (5)
31,703

 
308

 

 

 
31,395

Purchase commitments (6)
3,966

 
3,966

 

 

 

Corporate office lease
3,088

 
391

 
814

 
859

 
1,024

Total
$
2,044,384

 
$
52,419

 
$
354,648

 
$
628,736

 
$
1,008,581

 ____________________
(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 the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rates for certain term loans. At March 31, 2018, the Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. See "Derivative and Hedging Activities" above.
(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 March 31, 2018. It is assumed that the outstanding borrowings will be repaid upon maturity with fixed interest-only payments until then.
(4) 
The long-term ground leases on the Hotel Monaco Washington DC and Argonaut Hotel provide for the greater of base or percentage rent, adjusted for CPI increases. The long-term hotel lease on the Hotel Zelos San Francisco provides for base rent plus percentage rent, adjusted for CPI increases and contains a base rent floor and ceiling. The long-term leases on the Hotel Zephyr Fisherman's Wharf provide for base plus percentage rent through 2016 and rent as a percentage of revenues and net income, as adjusted and defined in the agreements, in 2017 and thereafter. The long-term hotel lease on Hotel Zeppelin San Francisco was determined to be both an operating and capital lease. The lease contains a fixed base rental increase every year during the lease term. The long-term ground lease on the Hotel Palomar Los Angeles Beverly Hills provides for base rent, adjusted for CPI increases every five years. This lease has 19 five-year renewal options and the table assumes the exercise of all 19 renewal options. The long-term ground lease on the Union Station Hotel Nashville, Autograph Collection provides for annual base rent equal to the greater of $0.1 million or annual real property taxes. The table above reflects only minimum base 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.

Off-Balance Sheet Arrangements
As of March 31, 2018, we had no off-balance sheet arrangements.

34


Inflation
We rely on the performance of the hotels to increase revenues to keep pace with inflation. Generally, our hotel operators possess the ability to adjust room rates daily, except for group or corporate rates contractually committed to in advance, although competitive pressures may limit the ability of our operators to raise rates faster than inflation or even at the same rate.
Seasonality
Demand in the lodging industry is affected by recurring seasonal patterns which are greatly influenced by overall economic cycles, geographic locations, weather and customer mix at the hotels. Generally, our hotels have lower revenue, operating income and cash flow in the first quarter of each year and higher revenue, operating income and cash flow in the third quarter of each year.
Derivative Instruments
In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are subject to fair value reporting at each reporting date and the increase or decrease in fair value is recorded in net income (loss) or accumulated other comprehensive income (loss), based on the applicable hedge accounting guidance. Derivatives expose the Company to credit risk in the event of non-performance by the counter parties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with major credit-worthy financial institutions.
As of March 31, 2018, the Company had interest rate swap agreements with an aggregate notional amount of $300.0 million to hedge the variable interest rate on the First Term Loan resulting in a weighted-average effective interest rate of 2.83% per annum through July 13, 2017 and a weighted-average effective interest rate of 3.36% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at March 31, 2018.
The Company entered into interest rate swap agreements with an aggregate notional amount of $200.0 million to effectively fix the LIBOR rate on the Third Term Loan through January 2021, resulting in a weighted-average effective interest rate of 3.11% per annum, based on the Company’s leverage ratio at March 31, 2018.
The Company entered into interest rate swap agreements with an aggregate notional amount of $100.0 million to effectively fix the LIBOR rate through April 2022 on a portion of the Fourth Term Loan, resulting in a weighted-average effective interest rate of 3.46% per annum, based on the Company’s leverage ratio at March 31, 2018. The interest rate on the other $10.0 million of the Fourth Term Loan remains floating at LIBOR plus 1.70% to 2.60%, depending on the Company's leverage ratio.
We have designated these pay-fixed, receive-floating interest rate swap derivatives as cash flow hedges. For the three months ended March 31, 2018, there was $5.3 million in unrealized gain (loss) recorded in accumulated other comprehensive income. For the three months ended March 31, 2017, the Company recorded a gain (loss) of $2.1 million in unrealized gain recorded in accumulated other comprehensive income.
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
Interest Rate Sensitivity
We are exposed to market risk from changes in interest rates. We seek to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs by closely monitoring our variable rate debt and converting such debt to fixed rates when we deem such conversion advantageous. From time to time, we may enter into interest rate swap agreements or other interest rate hedging contracts. While these agreements are intended to lessen the impact of rising interest rates, they also expose us to the risks that the other parties to the agreements will not perform, we could incur significant costs associated with the settlement of the agreements, the agreements will be unenforceable and the underlying transactions will fail to qualify as highly effective cash flow hedges under guidance included in ASC 815 "Derivatives and Hedging."

As of March 31, 2018, $278.0 million of the Company's aggregate indebtedness (27% of total indebtedness) was subject to variable interest rates, excluding amounts outstanding under the term loan facilities that have been effectively swapped into fixed rates. If interest rates on our variable rate debt increase or decrease by 0.1 percent, our annual interest expense will increase or decrease by approximately $0.3 million, respectively.


Item 4. Controls and Procedures.

Disclosure Controls and Procedures

35



Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting

There have been no changes to our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
The nature of the operations of our hotels exposes the hotels and us to the risk of claims and litigation in the normal course of business. We are not presently subject to any material litigation nor, to our knowledge, is any litigation threatened against us, other than routine actions for negligence or other claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance and all of which collectively are not expected to have a material adverse effect on our liquidity, results of operations or our financial condition.

Item 1A. Risk Factors.

There have been no material changes from the risk factors disclosed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2017.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
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)
January 1, 2018 - January 31, 2018
 
27,793

 
$
37.17

 

 

February 1, 2018 - February 28, 2018
 

 
$

 

 

March 1, 2018 - March 31, 2018
 
41,894

 
$
35.18

 

 

Total
 
69,687

 
$
35.97

 

 
$
56,600,000

_____________________________
(1) On February 22, 2016, the Company announced its Board of Trustees authorized a share repurchase program of up to $150.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase its common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. The amount in this column does not include the approximate dollar value of shares that may yet be purchased under the $100.0 million share repurchase program that was announced on July 27, 2017, which will commence upon the completion of the Company's $150.0 million share repurchase program. See Note 6 to the accompanying financial statements for more information about the $100.0 million share repurchase program.

Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.

36


Not applicable.

Item 5. Other Information.
None.

Item 6. Exhibits.
Exhibit
Number
 
Description of Exhibit
 
Form of Share Award Agreement (time-based vesting) for Executive Officers (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the United States Securities and Exchange Commission (“SEC”) on February 16, 2018).
 
Form of Performance Unit Award Agreement for Executive Officers (incorporated by reference to (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on February 16, 2018).
 
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 (1)
101.SCH XBRL
 
Taxonomy Extension Schema Document (1)
101.CAL XBRL
 
Taxonomy Extension Calculation Linkbase Document (1)
101.LAB XBRL
 
Taxonomy Extension Label Linkbase Document (1)
101.DEF XBRL
 
Taxonomy Extension Definition Linkbase Document (1)
101.PRE XBRL
 
Taxonomy Extension Presentation Linkbase Document (1)
________________
*
Management agreement or compensatory plan or arrangement.
Filed herewith.
††
Furnished herewith.
(1) 
Submitted electronically herewith. Attached as Exhibit 101 to this report are the following documents formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations and Comprehensive Income; (iii) Consolidated Statements of Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements.


37


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
 
PEBBLEBROOK HOTEL TRUST
 
 
 
 
Date:
April 26, 2018
 
/s/ JON E. BORTZ
 
 
 
Jon E. Bortz
 
 
 
Chairman, President and Chief Executive Officer


38
EX-31.1 2 peb-2018331ex311.htm EXHIBIT 31.1 Exhibit


Exhibit 31.1
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Jon E. Bortz, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Pebblebrook Hotel Trust;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


 
 
 
 
 
 
 
Date:
April 26, 2018
 
/s/ JON E. BORTZ
 
 
 
Jon E. Bortz
 
 
 
Chairman, President and Chief Executive Officer
(principal executive officer)



EX-31.2 3 peb-2018331ex312.htm EXHIBIT 31.2 Exhibit


Exhibit 31.2
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Raymond D. Martz, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Pebblebrook Hotel Trust;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


 
 
 
 
 
 
 
Date:
April 26, 2018
 
/s/ RAYMOND D. MARTZ
 
 
 
Raymond D. Martz
 
 
 
Executive Vice President, Chief Financial Officer, Treasurer and Secretary (principal financial officer and principal accounting officer)



EX-32.1 4 peb-2018331ex321.htm EXHIBIT 32.1 Exhibit


Exhibit 32.1
Certification Pursuant To
18 U.S.C. Section 1350,
as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of Pebblebrook Hotel Trust (the “Company”) on Form 10-Q for the period ended March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jon E. Bortz, Chairman, President and Chief Executive Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 
 
 
 
 
 
 
Date:
April 26, 2018
 
/s/ JON E. BORTZ
 
 
 
Jon E. Bortz
 
 
 
Chairman, President and Chief Executive Officer
(principal executive officer)



EX-32.2 5 peb-2018331ex322.htm EXHIBIT 32.2 Exhibit


Exhibit 32.2
Certification Pursuant To
18 U.S.C. Section 1350,
as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of Pebblebrook Hotel Trust (the “Company”) on Form 10-Q for the period ended March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Raymond D. Martz, Executive Vice President, Chief Financial Officer, Treasurer and Secretary, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 
 
 
 
 
 
 
Date:
April 26, 2018
 
/s/ RAYMOND D. MARTZ
 
 
 
Raymond D. Martz
 
 
 
Executive Vice President, Chief Financial
Officer, Treasurer and Secretary (principal
financial officer and principal accounting officer)



EX-101.INS 6 peb-20180331.xml XBRL INSTANCE DOCUMENT 0001474098 2018-01-01 2018-03-31 0001474098 2018-04-23 0001474098 2018-03-31 0001474098 2017-12-31 0001474098 2017-01-01 2017-03-31 0001474098 us-gaap:PreferredStockMember 2018-03-31 0001474098 us-gaap:PreferredStockMember 2017-12-31 0001474098 us-gaap:NoncontrollingInterestMember 2017-01-01 2017-03-31 0001474098 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-03-31 0001474098 us-gaap:CommonStockMember 2016-12-31 0001474098 us-gaap:ParentMember 2017-01-01 2017-03-31 0001474098 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001474098 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001474098 2017-03-31 0001474098 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0001474098 us-gaap:ParentMember 2018-01-01 2018-03-31 0001474098 us-gaap:NoncontrollingInterestMember 2016-12-31 0001474098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001474098 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001474098 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001474098 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001474098 us-gaap:RetainedEarningsMember 2017-03-31 0001474098 us-gaap:ParentMember 2018-03-31 0001474098 us-gaap:CommonStockMember 2017-01-01 2017-03-31 0001474098 us-gaap:RetainedEarningsMember 2017-01-01 2017-03-31 0001474098 us-gaap:ParentMember 2016-12-31 0001474098 us-gaap:CommonStockMember 2018-03-31 0001474098 us-gaap:ParentMember 2017-12-31 0001474098 us-gaap:AdditionalPaidInCapitalMember 2017-03-31 0001474098 us-gaap:NoncontrollingInterestMember 2018-03-31 0001474098 us-gaap:PreferredStockMember 2017-03-31 0001474098 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001474098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001474098 us-gaap:CommonStockMember 2017-12-31 0001474098 us-gaap:PreferredStockMember 2016-12-31 0001474098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0001474098 us-gaap:CommonStockMember 2017-03-31 0001474098 us-gaap:RetainedEarningsMember 2018-03-31 0001474098 us-gaap:RetainedEarningsMember 2017-12-31 0001474098 us-gaap:NoncontrollingInterestMember 2017-03-31 0001474098 2016-12-31 0001474098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-03-31 0001474098 us-gaap:NoncontrollingInterestMember 2017-12-31 0001474098 us-gaap:ParentMember 2017-03-31 0001474098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001474098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-03-31 0001474098 us-gaap:RetainedEarningsMember 2016-12-31 0001474098 peb:FurnitureFixturesAndEquipmentMember us-gaap:MaximumMember 2018-01-01 2018-03-31 0001474098 us-gaap:LandBuildingsAndImprovementsMember us-gaap:MaximumMember 2018-01-01 2018-03-31 0001474098 us-gaap:LandBuildingsAndImprovementsMember us-gaap:MinimumMember 2018-01-01 2018-03-31 0001474098 peb:FurnitureFixturesAndEquipmentMember us-gaap:MinimumMember 2018-01-01 2018-03-31 0001474098 peb:ParkinggarageatRevereBostonHotelMember 2017-01-01 2017-12-31 0001474098 peb:DumontNYCMember 2017-06-20 0001474098 peb:DumontNYCMember 2017-01-01 2017-03-31 0001474098 peb:ParkinggarageatRevereBostonHotelMember 2017-06-23 0001474098 peb:LaPlayaBeachResortMember 2018-01-01 2018-03-31 0001474098 us-gaap:FirstMortgageMember 2017-12-31 0001474098 us-gaap:RevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2017-12-31 0001474098 peb:TermLoanMember peb:FourthTermLoanMember 2017-12-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:PHLUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-03-31 0001474098 us-gaap:SeniorNotesMember 2017-12-31 0001474098 us-gaap:RevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-03-31 0001474098 us-gaap:FirstMortgageMember 2018-03-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:PHLUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2017-12-31 0001474098 peb:TermLoanMember peb:SecondTermLoanMember 2017-12-31 0001474098 peb:TermLoanMember peb:FirstTermLoanMember 2018-03-31 0001474098 us-gaap:SeniorNotesMember 2018-03-31 0001474098 peb:TermLoanMember 2018-03-31 0001474098 peb:SeriesANotesMember 2018-03-31 0001474098 peb:TermLoanMember peb:FourthTermLoanMember 2018-03-31 0001474098 peb:TermLoanMember 2017-12-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-03-31 0001474098 peb:SeriesANotesMember us-gaap:SeniorNotesMember 2017-12-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2017-12-31 0001474098 us-gaap:FirstMortgageMember peb:WestinGaslampQuarterMember 2018-03-31 0001474098 peb:TermLoanMember peb:ThirdTermLoanMember 2018-03-31 0001474098 peb:TermLoanMember peb:FirstTermLoanMember 2017-12-31 0001474098 peb:TermLoanMember peb:ThirdTermLoanMember 2017-12-31 0001474098 peb:SeriesANotesMember us-gaap:SeniorNotesMember 2018-03-31 0001474098 peb:SeriesBNotesMember us-gaap:SeniorNotesMember 2018-03-31 0001474098 peb:TermLoanMember peb:SecondTermLoanMember 2018-03-31 0001474098 peb:SeriesBNotesMember us-gaap:SeniorNotesMember 2017-12-31 0001474098 us-gaap:FirstMortgageMember peb:WestinGaslampQuarterMember 2017-12-31 0001474098 peb:SeriesBNotesMember 2018-03-31 0001474098 peb:SecondTermLoanMember 2018-03-31 0001474098 us-gaap:InterestRateSwapMember 2018-03-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:PHLUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2017-05-17 0001474098 peb:ThirdTermLoanMember us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 peb:FourthTermLoanMember us-gaap:InterestRateSwapMember 2018-03-31 0001474098 peb:TermLoanMember peb:SecondTermLoanExcludedfromInterestRateSwapMember 2018-03-31 0001474098 us-gaap:InterestRateSwapMember 2018-01-01 2018-03-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2017-01-01 2017-03-31 0001474098 peb:ThirdTermLoanMember 2016-01-05 0001474098 peb:TermLoanMember peb:TermLoanThroughJuly122017Member us-gaap:InterestRateSwapMember 2018-03-31 0001474098 peb:SecondTermLoanMember 2015-04-13 0001474098 us-gaap:RevolvingCreditFacilityMember peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:MinimumMember 2018-01-01 2018-03-31 0001474098 peb:ThirdTermLoanMember 2015-06-10 0001474098 peb:FourthTermLoanMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-01-01 2018-03-31 0001474098 peb:TermLoanMember peb:FirstTermLoanMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 peb:TermLoanMember peb:FirstTermLoanMember us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 us-gaap:InterestRateSwapMember 2017-01-01 2017-03-31 0001474098 peb:FourthTermLoanMember us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 peb:ThirdTermLoanMember us-gaap:InterestRateSwapMember 2018-03-31 0001474098 peb:TermLoanMember peb:SecondTermLoanMember 2017-10-13 0001474098 peb:TermLoanMember peb:FourthTermLoanExcludedFromInterestRateSwapMemberMember 2018-03-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 peb:FourthTermLoanMember 2018-03-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:MaximumMember 2018-01-01 2018-03-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:PHLUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 peb:SeriesANotesMember 2015-11-12 0001474098 peb:SecondTermLoanMember 2015-04-12 0001474098 us-gaap:RevolvingCreditFacilityMember peb:PHLUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:MaximumMember 2018-01-01 2018-03-31 0001474098 peb:SecondTermLoanMember us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-03-31 0001474098 peb:SecondTermLoanMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:PHLUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:MinimumMember 2018-01-01 2018-03-31 0001474098 peb:SecondTermLoanMember 2016-01-05 0001474098 peb:SeriesANotesMember 2015-11-12 2015-11-12 0001474098 peb:SeriesBNotesMember 2015-11-12 0001474098 peb:TermLoanMember peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-03-31 0001474098 peb:ThirdTermLoanMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 peb:TermLoanMember peb:TermLoanJuly132017throughJanuary152020Member us-gaap:InterestRateSwapMember 2018-03-31 0001474098 peb:TermLoanMember peb:ThirdTermLoanMember us-gaap:InterestRateSwapMember 2018-03-31 0001474098 peb:ThirdTermLoanMember 2016-01-05 2016-01-05 0001474098 peb:SeriesBNotesMember 2015-11-12 2015-11-12 0001474098 peb:TermLoanMember peb:FourthTermLoanMember us-gaap:InterestRateSwapMember 2018-03-31 0001474098 peb:FirstTermLoanMember us-gaap:InterestRateSwapMember 2018-03-31 0001474098 us-gaap:RevolvingCreditFacilityMember peb:PHLUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 peb:TermLoanMember peb:FourthTermLoanMember 2017-10-13 0001474098 peb:SecondTermLoanMember 2016-01-05 2016-01-05 0001474098 us-gaap:RevolvingCreditFacilityMember peb:SeniorUnsecuredRevolvingCreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-03-31 0001474098 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001474098 us-gaap:SeriesDPreferredStockMember 2018-01-01 2018-03-31 0001474098 us-gaap:SeriesCPreferredStockMember 2018-01-01 2018-03-31 0001474098 peb:AtmprogramMember 2014-03-05 0001474098 peb:ShareRepurchaseProgram2Member 2017-07-27 0001474098 peb:ShareRepurchaseProgramMember 2018-01-01 2018-03-31 0001474098 peb:AtmprogramMember 2017-03-01 0001474098 peb:ShareRepurchaseProgramMember 2016-02-22 0001474098 us-gaap:SeriesCPreferredStockMember 2018-03-31 0001474098 peb:ShareRepurchaseProgramMember 2018-03-31 0001474098 us-gaap:SeriesDPreferredStockMember 2018-03-31 0001474098 us-gaap:SeriesDPreferredStockMember 2017-12-31 0001474098 us-gaap:SeriesCPreferredStockMember 2017-01-01 2017-12-31 0001474098 us-gaap:SeriesDPreferredStockMember 2017-01-01 2017-12-31 0001474098 us-gaap:SeriesCPreferredStockMember 2017-12-31 0001474098 peb:February2017Member us-gaap:PerformanceSharesMember 2017-02-15 2017-02-15 0001474098 peb:LongTermIncentivePartnershipUnitsMember 2017-01-01 2017-03-31 0001474098 peb:February2015Member us-gaap:PerformanceSharesMember 2015-02-11 2015-02-11 0001474098 peb:December2013Tranche2Member us-gaap:PerformanceSharesMember 2017-01-03 2017-01-03 0001474098 us-gaap:RestrictedStockMember 2018-03-31 0001474098 peb:February2016Member us-gaap:PerformanceSharesMember 2016-02-10 2016-02-10 0001474098 peb:February2016Member us-gaap:PerformanceSharesMember us-gaap:MaximumMember 2016-02-10 2016-02-10 0001474098 peb:December2013Member us-gaap:PerformanceSharesMember us-gaap:MaximumMember 2013-12-12 2013-12-13 0001474098 us-gaap:RestrictedStockMember 2018-01-01 2018-03-31 0001474098 peb:January2013Member us-gaap:PerformanceSharesMember peb:OfficerAwardsMember 2016-01-06 2016-01-06 0001474098 peb:July2015Member us-gaap:PerformanceSharesMember 2015-07-27 2015-07-27 0001474098 peb:LongtermincentivepartnershipunitsclassBMember 2013-12-13 0001474098 peb:LongTermIncentivePartnershipUnitsMember 2018-01-01 2018-03-31 0001474098 peb:February2017Member us-gaap:PerformanceSharesMember us-gaap:MinimumMember 2017-02-15 2017-02-15 0001474098 us-gaap:RestrictedStockMember us-gaap:MinimumMember 2018-01-01 2018-03-31 0001474098 us-gaap:PerformanceSharesMember 2018-01-01 2018-03-31 0001474098 peb:December2013Tranche3Member us-gaap:PerformanceSharesMember 2018-01-02 2018-01-02 0001474098 peb:December2013Member us-gaap:PerformanceSharesMember 2013-12-12 2013-12-13 0001474098 us-gaap:RestrictedStockMember us-gaap:MaximumMember 2018-01-01 2018-03-31 0001474098 peb:February2014Member us-gaap:PerformanceSharesMember 2014-02-03 2014-02-04 0001474098 us-gaap:RestrictedStockMember 2017-01-01 2017-03-31 0001474098 peb:December2013Tranche1Member us-gaap:PerformanceSharesMember 2016-01-06 2016-01-06 0001474098 peb:December2013Member us-gaap:PerformanceSharesMember us-gaap:MinimumMember 2013-12-12 2013-12-13 0001474098 peb:February2014Member us-gaap:PerformanceSharesMember peb:OfficerAwardsMember 2017-01-03 2017-01-03 0001474098 peb:January2013Member us-gaap:PerformanceSharesMember peb:NonexecutivemanagementawardMember 2016-01-06 2016-01-06 0001474098 peb:LongTermIncentivePartnershipUnitsMember 2018-03-31 0001474098 peb:February2018MemberMember us-gaap:PerformanceSharesMember us-gaap:MinimumMember 2018-02-14 2018-02-14 0001474098 peb:LongtermincentivepartnershipunitsclassBMember 2013-12-12 2013-12-13 0001474098 peb:February2014Member us-gaap:PerformanceSharesMember peb:NonexecutivemanagementawardMember 2017-01-03 2017-01-03 0001474098 peb:July2015Member us-gaap:PerformanceSharesMember peb:NonexecutivemanagementawardMember 2018-01-02 2018-01-02 0001474098 peb:February2015Member us-gaap:PerformanceSharesMember peb:NonexecutivemanagementawardMember 2018-01-02 2018-01-02 0001474098 us-gaap:PerformanceSharesMember 2018-03-31 0001474098 peb:February2018MemberMember us-gaap:PerformanceSharesMember us-gaap:MaximumMember 2018-02-14 2018-02-14 0001474098 peb:February2018MemberMember us-gaap:PerformanceSharesMember 2018-02-14 2018-02-14 0001474098 peb:February2017Member us-gaap:PerformanceSharesMember us-gaap:MaximumMember 2017-02-15 2017-02-15 0001474098 peb:January2013Member us-gaap:PerformanceSharesMember 2013-01-28 2013-01-30 0001474098 peb:February2016Member us-gaap:PerformanceSharesMember us-gaap:MinimumMember 2016-02-10 2016-02-10 0001474098 peb:LongtermincentivepartnershipunitsclassBMember 2018-01-01 2018-03-31 0001474098 peb:February2015Member us-gaap:PerformanceSharesMember peb:OfficerAwardsMember 2018-01-02 2018-01-02 0001474098 us-gaap:PerformanceSharesMember 2017-01-01 2017-03-31 0001474098 us-gaap:RestrictedStockMember 2017-12-31 0001474098 peb:RelativeTsrMember peb:February2016Member us-gaap:PerformanceSharesMember 2016-02-10 2016-02-10 0001474098 peb:RelativeAbsoluteTSRMember peb:February2018MemberMember us-gaap:PerformanceSharesMember 2018-02-14 2018-02-14 0001474098 peb:RelativeTsrMember peb:January2013Member us-gaap:PerformanceSharesMember 2013-01-28 2013-01-30 0001474098 peb:EBITDAComparisonMember peb:February2015Member us-gaap:PerformanceSharesMember 2015-02-11 2015-02-11 0001474098 peb:EBITDAComparisonMember peb:February2016Member us-gaap:PerformanceSharesMember 2016-02-10 2016-02-10 0001474098 peb:RelativeTsrMember peb:December2013Member us-gaap:PerformanceSharesMember 2013-12-12 2013-12-13 0001474098 peb:AbsoluteTsrMember peb:February2016Member us-gaap:PerformanceSharesMember 2016-02-10 2016-02-10 0001474098 peb:AbsoluteTsrMember peb:December2013Member us-gaap:PerformanceSharesMember 2013-12-12 2013-12-13 0001474098 peb:AbsoluteTsrMember peb:July2015Member us-gaap:PerformanceSharesMember 2015-07-27 2015-07-27 0001474098 peb:RelativeTsrMember peb:February2014Member us-gaap:PerformanceSharesMember 2014-02-03 2014-02-04 0001474098 peb:EBITDAComparisonMember peb:January2013Member us-gaap:PerformanceSharesMember 2013-01-28 2013-01-30 0001474098 peb:AbsoluteTsrMember peb:February2014Member us-gaap:PerformanceSharesMember 2014-02-03 2014-02-04 0001474098 peb:EBITDAComparisonMember peb:July2015Member us-gaap:PerformanceSharesMember 2015-07-27 2015-07-27 0001474098 peb:RelativeTsrMember peb:February2015Member us-gaap:PerformanceSharesMember 2015-02-11 2015-02-11 0001474098 peb:AbsoluteTsrMember peb:February2015Member us-gaap:PerformanceSharesMember 2015-02-11 2015-02-11 0001474098 peb:RelativeTsrMember peb:July2015Member us-gaap:PerformanceSharesMember 2015-07-27 2015-07-27 0001474098 peb:RelativeAbsoluteTSRMember peb:February2017Member us-gaap:PerformanceSharesMember 2017-02-15 2017-02-15 0001474098 peb:EBITDAComparisonMember peb:February2014Member us-gaap:PerformanceSharesMember 2014-02-03 2014-02-04 0001474098 peb:AbsoluteTsrMember peb:January2013Member us-gaap:PerformanceSharesMember 2013-01-28 2013-01-30 0001474098 peb:AbsoluteTsrMember peb:December2013Member us-gaap:PerformanceSharesMember us-gaap:MinimumMember 2013-12-12 2013-12-13 0001474098 peb:RelativeTsrMember peb:February2017Member us-gaap:PerformanceSharesMember 2017-02-15 2017-02-15 0001474098 peb:RelativeTsrMember peb:December2013Member us-gaap:PerformanceSharesMember us-gaap:MinimumMember 2013-12-12 2013-12-13 0001474098 peb:RelativeTsrMember peb:February2018MemberMember us-gaap:PerformanceSharesMember 2018-02-14 2018-02-14 0001474098 peb:AbsoluteTsrMember peb:February2017Member us-gaap:PerformanceSharesMember 2017-02-15 2017-02-15 0001474098 peb:AbsoluteTsrMember peb:December2013Member us-gaap:PerformanceSharesMember us-gaap:MaximumMember 2013-12-12 2013-12-13 0001474098 peb:RelativeTsrMember peb:December2013Member us-gaap:PerformanceSharesMember us-gaap:MaximumMember 2013-12-12 2013-12-13 0001474098 peb:AbsoluteTsrMember peb:February2018MemberMember us-gaap:PerformanceSharesMember 2018-02-14 2018-02-14 0001474098 us-gaap:MaximumMember 2018-01-01 2018-03-31 0001474098 peb:HotelPalomarLAWestwoodMember 2018-01-01 2018-03-31 0001474098 peb:PrimaryleaseMember peb:HotelZephyrFishermansWharfMember 2018-01-01 2018-03-31 0001474098 peb:HotelZephyrFishermansWharfMember 2016-01-01 2016-12-31 0001474098 us-gaap:MinimumMember 2018-01-01 2018-03-31 0001474098 peb:HotelZeppelinSanFranciscoMember 2018-01-01 2018-03-31 0001474098 peb:HotelZelosSanFranciscoMember 2018-01-01 2018-03-31 0001474098 peb:ArgonautHotelMember 2018-01-01 2018-03-31 0001474098 peb:MonacoWashingtonDcMember 2018-01-01 2018-03-31 0001474098 peb:UnionStationHotelNashvilleMember 2018-01-01 2018-03-31 0001474098 peb:HotelZeppelinSanFranciscoMember 2018-01-01 2018-03-31 0001474098 peb:HotelZeppelinSanFranciscoMember 2018-03-31 0001474098 peb:PrimaryleaseMember peb:HotelZephyrFishermansWharfMember 2016-01-01 2016-12-31 0001474098 peb:HotelZelosSanFranciscoMember us-gaap:MaximumMember 2018-01-01 2018-03-31 0001474098 peb:HotelZelosSanFranciscoMember us-gaap:MinimumMember 2018-01-01 2018-03-31 0001474098 us-gaap:CommonStockMember 2017-03-31 0001474098 us-gaap:PreferredStockMember 2017-03-31 0001474098 us-gaap:PreferredStockMember 2018-03-31 0001474098 us-gaap:CommonStockMember 2018-03-31 iso4217:USD xbrli:shares xbrli:pure peb:class iso4217:USD peb:hotel_room peb:property peb:extension_option xbrli:shares false --12-31 Q1 2018 2018-03-31 10-Q 0001474098 69039917 Large Accelerated Filer Pebblebrook Hotel Trust 300000000 100000000 200000000 4525000 1286000 159800000 0.04 0.02 100000 1300000 3800000 500000 200000 100000 0.04 0.02 2 5400000 5300000 5 0 0.3 240842000 243226000 0.05 0.06 0.075 0.075 2062 2059 2107 2097 2059 2059 2105 P5Y P30Y 1300000000 250000000 236351 236351 29.19 145598 175000000 0.90 9907000 20303000 6972 196 16711 17410 19 1 64 P120D 698000 36000 13712000 12115000 312000 337000 0.040 99374000 99398000 170000000 6623000 2 0 2 0 0.49 2 0 0.25 2 0 1.45 500000 700000 700000 2900000 4700000 500000 800000 700000 700000 700000 900000 0 0 0 200000 400000 1600000 2700000 3500000 0.3000 0.4000 0.3000 0.5000 0.5000 0.3000 0.4000 0.3000 0.4000 0.3000 0.3000 0.4000 0.3000 0.3000 0.1500 0.1500 0.7000 0.3500 0.6500 0.3500 0.6500 2.0325 1.9794 503000 502000 1000 503000 662000 661000 1000 662000 17372 P52Y P5Y P21Y P5Y 670406000 670665000 141290000 135747000 29206000 33798000 3689000 8936000 1685437000 1683046000 1127000 850000 276000 851000 -269000 -546000 276000 -545000 62000 62000 62000 300000 400000 400000 300000 -1000000 400000 245000 105000 399000 518000 733000 676000 18394 4212 2590868000 2741926000 0 158300000 25410000 15969000 40829000 39091000 32533000 23223000 -1738000 -9310000 0.38 0.01 0.01 500000000 500000000 68812575 68912185 71922904 69937163 68812575 68812575 68912185 68912185 688000 689000 16131000 29092000 62000 123000 16193000 29215000 7500000 6900000 14000000 14700000 161647000 149667000 548000 -548000 26919000 28224000 0.022 0.014 0.0225 0.0145 0.0225 0.0145 0.026 0.017 0.022 0.014 0.0220 0.014 675000000 300000000 110000000 65000000 200000000 0 45000000 45000000 60000000 40000000 100000000 70573000 70573000 675000000 300000000 110000000 65000000 200000000 0 203000000 203000000 60000000 40000000 100000000 69981000 69981000 110000000 65000000 0.0346 0.0336 0.0283 0.0311 0.047 0.0493 0.0369 0.047 0.0493 116000 106000 4594000 626000 4335000 602000 26296000 24902000 9800000 300000 9514000 9985000 114439000 114143000 118000000 95000000 2018-04-16 2018-04-16 2018-04-16 26531000 90000 26441000 26441000 26274000 90000 26184000 26184000 28274000 3442000 31823000 31344000 27902000 3442000 2018-03-29 2018-03-29 2018-03-29 4023000 4023000 4023000 4023000 4023000 4023000 104000 83000 0.14 0.29 0.14 0.29 1900000 7900000 3700000 P11M P2Y P2Y1M 29288000 30596000 43632000 44568000 64000 -100000 0 0 13900000 0 4898000 6151000 2610000 1049000 1000000 795000 11254000 24087000 1500000 0 -2835000 -429000 79000 0 -3034000 1330000 2141000 4452000 1692000 1285000 3009000 7717000 281826 331604 4900000 29037000 28889000 9341000 9811000 7464000 7655000 2073000 3343000 2100000 2205315000 2217352000 0 63000 448401000 448401000 3300000 3100000 1087342000 1241596000 2590868000 2741926000 45000000 0 45000000 203000000 203000000 200000 200000 300000000 450000000 250000000 150000000 750000000 100000000 200000000 125000000 175000000 200000000 10000000 10000000 247000000 0.003 0.002 0.003 0.002 885237000 670406000 99374000 70457000 1042938000 670665000 99398000 69875000 167100000 164300000 0 157759000 0 600000 4625000 4918000 0.003 0.997 -17063000 123824000 -21827000 -174425000 37152000 41291000 14034000 24409000 55000 107000 10011000 20386000 107000 107000 28 32983000 31708000 125570000 122471000 20531000 31388000 1049000 0 -579000 -579000 -579000 1100000 300000 2104000 2104000 2104000 2104000 5278000 5278000 5278000 5278000 0 -579000 52168000 51839000 12976000 14016000 -15000 -502000 64000 2447000 21821000 16179000 62444000 2507000 28029000 26753000 4023000 4023000 2000 0 62000 0 0 158338000 6000 5000 0.065 0.06375 0.065 0.06375 4023000 4023000 0.41 0.40 250000000 250000000 0.01 0.01 25.00 100000000 100000000 10000000 10000000 10000000 10000000 10000000 5000000 5000000 10000000 10000000 5000000 5000000 10000000 100000 100000 43642000 51587000 0 97000 60000000 40000000 75000000 75000000 132000000 226286000 107000 0 14089000 55000 14034000 14034000 24516000 107000 24409000 24409000 P10Y P1Y P40Y P10Y 447622000 472294000 2904072000 2918964000 2456450000 2446670000 10000000 68286000 44996000 592000 7123000 7254000 -191013000 -197359000 182178000 181055000 70457000 69875000 1127000 -269000 P6Y P5Y P5Y P3Y 0 0.00 72118 252088 66483 44962 771 100919 50418 81939 49914 78918 49914 52609 36.86 137105 127732 30.05 32.22 25134 56562 120730 12285 25619 112782 72236 2501 14089 1079 61982 31.35 0.0220 0.0220 0.0220 0.0240 0.0240 0.0240 0.0240 0.0240 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0300 0.0300 0.0300 0.0560 0.0470 0.3100 0.3100 0.3100 0.2900 0.2900 0.2900 0.2900 0.2900 0.2200 0.2200 0.2200 0.2200 0.2200 0.2200 0.2500 0.2500 0.2500 0.2800 0.2800 0.0041 0.0041 0.0041 0.0225 0.0034 0.0225 0.0034 0.0062 0.0062 0.0062 0.0102 0.0102 0.0102 0.0068 0.0068 0.0068 0.0071 0.0071 0.0071 0.0127 0.0237 1207886 226882 503000 662000 208238 151887 1000 1000 150000000 100000000 56600000 2210690 69687 62444000 62422000 22000 62444000 2507000 2506000 1000 2507000 1498901000 1495412000 1609116000 -2312000 1776404000 719000 3432000 1605684000 100000 -169227000 1533986000 -208000 1715272000 699000 3780000 1530206000 100000 -185657000 1503526000 3689000 1685437000 688000 4625000 1498901000 100000 -191013000 1500330000 8936000 1683046000 689000 4918000 1495412000 100000 -197359000 0 10000000 65000000 71892820 69208048 71610994 68876444 356000 0 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and in conformity with the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the prior period&#8217;s financial statements to conform to the current year presentation.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company declared the following dividends on common shares/units for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td></tr><tr><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Dividend per</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Share/Unit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Quarter</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Ended</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Record Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Payable Date</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;29, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April&#160;16, 2018</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company declared the following dividends on preferred shares for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.8046875%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Security Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Dividend&#160; per</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Share/Unit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Quarter</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Ended</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Record Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Payable Date</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.50% Series C</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;29, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April&#160;16, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.375% Series D</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.40</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;29, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April&#160;16, 2018</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions:</font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;text-indent:24px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.484375%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:31%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Performance Award Grant Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Percentage of Total Award</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Grant Date Fair Value by Component ($ in millions)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Volatility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interest Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Dividend Yield</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">January 30, 2013</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.20%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.20%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.20%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December 13, 2013</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$4.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.34% - 2.25%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$2.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.34% - 2.25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 4, 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.62%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.62%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.62%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 11, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.02%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.02%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.02%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">July 27, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#666666;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.68%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#666666;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.68%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#666666;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.68%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 10, 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$1.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.71%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.71%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.71%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 15, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative and Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65.00% / 35.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$2.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.27%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.60%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 14, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative and Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65.00% / 35.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$3.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.37%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.70%</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">Amounts round to zero.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Acquisition and Disposition of Hotel Properties</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company had no acquisitions and dispositions during the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company will report a disposed or held for sale hotel property or group of hotel properties in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on its operations and financial results. All other disposed hotel properties will have their operating results reflected within continuing operations on the Company's consolidated statements of operations for all periods presented. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">June&#160;20, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company sold the </font><font style="font-family:inherit;font-size:10pt;">Dumont NYC</font><font style="font-family:inherit;font-size:10pt;"> for </font><font style="font-family:inherit;font-size:10pt;">$118.0 million</font><font style="font-family:inherit;font-size:10pt;"> and recognized an immaterial gain on sale. In March 2017, the Company recognized an impairment loss of </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> related to this hotel property when the property was designated as held for sale.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">June&#160;23, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company sold the parking garage at the </font><font style="font-family:inherit;font-size:10pt;">Revere Hotel Boston Common</font><font style="font-family:inherit;font-size:10pt;"> for </font><font style="font-family:inherit;font-size:10pt;">$95.0 million</font><font style="font-family:inherit;font-size:10pt;">. The Company recognized a gain of </font><font style="font-family:inherit;font-size:10pt;">$13.9 million</font><font style="font-family:inherit;font-size:10pt;"> related to the sale of this parking garage. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company's consolidated statements of operations included operating income of&#160;</font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.5 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, related to the sale of the </font><font style="font-family:inherit;font-size:10pt;">Dumont NYC</font><font style="font-family:inherit;font-size:10pt;"> and the parking garage at the </font><font style="font-family:inherit;font-size:10pt;">Revere Hotel Boston Common</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The sales of the hotel property and parking garage described above did not represent a strategic shift that had a major effect in the Company&#8217;s operations and financial results, and therefore, did not qualify as discontinued operations.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Supplemental Information to Statements of Cash Flows</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:91.2109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the three months ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest paid, net of capitalized interest</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,655</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,464</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income taxes paid</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-Cash Investing and Financing Activities:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Distributions payable on common shares/units</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,902</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,274</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Distributions payable on preferred shares</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,442</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,442</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Issuance of common shares for Board of Trustees compensation</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">662</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">503</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued additions and improvements to hotel properties</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,286</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,525</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Write-off of deferred financing costs</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">356</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commitments and Contingencies</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Management Agreements</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s hotel properties are operated pursuant to management agreements with various management companies. The terms of these management agreements range from </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:10pt;"> years to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">21</font><font style="font-family:inherit;font-size:10pt;"> years, not including renewals, and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:10pt;"> years to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">52</font><font style="font-family:inherit;font-size:10pt;"> years, including renewals. Many of the Company&#8217;s management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees. Most of the agreements also provide the Company the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">zero</font><font style="font-family:inherit;font-size:10pt;"> to up to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:10pt;"> times the annual base management and incentive management fees, depending on the agreement and the reason for termination. Certain of the Company&#8217;s management agreements are non-terminable except upon the manager&#8217;s breach of a material representation or the manager&#8217;s failure to meet performance thresholds as defined in the management agreement.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The management agreements require the payment of a base management fee generally between </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">4%</font><font style="font-family:inherit;font-size:10pt;"> of hotel revenues. Under certain management agreements, the management companies are also eligible to receive an incentive management fee if hotel operating income, cash flows or other performance measures, as defined in the agreements, exceed certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Com</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">bined base and incentive management fees were</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">$5.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$5.4 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's consolidated statements of operations and comprehensive income.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reserve Funds</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain of the Company&#8217;s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, typically </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">4.0%</font><font style="font-family:inherit;font-size:10pt;"> of hotel revenues, sufficient to cover the cost of (a)&#160;certain non-routine repairs and maintenance to the hotels and (b)&#160;replacements and renewals to the hotels&#8217; furniture, fixtures and equipment.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Restricted Cash</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$7.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$7.1 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or loan agreements.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Ground and Hotel Leases</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The </font><font style="font-family:inherit;font-size:10pt;">Hotel Monaco Washington DC</font><font style="font-family:inherit;font-size:10pt;"> is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2059</font><font style="font-family:inherit;font-size:10pt;">. The hotel is required to pay the greater of an annual base rent of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> or a percentage of gross hotel revenues and gross food and beverage revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the hotel structure due to its status as a national historic landmark.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The </font><font style="font-family:inherit;font-size:10pt;">Argonaut Hotel</font><font style="font-family:inherit;font-size:10pt;"> is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2059</font><font style="font-family:inherit;font-size:10pt;">. The hotel is required to pay the greater of an annual base rent of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;"> or a percentage of rooms revenues, food and beverage revenues and other department revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the structure due to its status as a national historic landmark.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The </font><font style="font-family:inherit;font-size:10pt;">Hotel Zelos San Francisco</font><font style="font-family:inherit;font-size:10pt;"> is subject to a long-term hotel lease agreement for the right to use the ground floor lobby area and floors five through nine of the building and underlying land. The hotel lease expires in&#160;</font><font style="font-family:inherit;font-size:10pt;">2097</font><font style="font-family:inherit;font-size:10pt;">. The hotel is required to pay the greater of a fixed rent or percentage rent. The fixed rent increases annually by at least </font><font style="font-family:inherit;font-size:10pt;">2%</font><font style="font-family:inherit;font-size:10pt;"> and at most the lesser of (i) the increase in the consumer price index ("CPI") and (ii) </font><font style="font-family:inherit;font-size:10pt;">4%</font><font style="font-family:inherit;font-size:10pt;">. Percentage rent is based on gross hotel and gross food and beverage revenues in excess of certain thresholds (adjusted for CPI increases), as defined in the lease agreement. </font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The </font><font style="font-family:inherit;font-size:10pt;">Hotel Zephyr Fisherman's Wharf</font><font style="font-family:inherit;font-size:10pt;"> is subject to a long-term primary ground lease agreement. Through 2016, the primary ground lease required the hotel to make annual base rental payments of </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and percentage rental payments based on </font><font style="font-family:inherit;font-size:10pt;">5%</font><font style="font-family:inherit;font-size:10pt;"> of room revenues and </font><font style="font-family:inherit;font-size:10pt;">7.5%</font><font style="font-family:inherit;font-size:10pt;"> of retail revenues attributed to guest rooms and retail space added to the hotel property in 1998. Beginning in 2017, the primary ground lease requires the hotel to pay percentage rent based on </font><font style="font-family:inherit;font-size:10pt;">6%</font><font style="font-family:inherit;font-size:10pt;"> of total room revenues and </font><font style="font-family:inherit;font-size:10pt;">7.5%</font><font style="font-family:inherit;font-size:10pt;"> of total retail and parking revenues. The primary ground lease expires in </font><font style="font-family:inherit;font-size:10pt;">2062</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The </font><font style="font-family:inherit;font-size:10pt;">Hotel Zeppelin San Francisco</font><font style="font-family:inherit;font-size:10pt;"> is subject to a long-term hotel lease for the right to use floors three through seven, the basement and the roof of an adjacent, attached building containing </font><font style="font-family:inherit;font-size:10pt;">64</font><font style="font-family:inherit;font-size:10pt;"> of the </font><font style="font-family:inherit;font-size:10pt;">196</font><font style="font-family:inherit;font-size:10pt;"> guest rooms at the property. The hotel lease expires in </font><font style="font-family:inherit;font-size:10pt;">2059</font><font style="font-family:inherit;font-size:10pt;">, with a </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;">-time extension option of </font><font style="font-family:inherit;font-size:10pt;">30</font><font style="font-family:inherit;font-size:10pt;"> years. The Company is required to pay annual base rent of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;">, beginning in </font><font style="font-family:inherit;font-size:10pt;">October 2017</font><font style="font-family:inherit;font-size:10pt;">. The annual base rent is subject to a fixed increase every year during the remaining lease term. The building portion of the long-term hotel lease was determined to be a capital lease. </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The </font><font style="font-family:inherit;font-size:10pt;">Hotel Palomar Los Angeles Beverly Hills</font><font style="font-family:inherit;font-size:10pt;"> is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in </font><font style="font-family:inherit;font-size:10pt;">2107</font><font style="font-family:inherit;font-size:10pt;">, including </font><font style="font-family:inherit;font-size:10pt;">19</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;">-year extension options. The hotel is required to pay annual base rent of approximately </font><font style="font-family:inherit;font-size:10pt;">$3.8 million</font><font style="font-family:inherit;font-size:10pt;"> through </font><font style="font-family:inherit;font-size:10pt;">January 2021</font><font style="font-family:inherit;font-size:10pt;"> and the base rent will be adjusted for CPI increases at each </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;">-year extension. </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The </font><font style="font-family:inherit;font-size:10pt;">Union Station Hotel Nashville, Autograph Collection</font><font style="font-family:inherit;font-size:10pt;"> is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in </font><font style="font-family:inherit;font-size:10pt;">2105</font><font style="font-family:inherit;font-size:10pt;">. The hotel is required to pay the greater of annual base rent of </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> or annual real property taxes.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The ground leases and the </font><font style="font-family:inherit;font-size:10pt;">Hotel Zelos San Francisco</font><font style="font-family:inherit;font-size:10pt;"> hotel lease are considered operating leases. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense was </font><font style="font-family:inherit;font-size:10pt;">$3.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Litigation </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company&#8217;s knowledge, is any material litigation threatened against the Company.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Debt</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Senior Unsecured Revolving Credit Facilities</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's </font><font style="font-family:inherit;font-size:10pt;">$750.0 million</font><font style="font-family:inherit;font-size:10pt;"> unsecured credit facility provides for a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$450.0 million</font><font style="font-family:inherit;font-size:10pt;"> unsecured revolving credit facility and a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$300.0 million</font><font style="font-family:inherit;font-size:10pt;"> unsecured term loan (the "First Term Loan"). On October 13, 2017, the Company amended and restated the credit agreement governing its senior unsecured revolving credit facility and the First Term Loan. The revolving credit facility matures in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">January 2022</font><font style="font-family:inherit;font-size:10pt;"> with options to extend the maturity date to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">January 2023</font><font style="font-family:inherit;font-size:10pt;"> pursuant to certain terms and conditions and payment of an extension fee.&#160;</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The First Term Loan matures in </font><font style="font-family:inherit;font-size:10pt;">January 2023</font><font style="font-family:inherit;font-size:10pt;">. The Company has the ability to increase the aggregate borrowing capacity under the credit agreement to up to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1.3 billion</font><font style="font-family:inherit;font-size:10pt;">, subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.45%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2.25%</font><font style="font-family:inherit;font-size:10pt;">, depending on the Company&#8217;s leverage ratio. Additionally, the Company is required to pay an unused commitment fee at an annual rate of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">0.20%</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">0.30%</font><font style="font-family:inherit;font-size:10pt;"> of the unused portion of the revolving credit facility, depending on the amount of borrowings outstanding. The credit agreement that governs the revolving credit facility and the First Term Loan contains certain financial covenants, including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a maximum percentage of secured debt to total asset value.</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$203.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$45.0 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in outstanding borrowings under the revolving credit facility. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$247.0 million</font><font style="font-family:inherit;font-size:10pt;"> borrowing capacity remaining under the revolving credit facility. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company was in compliance with the credit agreement debt covenants. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company incurred unused commitment fees of </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 17, 2017, PHL entered into a </font><font style="font-family:inherit;font-size:10pt;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;"> unsecured revolving credit facility ("PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. On October 13, 2017, PHL amended and restated the credit agreement governing the&#160;PHL Credit Facility. The PHL Credit Facility's maturity was extended to </font><font style="font-family:inherit;font-size:10pt;">January 2022</font><font style="font-family:inherit;font-size:10pt;">. Borrowings on the PHL Credit Facility bear interest at LIBOR plus </font><font style="font-family:inherit;font-size:10pt;font-weight:normal;">1.45%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;font-weight:normal;">2.25%</font><font style="font-family:inherit;font-size:10pt;">, depending on the Company's leverage ratio. The PHL Credit Facility is subject to debt covenants substantially similar to the covenants under the Company's amended and restated credit agreement. Additionally, PHL is required to pay an unused commitment fee at an annual rate of </font><font style="font-family:inherit;font-size:10pt;font-weight:normal;">0.20%</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;font-weight:normal;">0.30%</font><font style="font-family:inherit;font-size:10pt;"> of the unused portion of the PHL Credit Facility. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, PHL had </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> borrowings under its revolving credit facility. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, there is </font><font style="font-family:inherit;font-size:10pt;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;"> borrowing capacity remaining under the PHL Credit Facility. </font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Unsecured Term Loan Facilities </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> On October 13, 2017, the Company amended and restated the credit agreement governing its senior unsecured revolving credit facility and the First Term Loan. The First Term Loan's maturity was extended to </font><font style="font-family:inherit;font-size:10pt;">January 2023</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$300.0 million</font><font style="font-family:inherit;font-size:10pt;"> outstanding under the First Term Loan. This term loan facility bears interest at a variable rate of LIBOR plus </font><font style="font-family:inherit;font-size:10pt;">1.40%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">2.20%</font><font style="font-family:inherit;font-size:10pt;">, depending on the Company's leverage ratio. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April&#160;13, 2015, the Company entered into a second unsecured term loan facility. This term loan had a </font><font style="font-family:inherit;font-size:10pt;">$100.0 million</font><font style="font-family:inherit;font-size:10pt;"> capacity which could have been increased to up to </font><font style="font-family:inherit;font-size:10pt;">$200.0 million</font><font style="font-family:inherit;font-size:10pt;">, subject to lender approval. On January 5, 2016, the Company exercised its option to increase the borrowing capacity to </font><font style="font-family:inherit;font-size:10pt;">$175.0 million</font><font style="font-family:inherit;font-size:10pt;"> and borrowed the additional </font><font style="font-family:inherit;font-size:10pt;">$75.0 million</font><font style="font-family:inherit;font-size:10pt;"> resulting from such increase. On October 13, 2017, the Company amended and restated the credit agreement governing this loan and entered into a second credit agreement, in effect separating it into two tranches, consisting of a&#160;</font><font style="font-family:inherit;font-size:10pt;">$65.0 million</font><font style="font-family:inherit;font-size:10pt;"> unsecured term loan maturing in </font><font style="font-family:inherit;font-size:10pt;">April 2022</font><font style="font-family:inherit;font-size:10pt;">&#160;(the "Second Term Loan") and a&#160;</font><font style="font-family:inherit;font-size:10pt;">$110.0 million</font><font style="font-family:inherit;font-size:10pt;">&#160;unsecured term loan maturing in </font><font style="font-family:inherit;font-size:10pt;">October 2024</font><font style="font-family:inherit;font-size:10pt;">&#160;(the "Fourth Term Loan").</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$65.0 million</font><font style="font-family:inherit;font-size:10pt;"> outstanding under the Second Term Loan. The Second Term Loan bears interest at a variable rate of LIBOR plus </font><font style="font-family:inherit;font-size:10pt;">1.40%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">2.20%</font><font style="font-family:inherit;font-size:10pt;">, depending on the Company's leverage ratio. The Company has the ability to increase the aggregate borrowing capacity of the Second Term Loan to up to </font><font style="font-family:inherit;font-size:10pt;">$150.0 million</font><font style="font-family:inherit;font-size:10pt;"> subject to lender approval.</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 10, 2015, the Company entered into a third unsecured term loan facility (the "Third Term Loan"). The Third Term Loan has a </font><font style="font-family:inherit;font-size:10pt;">$125.0 million</font><font style="font-family:inherit;font-size:10pt;"> capacity, which may be increased up to </font><font style="font-family:inherit;font-size:10pt;">$250.0 million</font><font style="font-family:inherit;font-size:10pt;">, subject to lender approval, and matures in </font><font style="font-family:inherit;font-size:10pt;">January 2021</font><font style="font-family:inherit;font-size:10pt;">. On January 5, 2016, the Company exercised its option to increase the borrowing capacity to </font><font style="font-family:inherit;font-size:10pt;">$200.0 million</font><font style="font-family:inherit;font-size:10pt;"> and borrowed the additional </font><font style="font-family:inherit;font-size:10pt;">$75.0 million</font><font style="font-family:inherit;font-size:10pt;"> resulting from such increase. On October 13, 2017, the Company amended and restated the credit agreement governing the Third Term Loan. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$200.0 million</font><font style="font-family:inherit;font-size:10pt;"> outstanding under the Third Term Loan. This Third Term Loan bears interest at a variable rate of LIBOR plus </font><font style="font-family:inherit;font-size:10pt;">1.40%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">2.20%</font><font style="font-family:inherit;font-size:10pt;">, depending on the Company's leverage ratio. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On October 13, 2017, the Company entered into a fourth unsecured term loan facility (the "Fourth Term Loan"). The Fourth Term Loan has a </font><font style="font-family:inherit;font-size:10pt;">$110.0 million</font><font style="font-family:inherit;font-size:10pt;"> capacity and matures in </font><font style="font-family:inherit;font-size:10pt;">October 2024</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$110.0 million</font><font style="font-family:inherit;font-size:10pt;"> outstanding under the Fourth Term Loan. The Fourth Term Loan bears interest at a variable rate of LIBOR plus </font><font style="font-family:inherit;font-size:10pt;">1.70%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">2.60%</font><font style="font-family:inherit;font-size:10pt;">, depending on the Company's leverage ratio. The Company has the ability to increase the aggregate borrowing capacity of the Fourth Term Loan to up to </font><font style="font-family:inherit;font-size:10pt;">$250.0 million</font><font style="font-family:inherit;font-size:10pt;"> subject to lender approval.</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$675.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$675.0 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in aggregate outstanding borrowings under the four unsecured term loan facilities. Each of the term loan facilities is subject to debt covenants substantially similar to the covenants under the credit agreement that governs the revolving credit facility and First Term Loan. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company was in compliance with all debt covenants of its term loan facilities. The Company has entered into interest rate swaps to effectively fix the LIBOR rates for all of its unsecured term loan facilities, except for </font><font style="font-family:inherit;font-size:10pt;">$65.0 million</font><font style="font-family:inherit;font-size:10pt;"> of the Second Term Loan and for </font><font style="font-family:inherit;font-size:10pt;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;"> of the Fourth Term Loan (see &#8220;Derivative and Hedging Activities&#8221; below).</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Senior Unsecured Notes</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On November 12, 2015, the Company issued </font><font style="font-family:inherit;font-size:10pt;">$60.0 million</font><font style="font-family:inherit;font-size:10pt;"> of senior unsecured notes (the "Series A Notes") bearing a fixed interest rate of </font><font style="font-family:inherit;font-size:10pt;">4.70%</font><font style="font-family:inherit;font-size:10pt;"> per annum and maturing in </font><font style="font-family:inherit;font-size:10pt;">December 2023</font><font style="font-family:inherit;font-size:10pt;">. On November 12, 2015, the Company issued </font><font style="font-family:inherit;font-size:10pt;">$40.0 million</font><font style="font-family:inherit;font-size:10pt;"> of senior unsecured notes (the "Series B Notes") bearing a fixed interest rate of </font><font style="font-family:inherit;font-size:10pt;">4.93%</font><font style="font-family:inherit;font-size:10pt;"> per annum and maturing in </font><font style="font-family:inherit;font-size:10pt;">December 2025</font><font style="font-family:inherit;font-size:10pt;">. The Series A Notes and the Series B Notes are subject to debt covenants substantially similar to the covenants under the credit agreement that governs the revolving credit facility and the First Term Loan. On October 13, 2017, the agreement governing the Series A Notes and the Series B Notes was also amended to match the financial and other covenants in the senior unsecured revolving credit facility, as amended and restated. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company was in compliance with all such debt covenants. </font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Derivative and Hedging Activities</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. All of the Company's interest rate swaps are cash flow hedges. On January 1, 2018, the Company adopted ASU No. 2017-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. </font><font style="font-family:inherit;font-size:10pt;">All unrealized gains and losses on these hedging instruments are reported in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had interest rate swaps with an aggregate notional amount of </font><font style="font-family:inherit;font-size:10pt;">$300.0 million</font><font style="font-family:inherit;font-size:10pt;"> to hedge the variable interest rate on the First Term Loan and, as a result, the First Term Loan had a weighted-average effective interest rate of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2.83%</font><font style="font-family:inherit;font-size:10pt;"> per annum through July 13, 2017 and a weighted-average effective interest rate of </font><font style="font-family:inherit;font-size:10pt;">3.36%</font><font style="font-family:inherit;font-size:10pt;"> from July 13, 2017 through January 15, 2020, based on the Company&#8217;s leverage ratio at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company entered into interest rate swap agreements with an aggregate notional amount of </font><font style="font-family:inherit;font-size:10pt;">$200.0 million</font><font style="font-family:inherit;font-size:10pt;"> to effectively fix the LIBOR rate of the Third Term Loan through January 2021, resulting in a weighted-average effective interest rate of </font><font style="font-family:inherit;font-size:10pt;">3.11%</font><font style="font-family:inherit;font-size:10pt;"> per annum, based on the Company&#8217;s leverage ratio at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company entered into interest rate swap agreements with an aggregate notional amount of </font><font style="font-family:inherit;font-size:10pt;">$100.0 million</font><font style="font-family:inherit;font-size:10pt;"> to effectively fix the LIBOR rate of a portion of the Fourth Term Loan through April 2022, resulting in a weighted-average effective interest rate of </font><font style="font-family:inherit;font-size:10pt;">3.46%</font><font style="font-family:inherit;font-size:10pt;"> per annum, based on the Company&#8217;s leverage ratio at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. The interest rate on the other </font><font style="font-family:inherit;font-size:10pt;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;"> of the Fourth Term Loan remains floating at variable rate of LIBOR plus </font><font style="font-family:inherit;font-size:10pt;">1.70%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">2.60%</font><font style="font-family:inherit;font-size:10pt;">, depending on the Company's leverage ratio.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company records all derivative instruments at fair value in the consolidated balance sheets. Fair values of interest rate swaps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (Level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company incorporates these counterparty credit risks in its fair value measurements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of </font><font style="font-family:inherit;font-size:10pt;">$9.8 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in the accompanying consolidated balance sheets. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, there was </font><font style="font-family:inherit;font-size:10pt;">$5.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$2.1 million</font><font style="font-family:inherit;font-size:10pt;"> in unrealized gain (loss), respectively, recorded in accumulated other comprehensive income (loss). For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded a gain (loss) of </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, for the ineffective portion of the change in fair values of the interest rate swaps. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company reclassified </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately </font><font style="font-family:inherit;font-size:10pt;">$2.1 million</font><font style="font-family:inherit;font-size:10pt;"> will be reclassified from accumulated other comprehensive income (loss) to interest expense in the next 12 months.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Mortgage Debt</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Each of the Company&#8217;s mortgage loans is secured by a first mortgage lien or by leasehold interests under the ground lease on the underlying property. The mortgages are non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Debt Summary</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:97.65625%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Outstanding as of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Interest&#160;Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity&#160;Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revolving credit facilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior unsecured revolving credit facility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">203,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PHL unsecured revolving credit facility</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2022</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revolving credit facilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">203,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Term loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">First Term Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2023</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Second Term Loan</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Third Term Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2021</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fourth Term Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">October 2024</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">110,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">110,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total term loans at stated value</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">675,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">675,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred financing costs, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,335</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,594</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total term loans</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670,665</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670,406</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior unsecured notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Series A Notes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.70%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Series B Notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.93%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 2025</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total senior unsecured notes at stated value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred financing costs, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(602</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total senior unsecured notes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99,398</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99,374</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mortgage loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Westin San Diego Gaslamp Quarter</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.69%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,981</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,573</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mortgage loans at stated value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,981</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,573</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred financing costs, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(106</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(116</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total mortgage loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,875</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,457</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,042,938</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">885,237</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">________________________</sup>&#160;</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1) </sup></font><font style="font-family:inherit;font-size:10pt;">Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2) </sup></font><font style="font-family:inherit;font-size:10pt;">Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3) </sup></font><font style="font-family:inherit;font-size:10pt;">Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for </font><font style="font-family:inherit;font-size:10pt;">$65.0 million</font><font style="font-family:inherit;font-size:10pt;"> on the Second Term Loan and </font><font style="font-family:inherit;font-size:10pt;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;"> on the Fourth Term Loan. See "Derivative and Hedging Activities" above.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within level 2 of the fair value hierarchy. The estimated fair value of the Company&#8217;s fixed rate debt (unsecured senior notes and mortgage loans) as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">$164.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$167.1 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company was in compliance with all debt covenants as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Share-Based Compensation Plan</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company maintains the 2009 Equity Incentive Plan, as amended and restated (as amended, the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:10pt;"> years, with certain awards vesting over periods of up to </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> years. The Company pays or accrues for dividends on share-based awards. All share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, there were </font><font style="font-family:inherit;font-size:10pt;">1,207,886</font><font style="font-family:inherit;font-size:10pt;"> common shares available for issuance under the Plan, assuming performance-based equity awards vest at target.</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Service Condition Share Awards</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From time to time, the Company awards restricted common shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:10pt;"> years based on continued service or employment. </font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a summary of service condition restricted share activity as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td style="width:70%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted-Average</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Grant&#160;Date</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unvested at December 31, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">137,105</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.05</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,609</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36.86</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vested</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(61,982</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31.35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unvested at March 31, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127,732</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32.22</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company&#8217;s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized approximately </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, there was </font><font style="font-family:inherit;font-size:10pt;">$3.7 million</font><font style="font-family:inherit;font-size:10pt;"> of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of </font><font style="font-family:inherit;font-size:10pt;">2.1</font><font style="font-family:inherit;font-size:10pt;"> years.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Performance-Based Equity Awards</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 30, 2013, the Board of Trustees approved a target award of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">72,118</font><font style="font-family:inherit;font-size:10pt;"> performance-based equity awards to officers and employees of the Company. In January 2016, these awards vested and the Company issued </font><font style="font-family:inherit;font-size:10pt;">120,730</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">56,562</font><font style="font-family:inherit;font-size:10pt;"> common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested were based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2013 through December 31, 2015.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December 13, 2013, the Board of Trustees approved a target award of </font><font style="font-family:inherit;font-size:10pt;">252,088</font><font style="font-family:inherit;font-size:10pt;"> performance-based equity awards to officers and employees of the Company. The awards vest ratably on January 1, 2016, 2017, 2018, 2019 and 2020. The actual number of common shares that ultimately vest will range from </font><font style="font-family:inherit;font-size:10pt;">0%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">200%</font><font style="font-family:inherit;font-size:10pt;"> of the target award and will be determined on each vesting date based upon the two performance criteria as defined in the award agreements for the period of performance beginning on the grant date and ending on the applicable vesting date. In January 2016, the Company issued </font><font style="font-family:inherit;font-size:10pt;">25,134</font><font style="font-family:inherit;font-size:10pt;"> of common shares which represented achieving </font><font style="font-family:inherit;font-size:10pt;">49%</font><font style="font-family:inherit;font-size:10pt;"> of the </font><font style="font-family:inherit;font-size:10pt;">50,418</font><font style="font-family:inherit;font-size:10pt;"> target number of shares for that measurement period. In January 2017, the Company issued </font><font style="font-family:inherit;font-size:10pt;">12,285</font><font style="font-family:inherit;font-size:10pt;"> of common shares which represented achieving </font><font style="font-family:inherit;font-size:10pt;">25%</font><font style="font-family:inherit;font-size:10pt;"> of the </font><font style="font-family:inherit;font-size:10pt;">49,914</font><font style="font-family:inherit;font-size:10pt;"> target number of shares for that measurement period. In January 2018, the Company issued </font><font style="font-family:inherit;font-size:10pt;">72,236</font><font style="font-family:inherit;font-size:10pt;"> of common shares which represented achieving </font><font style="font-family:inherit;font-size:10pt;">145%</font><font style="font-family:inherit;font-size:10pt;"> of the </font><font style="font-family:inherit;font-size:10pt;">49,914</font><font style="font-family:inherit;font-size:10pt;"> target number of shares for that measurement period.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 4, 2014, the Board of Trustees approved a target award of </font><font style="font-family:inherit;font-size:10pt;">66,483</font><font style="font-family:inherit;font-size:10pt;"> performance-based equity awards to officers and employees of the Company. In January 2017, these awards vested and the Company issued </font><font style="font-family:inherit;font-size:10pt;">112,782</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">25,619</font><font style="font-family:inherit;font-size:10pt;"> common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2014 through December 31, 2016.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 11, 2015, the Board of Trustees approved a target award of </font><font style="font-family:inherit;font-size:10pt;">44,962</font><font style="font-family:inherit;font-size:10pt;"> performance-based equity awards to officers and employees of the Company. In January 2018, these awards vested and the Company issued </font><font style="font-family:inherit;font-size:10pt;">14,089</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2,501</font><font style="font-family:inherit;font-size:10pt;"> common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2015 through December 31, 2017.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 27, 2015, a target award of </font><font style="font-family:inherit;font-size:10pt;">771</font><font style="font-family:inherit;font-size:10pt;"> performance-based equity awards was granted to an employee of the Company. In January 2018, these awards vested and the Company issued </font><font style="font-family:inherit;font-size:10pt;">1,079</font><font style="font-family:inherit;font-size:10pt;"> common shares to the employee. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2016 through December 31, 2017.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 10, 2016, the Board of Trustees approved a target award of </font><font style="font-family:inherit;font-size:10pt;">100,919</font><font style="font-family:inherit;font-size:10pt;"> performance-based equity awards to officers and employees of the Company. These awards vest in 2019. The actual number of common shares that ultimately vest will range from </font><font style="font-family:inherit;font-size:10pt;">0%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">200%</font><font style="font-family:inherit;font-size:10pt;"> of the target award (except for </font><font style="font-family:inherit;font-size:10pt;">17,372</font><font style="font-family:inherit;font-size:10pt;"> target awards to non-executive management employees which have no maximum) and will be determined in 2019 based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2016 through December 31, 2018.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 15, 2017, the Board of Trustees approved a target award of </font><font style="font-family:inherit;font-size:10pt;">81,939</font><font style="font-family:inherit;font-size:10pt;"> performance-based equity awards to officers and employees of the Company. These awards vest in 2020. The actual number of common shares that ultimately vest will range from </font><font style="font-family:inherit;font-size:10pt;">0%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">200%</font><font style="font-family:inherit;font-size:10pt;"> of the target award and will be determined in 2020 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2017 through December 31, 2019.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 14, 2018, the Board of Trustees approved a target award of </font><font style="font-family:inherit;font-size:10pt;">78,918</font><font style="font-family:inherit;font-size:10pt;"> performance-based equity awards to officers and employees of the Company. These awards vest in 2021. The actual number of common shares that ultimately vest will range from </font><font style="font-family:inherit;font-size:10pt;">0%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">200%</font><font style="font-family:inherit;font-size:10pt;"> of the target award and will be determined in 2021 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2018 through December 31, 2020.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions:</font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;text-indent:24px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.484375%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:31%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Performance Award Grant Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Percentage of Total Award</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Grant Date Fair Value by Component ($ in millions)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Volatility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interest Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Dividend Yield</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">January 30, 2013</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.20%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.20%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.20%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December 13, 2013</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$4.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.34% - 2.25%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$2.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.34% - 2.25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 4, 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.62%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.62%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.62%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 11, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.9</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.02%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.02%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.7</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.02%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">July 27, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#666666;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.68%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#666666;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.68%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#666666;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.68%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.50%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 10, 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$1.6</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.71%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.71%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EBITDA Comparison</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$0.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.71%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 15, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative and Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65.00% / 35.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$2.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.27%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.60%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 14, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Relative and Absolute Total Shareholder Return</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65.00% / 35.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$3.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.37%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.70%</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">Amounts round to zero.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718. The EBITDA Comparison component is a performance condition as defined by ASC 718, and, therefore, compensation expense related to this component will be reassessed at each reporting date based on the Company's estimate of the probable level of achievement, and the accrual of compensation expense will be adjusted as appropriate. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dividends on unvested performance-based equity awards accrue over the vesting period and will be paid on the actual number of shares that vest at the end of the applicable period. The Company recognizes compensation expense on a straight-line basis through the vesting date. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, there was approximately </font><font style="font-family:inherit;font-size:10pt;">$7.9 million</font><font style="font-family:inherit;font-size:10pt;"> of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of </font><font style="font-family:inherit;font-size:10pt;">2.0</font><font style="font-family:inherit;font-size:10pt;"> years. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized </font><font style="font-family:inherit;font-size:10pt;">$(1.0) million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in expense related to these awards. </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Long-Term Incentive Partnership Units</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership.</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Operating Partnership had </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> classes of LTIP units, LTIP Class A and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December 13, 2013, the Board of Trustees approved a grant of </font><font style="font-family:inherit;font-size:10pt;">226,882</font><font style="font-family:inherit;font-size:10pt;"> LTIP Class B units to executive officers of the Company. These LTIP units are subject to time-based vesting in </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> equal annual installments beginning </font><font style="font-family:inherit;font-size:10pt;">January&#160;1, 2016</font><font style="font-family:inherit;font-size:10pt;"> and ending on </font><font style="font-family:inherit;font-size:10pt;">January&#160;1, 2020</font><font style="font-family:inherit;font-size:10pt;">. The fair value of each award was determined based on the closing price of the Company&#8217;s common shares on the grant date of </font><font style="font-family:inherit;font-size:10pt;">$29.19</font><font style="font-family:inherit;font-size:10pt;"> per unit. The aggregate grant date fair value of the LTIP Class B units was </font><font style="font-family:inherit;font-size:10pt;">$6.6 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">236,351</font><font style="font-family:inherit;font-size:10pt;"> LTIP units outstanding. All unvested LTIP units will vest upon a change in control. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, of the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">236,351</font><font style="font-family:inherit;font-size:10pt;"> units outstanding, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">145,598</font><font style="font-family:inherit;font-size:10pt;"> LTIP units have vested.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in expense related to these LTIP units. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, there was </font><font style="font-family:inherit;font-size:10pt;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;"> of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of </font><font style="font-family:inherit;font-size:10pt;">0.9</font><font style="font-family:inherit;font-size:10pt;"> years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company&#8217;s consolidated balance sheets.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Earnings Per Share</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic earnings per share (&#8220;EPS&#8221;) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Earnings Per Share</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:96.484375%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the three months ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Numerator:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) attributable to common shareholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,386</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,011</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: dividends paid on unvested share-based compensation</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(83</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(104</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) available to common shareholders</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,303</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,907</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Denominator:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average number of common shares &#8212; basic</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">68,876,444</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,610,994</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effect of dilutive share-based compensation</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">331,604</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">281,826</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average number of common shares &#8212; diluted</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,208,048</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,892,820</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) per share available to common shareholders &#8212; basic</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.29</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.14</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) per share available to common shareholders &#8212; diluted</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.29</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.14</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">4,212</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">18,394</font><font style="font-family:inherit;font-size:10pt;">, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fair Value Measurements</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction.&#160;The hierarchy for inputs used in measuring fair value are as follows:</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1 &#8211; Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2 &#8211; 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.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3 &#8211; Model-derived valuations with unobservable inputs.</font></div></td></tr></table><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.&#160;In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. Marketable securities are carried at fair value using Level 1 inputs. See Note 5 to the accompanying financial statements for disclosures on the fair value of debt and derivative instruments.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company has estimated PHL's income tax expense (benefit) for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> using an estimated combined federal and state effective tax rate of </font><font style="font-family:inherit;font-size:10pt;">30.0%</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2014 and 2013, respectively.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least </font><font style="font-family:inherit;font-size:10pt;">90</font><font style="font-family:inherit;font-size:10pt;"> percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company&#8217;s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Investment in Hotel Properties</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Upon acquisition of a hotel property, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Hotel acquisitions are generally considered to be asset acquisitions defined by ASU 2017-01 and transaction costs related to asset acquisitions are capitalized. Acquisition costs related to business combinations are expensed as incurred and are included in general and administrative expenses on the statement of operations.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Assets under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">40</font><font style="font-family:inherit;font-size:10pt;"> years for buildings, land improvements, and building improvements and </font><font style="font-family:inherit;font-size:10pt;">1</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company&#8217;s results of operations.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel&#8217;s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Board of Trustees has been obtained, </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> significant financing contingencies exist, and the sale is expected to close within </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Investment in Marketable Securities</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's investment in marketable securities is classified as available for sale and is reported at fair value, based on quoted market prices. Changes in the fair value of available-for-sale securities are included in accumulated other comprehensive income in the consolidated statements of equity. Investment income, including dividends, is reported as a component of &#8220;Other&#8221; in the consolidated statements of operations and comprehensive income. Any realized gains and losses are accounted for using the specific identification method. The Company regularly reviews its investment in marketable securities for impairment taking into consideration the length of time and magnitude of the amount that each marketable security is in an unrealized loss position. If the Company does not expect to recover the entire amortized cost basis of a marketable security, it considers the impairment to be other than temporary and will record in earnings the difference between the marketable security&#8217;s amortized cost basis and its fair value. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the carrying values of the investment in marketable securities were $</font><font style="font-family:inherit;font-size:10pt;">158.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;">, respectively. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, unrealized losses recorded in accumulated other comprehensive loss related to the investment were </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Standards </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have a material impact on the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of retained earnings. The adoption of this standard has resulted in the reclassification of certain accounts on the Company's consolidated balance sheets to present deferred revenues (contract liabilities) and additional disclosures. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company reclassified </font><font style="font-family:inherit;font-size:10pt;">$6.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$7.5 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, from accounts payable and accrued expenses to deferred revenues on the Company's consolidated balance sheets. The Company also considered and determined that presenting revenue disaggregated by rooms, food and beverage, and other depicts the appropriate categories about the nature and timing of its revenue streams and that no additional disaggregation is needed. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. This ASU is expected to result in the recognition of right-to-use assets and related liabilities to account for the Company's future obligations under the ground lease arrangements for which the Company is the lessee. The Company will continue to evaluate the potential effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> In August 2016, the FASB issued ASU-2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment</font><font style="font-family:inherit;font-size:10pt;">, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017, but earlier adoption is permitted. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU No. 2016-18,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Restricted Cash</font><font style="font-family:inherit;font-size:10pt;">,&#160;which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash equivalents in the statement of cash flows. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. As a result, the Company's consolidated statements of cash flows included changes to cash and cash equivalents and restricted cash for all periods presented. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU No. 2017-01,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations (Topic 805): Clarifying the Definition of a Business</font><font style="font-family:inherit;font-size:10pt;">. This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued ASU No. 2017-09, &#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. </font><font style="font-family:inherit;font-size:10pt;">This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award, and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued ASU No. 2017-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities</font><font style="font-family:inherit;font-size:10pt;">, which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company adopted this standard on January 1, 2018 and reclassified an immaterial amount from retained earnings to accumulated other comprehensive income. In subsequent periods, any ineffectiveness related to the Company's derivatives instruments are reflected in accumulated other comprehensive income.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pebblebrook Hotel Trust (the "Company") was formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities, with an emphasis on major gateway coastal markets.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company owned </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">28</font><font style="font-family:inherit;font-size:10pt;"> hotels with a total of </font><font style="font-family:inherit;font-size:10pt;">6,972</font><font style="font-family:inherit;font-size:10pt;"> guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; Boston, Massachusetts; Miami (Coral Gables), Florida; Minneapolis, Minnesota; Naples, Florida; Nashville, Tennessee; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Santa Monica, California; Seattle, Washington; Stevenson, Washington; Washington, D.C.; West Hollywood, California; and Los Angeles (Beverly Hills), California.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Substantially all of the Company&#8217;s assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company owned </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">99.7</font><font style="font-family:inherit;font-size:10pt;">% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">0.3</font><font style="font-family:inherit;font-size:10pt;">% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), the Company&#8217;s taxable REIT subsidiary ("TRS"), which in turn engages third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company&#8217;s financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in hotel properties as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following (in thousands):</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:71%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, <br clear="none"/>2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">448,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">448,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Buildings and improvements</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,217,352</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,205,315</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Furniture, fixtures and equipment</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">243,226</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">240,842</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Construction in progress</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,985</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,514</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in hotel properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,918,964</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,904,072</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(472,294</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(447,622</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in hotel properties, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,446,670</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,456,450</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Investment in Hotel Properties</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in hotel properties as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following (in thousands):</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:71%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, <br clear="none"/>2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">448,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">448,401</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Buildings and improvements</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,217,352</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,205,315</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Furniture, fixtures and equipment</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">243,226</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">240,842</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Construction in progress</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,985</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,514</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in hotel properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,918,964</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,904,072</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: Accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(472,294</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(447,622</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in hotel properties, net</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,446,670</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,456,450</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 10, 2017, </font><font style="font-family:inherit;font-size:10pt;">Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel</font><font style="font-family:inherit;font-size:10pt;"> ("Hotel Colonnade") located in Coral Gables, Florida and </font><font style="font-family:inherit;font-size:10pt;">LaPlaya Beach Resort and LaPlaya Beach Club</font><font style="font-family:inherit;font-size:10pt;"> ("LaPlaya") located in Naples, Florida were impacted by the effects of Hurricane Irma. Hotel Colonnade did not suffer any material damage and remained open. LaPlaya was closed in anticipation of the storm and re-opened in stages beginning in the fourth quarter of 2017 and was fully reopened in January 2018.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s insurance policies provide coverage for property damage, business interruption, and reimbursement for other costs that were incurred relating to damages sustained during Hurricane Irma. Insurance proceeds are subject to deductibles.&#160;The Company recorded an impairment loss and a corresponding receivable reflecting the insurance proceeds that are probable of receipt up to the amount of loss recorded. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded a </font><font style="font-family:inherit;font-size:10pt;">$4.9 million</font><font style="font-family:inherit;font-size:10pt;"> gain related to business interruption and expense reimbursement claims for the period through December 31, 2017. The Company believes the insurance receivable to be recoverable by considering various factors, including discussions and agreements reached with the insurance providers, consideration of their financial strength and review of the insurance policy provisions and limits. The Company continues to work with its insurance providers to resolve the remaining property and business interruption claims.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services and are presented on a disaggregated basis on the consolidated statements of operations and comprehensive income. Room revenue is recognized over a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The Company recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the&#160;three months ended&#160;</font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized </font><font style="font-family:inherit;font-size:10pt;">$14.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$14.0 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in revenues that were included in the deferred revenues (contract liabilities) at the beginning of the respective periods. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;"></font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:91.2109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the three months ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest paid, net of capitalized interest</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,655</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,464</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income taxes paid</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-Cash Investing and Financing Activities:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Distributions payable on common shares/units</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,902</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,274</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Distributions payable on preferred shares</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,442</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,442</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Issuance of common shares for Board of Trustees compensation</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">662</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">503</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued additions and improvements to hotel properties</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,286</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,525</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Write-off of deferred financing costs</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">356</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:97.65625%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Outstanding as of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Interest&#160;Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity&#160;Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March&#160;31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revolving credit facilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior unsecured revolving credit facility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">203,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PHL unsecured revolving credit facility</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2022</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revolving credit facilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">203,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Term loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">First Term Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2023</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Second Term Loan</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Third Term Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2021</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fourth Term Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Floating </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">October 2024</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">110,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">110,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total term loans at stated value</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">675,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">675,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred financing costs, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,335</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,594</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total term loans</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670,665</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670,406</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior unsecured notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Series A Notes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.70%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 2023</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Series B Notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.93%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 2025</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total senior unsecured notes at stated value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred financing costs, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(602</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total senior unsecured notes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99,398</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99,374</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mortgage loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Westin San Diego Gaslamp Quarter</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.69%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,981</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,573</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mortgage loans at stated value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,981</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,573</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred financing costs, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(106</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(116</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total mortgage loans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,875</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,457</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,042,938</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">885,237</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">________________________</sup>&#160;</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1) </sup></font><font style="font-family:inherit;font-size:10pt;">Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2) </sup></font><font style="font-family:inherit;font-size:10pt;">Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3) </sup></font><font style="font-family:inherit;font-size:10pt;">Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for </font><font style="font-family:inherit;font-size:10pt;">$65.0 million</font><font style="font-family:inherit;font-size:10pt;"> on the Second Term Loan and </font><font style="font-family:inherit;font-size:10pt;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;"> on the Fourth Term Loan. See "Derivative and Hedging Activities" above.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:96.484375%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:67%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the three months ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Numerator:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) attributable to common shareholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,386</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,011</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: dividends paid on unvested share-based compensation</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(83</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(104</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) available to common shareholders</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,303</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,907</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Denominator:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average number of common shares &#8212; basic</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">68,876,444</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,610,994</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effect of dilutive share-based compensation</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">331,604</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">281,826</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average number of common shares &#8212; diluted</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69,208,048</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,892,820</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) per share available to common shareholders &#8212; basic</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.29</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.14</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income (loss) per share available to common shareholders &#8212; diluted</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.29</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.14</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a summary of service condition restricted share activity as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td style="width:70%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted-Average</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Grant&#160;Date</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unvested at December 31, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">137,105</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30.05</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,609</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36.86</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vested</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(61,982</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31.35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unvested at March 31, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127,732</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32.22</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Share-based Compensation </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Summary of Significant Accounting Policies</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and in conformity with the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the prior period&#8217;s financial statements to conform to the current year presentation.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management&#8217;s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fair Value Measurements</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction.&#160;The hierarchy for inputs used in measuring fair value are as follows:</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1 &#8211; Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2 &#8211; 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.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3 &#8211; Model-derived valuations with unobservable inputs.</font></div></td></tr></table><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.&#160;In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. Marketable securities are carried at fair value using Level 1 inputs. See Note 5 to the accompanying financial statements for disclosures on the fair value of debt and derivative instruments.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Investment in Hotel Properties</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Upon acquisition of a hotel property, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Hotel acquisitions are generally considered to be asset acquisitions defined by ASU 2017-01 and transaction costs related to asset acquisitions are capitalized. Acquisition costs related to business combinations are expensed as incurred and are included in general and administrative expenses on the statement of operations.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Assets under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">40</font><font style="font-family:inherit;font-size:10pt;"> years for buildings, land improvements, and building improvements and </font><font style="font-family:inherit;font-size:10pt;">1</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company&#8217;s results of operations.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel&#8217;s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Board of Trustees has been obtained, </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> significant financing contingencies exist, and the sale is expected to close within </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Investment in Marketable Securities</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's investment in marketable securities is classified as available for sale and is reported at fair value, based on quoted market prices. Changes in the fair value of available-for-sale securities are included in accumulated other comprehensive income in the consolidated statements of equity. Investment income, including dividends, is reported as a component of &#8220;Other&#8221; in the consolidated statements of operations and comprehensive income. Any realized gains and losses are accounted for using the specific identification method. The Company regularly reviews its investment in marketable securities for impairment taking into consideration the length of time and magnitude of the amount that each marketable security is in an unrealized loss position. If the Company does not expect to recover the entire amortized cost basis of a marketable security, it considers the impairment to be other than temporary and will record in earnings the difference between the marketable security&#8217;s amortized cost basis and its fair value. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the carrying values of the investment in marketable securities were $</font><font style="font-family:inherit;font-size:10pt;">158.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;">, respectively. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, unrealized losses recorded in accumulated other comprehensive loss related to the investment were </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services and are presented on a disaggregated basis on the consolidated statements of operations and comprehensive income. Room revenue is recognized over a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The Company recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. </font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the&#160;three months ended&#160;</font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized </font><font style="font-family:inherit;font-size:10pt;">$14.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$14.0 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, in revenues that were included in the deferred revenues (contract liabilities) at the beginning of the respective periods. </font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least </font><font style="font-family:inherit;font-size:10pt;">90</font><font style="font-family:inherit;font-size:10pt;"> percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company&#8217;s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Share-based Compensation </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. </font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Earnings Per Share</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic earnings per share (&#8220;EPS&#8221;) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Standards </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have a material impact on the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of retained earnings. The adoption of this standard has resulted in the reclassification of certain accounts on the Company's consolidated balance sheets to present deferred revenues (contract liabilities) and additional disclosures. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company reclassified </font><font style="font-family:inherit;font-size:10pt;">$6.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$7.5 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, from accounts payable and accrued expenses to deferred revenues on the Company's consolidated balance sheets. The Company also considered and determined that presenting revenue disaggregated by rooms, food and beverage, and other depicts the appropriate categories about the nature and timing of its revenue streams and that no additional disaggregation is needed. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. This ASU is expected to result in the recognition of right-to-use assets and related liabilities to account for the Company's future obligations under the ground lease arrangements for which the Company is the lessee. The Company will continue to evaluate the potential effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> In August 2016, the FASB issued ASU-2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment</font><font style="font-family:inherit;font-size:10pt;">, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017, but earlier adoption is permitted. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU No. 2016-18,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Restricted Cash</font><font style="font-family:inherit;font-size:10pt;">,&#160;which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash equivalents in the statement of cash flows. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. As a result, the Company's consolidated statements of cash flows included changes to cash and cash equivalents and restricted cash for all periods presented. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU No. 2017-01,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations (Topic 805): Clarifying the Definition of a Business</font><font style="font-family:inherit;font-size:10pt;">. This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued ASU No. 2017-09, &#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. </font><font style="font-family:inherit;font-size:10pt;">This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award, and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued ASU No. 2017-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities</font><font style="font-family:inherit;font-size:10pt;">, which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company adopted this standard on January 1, 2018 and reclassified an immaterial amount from retained earnings to accumulated other comprehensive income. In subsequent periods, any ineffectiveness related to the Company's derivatives instruments are reflected in accumulated other comprehensive income.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Equity</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Common Shares</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is authorized to issue up to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">500,000,000</font><font style="font-family:inherit;font-size:10pt;"> common shares of beneficial interest, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$.01</font><font style="font-family:inherit;font-size:10pt;"> par value per share (&#8220;common shares&#8221;). Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of the Company&#8217;s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">March&#160;5, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company filed a prospectus supplement with the SEC to sell up to </font><font style="font-family:inherit;font-size:10pt;">$175.0 million</font><font style="font-family:inherit;font-size:10pt;"> in common shares under a new "at the market" offering program (an "ATM program"). At the same time, the Company terminated its prior </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$170.0 million</font><font style="font-family:inherit;font-size:10pt;"> ATM program. As of March 1, 2017, </font><font style="font-family:inherit;font-size:10pt;">$159.8 million</font><font style="font-family:inherit;font-size:10pt;"> in common shares remained available for issuance under the </font><font style="font-family:inherit;font-size:10pt;">$175.0 million</font><font style="font-family:inherit;font-size:10pt;"> ATM program, and as of that date the Company terminated the program.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February&#160;22, 2016, the Company announced that the Board of Trustees authorized a share repurchase program of up to </font><font style="font-family:inherit;font-size:10pt;">$150.0 million</font><font style="font-family:inherit;font-size:10pt;"> of the Company's outstanding common shares. Under this program, the Company may repurchase its common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. Upon repurchase by the Company, common shares cease to be outstanding and became authorized but unissued common shares. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> repurchases under this program and as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$56.6 million</font><font style="font-family:inherit;font-size:10pt;"> of common shares remained available for repurchase under this program. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 27, 2017, the Company announced that the Board of Trustees authorized a new share repurchase program of up to </font><font style="font-family:inherit;font-size:10pt;">$100.0 million</font><font style="font-family:inherit;font-size:10pt;"> of the Company's outstanding common shares. Under this program, the Company may repurchase its common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. This </font><font style="font-family:inherit;font-size:10pt;">$100.0 million</font><font style="font-family:inherit;font-size:10pt;"> share repurchase program will commence upon completion of the Company's </font><font style="font-family:inherit;font-size:10pt;">$150.0 million</font><font style="font-family:inherit;font-size:10pt;"> share repurchase program.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Common Dividends</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company declared the following dividends on common shares/units for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:24%;" rowspan="1" colspan="1"></td></tr><tr><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Dividend per</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Share/Unit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Quarter</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Ended</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Record Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Payable Date</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:top;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;29, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April&#160;16, 2018</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Preferred Shares</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is authorized to issue up to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">100,000,000</font><font style="font-family:inherit;font-size:10pt;"> preferred shares of beneficial interest, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$.01</font><font style="font-family:inherit;font-size:10pt;"> par value per share (&#8220;preferred shares&#8221;).</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">5,000,000</font><font style="font-family:inherit;font-size:10pt;"> of its </font><font style="font-family:inherit;font-size:10pt;">6.50%</font><font style="font-family:inherit;font-size:10pt;"> Series C Cumulative Redeemable Preferred Shares ("Series C Preferred Shares") and </font><font style="font-family:inherit;font-size:10pt;">5,000,000</font><font style="font-family:inherit;font-size:10pt;"> of its </font><font style="font-family:inherit;font-size:10pt;">6.375%</font><font style="font-family:inherit;font-size:10pt;"> Series D Cumulative Redeemable Preferred Shares ("Series D Preferred Shares") outstanding. </font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Series C Preferred Shares and Series D Preferred Shares (collectively, the &#8220;Preferred Shares&#8221;) rank senior to the common shares and on parity with each other with respect to payment of distributions. The Preferred Shares are cumulative redeemable preferred shares, do not have any maturity date and are not subject to mandatory redemption. The Company could not redeem the Series C Preferred Shares prior to March 18, 2018 and may not redeem the Series D Preferred Shares prior to June 9, 2021, except in limited circumstances relating to the Company&#8217;s continuing qualification as a REIT or as discussed below. On or after June 9, 2021, the Company may, at its option, redeem the Series D Preferred Shares, and at any time the Company may, at its option, redeem the Series C Preferred Shares, in each case in whole or from time to time in part, by payment of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$25.00</font><font style="font-family:inherit;font-size:10pt;"> per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company&#8217;s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">120</font><font style="font-family:inherit;font-size:10pt;"> days following the change of control by paying </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$25.00</font><font style="font-family:inherit;font-size:10pt;"> per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company&#8217;s common shares based on a defined formula subject to a share cap. The share cap on each Series C Preferred Share is </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2.0325</font><font style="font-family:inherit;font-size:10pt;"> common shares and each Series D Preferred Share is </font><font style="font-family:inherit;font-size:10pt;">1.9794</font><font style="font-family:inherit;font-size:10pt;"> common shares.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Preferred Dividends</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company declared the following dividends on preferred shares for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.8046875%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Security Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Dividend&#160; per</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Share/Unit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Quarter</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Ended</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Record Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Payable Date</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.50% Series C</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.41</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;29, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April&#160;16, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.375% Series D</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.40</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March&#160;29, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April&#160;16, 2018</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Non-controlling Interest of Common Units in Operating Partnership</font></div><div style="line-height:120%;padding-top:6px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Holders of Operating Partnership units have certain redemption rights that enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company&#8217;s option, cash per unit equal to the market price of the Company&#8217;s common shares at the time of redemption or the Company&#8217;s common shares on a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;">-for-</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders.</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Operating Partnership had </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">236,351</font><font style="font-family:inherit;font-size:10pt;"> long-term incentive partnership units (&#8220;LTIP units&#8221;) outstanding. Of the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">236,351</font><font style="font-family:inherit;font-size:10pt;"> LTIP units outstanding at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">145,598</font><font style="font-family:inherit;font-size:10pt;"> LTIP units have vested. Only vested LTIP units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described above.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management&#8217;s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.</font></div></div> Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At March 31, 2018 and December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. See "Derivative and Hedging Activities" above. Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin. Amounts round to zero. Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin. EX-101.SCH 7 peb-20180331.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2103100 - Disclosure - Acquisition and Disposition of Hotel Properties link:presentationLink link:calculationLink link:definitionLink 2403401 - Disclosure - Acquisition and Disposition of Hotel Properties (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2111100 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 2411402 - Disclosure - Commitments and Contingencies (Details Textual) link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1005000 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - Consolidated Statements of Equity link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - Consolidated Statements of Operations and Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 2106100 - Disclosure - Debt link:presentationLink link:calculationLink link:definitionLink 2406403 - Disclosure - Debt (Details) link:presentationLink link:calculationLink link:definitionLink 2406402 - Disclosure - Debt (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2306301 - Disclosure - Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - Earnings Per Share link:presentationLink link:calculationLink link:definitionLink 2410402 - Disclosure - Earnings Per Share (Details) link:presentationLink link:calculationLink link:definitionLink 2310301 - Disclosure - Earnings Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 2107100 - Disclosure - Equity link:presentationLink link:calculationLink link:definitionLink 2407403 - Disclosure - Equity (Details) link:presentationLink link:calculationLink link:definitionLink 2407404 - Disclosure - Equity (Details 1) link:presentationLink link:calculationLink link:definitionLink 2407402 - Disclosure - Equity (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2307301 - Disclosure - Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 2109100 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 2409404 - Disclosure - Income Taxes (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - Investment in Hotel Properties link:presentationLink link:calculationLink link:definitionLink 2404402 - Disclosure - Investment in Hotel Properties (Details) link:presentationLink link:calculationLink link:definitionLink 2304301 - Disclosure - Investment in Hotel Properties (Tables) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Organization link:presentationLink link:calculationLink link:definitionLink 2401401 - Disclosure - Organization (Details) link:presentationLink link:calculationLink link:definitionLink 2108100 - Disclosure - Share-Based Compensation Plan link:presentationLink link:calculationLink link:definitionLink 2408403 - Disclosure - Share-Based Compensation Plan (Details) link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - Share-Based Compensation Plan (Details Textual) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - Share-Based Compensation Plan (Tables) link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 2402402 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 2202201 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 2112100 - Disclosure - Supplemental Information to Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 2412402 - Disclosure - Supplemental Information to Statements of Cash Flows (Details) link:presentationLink link:calculationLink link:definitionLink 2312301 - Disclosure - Supplemental Information to Statements of Cash Flows (Tables) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 peb-20180331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 9 peb-20180331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 10 peb-20180331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Consolidated Statements of Equity [Abstract] Consolidated Statements of Equity [Abstract] Statement [Table] Statement [Table] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Preferred Shares [Member] Preferred Stock [Member] Common Shares [Member] Common Stock [Member] Additional Paid-in Capital [Member] Additional Paid-in Capital [Member] Accumulated Other Comprehensive Income (Loss) [Member] AOCI Attributable to Parent [Member] Distributions in Excess of Retained Earnings [Member] Retained Earnings [Member] Parent [Member] Parent [Member] Non-controlling Interests [Member] Noncontrolling Interest [Member] Statement [Line Items] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity [Roll Forward] Beginning balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Preferred stock, shares outstanding Preferred Stock, Shares Outstanding Common stock, shares, outstanding Common Stock, Shares, Outstanding Issuance of shares, net of offering costs Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs Issuance of common shares for Board of Trustees compensation, Shares Number Of Shares Issued For Board Of Trustees Compensation Number of shares issued for board of trustees compensation. Issuance of common shares for Board of Trustees compensation Share Value Issued For Board Of Trustees Compensation Share value issued for board of trustees compensation. Repurchase of common shares, Shares Stock Repurchased During Period, Shares Repurchase of common shares Stock Repurchased During Period, Value Share-based compensation (in shares) Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures Share-based compensation, value Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures Share-based compensation Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition Distributions on common shares/units Dividends, Common Stock Distributions on preferred shares Dividends, Preferred Stock Net contribution from non-controlling interests Noncontrolling Interest, Increase from Subsidiary Equity Issuance Unrealized gain (loss) on derivative instruments Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax Unrealized gain (loss) on marketable securities Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax Cumulative effect adjustment from adoption of new accounting standard Cumulative Effect of New Accounting Principle in Period of Adoption Net income (loss) Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Preferred stock, shares outstanding Common stock, shares, outstanding Ending balance Equity [Abstract] Dividends Payable [Table] Dividends Payable [Table] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Dividends Payable [Line Items] Dividends Payable [Line Items] Dividends on common shares/units Dividends, Common Stock [Abstract] Dividend per Share/Unit (usd per share) Common Stock, Dividends, Per Share, Declared Record Date Dividends Payable, Date of Record Payable Date Dividends Payable, Date to be Paid Statement of Financial Position [Abstract] Allowance for doubtful accounts Allowance for Doubtful Accounts Receivable Preferred shares of beneficial interest, liquidation preference value Preferred Stock, Liquidation Preference, Value Preferred shares of beneficial interest, par value (usd per share) Preferred Stock, Par or Stated Value Per Share Preferred shares of beneficial interest, shares authorized Preferred Stock, Shares Authorized Preferred shares of beneficial interest, shares issued Preferred Stock, Shares Issued Preferred shares of beneficial interest, shares outstanding Common shares of beneficial interest, par value (usd per share) Common Stock, Par or Stated Value Per Share Common shares of beneficial interest, shares authorized Common Stock, Shares Authorized Common shares of beneficial interest, shares issued Common Stock, Shares, Issued Common shares of beneficial interest, shares outstanding Supplemental Cash Flow Elements [Abstract] Schedule of Equity Method Investment, Equity Method Investee, Name [Axis] Investment, Name [Axis] Equity Method Investee, Name [Domain] Investment, Name [Domain] Non Cash Investing and Financing Information [Line Items] Interest paid, net of capitalized interest Interest Paid Income taxes paid Income Taxes Paid Distributions payable on shares/units Dividends Payable Issuance of common shares for Board of Trustees compensation Stock Issued Accrued additions and improvements to hotel properties Accrued Additions And Improvements To Hotel Properties Accrued additions and improvements to hotel properties. Write-off of deferred financing costs Write off of Deferred Debt Issuance Cost Accounting Policies [Abstract] Minimum Percentage of Adjusted Taxable Income to be Distributed to Shareholders as a Real Estate Investment Trust Minimum Percentage of Adjusted Taxable Income to be Distributed to Shareholders as a Real Estate Investment Trust Minimum percentage of adjusted taxable income to be distributed to shareholders as a real estate investment trust Investment in marketable securities, carrying values Available-for-sale Equity Securities, Amortized Cost Basis Investment in marketable securities, unrealized gain (loss) Marketable Securities, Unrealized Gain (Loss) Deferred revenues recognized Contract with Customer, Liability, Revenue Recognized Deferred revenues reclassified Contract with Customer, Liability Schedule of Property, Plant and Equipment [Table] Property, Plant and Equipment [Table] Range [Axis] Range [Axis] Range [Domain] Range [Domain] Minimum [Member] Minimum [Member] Maximum [Member] Maximum [Member] Property, Plant and Equipment by Type [Axis] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Type [Domain] Land, Buildings and Improvements [Member] Land, Buildings and Improvements [Member] Furniture Fixtures And Equipment [Member] Furniture Fixtures And Equipment [Member] Furniture, fixtures and equipment. Property, Plant and Equipment [Line Items] Property, Plant and Equipment [Line Items] Estimated useful life (in years) Property, Plant and Equipment, Useful Life Debt Disclosure [Abstract] Line of Credit Facility [Table] Line of Credit Facility [Table] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Senior Unsecured Revolving Credit Facility [Member] Senior Unsecured Revolving Credit Facility [Member] Senior Unsecured Revolving Credit Facility [Member] PHL Unsecured Revolving Credit Facility [Member] PHL Unsecured Revolving Credit Facility [Member] PHL Unsecured Revolving Credit Facility [Member] First Term Loan [Member] First Term Loan [Member] First Term Loan [Member] Second Term Loan [Member] Second Term Loan [Member] Second Term Loan [Member] Second Term Loan, Excluded from Interest Rate Swap [Member] Second Term Loan, Excluded from Interest Rate Swap [Member] Second Term Loan, Excluded from Interest Rate Swap [Member] Fourth Term Loan [Member] Fourth Term Loan [Member] Fourth Term Loan [Member] Fourth Term Loan Excluded From Interest Rate Swap Member [Member] Fourth Term Loan Excluded From Interest Rate Swap Member [Member] Fourth Term Loan Excluded From Interest Rate Swap Member [Member] Third Term Loan [Member] Third Term Loan [Member] Third Term Loan [Member] Series A Notes [Member] Series A Notes [Member] Series A Notes [Member] Series B Notes [Member] Series B Notes [Member] Series B Notes [Member] Term Loan Through July 12, 2017 [Member] Term Loan Through July 12, 2017 [Member] Term Loan Through July 12, 2017 [Member] Term Loan July 13, 2017 through January 15, 2020 [Member] Term Loan July 13, 2017 through January 15, 2020 [Member] Term Loan July 13, 2017 through January 15, 2020 [Member] Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Unsecured Debt [Member] Unsecured Debt [Member] Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Revolving Credit Facility [Member] Revolving Credit Facility [Member] Term Loan [Member] Term Loan [Member] Term Loan [Member] Variable Rate [Axis] Variable Rate [Axis] Variable Rate [Domain] Variable Rate [Domain] London Interbank Offered Rate (LIBOR) [Member] London Interbank Offered Rate (LIBOR) [Member] Derivative, by Nature [Axis] Derivative Instrument [Axis] Derivative, Name [Domain] Derivative Contract [Domain] Interest Rate Swap [Member] Interest Rate Swap [Member] Mortgage Loans on Real Estate, Description, Loan Category [Axis] Mortgage Loans on Real Estate, Description, Loan Category [Axis] Mortgage Loans on Real Estate, Loan Category [Domain] Mortgage Loans on Real Estate, Loan Category [Domain] First Mortgage [Member] First Mortgage [Member] Name of Property [Axis] Name of Property [Axis] Name of Property [Domain] Name of Property [Domain] Line of Credit Facility [Line Items] Line of Credit Facility [Line Items] Maximum borrowing capacity Line of Credit Facility, Maximum Borrowing Capacity Accordion feature (potential increase) Line Of Credit Facility, Accordion Feature Line Of Credit Facility, Accordion Feature Credit facility borrowings LIBOR rate plus Debt Instrument, Basis Spread on Variable Rate Annual rate of unused commitment fee Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Outstanding borrowings under the credit facility Long-term Line of Credit Line of credit facility, remaining borrowing capacity Line of Credit Facility, Remaining Borrowing Capacity Unused commitment fees Line of Credit Facility, Commitment Fee Amount Debt outstanding Long-term Debt, Gross Borrowings under revolving credit facilities Proceeds from Lines of Credit Term loans outstanding Unsecured Debt Proceeds from issuance of senior long-term debt Proceeds from Issuance of Senior Long-term Debt Stated interest rate Debt Instrument, Interest Rate, Stated Percentage Notional amount Derivative, Notional Amount Effective interest rate Debt Instrument, Interest Rate, Effective Percentage Derivative Asset Derivative Asset, Fair Value, Gross Asset Derivative Liability Derivative Liability Gain (Loss) on derivative instruments Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net Reclassification from AOCI to interest expense Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax Expected reclassifications in next 12 months Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net Repayments of mortgage debt Repayments of Secured Debt Estimated fair value of debt Long-term Debt, Fair Value Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Award Type [Axis] Award Type [Axis] Award Type [Domain] Equity Award [Domain] Restricted Stock [Member] Restricted Stock [Member] Performance Shares [Member] Performance Shares [Member] Award Date [Axis] Award Date [Axis] Award Date [Domain] Award Date [Domain] January 2013 [Member] January 2013 [Member] January 2013 [Member] December 2013 [Member] December 2013 [Member] December 2013 [Member] February 2014 [Member] February 2014 [Member] February 2014 [Member] February 2015 [Member] February 2015 [Member] February 2015 [Member] July 2015 [Member] July 2015 [Member] July 2015 [Member] February 2016 [Member] February 2016 [Member] February 2016 [Member] February 2017 [Member] February 2017 [Member] February 2017 [Member] February 2018 [Member] [Member] February 2018 [Member] [Member] February 2018 [Member] Schedule of Share-based Compensation Arrangement By Fair Value Component [Axis] Schedule of Share-based Compensation Arrangement By Fair Value Component [Axis] Schedule of Share-based Compensation Arrangement By Fair Value Component [Axis] Schedule of Share-based Compensation Arrangement By Fair Value Component [Domain] Schedule of Share-based Compensation Arrangement By Fair Value Component [Domain] Schedule of Share-based Compensation Arrangement By Fair Value Component [Domain] Relative TSR [Member] Relative TSR [Member] Relative Total Shareholder Return [Member] Absolute TSR [Member] Absolute TSR [Member] Absolute Total Shareholder Return [Member] EBITDA Comparison [Member] EBITDA Comparison [Member] EBITDA Comparison [Member] Relative & Absolute TSR [Member] Relative & Absolute TSR [Member] Relative & Absolute TSR [Member] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Summary of restricted share activity Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] Unvested shares, Beginning balance Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Unvested shares, Granted Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Vested, shares Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Forfeited, shares Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Unvested shares, Ending balance Unvested weighted average grant date fair value, beginning balance (in usd per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Granted, weighted average grant date fair value (in usd per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Vested, weighted average grant date fair value (in usd per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value Forfeited, weighted average grant date fair value (in usd per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value Unvested weighted average grant date fair value, ending balance (in usd per share) Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] Percentage of Total Award ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageofTotalAward ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageofTotalAward Grant Date Fair Value by Component ($ in millions) ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue ShareBasedCompensationArrangementByShareBasedPaymentAwardGrantDateFairValue Volatility Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate Interest Rate Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate Dividend Yield Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate Income Tax Disclosure [Abstract] Schedule of Stock by Class [Table] Schedule of Stock by Class [Table] 6.50% Series C [Member] Series C Preferred Stock [Member] 6.375% Series D [Member] Series D Preferred Stock [Member] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Income Taxes [Line Items] Class of Stock [Line Items] Estimated Effective Tax Rate Combined Federal And State Estimated Effective Tax Rate Combined Federal And State Estimated Effective Tax Rate Combined Federal And State Income Tax Expense (Benefit) Income Tax Expense (Benefit) Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Statement of Cash Flows [Abstract] Operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction Share-based compensation Share-based Compensation (Gain) loss on derivative instruments Amortization of deferred financing costs and mortgage loan premiums Amortization of Debt Issuance Costs and Discounts Impairment and other losses Other Asset Impairment Charges Non-cash ground rent Amortization of Leased Asset Other Other Noncash Income (Expense) Changes in assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Hotel receivables Increase (Decrease) in Accounts Receivable Prepaid expenses and other assets Increase (Decrease) in Prepaid Expense and Other Assets Accounts payable and accrued expenses Increase (Decrease) in Accounts Payable and Accrued Liabilities Deferred revenues Increase (Decrease) in Customer Deposits Net cash provided by (used in) operating activities Net Cash Provided by (Used in) Operating Activities Investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Improvements and additions to hotel properties Payments for Capital Improvements Investment in marketable securities Payments to Acquire Marketable Securities Purchase of corporate office equipment, software, and furniture Payments to Acquire Productive Assets Property insurance proceeds Proceeds from Insurance Settlement, Investing Activities Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities Financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Payment of offering costs — common and preferred shares Payments of Stock Issuance Costs Payment of deferred financing costs Payments of Financing Costs Contributions from non-controlling interest Proceeds from Noncontrolling Interests Repayments under revolving credit facilities Repayments of Lines of Credit Repayments of mortgage debt Repurchase of common shares Payments for Repurchase of Common Stock Distributions — common shares/units Payments of Ordinary Dividends, Common Stock Distributions — preferred shares Payments of Ordinary Dividends, Preferred Stock and Preference Stock Proceeds from refundable membership deposits Proceeds from membership deposits Proceeds from membership deposits Repayments of refundable membership deposits Repayments of membership deposits Repayments of membership deposits Net cash provided by (used in) financing activities Net Cash Provided by (Used in) Financing Activities Net Change in Cash and Cash Equivalents and Restricted Cash Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Cash and cash equivalents and restricted cash, beginning of year Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash and cash equivalents and restricted cash, end of period Dividends on common shares/units Schedule Of Dividend On Common Stock [Table Text Block] Tabular disclosure of dividend on common stock. Dividends on preferred shares Schedule Of Dividend On Preferred Stock [Table Text Block] Tabular disclosure of dividend on preferred stock. Basis of Presentation Basis Of Presentation [Policy Text Block] Basis of presentation. Use of Estimates Use of Estimates, Policy [Policy Text Block] Fair Value Measurements Fair Value of Financial Instruments, Policy [Policy Text Block] Investment in Hotel Properties Investment, Policy [Policy Text Block] Investment in Marketable Securities Marketable Securities, Policy [Policy Text Block] Revenue Recognition Revenue Recognition, Policy [Policy Text Block] Income Taxes Income Tax, Policy [Policy Text Block] Share-based Compensation Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Earnings Per Share Earnings Per Share, Policy [Policy Text Block] Recent Accounting Standards New Accounting Pronouncements, Policy [Policy Text Block] Schedule of Debt Summary Schedule of Long-term Debt Instruments [Table Text Block] Real Estate [Abstract] Schedule of Investment in hotel properties Real Estate Investment Financial Statements, Disclosure [Table Text Block] Investment in Hotel Properties Real Estate Owned [Text Block] Management Agreements [Table] Management Agreements [Table] Management agreements. Real Estate, Type of Property [Axis] Real Estate, Type of Property [Axis] Mortgage Loans On Real Estate Name Property Type [Domain] Real Estate [Domain] Monaco Washington DC [Member] Monaco Washington Dc [Member] Monaco Washington DC. Argonaut Hotel [Member] Argonaut Hotel [Member] Argonaut hotel. Hotel Zelos San Francisco [Member] Hotel Zelos San Francisco [Member] Hotel Zelos San Francisco [Member] Hotel Zephyr Fisherman's Wharf [Member] Hotel Zephyr Fisherman's Wharf [Member] Hotel Zephyr Fisherman's Wharf [Member] Hotel Zeppelin San Francisco [Member] Hotel Zeppelin San Francisco [Member] Hotel Zeppelin San Francisco [Member] Hotel Palomar Los Angeles - Beverly Hills [Member] Hotel Palomar LA-Westwood [Member] Hotel Palomar LA-Westwood [Member] Union Station Hotel Nashville [Member] Union Station Hotel Nashville [Member] Union Station Hotel Nashville [Member] Ground lease [Axis] Ground lease [Axis] Ground lease [Axis] Ground lease [Domain] Ground lease [Domain] [Domain] for Ground lease [Axis] Primary lease [Member] Primary lease [Member] Primary lease [Member] Business Acquisition [Axis] Business Acquisition [Axis] Business Acquisition, Acquiree [Domain] Business Acquisition, Acquiree [Domain] Management Agreements [Line Items] Management Agreements [Line Items] Management agreements. Terms of management agreements not including renewals Terms Of Management Agreements Not Including Renewals Terms of management agreements not including renewals. Terms of management agreements including renewals Terms Of Management Agreements Including Renewals Terms of management agreements including renewals. Termination fees range Combined Base And Incentive Management Fees Multiplier Combined base and incentive management fees multiplier. Base management fee from hotel revenues Base Management Fees As Percentage Of Hotel Revenues Base management fees as percentage of hotel revenues. Combined base and incentive management fees Combined Base And Incentive Management Fees Combined base and incentive management fees. Commitments and Contingencies (Textual) [Abstract] Commitments and Contingencies (Textual) [Abstract] Commitments and Contingencies. Reserve funds allowed for hotel maintenance from hotel revenue Reserve Funds As Percentage Of Hotel Revenues Reserve funds as percentage of hotel revenues. Restricted cash Restricted Cash and Cash Equivalents Ground lease expiry period Lease Expiry Period Ground lease expiry period. Base rent increase Base rent increase Base rent increase Base rent Base Rent Base rent. Ground lease percentage rent on hotel revenues Ground lease percentage rent on hotel revenues Ground lease percentage rent on hotel revenues Ground lease percentage rent on retail revenues Ground lease percentage rent on retail revenues Ground lease percentage rent on retail revenues Ground lease percentage rent on hotel revenues Ground lease percentage rent on hotel revenues b Ground lease percentage rent on hotel revenues 2017 and after Ground lease percentage rent on retail and parking revenues Ground lease percentage rent on retail and parking revenues Ground lease percentage rent on retail and parking revenues Number of guest rooms, leasehold interest Number of Guest Rooms Subject to Lease Number of Guest Rooms Subject to Lease Total number of guest rooms Number Of Guest Rooms Total number of guest rooms. Ground lease extension option Lease Extension Option Lease Extension Option Number of extension options Number of Extension Options Number of Extension Options Ground rent expense Operating Leases, Rent Expense Supplemental Information to Statements of Cash Flows Cash Flow, Supplemental Disclosures [Text Block] Dividends on preferred shares/units Dividends, Preferred Stock [Abstract] Dividend per Share (usd per share) Preferred Stock, Dividends Per Share, Declared Business Combinations [Abstract] Schedule of Real Estate Properties [Table] Schedule of Real Estate Properties [Table] Disposal Group Name [Axis] Disposal Group Name [Axis] Disposal Group Name [Domain] Disposal Group Name [Domain] Dumont NYC [Member] Dumont NYC [Member] Dumont NYC [Member] Parking garage at Revere Boston Hotel [Member] Parking garage at Revere Boston Hotel [Member] Parking garage at Revere Boston Hotel [Member] Real Estate Properties [Line Items] Real Estate Properties [Line Items] Consideration received for asset sold Disposal Group, Including Discontinued Operation, Consideration Impairment loss Impairment of Real Estate Gain on sale of hotel properties Gain (Loss) on Sale of Properties, before Applicable Income Taxes Operating income from disposed properties Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax Document and Entity Information [Abstract] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Document Type Document Type Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Amendment Flag Amendment Flag Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table] Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Long Term Incentive Partnership Units Class B [Member] LongtermincentivepartnershipunitsclassB [Member] Long Term Incentive Partnership Units Class B [Member] Long Term Incentive Partnership Units [Member] Long Term Incentive Partnership Units [Member] Long term incentive partnership units. December 2013 - Tranche 1 [Member] December 2013 - Tranche 1 [Member] December 2013 - Tranche 1 [Member] December 2013 - Tranche 2 [Member] December 2013 - Tranche 2 [Member] December 2013 - Tranche 2 [Member] December 2013 - Tranche 3 [Member] December 2013 - Tranche 3 [Member] December 2013 - Tranche 3 [Member] Vesting [Axis] Vesting [Axis] Vesting [Domain] Vesting [Domain] Officer Awards [Member] Officer Awards [Member] Officer Awards [Member] Nonexecutive management award [Member] Nonexecutive management award [Member] Nonexecutive management award [Member] Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] Share-Based Compensation Plan (Textual) [Abstract] Share Based Compensation Plan (Textual) [Abstract] Share based compensation plan. Share-based award vesting period Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Number of common shares available for issuance under the 2009 Equity Incentive Plan Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Compensation expense Allocated Share-based Compensation Expense Total unrecognized compensation cost Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Weighted average remaining vesting period (in years) Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Share-based equity award grant (shares) Number of common shares issued Estimated shares expected to vest ShareBasedCompensationArrangementByShareBasedPaymentAward,Estimated Shares Expected to Vest ShareBasedCompensationArrangementByShareBasedPaymentAward,Estimated Shares Expected to Vest Shares expected to vest, not subject to maximum Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Shares Not Subject to Maximum Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Shares Not Subject to Maximum Classes of LTIP Units Classes of LTIP Units Classes of LTIP Units LTIP units granted (shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Value of LTIP grants per share (usd per share) Long Term Incentive Partnership Units Value Per Unit Long Term Incentive Partnership Units Value Per Unit Grant date fair value of LTIP unit awards Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Total Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Total Grant Date Fair Value Operating Partnership outstanding (shares) Long Term Incentive Partnership Units Outstanding Long term incentive partnership units outstanding. LTIP units, vested (shares) Long Term Incentive Partnership Units Vested Long term incentive partnership units vested. Debt Debt Disclosure [Text Block] Income Statement [Abstract] Revenues: Revenue from Hotels [Abstract] Room Occupancy Revenue Food and beverage Food and Beverage Revenue Other operating Other Hotel Operating Revenue Total revenues Revenue from Hotels Expenses: Costs and Expenses [Abstract] Hotel operating expenses: Direct Costs of Hotels [Abstract] Room Occupancy Costs Food and beverage Food and Beverage, Cost of Sales Other direct and indirect Other Direct Costs of Hotels Total hotel operating expenses Direct Costs of Hotels Real estate taxes, personal property taxes, property insurance, and ground rent Real estate taxes, personal property taxes, property insurance, and ground rent Real estate taxes, personal property taxes, property insurance, and ground rent General and administrative General and Administrative Expense Impairment and other losses Gain on insurance settlement Gain on Business Interruption Insurance Recovery Total operating expenses Costs and Expenses Operating income (loss) Operating Income (Loss) Interest income Investment Income, Interest Interest expense Interest Expense Other Other Nonoperating Income (Expense) Income (loss) before income taxes Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income tax (expense) benefit Net income (loss) Net income (loss) attributable to non-controlling interests Net Income (Loss) Attributable to Noncontrolling Interest Net income (loss) attributable to the Company Net Income (Loss) Attributable to Parent Distributions to preferred shareholders Preferred Stock Dividends, Income Statement Impact Net income (loss) attributable to common shareholders Net Income (Loss) Available to Common Stockholders, Basic Net income (loss) per share available to common shareholders, basic (usd per share) Earnings Per Share, Basic Net income (loss) per share available to common shareholders, diluted (in usd per share) Earnings Per Share, Diluted Weighted-average number of common shares, basic (in shares) Weighted Average Number of Shares Outstanding, Basic Weighted-average number of common shares, diluted (in shares) Weighted Average Number of Shares Outstanding, Diluted Comprehensive Income: Statement of Comprehensive Income [Abstract] Other comprehensive income (loss): Other Comprehensive Income (Loss), Net of Tax [Abstract] Unrealized gain (loss) on marketable securities Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax Comprehensive income (loss) Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive income (loss) attributable to non-controlling interests Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive income (loss) attributable to the Company Comprehensive Income (Loss), Net of Tax, Attributable to Parent Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Property, Plant and Equipment, Type [Domain] LaPlaya Beach Resort [Member] LaPlaya Beach Resort [Member] LaPlaya Beach Resort [Member] Other Asset Impairment Loss Insurance Recoveries Insurance Recoveries Investment in hotel properties Real Estate Investments, Net [Abstract] Land Land Buildings and improvements Investment Building and Building Improvements Furniture, fixtures and equipment Furniture Fixtures And Equipment Furniture, fixtures and equipment. Construction in progress Development in Process Investment in hotel properties Real Estate Investment Property, at Cost Less: Accumulated depreciation Real Estate Investment Property, Accumulated Depreciation Investment in hotel properties, net Real Estate Investment Property, Net Acquisition and Disposition of Hotel Properties Business Combination Disclosure [Text Block] Earnings Per Share [Abstract] Earnings Per Share Earnings Per Share [Text Block] Equity Stockholders' Equity Note Disclosure [Text Block] Summary of Supplemental Information to Statements of Cash Flows Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] Share-Based Compensation Plan Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Income Taxes Income Tax Disclosure [Text Block] Reconciliation of basic and diluted earnings per common share Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Number of hotels owned by the company Number of Real Estate Properties Percentage of Operating Partnership units owned by company Noncontrolling Interest, Ownership Percentage by Parent Percentage of Operating Partnership units owned by other limited partners Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners Summary of service condition restricted share activity Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] Performance-based Equity Awards Methodology and Assumptions Schedule of Share-based Payment Award, Performance Shares, Valuation Assumptions [Table Text Block] Schedule of Share-based Payment Award, Performance Shares, Valuation Assumptions [Table Text Block] ASSETS Assets [Abstract] Investment in hotel properties, net Investment in marketable securities Marketable Securities, Equity Securities Ground lease asset, net Intangible Assets, Net (Excluding Goodwill) Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Hotel receivables (net of allowance for doubtful accounts of $105 and $245, respectively) Accounts Receivable, Net Prepaid expenses and other assets Prepaid Expense and Other Assets Total assets Assets LIABILITIES AND EQUITY Liabilities and Equity [Abstract] Unsecured revolving credit facilities Term loans, net of unamortized deferred financing costs Unsecured Debt, Net of Financing Costs Unsecured Debt, Net of Financing Costs Senior unsecured notes, net of unamortized deferred financing costs Senior Notes, Net of Deferred Financing Costs Senior Notes, Net of Deferred Financing Costs Mortgage debt, net of unamortized deferred financing costs Secured Debt Accounts payable and accrued expenses Accounts Payable and Accrued Liabilities Deferred revenues Customer Advances and Deposits Accrued interest Interest Payable Distribution payable Total liabilities Liabilities Commitments and contingencies (Note 10) Commitments and Contingencies Shareholders’ equity: Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Preferred shares of beneficial interest, $.01 par value (liquidation preference $250,000 at March 31, 2018 and at December 31, 2017), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at March 31, 2018 and December 31, 2017 Preferred Stock, Value, Issued Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 68,912,185 issued and outstanding at March 31, 2018 and 68,812,575 issued and outstanding at December 31, 2017 Common Stock, Value, Issued Additional paid-in capital Additional Paid in Capital Accumulated other comprehensive income (loss) Accumulated Other Comprehensive Income (Loss), Net of Tax Distributions in excess of retained earnings Retained Earnings (Accumulated Deficit) Total shareholders’ equity Stockholders' Equity Attributable to Parent Non-controlling interests Stockholders' Equity Attributable to Noncontrolling Interest Total equity Total liabilities and equity Liabilities and Equity Reconciliation of basic and diluted earnings per common share Earnings Per Share Reconciliation [Abstract] Numerator: Net Income (Loss) Attributable to Parent [Abstract] Net income (loss) Attributable to common shareholders Less: dividends paid on unvested share-based compensation Dividends, Share-based Compensation Net income (loss) available to common shareholders Net Income Loss Available To Common Stockholders Basic And Diluted Net income loss available to common stockholders basic and diluted. Denominator: Weighted Average Number of Shares Outstanding, Diluted [Abstract] Weighted-average number of common shares-basic (shares) Effect of dilutive share-based compensation (shares) Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements Weighted-average number of common shares-diluted (shares) Antidilutive securities excluded from computation of earnings per share, amount (shares) Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Mortgage Loans on Real Estate Schedule [Table] Mortgage Loans on Real Estate Schedule [Table] Senior Unsecured Notes [Member] Senior Notes [Member] The Westin San Diego Gaslamp Quarter [Member] Westin Gaslamp Quarter [Member] Westin Gaslamp Quarter [Member] Mortgage Loans on Real Estate [Line Items] Mortgage Loans on Real Estate [Line Items] Interest Rate Debt Deferred financing costs, net Debt Issuance Costs, Net Mortgage loan premiums and deferred financing costs Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net Total debt Long-term Debt Common Stock [Axis] Common Stock [Axis] Common Stock [Axis] Common stock [Domain] Common stock [Domain] Common stock [Domain] ATMProgram [Member] ATMProgram [Member] ATMProgram [Member] Share Repurchase Program [Member] Share Repurchase Program [Member] Share Repurchase Program [Member] Share Repurchase Program 2 [Member] Share Repurchase Program 2 [Member] Class of Stock [Line Items] Equity (Textual) [Abstract] Equity (Textual) [Abstract] Equity. Common Stock Disclosures [Abstract] Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] March 2014 shelf registration statement maximum amount Mar 2014 Shelf Registration Stmt Maximum Amount Mar 2014 Shelf Registration Stmt Maximum Amount September 2012 shelf registration statement maximum amount Sept 2012 Shelf Registration Stmt Maximum Amount Sept 2012 Shelf Registration Stmt Maximum Amount Amount available under ATM program Amount Available under ATM Amount Available under ATM Share repurchase program, authorized amount Stock Repurchase Program, Authorized Amount Share repurchased, shares Treasury Stock, Shares, Acquired Remaining authorized repurchase amount Stock Repurchase Program, Remaining Authorized Repurchase Amount Preferred Stock Disclosures [Abstract] Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] Preferred stock, dividend rate, percentage Preferred Stock, Dividend Rate, Percentage Preferred shares of beneficial interest, redemption price per share (usd per share) Preferred Stock, Redemption Price Per Share Share cap on each preferred shares Share Cap On Each Preferred Shares Share cap on each preferred shares. Preferred stock, redemption after change in control Preferred stock, Redemption after change in control Preferred stock, Redemption after change in control LTIP Units Disclosures [Abstract] LTIPUnitsOutstandingVestedandConverted [Abstract] LTIP Units outstanding, vested, and converted to common units [Abstract] EX-101.PRE 11 peb-20180331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2018
Apr. 23, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name Pebblebrook Hotel Trust  
Entity Central Index Key 0001474098  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Type 10-Q  
Document Period End Date Mar. 31, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   69,039,917
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
ASSETS    
Investment in hotel properties, net $ 2,446,670 $ 2,456,450
Investment in marketable securities 157,759 0
Ground lease asset, net 28,889 29,037
Cash and cash equivalents 15,969 25,410
Restricted cash 7,254 7,123
Hotel receivables (net of allowance for doubtful accounts of $105 and $245, respectively) 33,798 29,206
Prepaid expenses and other assets 51,587 43,642
Total assets 2,741,926 2,590,868
LIABILITIES AND EQUITY    
Unsecured revolving credit facilities 203,000 45,000
Term loans, net of unamortized deferred financing costs 670,665 670,406
Senior unsecured notes, net of unamortized deferred financing costs 99,398 99,374
Mortgage debt, net of unamortized deferred financing costs 69,875 70,457
Accounts payable and accrued expenses 135,747 141,290
Deferred revenues 28,224 26,919
Accrued interest 3,343 2,073
Distribution payable 31,344 31,823
Total liabilities 1,241,596 1,087,342
Commitments and contingencies (Note 10)
Shareholders’ equity:    
Preferred shares of beneficial interest, $.01 par value (liquidation preference $250,000 at March 31, 2018 and at December 31, 2017), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at March 31, 2018 and December 31, 2017 100 100
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 68,912,185 issued and outstanding at March 31, 2018 and 68,812,575 issued and outstanding at December 31, 2017 689 688
Additional paid-in capital 1,683,046 1,685,437
Accumulated other comprehensive income (loss) 8,936 3,689
Distributions in excess of retained earnings (197,359) (191,013)
Total shareholders’ equity 1,495,412 1,498,901
Non-controlling interests 4,918 4,625
Total equity 1,500,330 1,503,526
Total liabilities and equity $ 2,741,926 $ 2,590,868
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 105 $ 245
Preferred shares of beneficial interest, liquidation preference value $ 250,000 $ 250,000
Preferred shares of beneficial interest, par value (usd per share) $ 0.01 $ 0.01
Preferred shares of beneficial interest, shares authorized 100,000,000 100,000,000
Preferred shares of beneficial interest, shares issued 10,000,000 10,000,000
Preferred shares of beneficial interest, shares outstanding 10,000,000 10,000,000
Common shares of beneficial interest, par value (usd per share) $ 0.01 $ 0.01
Common shares of beneficial interest, shares authorized 500,000,000 500,000,000
Common shares of beneficial interest, shares issued 68,912,185 68,812,575
Common shares of beneficial interest, shares outstanding 68,912,185 68,812,575
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues:    
Room $ 122,471 $ 125,570
Food and beverage 44,568 43,632
Other operating 14,016 12,976
Total revenues 181,055 182,178
Hotel operating expenses:    
Room 31,708 32,983
Food and beverage 30,596 29,288
Other direct and indirect 51,839 52,168
Total hotel operating expenses 114,143 114,439
Depreciation and amortization 24,902 26,296
Real estate taxes, personal property taxes, property insurance, and ground rent 12,115 13,712
General and administrative 2,610 6,151
Impairment and other losses 795 1,049
Gain on insurance settlement (4,898) 0
Total operating expenses 149,667 161,647
Operating income (loss) 31,388 20,531
Interest income 63 0
Interest expense (9,811) (9,341)
Other 2,447 64
Income (loss) before income taxes 24,087 11,254
Income tax (expense) benefit 429 2,835
Net income (loss) 24,516 14,089
Net income (loss) attributable to non-controlling interests 107 55
Net income (loss) attributable to the Company 24,409 14,034
Distributions to preferred shareholders (4,023) (4,023)
Net income (loss) attributable to common shareholders $ 20,386 $ 10,011
Net income (loss) per share available to common shareholders, basic (usd per share) $ 0.29 $ 0.14
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ 0.29 $ 0.14
Weighted-average number of common shares, basic (in shares) 68,876,444 71,610,994
Weighted-average number of common shares, diluted (in shares) 69,208,048 71,892,820
Comprehensive Income:    
Net income (loss) $ 24,516 $ 14,089
Other comprehensive income (loss):    
Unrealized gain (loss) on derivative instruments 5,278 2,104
Unrealized gain (loss) on marketable securities 579 0
Comprehensive income (loss) 29,215 16,193
Comprehensive income (loss) attributable to non-controlling interests 123 62
Comprehensive income (loss) attributable to the Company $ 29,092 $ 16,131
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Preferred Shares [Member]
Common Shares [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Distributions in Excess of Retained Earnings [Member]
Parent [Member]
Non-controlling Interests [Member]
Beginning balance at Dec. 31, 2016 $ 1,609,116 $ 100 $ 719 $ 1,776,404 $ (2,312) $ (169,227) $ 1,605,684 $ 3,432
Preferred stock, shares outstanding at Dec. 31, 2016   10,000,000            
Common stock, shares, outstanding at Dec. 31, 2016     71,922,904          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares, net of offering costs (62)     (62)     (62)  
Issuance of common shares for Board of Trustees compensation, Shares     16,711          
Issuance of common shares for Board of Trustees compensation 503   $ 1 502     503  
Repurchase of common shares, Shares     (2,210,690)          
Repurchase of common shares (62,444)   $ (22) (62,422)     (62,444)  
Share-based compensation (in shares)     208,238          
Share-based compensation, value     $ 1          
Share-based compensation 1,127     850     851 276
Distributions on common shares/units (26,531)         (26,441) (26,441) (90)
Distributions on preferred shares (4,023)         (4,023) (4,023)  
Net contribution from non-controlling interests 107             107
Unrealized gain (loss) on derivative instruments 2,104       2,104   2,104  
Net income (loss) 14,089         14,034 14,034 55
Preferred stock, shares outstanding at Mar. 31, 2017   10,000,000            
Common stock, shares, outstanding at Mar. 31, 2017     69,937,163          
Ending balance at Mar. 31, 2017 1,533,986 $ 100 $ 699 1,715,272 (208) (185,657) 1,530,206 3,780
Beginning balance at Dec. 31, 2017 $ 1,503,526 $ 100 $ 688 1,685,437 3,689 (191,013) 1,498,901 4,625
Preferred stock, shares outstanding at Dec. 31, 2017 10,000,000 10,000,000            
Common stock, shares, outstanding at Dec. 31, 2017 68,812,575   68,812,575          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common shares for Board of Trustees compensation, Shares     17,410          
Issuance of common shares for Board of Trustees compensation $ 662   $ 1 661     662  
Repurchase of common shares, Shares     (69,687)          
Repurchase of common shares (2,507)   $ (1) (2,506)     (2,507)  
Share-based compensation (in shares)     151,887          
Share-based compensation, value     $ 1          
Share-based compensation (269)     (546)     (545) 276
Distributions on common shares/units (26,274)         (26,184) (26,184) (90)
Distributions on preferred shares (4,023)         (4,023) (4,023)  
Unrealized gain (loss) on derivative instruments 5,278       5,278   5,278  
Unrealized gain (loss) on marketable securities (579)       (579)   (579)  
Net income (loss) $ 24,516         24,409 24,409 107
Preferred stock, shares outstanding at Mar. 31, 2018 10,000,000 10,000,000            
Common stock, shares, outstanding at Mar. 31, 2018 68,912,185   68,912,185          
Ending balance at Mar. 31, 2018 $ 1,500,330 $ 100 $ 689 $ 1,683,046 8,936 (197,359) $ 1,495,412 $ 4,918
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Cumulative effect adjustment from adoption of new accounting standard         $ 548 $ (548)    
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities:    
Net income (loss) $ 24,516 $ 14,089
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 24,902 26,296
Share-based compensation (269) 1,127
(Gain) loss on derivative instruments 0 (64)
Amortization of deferred financing costs and mortgage loan premiums 518 399
Impairment and other losses 0 1,049
Non-cash ground rent 676 733
Other 502 15
Changes in assets and liabilities:    
Hotel receivables (4,452) (2,141)
Prepaid expenses and other assets (7,717) (3,009)
Accounts payable and accrued expenses 1,330 (3,034)
Deferred revenues 1,285 1,692
Net cash provided by (used in) operating activities 41,291 37,152
Investing activities:    
Improvements and additions to hotel properties (16,179) (21,821)
Investment in marketable securities (158,338) 0
Purchase of corporate office equipment, software, and furniture (5) (6)
Property insurance proceeds 97 0
Net cash provided by (used in) investing activities (174,425) (21,827)
Financing activities:    
Payment of offering costs — common and preferred shares 0 (62)
Payment of deferred financing costs 0 (2)
Contributions from non-controlling interest 0 107
Borrowings under revolving credit facilities 226,286 132,000
Repayments under revolving credit facilities (68,286) (10,000)
Repayments of mortgage debt (592) (44,996)
Repurchase of common shares (2,507) (62,444)
Distributions — common shares/units (26,753) (28,029)
Distributions — preferred shares (4,023) (4,023)
Proceeds from refundable membership deposits 36 698
Repayments of refundable membership deposits (337) (312)
Net cash provided by (used in) financing activities 123,824 (17,063)
Net Change in Cash and Cash Equivalents and Restricted Cash (9,310) (1,738)
Cash and cash equivalents and restricted cash, beginning of year 32,533 40,829
Cash and cash equivalents and restricted cash, end of period $ 23,223 $ 39,091
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization
3 Months Ended
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization
Organization
Pebblebrook Hotel Trust (the "Company") was formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities, with an emphasis on major gateway coastal markets.
As of March 31, 2018, the Company owned 28 hotels with a total of 6,972 guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; Boston, Massachusetts; Miami (Coral Gables), Florida; Minneapolis, Minnesota; Naples, Florida; Nashville, Tennessee; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Santa Monica, California; Seattle, Washington; Stevenson, Washington; Washington, D.C.; West Hollywood, California; and Los Angeles (Beverly Hills), California.
Substantially all of the Company’s assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. At March 31, 2018, the Company owned 99.7% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.3% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), the Company’s taxable REIT subsidiary ("TRS"), which in turn engages third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation.
Certain reclassifications have been made to the prior period’s financial statements to conform to the current year presentation.
Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Fair Value Measurements
A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:

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.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. Marketable securities are carried at fair value using Level 1 inputs. See Note 5 to the accompanying financial statements for disclosures on the fair value of debt and derivative instruments.
Investment in Hotel Properties
Upon acquisition of a hotel property, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Hotel acquisitions are generally considered to be asset acquisitions defined by ASU 2017-01 and transaction costs related to asset acquisitions are capitalized. Acquisition costs related to business combinations are expensed as incurred and are included in general and administrative expenses on the statement of operations.
Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Assets under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred.
Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations.
The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life.
The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Board of Trustees has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.
Investment in Marketable Securities
The Company's investment in marketable securities is classified as available for sale and is reported at fair value, based on quoted market prices. Changes in the fair value of available-for-sale securities are included in accumulated other comprehensive income in the consolidated statements of equity. Investment income, including dividends, is reported as a component of “Other” in the consolidated statements of operations and comprehensive income. Any realized gains and losses are accounted for using the specific identification method. The Company regularly reviews its investment in marketable securities for impairment taking into consideration the length of time and magnitude of the amount that each marketable security is in an unrealized loss position. If the Company does not expect to recover the entire amortized cost basis of a marketable security, it considers the impairment to be other than temporary and will record in earnings the difference between the marketable security’s amortized cost basis and its fair value.
As of March 31, 2018 and December 31, 2017, the carrying values of the investment in marketable securities were $158.3 million and zero, respectively. For the three months ended March 31, 2018 and 2017, unrealized losses recorded in accumulated other comprehensive loss related to the investment were $0.6 million and zero, respectively.
Revenue Recognition
Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services and are presented on a disaggregated basis on the consolidated statements of operations and comprehensive income. Room revenue is recognized over a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied.
The Company recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense.
Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income.
The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses.
For the three months ended March 31, 2018 and 2017, the Company recognized $14.7 million and $14.0 million, respectively, in revenues that were included in the deferred revenues (contract liabilities) at the beginning of the respective periods.
Income Taxes
To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-based Compensation
The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds.
Earnings Per Share
Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.
Recent Accounting Standards
In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have a material impact on the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of retained earnings. The adoption of this standard has resulted in the reclassification of certain accounts on the Company's consolidated balance sheets to present deferred revenues (contract liabilities) and additional disclosures. As of March 31, 2018 and December 31, 2017, the Company reclassified $6.9 million and $7.5 million, respectively, from accounts payable and accrued expenses to deferred revenues on the Company's consolidated balance sheets. The Company also considered and determined that presenting revenue disaggregated by rooms, food and beverage, and other depicts the appropriate categories about the nature and timing of its revenue streams and that no additional disaggregation is needed.
In February 2016, the FASB issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. This ASU is expected to result in the recognition of right-to-use assets and related liabilities to account for the Company's future obligations under the ground lease arrangements for which the Company is the lessee. The Company will continue to evaluate the potential effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures.
In August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017, but earlier adoption is permitted. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.
In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash equivalents in the statement of cash flows. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. As a result, the Company's consolidated statements of cash flows included changes to cash and cash equivalents and restricted cash for all periods presented.
In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.
In May 2017, the FASB issued ASU No. 2017-09,  Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award, and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company adopted this standard on January 1, 2018 and reclassified an immaterial amount from retained earnings to accumulated other comprehensive income. In subsequent periods, any ineffectiveness related to the Company's derivatives instruments are reflected in accumulated other comprehensive income.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Acquisition and Disposition of Hotel Properties
3 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
Acquisition and Disposition of Hotel Properties
Acquisition and Disposition of Hotel Properties
The Company had no acquisitions and dispositions during the three months ended March 31, 2018.
The Company will report a disposed or held for sale hotel property or group of hotel properties in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on its operations and financial results. All other disposed hotel properties will have their operating results reflected within continuing operations on the Company's consolidated statements of operations for all periods presented.
On June 20, 2017, the Company sold the Dumont NYC for $118.0 million and recognized an immaterial gain on sale. In March 2017, the Company recognized an impairment loss of $1.0 million related to this hotel property when the property was designated as held for sale.
On June 23, 2017, the Company sold the parking garage at the Revere Hotel Boston Common for $95.0 million. The Company recognized a gain of $13.9 million related to the sale of this parking garage.
For the three months ended March 31, 2018 and 2017, the Company's consolidated statements of operations included operating income of zero and $1.5 million, respectively, related to the sale of the Dumont NYC and the parking garage at the Revere Hotel Boston Common.
The sales of the hotel property and parking garage described above did not represent a strategic shift that had a major effect in the Company’s operations and financial results, and therefore, did not qualify as discontinued operations.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investment in Hotel Properties
3 Months Ended
Mar. 31, 2018
Real Estate [Abstract]  
Investment in Hotel Properties
Investment in Hotel Properties
Investment in hotel properties as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands):
 
 
March 31,
2018
 
December 31, 2017
Land
$
448,401

 
$
448,401

Buildings and improvements
2,217,352

 
2,205,315

Furniture, fixtures and equipment
243,226

 
240,842

Construction in progress
9,985

 
9,514

Investment in hotel properties
$
2,918,964

 
$
2,904,072

Less: Accumulated depreciation
(472,294
)
 
(447,622
)
Investment in hotel properties, net
$
2,446,670

 
$
2,456,450



On September 10, 2017, Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel ("Hotel Colonnade") located in Coral Gables, Florida and LaPlaya Beach Resort and LaPlaya Beach Club ("LaPlaya") located in Naples, Florida were impacted by the effects of Hurricane Irma. Hotel Colonnade did not suffer any material damage and remained open. LaPlaya was closed in anticipation of the storm and re-opened in stages beginning in the fourth quarter of 2017 and was fully reopened in January 2018.

The Company’s insurance policies provide coverage for property damage, business interruption, and reimbursement for other costs that were incurred relating to damages sustained during Hurricane Irma. Insurance proceeds are subject to deductibles. The Company recorded an impairment loss and a corresponding receivable reflecting the insurance proceeds that are probable of receipt up to the amount of loss recorded. As of March 31, 2018, the Company recorded a $4.9 million gain related to business interruption and expense reimbursement claims for the period through December 31, 2017. The Company believes the insurance receivable to be recoverable by considering various factors, including discussions and agreements reached with the insurance providers, consideration of their financial strength and review of the insurance policy provisions and limits. The Company continues to work with its insurance providers to resolve the remaining property and business interruption claims.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Debt
Debt
Senior Unsecured Revolving Credit Facilities
The Company's $750.0 million unsecured credit facility provides for a $450.0 million unsecured revolving credit facility and a $300.0 million unsecured term loan (the "First Term Loan"). On October 13, 2017, the Company amended and restated the credit agreement governing its senior unsecured revolving credit facility and the First Term Loan. The revolving credit facility matures in January 2022 with options to extend the maturity date to January 2023 pursuant to certain terms and conditions and payment of an extension fee. 
The First Term Loan matures in January 2023. The Company has the ability to increase the aggregate borrowing capacity under the credit agreement to up to $1.3 billion, subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus 1.45% to 2.25%, depending on the Company’s leverage ratio. Additionally, the Company is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% of the unused portion of the revolving credit facility, depending on the amount of borrowings outstanding. The credit agreement that governs the revolving credit facility and the First Term Loan contains certain financial covenants, including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a maximum percentage of secured debt to total asset value.
As of March 31, 2018 and December 31, 2017, the Company had $203.0 million and $45.0 million, respectively, in outstanding borrowings under the revolving credit facility. As of March 31, 2018, the Company had $247.0 million borrowing capacity remaining under the revolving credit facility. As of March 31, 2018, the Company was in compliance with the credit agreement debt covenants. For the three months ended March 31, 2018 and 2017, the Company incurred unused commitment fees of $0.2 million and $0.2 million, respectively.
On May 17, 2017, PHL entered into a $10.0 million unsecured revolving credit facility ("PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. On October 13, 2017, PHL amended and restated the credit agreement governing the PHL Credit Facility. The PHL Credit Facility's maturity was extended to January 2022. Borrowings on the PHL Credit Facility bear interest at LIBOR plus 1.45% to 2.25%, depending on the Company's leverage ratio. The PHL Credit Facility is subject to debt covenants substantially similar to the covenants under the Company's amended and restated credit agreement. Additionally, PHL is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% of the unused portion of the PHL Credit Facility.
As of March 31, 2018 and December 31, 2017, PHL had no borrowings under its revolving credit facility. As of March 31, 2018, there is $10.0 million borrowing capacity remaining under the PHL Credit Facility.
Unsecured Term Loan Facilities
On October 13, 2017, the Company amended and restated the credit agreement governing its senior unsecured revolving credit facility and the First Term Loan. The First Term Loan's maturity was extended to January 2023. As of March 31, 2018, the Company had $300.0 million outstanding under the First Term Loan. This term loan facility bears interest at a variable rate of LIBOR plus 1.40% to 2.20%, depending on the Company's leverage ratio.
On April 13, 2015, the Company entered into a second unsecured term loan facility. This term loan had a $100.0 million capacity which could have been increased to up to $200.0 million, subject to lender approval. On January 5, 2016, the Company exercised its option to increase the borrowing capacity to $175.0 million and borrowed the additional $75.0 million resulting from such increase. On October 13, 2017, the Company amended and restated the credit agreement governing this loan and entered into a second credit agreement, in effect separating it into two tranches, consisting of a $65.0 million unsecured term loan maturing in April 2022 (the "Second Term Loan") and a $110.0 million unsecured term loan maturing in October 2024 (the "Fourth Term Loan").
As of March 31, 2018, the Company had $65.0 million outstanding under the Second Term Loan. The Second Term Loan bears interest at a variable rate of LIBOR plus 1.40% to 2.20%, depending on the Company's leverage ratio. The Company has the ability to increase the aggregate borrowing capacity of the Second Term Loan to up to $150.0 million subject to lender approval.
On June 10, 2015, the Company entered into a third unsecured term loan facility (the "Third Term Loan"). The Third Term Loan has a $125.0 million capacity, which may be increased up to $250.0 million, subject to lender approval, and matures in January 2021. On January 5, 2016, the Company exercised its option to increase the borrowing capacity to $200.0 million and borrowed the additional $75.0 million resulting from such increase. On October 13, 2017, the Company amended and restated the credit agreement governing the Third Term Loan. As of March 31, 2018, the Company had $200.0 million outstanding under the Third Term Loan. This Third Term Loan bears interest at a variable rate of LIBOR plus 1.40% to 2.20%, depending on the Company's leverage ratio.
On October 13, 2017, the Company entered into a fourth unsecured term loan facility (the "Fourth Term Loan"). The Fourth Term Loan has a $110.0 million capacity and matures in October 2024. As of March 31, 2018, the Company had $110.0 million outstanding under the Fourth Term Loan. The Fourth Term Loan bears interest at a variable rate of LIBOR plus 1.70% to 2.60%, depending on the Company's leverage ratio. The Company has the ability to increase the aggregate borrowing capacity of the Fourth Term Loan to up to $250.0 million subject to lender approval.
As of March 31, 2018 and December 31, 2017, the Company had $675.0 million and $675.0 million, respectively, in aggregate outstanding borrowings under the four unsecured term loan facilities. Each of the term loan facilities is subject to debt covenants substantially similar to the covenants under the credit agreement that governs the revolving credit facility and First Term Loan. As of March 31, 2018, the Company was in compliance with all debt covenants of its term loan facilities. The Company has entered into interest rate swaps to effectively fix the LIBOR rates for all of its unsecured term loan facilities, except for $65.0 million of the Second Term Loan and for $10.0 million of the Fourth Term Loan (see “Derivative and Hedging Activities” below).
Senior Unsecured Notes
On November 12, 2015, the Company issued $60.0 million of senior unsecured notes (the "Series A Notes") bearing a fixed interest rate of 4.70% per annum and maturing in December 2023. On November 12, 2015, the Company issued $40.0 million of senior unsecured notes (the "Series B Notes") bearing a fixed interest rate of 4.93% per annum and maturing in December 2025. The Series A Notes and the Series B Notes are subject to debt covenants substantially similar to the covenants under the credit agreement that governs the revolving credit facility and the First Term Loan. On October 13, 2017, the agreement governing the Series A Notes and the Series B Notes was also amended to match the financial and other covenants in the senior unsecured revolving credit facility, as amended and restated. As of March 31, 2018, the Company was in compliance with all such debt covenants.
Derivative and Hedging Activities
The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. All of the Company's interest rate swaps are cash flow hedges. On January 1, 2018, the Company adopted ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. All unrealized gains and losses on these hedging instruments are reported in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
As of March 31, 2018, the Company had interest rate swaps with an aggregate notional amount of $300.0 million to hedge the variable interest rate on the First Term Loan and, as a result, the First Term Loan had a weighted-average effective interest rate of 2.83% per annum through July 13, 2017 and a weighted-average effective interest rate of 3.36% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at March 31, 2018.
The Company entered into interest rate swap agreements with an aggregate notional amount of $200.0 million to effectively fix the LIBOR rate of the Third Term Loan through January 2021, resulting in a weighted-average effective interest rate of 3.11% per annum, based on the Company’s leverage ratio at March 31, 2018.
The Company entered into interest rate swap agreements with an aggregate notional amount of $100.0 million to effectively fix the LIBOR rate of a portion of the Fourth Term Loan through April 2022, resulting in a weighted-average effective interest rate of 3.46% per annum, based on the Company’s leverage ratio at March 31, 2018. The interest rate on the other $10.0 million of the Fourth Term Loan remains floating at variable rate of LIBOR plus 1.70% to 2.60%, depending on the Company's leverage ratio.
The Company records all derivative instruments at fair value in the consolidated balance sheets. Fair values of interest rate swaps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (Level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company incorporates these counterparty credit risks in its fair value measurements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions.
As of March 31, 2018, the Company's derivative instruments were in both asset and liability positions, with aggregate asset and liability fair values of $9.8 million and $0.3 million, respectively, in the accompanying consolidated balance sheets. For the three months ended March 31, 2018 and 2017, there was $5.3 million and $2.1 million in unrealized gain (loss), respectively, recorded in accumulated other comprehensive income (loss). For the three months ended March 31, 2018 and 2017, the Company recorded a gain (loss) of zero and $0.1 million, respectively, for the ineffective portion of the change in fair values of the interest rate swaps. For the three months ended March 31, 2018 and 2017, the Company reclassified $0.3 million and $1.1 million, respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $2.1 million will be reclassified from accumulated other comprehensive income (loss) to interest expense in the next 12 months.
Mortgage Debt
Each of the Company’s mortgage loans is secured by a first mortgage lien or by leasehold interests under the ground lease on the underlying property. The mortgages are non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds.
Debt Summary
Debt as of March 31, 2018 and December 31, 2017 consisted of the following (dollars in thousands):
 
 

 

Balance Outstanding as of
 
Interest Rate

Maturity Date

March 31, 2018

December 31, 2017
Revolving credit facilities
 
 
 
 
 
 
 
Senior unsecured revolving credit facility
Floating (1)

January 2022

$
203,000


$
45,000

PHL unsecured revolving credit facility
Floating (2)

January 2022




Total revolving credit facilities
 
 
 
 
$
203,000

 
$
45,000

 
 
 
 
 
 
 
 
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

Total term loans at stated value




675,000


675,000

Deferred financing costs, net




(4,335
)

(4,594
)
Total term loans




$
670,665


$
670,406











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




(602
)

(626
)
Total senior unsecured notes




$
99,398


$
99,374











Mortgage loans









The Westin San Diego Gaslamp Quarter
3.69%

January 2020

69,981


70,573

Mortgage loans at stated value




69,981


70,573

Deferred financing costs, net




(106
)

(116
)
Total mortgage loans




$
69,875


$
70,457

Total debt




$
1,042,938


$
885,237

 
________________________ 
(1) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin.
(2) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.
(3) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At March 31, 2018 and December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. See "Derivative and Hedging Activities" above.
The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within level 2 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt (unsecured senior notes and mortgage loans) as of March 31, 2018 and December 31, 2017 was $164.3 million and $167.1 million, respectively.
The Company was in compliance with all debt covenants as of March 31, 2018.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Equity
Equity
Common Shares
The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share (“common shares”). Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees.
On March 5, 2014, the Company filed a prospectus supplement with the SEC to sell up to $175.0 million in common shares under a new "at the market" offering program (an "ATM program"). At the same time, the Company terminated its prior $170.0 million ATM program. As of March 1, 2017, $159.8 million in common shares remained available for issuance under the $175.0 million ATM program, and as of that date the Company terminated the program.
On February 22, 2016, the Company announced that the Board of Trustees authorized a share repurchase program of up to $150.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase its common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. Upon repurchase by the Company, common shares cease to be outstanding and became authorized but unissued common shares. For the three months ended March 31, 2018, the Company had no repurchases under this program and as of March 31, 2018, $56.6 million of common shares remained available for repurchase under this program.
On July 27, 2017, the Company announced that the Board of Trustees authorized a new share repurchase program of up to $100.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase its common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. This $100.0 million share repurchase program will commence upon completion of the Company's $150.0 million share repurchase program.
Common Dividends
The Company declared the following dividends on common shares/units for the three months ended March 31, 2018:
Dividend per
Share/Unit
 
For the Quarter
Ended
 
Record Date
 
Payable Date
$
0.38

 
March 31, 2018
 
March 29, 2018
 
April 16, 2018

Preferred Shares
The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $.01 par value per share (“preferred shares”).
As of March 31, 2018 and December 31, 2017, the Company had 5,000,000 of its 6.50% Series C Cumulative Redeemable Preferred Shares ("Series C Preferred Shares") and 5,000,000 of its 6.375% Series D Cumulative Redeemable Preferred Shares ("Series D Preferred Shares") outstanding.
The Series C Preferred Shares and Series D Preferred Shares (collectively, the “Preferred Shares”) rank senior to the common shares and on parity with each other with respect to payment of distributions. The Preferred Shares are cumulative redeemable preferred shares, do not have any maturity date and are not subject to mandatory redemption. The Company could not redeem the Series C Preferred Shares prior to March 18, 2018 and may not redeem the Series D Preferred Shares prior to June 9, 2021, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. On or after June 9, 2021, the Company may, at its option, redeem the Series D Preferred Shares, and at any time the Company may, at its option, redeem the Series C Preferred Shares, in each case in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on a defined formula subject to a share cap. The share cap on each Series C Preferred Share is 2.0325 common shares and each Series D Preferred Share is 1.9794 common shares.
Preferred Dividends
The Company declared the following dividends on preferred shares for the three months ended March 31, 2018:
 
Security Type
 
Dividend  per
Share/Unit
 
For the Quarter
Ended
 
Record Date
 
Payable Date
6.50% Series C
 
$
0.41

 
March 31, 2018
 
March 29, 2018
 
April 16, 2018
6.375% Series D
 
$
0.40

 
March 31, 2018
 
March 29, 2018
 
April 16, 2018

Non-controlling Interest of Common Units in Operating Partnership
Holders of Operating Partnership units have certain redemption rights that enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders.
As of March 31, 2018 and December 31, 2017, the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at March 31, 2018, 145,598 LTIP units have vested. Only vested LTIP units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described above.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share-Based Compensation Plan
3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation Plan
Share-Based Compensation Plan
The Company maintains the 2009 Equity Incentive Plan, as amended and restated (as amended, the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three to five years, with certain awards vesting over periods of up to six years. The Company pays or accrues for dividends on share-based awards. All share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. As of March 31, 2018, there were 1,207,886 common shares available for issuance under the Plan, assuming performance-based equity awards vest at target.
Service Condition Share Awards
From time to time, the Company awards restricted common shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three to five years based on continued service or employment.
The following table provides a summary of service condition restricted share activity as of March 31, 2018:
 
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 2017
137,105

 
$
30.05

Granted
52,609

 
$
36.86

Vested
(61,982
)
 
$
31.35

Forfeited

 
$

Unvested at March 31, 2018
127,732

 
$
32.22


The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the three months ended March 31, 2018 and 2017, the Company recognized approximately $0.4 million and $0.4 million, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of March 31, 2018, there was $3.7 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.1 years.
Performance-Based Equity Awards

On January 30, 2013, the Board of Trustees approved a target award of 72,118 performance-based equity awards to officers and employees of the Company. In January 2016, these awards vested and the Company issued 120,730 and 56,562 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested were based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2013 through December 31, 2015.
On December 13, 2013, the Board of Trustees approved a target award of 252,088 performance-based equity awards to officers and employees of the Company. The awards vest ratably on January 1, 2016, 2017, 2018, 2019 and 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined on each vesting date based upon the two performance criteria as defined in the award agreements for the period of performance beginning on the grant date and ending on the applicable vesting date. In January 2016, the Company issued 25,134 of common shares which represented achieving 49% of the 50,418 target number of shares for that measurement period. In January 2017, the Company issued 12,285 of common shares which represented achieving 25% of the 49,914 target number of shares for that measurement period. In January 2018, the Company issued 72,236 of common shares which represented achieving 145% of the 49,914 target number of shares for that measurement period.
On February 4, 2014, the Board of Trustees approved a target award of 66,483 performance-based equity awards to officers and employees of the Company. In January 2017, these awards vested and the Company issued 112,782 and 25,619 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2014 through December 31, 2016.
On February 11, 2015, the Board of Trustees approved a target award of 44,962 performance-based equity awards to officers and employees of the Company. In January 2018, these awards vested and the Company issued 14,089 and 2,501 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2015 through December 31, 2017.
On July 27, 2015, a target award of 771 performance-based equity awards was granted to an employee of the Company. In January 2018, these awards vested and the Company issued 1,079 common shares to the employee. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2016 through December 31, 2017.
On February 10, 2016, the Board of Trustees approved a target award of 100,919 performance-based equity awards to officers and employees of the Company. These awards vest in 2019. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 17,372 target awards to non-executive management employees which have no maximum) and will be determined in 2019 based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2016 through December 31, 2018.
On February 15, 2017, the Board of Trustees approved a target award of 81,939 performance-based equity awards to officers and employees of the Company. These awards vest in 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined in 2020 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2017 through December 31, 2019.
On February 14, 2018, the Board of Trustees approved a target award of 78,918 performance-based equity awards to officers and employees of the Company. These awards vest in 2021. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined in 2021 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2018 through December 31, 2020.
The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions:
Performance Award Grant Date
 
Percentage of Total Award
 
Grant Date Fair Value by Component ($ in millions)
 
Volatility
 
Interest Rate
 
Dividend Yield
January 30, 2013
 
 
 
 
 
 
 
 
 
 
 
Relative Total Shareholder Return
 
30.00%
 
$0.7
 
31.00%
 
0.41%
 
2.20%
 
Absolute Total Shareholder Return
 
30.00%
 
$0.5
 
31.00%
 
0.41%
 
2.20%
 
EBITDA Comparison
 
40.00%
 
$0.7
 
31.00%
 
0.41%
 
2.20%
 
 
 
 
 
 
 
 
 
 
 
 
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%

(1)Amounts round to zero.

In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718. The EBITDA Comparison component is a performance condition as defined by ASC 718, and, therefore, compensation expense related to this component will be reassessed at each reporting date based on the Company's estimate of the probable level of achievement, and the accrual of compensation expense will be adjusted as appropriate.
 
Dividends on unvested performance-based equity awards accrue over the vesting period and will be paid on the actual number of shares that vest at the end of the applicable period. The Company recognizes compensation expense on a straight-line basis through the vesting date. As of March 31, 2018, there was approximately $7.9 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 2.0 years. For the three months ended March 31, 2018 and 2017, the Company recognized $(1.0) million and $0.4 million, respectively, in expense related to these awards.
Long-Term Incentive Partnership Units
LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership.
As of March 31, 2018, the Operating Partnership had two classes of LTIP units, LTIP Class A and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company.
On December 13, 2013, the Board of Trustees approved a grant of 226,882 LTIP Class B units to executive officers of the Company. These LTIP units are subject to time-based vesting in five equal annual installments beginning January 1, 2016 and ending on January 1, 2020. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $29.19 per unit. The aggregate grant date fair value of the LTIP Class B units was $6.6 million.
As of March 31, 2018, the Company had 236,351 LTIP units outstanding. All unvested LTIP units will vest upon a change in control. As of March 31, 2018, of the 236,351 units outstanding, 145,598 LTIP units have vested.
For the three months ended March 31, 2018 and 2017, the Company recognized $0.3 million and $0.3 million, respectively, in expense related to these LTIP units. As of March 31, 2018, there was $1.9 million of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 0.9 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes
3 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company has estimated PHL's income tax expense (benefit) for the three months ended March 31, 2018 using an estimated combined federal and state effective tax rate of 30.0%.
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of March 31, 2018 and December 31, 2017, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2014 and 2013, respectively.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Earnings Per Share
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):
 
For the three months ended March 31,
 
2018
 
2017
Numerator:
 
 
 
Net income (loss) attributable to common shareholders
$
20,386

 
$
10,011

Less: dividends paid on unvested share-based compensation
(83
)
 
(104
)
Net income (loss) available to common shareholders
$
20,303

 
$
9,907

Denominator:
 
 
 
Weighted-average number of common shares — basic
68,876,444

 
71,610,994

Effect of dilutive share-based compensation
331,604

 
281,826

Weighted-average number of common shares — diluted
69,208,048

 
71,892,820

 
 
 
 
Net income (loss) per share available to common shareholders — basic
$
0.29

 
$
0.14

Net income (loss) per share available to common shareholders — diluted
$
0.29

 
$
0.14


For the three months ended March 31, 2018 and 2017, 4,212 and 18,394, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies
Management Agreements
The Company’s hotel properties are operated pursuant to management agreements with various management companies. The terms of these management agreements range from five years to 21 years, not including renewals, and five years to 52 years, including renewals. Many of the Company’s management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees. Most of the agreements also provide the Company the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to five times the annual base management and incentive management fees, depending on the agreement and the reason for termination. Certain of the Company’s management agreements are non-terminable except upon the manager’s breach of a material representation or the manager’s failure to meet performance thresholds as defined in the management agreement.
The management agreements require the payment of a base management fee generally between 2% and 4% of hotel revenues. Under certain management agreements, the management companies are also eligible to receive an incentive management fee if hotel operating income, cash flows or other performance measures, as defined in the agreements, exceed certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Combined base and incentive management fees were $5.3 million and $5.4 million for the three months ended March 31, 2018 and 2017, respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's consolidated statements of operations and comprehensive income.
Reserve Funds
Certain of the Company’s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment.
Restricted Cash
At March 31, 2018 and December 31, 2017, the Company had $7.3 million and $7.1 million, respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or loan agreements.
Ground and Hotel Leases
The Hotel Monaco Washington DC is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $0.2 million or a percentage of gross hotel revenues and gross food and beverage revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the hotel structure due to its status as a national historic landmark.
The Argonaut Hotel is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $1.3 million or a percentage of rooms revenues, food and beverage revenues and other department revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the structure due to its status as a national historic landmark.

The Hotel Zelos San Francisco is subject to a long-term hotel lease agreement for the right to use the ground floor lobby area and floors five through nine of the building and underlying land. The hotel lease expires in 2097. The hotel is required to pay the greater of a fixed rent or percentage rent. The fixed rent increases annually by at least 2% and at most the lesser of (i) the increase in the consumer price index ("CPI") and (ii) 4%. Percentage rent is based on gross hotel and gross food and beverage revenues in excess of certain thresholds (adjusted for CPI increases), as defined in the lease agreement.

The Hotel Zephyr Fisherman's Wharf is subject to a long-term primary ground lease agreement. Through 2016, the primary ground lease required the hotel to make annual base rental payments of $0.1 million and percentage rental payments based on 5% of room revenues and 7.5% of retail revenues attributed to guest rooms and retail space added to the hotel property in 1998. Beginning in 2017, the primary ground lease requires the hotel to pay percentage rent based on 6% of total room revenues and 7.5% of total retail and parking revenues. The primary ground lease expires in 2062.

The Hotel Zeppelin San Francisco is subject to a long-term hotel lease for the right to use floors three through seven, the basement and the roof of an adjacent, attached building containing 64 of the 196 guest rooms at the property. The hotel lease expires in 2059, with a one-time extension option of 30 years. The Company is required to pay annual base rent of approximately $0.5 million, beginning in October 2017. The annual base rent is subject to a fixed increase every year during the remaining lease term. The building portion of the long-term hotel lease was determined to be a capital lease.

The Hotel Palomar Los Angeles Beverly Hills is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2107, including 19 five-year extension options. The hotel is required to pay annual base rent of approximately $3.8 million through January 2021 and the base rent will be adjusted for CPI increases at each five-year extension.

The Union Station Hotel Nashville, Autograph Collection is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2105. The hotel is required to pay the greater of annual base rent of $0.1 million or annual real property taxes.

The ground leases and the Hotel Zelos San Francisco hotel lease are considered operating leases. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense was $3.1 million and $3.3 million for the three months ended March 31, 2018 and 2017, respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income.

Litigation
The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Supplemental Information to Statements of Cash Flows
3 Months Ended
Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]  
Supplemental Information to Statements of Cash Flows
Supplemental Information to Statements of Cash Flows
 
 
For the three months ended March 31,
 
2018
 
2017
 
(in thousands)
Interest paid, net of capitalized interest
$
7,655

 
$
7,464

Income taxes paid
$

 
$
79

Non-Cash Investing and Financing Activities:
 
 
 
Distributions payable on common shares/units
$
27,902

 
$
28,274

Distributions payable on preferred shares
$
3,442

 
$
3,442

Issuance of common shares for Board of Trustees compensation
$
662

 
$
503

Accrued additions and improvements to hotel properties
$
1,286

 
$
4,525

Write-off of deferred financing costs
$

 
$
356

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation.
Certain reclassifications have been made to the prior period’s financial statements to conform to the current year presentation.
Use of Estimates
Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Fair Value Measurements
Fair Value Measurements
A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:

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.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. Marketable securities are carried at fair value using Level 1 inputs. See Note 5 to the accompanying financial statements for disclosures on the fair value of debt and derivative instruments.
Investment in Hotel Properties
Investment in Hotel Properties
Upon acquisition of a hotel property, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Hotel acquisitions are generally considered to be asset acquisitions defined by ASU 2017-01 and transaction costs related to asset acquisitions are capitalized. Acquisition costs related to business combinations are expensed as incurred and are included in general and administrative expenses on the statement of operations.
Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Assets under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred.
Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations.
The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life.
The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Board of Trustees has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.
Investment in Marketable Securities
Investment in Marketable Securities
The Company's investment in marketable securities is classified as available for sale and is reported at fair value, based on quoted market prices. Changes in the fair value of available-for-sale securities are included in accumulated other comprehensive income in the consolidated statements of equity. Investment income, including dividends, is reported as a component of “Other” in the consolidated statements of operations and comprehensive income. Any realized gains and losses are accounted for using the specific identification method. The Company regularly reviews its investment in marketable securities for impairment taking into consideration the length of time and magnitude of the amount that each marketable security is in an unrealized loss position. If the Company does not expect to recover the entire amortized cost basis of a marketable security, it considers the impairment to be other than temporary and will record in earnings the difference between the marketable security’s amortized cost basis and its fair value.
As of March 31, 2018 and December 31, 2017, the carrying values of the investment in marketable securities were $158.3 million and zero, respectively. For the three months ended March 31, 2018 and 2017, unrealized losses recorded in accumulated other comprehensive loss related to the investment were $0.6 million and zero, respectively.
Revenue Recognition
Revenue Recognition
Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services and are presented on a disaggregated basis on the consolidated statements of operations and comprehensive income. Room revenue is recognized over a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied.
The Company recognizes revenue related to membership initiation fees and deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense.
Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income.
The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses.
For the three months ended March 31, 2018 and 2017, the Company recognized $14.7 million and $14.0 million, respectively, in revenues that were included in the deferred revenues (contract liabilities) at the beginning of the respective periods.
Income Taxes
Income Taxes
To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-based Compensation
Share-based Compensation
The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds.
Earnings Per Share
Earnings Per Share
Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.
Recent Accounting Standards
Recent Accounting Standards
In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have a material impact on the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of retained earnings. The adoption of this standard has resulted in the reclassification of certain accounts on the Company's consolidated balance sheets to present deferred revenues (contract liabilities) and additional disclosures. As of March 31, 2018 and December 31, 2017, the Company reclassified $6.9 million and $7.5 million, respectively, from accounts payable and accrued expenses to deferred revenues on the Company's consolidated balance sheets. The Company also considered and determined that presenting revenue disaggregated by rooms, food and beverage, and other depicts the appropriate categories about the nature and timing of its revenue streams and that no additional disaggregation is needed.
In February 2016, the FASB issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. This ASU is expected to result in the recognition of right-to-use assets and related liabilities to account for the Company's future obligations under the ground lease arrangements for which the Company is the lessee. The Company will continue to evaluate the potential effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures.
In August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This guidance is effective for the Company for years beginning after December 15, 2017, but earlier adoption is permitted. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.
In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash equivalents in the statement of cash flows. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. As a result, the Company's consolidated statements of cash flows included changes to cash and cash equivalents and restricted cash for all periods presented.
In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.
In May 2017, the FASB issued ASU No. 2017-09,  Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award, and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements.
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company adopted this standard on January 1, 2018 and reclassified an immaterial amount from retained earnings to accumulated other comprehensive income. In subsequent periods, any ineffectiveness related to the Company's derivatives instruments are reflected in accumulated other comprehensive income.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investment in Hotel Properties (Tables)
3 Months Ended
Mar. 31, 2018
Real Estate [Abstract]  
Schedule of Investment in hotel properties
Investment in hotel properties as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands):
 
 
March 31,
2018
 
December 31, 2017
Land
$
448,401

 
$
448,401

Buildings and improvements
2,217,352

 
2,205,315

Furniture, fixtures and equipment
243,226

 
240,842

Construction in progress
9,985

 
9,514

Investment in hotel properties
$
2,918,964

 
$
2,904,072

Less: Accumulated depreciation
(472,294
)
 
(447,622
)
Investment in hotel properties, net
$
2,446,670

 
$
2,456,450

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt (Tables)
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Debt Summary
Debt as of March 31, 2018 and December 31, 2017 consisted of the following (dollars in thousands):
 
 

 

Balance Outstanding as of
 
Interest Rate

Maturity Date

March 31, 2018

December 31, 2017
Revolving credit facilities
 
 
 
 
 
 
 
Senior unsecured revolving credit facility
Floating (1)

January 2022

$
203,000


$
45,000

PHL unsecured revolving credit facility
Floating (2)

January 2022




Total revolving credit facilities
 
 
 
 
$
203,000

 
$
45,000

 
 
 
 
 
 
 
 
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

Total term loans at stated value




675,000


675,000

Deferred financing costs, net




(4,335
)

(4,594
)
Total term loans




$
670,665


$
670,406











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




(602
)

(626
)
Total senior unsecured notes




$
99,398


$
99,374











Mortgage loans









The Westin San Diego Gaslamp Quarter
3.69%

January 2020

69,981


70,573

Mortgage loans at stated value




69,981


70,573

Deferred financing costs, net




(106
)

(116
)
Total mortgage loans




$
69,875


$
70,457

Total debt




$
1,042,938


$
885,237

 
________________________ 
(1) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin.
(2) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.
(3) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At March 31, 2018 and December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. See "Derivative and Hedging Activities" above.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity (Tables)
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Dividends on common shares/units
The Company declared the following dividends on common shares/units for the three months ended March 31, 2018:
Dividend per
Share/Unit
 
For the Quarter
Ended
 
Record Date
 
Payable Date
$
0.38

 
March 31, 2018
 
March 29, 2018
 
April 16, 2018
Dividends on preferred shares
The Company declared the following dividends on preferred shares for the three months ended March 31, 2018:
 
Security Type
 
Dividend  per
Share/Unit
 
For the Quarter
Ended
 
Record Date
 
Payable Date
6.50% Series C
 
$
0.41

 
March 31, 2018
 
March 29, 2018
 
April 16, 2018
6.375% Series D
 
$
0.40

 
March 31, 2018
 
March 29, 2018
 
April 16, 2018
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share-Based Compensation Plan (Tables)
3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of service condition restricted share activity
The following table provides a summary of service condition restricted share activity as of March 31, 2018:
 
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Unvested at December 31, 2017
137,105

 
$
30.05

Granted
52,609

 
$
36.86

Vested
(61,982
)
 
$
31.35

Forfeited

 
$

Unvested at March 31, 2018
127,732

 
$
32.22

Performance-based Equity Awards Methodology and Assumptions
The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions:
Performance Award Grant Date
 
Percentage of Total Award
 
Grant Date Fair Value by Component ($ in millions)
 
Volatility
 
Interest Rate
 
Dividend Yield
January 30, 2013
 
 
 
 
 
 
 
 
 
 
 
Relative Total Shareholder Return
 
30.00%
 
$0.7
 
31.00%
 
0.41%
 
2.20%
 
Absolute Total Shareholder Return
 
30.00%
 
$0.5
 
31.00%
 
0.41%
 
2.20%
 
EBITDA Comparison
 
40.00%
 
$0.7
 
31.00%
 
0.41%
 
2.20%
 
 
 
 
 
 
 
 
 
 
 
 
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%

(1)Amounts round to zero.
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Earnings Per Share (Tables)
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Reconciliation of basic and diluted earnings per common share
The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):
 
For the three months ended March 31,
 
2018
 
2017
Numerator:
 
 
 
Net income (loss) attributable to common shareholders
$
20,386

 
$
10,011

Less: dividends paid on unvested share-based compensation
(83
)
 
(104
)
Net income (loss) available to common shareholders
$
20,303

 
$
9,907

Denominator:
 
 
 
Weighted-average number of common shares — basic
68,876,444

 
71,610,994

Effect of dilutive share-based compensation
331,604

 
281,826

Weighted-average number of common shares — diluted
69,208,048

 
71,892,820

 
 
 
 
Net income (loss) per share available to common shareholders — basic
$
0.29

 
$
0.14

Net income (loss) per share available to common shareholders — diluted
$
0.29

 
$
0.14

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Supplemental Information to Statements of Cash Flows (Tables)
3 Months Ended
Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]  
Summary of Supplemental Information to Statements of Cash Flows
 
For the three months ended March 31,
 
2018
 
2017
 
(in thousands)
Interest paid, net of capitalized interest
$
7,655

 
$
7,464

Income taxes paid
$

 
$
79

Non-Cash Investing and Financing Activities:
 
 
 
Distributions payable on common shares/units
$
27,902

 
$
28,274

Distributions payable on preferred shares
$
3,442

 
$
3,442

Issuance of common shares for Board of Trustees compensation
$
662

 
$
503

Accrued additions and improvements to hotel properties
$
1,286

 
$
4,525

Write-off of deferred financing costs
$

 
$
356

XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization (Details)
Mar. 31, 2018
hotel_room
property
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of hotels owned by the company | property 28
Total number of guest rooms | hotel_room 6,972
Percentage of Operating Partnership units owned by company 99.70%
Percentage of Operating Partnership units owned by other limited partners 0.30%
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Accounting Policies [Abstract]      
Minimum Percentage of Adjusted Taxable Income to be Distributed to Shareholders as a Real Estate Investment Trust 90.00%    
Investment in marketable securities, carrying values $ 158,300   $ 0
Investment in marketable securities, unrealized gain (loss) 600 $ 0  
Deferred revenues recognized 14,700 $ 14,000  
Deferred revenues reclassified $ 6,900   $ 7,500
Minimum [Member] | Land, Buildings and Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 10 years    
Minimum [Member] | Furniture Fixtures And Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 1 year    
Maximum [Member] | Land, Buildings and Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 40 years    
Maximum [Member] | Furniture Fixtures And Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful life (in years) 10 years    
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Acquisition and Disposition of Hotel Properties (Details Textual) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Jun. 23, 2017
Jun. 20, 2017
Real Estate Properties [Line Items]          
Impairment loss $ 795 $ 1,049      
Operating income from disposed properties $ 0 1,500      
Dumont NYC [Member]          
Real Estate Properties [Line Items]          
Consideration received for asset sold         $ 118,000
Impairment loss   $ 1,000      
Parking garage at Revere Boston Hotel [Member]          
Real Estate Properties [Line Items]          
Consideration received for asset sold       $ 95,000  
Gain on sale of hotel properties     $ 13,900    
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investment in Hotel Properties (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Real Estate Properties [Line Items]      
Other Asset Impairment Loss $ 0 $ 1,049  
Investment in hotel properties      
Land 448,401   $ 448,401
Buildings and improvements 2,217,352   2,205,315
Furniture, fixtures and equipment 243,226   240,842
Construction in progress 9,985   9,514
Investment in hotel properties 2,918,964   2,904,072
Less: Accumulated depreciation (472,294)   (447,622)
Investment in hotel properties, net 2,446,670   $ 2,456,450
LaPlaya Beach Resort [Member]      
Real Estate Properties [Line Items]      
Insurance Recoveries $ 4,900    
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt (Details Textual) - USD ($)
$ in Thousands
3 Months Ended
Jan. 05, 2016
Nov. 12, 2015
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Oct. 13, 2017
May 17, 2017
Jun. 10, 2015
Apr. 13, 2015
Apr. 12, 2015
Line of Credit Facility [Line Items]                    
Outstanding borrowings under the credit facility     $ 203,000   $ 45,000          
Borrowings under revolving credit facilities     226,286 $ 132,000            
Unrealized gain (loss) on derivative instruments     5,278 2,104            
Gain (Loss) on derivative instruments     0 (64)            
Repayments of mortgage debt     592 44,996            
Estimated fair value of debt     164,300   167,100          
First Mortgage [Member]                    
Line of Credit Facility [Line Items]                    
Debt outstanding     69,981   70,573          
Interest Rate Swap [Member]                    
Line of Credit Facility [Line Items]                    
Derivative Asset     9,800              
Derivative Liability     300              
Unrealized gain (loss) on derivative instruments     5,278 2,104            
Gain (Loss) on derivative instruments     0 100            
Reclassification from AOCI to interest expense     300 1,100            
Expected reclassifications in next 12 months     2,100              
Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Debt outstanding     675,000   675,000          
Unsecured Debt [Member] | Revolving Credit Facility [Member]                    
Line of Credit Facility [Line Items]                    
Debt outstanding     203,000   45,000          
Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member]                    
Line of Credit Facility [Line Items]                    
Maximum borrowing capacity     750,000              
Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member]                    
Line of Credit Facility [Line Items]                    
Maximum borrowing capacity     450,000              
Accordion feature (potential increase)     1,300,000              
Outstanding borrowings under the credit facility     203,000   45,000          
Line of credit facility, remaining borrowing capacity     247,000              
Unused commitment fees     200 $ 200            
Debt outstanding [1]     $ 203,000   45,000          
Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Minimum [Member]                    
Line of Credit Facility [Line Items]                    
Annual rate of unused commitment fee     0.20%              
Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     1.45%              
Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Maximum [Member]                    
Line of Credit Facility [Line Items]                    
Annual rate of unused commitment fee     0.30%              
Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     2.25%              
Senior Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Maximum borrowing capacity     $ 300,000              
PHL Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member]                    
Line of Credit Facility [Line Items]                    
Maximum borrowing capacity             $ 10,000      
Outstanding borrowings under the credit facility         0          
Line of credit facility, remaining borrowing capacity     10,000              
Debt outstanding [2]     $ 0   0          
PHL Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Minimum [Member]                    
Line of Credit Facility [Line Items]                    
Annual rate of unused commitment fee     0.20%              
PHL Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     1.45%              
PHL Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Maximum [Member]                    
Line of Credit Facility [Line Items]                    
Annual rate of unused commitment fee     0.30%              
PHL Unsecured Revolving Credit Facility [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     2.25%              
First Term Loan [Member] | Interest Rate Swap [Member]                    
Line of Credit Facility [Line Items]                    
Notional amount     $ 300,000              
First Term Loan [Member] | Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Debt outstanding [3]     $ 300,000   300,000          
First Term Loan [Member] | Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     1.40%              
First Term Loan [Member] | Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     2.20%              
Second Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Maximum borrowing capacity $ 175,000   $ 150,000           $ 200,000 $ 100,000
Borrowings under revolving credit facilities 75,000                  
Second Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     1.40%              
Second Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     2.20%              
Second Term Loan [Member] | Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Debt outstanding     $ 65,000 [3]   65,000 [3] $ 65,000        
Second Term Loan, Excluded from Interest Rate Swap [Member] | Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Term loans outstanding     65,000              
Fourth Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Maximum borrowing capacity     250,000              
Fourth Term Loan [Member] | Interest Rate Swap [Member]                    
Line of Credit Facility [Line Items]                    
Notional amount     $ 100,000              
Fourth Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     1.70%              
Fourth Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     2.60%              
Fourth Term Loan [Member] | Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Debt outstanding     $ 110,000 [3]   110,000 [3] $ 110,000        
Fourth Term Loan [Member] | Term Loan [Member] | Interest Rate Swap [Member]                    
Line of Credit Facility [Line Items]                    
Effective interest rate     3.46%              
Fourth Term Loan Excluded From Interest Rate Swap Member [Member] | Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Term loans outstanding     $ 10,000              
Third Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Maximum borrowing capacity 200,000             $ 125,000    
Accordion feature (potential increase)               $ 250,000    
Borrowings under revolving credit facilities $ 75,000                  
Third Term Loan [Member] | Interest Rate Swap [Member]                    
Line of Credit Facility [Line Items]                    
Notional amount     $ 200,000              
Third Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     1.40%              
Third Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]                    
Line of Credit Facility [Line Items]                    
Credit facility borrowings LIBOR rate plus     2.20%              
Third Term Loan [Member] | Term Loan [Member]                    
Line of Credit Facility [Line Items]                    
Debt outstanding [3]     $ 200,000   $ 200,000          
Third Term Loan [Member] | Term Loan [Member] | Interest Rate Swap [Member]                    
Line of Credit Facility [Line Items]                    
Effective interest rate     3.11%              
Series A Notes [Member]                    
Line of Credit Facility [Line Items]                    
Proceeds from issuance of senior long-term debt   $ 60,000                
Stated interest rate   4.70% 4.70%              
Series B Notes [Member]                    
Line of Credit Facility [Line Items]                    
Proceeds from issuance of senior long-term debt   $ 40,000                
Stated interest rate   4.93% 4.93%              
Term Loan Through July 12, 2017 [Member] | Term Loan [Member] | Interest Rate Swap [Member]                    
Line of Credit Facility [Line Items]                    
Effective interest rate     2.83%              
Term Loan July 13, 2017 through January 15, 2020 [Member] | Term Loan [Member] | Interest Rate Swap [Member]                    
Line of Credit Facility [Line Items]                    
Effective interest rate     3.36%              
[1] Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin.
[2] Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.
[3] Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At March 31, 2018 and December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. See "Derivative and Hedging Activities" above.
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Oct. 13, 2017
Nov. 12, 2015
Mortgage Loans on Real Estate [Line Items]        
Total debt $ 1,042,938 $ 885,237    
First Mortgage [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt 69,981 70,573    
Mortgage loan premiums and deferred financing costs (106) (116)    
Total debt $ 69,875 70,457    
The Westin San Diego Gaslamp Quarter [Member] | First Mortgage [Member]        
Mortgage Loans on Real Estate [Line Items]        
Interest Rate 3.69%      
Debt $ 69,981 70,573    
Term Loan [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt 675,000 675,000    
Deferred financing costs, net (4,335) (4,594)    
Total debt 670,665 670,406    
First Term Loan [Member] | Term Loan [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt [1] 300,000 300,000    
Second Term Loan [Member] | Term Loan [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt 65,000 [1] 65,000 [1] $ 65,000  
Third Term Loan [Member] | Term Loan [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt [1] 200,000 200,000    
Fourth Term Loan [Member] | Term Loan [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt $ 110,000 [1] 110,000 [1] $ 110,000  
Series A Notes [Member]        
Mortgage Loans on Real Estate [Line Items]        
Interest Rate 4.70%     4.70%
Series B Notes [Member]        
Mortgage Loans on Real Estate [Line Items]        
Interest Rate 4.93%     4.93%
Unsecured Debt [Member] | Revolving Credit Facility [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt $ 203,000 45,000    
Unsecured Debt [Member] | Senior Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt [2] 203,000 45,000    
Unsecured Debt [Member] | PHL Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt [3] 0 0    
Senior Unsecured Notes [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt 100,000 100,000    
Deferred financing costs, net (602) (626)    
Total debt 99,398 99,374    
Senior Unsecured Notes [Member] | Series A Notes [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt 60,000 60,000    
Senior Unsecured Notes [Member] | Series B Notes [Member]        
Mortgage Loans on Real Estate [Line Items]        
Debt $ 40,000 $ 40,000    
[1] Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. At March 31, 2018 and December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for the First Term Loan, the Third Term Loan and a portion of the Fourth Term Loan. The Company had interest rate swaps on the full amounts outstanding, except for $65.0 million on the Second Term Loan and $10.0 million on the Fourth Term Loan. See "Derivative and Hedging Activities" above.
[2] Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin.
[3] Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity (Details Textual)
$ / shares in Units, $ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2018
USD ($)
shares
$ / shares
Dec. 31, 2017
$ / shares
shares
Jul. 27, 2017
USD ($)
Mar. 01, 2017
USD ($)
Feb. 22, 2016
USD ($)
Mar. 05, 2014
USD ($)
Common Stock Disclosures [Abstract]            
Common shares of beneficial interest, shares authorized 500,000,000 500,000,000        
Common shares of beneficial interest, par value (usd per share) | $ / shares $ 0.01 $ 0.01        
Preferred Stock Disclosures [Abstract]            
Preferred shares of beneficial interest, shares authorized 100,000,000 100,000,000        
Preferred shares of beneficial interest, par value (usd per share) | $ / shares $ 0.01 $ 0.01        
Preferred shares of beneficial interest, redemption price per share (usd per share) | $ / shares $ 25.00          
Preferred shares of beneficial interest, shares outstanding 10,000,000 10,000,000        
Preferred stock, redemption after change in control 120 days          
LTIP Units Disclosures [Abstract]            
Operating Partnership outstanding (shares) 236,351 236,351        
LTIP units, vested (shares) 145,598          
6.50% Series C [Member]            
Preferred Stock Disclosures [Abstract]            
Preferred stock, dividend rate, percentage 6.50% 6.50%        
Preferred shares of beneficial interest, shares outstanding 5,000,000 5,000,000        
Share cap on each preferred shares 2.0325          
6.375% Series D [Member]            
Preferred Stock Disclosures [Abstract]            
Preferred stock, dividend rate, percentage 6.375% 6.375%        
Preferred shares of beneficial interest, shares outstanding 5,000,000 5,000,000        
Share cap on each preferred shares 1.9794          
ATMProgram [Member]            
Common Stock Disclosures [Abstract]            
March 2014 shelf registration statement maximum amount | $           $ 175.0
September 2012 shelf registration statement maximum amount | $           $ 170.0
Amount available under ATM program | $       $ 159.8    
Share Repurchase Program [Member]            
Common Stock Disclosures [Abstract]            
Share repurchase program, authorized amount | $         $ 150.0  
Share repurchased, shares 0          
Remaining authorized repurchase amount | $ $ 56.6          
Share Repurchase Program 2 [Member]            
Common Stock Disclosures [Abstract]            
Share repurchase program, authorized amount | $     $ 100.0      
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity (Details) - Common Shares [Member]
3 Months Ended
Mar. 31, 2018
$ / shares
Dividends on common shares/units  
Dividend per Share/Unit (usd per share) $ 0.38
Record Date Mar. 29, 2018
Payable Date Apr. 16, 2018
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity (Details 1)
3 Months Ended
Mar. 31, 2018
$ / shares
6.50% Series C [Member]  
Dividends on preferred shares/units  
Dividend per Share (usd per share) $ 0.41
Record Date Mar. 29, 2018
Payable Date Apr. 16, 2018
6.375% Series D [Member]  
Dividends on preferred shares/units  
Dividend per Share (usd per share) $ 0.40
Record Date Mar. 29, 2018
Payable Date Apr. 16, 2018
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share-Based Compensation Plan (Details Textual)
$ / shares in Units, $ in Thousands
3 Months Ended
Feb. 14, 2018
shares
Jan. 02, 2018
shares
Feb. 15, 2017
shares
Jan. 03, 2017
shares
Feb. 10, 2016
shares
Jan. 06, 2016
shares
Jul. 27, 2015
shares
Feb. 11, 2015
shares
Feb. 04, 2014
shares
Dec. 13, 2013
USD ($)
$ / shares
shares
Jan. 30, 2013
shares
Mar. 31, 2018
USD ($)
class
shares
Mar. 31, 2017
USD ($)
Dec. 31, 2017
shares
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based award vesting period                       6 years    
Number of common shares available for issuance under the 2009 Equity Incentive Plan                       1,207,886    
Operating Partnership outstanding (shares)                       236,351   236,351
LTIP units, vested (shares)                       145,598    
Restricted Stock [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Compensation expense | $                       $ 400 $ 400  
Total unrecognized compensation cost | $                       $ 3,700    
Weighted average remaining vesting period (in years)                       2 years 1 month    
Share-based equity award grant (shares)                       52,609    
Number of common shares issued                       61,982    
Restricted Stock [Member] | Minimum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based award vesting period                       3 years    
Restricted Stock [Member] | Maximum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based award vesting period                       5 years    
Performance Shares [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Compensation expense | $                       $ (1,000) 400  
Total unrecognized compensation cost | $                       $ 7,900    
Weighted average remaining vesting period (in years)                       2 years    
Performance Shares [Member] | January 2013 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)                     72,118      
Performance Shares [Member] | January 2013 [Member] | Officer Awards [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Number of common shares issued           120,730                
Performance Shares [Member] | January 2013 [Member] | Nonexecutive management award [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Number of common shares issued           56,562                
Performance Shares [Member] | December 2013 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)                   252,088        
Performance Shares [Member] | December 2013 [Member] | Minimum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Estimated shares expected to vest                   0.00%        
Performance Shares [Member] | December 2013 [Member] | Maximum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Estimated shares expected to vest                   200.00%        
Performance Shares [Member] | December 2013 - Tranche 1 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)           50,418                
Number of common shares issued           25,134                
Estimated shares expected to vest           49.00%                
Performance Shares [Member] | December 2013 - Tranche 2 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)       49,914                    
Number of common shares issued       12,285                    
Estimated shares expected to vest       25.00%                    
Performance Shares [Member] | December 2013 - Tranche 3 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)   49,914                        
Number of common shares issued   72,236                        
Estimated shares expected to vest   145.00%                        
Performance Shares [Member] | February 2014 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)                 66,483          
Performance Shares [Member] | February 2014 [Member] | Officer Awards [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Number of common shares issued       112,782                    
Performance Shares [Member] | February 2014 [Member] | Nonexecutive management award [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Number of common shares issued       25,619                    
Performance Shares [Member] | February 2015 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)               44,962            
Performance Shares [Member] | February 2015 [Member] | Officer Awards [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Number of common shares issued   14,089                        
Performance Shares [Member] | February 2015 [Member] | Nonexecutive management award [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Number of common shares issued   2,501                        
Performance Shares [Member] | July 2015 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)             771              
Performance Shares [Member] | July 2015 [Member] | Nonexecutive management award [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Number of common shares issued   1,079                        
Performance Shares [Member] | February 2016 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)         100,919                  
Shares expected to vest, not subject to maximum         17,372                  
Performance Shares [Member] | February 2016 [Member] | Minimum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Estimated shares expected to vest         0.00%                  
Performance Shares [Member] | February 2016 [Member] | Maximum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Estimated shares expected to vest         200.00%                  
Performance Shares [Member] | February 2017 [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares)     81,939                      
Performance Shares [Member] | February 2017 [Member] | Minimum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Estimated shares expected to vest     0.00%                      
Performance Shares [Member] | February 2017 [Member] | Maximum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Estimated shares expected to vest     200.00%                      
Performance Shares [Member] | February 2018 [Member] [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based equity award grant (shares) 78,918                          
Performance Shares [Member] | February 2018 [Member] [Member] | Minimum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Estimated shares expected to vest 0.00%                          
Performance Shares [Member] | February 2018 [Member] [Member] | Maximum [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Estimated shares expected to vest 200.00%                          
Long Term Incentive Partnership Units Class B [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Share-based award vesting period                       5 years    
LTIP units granted (shares)                   226,882        
Value of LTIP grants per share (usd per share) | $ / shares                   $ 29.19        
Grant date fair value of LTIP unit awards | $                   $ 6,623        
Long Term Incentive Partnership Units [Member]                            
Share-Based Compensation Plan (Textual) [Abstract]                            
Compensation expense | $                       $ 300 $ 300  
Total unrecognized compensation cost | $                       $ 1,900    
Weighted average remaining vesting period (in years)                       11 months    
Classes of LTIP Units | class                       2    
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share-Based Compensation Plan (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Feb. 14, 2018
Feb. 15, 2017
Feb. 10, 2016
Jul. 27, 2015
Feb. 11, 2015
Feb. 04, 2014
Dec. 13, 2013
Jan. 30, 2013
Mar. 31, 2018
Restricted Stock [Member]                  
Summary of restricted share activity                  
Unvested shares, Beginning balance                 137,105
Unvested shares, Granted                 52,609
Vested, shares                 (61,982)
Forfeited, shares                 0
Unvested shares, Ending balance                 127,732
Unvested weighted average grant date fair value, beginning balance (in usd per share)                 $ 30.05
Granted, weighted average grant date fair value (in usd per share)                 36.86
Vested, weighted average grant date fair value (in usd per share)                 31.35
Forfeited, weighted average grant date fair value (in usd per share)                 0.00
Unvested weighted average grant date fair value, ending balance (in usd per share)                 $ 32.22
Performance Shares [Member] | January 2013 [Member]                  
Summary of restricted share activity                  
Unvested shares, Granted               72,118  
Performance Shares [Member] | January 2013 [Member] | Relative TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award               30.00%  
Grant Date Fair Value by Component ($ in millions)               $ 700  
Volatility               31.00%  
Interest Rate               0.41%  
Dividend Yield               2.20%  
Performance Shares [Member] | January 2013 [Member] | Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award               30.00%  
Grant Date Fair Value by Component ($ in millions)               $ 500  
Volatility               31.00%  
Interest Rate               0.41%  
Dividend Yield               2.20%  
Performance Shares [Member] | January 2013 [Member] | EBITDA Comparison [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award               40.00%  
Grant Date Fair Value by Component ($ in millions)               $ 700  
Volatility               31.00%  
Interest Rate               0.41%  
Dividend Yield               2.20%  
Performance Shares [Member] | December 2013 [Member]                  
Summary of restricted share activity                  
Unvested shares, Granted             252,088    
Performance Shares [Member] | December 2013 [Member] | Relative TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award             50.00%    
Grant Date Fair Value by Component ($ in millions)             $ 4,700    
Volatility             29.00%    
Dividend Yield             2.40%    
Performance Shares [Member] | December 2013 [Member] | Relative TSR [Member] | Minimum [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Interest Rate             0.34%    
Performance Shares [Member] | December 2013 [Member] | Relative TSR [Member] | Maximum [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Interest Rate             2.25%    
Performance Shares [Member] | December 2013 [Member] | Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award             50.00%    
Grant Date Fair Value by Component ($ in millions)             $ 2,900    
Volatility             29.00%    
Dividend Yield             2.40%    
Performance Shares [Member] | December 2013 [Member] | Absolute TSR [Member] | Minimum [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Interest Rate             0.34%    
Performance Shares [Member] | December 2013 [Member] | Absolute TSR [Member] | Maximum [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Interest Rate             2.25%    
Performance Shares [Member] | February 2014 [Member]                  
Summary of restricted share activity                  
Unvested shares, Granted           66,483      
Performance Shares [Member] | February 2014 [Member] | Relative TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award           30.00%      
Grant Date Fair Value by Component ($ in millions)           $ 700      
Volatility           29.00%      
Interest Rate           0.62%      
Dividend Yield           2.40%      
Performance Shares [Member] | February 2014 [Member] | Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award           30.00%      
Grant Date Fair Value by Component ($ in millions)           $ 500      
Volatility           29.00%      
Interest Rate           0.62%      
Dividend Yield           2.40%      
Performance Shares [Member] | February 2014 [Member] | EBITDA Comparison [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award           40.00%      
Grant Date Fair Value by Component ($ in millions)           $ 800      
Volatility           29.00%      
Interest Rate           0.62%      
Dividend Yield           2.40%      
Performance Shares [Member] | February 2015 [Member]                  
Summary of restricted share activity                  
Unvested shares, Granted         44,962        
Performance Shares [Member] | February 2015 [Member] | Relative TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award         30.00%        
Grant Date Fair Value by Component ($ in millions)         $ 900        
Volatility         22.00%        
Interest Rate         1.02%        
Dividend Yield         2.50%        
Performance Shares [Member] | February 2015 [Member] | Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award         40.00%        
Grant Date Fair Value by Component ($ in millions)         $ 700        
Volatility         22.00%        
Interest Rate         1.02%        
Dividend Yield         2.50%        
Performance Shares [Member] | February 2015 [Member] | EBITDA Comparison [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award         30.00%        
Grant Date Fair Value by Component ($ in millions)         $ 700        
Volatility         22.00%        
Interest Rate         1.02%        
Dividend Yield         2.50%        
Performance Shares [Member] | July 2015 [Member]                  
Summary of restricted share activity                  
Unvested shares, Granted       771          
Performance Shares [Member] | July 2015 [Member] | Relative TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award       30.00%          
Grant Date Fair Value by Component ($ in millions) [1]       $ 0          
Volatility       22.00%          
Interest Rate       0.68%          
Dividend Yield       2.50%          
Performance Shares [Member] | July 2015 [Member] | Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award       40.00%          
Grant Date Fair Value by Component ($ in millions) [1]       $ 0          
Volatility       22.00%          
Interest Rate       0.68%          
Dividend Yield       2.50%          
Performance Shares [Member] | July 2015 [Member] | EBITDA Comparison [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award       30.00%          
Grant Date Fair Value by Component ($ in millions) [1]       $ 0          
Volatility       22.00%          
Interest Rate       0.68%          
Dividend Yield       2.50%          
Performance Shares [Member] | February 2016 [Member]                  
Summary of restricted share activity                  
Unvested shares, Granted     100,919            
Performance Shares [Member] | February 2016 [Member] | Relative TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award     70.00%            
Grant Date Fair Value by Component ($ in millions)     $ 1,600            
Volatility     25.00%            
Interest Rate     0.71%            
Dividend Yield     3.00%            
Performance Shares [Member] | February 2016 [Member] | Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award     15.00%            
Grant Date Fair Value by Component ($ in millions)     $ 200            
Volatility     25.00%            
Interest Rate     0.71%            
Dividend Yield     3.00%            
Performance Shares [Member] | February 2016 [Member] | EBITDA Comparison [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award     15.00%            
Grant Date Fair Value by Component ($ in millions)     $ 400            
Volatility     25.00%            
Interest Rate     0.71%            
Dividend Yield     3.00%            
Performance Shares [Member] | February 2017 [Member]                  
Summary of restricted share activity                  
Unvested shares, Granted   81,939              
Performance Shares [Member] | February 2017 [Member] | Relative TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award   65.00%              
Performance Shares [Member] | February 2017 [Member] | Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award   35.00%              
Performance Shares [Member] | February 2017 [Member] | Relative & Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Grant Date Fair Value by Component ($ in millions)   $ 2,700              
Volatility   28.00%              
Interest Rate   1.27%              
Dividend Yield   5.60%              
Performance Shares [Member] | February 2018 [Member] [Member]                  
Summary of restricted share activity                  
Unvested shares, Granted 78,918                
Performance Shares [Member] | February 2018 [Member] [Member] | Relative TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award 65.00%                
Performance Shares [Member] | February 2018 [Member] [Member] | Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Percentage of Total Award 35.00%                
Performance Shares [Member] | February 2018 [Member] [Member] | Relative & Absolute TSR [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]                  
Grant Date Fair Value by Component ($ in millions) $ 3,500                
Volatility 28.00%                
Interest Rate 2.37%                
Dividend Yield 4.70%                
[1] Amounts round to zero.
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details Textual) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Taxes [Line Items]    
Estimated Effective Tax Rate Combined Federal And State 30.00%  
Minimum Percentage of Adjusted Taxable Income to be Distributed to Shareholders as a Real Estate Investment Trust 90.00%  
Income Tax Expense (Benefit) $ (429) $ (2,835)
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Numerator:    
Net income (loss) Attributable to common shareholders $ 20,386 $ 10,011
Less: dividends paid on unvested share-based compensation (83) (104)
Net income (loss) available to common shareholders $ 20,303 $ 9,907
Denominator:    
Weighted-average number of common shares-basic (shares) 68,876,444 71,610,994
Effect of dilutive share-based compensation (shares) 331,604 281,826
Weighted-average number of common shares-diluted (shares) 69,208,048 71,892,820
Net income (loss) per share available to common shareholders, basic (usd per share) $ 0.29 $ 0.14
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ 0.29 $ 0.14
Antidilutive securities excluded from computation of earnings per share, amount (shares) 4,212 18,394
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details Textual)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
USD ($)
hotel_room
extension_option
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2017
USD ($)
Management Agreements [Line Items]        
Combined base and incentive management fees $ 5,300 $ 5,400    
Commitments and Contingencies (Textual) [Abstract]        
Reserve funds allowed for hotel maintenance from hotel revenue 4.00%      
Restricted cash $ 7,254     $ 7,123
Total number of guest rooms | hotel_room 6,972      
Ground rent expense $ 3,100 $ 3,300    
Hotel Zeppelin San Francisco [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Number of guest rooms, leasehold interest | hotel_room 64      
Total number of guest rooms | hotel_room 196      
Monaco Washington DC [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Ground lease expiry period 2059      
Base rent $ 200      
Argonaut Hotel [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Ground lease expiry period 2059      
Base rent $ 1,300      
Hotel Zelos San Francisco [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Ground lease expiry period 2097      
Hotel Zephyr Fisherman's Wharf [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Base rent     $ 100  
Hotel Zephyr Fisherman's Wharf [Member] | Primary lease [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Ground lease expiry period 2062      
Ground lease percentage rent on hotel revenues     5.00%  
Ground lease percentage rent on retail revenues     7.50%  
Ground lease percentage rent on hotel revenues 6.00%      
Ground lease percentage rent on retail and parking revenues 7.50%      
Hotel Zeppelin San Francisco [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Ground lease expiry period 2059      
Base rent $ 500      
Ground lease extension option 30 years      
Number of extension options | extension_option 1      
Hotel Palomar Los Angeles - Beverly Hills [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Ground lease expiry period 2107      
Base rent $ 3,800      
Ground lease extension option 5 years      
Number of extension options | extension_option 19      
Union Station Hotel Nashville [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Ground lease expiry period 2105      
Base rent $ 100      
Minimum [Member]        
Management Agreements [Line Items]        
Terms of management agreements not including renewals 5 years      
Terms of management agreements including renewals 5 years      
Termination fees range 0      
Base management fee from hotel revenues 2.00%      
Minimum [Member] | Hotel Zelos San Francisco [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Base rent increase 2.00%      
Maximum [Member]        
Management Agreements [Line Items]        
Terms of management agreements not including renewals 21 years      
Terms of management agreements including renewals 52 years      
Termination fees range 5      
Base management fee from hotel revenues 4.00%      
Maximum [Member] | Hotel Zelos San Francisco [Member]        
Commitments and Contingencies (Textual) [Abstract]        
Base rent increase 4.00%      
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Supplemental Information to Statements of Cash Flows (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Non Cash Investing and Financing Information [Line Items]      
Interest paid, net of capitalized interest $ 7,655 $ 7,464  
Income taxes paid 0 79  
Distributions payable on shares/units 31,344   $ 31,823
Issuance of common shares for Board of Trustees compensation 662 503  
Accrued additions and improvements to hotel properties 1,286 4,525  
Write-off of deferred financing costs 0 356  
Common Shares [Member]      
Non Cash Investing and Financing Information [Line Items]      
Distributions payable on shares/units 27,902 28,274  
Preferred Shares [Member]      
Non Cash Investing and Financing Information [Line Items]      
Distributions payable on shares/units $ 3,442 $ 3,442  
EXCEL 51 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( *R!FDP?(\\#P !," + 7W)E;',O+G)E;'.MDD^+ MPD ,Q;]*F?L:5\'#8CUYZ6U9_ )Q)OU#.Y,A$[%^>X>];+=44/ 87O+>CT?V M/S2@=AQ2V\54C'X(J32M:OP"2+8ECVG%D4)6:A:/FD=I(*+ML2'8K-<[D*F' M.>RGGD7E2B.5^S3%":4A+,*P).B0\5?UX^8 TBTH_0(:+L A#&^NQT:E8(C M-R."?S]PN -02P,$% @ K(&:3&;S"V"" L0 ! !D;V-0&UL38Y-"\(P$$3_2NG=;BGB06) L$?!D_>0;FP@R8;-"OGYIH(? MMWF\81AU8\K(XK%T-8943OTJDH\ Q:X831F:3LTXXFBD(3^ G/,6+V2?$9/ M-(X'P"J8%EQV^3O8:W7..7AKQ%/25V^9"CGIYFHQ*/B76_..7+8\#?NW_+"" MWTG] E!+ P04 " "L@9I,"BJVD.X K @ $0 &1O8U!R;W!S+V-O M&ULS9+!:L,P#(9?9?B>*$Y'&";UI66G#08K;.QF;+4UC1UC:R1]^SE9 MFS*V!]C1TN]/GT"M#D+W$5]B'S"2Q70WNLXGH<.:'8F" $CZB$ZE,B=\;N[[ MZ!3E9SQ 4/JD#@AU537@D)11I& "%F$A,MD:+71$17V\X(U>\.$S=C/,:, . M'7I*P$L.3$X3PWGL6K@!)AAA=.F[@&8ASM4_L7,'V"4Y)KNDAF$HA]6']^>IW7+:Q/I+S&_"M90>> :W:=_+;:;'>/3-85?RBJ^Z)N=KP1O!9U\S&Y M_O"[";O>V+W]Q\970=G"K[N07U!+ P04 " "L@9I,F5R<(Q & "<)P M$P 'AL+W1H96UE+W1H96UE,2YX;6SM6EMSVC@4?N^OT'AG]FT+QC:!MK03 M621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS M[BYBZ(:(E/)X8-DOV]:[MR_>X%#BVR]*+41B1%G\@MNN01.+5)#3(3/PB=AIAJ4!P"I DQEJ&&^+3&K!'@$WVWO@C( MWXV(]ZMOFCU7H5A)VH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU M+,76>)7 \:V@S&L%&KQMUAVC2/'K^!?F<-0HACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=* MY \FIS_I,C0'HYI9";V$5FJ?JH,@H%\;D>/N5Z> HWEL:\4*Z">P'_ MT=HWPJOX@L Y?RY]SZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=R MSTS0LS0[=R M2^JVE+ZU)CA*]+',<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^ VVZ MG=PZ.)Z8D;D*TU*0;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCR MHB'NH8:8S\-#AWE[7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+: '@Z]1 O)2 M56 Q6\8#*Y"B?$R,1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYE ML<%5'<]56_*POFH]M!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7G MFYRN>B)V^I=WP6#R_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41 71% B.5 M' 86%S+D4.Z2D 83 >LX=SFWJXPD6L_UC6'ODR MWSEPVSK> U[F$RQ#I'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X Q\ MU*M:I60K$3]+!WP?D@9CC%OT-%^/%&*MIK&MQMHQ#'F 6/,,H68XWX=%FAHS MU8NL.8T*;T'50.4_V]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\! M4$L#!!0 ( *R!FDQ!^6Q<5P( *\' 8 >&PO=V]R:W-H965T&UL?57;CILP$/T5Q >L+UP25@0I256U4BM%6[5]=H@3T!I,;2=L M_[ZV82G%IB_8'I\S9\:,/7G/Q:NL*%7!6\-:N0LKI;IG &19T8;()][15N]< MN6B(TDMQ [(3E%PLJ6$ 0YB"AM1M6.36=A)%SN^*U2T]B4#>FX:(WP?*>+\+ M4?AN>*EOE3(&4.0=N=%O5'WO3D*OP.3E4C>TE35O T&ONW"/GH\H,@2+^%'3 M7L[F@4GES/FK67R^[$)H(J*,ELJX('IXT"-ES'C2/]KD M=3)G(NF1LY_U156[>/^)C@DE83!F_X4^*--P$XG6*#F3]AN4 M=ZEX,WK1H33D;1CKUH[]L!-'(\U/P",!3P0<_Y<0C81H(B!+ $-D-M4/1)$B M%[P/Q/"W.F** CU'^C!+8[1G9_=TME);'P7,P<.X&1&' 8%G"#0A@/8]"6"? MP $[=/ROP-%%1'Z!R)M!9.G1C![[Z;&7'EMZ/*,GBP-P$:E?(/$*) Y]LQ 8 M$(E%M,,)QYL89EN_3.J521V9[4+&161^@8U78./0T;)4/)"56MEZ);8N?U$L M!P]DI5HRKT3F\N.%A >2^"40]-\IZ'I(E[<*.C\=0[3RQ]'*W46NSK*V1DPZ MQZRI>"_P'F%7)5NJN!@,5U3\MQA%K@>T>"A&S/S,T@Q&63;+>M "L^>OH>)F M.X4,2GYO;9N:6:=NM,?V^?P+'UK95R)N=2N#,U?Z$;9/Y95S175 \$F'4NGN M.2T8O2HSW>BY&%K(L%"\&]LCF'IT\0=02P,$% @ K(&:3-2.]C$*! MZA( !@ !X;"]W;W)K MGK$->)5$NG"J6JF55E>U_V^]0?OA\7WIC[UJ^0P#.>G-.VW!]]4_:?V[$_AEWW;-=403KO7M#]WOMI- M04V=HE)9VE3'4[)>3M>>N_6R?1OJX\D_=XO^K6FJ[M^-K]O+*H'DX\+7X^MA M&"^DZ^6Y>O5_^.'/\W,7SM+;*+MCXT_]L3TM.K]?)9_AJ=13P*3XZ^@O_=WQ M8BSEI6V_C2>_[E:)&AWYVF^'<8@J?+W[TM?U.%+P\<\\:'++.0;>'W^,_O-4 M?"CFI>I]V=9_'W?#8944R6+G]]5;/7QM+[_XN2";+.;J?_/OO@[RT4G(L6WK M?OI<;-_ZH6WF48*5IOI^_3Z>IN_+//Y'F!R L#\,$#/ 9H$I%=G4ZE? MJJ%:+[OVLNBN_]:Y&F\*>-)A,K?CQ6GNIM]"M7VX^KY&7*;OXSBS9'.5X+WD M45$*"GV3I"'_S02*)G"*U_?Q1H[78KR>XLU]O"5%7"7Y)#G-*4R6Y8J4(NEL M9JR2_1C1C^%^,N+G*K%W><#FN77$#I=%C%C1B.5&0L2Q[2$"N""&*W?B$Z*9@3 M36[)3<&2:)T[,GG.C%<2] O#B6Q8(MR#U5(K $!BH=^;=!)AT@K\K0JI";55HIBBI!%SBE M(@L!9'0"9Z>F[)PU]XD".+/,4D.BSL1N0I#A"9R>FM(3.!>=TVQ-R+(\\FP! MF:' (:HI1('S,7-%SB:(R\+\V A&0>8H<)!J"E(02*IM;NA"E70& MHCCF2: M L>IIC@%CDHL$"E0)5GFP$7\R$P%#E5#H0H258VF=@2JJCRVY&6J L>JH5@% M3DP-VK#9D61%M->2P8H">-/4D:.@$ M_5CSZ"32BO)>U-C("#)1D1/54'XA)R4POO^/Z-&+S%+D+*4,V""'9,;Z/U$4 M>7BBS%'D'#646\@!"5FA%9W 4A9:$VM)468I0 _(G<+EF;PZR$!3$:"&S%#E++:47 M9*(B)ZIE!!-Z4 >T09!4&4;6NY9YJCE/+667%C 96C5->_U2%FJ+D1Y*RSS5 MG(/TW64S:QY>=<7F61**S7-ZM^DP[@+]7G6OQU._>&F'H6VF789]VPX^#*H^ MA1(/OMK=3FJ_'\;#/!QWU]V7Z\G0GN>=I?2VO;7^#U!+ P04 " "L@9I, MWT$_T&<" #L" & 'AL+W=OO?M!VB- EWU105\GG-^ M1RF0=82^LP)C[GS45<,V;L%YN_8\=BQPC=@+:7$CGIP)K1$777KQ6$LQ.BE3 M77G0]V.O1F7CYID:V],\(U=>E0W>4X==ZQK1OUM"BX'O#QK MT07_Q/Q7NZ>BYXU13F6-&U:2QJ'XO'$_@?4.0&E0BK<2=VS2=F0I!T+>9>?; M:>/ZD@A7^,AE""1N-[S#524C"8X_0U!WS"F-T_8]^A=5O"CF@!C>D>IW>>+% MQDU=YX3/Z%KQ5])]Q4-!D>L,U7_'-UP)N201.8ZD8NK7.5X9)_401:#4Z*._ MEXVZ=_V3Y&ZS&^!@@*,!A/\U!(,AT Q>3Z9*_8PXRC-*.H?V7ZM% MYE$.JG>GGHEJF1B]Y5&4>3<99Y!L>PF<2.!2J; MT416FLBD66DTO22=I/%??*"Q/!'-2&(K26R0Q%K!VUX2S;[/<&DX2Y0SIL3* ME)A,6N';Y&$F#6F!<$:46HE2DTC[HVW3I40+A#.BE95H91(%&M%JR0QZ(IJ1 M -^^3ODF2Z@O5+Y1=?1@$BV2SKD>K)_ Y#(64& DB],5@"#55R"K,@4P2AZL M0\"^H )H4L4Z%5Q,95-:J;S)MB// 3\0O90-Y^@$ M D& & 'AL+W=O*S83&RM9KJ3$V[A-)]#_DS]/' M0Y:7JO[:'+QO9]_*XM2LYH>V/3\L%LWNX,N\N:_._A1^>:GJ,F_#9_VZ:,ZU MS_=]4%DL4*ET4>;'TWR][-.>ZO6R>FN+X\D_U;/FK2SS^M^-+ZK+:@[SCX0O MQ]=#VR4LULMS_NK_\.V?YZR/I3\UQ^HTJ_W+:OX(#UO3!_2*OX[^ MTDS>9UU5GJOJ:_?QZWXU5YTC7_A=VV61A\>[W_JBZ'(*/OX9,YU?R^P"I^\? MN?_<5SY4YCEO_+8J_C[NV\-J;N>SO7_)WXKV2W7YQ8\52N:SL?:_^7=?!'GG M))2QJXJF_SO;O35M58ZY!"ME_FUX'D_]\S+F_Q$F!^ 8@-> 4/:/ O08H+\' MF+[R@[.^JC_E;;Y>UM5E5@^]=B/&FCS>3 M^$R1-A@D62\Y#6V :#(@-9%D23+)[<9-(KI)N!M2S&:0))-BC$DF;3:8$50Z MU2A[244O*?=".F^3LE+ *$B)%T&%+DME+YGH)>->-/&2\5(LJ"0A9B090A89 MI IBA8[H4N,*/F=H5Q*=VF;"5="JG)(HYD+@,'LZ7+#$ADUI:U M#I>A2G1L\R2C&3F:K2%^D#,WI=@1-)&N0IG)R)EL*9.1P_;.6:"[)%&F3:QA M9"8C9[*E3$;.6C2&#AQ!E4;6$C:U1NG8N)%QC!S'CN(8.6;OC$+&F\]D MMWYD&".'L:,P'C79#64U1<%6D(%2$&&.EF&L.8P=A?&HL5/0WK.)):H@TEM: M)K+F1*8;ALVH^CNUW37F M)/5ZU?V(W=TL2=_ PW:XL/Z>S7!__GM>OQY/S>RY:MNJ[.]G7ZJJ]<&EN@^M M=?#Y_OI1^)>V>\W">SW<6P\?;74>[^07UW\,K/\#4$L#!!0 ( *R!FDP1 M$?)^# 8 .P@ 8 >&PO=V]R:W-H965T&ULE5K;;N)( M$/T5Q#N#N_IB>Y1$6B !I%TIFM7N/CN)DZ !S!HGF?W[;1L/H:N.P9.'<#O5 M=>EVG3J&JX^B_+Y_S?-J\&.SWNZOAZ]5M?LZ'N\?7_--MO]2[/*M_^2Y*#=9 MY5^6+^/]KLRSI\9HLQY3%+GQ)EMMAS=7S7OWY_J:]+0[5!@_A[E7_L3YX/ZE0>BN)[_6+Y=#V,ZHCR=?Y8U4MD_N$]G^;K M=;V2C^/?=M'AT6=M>/K\Y^IW3?(^F8=LGT^+]3^KI^KU>I@,!T_Y<_:VKKX5 M'XN\3<@.!VWVO^?O^=K#ZTB\C\=BO6_^#Q[?]E6Q:5?QH6RR'X?'U;9Y_#A\ M$O\TPP;4&M#10-%9 ]T:Z*,!N;,&IC4PGP;ZK(%M#>S10)_WX%H#=S2P]JQ! MW!K$GP;FK$'2&B2?53H?4MH:I)\Y-"&-#_O7'(A95F4W5V7Q,2@/9WJ7U9>. M^IKZ(_=8O]F O6B6-G(A;7G<2-2/,2S0%*N92(;?\"9FE=PKPN M)4X;3;CF&M9<@YJS0ST]8&Q8R^8/>S+0DP&>V*[-C/#D=X0H/2EWX,E"3[99 M10>>8KR @PLX$"J[^B9.A#IR;+MO>V 6YS%!L#$,-@;!LE,\B^4.NOCD(@_< M)-!-(MT0NZ FB7!C(\U"2>319E5#J_"JG?<4I)/"=%*0#@MDELJM(?+]/.TX M]RK"O!$!7RRA20MBY\ 8=L7/6ES8:/BYZUB,XQ:7G8;Y=?"B OGQ;6]!IZXH M2D@G':XP0RA $21*!+IGAQ?<$Q5HBB28'G1%Q1OY+4 E-N+;@$#L,"X!B&+7 MD1?NP JT8'(\+]F#1^2L9O',,)DH3B&R.?B7JA%I=0 M8="8G)1DIR3E,4O.4";BL#F&:1%U+]@2P*SM2 T3E4),Q8*>*DE5YT\^!*HG;B: 6JD4A4IWLB17Y,F:<1Y"@"-HXYK MFO" 06# T)H7OX?L:JO_JP*-\'Q 8#[@'6U"DJ?]+OKY*+9\OWL@P[ PK=,O MZ#G"#$M(T7&11( \8Z.Z:HCIDP!]"IW4@H(K@0O#&0!QI422.IWC Q@$=2A, MPO1*2/QQM422ZD8N=4G73F&Z(T1WHB\A96;%3;06%MYNX27$2SE>Q$L>PULM MF%TU$H)<*&G)KLJJI*N,&G.K1IJ,"R4-*+/#"R81C>08%TH:M&!RG'01RAJ^ M#1C%/"X!JE,JZ8[;8D@"F-31IWO5"+2Z@P:,P^&K /GRLF M&MP(M#&_G]\+M;B$"H/&1*8ED0E)I25%D;'\KNY< X5G#/^N8M$/M@2P3HVK M,9]IP&=:]"V@\/#\U0<9AH6Y3P/NTZ+I2";R8Z^GXX3/7WV0X7U[3%L&B4+> M*XR\+^FE0J2Y>IPBH) * "1F^UNTDDMTQ%GCSDA*35)>V#E >:D0:\O/*?)K M4FO$%V( :%+5T3L,)G*C^@^_!K.T05*/=T,CQ9DU7,H"T.@4=8AF?/*%:OT[ M@#^R\F6UW0\>BJHJ-LTWJ,]%4>5^Q>B++_=KGCT=7ZSSYZI^&OOGY>'[]\.+ MJMBUORT8'W_@&PO M=V]R:W-H965T&ULA9C1;N,V$$5_Q?"[UYH9DI*")$#LHFB! M%@BV:/NL.$QBK&VYDA)O_[Z2['B=F3%^Z;G\UG[>KE[BMVB_U/N[Z_SS5S;;J^MOF>=[NFU@]CHVVFSEG69AO MJ_5N>GL]/KMO;J_KUVZSWL7[9M*^;K=5\^\B;NK#S92F[P^^KI]?NN'!_/9Z M7SW'/V+WY_Z^Z>_FYRB/ZVWMZ-VGBT\WTCJZ6+AL:C(J_UO'07EQ/AE0> MZOK;8Q/U>NF^UH??HFGA/QT-_5ATAS?UKX:)@5=23^8J^'A.';C__ILV_[IVRU)>3U_&P*= M-(NCAB\U9\6\CW[N@E$7"S;-^6,'2ZL(!>Y!8!(RMI=+@R[# 1P,X,8 [B) MH0?A*,E'R>Z8A?,45"96U3NYB/7!BX=>/$@F,=X!!@@FF3Q7R1PE_D,R9:9? M"U %+@/VDD,ON?%"[)69W'0SXZ"&?VE%1)QC*P6T4E@K3F6\*$POF?)A%;/@ ML(T2VBB!#5$V2M.)IT(9L1HI$_.,,KST,SOK,[WTLT]'!$@H'F"W59A0HU_L2TC$5G*J0,/_8\H_U&F5+MAGY0O1D M70)AHAAB#$"V "2O=P:V<)OI&8@TB?*!,0!9@!5-BY/HLIM2HP)H4H.".FBTZQ]3PBJ2Z5@IPT!0E.>A=3;PI060.F@]PL! M'^RED"8UDE$NJ5>&62V U4%O&P(^W-F+F<]6YK(BM< <)K4#I YZ\SB)/IQL M"9L%!F129J6N<^<7!X_;V#R/9[3M9%6_[KKAB._BZ?D<^(Z'@TOU?$%7R^-I M[H\PQ\/EWZOF>;UK)P]UU]7;\?#RJ:Z[V+O,OO0#]A*KQ_/-)CYUPV7>7S?' M0]WC35?O3P?6\_.I^>U_4$L#!!0 ( *R!FDSL/84SL@$ -(# 8 M>&PO=V]R:W-H965T&UL?5-M;YPP#/XK47Y PW&WMCL!4J_3 MM$FK=.JT]G,.#$3-"TO"T?[[.8&CK$/[0FSCY_%CQ\D&8U]<"^#)JY+:Y;3U MOMLSYLH6%'=7I@.-?VIC%??HVH:YS@*O(DA)EB;)-5-<:%ID,7:T169Z+X6& MHR6N5XK;MP-(,^1T0R^!1]&T/@18D76\@9_@?W5'BQZ;62JA0#MA-+%0Y_1N MLS_L0GY,>!(PN(5-0B,Y3/P7V#H@G0#I!P ;"T7E7[CG16;-0.PX^XZ' M*][L4YQ-&8)Q%/$?BG<8/1>;Z]N,G0/1E',8<])ESIS!D'TND:Z5.*3_P--U M^'95X3;"MW\I_+Q.L%LEV$6"W7];7,FY23X488N9*K!-W"9'2M/KN,F+Z+RP M=VF\D_?T<=L?N&V$=N1D/-YLG']MC >4DESA"K7XP&9'0NV#>8.V'==L=+SI MIA?$YF=<_ %02P,$% @ K(&:3+*?,OBS 0 T@, !@ !X;"]W;W)K M\9.&@($7FS/>,Z9,^-Q,1G[['H 3UZ4U*ZDO??#D3%7]Z"X MNS$#:+QIC57%"".6HC75Q)/3IO MU,*"4A1_F7>AXS[--WFVP/8!Z0)(5\!=S,/F1%'Y.^YY55@S$3OW?N#AB9-C MBKVI@S.V(MZA>(?>:Y7<)@6[!J(EYC3'I-N8-8(A^YHBW4MQ2O^"I_OP;%=A M%N'9;PK_09#O$N21(/]OB7LQV1])V*:G"FP7I\F1VHPZ3O+&NP[L?1K?Y%?X M/.V?N>V$=N1B/+YL[']KC >4KQ@ZV&A-:'XRV>[3QFL^'-L/P@MG[C MZB=02P,$% @ K(&:3/EO.WRU 0 T@, !@ !X;"]W;W)K2X^_M2LNMYF[$72:1X#@\I*AN,?74M@"?O2FJ7T];[[L"8*UM0W%V9#C3> MU,8J[M&T#7.=!5Y%D)(LV6QNF.)"TR*+OI,M,M-[*32<+'&]4MS^.H(T0TZW M]-/Q+)K6!PW>R:+&9I1(*M!-&$PMU3N^VAV,:XF/ #PYQ) MJ.1LS&LPOE0YW01!(*'T@8'C=H%[D#(0H8RWB9/.*0-P>?YD?XRU8RUG[N#> MR)^B\FU.]Y144/->^F)*RMYYHR86E*+X M^[@+'?=AO$GW$VP=D$R 9 ;L8QXV)HK*'[CG16;-0.S8^XZ')]X>$NQ-&9RQ M%?$.Q3OT7HKM;9JQ2R":8HYC3+*,F2,8LL\IDK44Q^0?>+(.WZTJW$7X[@^% MU^L$Z2I!&@G2_Y:X%G/S5Q*VZ*D"V\1I---/XC-W[CX %!+ M P04 " "L@9I,SUZK,[4! #2 P &0 'AL+W=O%LB.V5XN;7"20..4WHF^-! M-*T+#E9D'6_@![B?W=EXB\TLE5"@K4!-#-0YO4V.IUV(CP&/ @:[.)-0R07Q M.1A?JYQN@B"04+K P/UVA3N0,A!Y&2\3)YU3!N#R_,;^)=;N:[EP"W**F@YKUT#SC^M032Q>BN*OXRYT MW(?Q9IM,L'5 .@'2&7"(>=B8*"K_S!TO,H,#,6/O.QZ>.#FFOC=E<,96Q#LO MWGKOM4CV^XQ= ]$4(T65)BK^,D+[SSP-ZF\4W>P\=I_\Y-([0E M%W3^96/_:T0'7LKFQH]0ZS_8;$BH73CN_=F,8S8:#KOI!['Y&Q>_ 5!+ P04 M " "L@9I,J\S?7K,! #2 P &0 'AL+W=OYO5%$BF>PT.*2@=CGUT#X,FKDMIEM/&^.S#FB@:4<%>F XTWE;%*>#1M MS5QG0901I"3C27+-E&@US=/H.]D\-;V7K8:3):Y72MA?1Y!FR.B&OCD>V[KQ MP<'RM!,U? ?_HSM9M-C,4K8*M&N-)A:JC-YN#L==B(\!/UL8W.),0B5G8YZ# M\:7,:!($@83"!P:!VP7N0,I A#)>)DXZIPS Y?F-_3[6CK60&!Z48(["2!=74O3.&S6QH!0E7L>]U7$? MQAM^,\'6 7P"\!FPCWG8F"@J_RR\R%-K!F+'WG\DW^R1EET TQ1S'&+Z,F2,8LL\I^%J*(_\'SM?AVU6%VPC?_J'P/_EWJP2[ M2+#[L,2UF+]5LD5/%=@Z3I,CA>EUG.2%=Q[86Q[?Y#U\G/9OPM:M=N1L/+YL M[']EC >4DESA"#7XP69#0N7#\0;/=ARST?"FFWX0F[]Q_AM02P,$% @ MK(&:3%^-9[FS 0 T@, !D !X;"]W;W)K&UL M?5-AC]0@$/TKA!]P['9[NMFT36[/&$TTV9Q1/[/MM"4'3 6Z/?^]0+E:M?$+ M,,.\-V^&H9C0/-L>P)$7);4M:>_<<&+,UCTH;N]P .UO6C2*.V^:CMG! &\B M2$F6[79OF.)"TZJ(OHNI"AR=%!HNAMA1*6Y^GD'B5-(]?74\B:YWP<&J8N = M? 'W=;@8;[&%I1$*M!6HB8&VI _[TSD/\3'@FX#)KLXD5')%? [&QZ:DNR ( M)-0N,'"_W> 1I Q$7L:/Q$F7E &X/K^ROX^U^UJNW,(CRN^B<7U)CY0TT/)1 MNB>U,'9VQ%O//BK??>JOWQ4+!; M($HQYSDF6\ MRN[.CU#O/]AB2&A=.+[U9S./V6PX'-(/8LLWKGX!4$L#!!0 ( *R!FDS1 MGC-'M0$ -(# 9 >&PO=V]R:W-H965T[^OI3L>MYF[$42*9[# M0XI*!V-?7 /@R9N2VF6T\;X[,N:*!I1P-Z8#C3>5L4IX-&W-7&=!E!&D)..; MS2U3HM4T3Z/O;//4]%ZV&LZ6N%XI87^=0)HAHUOZX7ALZ\8'!\O33M3P!/Y' M=[9HL9FE;!5HUQI-+%09O=L>3TF(CP$_6QCBE?S3# M TSU?*)D*OX;7$%B>%"".0HC75Q)T3MOU,2"4I1X&_=6QWT8;_;)!%L'\ G M9\ AYF%CHJC\L_ B3ZT9B!U[WXGPQ-LCQ]X4P1E;$>]0O$/O-=\>;E-V#413 MS&F,XQTE>>.>!O>/Q37Z'C]/^7=BZU8Y7C?VOC/& 4C8W M.$(-?K#9D%#Y<-SCV8YC-AK>=-,/8O,WSM\!4$L#!!0 ( *R!FDQ)+R^@ MM0$ -(# 9 >&PO=V]R:W-H965T-\ M-/;)=0">/"NI74$[[_L38Z[J0'%W9WK0>-,8J[A'T[;,]19X'4E*LC1)WC/% MA:9E'GT76^9F\%)HN%CB!J6X_7,&:<:"[NB+XU&TG0\.5N8];^$[^!_]Q:+% M%I5:*-!.&$TL- 6]WYW.^X"/@)\"1KX@41XR 1C5$:ZN))J<-ZH60534?QYVH6.^SC=9-E,VR:D,R%="(<8 MATV!8N8?N>=E;LU([-3[GHW(#1CSA,F M76,6!$/U)42Z%>*0.1ZC# M#[88$AH?CA_P;*4;EW\!4$L#!!0 ( *R!FDR2)CS'LP$ M -(# 9 >&PO=V]R:W-H965T)DYZ9(R -?G*_NG6+NOY2PL/*#Z*2O7YO2.D@IJ,2CWA.-GF.MY1\E< M_%>X@/+A08G/4:*R<27E8!WJF<5+T>)UVF47]W&Z2:ZP;0"? 7P!W$4 FQ)% MY1^%$T5F<"1FZGTOPA/O#]SWI@S.V(IXY\5;[[T4^P\\8Y= -,<(T M65+BT,5)7GF7@;WG\4U^AT_3_BA,(SM+SNC\R\;^UX@.O)3=C1^AUG^PQ5!0 MNW!\[\]F&K/)<-C//X@MW[CX!5!+ P04 " "L@9I,/L./:[4! #2 P M&0 'AL+W=O_$M0""O M6AF?TS:$[LB8+UO0PM_8#@S>U-9I$=!T#?.= U$ED%:,;S:W3 MI:)$EW]D5 MF>V#D@;.COA>:^%^GD#9(:=;^N9XDDT;HH,562<:^ KA6W=V:+&9I9(:C)?6 M$ =U3A^VQ],^QJ> 9PF#7YQ)K.1B[4LT/E4YW41!H* ,D4'@=H5'4"H2H8P? M$R>=4T;@\OS&_B'5CK5D@EKT*CS9X2-,]1PHF8K_#%=0 M&!Z58([2*I]64O8^6#VQH!0M7L==FK0/X\V!3[!U )\ ? ;,72/1%',:8_@R9HY@R#ZG MX&LI3OP?.%^'[U85[A)\]X?"VW6"_2K!/A'L_UOB6LS=7TG8HJ<:7).FR9/2 M]B9-\L([#^Q#>D3V.WR<]B_"-=)X+Q M#L]N'+/1"+:;?A";OW'Q"U!+ P04 " "L@9I,M=5QUK8! #2 P &0 M 'AL+W=O_8M0" O6AF? MTS:$[LB8+UO0PM_8#@S>U-9I$=!T#?.= U$ED%:,;S;OF!;2T")+OK,K,ML' M)0V<'?&]UL+].H&R0TZW]-7Q*)LV1 J"D@EKT*CS:X1-,]=Q2,A7_!:Z@,#PJ MP1RE53ZMI.Q]L'IB02E:O(R[-&D?QIO;W01;!_ )P&? (>5A8Z*D_(,(HLB< M'8@;>]^)^,3;(\?>E-&96I'N4+Q'[[78WATR=HU$4\QIC.'+F#F"(?N<@J^E M./$W<+X.WZTJW"7X[B^%=^L$^U6"?2+8_[?$MS$XU_\D88N>:G!-FB9/2MN; M-,D+[SRP]SR]R9_P<=J_"M=(X\G%!GS9U/_:V@ H97.#(]3B!YL-!76(Q_=X M=N.8C4:PW?2#V/R-B]]02P,$% @ K(&:3$K\-<,Y @ ; < !D !X M;"]W;W)K&UL=55ACYLP#/TKB!]P(:$MM*)([4W3 M)FU2==.VSREU"[I 6)*6V[]?$CB.4?=+DYCG]^S4L;-.JE== IC@K1:-WH:E M,>V&$%V44'/])%MH[)>S5#4W]J@N1+<*^,D[U8*P*%J1FE=-F&?>=E!Y)J]& M5 T<5*"O=/7KO^R7 QNN ,;'-CHD'H=T@OY MR#]QP_-,R2Y0_>6WW/W'=,/LW13.Z*_"?[/!:VN]Y2RB&;DYH@&S[S%L@OE M$,L^2C!,8L_NW!GN'J,1QMX]GJHG#P@6*,'"$RS^2Y'-4L0P,2ZR1$66",%B M)H)AEKC("A59(02KF0B&27"1!!5)[@AHDLQ$[C$L2G&1%!5)$8+U3 3!T @7 M6:,B:X1@7ML8YD%UT0A_0=']A:7S7! 0HP\*C#YXJ12AF)<8"GI08Q1]KCO* M[O-9S]\+ F)T]4 '?]&UL;5/MCIP@%'T5P@,LRMCN=*(F.]LT;=(FDVW: M_F;TJF1!+."X??M>T+5FZQ_@7LXY]X-+/AG[[#H 3UZTZEU!.^^'$V.NZD + M=V<&Z/&F,58+CZ9MF1LLB#J2M&(\2=XS+61/RSSZ+K;,S>B5[.%BB1NU%O;/ M&929"IK25\>3;#L?'*S,!]'"=_ _AHM%BZTJM=30.VEZ8J$IZ$-Z.F-.D:,A"WYU?U3[%V MK.4J'#P:]4O6OBOHD9(:&C$J_V2FS[#4\XZ2I?BO< .%\) )QJB,B\ MT8L*IJ+%R[S+/N[3?),=%MH^@2\$OA*.,0Z; \7,/PHORMR:B=BY]X,(3YR> M./:F"L[8BGB'R3OTWDJ>?LC9+0@MF/.,X1M,NB(8JJ\A^%Z(,_^/SO?IA]T, M#Y%^V$:_/^X+9+L"613(MO%Y\J;$/ MW^0??)[V;\*VLG?D:CR^;.Q_8XP'3"6YPQ'J\(.MAH+&A^,]GNT\9K/AS;#\ M(+9^X_(O4$L#!!0 ( *R!FDP@X2^(MP$ -(# 9 >&PO=V]R:W-H M965T[^?I3LNF[KO4@BQ7,.25'I8.R3:P \>5%2NXPVWG<'QES1@!+N MRG2@\:8R5@F/IJV9ZRR(,H*49'RSN6%*M)KF:?2=;)Z:WLM6P\D2URLE[-\C M2#-D=$M?'0]MW?C@8'G:B1I^@?_=G2Q:;&8I6P7:M483"U5&[[:'8Q+B8\"? M%@:W.)-0R=F8IV!\+S.Z"0F!A,('!H';!>Y!RD"$:3Q/G'26#,#E^97]:ZP= M:SD+!_=&/K:E;S*ZIZ2$2O32/YCA&TSU7%,R%?\#+B Q/&2"&H61+JZDZ)TW M:F+!5)1X&?=6QWT8;_CM!%L'\ G 9\ ^ZK!1*&;^17B1I]8,Q(Z][T1XXNV! M8V^*X(RMB'>8O$/O)>>0L?I_VGL'6K'3D;CR\;^U\9XP%3V5SA"#7XP69#0N7#\1;/=ARST?"FFWX0 MF[]Q_@]02P,$% @ K(&:3/&-M-C& 0 -P0 !D !X;"]W;W)K&UL;51A;]L@$/TKB!]0$ARW661;:CI-G;1)4:>UGXE] MME'!N(#C[M\/L.MZ&5\,=[Q[[X[CG(U*OYH6P*)W*3J3X];:_D"(*5N0S-RH M'CIW4BLMF76F;HCI-; J!$E!Z&9S2R3C'2ZRX#OI(E.#%;R#DT9FD)+I/T<0 M:LSQ%G\XGGC36N\@1=:S!GZ!_=V?M+/(PE)Q"9WAJD,:ZAS?;P_'U.,#X)G# M:%9[Y"LY*_7JC>]5CC<^(1!06L_ W'*!!Q#"$[DTWF9.O$CZP/7^@_U;J-W5 M?L =ESW2O\86&9G9H%U-DGUHEL @UX% M[W6.6V.&(R&Z;$$P?2<'Z.U.+95@QBY50_2@@%4^27!"H^@3$:SK<9'YV%D5 MF1P-[WHX*Z1'(9AZ.P&74XYC_!%XZIK6N ILH$U\ SFQW!6=D56EJH3T.M. M]DA!G>/[^'C:.;P'_.Q@TILYU7)B&!\E_=95IDK+/7L,%J*_PY7 MX!;NG%B-4G+MOZ@B-"-AN"0VW<=&_G:G[+\\+(86E3LOXKBG=02P,$% @ K(&: M3'9KG?>X 0 T@, !D !X;"]W;W)K&UL;5/; M;MP@$/T5Q >$7;S9I"O;4C95E4JMM$K5Y)FUQS8*& ?P.OW[#MAQW-0OP SG MG+DPI(.Q+ZX!\.1-J]9EM/&^.S#FB@:T<%>F@Q9O*F.U\&C:FKG.@B@C22O& M-YL]TT*V-$^C[V3SU/1>R19.EKA>:V'_'$&9(:-;^NYXE'7C@X/E:2=J^ 7^ M=W>R:+%9I90:6B=-2RQ4&;W;'HZ[@(^ )PF#6YQ)J.1LS$LPOI<9W82$0$'A M@X+ [0+WH%00PC1>)TTZAPS$Y?E=_5NL'6LY"P?W1CW+TC<9O:6DA$KTRC^: MX0&F>JXIF8K_ 1=0" ^98(S"*!=74O3.&SVI8"I:O(V[;.,^C#=[/M'6"7PB M\)EP&^.P,5#,_*OP(D^M&8@=>]^)\,3; \?>%,$96Q'O,'F'WDO.D^N478+0 MA#F.&+[ ;&<$0_4Y!%\+<>3_T?DZ/5G-,(GT9!G]2[(NL%L5V$6!W3\E[C^5 MN(:Y^12$+7JJP=9QFAPI3-_&25YXYX&]BX_(/N#CM/\4MI:M(V?C\65C_RMC M/& JFRL&UL;5/M MCIP@%'T5P@,L#F.W,Q,UV=FF:9,VF6S3]C>C5R4+7@LX;M^^@*ZU6_\ ]W+. MN1]"4[.!BB!VT%N;W&12..=W15\>3;%H7'*S(>M' -W#? M^XOQ%EM4*JFALQ([8J#.ZF" M@O#;#1Y!J2#DT_@U:](E9""NSZ_J'V/MOI:KL/"(ZJ>L7)O3 R45U&)0[@G' M3S#7\XZ2N?@O< /EX2$3'Z-$9>-*RL$ZU+.*3T6+EVF77=S'Z>8^G6G;!#X3 M^$(XQ#AL"A0S_R"<*#*#(S%3[WL1GGAWXKXW97#&5L0[G[SUWEO!]X>,W8+0 MC#E/&+["[!8$\^I+"+X5XLS_H_-M^GXSPWVD[]?1C\=M@713((T"Z3\E'M^4 MN(%)DS=!V*JG&DP3I\F2$H[\"+7^@RV&@MJ%XWM_-M.838;#?OY!;/G&Q1]02P,$% @ K(&: M3'6BY'3) 0 B00 !D !X;"]W;W)K&UL=53M M;ILP%'T5Y >H@_E(&P'2TFG:I$V*.FW[[< E6+4QLYW0OGUM0U!*W3_8]W+N M.>=>;(I1JF?= 9CH1?!>EZ@S9MAAK.L.!-5WOFFE$M384)VP'A30QA<) MCLEFDV-!68^JPN<.JBKDV7#6PT%%^BP$5:][X'(L48RNB2=VZHQ+X*H8Z E^ M@_DS')2-\,+2, &]9K*/%+0E^A+O]KG#>\!?!J.^V4>NDZ.4SR[XT91HXPP! MA]HX!FJ7"SP"YX[(VO@_[J_LWWSOMI,=L;.I7=*/PK^SYK7-7BJ2Q@6^ M.*(9LY\PY!V&+!AL^1<1$A0AGB"Y(8CSAS!!$B1(/$'ZSD&RJ$'4@^6$9 MWN/YEB!KX!!/!;^JP3JPH3P+\6(WW_;+$%E%O.0[;2F8>5SXAI>E93(Z_G2D M8>_3&@[7-_8O+G@3S#-3?"/*W\5>GY9A'@9[?F#G4C^*ZU?>!92&01?]=W[A MI8%;)<;'3I3*_0:[L]*BZEB,E(J]ML^B=L]KQW\S@PU(9T!Z ^/[(X.X,XC? M#)(/#9+.(!D91&TH+C=;IMEJ(<4UD.W?VS#[%>%Y8K*_LXZ=28\RIY<5 M26:+Z&*).LRZQ9 !!O>(R+#W+@CD8DT\<_+>P<9'T/P]9 N0Q+"(&(PS=O;Q M,(:,P 0)2) X@F0H($6C1$&8B52EH),4(!@E:]UB,H>IVTC2/$8C+5L?AF E M%%1" 27Q2$F+208)R?RT)0A-B,E!,3D@ M)AV)R3TW=.;]-SXH2Z>DS$ I,T *A0DP@@L?>15!TFR"8J)W8$!%/FX>$&@V MX0=L(/>8^!1T(ET8+G_LU_]TM' #P%!U>]$"(#K1 C#< S#0!.A$J\)P\6+Z M']'"A8>ARO.B!4!THBUCN*8P4%0TF:" :P'//A\M@8N!H$]$"X+&7W(TN'@K M+H]NJ%'!3IQK;>^OP6D_.-T3>W&/SM=XOFG'GS>:=AK[P>2QJ%7P++09"]SE M?1!"&PO=V]R:W-H965TR]$,W$*-)5>EXKALY%2YJ>Y;IV"N;9?0@RJ(FK\SBAZK"[-^"E/0TM9%]#KP5 MN[U0 6>6-7A'?A'QWKPR.7,ZE4U1D9H7M+88V4[M.9HLD:\(&O&[("?>&UNJ ME!6E'VKR?3.U7>6(E&0ME 26CR/)25DJ)>GCKQ&UNYR*V!^?U9>Z>%G,"G.2 MT_)/L1'[J9W8UH9L\:$4;_3TC9B"0MLRU?\@1U)*N'(B#QN5C#'*#&TY" MT$D(.!DT?Q&.L@R\YBTB[/L(71?V$8$^(L"'!PO$H$#\>$\24" !' S>KF4R M7F^4N+]SU.@K[>R(!?>]RZ0)[@A<>/H0(^O*0*W_1QY7Z_JBP'U MRTW#V_7">Q+Y0*9P>(SYXX7UTU$FIW>X5H3M]-7(K34]U$(='+UH=_W./74X M#^(+-,G;2_0BT][I/S';%36W5E3(HU\?T%M*!9$NW2>YD?;R,Z*;E&0KU#"6 M8];>I>U$T,9\)SC=Q\KL/U!+ P04 " "L@9I,=MJ S"0 &0 M 'AL+W=O\?9"L:_>8@NYHK/>V.4=]V@N\MJ:XB@E 2U;QLPO72 MKCUUZZ4\JZILQ%,7].>ZYMV?0E3RN@IQ^+;PK3R>E%F(ULN6'\5WH7ZT3YV> M15.4?5F+IB]E$W3BL H?\6*+F2%8Q,]27/N;<6"L/$OY8B:?]ZL0&46B$CME M0G#]N(B-J"H32>OX/08-IYR&>#M^B_[1FM=FGGDO-K+Z5>[5:15F8; 7!WZN MU#=Y_21&0RP,1O=?Q$54&FZ4Z!P[6?7V-]B=>R7K,8J64O/7X5DV]GD=WB3) M2(,)9"20B3 49Y80CX3XG4#_2: C@3J$:+!B:[/EBJ^7G;P&W?#WMMSL(KR@ MNOH[LVB+;=_I\O1Z];(F:;*,+B;0B"D&#+G!X D1Z>A3"@*E*(A')_<)-CXB MR>XA6R!(#(N(09^QY<>W_"2' U P +4!Z%VA4J=0 R:UF,9BD./41V!$9W0P M4 ?SC:09'" ! R2 D=PQ,F#8C4Q*,XJP\Z6DOIS,J5J1>G(( MP6G,G'VTA7"(Q9C!@C)04 8(4$<0"$04I3/UP3,=# ,5BEU1 MV,OU@::$Y)XH"$C3A,R) GO>(R:^*.9J(L#VH$F2(E<3\;XS0EE"&9K1!+= M' .%FML '7"VZH[U ],%.GAMESHJ; MU>F2\DC,(>FL%WBQ&:X:[V&&F\]7WAW+I@^>I=)'L#TH#U(JH46B!RWRI"]; MTZ02!V6&J1YWPXUCF"C9CK>I:+K2K?\"4$L#!!0 ( *R!FDR<.@/]90D M %5 9 >&PO=V]R:W-H965T M=\2#*^FR7;5V'#N9))6:K=U]5FSZ4J.+5Y+CV;\?4:(<$:>;)EYBFVR !P#[ M] '9S.GKCY=_[9\KA?;,_?+U7RZ MV?ZY>IBLGU?U]&[7:#Z;F*((D_GT:3$^/]T=^[XZ/UV^;&9/B_K[:K1^F<^G MJ_]?U+/EZ]E8QH<#?SP]/&Z: Y/ST^?I0_VO>O/OY^^K[5^3MU[NGN;U8OVT M7(Q6]?W9^)]R\DU\:%KL(/]YJE_71[^/FK'\6"[_;/[X='R_3W>;Q[-Q M.1[=U??3E]GFC^7K3=V.R(]'[?"_U#_KV1;>1+*]QNURMM[].[I]66^6\[:7 M;2CSZ5_[GT^+W<_7MO]#,]S M W,T :V;6#?&HCK;>#:!FYH ]\V\$,;A+9! M>&O0CX\M/@Z]0-DV*(GZZ6KZ.5GM&/T^;Q"$G6^BV\^;HCE^[DUM& MK+='?YZ;,IQ.?C8]M9C+/<9T,+&+^8 P91=S!3!=Q+5&A*23&]")[4(^HUBJ M+N9W@*F*+N8+PD@7\Q5ADE%]0YA?,4^V"_2V2@:ODMGU8#L].-R#Q3W870^N MTX-/UF>/B3O,8H\I;%$DTW*C8;V)R>UYKD)&"+%7 L02P5,F@KX*Z3!+MM4;\(Y X M(HXC@C5*:'05]9RDM_^UQCA7'8VH$TN)8RG!G*3W2ZFN(\%9=?LB6!1VOU0X MG@K$4^(>&KF!F;<83FIAV5M '.D:M:#C$8>J*B5-K!H6"Q])HA*2J<2HB"R; M6R&Y2FS&S) $(SK#V$+2F=$IIBIIM"1UB,X=MC#IE71>X--"\H+HQ*"3E&C> M@RP%4#Q-"K@%(>#@D/8C. M#_9H>MMP*K0(Y$J&9!%3@"MYT@?)(D:&\\VP"D7S7F>B%M3)1-'K"N-]7#,+GIL073'D#QB7,;[#$KK9#-&VA&Y6B[8>L]5J['K&; DM M+9!C237#:KI)<^?1B[$]QJ!-AAUVGP-Z&2PCM$5>)_'C"55\-O^<"X6I $I;." 21 M8 ,A= "$-D0K R%JR'B8'@A1 Y PE4DAB&AE(&P.@,V&R$\@- T^8\#LF33B MH%IA4'(RK0R$@0&1BTT:H47(*/\"H45 E9U:8:1S1"LCX4X$M+ D#T1"BYA1 M_D5"BPCTRZ99M@4-UL243 ML\_Y$3X'YA-(Z!@!'2T;/'N]DU%11L*T.*2B1"!+'E%&0L<(F&;9*R3"M#*C MHBP)TTH@0&K "&2)2I6$CB6B(\FE):%9F5%.EH1FY8!R\K($Y21XKGN%<%ZS MY"O &<"F;ZB_'C:5) V4X.UO^C;ZLM3,[7DD71+BEHBX1-Y*0MPR@[@E>Y\Z MA+@(Q(A;$N*6@+B.O6LEQ*TRB%L1XE9#B(M C+@5(6X%B.O(9K\BQ*TRB%L1 MXE::N/JE0Z4)%#1O/X*^E 3>5/HI*NCKTY"^/K\;5W<*"*\KH-R.E!D5(6P5 M,I:"$+8"-:U+*XA*[P;[ADQX70'*.A8N\S9D[ BWZ19WLC_QWK.7 ZKS.+SG M-8<4S A1 .HZDJND8.:%(F-O* 6S+Q2HO%7>@T+[J/K$2PKF="@ HQRIC:1@ M+H8B8Y .\]D7ZAQB7)V-@*-24A5Y)7KB2(8HXOZDL"QB3K:<2,SI)1U@KU M 2$CD-+: VK@\V^A-A_D\_%,=9B%1TR.$Y"9>,0,>-EQ>4 E[Y\5=[X<@)TI M,KP@$68,$N ,4A:$+P=49\O75P@PSX\ TX_>S!U0QY?KV) =KKF?8R M?Y"8'.UEEAY!GAY==ACT-K]OHAE?#9!?ST2<^7_$Y,@O<_8(LO9H^44HMI\5 MY@ 2B^27E1W, R0V1WZ9NT>@O4>-&Z'8ME:8N4> N\=Z5KPP/X[8''5C3AL! M5AO]X!:A])-;P68;_>AV #")GA$5N6X"[87QS^;H)7/*B 5ZJ>L$A JLLF&. M&D%NF4#VX\+L,N)RU)(99L0!M0S)O?'A@.H\A^A9<6:M$62;.?H:XW UA$I? MLKV'2B)B;$8FG,"$B[EP),>&(\R'(\B( ]9"T\_UK05C'W+C@+5 J/2+D_=0 M242,R0XH:6"*PLP]XG*4E#EW!%EW=#Y J,"T@#E\Q ,EC?3K"\9DGZ.DS+TC MR+ZCQXU0D>5![?))SC-6(0M/ZLJ\@*C(LBFS\ CP\"@SRP5$T2^#F(]'D)$G MU>,+B(KI>DZ./G"=UZN'W>?BZ]'M\F6Q:7+$T=&W;](O=A^0)\>OY.0C.GXC M)Y_0\>TH[,G79FWUN69-FG,.G_/-.8_/A>;<[HOYR:_A[#^X_SI=/3PMUJ,? MR\UF.3]KOM6]7RXW]7:RBM^VZ_)83^_>_IC5]YOFU^8]\VK_G?O^C\WR^6S_ M$?_D[7\2./\;4$L#!!0 ( *R!FDQ.4GVL'04 ,(< 9 >&PO=V]R M:W-H965T ;F"B)-$G?5MJ56C/: MF6B@9 %NC/[]PN$S@;7<0,O"=C'1;E<=:ILST]9_JO8&5-.?J?)H5A, M=V5YG'E>L=F9-"Z^9$=SJ'I>LCR-R^HU?_6*8V[B;3,H33SN^X&7QOO#=#EO MVI[RY3Q[*Y/]P3SED^(M3>/\WY5)LM-BRJ8?#=_VK[NR;O"6\V/\:KZ;\N_C M4UZ]>1+J9Y.MN8E?DO*;]GIT;034M-)._L_S;M)*GBM2?6-3984S>]D\U:46=I* MJ51)X]_G__VA^3^U\C^&X0&\'<"'#A#M '$9P.2G V0[0%X&?(Y7+5X-_4#0 M#@@&?B!L\>'0#^AV@+8&>.?%:%;W-B[CY3S/3I/\[*#'N(X#-M.5_VSJQL9= MFKYJ@8NJ]7TI0C7WWFM!+69]QO K#.\B[@!"="$/ **C+N818?0%XU43NH"G:.(!0:3M\+K3P"Y2.=PD@LI$0)D("V ^Y@%_ MN*,P!Y4PJ@5Q%0ABCN_@(&=\@$NVH+#')UO80*=DF#088 U?.43@.&=RA/EQ MI#,UQ"R*AFJH?-^W[=*+ZZJ$N8-1\A":VRI17KB10MA1 F$JD@Z%,'\P1"!V MU#)*#D'H!P'1".*D[UHVS",,$(G@#A$X^EDTW'DX#G_N]SO/"H $L_+\N@5= M6T7X/O6P?EQ7;\PY'-")=- )=]0,(XH&C@F 4P*@H=>".NY"(^\6R")&OALF MZWZ(K =.ZY3 '>D<\Q>GA8I0C@S$,7_Q$:4*QWS#!Q0K*P "7DS9AD,O[L5U M]<:TQ $M*9<(3"-IA%.JPC@Q1&M?ADUS"T0!MPX(M9#PNZ'"'OHUZQ; M_V,B%(#C @<="\Q)@HW8A6!.$K3$H:44 ME)ZK$'U%7&L2<"+!*XYH/I08PH M;P2F!T'+&V 2 I"VR2?@[K*8*(1@$-<>5_@F!?A")/@F!>T=* !*^@FA/N" M,IF@VQ#I3@,"4X@ @:H=Q;3$ 2A';$0D#D!)BP*:!@!(D81 M +_IA745P@2B0*[7CMRH,(&H$;E>.0XMAQQEM*#KQ":16?I@785LCNCVXO!7 MH'RWR],5 CE]%L>T C%MIZP5 H6. E;A8%4@6&UV7R$0.3?SKJXA4I._-I=4 MQ623O1W*>DVN6B\78:OFVLIJ7[/9+6J_8[-[U/Y5!;.':C%I3[4054\(>W35 MHV%/5/4T]W/>_],XW^[]%>>O^T,Q><[*,DN;JY27+"M-92/_2^5[.Q-O+R^) M>2GKQ[!ZSL^W:N>7,CNV-X;>Y=IR^1]02P,$% @ K(&:3-*Z@'[M P M\!( !D !X;"]W;W)K&ULE5AK;YLP%/TKB!\0 M_.!9)9&:=NTF;5*U:=MGFC@)&N ,G&;[]P/C4FQ?-ZP?RB/G7A]?WW, +R^\ M^=4>&1/>GZJLVY5_%.)T$P3M]LBJO%WP$ZN[7_:\J7+173:'H#TU+-_)H*H, M"$)Q4.5%[:^7\MY3LU[RLRB+FCTU7GNNJKSYNV$EOZQ\[+_>^%H/FSV(GCRD]];\?V^;D47_GE(U,3BGQ/S?XS>V%E!^^9=&-L>=G*_][VW I> MJ2P=E2K_,QR+6AXO*O]K&!Q 5 9 X;B. .H"J!O >^/$*J < P@^-V 2 5$ M.4B-4P1RBBQ.-(L-4@,FG0R%%LCLJ2L@C4H,4HF!^B9P@@1, MD-CU-:JV2:RJ84=]YR U3BG(*07J:PHVG5/?*R"-2@92R0 JAF@W R:9C$(< M+8X1;%#(7@1B&A1RUM8TJAE(G97#-K'%*C0'VX @1X4QZ(NWF%@]'"+B2 &[ M#*8 "VI2I59="(UI9!G]59Q."?8M;!M7B$SGPK8AX3"*)LVN#P7;$;;]*$2N M#H1M!/^'CV#82+#M)"$R71$$)>8"O _2R< .@FT+L165NIX&)I_K0)T3;"78 M]I(06>\A RB;-M\"49>A$-A0B&TH(8H3USBP_(DM_Q!;[[8I,(YK 6%)$T#2V##Y M#PK4/Y;?!HJRA$QMJJ] U"JP_"N@/F_I3(&WYHGCA^/2CL/PH)#^'(5-8?O0_Y$=A M^5%(?L;JW5- ?I:O!9-O[XHU![G5TGI;?J[E/L_D[KB=<\$Z+FC1E>W(\MUX4;*]Z$^3[KP9]F"&"\%/:G\I&#>Y MUO\ 4$L#!!0 ( *R!FDSMB"?*VP$ )\$ 9 >&PO=V]R:W-H965T M-\DNI5=P &O7$F=!%UQ@PGC'75 :=Z)P<0 M]J21BE-C3=5B/2B@M0_B#),XSC"GO8C*W/LNJLSE:%@OX**0'CFGZM<9F)R* M:!^].U[ZMC/.@NDJN4K\[X5!=1[!("!I5Q#-0N-W@$QAR13>/GPAFMDBYPNW]G?_*UVUJN M5,.C9#_ZVG1%=(Q0#0T=F7F1TS,L]1PBM!3_&6[ +-QE8C4JR;3_HFK41O*% MQ:;"Z=N\]L*OTWR2DB4L'$"6 +(&D-37,@OYS#]20\M&<+[NQKL1H,&N.V'^Q>S3,S&T8.RW. US>I_ U02P,$% M @ K(&:3),GR'\; @ FP8 !D !X;"]W;W)K&ULC57;CILP$/T5Q ?$X)"K"%*R5=5*K11MU>VS T- :V-J.V'[][4-2VEV M(N4%V^,SY\QX\#CMI'K5%8 )W@1O]"ZLC&FWA.B\ L'T3+;0V)U2*L&,7:HS MT:T"5G@GP0F-HB41K&["+/6VH\I2>3&\;N"H GT1@JD_!^"RVX5Q^&YXKL^5 M<0:2I2T[PP\P/]NCLBLRLA2U@$;7L@D4E+MP'V\/,74.'O%20ZRM M'^O&CUV_,U\.;K@#'1SHZ$ 3GTLOY"/_Q S+4B6[0/6'WS)7XWA+[=GDSNB/ MPN_9X+6U7K.$KE)R=40#YM!CZ 03CPABV4<)BDDTWA,-$ONY+E$59:(ROQ&!<,D MN,@*%5DA!(L;$0RSQ$76J,@:J=@&)]B@!)O'*Q9'^(\=/5"S 713M#LZ=RY0 M_$#54- ]'?06[6/Z0.%0T&WER*0W"%!GWQ5UD,M+XUORQ#IVWKUOO.0?O&_; MWYDZUXT.3M+8#N7[2"FE 1M+-+,7HK(OQ;C@4!HW7=FYZMMEOS"R'9X",KY' MV5]02P,$% @ K(&:3$U5!*9/!P XR\ !D !X;"]W;W)K&ULE9I;<]LV$(7_BD;OC7"_9&S/U)?+U>9X>E?7]Z]G ML\W57;DL-J^J^W+5_.>F6B^+NOFXOIUM[M=E<;UMM%S,E!!NMBSFJ^G)T?:[ MK^N3H^JA7LQ7Y=?U9/.P7!;K_T[+1?5T/)73_1??YK=W=?O%[.3HOK@M_RCK M/^^_KIM/L^=>KN?+M'/Y7E4_ MV@_OKX^GHAU2N2BOZK:/HOGU6)Z5BT7;53.0?[I>I\]&VX:'?^][?[.=?3.; M[\6F/*L6?\^OZ[OC:9A.KLN;XF%1?ZN>WI7=C.QTTDW_4_E8+AIY.Y+&QE6U MV&Q_3JX>-G6U['IIAK(L_MW]GJ^VOY^Z_O?-< /5-5#/#=3+#7370 ]M8+H& M9F@#VS6P0QNXKH$;VL!W#?S0!J%K$(8VB%V#.+2!%/N5$X.;/"_VS]76_N4F M^^66@]=;[A=<_EQQK5YNLE]R>;#F\N4F^T67Z:K/=CM^B]!Y41 MN8'[HO4V\G73JNF\_78+Y?:?#4:;YMO'$Z/%T>RQ[:G3G.XTJJ>1?8LTKJ]YAS2^KWF/-*&O^8 TL:_Y"#0F>.6K;@^[U8'$/&O>@MSV87@_)&ETB MC<=6#+9B0 _)"E[N-':K66TU4@D?@L.6++9D>Z7-K.DM-,V6>8OOY3U MQN/P>!P83\+2I%F MLLH)LA,D\0H2(&]M:DIGIIR,01%3Q#5(X!LL85X2Z*4=OG4E 54"4C-/B$26 MN$))0)6 5$M8EP15.8)526"5@-9\P@AILID405$!%!V!3!'(E!P^8<6")>(G M=4^=Z- E_"9%YJ%4CAEU48I IA!DJ8OJ1(?C\9%:(HPIQ%CJHI#(D6"G"(@* MA%]''((B("HW8JD)8PHQEKC*3YWH< V]DI*@J B**H I$\^N"(HJCLCC"&4: M!;PT(^]$:9*ER7[2A$8-HIDCF:LF-.HQN2M+7@>$J;D28TH0.C2)0LK,_ZCRC5%:)0+:V)A1I0)$CH5D3//2(2*4)'AH$(>?3 M.2,1F; A#!D4J4BT,X0-,R)2&<*& 9$JFS 2>0*R(0 9 ) G/M^P=SLS8L*$ M# /B1KJKWYK\ACM#H (V>.&9',',C M$D)'"'(#$L(+ER>$4BK/#BX<(SL]YVHYZ!,9'F_)Q!Y %$@&9(G=/@1*:$G M='AT>)$Z2I^?2D@C EEE3R#R "(&AR=P^!%AR!,X/ I#V93!*;T5;($(0AX@ MQ%R@9^?O?L2,"1L>1(YT7[_K1+UHR')V3P#R *! 0G<@9 0Q?,*!D!$&9'%G M 61Q@GG:0/@)@!^6" 8"1M C9DS ".@H+KU<#> N3(C(W'4@ 4 4'"IK1P@ MZ35[ PF$H( ((CE/( 2%$00%=H>%3N-\.F4D(ME*( 0%1!#I(Q*"X@B"(B$H MHJ.X=,)(Q(X*(@$H(H#(AHP$H#@"H$@ B@, .H\Y0$%&S89+^(F G\@>&P$C MCCC-C@2,..#-Y1R*V(8D]$0 1B2A);([X!%O+HU3PYWL_O&K*4,5V]=2L/M; M >B([!93L,M9,>+U10IV[RK0"TRRNT_WJEX*$"(["9."7;T*P%)DM]*"7;Z* M,;>O@EV_"A!!TA4_Q2HZ;W8#*P KD:0_4K [6#'F$E:P6U@QX'#[%*KH3JY2'R\"5[;RM_44O9F1T4Q;;E[Y?%^G:^VDR^5W5=+8_;(MB;JJK+ MIC_QJNGHKBRNGS\LRINZ_;-]YU_OJLYW'^KJ_GA74C][KNL_^1]02P,$% M @ K(&:3+_4\,ID"@ &$L !D !X;"]W;W)K&ULE9S;)EWXX?-H.ED5%=5'$W'3\_'YZ>;US[/ MST]G/Y:3I^?N\_QH\6,Z'<__][&;S%[/CNWX[85?GKX_+M/W2=<#=___ MMO7KS=ZO]N;+>-%=S":_/CTL'\^.F^.CA^[;^,=D^R>BO3\>_;GT_/FY^O_?;?AND!=3^@ M?A]0NS\=X/H![GV ^3\=X/L!?NB T \(0P?$?D <.B#U ]+0 4T_H!DZH.T' MM$,'6/5VYJK!0]Y/MF5#1EN7;&QW.5Z.ST_GL]>C^1:=E_&:4/NP&K7:^/K5 MC9$W?UQ9;[%Z]>=YJ.K3T<_UEGK-Q593[VGKP_]^#FI]#NK->+\SWOM6;\'I M+;C-%MS>NS2]!:^WX(OW$"SSP?U6$S::YXW&7+*=4[@W4= 3!3%19J;[4$P4 MZEC!(8EZGBCFR0QY'XMY_A:M;>#L)3U1$A-EKKY/Q425GJ/1H R -D6TR\MUB72J;<=8^U,!TB:8QL,&R%I3[G+M8!M HPD<:Y_O MLA*!:VN@L18TUEF!^=2+TNZQK<"W-:!8"Q3KE$^D1' *:[JFEARZILHG4K#" M9:8&$FM!HBLF*D7.)9@(.*S%)=H!0S5P6 L.R90U<%@+#@M32A&9$BBL%86% M*5-ARH"F!%1K<7DM3:E$9$K@N2Y1%:94/%,["#P[P7-A2B%"4SK@V0E4J>5P M@*JKAYO240.LKH>Y*97(T41 H1,4%J;L18,JI0-4G6B4"U-*$9C2 <^N1+4T MI1"Q*8%G)W@N35F*V)3 LRM1]1&*CP-477O +150Z%6/FW4L=[UHMV.I5QUC M V?1 XA>@>AA&P"B/P!$#R#Z 2#>*1$UVIYN6 > >.=+$#V2Z(%$/X#$.R5R M<)_B@40O(,L!N9,B ,0#B5Z12(8#R/P!_:T'R/R Z^&=$ 4'I2< B4&0Z,$& M 0@+-GR' Q 6!G2E=TI$=Q\!, R", _E*P!AP1^PP[3:H]C)RX$243D(P$Y0 M%ZB\'/2BW7)0MU0. L 35%N:EP,EHG(0@+ @.LZB'$@1E(, & 9!F ?#12 L M5L/-$H&P6%[#2CJ$",M!! RCN._S]&:!L"C67'&'@;!87L/$#@L1E8,(&,:2 M,)_ )9$65./PCB@".U$MEF8=T6TL5TMC] T=6Z G"C \-$01P(BB":1SG ", MI)96L@IX*T50 1/0D]2J27FU*): VG 0H;U93FINQ%NZ9LR)0-H-JHIC0WI1*A M*8'G1JR:E*84/*,IZ4'D@)[T5HK(4,!S4Z+J&SC\+:#:BIZ4.I86*&S5L\.L M8[GI1;L=B_A1:X1H,Y=B +-[UFVHO4I-P+N)3I7<"+,<8YG+L$#XQ MF6,#^+S6*N(3$SPRG9/Q^5&IG#@3)<7D=0KZF$SZI'PFI4*&*>MC(L=3,'RM M5"%@Z@YC=P,8OI8J9)@2/Z8B/X$RB13GL?J QRM&@1ZK!SQ@N98J[(DH^&,R MU%-X6:B$E^OR40QZF:J!# B57E:WO>AEJADB_J.\K#IN]#+5#)4 $EY6G3EY MF8)"II)" >[5C5) Y@YX-FJ4 S*G>N["RU)%QYCR0B8#0X67A4IXN5<-\3+% MBDSFB@HO*Q5ZF9)%)E)#PLLJ6X1>IG"1J>!0Z66E8B]3/1#9(=_@.R;2G0@V M8&]%\2%S*DF?.>?J3;47VJ^JUNB44M+(5-0H4.J9,D3F#\&84D3F!V!\)54! M]YLPEG&C6,Q5 FH1[W\H<60R4/#(5/<)/$U#VR X)'QFECTPEBX11A2K27!1 ,I5 *HT:RHA]C3ZE MH)*% 2'[*Z5BGU*@R88DFJZ4BGU*F293H:;2ITJ%/J7LDP7!>L2C@Q][.2!O M;Q1M,IEM*GRJ5.Q3XE.FFTJ?EJE[SSXEBE5V2?A4I'G9I\2ZR#@IGRK6:;\H M"F5Q0/K^2JK0IQ29,A&'\@U=1BD/95$D?_GS6<1G%.3E/<_EFVJWYVFLI0B7 M47;*1"XJ4,K;*!AE\1!"*1IE<0"AEU(5:=V (E2F,E21[M@H'67QD"LHY:,L M#KB"7DI5Q(_D$54J(Q7)-122LG1(BTL)*),1J)CO=RJ?#M6\[$XI*%,)I[Q, M7DI5PKD(*A%R*LKDI5(%7!*F+)2I,%1>)B^E*E'#2)DI2R5ZOL6MX,="Q?(S MEDF*1)G*1.5E\N)-M;?LWK3\259"5&6>$AF>0D_6'/( EQ)-IM)*>;FXD"HL MDQ1J,I5JPK:!8DUV2*[)*-AD0Y)-%U*%99*R3:;"38DNBQ1H1$2I6 _]J%2A2)N/=KZB9MK-OV^^66EQ]'7VXWFY-M[. MJ^]?W_1Q\UU+Q>NM??BTWJ?R;^OWLO[;YDN?1G],L_W.J'^.Y]^?GA='7V;+ MY6QZMOX6G&^SV;);[41ULL+HL1L_O/\RZ;XMU_]=7X_FVZ]JVOZRG+V<;;^' M:O3^95CG_P=02P,$% @ K(&:3&+6.UC[ 0 +P4 !D !X;"]W;W)K M&UL?53;CILP$/T5Q'O7Q%R2C0!IDZIJI5:*MFK[ M[,!PT=J8VD[8_GUM0UB6N'W!]G#FG#F^3#IP\2(; .6],MK)S&^4ZO<(R:(! M1N0#[Z'3?RHN&%%Z*6HD>P&DM$F,(AP$"6*D[?P\M;&3R%-^4;3MX"0\>6&, MB#\'H'S(_(U_"SRW=:-, .5I3VKX#NI'?Q)ZA6:6LF70R99WGH J\Y\V^V-B M\!;PLX5!+N:><7+F_,4LOI29'YB"@$*A# /1PQ6.0*DATF7\GCC]6=(D+NY/YKW %JN&F$JU1<"KM MURLN4G$VL>A2&'D=Q[:SXS#QW]+<"7A*P'."UOY?0C@EA&\)D34_5F:M?B2* MY*G@@R?&P^J)N1.;?:@WLS!!NW?VGW8K=?2:Q]M=BJZ&:,(<1@Q>8#8S FGV M60*[) [X+AV_%SC>(Y*=6R%TF@AM?OC.Q*.;('(21)8@6A+L@M4N.# X=HO$ M3I'XC@#':Q$7YA^;G3A%$H>3S4IDQ&PMIK.8#Q%^7)V) X1WX=HP6MPS!J*V M3U)Z!;]TRISH(CJ_^B=L[NDJ?M#=8'R\;S1C*_E&1-UVTCMSI5^!O:L5YPIT MD<&#WJ]&=Z]Y0:%29KK5#^U)S3WR/PO4$L#!!0 ( *R!FDR^ MU]8PK@( ",) 9 >&PO=V]R:W-H965TU$G(73T6E>-6L4GK=O[)%&[DZBYNI.M:,P_!]G57)MI=TQ4VPF^ M=T%UE1"$LJ3F91.OEV[ML5LOY5E792,>NTB=ZYIW?S:BDM=5C./;PE-Y/&F[ MD*R7+3^*[T+_:!\[,TM&EGU9BT:5LHDZ<5C%#_A^BZD-<(B?I;BJR3BR5IZE M?+&3+_M5C*PB48F=MA3,QI Z?C&_LG9]Z8>>9*;&7U MJ]SKTRIF<;07!WZN]).\?A:#H44<#>Z_BHNH#-PJ,3EVLE+N-]J=E9;UP&*D MU/RU?Y:->UX'_EL8'$"& #(&F-S_"J!# 'T+2)WY7IFS^I%KOEYV\AIU_6ZU MW+X4^)Z:8N[LHJN=^\^X56;ULEXPLDPNEFC ;'H,F6#PB$@,^YB"0"DV) CW M$FQ#1,;@#!0T05T\?6>"P@0I2) Z@O0=0>I5HZ(X6O"$+AF3W#X''V@$FHQO\\!\S_U$"H637PT8&VT/\&PO=V]R:W-H M965TKZ M_!2&U>9@\[3Z5)SMJ?EG5Y1Y6C>'Y3ZLSJ5-M]V@/ LIBDR8I\?3;+7HSKV5 MJT5QJ;/CR;Z5077)\[3\=VVSXKJU%\:P]^VRYG41N1 MS>RF;DVDS=>'?;%9UEIJXOAG,#J[^6P'CG__L/Y+EWR3S'M:V9W_,7H8A@?0,(!N U3\TP%R&"!O TC\=( :!JBI _0P0#L#PC[W MKIBO:9VN%F5Q#7:].>[*Y.]U]3SZHY^['2"2W"C];0H%GW M&AIIQ+WBU5>0,3=-V$1P"X-0&&OR#.A$WCMY\35*.9I79$?=:SXCC<;!2E@S MV1F0=P:8;!4TH#H#ZLY [!2]U\2=YM1K9!0Y)0$B-1+=A:)A*!KD,L<&##1@ M0"Z)DXNO,5R4,702>P;(]1%[I8A)NY<>B 1)',D<1C+W(U&.EW6OT2,O)HD) M>TF@EP04S&%NG7BY2.$U"!!)KO0BPC-$!()ALA',)".F=YF $\2S(!"%=">@G.#*5: 8N(Z#?.IY@^T M"49/H<QK=0]TV&4235@P:TZ<1?^RWR'J#^KB/.Q^A;&PO=V]R:W-H965TJT[;.;. DJ8&8[2??O9QM*B7VLW1>PS7///7<^ MSEY13)W8G55-[QEC7ZRX&+FBH]%<=(MH+1O36J MJPC'<1;5M&S"U<*N/8C5@I]553;L003R7-=4_%FSBE^7(0I?%Q[+XTF9A6BU M:.F1?6?J1_L@]"P:6/9ES1I9\B80[+ ,[]%\BU)C8!$_2W:5HW%@0GGB_-E, MONR786P4L8KME*&@^G5A&U95ADGK^-V3AH-/8S@>O[)_LL'K8)ZH9!M>_2KW MZK0,BS#8LP,]5^J17S^S/J T#/KHO[(+JS3<*-$^=KR2]AGLSE+QNF?14FKZ MTKW+QKZO/?^K&6R >P,\&'3)F31(>H/DS8#\TX#T!L0QB+I0;&ZV5-'50O!K M(+KM;:FI(C0G.OL[LVB3;;_I]$B]>EEE"5E$%T/48]8=!H\P:$!$FGUP@2$7 M:^R9XUL'&Q^1%;>0+4"2P"(2,,[$VB'!23>V(0=@)>YYZ8+',KT<>D\820 A12 %F9.4(*SPG"A5-+ M&Q]$4CQ1L3-0RLR70MRNU!XVAQ/HO=*H%@!6E+_ M#R7$R\H[J$Y.-#J9:B:.]M27P8Z?&V4:_&AUN%G<8W.R.>MK--]T]X,WFNZZ M\HV*8]G(X(DK?6[:T^W N6):9'RG19[T#6F85.R@S##78]%=$[J)XFU_!8J& M>]CJ+U!+ P04 " "L@9I,YV:;5"EZ "N% ( % 'AL+W-H87)E9%-T M&UL[+WY;]M8EBC\\[R_@LASO;(!6J7==FIF ,=)NC.3K6-7%_IK M/ PHB999)9$:4HJCP?OCWUGO1E)+XNJJ]V$:Z(HLD7MHDV?_ MN4EOBDV^_I=GXV'O6?1ENDC3]7+Q0[_;'?^P3++\V;_^I6OL_4V>I/S"%F11^=1]9"4:?7//ZS_]9]_P'?XO4'TKLC7#Q6\,TMGX:_O MDK(3#7IQU._V+L,?KU?P8W_0_..^]?S]>E*MRV2Z_M_AF_+PIW2>X1,PQ/MD MF89/?4PGDT4Z*8OBU^C/Q3I=1'?EIEJW#'8#*RF3!:Q@EGZ)_CW=AL_=;,H2 M5_LZJZ;PW-_2I$2(1"^3=6WJ\_->_WS0:YGJ=;9(R^@&WIL796V>MTDY3Z/K MZ32%I^"9&3_?"KV[[:HV?Z][_I?6%SZF95;,6M>N!_H__NF?=IZ:"X?7\&4- M;\(G9=[&9_]2@]4UO#KCUQ?)//SU/EE4M97K21;+):#/[;J8_AI'MX33T8?- MNEH#HF5Y;:R;(J^*138C6+](%DD^3>$UN$85W(F?;E]&IR=GT4F4Y='=0[&I M8)3Z7M.IN047M:W-(]\DU0/=PRE^2/]S MDWU.%C!/;;Q/L( RFR*H\-'P9[YG93I-80!8616=PFQ1<1\EBT7Q2*"%&Q[- MBLUD?;]91,ETBK2NPD=.>MT1+>*D/QS%,$JU2J?K['.ZV)[5+G>9KI)L%J5? M@!!6, ^^5ZP?X&+1+FL+ORO6@(/-O[U]<_WBS=LW=V]>W4;7[U]&K_[RTYN[ MOX5/_903F&'G9?JY6'P&5(JF\&>VCNZ3:;9HA/]=6BZC19'D?**XS4V>+ LX MY/^"D6;I?5KBD/=9#L"A(8NJOL+;-,\ ;!NSA!P _6U#OH,7Y@F0FEDZ67_3 M2-=ZAJMD2^B(9P$'6VY2>T#U&R.# S#3?%-_X%H&R/)U"JA00]F72/NSR89X MA@LX& >C$B1'3X$7X.?\VJ"H^([IXE ML"V3UF9L.@S8QE$0B*/1[D6/+^.K7C_N78Z.6RV\=PGOC2YVO;=W2]F7:5H1#$M@$5F.%S$IU[O MYF-??;%;+C(A^5'4)6# M(778<'O!=-0PS3 Z:HB= '+NE[D8-.*'%:H@1%3P?MYX%.D-4Z1#KYRK*-;H MY"<1 FJ,\5-1+,/O7A<%4^,)O%6""!,^\('H9\&+KV^8B4^;W,$BK'G9"#"U MI?$LLPRD7=9ALYS_:)[OH676K1.OJ!( M"!-4S'!8F=B:'_3O+*\V)9*PF,:?LXJ =+2F/0!&H5),RY@MLYST;13):ZK) M$OA;:=1YYF#(JQI4$N!'$>S-+ /4E_5Z05C7#+K]0/M@GMC))]_(M9"G6G^6 M:1I/O/Z2,R&@)+ %PZT)\BTOP&_1J4QT)G>WMO_WZ7KWCFH/@%C"H@!)XNL" M-(4#^?7^H6#[1 .2O,:D?0D$GEWY%%Q$B^/GG#I4[N!!#/F.DL])MM@Q5AQ- MDBJ;[J/ZWS;%+%MLD+B> N+OGN?G-)L_P*/G"5.V*-^0? FTV!W9+CO3;[YA M*'=Y+8,U4?X6@KA#;*V]\5-> @$C97..5$%@"VL#P&6?B=(@G5B79$FJG7S[ M^P<91VX.E[!W//KU-^Z807?PF/TZ0QA2E97(7S?*_K]_1. (WI=E(]).:M!X U(M[1Q. A=B5BCBGO8 M::O=R7W1(VFDFKTH8#+\B:S^*7R+E DPA@0I-0P_Y9AUX6RU*: M?L]$S?KF6V/[[Y9L 1OX3]L\JQ^>+5W H&ADFIU:RD&W9N<(K_@QYZKO?'PO<:B]\17$X>NV^12KV.D[ M/!K8M1%V [L^(?,89"@IT!U4ZF:_;,3?0LB6S(H5H1[NV8\115NC-2]PZ7W:X=M1;!T>9M('URJ]8(FN[J_FT&BG3<2!L]NSM 3/H MV#!!:KT5B8A2=,ZA![%V)SW&4JX*="XCA\W@;J#E=84#PTTK[M? I\4X<+\! M@6B]*1MLD*$U >>>IFD=:_? )VO8>\WD8W!B!WP^)ELUZ?J"0T06[?Z/RI=P M8_O8C3/8H7ZP&X<[5;O94XW0%V59/)+D"8@+ NX1+D:0&7BMW_8N;'3IN@1W M,^P HH=S>GUQ+_P%F1B.\##LC72A)\;$+%I M""8S$2DWXEJG#Z^L:YV^=/SI-PW^]%:_/'U9^L[X.)H8>0'VO4V3FK'JR/'2 MG*3=%45NU)A1.4_R%KND^UL<62:H-LV/Z#7-UX;X6Q>,PR/;G3#N\%%+G$]T MBBKS,]&9GYU%CPD)\4MTY<%^41C8+GC;UHB:V1"+-8T")_AANB[0NTV (N "3+5*S G]G"6*/(P+RF) >LRFR9E-EBRV$T?5B:X) MYP.'9NR:#Z+B$57=_B4OL))98&=D:[V/QO'513^:;W ; -4EC'H'K\O3:/+2 MC<#R<>#[ IUBB':RC.?1]1I NTZBTQ<;T ?39'861W]*BW*>)3^"&@52'>#% M.^# R?1A@_;?ZL?H798LL^CTID"3\Y^(U<);("&5@#KX;1>? M 8W@C8]PGH@*T(/X]6OD=EDUK?\$^WU7 MY( 3P2]I@O;M./H9%@906M,$:_0_5 @&]VO[.8Y>=FXZ\ T>PY\!PMO'HICY M(R.^O2VJZ!IH#07;O$"/".#5GV'["#S[<">ZW4Q02EUGC+(+.FL'+\3M6QFY M" [Z(5T@ 619H/[*]Y5*-^0B@A> V=CQVYGU:D M_9B4ZYRI\[,S1CG%6,!\?!B(2!K-Q2>QXL=U18WCP'6H.?>;[L+55>;$63$EI-*$E\"/LE.E+29Z3 M> =(B;H"@"I Y&R6 05%FDI&*#.F2VYAR]ZCL-@ZKWA+Y"%&&R*@Y!3NF<:< M,5T,)XRC9Q___!9WUG1UULD7$C00?/8U$"">W7VZQ9<>'S) 1J2;(%@#?T5Q M"Y$[*V?G>++;*%UD\PS'R ":*P1I+H8/X(1%2=M:)CF*:1:2G0@6A==DZNJ; M(&T6CVV5WH\PT[1! &IX9 Z 4SP7M??L"+A:HX[1&?W^3)9I:M-7@L6_I@:=J]R#]L8Z;@NN@A 05V MDJ:D;\+9,+_#BCY5G,"K\:(PF1]O.]SF\2N,">S%+WPD-8_J]T,^FLP^P@0\6L MVBR$:2&15R"P<#L#%",[$(Q[OUDLSE$GP>$(?3@"@9D1CJ+PR> B3^FO"H@[ M>8IL3$'U ++:^1K#:C_#- X\UD0&8(]59K_$&*VL6A7Z'0P:\@E%A_U( '-O M4!Y"/I[H=?UEDT_I= W^'8Y5$BAK*1=3'O?"-)'OZSS?$"=&/01U F#VRZC7 M/?]WN&MDJGF>%MQ(Y]B*=H[" X?5*9U",(5* YL5RQE]. M@*T2B(7XV1%HH\C?6)U/0>KG\^2E''?_!$W2U7+6GJ:L"=Z$;H* !O =(V31(.L 1E M11V_P$&*4J[A3B;.(0A$G?7=J>2M\-5SR%$G^HFM@:] CUV2WGE'<_&A.02K MY41JS,K2ZC(EA;@2285%2Y1;?DU1Z)3IZ%! EEZNQ(KYD*RCA&WO1,@)P5,* M@=*3;C;:Q@[G80.GQ'&O6U]@_L Q8!Q]*K%%2@^<=9:IY5&;BA5=W9@X76\H M9HVI[93HT"Q#*R??J+6_9)#_D?O\E2(:WP$5!;CPL5TS7^)8QZ7]!85']O05 M3'1J!\.Z/>D?((W!18#1'FDAH, C.@"6LF5,3.M(?!7D9.J '^"^D8+JW!JQ M+F3 W$!18^Z9Y:L-VC/9[";KQ+&=Q5/L327&A^IYU.N , ^">]1C(V/O1^!2 M- P^^9^;0DPO>'%/@?<3%T]G9TP)B$V)^8*7@((WVG<4@YS=$-?HZWS]<#XE M5OZK>$2_,Z8G&MS-+%.?EL8!X$K9"B MQX>"SM6 L)A@I@/*C)UHH)L?F,V_:QT(:<,FMZ_+H"A%&)$2Q [<+O%_Y_"1 M:#"2>GB; )H@*R -A^\!XO "EV08@O."P2Z:$X59G?">)02E':M-"<*"KH3& MH_7#"EEU"P8.;M"4D_HH(BF\4("E2"%X3-HC'PH\YW(:(=O-CE1IE2)K(8',9:-! &VC0I2Q)F'*K-Y*D9QU$7 M*8LO1+B<;7?0<%./X6(K$TR1I93'XL")*;/2 ,6QVS2-*(]GI*#U)*Y&WN8C M1:4GZ,Q%;J$)4_%F?R=BFINNQ^:&C]8\\=,*M2TP<!C]F5-(-#\#/$2 M,A&ZS^0ZKT'G)*-%(QV*OKM3\7F8 !N*#:BA!;@E( M@JJP*Z[D:2"K.WPHEGN#6('ZA4,SDTF!2DP)/!YNL7)"PJ*2B10:Z87YSO3W M9%ZF3!F2=:B=1"CK(E\WWYS/?/P/I9T&B-':9BDNEJ+7# J K+)(ICPWN2IC MNF1)5@EE5@'(KMF=6$2<=/V 6I^R&+H]R!*(,$^VGH%*AR]5%X,MHUA =WN% M>AH;!T@M@"=^ &!*)I3Z<4HK$YJ(6H&D9XW@B^1K>F7JV& 9F%BO;W\BM>B\VPL%>G$?JUT(S[D^%!,DV0KJQLZAU@>8(' Q[!"P9X(* M@AE#B"QYIP 3-^0<5;W%50GGK5'Y-AU6Z$#EYCE9^X$"$9AF\=E1H1V\<=&/ MV103"[P%Z9=U*@KW(KNW)(9A4Z:B%#*!1@@(F93$!L31SVQ6!IRS* CX@JE4 M"]@(.;)H;K9 "WS9VEO5YF =B50;G^HA<):;I5B)U2O<0=49\=UHLFE.6J $ MG+0" 7#"&A4<_#" 8MKTN(LZP2RH<,R>E MU54C)2==7)[P?J)?>CA:SQUM+[U'80\ B'&=P7A('$W"L)XJ"P;6-R,V>K39 MB'G"/6I]2B\)(QV9F (&@'2>>/9.2H]K M?15L3"'MGKB:I,T;84>@>6LBIMW49#&L?4-QZ-BQ7W*T<4=]>1@>:$U!8&L^9R!6R'.=$ M8VO'0M$S:?YHJ[$KD#F4+: M:5W3>"ZU8R,Y>C/9I?@Y*S;58MMX. U;%FZ]-9<3.#N%OY"5+A&+"#]*\@SC M-FZ\D4,+3YAD$JQNE$$,2P#XN]1T&X$BSV9_- 7Q;0?F:$U.D\T6_L:GIE2R MA 0ESVYD!8:\R)V81S'OH![V.3'.DWHFBUE!,>%DJ!@&\F9PPU_=,BE"=)4, M$JRRRL(=?1(+5!S%D%;D[)\R1,ZQ5BQ8-:K8E4%PRBHRG97[*-L#QQ:MPX/E M?SFT23D6-B>.P#XC< MJT_'M=W%UG8A!F_U-@B%NO'E$]^^968[A]G.:;; 8.BJS\EAE59DIKW^] "F M[(6W!'N6811Q/D,J[NZ>1$*8%RX#WUH)TJ#\1@G3.& -!\0$@"I-LKJ3*"LV M6$K/9QUN:B0++#-E%5:XPGC]C;U/=!E674-M (,MT+G3K!>THT^@&ZR37R56 MO@CX'2N3^1PN(E[Z;)F*"C]'_75FA1RFA<0V2#VJSTM*'OND-C:+F(02Y>N& M/ND.9P6%M:R%M&EVC>J5""%/'R9KP$1CEI*F57" G&RR,N$/"@DR7S&2,O5+ MEYBX46XM,Q+RAD5_-'F5)'AQBJ!E.%T_(F$G@TA]"3;NLVGAZDUW#?.-,<:- M)9ZBN(%@&XW_$-QX1!W@).J-+CN#: D;UIBC_TK+(O*KQ-FHQ_4#<%N0):AN M)8=!-"Q75AB0"T(9Q\ 7;(S7W^V,]R]>(RL_L41,&*_?$8I48I43 MOXJZVDA.]R$R/[B("H8ZE!NJB*Q*C6L': 5B2NZ3!Q*Z:7=EL-1/<J .+;.ZX*3 %O$(Y+^3^-9 X1-%)O,J0LC$[OT\% M;S09R^*Q41Y4FTQL](09B^E]5W.00WH2HGDT_.Z.VI>+9LEN8/N!/[6=^5&O)M8@1=., MV8.OQY+[P$JFG*+-6Y>J3>)/L<^X2LR4 RB YDPTUY*,(QT-'X?)99NNLI % M):$L@:QEPHB1DB+XJ.HB\".L$2K1%@EFR;+562)9Z4='Q]>K)$XN(LT.A14G M3#O[2 +_DG#C)K>'U .FF'.[V5;D].-0OZ^^F;>[E$-R+H1:QFBFB:,"I"[X M=N<$89=117 MQ=O;.H(!S[M99RB'JC0C+, 'ET;>LD%[3U7E:H/YW9GH$JRJ6)/M"J:A?#!- M%&;Q]RO%Z$8&.8M.>L/.A2?\XC==\XTO!:/8:O&.)!B2H,.0Z 8NU\+B6&+R M,F.9P.FD&M[>T3I"=X1E=T'"%*7TD+Q.[%DVME^,3]13SR:W4J ?K--,N:"EW@_5Y'5UW*!/BHD(DGH.E2O$BF!CKHCC%^%!<\#N M%$.-O"'(,6,7Z.V&7!I:IB'&)"U- 5,BW^!Y%<)FY-3&;+@XV*TNELCEVH=\ M2$(,>>!06_N8PSLEF,,)U=L:!NO8ILT]Q -NB^^3( DA")JB(+X0?!$I,V"W MN$J#RF=68*L\B:TAJOF?L4<8:"$E415\>I8BV,B.6^[%\K MQTE2(G2X6*E1-"3[U6CGO![9!(_5D8IB366O$)@<*&M"@AJB(!_)[2$\A N@ MR&;JLGIBG3G[I2NM8<+,Q#\!;YV\$X8KLBQ2MCU &'^VW!PTIO*FF*P#6\+H MFL56 ](J48NG#UGZV81[A8J<&;;CHX1Q6(DSS? (-7^84A9*%SB"A!-]:E,: MDW'SEB3\N7+C%MG,"4@VX?B,NP<;UF@5B-_-$V2Q;Q2^3< M1+T,'!(.\R"*6?MT_$T;62TV5=.H[++!6@WG#;]*@*((Q$9,T#*N )5S/D:0 M=J:2_XI641($G;3J6ZE95J&0\B[9HB _9%G/UF-I?)Z]QYSH__KZ]L6S,ZV) M@,&T[XL.#77>O8I]8^R-L7X17M^(U;&*5"HR>6-(>[F=CSA9B"R[EAJJ[,-C MPR-B"E/73"4TA<98.$('!??>\[D P5E21'3=1HH8H8L+9"=AF*":5Z;J&_*' M?TOR#9I+53.RHM2RF+%CM$S796%%#%Q*YKG3;':%F^>:)VM):_/)D&X?^%*: M+$7Y<&O4^6N<9939S@8*=$9A!B^*MY)NZ]G!2"C"#,:Y"^C2\4R0_5*5+R[2 M]%6>!3' M"[[(<%E!ZNL X$BRJP#EI(D:2Y? MX=AS]'WK_S\9=ZY\A?^B,VK5]]E'_V8S8X6NK,63@;#00U52V4 MN#KD(7:SUF*_# +!V4O7%668(MLQ\DY]2BC?6M?%:=9).S&%"*GC #\79275 M=3"DU-Q PTKT>1QLM<*0\&A&0>-X# F5M9 X&X2T9AA449K1R;&:R5XV(X') M4U[.E0&(*^ A62K6CLT5 Z/4=$UKD?%GUJ4H$@6O&W?FA-<(Y2!1T4:PZFP\ MA0KT37XQ O\.XSGNTM5UHB9=AR/Y'4MRZ,F^EL7C$NB6N='T&H_%2N!Y<7^^ MJ5Q[0R+;L':'>U&#!>I:KTQ6 8B.K(S5YUY?S96(_N5L(16^6<'WH=A1_ X& MM&-@'#,.8%0C+TQ&K-*LAQDKPQS;^*A%MH8QZV*&+FHZ4_.DBQ/F,ID*5:%H M 4+50_&(-"9&=K386C:4D1#/X8%\)>K7(6F31_0^<-2WFJJ.W+$B6POZ/8 MUF=$L#LEC$_O"N!P47_0/7L>W=3D'/6:T1NHBF0K69(66E4F W>T1/2LU"C+ MEB=C5C"W!DT71*),W'9()6G]>KTQL%5-!$&\NV1F@*X(XKZX+%?(![XC1H!"&*( Q@2%$%M0(4'/%Q:*OXE=7A4] URV071_>_<4J=90VZDC?T/ M#]P03CL_.2%@180\?F"J*:+)8==[$^^/7-@?"AVN;>FF>-?;K?6EC%-/@8AJ M]S$5:HUDT%BARH""[]L.7,7XE9Q$Y6 MCQG!86,6B<6$[[UATH%-=+FE4OC ;.;)%&SPS92M$C;2FYHR P\;VZ);F,B6 MKO)EQN,9,ZKU+*WR9(J'1%U $DW MH[@!?"+V7$_^]AO&2R2= &NU6-U4U#5AYCD.M?1(6?C+?[]W0'_%"6-EX MWYWH]6.@"5H,ACG6GU-*GWT>W27E/,6)O#8.@':.A1W11U[ DE]27][(0Y)Z M7P7:$R>5B.[U(*^3I(^X\)"MQ!J^1IH%%'&._M?J5[O%J8M"4N-.HB$2XQ=:^6%:YS(XQS&;ZOQ@;/($FI7P8;Q,(M M?04"NZYHAP]?]54.A0/QF;XI3,_P0\CI"1P0R0J M-TB0;6QK$"FFP*BR>U'R'Q(LEU1:!3\F2H8U_\46( I_$++HD@-*1N0:EF)] MULW6-F#M"&PAJ^4T.E@H$LS.?,9C0T1W"/ ?X&9O\A2.LM'E0#F_)(1O$ >B M]W^[H=%.>L"?NY[_P0WK\$C!7%K1XKF+\(,(9$E]0SQC0Q8[;.FDY\SIW?:L M:LR"9HNQ?D-Q^QBK(!50?)1T8#'8#8M54E+NW#SA5!>V/*,/%N@)WSYNOD#U MH<6+=W(U@;9Q\*OXP?SW?'EAZ,%X9U=(BM(;( MWW/V%4>B[G!,M>[+0SF3'7 LY,4^JVE9Q!A]/"'[ES\L(,FTS"9X&E223"4> M0U?:R7\;#;K'<%;Q8-3'3]U1/.B-HM?[BCA%_>$@[O?'\&\WOASVJ2V/6W<%)IB7 MR.ROXJO+$?QWU!ON@]<)K."J=QE?C8?\N3N,NQ=]:JOP/'(;MWI%$DZ'%[#R MJV%T!A^'%_&XWX>/N^?BKJ XR7 XCL<77?X\&L/_NT@A;['R/NOC7=7'^?QO MBD61YUA0V6TN@YSU3F*FL0,,G%]6R!NGSX(WGYVY76_\8:3S#('[;?)QD6R3 MZ 7E'7]**Q(W:C_<+#83F$2^] ]8)B,@"%8&RM:C1+EIH3R84\^,*B;TS6B[R)RC>P&)IS\5]7G@>J5FIF MXSF^S(_"19VGKM'$= O:E.L'C6+$0>@>4$(SUO/=+,A.9 =RS'B7'GM(L2"P#D/N,5[+KS$I)6W'5L;%5EKRLV*?=>\EVPYV905*TCW)FU'BE.X MF0D;B4A8,*/!, 4:'\,2*U$P1' -S^I-K7L>)]G9P.X9.BK66 :M5GW+U-:I M223L1X7?D:45'&SF9*V(3*>2=+V%7V1*7VI4)D?!D-\F F%8JXN96"Q)@^8E M'=2&RJX_.ADZ\L2<*Z/7*R:Z9R31^.SH]H\*%+]L&38OB*0=49T ^T"=I N, MHJP"N#BPX\ RIYX8WDBWS#>V)0#2CUWWL%^+7PRBFFXH&56.2(O"(.B +(B0 M73^4SQE')-;*_[#4[BKL)=='D$1C+%]FLNV]2[+E<>UBJ*!9@&/*Q4DO?BS* M7VU3G(;UB9L6(V_%2:NE@3R9IOE ^=AJ(L++IE:$6'GWI8T@:1<&Z,G;-,^H MQ1J%4*;8=$\;)-YPWM-KTR Q*'YR%6'I6R MTUL.XX??G!<'&$R#C;R]1""V$W-^GUN-SMB&.4V6YJ@D/YD7'NRF9;F#0'=Z M$!.G&D*IT8YT3:?O-8K,24F=)L#F\6$;=5 ['!B'*3"H+X-H8M07AVDL4GI= MJSYU(J?!:*$1%&V',<%:DB8P"/C VS9SCZ#F?H=_KP(8ZX!# 9 M YKUB85FM!/1 LY@XM0607GKH.HFG HEO><;R:$ \L2\."7]BNKYD7]&.ME& MW4Z_^QT:3[J=0=^4^>U+($E\D7J7CK@IV,2%(+%[0#=KF6?"I^C $"^;O;&?6UE&-?X=]+O#@++#=#1W:FB;C3])&RBNQ/F!\DH MO*SAA;.(AKOJE,![HGD?$ZE8CI9TO[M5#F[O@JOD' MY7X1A@-^8*\BLB-F2MBLS@\D UIV+,,\Q49\ 0?'/J\LH-'*D1G#0]]7)+O( MF5'!15RSUM&VR:J:Q]O"2W&^K^&A^'/#6IEL-/SP?66Y&V(",]#47_OD[+6]8?I*;Z"$H^$]N'U*LNGSJ/V:MDYV\$?@CXD,5(9\1_'&MI M/.JC*"..(.Z0&E&3./#CB4M)P6O^/3N0F#7NR,K3EE\Y@O0?7AH-OCSPTJ&0 M=RCC\&5YEU59T#8L#;WD1MKWI++*N\0)=\ CA5[0U+_77;W7W2/O-9S=]:K, M%GIR(W]S >FNL,KSK%%7N7=(G;9QQLZPN(.Y00QOXU+CD8".T--X8D\8M1(+KP@X+23G+&B?^K&@<+/I0ZI& MBDH#$N"4QZ,]*BU?/#81,N(1>V--]Y:7Y*BZJBOW6F2&YH%M&_?^4)5H-D5Z M6O2AE]O;5//=#E?.="?\]A]ZLY],/RWN&[?H*J>>"63?Q43OIICM=U,;KHFT MB]C(X=[1@][9XNZ#K[D* JRV/VJ@1!IY@TT!)JE#@93\C XE/])LK=%PT(M^ M6^+D$\D_.'&JG= 1BMH!_+8V.#&F$"G^PQ6]MK<4'\W(6=5-_@%74 9I T/?'$*N2WVN9J4OK7VW 2RMSTMJ.% ML!HA%2*@1PW,'2"LKQX3CO5T,TSOLR^T++X/W&1-HZYDXMV'%5.;DA7[0 .Q MIT4(H, 1BL7JUI^NW8!3S!25BB,V?-:-GG6"8;4T.G7B.^O4G3OOJ87V!R=5 M"<-RZV*%!/">C(,EUM1+[LFMLBBE:E_S+"")(BEBPRN;5?T#@>&&1'M6*2<3 M+"TQ%:G4W%C1+0]?^/ K%O[BF(5?#0Y=^"A2T=8%CU&__8/+F#3((1]*_DB03 T M.^^]N1XE(RI6M1$QUS$.#TC .'4N6 >/WR\VV ..X\LXY#7,*6HBDHG;/8DG MJ#PA7( 22+02@OZ/B/KGS3BUZ6N-&PJMF:TQ__4 713!=\;>[Q%: MW/M^V$'VPX/<+?(H40CUO'#WJ(S'CMY+M?F.@W.OYYS?'QR*O>.AF(3>CKI" M(S"UAKQOA.AP_.00;;SC3!8/DUG92U(A^V!3:++^AZB@'#17B1;1U'<\:(J^ MO_IZ)WKM-YUNXY=.;22WI:TD8DG#)JXC4RR*.:F\>;HV88;U_H42BH!\6&(+ MJQ^T2:\1H9S7;'5&!36]JZ_\H(-@T=8F:EZQ6UAA8LOC23DX:018NO4IS'KD MG"P\O(HZM#);K)+W%TSN-6PI)E@!S>]R[<(=A#N4)DX_D)2)=2[>@"#W);K% MF\X_,I\VE2I1QCI]2_4U^S#8"A3ULXXGFL J"[%5*$)A?!2+C903F&D'QM3T MDCMW*TI*]#$?2*EUFJPP+KFX&G'H;DBE.*510>WFW+CA*Q%KG$FV[B))W/![ M$KG5IJJ6B$YXFT)@J$>%HSC0OG%?*II@#CV23\Z6X*<>@>@];!T)'6]RRR7Z+A:P;FM[T=-!!_N2J8&MI!7O(!U?&6P"6T8%XV04='4ZZ7=ZYHLL#^5?D4_KJ3J']VOR!-TG*G4O M8RI]F+7HM\O3+VE8'ZT3OX)CF MR*@IS-@U:89BR5*?1-L:&S=%>Y]P#3C4&^Q#&;;A+/&WA>V[+HMJ+4@E_(E^ M76S=J&N&I0Y?20OK_!Q1%\/F@[1DU]['55!1-)XFP'+.T?K+^C^F:I3)AA)H MEUD5Y'ECVQ8R"F#\]69)(] ?3Y1@!1+&@IT D9MH]4+(TP?'2,TSOM$S_837 MY)U&>KSDO[S5U%?RJ<7$@KSO]O!PE-UG]K!F+O M5;!Z/7Y%_V4HK>VVL18_^RY9U!A? MR"+EWY=:DM3MCUNM)5_M=!@/!B/*'!U*1\NAI;6,LR0H/U,=4^B6SC>EUDZ+Z(_)=4B6:ZBOTAJ MV: SOOK.110 "^8V]B* \NAB$ Y:.VGOX3V;ZW5Q5Z>]GMU<0/5/<,#+"SQF M/.71A3Q&EM23J!=WA_WX:H";OKPR@)UBLFY M0.9C34QVJQUSSIN4.SW-SER]%4T(3-E%49EGQ)I.LPRUC^A:ZZ._0!9$M/64 MF]!EN=6TG"%":_U9^SP=(FE_A%V^VI0%%R:9;I]^DP-OD[XN5?.+_DXP<,YW MQU:N:^:60YW21S@R _M_T1A'&3>:^]ANNL> %;I<9& 0)(V33!H^5X)*M*IR21#&R6Z1#T4*N.K MX#V3<<,IY ?O4E:S4^HI63N-QL3 01@:[^COK!'Y\GR0IF7"EQO' MH,\7SHZ1B4EI[HV'-85L?-&JD@5E< X.2VA<5BU!DSOR-'^[(S-3'I!B&+?< M&\,S",$"-B#;EZ3\HU:&?F^)E1FQP$%"Q]1OKW$/)!)4Z4RL-'QSX^BDT^UA M-0TYQ7JO$V\8[7JB@2J..N$^I_TE^#)QWQ!<7I>>>"+90O@-JH3 #=@O;C*5;E_=4#FP%/V8JX8P:49# M9S?,^Q(JY/Y,^!?3@F>PP'O.KZ8R%/;N^>Z=?4/ NOT,%YK 5LK_N MM704DB!*4#LH1N7"I;G.@+Y9KZ=1 ">]D6M3JVW"U%&P#6:HSUJ%":G3U&'P M 3B5BZ*TS-=>Z=N'-#7 R[F)(_Z) MYA8_5?_.*M4N\V)=61$'3=WCL=/=O@C[';5DD)!R$OOZ%&WSS]2A,K2$.0./N?Z,Q MHS&%10?P: 6@5+-?+JFM-C5!)/DB73>",4P-:!FVH]+!2\/,W&W-T-!;"OVS MID'+^8J ,O_ O=+N#[XHS\W,)"^0D/+#3SEFP78G-7\J=D7(WESX^EVAN.%8YZCG"T,J-\JWP4CF1%I&^*1AZ9 MI8H",NZ,NM^IW>HFNF'3/XSAA&)!0 U3BRM@RP[*P%$B"#3M/(*1C5+^J;0)M?6,U6I33]J MKN N98500,"H:.*>^ L5*??7%+"D6)NIJVWHD/V*<&JYQ5>,6C\.3C%$=)PF M[')[!)6(^BXULD8,"Z#NBPZ>GF 25]<2KUB-55O7"1B;SF()I:VNDFSFH[B) M82(S@T3SN%CWD_;YQ4;N9!>4X"AQU9(4E*_+8D%1@H&ET T)0!YFJSFA[,*' M)(7RB_MZ7YDV55 K=\NWME^D,&"JK$LJ%-85W92?,W(#21USO7$+<;GQ4M^# MW/0WK/O$Q=U??>$-\AK?_^WV5?3NWPD-WU_?OKS^"Y6NI8JDF^F4>G/A+>!R M[4TK1PAP/&:VZ,09,'?=R/*M^'&&T_< 5J7#C#'Z*Z.$^-*U[)D&J$:>LN<&<;NUMK>IKYX+7/Z=E4VOIK%0LDB0SV[UT M/^+9."B#Z!@O!)?-)=^J1DZ3E90^U3^-E:2--J"XT^]T!_U1 \J[;]9H%;[9 MZUQ=7 U#>=T^^/7294VX.D:TO.7[N8WNMJOTJ03-0'A"N7/8.T[N#,4B&J-[ MW!COB_Q<<'6!4#/.=\ GD>E_RKF(7'-W>]<(UOP R_*$XUH;R5Y"Z2_.VF&: M<]V^!VXQ;NX--9O92#A<\R3>_9Z+N*!'>"*_%U7+ZW1+T3QY#BL_IT_4W$\:*)I;K]0 C58( M/2)%AH*9&EHAP&L]Q#?-C)+O?K5:9.@_7:;EW)0WY% S5GA-CSU4"<_A@)2( MN'JQYFB3%/N(RWNTA2-P:JV;?B^MEH4_%(]ZS#:T1C;6B T8F2MRG#;@#F"N MK<&-*?=HS:@9#5%/Z@_&\6#4BQ9%/N>VP%F.M;DR[A4>W M5VM[>O?G(7QDM MP=-0/O!^=7#[N&^,JKGUXJ@W',6CJTOW%0(X5O#EZNV+K?SA/B.)],*)6'<5 M#)5Y=YR Z8,!*+4I,4,9<$# K=-XYJ/&#[?[0G:N(C#E9%(0CHZMV[V*Q)'R MQF #OM2:^D6.:_F!4>X9/O_L+"8>O>9.J_P&$=4LYTAU2JP3TQJJ-L"]I$D5 MJ"5X%6S*VJ_I-H(S6!1;;=,JO9YMI5#1(7%[7N5,#FI+6)IWZCX:TY!'S6*A M!M0ZQOZU<@I-,UV*(S>&F1'-KI?[U\AQ\5@=$1_X+[<2$B[Y,[&RS^2JD)0G M)S9>#+XU@V2L[DVX&-)*%:4$V-T] I+Z!DJ$K^D*S=-K@Q]Z2SLE&*-EE7WA MEWUE>(42,0IY),]6TL#>D5[<[DBZ:TPY*$6FDV\2 M0Y_O,2S;!&!P3R(GP'QG,2R*N^[%_>Y%?'DY#MGL/M^-WK)J0PV:'?P2D$I7 M).<(B7=3/B!Z\/E&W*B+6Q#NFA]_'6J\@?V;GW*[X37XT0R^HO&$V(TAKPW( MZ5UD'O7C,9!E^'K< ;3Z*P]Q.N[%5Y<8_@8_]#J#$4KV M]RE)$QJ?>6(^N3,'F^CU+^*+ 4:,#OJ=?I_AYT4GI#8.&0_N *@Q-F651\7< M+"MD>^QZ/5A.E3>9F!NSWM3E;LU]J@NW_?1Y4_MI)31,"9\HA%^;G/@!YJ#Z MA,D3P]; =Y5KA0 T[M5O*G+0^9CLVH,ZG^PC>A@_,NA<>#XNBD+$3 L#AF/V ML5%DK2V<;_=Q P==GR>IAQN* K4$0ENUT,<.SJGM*8/\Z)!IEK=$?!*Z^\$F M@ ^X&-4@;G,O4C46P'P?3\! D4:B&]RPL)JSE]P_B-J: M HS(A&[;>PZ^&A7ZP ZZET^)"WQ\/+P6_&"BZ.8P5PW!<@A!(5&,5C( A_(%:0 M5+\;)QBVDSC/<=D MKVO7#8 ]ZKIB$-45$,@G%=S\LT. H%3V#Q/&3IV<%.P?>-'W?J?-[+_JPGW) MVI\7VBODK$W4DTW^ 9'E,D"6D1MJ>A2R7/;BJ\$_ %=^?\%=EN&< MY47K65X%9SETR[<=I[Q?8D/+?\!9]OX89]G[G<[RLNTL%?N4.KNX? M*=H2I([%;&2H%2]*HG<%\.#H)BD7U+->2P%Q!2.;QF*MTV3M9Z?4<]>4Q-8C MUXK\T6NWJ"4!8#7746_54+_&R#*@8F:.1O&;:+ M#BU7[)5$,LX+N+6^:?B)/*AHN@:D.>EV+M LC9\Q8N0[J6-]/:F*!;9'/6" M4=, KUZ\N7MYS7>AS"J [G#WC#6;RP&;&,F00QBR?R5##H;?1>?2TZ9/U;GW M;T8'ZG>N=@T4JH5'PMF,/.X?OC07S@T#[(+S9=,+-8WFJ$T >/KT&0Z0AAP= MM GW[!L&J&]BL/L%3QP_? /J9<$<>AD50'-Y]#[VC-.ZG3WOU:37 W9V(8#J M=<81A3;BD!=PJP;T>?^6>B.%=+]I@/I>[ O#IA=J4I7=!'*C_0L:\Y@_1(.1 M7DK @4O!@?[%=]&(*NG56/XW3S3 *\83]3L#F(BK;.!I74NB-Y?= 9:+)9Y( M36.>BS9""C1AN6/_N1VVQ*FR!O;'-V1'6_X,G.3Z]B:ZT%;)]9,SHU$6B<_P MC1.J<<28RYZN;>_W_3ZNK'(FM#6:L'(91:QC@%["QCQ,R_=MP448+ZT9V48, MT.[$G-.-(=AD")2F-:H:4PQ$LA#IJK[B6MA:(B+B"J0?-/6^= ,GC,-KGXS( MH1=MCDM/+*,X8S4XAQ*A*PJ:0 +4XW-3&LDQ4JL!TPT&,3ZTJAD K4Y7-]C9 MMW[O=3,&KM0+I\4SQJZX7L'#7*5[#2NDESIUP+[5;=A5M^%3>IA/3H&%G1WN M5Z/I\PU=BFN"EO/%"W[(JX_O(FR 5@^H34ZVUL 1FC2^TCEN(CO[_7%\ M>=EO6"(W^:X%ES;;5()E.W&*B)S"(Y2P4_-D&),Q5=I[8L$:P#4V85BW<&A! M])W"WJ_]KI24;@C"8B/)8_(;!U91XMM5AXW5! ^Q+)DZL3M-*0V'0%%";E;_ MP:7Y=T>2:T^#>EPXW7Z2;=K"1UN74/@Q[+5)]\>J/RE[K]5*W5-OMY6YV]4> M$M/5\\6K;XSIF2@"_>Q 7&AV<*&>+V\WPLSM@Y*?P1B=4'E<^']">X%))^["@(TTDS0#Y"#5_2Z:_LMNA-U3". CB &I5O[1AS$=-<]S_Q*XB8O6' M[SR+?<8=6N#N8@%%DV>-NNV4UDP98:A)ZD@K+@]M9;U3M\2P2>J7R&E.V%3A M'23OL^=';)2)743Z/WH?B.27DH#K &8R%MS+-8\2BO?'@0X+93RX&C:%P%LD.R"R72[0;K,.DC^X=J#(I5+1 M7;=4DR""]##6T$'@E130QZ"C.+:9.U?T81[BRHBB!C'!;Y$6%-IV4'^I^/+, M7@+E-8UT1PZV4KF.5CNA* O-814+H=BA*\P!I6_"S-3OK0G 1R >E(P^9/"< ML=T#V!216!:@N%%)W5RP%^EJ!!^SO;.U;>AR0_E \Q3H<5TTVOGP8=+2[B'> MV7"6:^NZOFN0]AZ*=;K0 OJ9E+<1,6"&Z8B8$*9E:73,L/\2=JD!QN$^,J5Y M3&-/MUU*E;:,Y3CZG10KY+P]S1K$^A+6UE&"*/8(1\P&//42,:V"Z4C1QB']B-F8@:OP3HE, M9FH/=GZXIX#-6@=DUBFZ;H%Z V1+4V+EP8:S;<3N569AMB6 MU(X#,=WF3T[2]2-RB_YW!.TA1>XPU2DQQW5CBPIJ7FSC_'&X:$-AK'7?6.F= M K%)WHH;4:8KL3C+;"#VBCZ78OIV02N1]%53V2-WT7CR**7)UEJOQ$.Z8YEN M/JHV\Q+G'8[H1. T;T%3?LHX]!"9&\T 14L MC";&S+?[!K)@4^^ -'*<08?KTHZ4YD=BO]B_$#9IB]1B$K!G@-53I2+RAVC[ M56 D^3XPC[0E)YH3,WQZD4R5FI(? MB_FV_[Q "58/HB56:H^Q.#E^D$A%H%CYP8 MM9N[3KX3-K9X/7]*QHE*"\;J[O$WLSN1<62#]*"\Q34,Y65@'%P"0TQ?16G$ M!_0";$HGOU^/RD6ID.S#^]2:P2TW\">."Z%J_/3JVY3JZ2(5XR_>%7DR+:*? M8<= AM8 FI/V=+'L6;KG@$F6FW9-#ASA^TGD9+FXFJ<3][NA* M#&:\P#?V$9(=,:Q7S'!:/ $I =D#7 W4>CPC#=7A-U^4HU4!\LQ[\ %/JL0%91K&9>V%C*3TP<1C2C49$*5'1.FDOAE)=J#!/;DR(>$ MS4XVV<)4'W<0##?A(DX#:EU='(M:VC&#<*IT,:BTA4'L(R GE$Q-&2-1A-ZB MNHF+6:L8C;F37M$93, 3&=-F] M]]MEBH70!;[[N#D$3OI%RN,3EXN._(+EK%PV))9U1M#YAE+IB6Z9XE= \5?) M5(UD'BMP1(>H=W5U"6*V"1[@A*>+_:"I?-#@)0EV:KM=C?T37GOFHSVD#;BF-M[ERHE4 MERG]LD8-!AF@B?89=)L*<370PB:F6JL\,W+$YXF+7;9]84^I;FW \&B8DAH" MB"1I2XL%5E::^"CC?V^LYA,/(EXX B#!4J\9XB<]Y*+7QV2! M/4:CM\ 6K_-YBM[;%[A$ ,2? 0;5/UQ4ZG51R;$6TMX5<\US EEX]M4>UG? M<0^DY*L*3 M!8H$,]N[3FT6E@AXO=QUY:+C$E1-^#P7E?*9-GPQ>$H[5M/$6>79K6I:/M5] MK$@B]X\X;E+^178SLSRYC>MMML[F?-,0 ?)DO;%1NLX(:F$BG"@J$13L.OC' ML"7.;$?LJ @OU.H>9@@"T%C_#)V75AI3I4B MC?E^02&^-1:)'BRQZR^V'GWA_A#RLEUMCI676SHG_)H7CXMTAG7JLZIU!$1& M^)IZ$V'K]LHKXURO%6M:G,$P;W*R5_,X!1%0BPQD2WN-1O*=8YC'HE>+=&^- MV*^8_=A0%"_4YY1=QA+DZA?,8+?A)=Q.,1=;:-AR!XO7&CS"C\ MY,0IVON<8$;@59=Z M:E_&_8MA^^NU^NTGT2 >#OOFWS=:][,6&(($K1[K[ 6=G$3C,0XUZ@Y@-])4 M8.8VM,R6%!HME+KP=0ONQ]V+^Q39,XQ'_5'T,R9DGQ?W) G/6OH1>Z >C,9U M3#(E-6^S>4YV#W2(3TV3SX] Y,A??JJ?SL)!7G!)QGNLHV]\<0<])$GO[*;: M;JQI S!6:%8OF27@1.7,MKG\J7/; M<;Q&6+]VQ?6CS.Y!.X+I5BB$:AEM>NM/U]DA?2\;'A\/[Q>W6BT MOT63_>@A>Z" 1I:/^7M'*,M3M,#@1> $#PJ,]SW+]\9*U!+X&W^C2+#S?8V" MRF>[GG(!55Z9HW!\ B1>$"$K3+5MWJ 11&5@XP&L:!!QEKL2--Y5!$K@D-,D_F2T(. M451TV(\$,+<$4 &?U^OZRR9G+<;@W^%8119&EW(QY7$O3),TO%ZF8QMUR5@S1KCDJ":/_L32^2MMZ+WO=S']\1D[ M]*WE &N\S9)V8[]T7*-JV[7]Q>D,;<445D43CF-D11/O@ZN"WN/SZ5H5$PZU MRBA6R6N],-6@OG7K"\Q.'!.I1BXH^7#66::6I7%*@MV7#45",?>7S6PNF>44 M.:+LA,2&!%MWZ?'IE.3@UIKU^!V\ OQPZF3O=U#695,$$V=N8S?+L.&Q"2)U MEUQ#!:>2S#M;RK*&$2V/1==N5IA;"S.K_'2UVG%J_QHW^Y-#0>=J0%A,,-B"TU(&NOF!V?R[UH&0HFQR^[H,2ADV M*K?.TW"!.TY]*I-;Q0@*5(5WA,VJ-8["J/G0EO:)[# M$P^^KSRM #W6/D9%D2OR A!P&Y)B\6DB.8=FJ,XL 1*JL):@O-\KY,A'X MM*%GID";)F7)P;]+5PBHTA8<=\WCSK8Q0!E1EQ;C-#@D>RM,D:7D G;@Q/1< M:8#BV&V:1N]1 1HI:#VQKI$C^DAA\G#]?-I9.F':3RC/PK1S"@V)@FX@H7A# MK/Y/;28=(9D=Y[X+,C #2D4 -ADZ'971P>VA7CT1F/M#PA,+*O.R"$T4L7$# MQ?N#RV*A2?>9W.XUZ+D4A-I(EF+1%QQT(&:3SGP"^^:809W(/:Q](Z'4E,8A M-58 9U#]=F6>/ WT X04%R#IN2"B5_:%^W-B"U=;H6;)<(5423)ZC_.Z$ M7*]#C4CKK-AOSH,,[E!D:H 8K:TI^]P-IYMRURJ\D)Z92F>Y0.7ZK^AX4-J]0MM,.]R3!80ODJ]=EF[TM6,'$.\D"2?>&U[]HY](%3OO]D(E0FQN3O9QPU!, MGXS=U#O4^@!J:9=DV,2.(3270IP!$S=D_E-=R55#9:?\VPR=0VA6)G)D0GB% M#A@2Y]LL%(C 0XO/CMKN!:%:]&.NQ<2"6OR@FY&5_$5V;TD,PZ9,11%E>DUA MLDPUI757:M/$,7O+H"#@R_T&C?B?4\J*I[DE:-/U+E>U.5@O(W7*IWKJ.6// MG3K.,#868W-KH;E\6FV'H5 +$H?V;I:OD\28.8X_J47)O<;R)D P;'M=1)RA MQ!\0KU):7352:T.$>M:D%DVJ$/QX\F;4"!H!TGECX3DI/>4:6-]17Y^*LCK(SJH-T M7_%:47H%U;&1V4R MKP)5,[*8@W!7V9.%"R;CBBHL2_$O3LL[=8Y2 MLL?]@L+VT8!#%H6PR;NYE$8Q=E>.,K68]YH,6ZJP!H3#=VY_SM+'*LB:(%Y; M\W:0(K/$6T?DZ/$!B!@>B*C/R ZXDS1Q:J^5NM@N4Z9#GL3I7?;:G-KG74I4 M8*0>Z3*O[)S>1*+U;J5U;"(;5.*+(I)5J30ID]WHK$!J9>N4,1YP M;/HO;#Q84# AHK.%L0R7X;K1C@S[*$K$VE\QF 36F-/\+)R$//)K"KX5/[5JL%P;P9PLWVRIB=6)?D8@L6)GQTZ_ M9-IC79%4+-P5QSLGBRU5OBNLW(09400B2W]S%550,-J0(]\UQ?OG90S> !K, M>ZIL;K"6=G;MWJZ8+XE2>"H^2IM&XP#PHH?-YW]EZ^76,VFYXF[EB/KV,CK0G(#"TGC.1*Z0Y3@G&EMCH,NY\7'D MF+;43:SG9IB+RC5$UF?$@S6QU\KCKF*BLJV!3I,0'5M16_Y6'U52BG;-B>YL M9/*).E$0Q@T"M@O#)@9C0XH"L:5&DK=,V'R:*RY2Y YD&6FG=4WCN=2.#?,2 MN+]"TEULJL6V\7 :MBS<>FLN9R)% LAHEXB!A!^50%_$;:J9V<2AA2=,,FFS M;)1![.H*\/>B5"G4AEP-:!E*)9+.L4!--EOX&Y^:4A(\"4J>&(YA<[_R[.59.,].V2C!P-E0*IBS(A3MSM#J&1@ MW BZD)K5C7;T"52.=?*K%'((PY._JIY2/U=IXIGZ^)#FO^)/>?1)Q:\&V+[FFE\PWN1?B>9W8R0 MX@52QR")T5Z-!E)R_>J]2%TKDU[:D%4:.W%'*(4L%HBNINIT/::$(NVQ![T6 MDYSIG7D:ZO?)2=0*NUR310\T_FH-CY8:U(VS;#L&9ESSIY9(N'.;IBH&%S3PRK6 (.U M#(UOV%,0&T&1280]DE(L):*TC+Z0NI]$1NOKXU.DY(>9C9OA+=IHG284<%^D MZD)9R36S-.C(\Z5QCX+*E EG]4,B?#!&E.T8R=QF"U#RA[4TU@BYO$^OQ"UP M#/K@3FUH*-+9U"DL9M>_;9O)K+2E8JW)TPZGY2Q6OG0D"W6B6RJN).90J"C0X* MBH'"*ST_64C(OP3*P><*Y<76'@D*$H>X+HF]4#)%AI3-*=,DQGST>QD4-Z$J)Y-/SNCMJ7BV;);F#[84JUG?F!P"8R(D7+D=F#KV:3=\-* MN+:>K4FC$'>/?<95AJ:EIG],BK+D^J8EN8CO.( !)I=MNDJ'&5RL#FW5NTQ> M$0RC.>^MT2LCB784AA]6 M+FI SB?/Y7(IQY1S(X5:QFA%BJ,"I#?X=X1B+:08C-9HP7.A!XUE5:R%F6;7P;8/\O6)KOL24NZ]["S MG)?;"-]T=US=VO5!4H22"PX4=I(/+2^5V!,GT'!K&*YC2C?W$@^X M+3JQ]#H::!:'N&[P1:34@-WBV0VJ>%L!KO(DN(:XP\;(2;*F2T/2QN7EVA#( MH1&XJ@GG.3EXBI6A*C4^K[QLFZ/,A,T?9R+;,YF16<'9AK-I8MHKA:)'K[&6HV M );MLJM6MW9:K Q;54L2"-Y0/D4['3+=TY^-C[=VF+;EM*6JVA0SRS\7"PQ!RS;4E;"DT>T!GB1=4H+^A8+LF[+[Z>&L2=J7MY4;ZIQ$(E!$=7U9= M]?E:O?NVO@5N5ANZS*/7R*GAKJE:&Q;!F-3C[]I(ZO%IFH: ME=U,7BW_T O74)-?H&#;=V@%X:9G6GO18Q(?E]T:*CS[E7LFXQOC(V.;LB-V$:K M2&4UD\&'5!P31;?J4B("[]J3J'8:CPV/F)8X?(DKH4XTQL(1A2A"^IY/%$C7 MDL+*ZY9NE#K*50*36?]D7+"]W,HW+$,3>!V;7>B8VQZ$][-TE1%9>O 32S0)#TG>I-BP M!"P7WK^#V;IVXVV^"J&W>Z:Z0I&Q\Q245HY2-(W);9U,).$N <=?SKO]6.M$ M*W7F5*:-1M.:+<;GF!AI6HL_C8*L5QM5',XJ\QV-(J!Z)!"O92F@H M-*09G1PKO^P+#.JE^8EK!B"NJ,BM>QW+,$:7J8&=UB+CSZSC4V017K?T.0PH M!PF=-@Q89S,UZK0*6+'7;I:4]2D-7$ZA&/O#OWVU[)XJG+%?9QM M2H(&M;$Z>5[:EKD+KZY%2W^NK4171OYPMI)HM MFQU\*'84OX,![1A4V*ZJK)+E!06)[9PU.F/[F&^RF;$;US!F7=+% MB5K=_YIH 4+50_&(-"9&=K386C:4D?C/,99\)>K7(6F31_0^U.KYT=9(62E) MHDJYQ@[>)].GHF8%QI5EB%@2N^O8@TW(6D,ZJX &J5 0ARG%72PO-9((\F=" MI75A4:D]W)!ZX'"(<0!K3%)F4YGKFF4CG+B>G3*2;N(.#E1W-XFKVU[D,&23 MPRM)YI/ T@E:?UZO3$Z6(T-0=* I+> E@GBOCA65\AR*+K@ MB+N*?W-NFKT/?$=L6^I1+&68,2.';TFYZP8?K7AP?-J!XGZ+V-1\-0%1WF/^ MG!3Y;9$>1/T#=+D\$%W"=A]U5'C PS4-A*2 DHJ^07T 073_.Z>@@)(0+\'4 M)E"$!VX(IYV?7".P(D(>/PR7*UW+@/'^8@9'+NP/A0[7MN96O.OMUL)@QO6H M0$2UNZT.1..QJF306%K,*52L9<];8WW[CYS8*IE]T1$[92!$4< M[B6F8CNI468$AXU9)!;'@O>&R:DV(?J62N$#LYDG4[#I.*O<=EKTIN8=PV9VLHN['GQ7)Q\L?4 M;!HFJ\1;E;B'V;74D,BN!(-F8OH99A>1V3M(;I=3,K>G1MNE%K-BUP%$W=JD MM1BBOBP9)%R'P#C&_V!7VAH"]UX8$$,]A\0YT/IB^JO_I5R>B]XE7)[;*9PM M&1BG[N@RDCFO4N3'*EEJ]U78 M908XB-HK/A%[3BQ_^PWC)9*3NFM CD0TEUK@F'4ZR5I.,-0IPWC(188) -85%PYJ"+6Q:+?&PI M9 MU)&%G$[O*):N5D;Y%KN7;-B4Y0\1)C#OGK#>KOAP"[/7\^F%%B*)PC(D43_NPV4?C/KXJ3N*![U1]'I?I9&H M/QS$_?X8_NW&E\,^>KN\X@ PP;Q$;+B*KRY'\-]1;[@'NE@L/+X"1>IJ/.3/ MW6'A';V&A6$AW*8L8+L?]_DVS3&;>Y.3KY==%8T/ M;U$79IG]M'?FME6A(O'=0=SMXB$,1_3AXY_?'CEH/QA4RZ_KOW?2EJE]+PW+ MP&[0U&*RBEYG)<"/OGB+/2?MS -OYD$TZ';I9?WW%JMKS-I>O5Z5V8*7/.9) MY9\[BMK>/V$/_L,3Z;^OBTT):E++J[9S47\8]7K\BO[+4%K;;6/(V)KN' MO MXPM9I/S[LJ4 /E^PTV$\&(SH8L8CNJ&U"4Y@J&X\'H_DT[ [KF,5UWB^3#J4CY<#$&)*-=S#-%@F*&D\#,)PM3_YF66 MSHOH3TFU2):KZ"\<>Q4-.N.K[UQ$ ; @,>Y% .71Q2 SV[N:4__ D.>'E![2G@E$<7\AA5:\0>"]TA4/P!;OKRBK:<-W3#M$$)T3)&)L_9Y.D32_@B[?+4I M"Y94I]NGW^3 VZ3U/Q@2X9+HWPD&SOGNV,K7-VXV.Z+8]NHQ82W&]9V"&$:O M^8^J"AXP)YXA9"#L;PR:QX6\(NPLU+PX+5^Z62QL3+25.KBU_(I-!"?CD9.G M(6_6>")G='3K3]87B(5CGUG5T]4\'47R&5<#K2D)')[;*LZ]U((-+:UMPN== M:&&%K42[;5IQ;;9GR",:H_M-A\ QW"_J4?0?,3*^56>QW8JIM'<><>WED0VL64F4?55DS2K2,_YX"J0>B1F]5IB5O]$ MD?%T0DYE_9](^>.(]#H![@TN8NQG> (B>@?^I3'@X5$_'G>O\.MQYW(<_96' M.!WW0!!"V0U^Z'5 G 7,N4^IJ*#M\:2?W)F#3?3Z%_'%@!I;]3O]?@C.CS8J M6LRX0JJN.?;Z'06M%(MBSMF,US9>N^ED.&4@*%;<%'2O.1#D6C$ED]6Z&G/B MG!,JQK&>"8B/ +3H)BD79 63J%V-K3$N'HLA3H#Y\\C9+6_0/$GT*!S0A\@"B?=S@6B!GY&JO!=!.<+GZ\G58$!SH<,,&H:X-6+-W>GRY1T=M L#3I\]P@#3DZ*!- MN&??,$!]$X/=+_S;!N1*H$E';D I'2IA,BJ YO+H?>P9IW4[>]ZS1\/W>'S MSBX$4+W...J/9,@+N%4#^KQ_2[V10KK?-$!]+_:%8=,+=A,C8X1;6&EW_X+& M/.8/T6"DEQ)PX%)PH'_Q733JC+V)AL*EOG6B 5XQGJ@/\LYW8J;!T[H638$C MRT#!P3I(=0&]GO73)L>@L(8Q]IEQN4PH/XB#;CFWQ,L5),QO$>WS"^ M;[@W*I&(.[F;]0)<.CE[?FRGT/>;)09<%N7SZ'T]52A(=VU*:$*#9SR@UI9H M_NOUQ-)N)7&J8T*.7)%J7"^SES-X>CD@ U 7C7P-R]F77,5KZ0[0YA5?=2^ ME6%%XISW]_.AJ4I*'/BX!B\@2=?IL3C_^[(>]_-^2M-^3]X-3/B$Y?4N&= M.GZ^PVJXBAZTL/_ A!@-Y H??V^(@Q1?*!ZEF0E%G8@]Y/]$;>\SU[4DADJ_ M2*&7_Q/9^1M424=_:NY&+EFYNB!93#C2U15R[R<8G]WX6HQ?TX/#@4%?J,]V M3*]D/3C0.7ZZ?0FZ(&KM&,VD%[AVHM)YQ-^2,>S?2=V--Z:@R22U5X>#'&Y= MVLE%75(XME=<+\/Q0].-J$&89,_=D06-M3'CL*[F5XWA5+_$TK#"+>K.ZS 3 MS2;;'/2LB4]I@__?WY'B^K\!K]]2/J,?L>#%$>FS-;0TI5;0^L4)-J],Q,+? MWV)VSQM@'%7MS5>-/5V0\E.$>PT>VI;E@-V84 H@XQ))<>VOJV4W/9JB3H&^ M/!F\AFV[J,_QU;MPFRR1.\3OL% /TI$;'-VE7[" _^$WN=8W9&(HI,AK%9W$HM +_Q2B9S#3$3_XRQQ%B$OW9S@#A0<%K"M4W7E,J.]1: =Q8:2]4V MY9^HD%TN]TPN:0;6?Y)J^PPN"4ZP=_)E=%BUW&&.Y>Q<[[K<8A&JC7J]* M,VK+CRWK(0J &@A[O%]K5-(NTN &9TV:'-]!B%/C93M]2SH=%.2*ZM_?8Q6>T8RNR![O".W]]JI'6#*<@/XB:2 M>OWAY@U5H0OJ;];@H[F7]>[B .T<,-PFRM:$=./#;MO?3R:^AX#FL%4;6E=# MH9:Q)#3*#KE_")BG905MC-_6-@6]%H:K@_M)E_%5@+BF1O1<_Y=+")S:3%(J MU)I4:4UPTQL;7++8:8^S?_,_Y1LQ%($V0ZP$2Q"'3_V]]]L>WD%0@X="F;0& M2,[[*:74V*9I2HV,,8A&]>U6] CIMD@B#.LYTEM3SX6P!PYV1/#9==DQT/ESAZ MY951W'%-#AK?R7#9HMX-L. MXEM/YU6]HA8*Q>%C@\YPO']7!IU?MZ S+^)(K Y"WX]][CAX[!CER9%UUUQ/ MC98[YOHFT'XKO >=7J^!TWC)83M\1$[SY\QQ94LRUJ+(YUR*M,DX=LL94COQ M?MA$3X)4M%:7#*:HM5N8[A[*8C-_X- ]L4I>/"5H^YW+7?/SO&* Q0 *7HWF MI)--M]]]VK,>U(G('R$KZC?-_?HC;OBW3 /;L=__/V2$_:__V1MW?VQ,"_-^ MNOCOU+#?,S7,\VL=$4*BKI*W+$;G7OS'+E^0S8!M'9/P?56FRVRSU"YWS1%. M=09\0)*PZ^(_S._CT>XZM1Y?U:CUSM3APWTE7V?9.]Z@UKZ"KS"X/( [? ML.=Q@MM!@M'! ^T3833!LN8?/HE^T$!!P$G,P0,4H*OU3I)UZOXH)]Q.+B./ M8,>J8]O4O'-A'VM^&.29CJ9 7,@$C8OH]G8^\SJ=P#@LCXUWCL-N[V'+,S<< M3LG%Q5[:NJ71WZ\G%16&;HCW\%HUW -'S%/LUD9N,+ZK,0;"3E?#/NG>IV"_FZ^1 (WKA<&L^VGZ'R MW<6B9F$ F7B6;.MQ''=O/O)%.!"TS:&6;G^.4]Y$W?&)4VWXSDDL?]NC0:9K MNR85P,6TF$%I(-8><HT1_I_[&B6K<8J;(OISA,IVU;*#]7O?N( MX35)NX%=,G$Q1ZUZ2!?8&6&.H9\<8& KERY%\99B6X!,=>*Z6K,9 T;K?^MH MU]*VPL3QLXP,.^*((=A2TQH(P)]24WI]W_;YA=*^((.#*+U9/Q0E-Z%JWW/P M^BQN.<=/QO7NC.M,NV^*ABWU#^5.*.4IT65JL@,9+"_:P7Y:LLT#BM,0OJ)I MYXT3]Z_B__%/_]24 >XFJ=<0A8*7QFVOAIRZM[L:0G@?FPLBU &P;^][SNSWB9B( #_E7T"'E+1I$U2 MA(24#P>7QO/^%HOK\GNC'?L]8[',Y]#EZ 4 M59P8DC(+7N)X+M.0HG'TDF-5B!OPIW0YL7);HFX5M%_74=.74*Z=3+V*7\XY M81W/CQ83PR7H(<9_@=U#\Y +VCU6S_OXT"G62Z9LS,[I\A!-'9ZT09#)\?$# M#09X:D416K%SD(+ >3I<+R#O--F@"0D0)_0P"(J,;/]/ M:9$N6"'R29MD2Q#-+6"KM&$E-S&0K&Q[+YDL?.J,JH^ M\7R8)SZS?PPBK*H-&/D18[S:";=8[FPY7KX3\\.HH3Q[JCGGI9BH'WK"@:C? M!UT3).^15^\+(Z;/.?28:8X^3YI8+:0]./L1'3-5.M)2&"QVHJY_\>B'LHA$ M=X>P7TPB&&H(1A""@8%@2" 8# B& 8+K?<^8MGP_&2WXOL.;$:8\-Z?1J$-. MHW;^2&6=B3%@&;X5ZG M#P]QC&E49(.V7BS MI#C6Z4*+/0MT89EH'P7'KFUKKM>3!N64U#@AU]@3J@:A9N,2?#!)EQRZ#;V< M5E9=A1&6)[NW2YNOKIJ[?YH]DB6KLY+""EW%RDZ?#0JC"DG60HJFYTH#*M1_ M[8FM^\*V53;L= C#DA&0U"%XEFDI4EF-;Q$E=XBA-\NVTIS\Y$@4JN<3](N. MSK*-.NX9CYT-;>YYMKEG/1]IGFW$DYH:S3/>67V_?IC6 &31^I/;9.[].*7* ML/H&>I+ZI:^2RE-IY$ERK \(X,,?TSC "KEW(6F9Y;2ACI@T!IRM;Q-W89(_ MGI(,56HML+4VDGXFBX%X?T&Z4DYPO#4Q.JT?F+*77MW)_F%3L,UNU4*7)84G!?/>?Y&9B !\,U%I M9^^+XO]$#)B0:_06D<7-Y0]XQU: )E7$RD/'28ESFGUI.S'HHD6%_1+#FE!R-%S3T-/?><,)!4.\(/ M)<"V4FQ&4]#+U68GN@U E<*A^-9NQ,1PU)P#>E.LV%ZL-QM^ITNX ;)2!.=X ME+<4+\I/<1<_ F(QH L\7OZRL[%OITK8:!<3H/C0H'VW[:_5AB3B!82D"8!/ M.M+=@" ,,7'R->Y.PL0TZ DG@QU$G7[^6V[F%<.?\S] D;2I,3W8IDRJ'E'R MG]_L,H)_=IGD4D@,PNU=U4&X;C*!G_'-+8#?WTQ@H/BAC/6QE M8G.^8[.=SY=')VH5CN*[TN,%6@9Y74,2Z6JMYY7IR5FJ#X7 M%>8ZD@O)D-*N++RZDAAEM4EBU M]?^4Q1#A,(MZP6Z9JD(J&JQA>#!!P^31KB0MK:KX'XWW?1)H/>, M0$+I(#"$#DBB"BF%);_5CIULP1]"H+/7NTHK+"3:!>$2C@EVT$4V0F98#F4" MV$-)1'%NY$A2E&94HO),4"G!M)$15 B.K(8^HS,T;8HIO3??Q)?\@+O-@9MC MCL2'P*CH3;WJSAQ/S;>2]]D<]SYM>!0OJ,A6J/>-7@ZWOKDZ^$[BG+36;_-! M@&9'545W[R@I.,-N,;\L&!Q9,(E07P>40I)'S6>N2JH!+"'88JE(NH]\DZA: MXU;UUZG-C]498(KHO6M_]E[S+_UGQXO+O)=M_E:G@E[6KSRW1 M/,(G(')Y"B)7IR#R!#Z;Q=4S:_2ZUWNO13AH$ 84;!I"%>&=VI)D&79Z3(<6 MP\^F-:0'S_38)VAZA3:Z(S_@U[D9SE%#U9U9H@W&<+0_&N'!:IBU'BAB.-J? M<$8:=F4+CFU_\AU02P,$% @ K(&:3%/W:.XH P 8QD \ !X;"]W M;W)K8F]O:RYX;6S%F4]OVR 8A[\*\BD[; Z0I'_45&J32HLTK9%2[4YLDJ!B M\ !W[3[]L-UHI(M>[?(F)]L8XT<(?@_8-[^L>UY;^TQ>*VW\--N%4%_GN2]V MLA+^BZVEB7I%/8CW-AEFLER<5NT;WQY[HVOT/D]UL5"'GMF@J:4(/Y:06 M05GC=ZKV&3&BDM-L7X4(4Y('$U1X(PO3-Q7K9J1[]:*<9C2>!Q'B,R_*J[66 M&7'7*MYPBY*VX'B0LWAMM2KCVTMR+[0PA22KKF\20 8 LK,!DL%2)) <@.0G MA%RU$.T#GM@->:RE2R!' .3H;) //QN50(X!R/'9(&?"[Q+("0 YP85\=%MA MU.^/T_@"(+K )5HU527<6]M-*[4U*CXF8O+<%85M8O(DD)< Y"4NY%T1AYE7 M;7F7B7/E:_M^'<$3R"L \@H7I ]=;BM#OMH@-5FZV*(+2J:92(=0:@]Q M*>=R'5(6T"#("FG#([RE-) N*+(O5COAY.=[X6-^S&P56_)=);*,ZD@A(5U0 M9%\L3&$K29[$Z^&0@NQ D?7P()Q19NO)4CK2]6)*!BF!HCNAJE3H/=#F1G1$ MB*32%!]F)*0$BNR$55/7NI.5T.DRCP3;>BS%A#Q!SRD*>IEB0J:@R*J 4SA5 M!85<09%ET<8P&<0-AI;^4[I>AMS D-W0Y_%1+$@3#%D38#"308H);C>0_?%O M#![M2<@>#-D>8-2P48H)"84A"R5=)9/!7 :A]&$G0E)AR%(!@Y!-4DQ(*PQ9 M*^":F5VDF)!6&+)6P+QFJ588I!6&K)4^K]^'(GF2KZ$1^F!(0C9A)[')D8G" M(9WP$^D$Z#4.>86?9/MQO-\@D7!LD7SH-WI !GZLPO8'9&*>^H-#_N#(_H Q MQRDF)!*.+))T+P?/$L@C'-DCQY8UQV8,)!&.+!%PGW>P0N201#BR1,#E%[]* M,2&;\,XF^?X_1"DWRLCR>WR%C^6%T,72D?;0?U(9C=N=SJ;1>A;+'LTW*[H_ M!VT;^Y\>MW\ 4$L#!!0 ( *R!FDR#246%G@$ $H8 : >&PO7W)E M;',O=V]R:V)O;VLN>&UL+G)E;'/%V3UNPD 0AN&K(!\@ZYGA-P*J-+1)+F"9 MQ4;X3[L;!6X?QTV,!#LIT$=C9!G-O-7#RJS?;96%8]OX\MCYR;FN&K])RA"Z M5V-\7MHZ\R]M9YO^R:%U=1;Z6U>8+LM/66$-I^GSYSL]IO$[?:4 M3#XS5]BP2S@<<_O6YE^U;<*-BK\% MB;D=Q/$@A@=)/$C@0=-XT!0>-(L'S>!!\WC0'!ZTB - 2'K2*!ZW@ M090J,J;X) UKO-:D<$UXKTD!F_!BDT(VX+U9T9OQ>K.B-^/U9D5OQNO-BMZ,UYL5 MO1FO-RMZ,UYO5O1FO-ZBZ"UXO4716_!ZBZ*W/.%=B?:R!*^W*'H+7F]1]!:\ MWJ+H+7B]1=%;\'J+HK?@]19%;\'K/1WI[F\(\NN1I^MV8$MP^7 MRCX^8YAZ=_](Z=!OL6:X/OSG8ICZ&V&N_CK8_@!02P,$% @ K(&:3&:L MT:"E 0 I1@ !, !;0V]N=&5N=%]4>7!E&ULS9G?;L(@%(=?Q?1V ML0AL[D_4FVVWF\GV JP]M<2V$$"G;S]:=.G21F"?6#,9R75RJ?&4A,CA7&U"K'K%LRJ;*D6Q,1H-&:9:0(U81C: M',EL\D2%6E5A\+@;;U-/$V5MI3,5M&G8NLE_)1WN$Z:.JFZ.+[7U5W%",GC> MQ"P^CDV3&/4).Z+"[X5M/ZY[79-S.J=_H9FBT!GE)EO5<4GJK2.5^Y(HU%7J M2^4H?PM.-XL][URY\*+JF)AM*O9C0GHYCK"MJ!^@BYRS1YC'J63OQG%ND]NKDE!]5/*:^W(?]-&[9O?<=^'?0 MLZXY[=3/QR% ."0(QS4(QPT(QQB$XQ:$XPZ$XQZ$@X]00%",RE&4RE&ZK/N M[\3L"U!+ 0(4 Q0 ( *R!FDP?(\\#P !," + " M 0 !?D !D;V-0&UL4$L! A0#% @ MK(&:3 HJMI#N *P( !$ ( !F0$ &1O8U!R;W!S+V-O M&UL4$L! A0#% @ K(&:3)E&PO=V]R:W-H965T&UL4$L! A0#% @ K(&:3-2.]C$*! ZA( !@ M ( !A L 'AL+W=OY^@$ D& & M @ %A$@ >&PO=V]R:W-H965T&UL4$L! A0#% M @ K(&:3!$1\GX,!@ [" !@ ( !?Q< 'AL+W=O&PO=V]R:W-H965TLP$ -(# 9 M " 5@J !X;"]W;W)K&UL4$L! A0#% @ MK(&:3%^-9[FS 0 T@, !D ( !0BP 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ K(&:3$K\-<,Y @ ; < !D M ( !QS< 'AL+W=O&PO=V]R:W-H M965T&UL4$L! M A0#% @ K(&:3/&-M-C& 0 -P0 !D ( !$CX 'AL M+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ K(&: M3''8^J&X 0 T@, !D ( !^D, 'AL+W=O&PO=V]R:W-H965TE' !X;"]W;W)K M&UL4$L! A0#% @ K(&:3.%BF[2% @ N @ M !D ( !V4H 'AL+W=O"0 &0 @ &530 M>&PO=V]R:W-H965T&UL4$L! A0#% @ K(&:3$Y2?:P=!0 PAP !D M ( !-EH 'AL+W=O&PO=V]R:W-H965T M&UL4$L! A0# M% @ K(&:3),GR'\; @ FP8 !D ( !P&4 'AL+W=O M&PO=V]R:W-H965T&UL4$L! A0#% @ K(&:3&+6 M.UC[ 0 +P4 !D ( !,WH 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ K(&:3%^3\].O @ DPD !D M ( !2X0 'AL+W=O&PO M&PO&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;'-02P$"% ,4 " "L@9I, M9JS1H*4! "E& $P @ $Q"0$ 6T-O;G1E;G1?5'EP97-= :+GAM;%!+!08 , P (- '"P$ ! end XML 52 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 53 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 55 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 234 260 1 true 71 0 false 8 false false R1.htm 0001000 - Document - Document and Entity Information Sheet http://www.pebblebrookhotels.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 1001000 - Statement - Consolidated Balance Sheets Sheet http://www.pebblebrookhotels.com/role/ConsolidatedBalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 1001501 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://www.pebblebrookhotels.com/role/ConsolidatedBalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 1002000 - Statement - Consolidated Statements of Operations and Comprehensive Income Sheet http://www.pebblebrookhotels.com/role/ConsolidatedStatementsOfOperationsAndComprehensiveIncome Consolidated Statements of Operations and Comprehensive Income Statements 4 false false R5.htm 1004000 - Statement - Consolidated Statements of Equity Sheet http://www.pebblebrookhotels.com/role/ConsolidatedStatementsOfEquity Consolidated Statements of Equity Statements 5 false false R6.htm 1005000 - Statement - Consolidated Statements of Cash Flows Sheet http://www.pebblebrookhotels.com/role/ConsolidatedStatementsOfCashFlows Consolidated Statements of Cash Flows Statements 6 false false R7.htm 2101100 - Disclosure - Organization Sheet http://www.pebblebrookhotels.com/role/Organization Organization Notes 7 false false R8.htm 2102100 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.pebblebrookhotels.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 8 false false R9.htm 2103100 - Disclosure - Acquisition and Disposition of Hotel Properties Sheet http://www.pebblebrookhotels.com/role/AcquisitionAndDispositionOfHotelProperties Acquisition and Disposition of Hotel Properties Notes 9 false false R10.htm 2104100 - Disclosure - Investment in Hotel Properties Sheet http://www.pebblebrookhotels.com/role/InvestmentInHotelProperties Investment in Hotel Properties Notes 10 false false R11.htm 2106100 - Disclosure - Debt Sheet http://www.pebblebrookhotels.com/role/Debt Debt Notes 11 false false R12.htm 2107100 - Disclosure - Equity Sheet http://www.pebblebrookhotels.com/role/Equity Equity Notes 12 false false R13.htm 2108100 - Disclosure - Share-Based Compensation Plan Sheet http://www.pebblebrookhotels.com/role/ShareBasedCompensationPlan Share-Based Compensation Plan Notes 13 false false R14.htm 2109100 - Disclosure - Income Taxes Sheet http://www.pebblebrookhotels.com/role/IncomeTaxes Income Taxes Notes 14 false false R15.htm 2110100 - Disclosure - Earnings Per Share Sheet http://www.pebblebrookhotels.com/role/EarningsPerShare Earnings Per Share Notes 15 false false R16.htm 2111100 - Disclosure - Commitments and Contingencies Sheet http://www.pebblebrookhotels.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 16 false false R17.htm 2112100 - Disclosure - Supplemental Information to Statements of Cash Flows Sheet http://www.pebblebrookhotels.com/role/SupplementalInformationToStatementsOfCashFlows Supplemental Information to Statements of Cash Flows Notes 17 false false R18.htm 2202201 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://www.pebblebrookhotels.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://www.pebblebrookhotels.com/role/SummaryOfSignificantAccountingPolicies 18 false false R19.htm 2304301 - Disclosure - Investment in Hotel Properties (Tables) Sheet http://www.pebblebrookhotels.com/role/InvestmentInHotelPropertiesTables Investment in Hotel Properties (Tables) Tables http://www.pebblebrookhotels.com/role/InvestmentInHotelProperties 19 false false R20.htm 2306301 - Disclosure - Debt (Tables) Sheet http://www.pebblebrookhotels.com/role/DebtTables Debt (Tables) Tables http://www.pebblebrookhotels.com/role/Debt 20 false false R21.htm 2307301 - Disclosure - Equity (Tables) Sheet http://www.pebblebrookhotels.com/role/EquityTables Equity (Tables) Tables http://www.pebblebrookhotels.com/role/Equity 21 false false R22.htm 2308301 - Disclosure - Share-Based Compensation Plan (Tables) Sheet http://www.pebblebrookhotels.com/role/ShareBasedCompensationPlanTables Share-Based Compensation Plan (Tables) Tables http://www.pebblebrookhotels.com/role/ShareBasedCompensationPlan 22 false false R23.htm 2310301 - Disclosure - Earnings Per Share (Tables) Sheet http://www.pebblebrookhotels.com/role/EarningsPerShareTables Earnings Per Share (Tables) Tables http://www.pebblebrookhotels.com/role/EarningsPerShare 23 false false R24.htm 2312301 - Disclosure - Supplemental Information to Statements of Cash Flows (Tables) Sheet http://www.pebblebrookhotels.com/role/SupplementalInformationToStatementsOfCashFlowsTables Supplemental Information to Statements of Cash Flows (Tables) Tables http://www.pebblebrookhotels.com/role/SupplementalInformationToStatementsOfCashFlows 24 false false R25.htm 2401401 - Disclosure - Organization (Details) Sheet http://www.pebblebrookhotels.com/role/OrganizationDetails Organization (Details) Details http://www.pebblebrookhotels.com/role/Organization 25 false false R26.htm 2402402 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://www.pebblebrookhotels.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://www.pebblebrookhotels.com/role/SummaryOfSignificantAccountingPoliciesPolicies 26 false false R27.htm 2403401 - Disclosure - Acquisition and Disposition of Hotel Properties (Details Textual) Sheet http://www.pebblebrookhotels.com/role/AcquisitionAndDispositionOfHotelPropertiesDetailsTextual Acquisition and Disposition of Hotel Properties (Details Textual) Details http://www.pebblebrookhotels.com/role/AcquisitionAndDispositionOfHotelProperties 27 false false R28.htm 2404402 - Disclosure - Investment in Hotel Properties (Details) Sheet http://www.pebblebrookhotels.com/role/InvestmentInHotelPropertiesDetails Investment in Hotel Properties (Details) Details http://www.pebblebrookhotels.com/role/InvestmentInHotelPropertiesTables 28 false false R29.htm 2406402 - Disclosure - Debt (Details Textual) Sheet http://www.pebblebrookhotels.com/role/DebtDetailsTextual Debt (Details Textual) Details http://www.pebblebrookhotels.com/role/DebtTables 29 false false R30.htm 2406403 - Disclosure - Debt (Details) Sheet http://www.pebblebrookhotels.com/role/DebtDetails Debt (Details) Details http://www.pebblebrookhotels.com/role/DebtTables 30 false false R31.htm 2407402 - Disclosure - Equity (Details Textual) Sheet http://www.pebblebrookhotels.com/role/EquityDetailsTextual Equity (Details Textual) Details http://www.pebblebrookhotels.com/role/EquityTables 31 false false R32.htm 2407403 - Disclosure - Equity (Details) Sheet http://www.pebblebrookhotels.com/role/EquityDetails Equity (Details) Details http://www.pebblebrookhotels.com/role/EquityTables 32 false false R33.htm 2407404 - Disclosure - Equity (Details 1) Sheet http://www.pebblebrookhotels.com/role/EquityDetails1 Equity (Details 1) Details http://www.pebblebrookhotels.com/role/EquityTables 33 false false R34.htm 2408402 - Disclosure - Share-Based Compensation Plan (Details Textual) Sheet http://www.pebblebrookhotels.com/role/ShareBasedCompensationPlanDetailsTextual Share-Based Compensation Plan (Details Textual) Details http://www.pebblebrookhotels.com/role/ShareBasedCompensationPlanTables 34 false false R35.htm 2408403 - Disclosure - Share-Based Compensation Plan (Details) Sheet http://www.pebblebrookhotels.com/role/ShareBasedCompensationPlanDetails Share-Based Compensation Plan (Details) Details http://www.pebblebrookhotels.com/role/ShareBasedCompensationPlanTables 35 false false R36.htm 2409404 - Disclosure - Income Taxes (Details Textual) Sheet http://www.pebblebrookhotels.com/role/IncomeTaxesDetailsTextual Income Taxes (Details Textual) Details http://www.pebblebrookhotels.com/role/IncomeTaxes 36 false false R37.htm 2410402 - Disclosure - Earnings Per Share (Details) Sheet http://www.pebblebrookhotels.com/role/EarningsPerShareDetails Earnings Per Share (Details) Details http://www.pebblebrookhotels.com/role/EarningsPerShareTables 37 false false R38.htm 2411402 - Disclosure - Commitments and Contingencies (Details Textual) Sheet http://www.pebblebrookhotels.com/role/CommitmentsAndContingenciesDetailsTextual Commitments and Contingencies (Details Textual) Details http://www.pebblebrookhotels.com/role/CommitmentsAndContingencies 38 false false R39.htm 2412402 - Disclosure - Supplemental Information to Statements of Cash Flows (Details) Sheet http://www.pebblebrookhotels.com/role/SupplementalInformationToStatementsOfCashFlowsDetails Supplemental Information to Statements of Cash Flows (Details) Details http://www.pebblebrookhotels.com/role/SupplementalInformationToStatementsOfCashFlowsTables 39 false false All Reports Book All Reports peb-20180331.xml peb-20180331.xsd peb-20180331_cal.xml peb-20180331_def.xml peb-20180331_lab.xml peb-20180331_pre.xml http://xbrl.sec.gov/dei/2014-01-31 http://fasb.org/us-gaap/2017-01-31 http://xbrl.sec.gov/invest/2013-01-31 true true ZIP 57 0001474098-18-000036-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001474098-18-000036-xbrl.zip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�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