(State or other jurisdiction | (Commission | (I.R.S. Employer | ||||||||||||
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
Press release, issued April 29, 2021, providing the results of operations for the three months ended March 31, 2021. | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
PEBBLEBROOK HOTEL TRUST | |||||||||||
April 29, 2021 | By: | /s/ Raymond D. Martz | |||||||||
Name: | Raymond D. Martz | ||||||||||
Title: | Executive Vice President, Chief Financial Officer, Treasurer and Secretary |
HOTEL OPERATING TRENDS | § Hotel demand and booking trends accelerated throughout Q1, driving March Same-Property Hotel EBITDA(1) to a positive $1.3 million, the first time the portfolio has achieved positive Hotel EBITDA since the pandemic began § Occupancy at the Company’s open hotels and resorts increased from 19.3 percent in January to 34.8 percent by March, and RevPAR grew from $43 in January to $65 in February and to $85 in March, roughly doubling from January § Three of the Company’s hotels reopened in the first quarter and another 8 reopened in April, for a total of 48 of the Company’s 52 properties | |||||||
CASH BURN | § For January and February 2021, the Company’s total corporate cash burn averaged approximately $21.0 million due to typical winter seasonality and the rise in COVID-19 cases and government restrictions § For March 2021, the Company’s total corporate cash burn declined to approximately $12.0 million, due to rapidly improving hotel demand trends § Assuming continuing progress against the virus and accompanying demand improvement, Pebblebrook believes eliminating its monthly total corporate cash burn could occur in the third quarter | |||||||
BALANCE SHEET & LIQUIDITY | § As of March 31, 2021, cash on hand of $124.6 million and liquidity of $767.8 million, which includes $643.2 million available on the Company’s $650.0 million credit facility § Combined with the $157.6 million of net proceeds from the sale of the Sir Francis Drake Hotel in April, Pebblebrook has liquidity of over $900.0 million § Net debt to depreciated book value at the end of Q1 2021: 42% | |||||||
2021 OUTLOOK | § Given the uncertainties related to the COVID-19 pandemic, its impact on travel, and variable and unpredictable government restrictions, the Company is unable to provide an outlook for 2021 at this time § For Q2 2021, the Company expects Same-Property Room Revenues(1) and Total Revenues(1) to be down between (66%) and (70%) compared to Q2 2019, much improved from Q1 2021 |
“ | Improving demand trends during the first quarter exceeded our expectations, with rising confidence in travel as vaccination rates improved and travel restrictions eased. Same-Property Hotel EBITDA in March turned positive due to robust pent-up leisure demand throughout the portfolio. This rapid turnaround is a remarkable accomplishment considering the currently low levels of business transient and group hotel demand. The improvements in operating trends allowed us to reopen 10 more hotels since the end of February, including 7 in San Francisco, and one each in Boston, Portland, and Washington, D.C. As we look forward, we are encouraged with the increased booking activity we are experiencing, which we expect to strengthen further as we near the traditional peak leisure summer season. These accelerating trends should allow us to return to profitability earlier in the second half of this year than we expected just 45 days ago. We are also pleased to report the successful sale of the Sir Francis Drake Hotel in San Francisco, California, generating $157.6 million of net proceeds and a taxable gain of approximately $60.0 million. Strategically, we anticipate reallocating the proceeds from recent property dispositions into new acquisition opportunities that we expect will generate enhanced growth opportunities for our shareholders as they may become available.” - Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust | |||||||
First Quarter | ||||||||||||||
Same-Property and Corporate Highlights | 2021 | 2020 (‘21 vs. ‘20 growth) | 2019 (‘21 vs. ‘19 growth) | |||||||||||
($ in millions except per share and RevPAR data) | ||||||||||||||
Net income (loss) | ($121.4) | $42.1 | $5.7 | |||||||||||
Same-Property Room Revenues(1) | $53.2 | $167.8 | $222.7 | |||||||||||
Same-Property Room Revenues growth rate | (68.3%) | (76.1%) | ||||||||||||
Same-Property Total Revenues(1) | $83.2 | $252.8 | $328.9 | |||||||||||
Same-Property Total Revenues growth rate | (67.1%) | (74.7%) | ||||||||||||
Same-Property Total Expenses(1) | $99.3 | $213.1 | $239.6 | |||||||||||
Same-Property Total Expenses growth rate | (53.4%) | (58.5%) | ||||||||||||
Same-Property EBITDA(1) | ($16.1) | $39.7 | $89.4 | |||||||||||
Same-Property EBITDA growth rate | (140.6%) | (118.0%) | ||||||||||||
Adjusted EBITDAre(1) | ($25.0) | $35.9 | $90.5 | |||||||||||
Adjusted EBITDAre growth rate | (169.5%) | (127.6%) | ||||||||||||
Adjusted FFO(1) | ($55.7) | $17.2 | $60.7 | |||||||||||
Adjusted FFO per diluted share(1) | ($0.42) | $0.13 | $0.46 | |||||||||||
Adjusted FFO per diluted share growth rate | (423.1%) | (191.3%) | ||||||||||||
2021 Monthly Results | ||||||||||||||
Open Portfolio Highlights(2) | January | February | March | |||||||||||
Open Portfolio Occupancy | 19 | % | 27 | % | 35 | % | ||||||||
Open Portfolio ADR | $224 | $241 | $245 | |||||||||||
Open Portfolio RevPAR | $43 | $65 | $85 | |||||||||||
Open Portfolio Total Revenues | $18.0 | $24.9 | $37.1 | |||||||||||
Open Portfolio Total Revenues growth rate (2021 vs. 2019) | (73 | %) | (68 | %) | (59 | %) | ||||||||
Open Portfolio EBITDA | ($6.3) | ($1.5) | $6.0 | |||||||||||
(1) See tables later in this press release for a description of same-property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share. For the details as to which hotels are included in Same-Property Room Revenues, Total Revenues, Expenses and EBITDA appearing in the table above and elsewhere in this press release, refer to the Same-Property Statistical Data table footnotes later in this press release. (2) Represents properties at which operations were not temporarily suspended for more than half of each respective month. |
Pebblebrook Hotel Trust | |||||||||||
Consolidated Balance Sheets | |||||||||||
($ in thousands, except share and per-share data) | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Assets: | |||||||||||
Investment in hotel properties, net | $ | 5,731,727 | $ | 5,882,022 | |||||||
Hotel held for sale | 90,384 | — | |||||||||
Cash and cash equivalents | 113,338 | 124,274 | |||||||||
Restricted cash | 11,294 | 12,026 | |||||||||
Hotel receivables (net of allowance for doubtful accounts of $539 and $183, respectively) | 16,647 | 10,225 | |||||||||
Prepaid expenses and other assets | 45,519 | 47,819 | |||||||||
Total assets | $ | 6,008,909 | $ | 6,076,366 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Unsecured revolving credit facilities | $ | — | $ | 40,000 | |||||||
Unsecured term loans, net of unamortized deferred financing costs | 1,589,752 | 1,766,545 | |||||||||
Senior convertible notes, net of unamortized debt premium and discount and deferred financing costs | 744,715 | 374,333 | |||||||||
Senior unsecured notes, net of unamortized deferred financing costs | 99,513 | 99,593 | |||||||||
Accounts payable, accrued expenses and other liabilities | 239,278 | 226,446 | |||||||||
Lease liabilities - operating leases | 254,831 | 255,106 | |||||||||
Deferred revenues | 41,202 | 36,057 | |||||||||
Accrued interest | 9,087 | 4,653 | |||||||||
Liabilities related to hotel held for sale | 2,293 | — | |||||||||
Distribution payable | 9,082 | 9,307 | |||||||||
Total liabilities | 2,989,753 | 2,812,040 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders' Equity: | |||||||||||
Preferred shares of beneficial interest, $0.01 par value (liquidation preference $510,000 at March 31, 2021 and December 31, 2020), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at March 31, 2021 and December 31, 2020 | 204 | 204 | |||||||||
Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized; 130,812,917 shares issued and outstanding at March 31, 2021 and 130,673,300 shares issued and outstanding at December 31, 2020 | 1,308 | 1,307 | |||||||||
Additional paid-in capital | 4,038,860 | 4,169,870 | |||||||||
Accumulated other comprehensive income (loss) | (43,917) | (60,071) | |||||||||
Distributions in excess of retained earnings | (983,771) | (853,973) | |||||||||
Total shareholders' equity | 3,012,684 | 3,257,337 | |||||||||
Non-controlling interests | 6,472 | 6,989 | |||||||||
Total equity | 3,019,156 | 3,264,326 | |||||||||
Total liabilities and equity | $ | 6,008,909 | $ | 6,076,366 |
Pebblebrook Hotel Trust | |||||||||||
Consolidated Statements of Operations | |||||||||||
($ in thousands, except share and per-share data) | |||||||||||
(Unaudited) | |||||||||||
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Room | $ | 53,463 | $ | 177,141 | |||||||
Food and beverage | 14,809 | 67,092 | |||||||||
Other operating | 15,371 | 24,874 | |||||||||
Total revenues | $ | 83,643 | $ | 269,107 | |||||||
Expenses: | |||||||||||
Hotel operating expenses: | |||||||||||
Room | $ | 16,710 | $ | 54,125 | |||||||
Food and beverage | 10,743 | 51,859 | |||||||||
Other direct and indirect | 45,228 | 95,470 | |||||||||
Total hotel operating expenses | 72,681 | 201,454 | |||||||||
Depreciation and amortization | 55,443 | 55,828 | |||||||||
Real estate taxes, personal property taxes, property insurance, and ground rent | 28,590 | 29,766 | |||||||||
General and administrative | 7,646 | 22,577 | |||||||||
Transaction costs | 111 | 36 | |||||||||
Impairment loss | 14,856 | 20,570 | |||||||||
(Gain) loss on sale of hotel properties | — | (117,448) | |||||||||
(Gain) loss and other operating expenses | 451 | 1,433 | |||||||||
Total operating expenses | 179,778 | 214,216 | |||||||||
Operating income (loss) | (96,135) | 54,891 | |||||||||
Interest expense | (25,331) | (23,591) | |||||||||
Other | 29 | 24 | |||||||||
Income (loss) before income taxes | (121,437) | 31,324 | |||||||||
Income tax (expense) benefit | (3) | 10,744 | |||||||||
Net income (loss) | (121,440) | 42,068 | |||||||||
Net income (loss) attributable to non-controlling interests | (858) | 119 | |||||||||
Net income (loss) attributable to the Company | (120,582) | 41,949 | |||||||||
Distributions to preferred shareholders | (8,139) | (8,139) | |||||||||
Net income (loss) attributable to common shareholders | $ | (128,721) | $ | 33,810 | |||||||
Net income (loss) per share available to common shareholders, basic | $ | (0.98) | $ | 0.26 | |||||||
Net income (loss) per share available to common shareholders, diluted | $ | (0.98) | $ | 0.26 | |||||||
Weighted-average number of common shares, basic | 130,775,873 | 130,555,846 | |||||||||
Weighted-average number of common shares, diluted | 130,775,873 | 130,678,908 |
Pebblebrook Hotel Trust | |||||||||||||||||
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO | |||||||||||||||||
($ in thousands, except share and per-share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income (loss) | $ | (121,440) | $ | 42,068 | $ | 5,655 | |||||||||||
Adjustments: | |||||||||||||||||
Depreciation and amortization | 55,333 | 55,717 | 54,243 | ||||||||||||||
(Gain) loss on sale of hotel properties | — | (117,448) | — | ||||||||||||||
Impairment loss | 14,856 | 20,570 | — | ||||||||||||||
FFO | $ | (51,251) | $ | 907 | $ | 59,898 | |||||||||||
Distribution to preferred shareholders | (8,139) | (8,139) | (8,139) | ||||||||||||||
FFO available to common share and unit holders | $ | (59,390) | $ | (7,232) | $ | 51,759 | |||||||||||
Transaction costs | 111 | 36 | 2,497 | ||||||||||||||
Non-cash ground rent | 880 | 959 | 972 | ||||||||||||||
Management/franchise contract transition costs | (44) | 311 | 3,172 | ||||||||||||||
Interest expense adjustment for acquired liabilities | 539 | 241 | 271 | ||||||||||||||
Finance lease adjustment | 812 | 799 | 691 | ||||||||||||||
Non-cash amortization of acquired intangibles | (253) | (300) | (437) | ||||||||||||||
Non-cash interest expense | 735 | 1,364 | 1,778 | ||||||||||||||
One-time operation suspension expenses | 132 | 5,049 | — | ||||||||||||||
Non-cash canceled share-based compensation | — | 16,001 | — | ||||||||||||||
Early extinguishment of debt | 756 | — | — | ||||||||||||||
Adjusted FFO available to common share and unit holders | $ | (55,722) | $ | 17,228 | $ | 60,703 | |||||||||||
FFO per common share - basic | $ | (0.45) | $ | (0.06) | $ | 0.40 | |||||||||||
FFO per common share - diluted | $ | (0.45) | $ | (0.06) | $ | 0.40 | |||||||||||
Adjusted FFO per common share - basic | $ | (0.42) | $ | 0.13 | $ | 0.46 | |||||||||||
Adjusted FFO per common share - diluted | $ | (0.42) | $ | 0.13 | $ | 0.46 | |||||||||||
Weighted-average number of basic common shares and units | 131,636,686 | 130,925,802 | 130,801,030 | ||||||||||||||
Weighted-average number of fully diluted common shares and units | 131,636,686 | 131,048,864 | 130,980,506 |
This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented. The Company also evaluates its performance by reviewing Adjusted FFO because it believes that adjusting FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO: - Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels. - Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease. - Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels. - Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities assumed in connection with acquisitions, because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Non-cash interest expense, one-time operation suspension expenses, non-cash canceled share-based compensation and early extinguishment of debt: The Company excludes these items because the Company believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels. The Company’s presentation of FFO in accordance with the Nareit White Paper, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. |
Pebblebrook Hotel Trust | |||||||||||||||||
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre | |||||||||||||||||
($ in thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income (loss) | $ | (121,440) | $ | 42,068 | $ | 5,655 | |||||||||||
Adjustments: | |||||||||||||||||
Interest expense | 25,331 | 23,591 | 29,328 | ||||||||||||||
Income tax expense (benefit) | 3 | (10,744) | (5,037) | ||||||||||||||
Depreciation and amortization | 55,443 | 55,828 | 54,302 | ||||||||||||||
EBITDA | $ | (40,663) | $ | 110,743 | $ | 84,248 | |||||||||||
(Gain) loss on sale of hotel properties | — | (117,448) | — | ||||||||||||||
Impairment loss | 14,856 | 20,570 | — | ||||||||||||||
EBITDAre | $ | (25,807) | $ | 13,865 | $ | 84,248 | |||||||||||
Transaction costs | 111 | 36 | 2,497 | ||||||||||||||
Non-cash ground rent | 880 | 959 | 972 | ||||||||||||||
Management/franchise contract transition costs | (44) | 311 | 3,172 | ||||||||||||||
Non-cash amortization of acquired intangibles | (253) | (300) | (437) | ||||||||||||||
One-time operation suspension expenses | 132 | 5,049 | — | ||||||||||||||
Non-cash canceled share-based compensation | — | 16,001 | — | ||||||||||||||
Adjusted EBITDAre | $ | (24,981) | $ | 35,921 | $ | 90,452 | |||||||||||
This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization). Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. The Company also evaluates its performance by reviewing Adjusted EBITDAre because it believes that adjusting EBITDAre to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: - Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease. - Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - One-time operation suspension expenses and non-cash canceled share-based compensation: The Company excludes these items because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. The Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. |
Pebblebrook Hotel Trust | |||||||||||||||||
Same-Property Statistical Data | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Same-Property Occupancy | 18.8 | % | 56.7 | % | 75.4 | % | |||||||||||
2021 vs. 2020 Increase/(Decrease) | (66.7 | %) | |||||||||||||||
2021 vs. 2019 Increase/(Decrease) | (75.0 | %) | |||||||||||||||
Same-Property ADR | $240.27 | $249.64 | $251.77 | ||||||||||||||
2021 vs. 2020 Increase/(Decrease) | (3.8 | %) | |||||||||||||||
2021 vs. 2019 Increase/(Decrease) | (4.6 | %) | |||||||||||||||
Same-Property RevPAR | $45.28 | $141.43 | $189.81 | ||||||||||||||
2021 vs. 2020 Increase/(Decrease) | (68.0 | %) | |||||||||||||||
2021 vs. 2019 Increase/(Decrease) | (76.1 | %) | |||||||||||||||
Same-Property Total RevPAR | $70.83 | $213.13 | $280.37 | ||||||||||||||
2021 vs. 2020 Increase/(Decrease) | (66.8 | %) | |||||||||||||||
2021 vs. 2019 Increase/(Decrease) | (74.7 | %) | |||||||||||||||
Notes: | |||||||||||||||||
While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended March 31 includes information from all of the hotels the Company owned as of March 31, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 in 2021, 2020 and 2019 because it was closed during the first quarter of 2020 for renovation. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | |||||||||||
Same-Property Statistical Data - by Market | |||||||||||
(Unaudited) | |||||||||||
Three months ended March 31, | |||||||||||
2021 vs. 2020 | 2021 vs. 2019 | ||||||||||
Same-Property RevPAR variance: | |||||||||||
Southern Florida | 4.2 | % | (5.4 | %) | |||||||
Portland | (60.8 | %) | (68.9 | %) | |||||||
Other | (62.4 | %) | (69.8 | %) | |||||||
San Diego | (60.9 | %) | (72.8 | %) | |||||||
Boston | (68.6 | %) | (76.7 | %) | |||||||
Los Angeles | (76.9 | %) | (82.1 | %) | |||||||
Washington DC | (78.2 | %) | (86.4 | %) | |||||||
Seattle | (87.3 | %) | (92.1 | %) | |||||||
Chicago | (94.9 | %) | (95.6 | %) | |||||||
San Francisco | (98.3 | %) | (98.8 | %) | |||||||
East Coast | (40.7 | %) | (52.6 | %) | |||||||
West Coast | (80.2 | %) | (85.8 | %) | |||||||
Notes: | |||||||||||
While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended March 31 includes information from all of the hotels the Company owned as of March 31, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 in 2021, 2020 and 2019 because it was closed during the first quarter of 2020 for renovation. "Other" includes New York City, NY; Philadelphia, PA; and Santa Cruz, CA. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | |||||||||||||||||
Hotel Operational Data | |||||||||||||||||
Schedule of Same-Property Results | |||||||||||||||||
($ in thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Same-Property Revenues: | |||||||||||||||||
Room | $ | 53,156 | $ | 167,776 | $ | 222,691 | |||||||||||
Food and beverage | 14,758 | 60,817 | 77,349 | ||||||||||||||
Other | 15,247 | 24,244 | 28,902 | ||||||||||||||
Total hotel revenues | 83,161 | 252,837 | 328,942 | ||||||||||||||
Same-Property Expenses: | |||||||||||||||||
Room | $ | 16,475 | $ | 51,552 | $ | 60,103 | |||||||||||
Food and beverage | 10,657 | 48,153 | 56,705 | ||||||||||||||
Other direct | 2,701 | 4,723 | 5,421 | ||||||||||||||
General and administrative | 13,226 | 24,700 | 27,185 | ||||||||||||||
Information and telecommunication systems | 3,196 | 5,407 | 5,319 | ||||||||||||||
Sales and marketing | 8,662 | 23,655 | 25,662 | ||||||||||||||
Management fees | 2,677 | 6,870 | 9,064 | ||||||||||||||
Property operations and maintenance | 6,559 | 11,380 | 11,506 | ||||||||||||||
Energy and utilities | 5,758 | 7,423 | 8,269 | ||||||||||||||
Property taxes | 19,231 | 19,381 | 18,776 | ||||||||||||||
Other fixed expenses | 10,152 | 9,867 | 11,542 | ||||||||||||||
Total hotel expenses | 99,294 | 213,111 | 239,552 | ||||||||||||||
Same-Property EBITDA | $ | (16,133) | $ | 39,726 | $ | 89,390 | |||||||||||
Same-Property EBITDA Margin | (19.4 | %) | 15.7 | % | 27.2 | % | |||||||||||
Notes: | |||||||||||||||||
While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended March 31 includes information from all of the hotels the Company owned as of March 31, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 in 2021, 2020 and 2019 because it was closed during the first quarter of 2020 for renovation. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | ||||||||||||||||||||||||||
2021 Same-Property Inclusion Reference Table | ||||||||||||||||||||||||||
Hotels | Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||||||
Sir Francis Drake | X | |||||||||||||||||||||||||
Hotel Monaco Washington DC | X | X | X | X | ||||||||||||||||||||||
Skamania Lodge | X | X | X | X | ||||||||||||||||||||||
Le Méridien Delfina Santa Monica | X | X | X | X | ||||||||||||||||||||||
Sofitel Philadelphia at Rittenhouse Square | X | X | X | X | ||||||||||||||||||||||
Argonaut Hotel | X | X | X | X | ||||||||||||||||||||||
The Westin San Diego Gaslamp Quarter | X | X | X | X | ||||||||||||||||||||||
Hotel Monaco Seattle | X | X | X | X | ||||||||||||||||||||||
Mondrian Los Angeles | X | X | X | X | ||||||||||||||||||||||
W Boston | X | X | X | X | ||||||||||||||||||||||
Hotel Zetta San Francisco | X | X | X | X | ||||||||||||||||||||||
Hotel Vintage Seattle | X | X | X | X | ||||||||||||||||||||||
Hotel Vintage Portland | X | X | X | X | ||||||||||||||||||||||
W Los Angeles - West Beverly Hills | X | X | X | X | ||||||||||||||||||||||
Hotel Zelos San Francisco | X | X | X | X | ||||||||||||||||||||||
Embassy Suites San Diego Bay - Downtown | X | X | X | X | ||||||||||||||||||||||
The Hotel Zags | X | X | X | X | ||||||||||||||||||||||
Hotel Zephyr Fisherman's Wharf | X | X | X | X | ||||||||||||||||||||||
Hotel Zeppelin San Francisco | X | X | X | X | ||||||||||||||||||||||
The Nines, a Luxury Collection Hotel, Portland | X | X | X | X | ||||||||||||||||||||||
Hotel Colonnade Coral Gables, Autograph Collection | X | X | X | X | ||||||||||||||||||||||
Hotel Palomar Los Angeles Beverly Hills | X | X | X | X | ||||||||||||||||||||||
Revere Hotel Boston Common | X | X | X | X | ||||||||||||||||||||||
LaPlaya Beach Resort & Club | X | X | X | X | ||||||||||||||||||||||
Hotel Zoe Fisherman's Wharf | X | X | X | X | ||||||||||||||||||||||
Villa Florence San Francisco on Union Square | X | X | X | X | ||||||||||||||||||||||
Hotel Vitale | X | X | X | X | ||||||||||||||||||||||
The Marker San Francisco | X | X | X | X | ||||||||||||||||||||||
Hotel Spero | X | X | X | X | ||||||||||||||||||||||
Harbor Court Hotel San Francisco | X | X | X | X | ||||||||||||||||||||||
Chaminade Resort & Spa | X | X | X | X | ||||||||||||||||||||||
Viceroy Santa Monica Hotel | X | X | X | X | ||||||||||||||||||||||
Le Parc Suite Hotel | X | X | X | X | ||||||||||||||||||||||
Montrose West Hollywood | X | X | X | X | ||||||||||||||||||||||
Chamberlain West Hollywood Hotel | X | X | X | X | ||||||||||||||||||||||
Grafton on Sunset | X | X | X | X | ||||||||||||||||||||||
The Westin Copley Place, Boston | X | X | X | X | ||||||||||||||||||||||
The Liberty, a Luxury Collection Hotel, Boston | X | X | X | X | ||||||||||||||||||||||
Hyatt Regency Boston Harbor | X | X | X | X | ||||||||||||||||||||||
George Hotel | X | X | X | X | ||||||||||||||||||||||
Viceroy Washington DC | X | X | X | X |
Hotel Zena Washington DC | X | X | ||||||||||||||||||||||||
Paradise Point Resort & Spa | X | X | X | X | ||||||||||||||||||||||
Hilton San Diego Gaslamp Quarter | X | X | X | X | ||||||||||||||||||||||
L'Auberge Del Mar | X | X | X | X | ||||||||||||||||||||||
San Diego Mission Bay Resort | X | X | X | X | ||||||||||||||||||||||
Solamar Hotel | X | X | X | X | ||||||||||||||||||||||
The Heathman Hotel | X | X | X | X | ||||||||||||||||||||||
Southernmost Beach Resort | X | X | X | X | ||||||||||||||||||||||
The Marker Key West Harbor Resort | X | X | X | X | ||||||||||||||||||||||
The Roger New York | X | X | X | X | ||||||||||||||||||||||
Hotel Chicago Downtown, Autograph Collection | X | X | X | X | ||||||||||||||||||||||
The Westin Michigan Avenue Chicago | X | X | X | X | ||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||
A property marked with an "X" in a specific quarter denotes that the same-property operating results of that property are included in the Same-Property Statistical Data and in the Schedule of Same-Property Results. The Company’s first quarter Same-Property RevPAR, RevPAR Growth, Total RevPAR, Total RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin include all of the hotels the Company owned as of March 31, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 in 2021, 2020 and 2019 because it was closed during the first quarter of 2020 for renovation. Operating statistics and financial results may include periods prior to the Company’s ownership of the hotels. |
Pebblebrook Hotel Trust | ||||||||||||||||||||||||||||||||
Historical Operating Data | ||||||||||||||||||||||||||||||||
($ in millions except ADR and RevPAR data) | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Historical Operating Data: | ||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||
2019 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||||||||||
Occupancy | 75 | % | 87 | % | 87 | % | 79 | % | 82 | % | ||||||||||||||||||||||
ADR | $249 | $269 | $263 | $247 | $257 | |||||||||||||||||||||||||||
RevPAR | $187 | $233 | $230 | $195 | $211 | |||||||||||||||||||||||||||
Hotel Revenues | $317.1 | $394.1 | $386.8 | $342.8 | $1,440.7 | |||||||||||||||||||||||||||
Hotel EBITDA | $84.9 | $144.0 | $134.1 | $99.6 | $462.7 | |||||||||||||||||||||||||||
Hotel EBITDA Margin | 26.8 | % | 36.5 | % | 34.7 | % | 29.1 | % | 32.1 | % | ||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||
Occupancy | 56 | % | 3 | % | 20 | % | 21 | % | 25 | % | ||||||||||||||||||||||
ADR | $247 | $264 | $216 | $195 | $230 | |||||||||||||||||||||||||||
RevPAR | $138 | $9 | $43 | $41 | $58 | |||||||||||||||||||||||||||
Hotel Revenues | $242.4 | $22.0 | $76.9 | $74.0 | $415.4 | |||||||||||||||||||||||||||
Hotel EBITDA | $36.8 | ($39.8) | ($18.0) | ($19.1) | ($40.1) | |||||||||||||||||||||||||||
Hotel EBITDA Margin | 15.2 | % | (180.7 | %) | (23.5 | %) | (25.8 | %) | (9.7 | %) | ||||||||||||||||||||||
First Quarter | ||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
Occupancy | 19 | % | ||||||||||||||||||||||||||||||
ADR | $239 | |||||||||||||||||||||||||||||||
RevPAR | $46 | |||||||||||||||||||||||||||||||
Hotel Revenues | $83.5 | |||||||||||||||||||||||||||||||
Hotel EBITDA | ($15.5) | |||||||||||||||||||||||||||||||
Hotel EBITDA Margin | (18.6 | %) | ||||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||
These historical hotel operating results include information for all of the hotels the Company owned as of April 29, 2021 as if they were owned as of January 1, 2019. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
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