$PEB
Pebblebrook Hotel Trust

2014 Q2 Form 10-Q Financial Statement

#000147409814000046 Filed on July 24, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $147.5M $126.3M
YoY Change 16.75% 34.12%
Cost Of Revenue $90.00M $81.10M
YoY Change 10.97% 30.6%
Gross Profit $57.40M $45.20M
YoY Change 26.99% 41.25%
Gross Profit Margin 38.93% 35.79%
Selling, General & Admin $14.60M $12.60M
YoY Change 15.87% 34.04%
% of Gross Profit 25.44% 27.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.20M $13.60M
YoY Change 19.12% 36.0%
% of Gross Profit 28.22% 30.09%
Operating Expenses $30.90M $26.30M
YoY Change 17.49% 35.57%
Operating Profit $26.39M $18.73M
YoY Change 40.89% 55.35%
Interest Expense $6.256M $5.925M
YoY Change 5.59% 71.0%
% of Operating Profit 23.71% 31.64%
Other Income/Expense, Net
YoY Change
Pretax Income $25.01M $16.58M
YoY Change 50.89% 41.78%
Income Tax $2.121M $1.647M
% Of Pretax Income 8.48% 9.93%
Net Earnings $22.67M $14.83M
YoY Change 52.84% 50.39%
Net Earnings / Revenue 15.38% 11.74%
Basic Earnings Per Share $0.26 $0.14
Diluted Earnings Per Share $0.26 $0.14
COMMON SHARES
Basic Shares Outstanding 63.76M shares 61.08M shares
Diluted Shares Outstanding 64.13M shares 61.20M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.50M $151.6M
YoY Change -74.6% -7.5%
Cash & Equivalents $38.48M $151.6M
Short-Term Investments
Other Short-Term Assets $33.40M $24.30M
YoY Change 37.45% 15.71%
Inventory
Prepaid Expenses
Receivables $23.20M $25.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $95.10M $201.4M
YoY Change -52.78% 0.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.788B $1.541B
YoY Change 16.04% 31.08%
Goodwill
YoY Change
Intangibles $23.40M $10.17M
YoY Change 130.05% -2.12%
Long-Term Investments $258.3M $255.7M
YoY Change 1.03% 49.57%
Other Assets $19.20M $19.10M
YoY Change 0.52% 57.85%
Total Long-Term Assets $2.065B $1.816B
YoY Change 13.77% 33.64%
TOTAL ASSETS
Total Short-Term Assets $95.10M $201.4M
Total Long-Term Assets $2.065B $1.816B
Total Assets $2.161B $2.017B
YoY Change 7.12% 29.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.30M $54.20M
YoY Change 46.31% 50.14%
Accrued Expenses $1.900M $1.800M
YoY Change 5.56% 63.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $112.2M $79.20M
YoY Change 41.67% 46.67%
LONG-TERM LIABILITIES
Long-Term Debt $584.7M $535.3M
YoY Change 9.23% 105.73%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $584.7M $535.3M
YoY Change 9.23% 105.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $112.2M $79.20M
Total Long-Term Liabilities $584.7M $535.3M
Total Liabilities $696.9M $614.6M
YoY Change 13.4% 95.6%
SHAREHOLDERS EQUITY
Retained Earnings -$84.81M -$65.65M
YoY Change 29.2% 44.97%
Common Stock $638.0K $612.0K
YoY Change 4.25% 6.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.461B $1.401B
YoY Change
Total Liabilities & Shareholders Equity $2.161B $2.017B
YoY Change 7.12% 29.34%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $22.67M $14.83M
YoY Change 52.84% 50.39%
Depreciation, Depletion And Amortization $16.20M $13.60M
YoY Change 19.12% 36.0%
Cash From Operating Activities $39.80M $26.90M
YoY Change 47.96% 25.12%
INVESTING ACTIVITIES
Capital Expenditures -$59.00M -$7.400M
YoY Change 697.3% -82.59%
Acquisitions
YoY Change
Other Investing Activities $700.0K $19.00M
YoY Change -96.32% 9400.0%
Cash From Investing Activities -$58.30M $11.60M
YoY Change -602.59% -127.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.70M -2.500M
YoY Change -608.0% -101.69%
NET CHANGE
Cash From Operating Activities 39.80M 26.90M
Cash From Investing Activities -58.30M 11.60M
Cash From Financing Activities 12.70M -2.500M
Net Change In Cash -5.800M 36.00M
YoY Change -116.11% -71.76%
FREE CASH FLOW
Cash From Operating Activities $39.80M $26.90M
Capital Expenditures -$59.00M -$7.400M
Free Cash Flow $98.80M $34.30M
YoY Change 188.05% -46.41%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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113626 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
360128 shares
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23403000 USD
CY2013Q4 us-gaap Intangible Assets Net Excluding Goodwill
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5925000 USD
CY2014Q2 us-gaap Interest Expense
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us-gaap Interest Expense
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11383000 USD
us-gaap Interest Expense
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12331000 USD
us-gaap Interest Paid
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us-gaap Interest Paid
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us-gaap Interest Paid Capitalized
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us-gaap Interest Paid Capitalized
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1945000 USD
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us-gaap Investment Income Interest
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CY2013Q2 us-gaap Investment Income Interest
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660000 USD
CY2014Q2 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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us-gaap Payments Of Financing Costs
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696898000 USD
CY2014Q2 us-gaap Liabilities And Stockholders Equity
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Land
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CY2013Q4 us-gaap Land
Land
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us-gaap Loans Assumed1
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0 USD
CY2013Q4 us-gaap Line Of Credit
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CY2014Q2 us-gaap Line Of Credit
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0 USD
CY2014Q2 us-gaap Line Of Credit Facility Amount Outstanding
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36000000.0 USD
us-gaap Line Of Credit Facility Commitment Fee Amount
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300000 USD
CY2014Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
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200000 USD
us-gaap Line Of Credit Facility Commitment Fee Amount
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400000 USD
CY2013Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
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200000 USD
us-gaap Line Of Credit Facility Expiration Date1
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2016-07-31
CY2014Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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600000000 USD
us-gaap Loans Assumed1
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CY2014Q2 us-gaap Long Term Debt
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CY2013Q4 us-gaap Long Term Debt
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CY2014Q2 us-gaap Long Term Debt Fair Value
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CY2013Q4 us-gaap Long Term Debt Fair Value
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CY2014Q2 us-gaap Minority Interest
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CY2013Q4 us-gaap Minority Interest
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CY2014Q2 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
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0.009
CY2014Q2 us-gaap Minority Interest Ownership Percentage By Parent
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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37596000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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CY2014Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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26751000 USD
CY2013Q2 us-gaap Net Income Loss
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CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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263000 USD
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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97000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
99000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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8730000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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16591000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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3814000 USD
CY2014Q2 us-gaap Number Of Real Estate Properties
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CY2014Q2 us-gaap Occupancy Costs
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24859000 USD
us-gaap Occupancy Costs
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2014Q2 us-gaap Operating Income Loss
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us-gaap Occupancy Costs
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47754000 USD
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us-gaap Occupancy Revenue
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us-gaap Occupancy Revenue
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100000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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100000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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300000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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300000 USD
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CY2013Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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1695000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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1800000 USD
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us-gaap Other Cost And Expense Operating
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60264000 USD
us-gaap Other Cost And Expense Operating
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CY2013Q2 us-gaap Other Cost And Expense Operating
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31412000 USD
us-gaap Other Direct Costs Of Hotels
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us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
6725000 USD
CY2014Q2 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
3654000 USD
CY2013Q2 us-gaap Other Direct Costs Of Hotels
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3449000 USD
us-gaap Other Hotel Operating Revenue
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CY2013Q2 us-gaap Other Hotel Operating Revenue
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7673000 USD
CY2014Q2 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
9653000 USD
us-gaap Other Hotel Operating Revenue
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19348000 USD
us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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us-gaap Payments For Capital Improvements
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us-gaap Payments For Capital Improvements
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22651000 USD
us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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5000000 USD
us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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3000000 USD
us-gaap Payments Of Stock Issuance Costs
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3578000 USD
us-gaap Payments Of Stock Issuance Costs
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188000 USD
us-gaap Payments For Repurchase Of Common Stock
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632000 USD
us-gaap Payments For Repurchase Of Common Stock
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523000 USD
us-gaap Payments Of Dividends Common Stock
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17230000 USD
us-gaap Payments Of Dividends Common Stock
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25150000 USD
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9400000 USD
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10000 USD
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50336000 USD
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us-gaap Payments To Acquire Productive Assets
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29000 USD
us-gaap Payments To Acquire Productive Assets
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28000 USD
CY2014Q2 us-gaap Preferred Stock Dividends Income Statement Impact
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325000000 USD
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325000000 USD
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2014Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
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CY2014Q2 us-gaap Preferred Stock Shares Authorized
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PreferredStockSharesIssued
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13000000 shares
CY2013Q4 us-gaap Preferred Stock Value
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130000 USD
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33372000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
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0 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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0 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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100000000 USD
us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
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us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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CY2014Q2 us-gaap Profit Loss
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22893000 USD
CY2013Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2013Q4 us-gaap Real Estate Investment Property Net
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1717611000 USD
CY2014Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
163647000 USD
CY2014Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1928262000 USD
CY2013Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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us-gaap Repayments Of Lines Of Credit
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4000000 USD
us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Secured Debt
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4516000 USD
us-gaap Repayments Of Secured Debt
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3800000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
16482000 USD
CY2014Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
15274000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2014Q2 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
147454000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
231215000 USD
us-gaap Revenue From Leased And Owned Hotels
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273166000 USD
CY2013Q2 us-gaap Revenue From Leased And Owned Hotels
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126301000 USD
CY2013Q4 us-gaap Secured Debt
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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2469000 USD
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P6Y
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
940553 shares
us-gaap Stock Issued1
StockIssued1
207000 USD
us-gaap Stock Issued1
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421000 USD
us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2013Q4 us-gaap Stockholders Equity
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CY2014Q2 us-gaap Stockholders Equity
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CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q2 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
0 USD
us-gaap Undistributed Earnings Allocated To Participating Securities
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14000 USD
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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61196396 shares
us-gaap Undistributed Earnings Allocated To Participating Securities
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0 USD
CY2014Q2 us-gaap Unsecured Debt
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CY2013Q4 us-gaap Unsecured Debt
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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63763935 shares
peb Noncash Income Loss From Equity Method Investments
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64150266 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64125057 shares
peb Noncash Income Loss From Equity Method Investments
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-164000 USD
CY2014Q2 peb Number Of Guest Rooms
NumberOfGuestRooms
5711
peb Realestatetaxespersonalpropertytaxespropertyinsuranceandgroundrent
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14909000 USD
CY2014Q2 peb Realestatetaxespersonalpropertytaxespropertyinsuranceandgroundrent
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9000000 USD
us-gaap Use Of Estimates
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<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-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>
CY2014Q2 peb Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Capital Lease
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCapitalLease
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CY2014Q2 peb Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net Working Capital
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114000 USD
CY2014Q2 peb Business Combination Recognized Identifiable Assets Acquiredand Liabilities Assumed Unfavorable Contract Accrual
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CY2014Q2 peb Combined Base And Incentive Management Fees
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4600000 USD
peb Combined Base And Incentive Management Fees
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peb Combined Base And Incentive Management Fees
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7200000 USD
CY2013Q2 peb Combined Base And Incentive Management Fees
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4000000 USD
peb Deposit Applied To Purchase Price Of Acquisition
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0 USD
peb Deposit Applied To Purchase Price Of Acquisition
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4000000 USD
peb Estimated Effective Tax Rate Combined Federal And State
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0.390
CY2014Q2 peb Furniture Fixtures And Equipment
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143198000 USD
CY2013Q4 peb Furniture Fixtures And Equipment
FurnitureFixturesAndEquipment
135547000 USD
peb Line Of Credit Facility Maturity Extension Option
LineOfCreditFacilityMaturityExtensionOption
P1Y
CY2014Q2 peb Long Term Incentive Partnership Units Outstanding
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607991 shares
CY2013Q4 peb Long Term Incentive Partnership Units Outstanding
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607991 shares
CY2014Q2 peb Long Term Incentive Partnership Units Vested
LongTermIncentivePartnershipUnitsVested
195290 shares
peb Minimum Percentage Of Adjusted Taxable Income To Be Distributed To Shareholders As Real Estate Investment Trust
MinimumPercentageOfAdjustedTaxableIncomeToBeDistributedToShareholdersAsRealEstateInvestmentTrust
0.9
CY2013Q2 peb Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
8649000 USD
CY2014Q2 peb Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
16452000 USD
peb Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
3653000 USD
peb Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
14338000 USD
peb Realestatetaxespersonalpropertytaxespropertyinsuranceandgroundrent
Realestatetaxespersonalpropertytaxespropertyinsuranceandgroundrent
17308000 USD
peb Reserve Funds As Percentage Of Hotel Revenues
ReserveFundsAsPercentageOfHotelRevenues
0.040
peb Non Cash Acquisition Capital Lease Obligation
NonCashAcquisitionCapitalLeaseObligation
0 USD
peb Non Cash Acquisition Capital Lease Obligation
NonCashAcquisitionCapitalLeaseObligation
10758000 USD
CY2014Q2 peb Number Of Wholly Owned Real Estate Properties
NumberOfWhollyOwnedRealEstateProperties
24 properties
CY2013Q2 peb Realestatetaxespersonalpropertytaxespropertyinsuranceandgroundrent
Realestatetaxespersonalpropertytaxespropertyinsuranceandgroundrent
8396000 USD
peb Share Value Issued For Board Of Trustees Compensation
ShareValueIssuedForBoardOfTrusteesCompensation
207000 USD
peb Share Value Issued For Board Of Trustees Compensation
ShareValueIssuedForBoardOfTrusteesCompensation
421000 USD
CY2011Q3 peb Transaction Values Of Investment In Joint Venture
TransactionValuesOfInvestmentInJointVenture
908000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001474098
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
63895085 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Pebblebrook Hotel Trust
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014Q2 invest Derivative Notional Amount
DerivativeNotionalAmount
100000000 USD

Files In Submission

Name View Source Status
0001474098-14-000046-index-headers.html Edgar Link pending
0001474098-14-000046-index.html Edgar Link pending
0001474098-14-000046.txt Edgar Link pending
0001474098-14-000046-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
peb-20140630.xml Edgar Link completed
peb-20140630.xsd Edgar Link pending
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peb-20140630_cal.xml Edgar Link unprocessable
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