$PEB
Pebblebrook Hotel Trust

2021 Form 10-K Financial Statement

#000147409822000035 Filed on February 22, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $733.0M $74.21M $442.9M
YoY Change 65.51% -80.44% -72.53%
Cost Of Revenue $496.6M $66.40M $379.4M
YoY Change 30.89% -72.21% -61.06%
Gross Profit $236.5M $7.800M $63.50M
YoY Change 272.38% -94.45% -90.05%
Gross Profit Margin 32.26% 10.51% 14.34%
Selling, General & Admin $149.8M $36.10M $159.5M
YoY Change -6.06% -8.14% 0.25%
% of Gross Profit 63.37% 462.82% 251.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $224.3M $56.60M $224.6M
YoY Change -0.16% -1.57% -4.38%
% of Gross Profit 94.84% 725.64% 353.7%
Operating Expenses $374.1M $92.60M $384.1M
YoY Change -2.61% -4.24% -2.49%
Operating Profit -$89.79M -$84.80M -$292.7M
YoY Change -69.32% -293.61% -227.63%
Interest Expense $96.63M -$28.90M $104.1M
YoY Change -7.17% 20.42% -4.03%
% of Operating Profit
Other Income/Expense, Net $113.0K $100.0K $517.0K
YoY Change -78.14% 1682.76%
Pretax Income -$186.3M -$168.4M -$396.3M
YoY Change -52.99% -995.74% -427.79%
Income Tax $61.00K $4.800M -$3.697M
% Of Pretax Income
Net Earnings -$184.9M -$172.9M -$391.7M
YoY Change -52.81% -984.5% -439.33%
Net Earnings / Revenue -25.22% -232.93% -88.45%
Basic Earnings Per Share -$1.80 -$1.39 -$3.25
Diluted Earnings Per Share -$1.80 -$1.39 -$3.25
COMMON SHARES
Basic Shares Outstanding 130.8M shares 130.9M shares 130.6M shares
Diluted Shares Outstanding 130.8M shares 130.6M shares

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.52M $124.3M $124.3M
YoY Change -52.92% 312.96% 312.96%
Cash & Equivalents $58.52M $124.3M $124.3M
Short-Term Investments
Other Short-Term Assets $52.57M $47.80M $47.80M
YoY Change 9.97% -19.66% -19.66%
Inventory
Prepaid Expenses
Receivables $37.05M $10.20M $10.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $148.1M $182.3M $182.3M
YoY Change -18.74% 30.96% 30.96%
LONG-TERM ASSETS
Property, Plant & Equipment $6.079B $5.882B $5.882B
YoY Change 3.35% -7.12% -7.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.73M $12.00M $12.00M
YoY Change 181.08% -55.22% -55.22%
Total Long-Term Assets $6.113B $5.894B $5.894B
YoY Change 3.71% -7.32% -7.32%
TOTAL ASSETS
Total Short-Term Assets $148.1M $182.3M $182.3M
Total Long-Term Assets $6.113B $5.894B $5.894B
Total Assets $6.261B $6.076B $6.076B
YoY Change 3.04% -6.5% -6.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $208.6M $180.0M $180.0M
YoY Change 15.88% -30.82% -30.82%
Accrued Expenses $324.0M $259.8M $259.8M
YoY Change 24.71% -0.42% -0.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $41.00M $41.00M
YoY Change -100.0% -49.19% -49.19%
Total Short-Term Liabilities $613.4M $526.2M $526.2M
YoY Change 16.57% -26.72% -26.72%
LONG-TERM LIABILITIES
Long-Term Debt $2.484B $2.286B $2.286B
YoY Change 8.66% 6.39% 6.39%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.484B $2.286B $2.286B
YoY Change 8.66% 6.39% 6.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $613.4M $526.2M $526.2M
Total Long-Term Liabilities $2.484B $2.286B $2.286B
Total Liabilities $3.105B $2.812B $2.819B
YoY Change 10.15% -1.9% -2.03%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.307M
YoY Change 0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.156B $3.257B $3.257B
YoY Change
Total Liabilities & Shareholders Equity $6.261B $6.076B $6.076B
YoY Change 3.04% -6.5% -6.5%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$184.9M -$172.9M -$391.7M
YoY Change -52.81% -984.5% -439.33%
Depreciation, Depletion And Amortization $224.3M $56.60M $224.6M
YoY Change -0.16% -1.57% -4.38%
Cash From Operating Activities $70.77M -$54.90M -$201.8M
YoY Change -135.07% -169.41% -151.06%
INVESTING ACTIVITIES
Capital Expenditures -$83.83M -$14.60M -$125.0M
YoY Change -32.94% -71.87% -26.64%
Acquisitions $0.00
YoY Change
Other Investing Activities $128.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$81.57M -$14.60M $250.1M
YoY Change -132.61% -24.35% -16.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $720.0K $1.255M
YoY Change -42.63% -68.7%
Debt Paid & Issued, Net $392.2M $213.0M
YoY Change 84.18% -58.9%
Cash From Financing Activities -$33.25M -11.20M $31.08M
YoY Change -206.97% -81.24% -104.17%
NET CHANGE
Cash From Operating Activities $70.77M -54.90M -$201.8M
Cash From Investing Activities -$81.57M -14.60M $250.1M
Cash From Financing Activities -$33.25M -11.20M $31.08M
Net Change In Cash -$44.05M -80.70M $79.43M
YoY Change -155.46% -80800.0% -255.93%
FREE CASH FLOW
Cash From Operating Activities $70.77M -$54.90M -$201.8M
Capital Expenditures -$83.83M -$14.60M -$125.0M
Free Cash Flow $154.6M -$40.30M -$76.78M
YoY Change -301.36% -130.76% -113.57%

Facts In Submission

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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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CY2019 us-gaap Payments Of Stock Issuance Costs
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CY2021 peb Payments For Purchase Of Capped Calls Convertible Senior Notes
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CY2019 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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CY2021 peb Repayments Of Membership Deposits
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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56875000 USD
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136300000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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56875000 USD
CY2021Q4 us-gaap Number Of Real Estate Properties
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13247 hotelRoom
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47 property
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CY2021 us-gaap Use Of Estimates
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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:5pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Risks and Uncertainties </span></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. As discussed above, the impact of COVID-19 has significantly impacted the hotels' operational performance and therefore the Company has significantly reduced distributions to our shareholders in addition to taking other measures in order to reduce operating expenses. A continued reduction in travel may impact the Company's ability to service debt or meet other financial obligations.</span></div>
CY2021 peb Sale Of Real Estate Held For Investment Consideration Received
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CY2020 peb Sale Of Real Estate Held For Investment Consideration Received
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387000000 USD
CY2021 us-gaap Income Loss From Individually Significant Component Disposed Of Or Held For Sale Excluding Discontinued Operations Before Income Tax
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CY2019 us-gaap Income Loss From Individually Significant Component Disposed Of Or Held For Sale Excluding Discontinued Operations Before Income Tax
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33800000 USD
CY2021Q4 us-gaap Land
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CY2020Q4 us-gaap Land
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973848000 USD
CY2021Q4 us-gaap Investment Building And Building Improvements
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5197816000 USD
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4849644000 USD
CY2021Q4 peb Furniture Fixtures And Equipment
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535607000 USD
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515975000 USD
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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91181000 USD
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114835000 USD
CY2021Q4 us-gaap Development In Process
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15869000 USD
CY2020Q4 us-gaap Development In Process
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5443000 USD
CY2021Q4 peb Real Estate Investment Property Excluding Operating Lease Right Of Use Asset At Cost
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6766803000 USD
CY2020Q4 peb Real Estate Investment Property Excluding Operating Lease Right Of Use Asset At Cost
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6459745000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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378939000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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320564000 USD
CY2021Q4 us-gaap Real Estate Investment Property At Cost
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7145742000 USD
CY2020Q4 us-gaap Real Estate Investment Property At Cost
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6780309000 USD
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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1066409000 USD
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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898287000 USD
CY2021Q4 us-gaap Real Estate Investment Property Net
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6079333000 USD
CY2020Q4 us-gaap Real Estate Investment Property Net
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5882022000 USD
CY2021 us-gaap Impairment Of Real Estate
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14900000 USD
CY2021 peb Impairment Of Real Estate Number Of Properties
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1 property
CY2020 us-gaap Impairment Of Real Estate
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74600000 USD
CY2020 peb Impairment Of Real Estate Number Of Properties
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2 property
CY2021Q4 us-gaap Operating Lease Liability
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319400000 USD
CY2021Q4 us-gaap Finance Lease Liability
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6400000000 USD

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