$PEB
Pebblebrook Hotel Trust

2024 Q2 Form 10-Q Financial Statement

#000147409824000078 Filed on April 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $397.1M $314.1M
YoY Change 3.32% 2.73%
Cost Of Revenue $247.7M $216.1M
YoY Change 0.66% 0.81%
Gross Profit $149.5M $98.01M
YoY Change 8.05% 7.22%
Gross Profit Margin 37.64% 31.21%
Selling, General & Admin $36.95M $44.58M
YoY Change -9.38% 14.63%
% of Gross Profit 24.72% 45.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $57.30M $57.21M
YoY Change -1.14% -1.99%
% of Gross Profit 38.34% 58.37%
Operating Expenses $94.24M $101.8M
YoY Change -4.54% 4.66%
Operating Profit $60.97M -$3.778M
YoY Change 54.03% -172.63%
Interest Expense -$27.94M -$26.42M
YoY Change -5.43% -196.32%
% of Operating Profit -45.82%
Other Income/Expense, Net $217.0K $326.0K
YoY Change -77.21% 78.14%
Pretax Income $33.25M -$27.47M
YoY Change -28.05% 24.63%
Income Tax $1.010M $46.00K
% Of Pretax Income 3.04%
Net Earnings $30.94M -$38.99M
YoY Change -7.52% 70.05%
Net Earnings / Revenue 7.79% -12.41%
Basic Earnings Per Share $0.17 -$0.32
Diluted Earnings Per Share $0.16 -$0.32
COMMON SHARES
Basic Shares Outstanding 120.5M shares 120.3M shares
Diluted Shares Outstanding 149.7M shares 120.1M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.7M $56.71M
YoY Change -42.07% -59.06%
Cash & Equivalents $101.7M $56.71M
Short-Term Investments
Other Short-Term Assets $86.72M $103.6M
YoY Change -28.44% -8.7%
Inventory
Prepaid Expenses
Receivables $63.56M $53.93M
Other Receivables $0.00 $0.00
Total Short-Term Assets $252.0M $214.2M
YoY Change -27.66% -27.48%
LONG-TERM ASSETS
Property, Plant & Equipment $5.443B $5.475B
YoY Change -4.75% -4.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.489M $8.267M
YoY Change -11.65% -89.52%
Total Long-Term Assets $5.452B $5.484B
YoY Change -4.76% -5.16%
TOTAL ASSETS
Total Short-Term Assets $252.0M $214.2M
Total Long-Term Assets $5.452B $5.484B
Total Assets $5.704B $5.698B
YoY Change -6.08% -6.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $238.4M $247.0M
YoY Change 10.66% 14.35%
Accrued Expenses $327.3M $287.5M
YoY Change -0.4% -12.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $662.7M $634.3M
YoY Change 3.95% -0.97%
LONG-TERM LIABILITIES
Long-Term Debt $2.207B $2.250B
YoY Change -9.23% -7.44%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.207B $2.250B
YoY Change -9.23% -7.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $662.7M $634.3M
Total Long-Term Liabilities $2.207B $2.250B
Total Liabilities $2.870B $2.972B
YoY Change -9.15% -3.31%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.201M $1.201M
YoY Change 0.0% -2.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.746B $2.726B
YoY Change
Total Liabilities & Shareholders Equity $5.704B $5.698B
YoY Change -6.08% -6.25%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $30.94M -$38.99M
YoY Change -7.52% 70.05%
Depreciation, Depletion And Amortization $57.30M $57.21M
YoY Change -1.14% -1.99%
Cash From Operating Activities $83.67M $46.00M
YoY Change 13.08% -0.5%
INVESTING ACTIVITIES
Capital Expenditures $33.19M $49.48M
YoY Change -49.23% 41.12%
Acquisitions
YoY Change
Other Investing Activities $10.00M $10.97M
YoY Change -89.53% 1901.28%
Cash From Investing Activities -$23.19M -$38.51M
YoY Change -176.88% -136.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $110.3M
YoY Change 22058.23%
Cash From Financing Activities -14.28M -136.2M
YoY Change -77.84% 138.34%
NET CHANGE
Cash From Operating Activities 83.67M 46.00M
Cash From Investing Activities -23.19M -38.51M
Cash From Financing Activities -14.28M -136.2M
Net Change In Cash 46.20M -128.7M
YoY Change 16.26% -236.47%
FREE CASH FLOW
Cash From Operating Activities $83.67M $46.00M
Capital Expenditures $33.19M $49.48M
Free Cash Flow $50.48M -$3.480M
YoY Change 485.54% -131.16%

Facts In Submission

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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>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:5pt"><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 the Company's financial position. Global events as well as national and local events may impact travel trends and the operations of the Company's hotels. In addition, inflation and interest rates may also impact the overall economy as well as the availability of debt. A decline in travel or a significant increase in costs may impact the Company's cash flow and ability to service debt or meet other financial obligations.</span></div>
CY2024Q1 peb Number Of Acquired Properties
NumberOfAcquiredProperties
0 property
CY2024Q1 peb Number Of Properties Disposed Of
NumberOfPropertiesDisposedOf
0 property
CY2024Q1 peb Debt Instrument Unamortized Discount Premium Net And Deferred Financing Costs Net
DebtInstrumentUnamortizedDiscountPremiumNetAndDeferredFinancingCostsNet
12898000 usd
CY2023Q4 peb Debt Instrument Unamortized Discount Premium Net And Deferred Financing Costs Net
DebtInstrumentUnamortizedDiscountPremiumNetAndDeferredFinancingCostsNet
10096000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
2206651000 usd
CY2023 peb Sale Of Real Estate Held For Investment Consideration Received
SaleOfRealEstateHeldForInvestmentConsiderationReceived
330750000 usd
CY2024Q1 us-gaap Income Loss From Individually Significant Component Disposed Of Or Held For Sale Excluding Discontinued Operations Before Income Tax
IncomeLossFromIndividuallySignificantComponentDisposedOfOrHeldForSaleExcludingDiscontinuedOperationsBeforeIncomeTax
0 usd
CY2023Q1 us-gaap Income Loss From Individually Significant Component Disposed Of Or Held For Sale Excluding Discontinued Operations Before Income Tax
IncomeLossFromIndividuallySignificantComponentDisposedOfOrHeldForSaleExcludingDiscontinuedOperationsBeforeIncomeTax
-1300000 usd
CY2024Q1 us-gaap Land
Land
810671000 usd
CY2023Q4 us-gaap Land
Land
810633000 usd
CY2024Q1 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
5023153000 usd
CY2023Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
5005894000 usd
CY2024Q1 peb Furniture Fixtures And Equipment
FurnitureFixturesAndEquipment
517028000 usd
CY2023Q4 peb Furniture Fixtures And Equipment
FurnitureFixturesAndEquipment
511451000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
91181000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
91181000 usd
CY2024Q1 us-gaap Development In Process
DevelopmentInProcess
48190000 usd
CY2023Q4 us-gaap Development In Process
DevelopmentInProcess
27123000 usd
CY2024Q1 peb Real Estate Investment Property Excluding Operating Lease Right Of Use Asset At Cost
RealEstateInvestmentPropertyExcludingOperatingLeaseRightOfUseAssetAtCost
6490223000 usd
CY2023Q4 peb Real Estate Investment Property Excluding Operating Lease Right Of Use Asset At Cost
RealEstateInvestmentPropertyExcludingOperatingLeaseRightOfUseAssetAtCost
6446282000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
358357000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
360761000 usd
CY2024Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
6848580000 usd
CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
6807043000 usd
CY2024Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1373130000 usd
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1316267000 usd
CY2024Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5475450000 usd
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5490776000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
320600000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
43500000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
320600000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
43400000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2219549000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2329897000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
2319801000 usd
CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
13700000 usd
CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
13700000 usd
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
13600000 usd
CY2024Q1 peb Debt Instrument Election Period Prior To Maturity Date
DebtInstrumentElectionPeriodPriorToMaturityDate
P2D
CY2024Q1 peb Debt Instrument Redemption Price To Principal Amount Percentage
DebtInstrumentRedemptionPriceToPrincipalAmountPercentage
1
CY2024Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3071000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1851000 usd
CY2024Q1 peb Interest Expense Debt Other
InterestExpenseDebtOther
-2596000 usd
CY2023Q1 peb Interest Expense Debt Other
InterestExpenseDebtOther
1055000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
26421000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
27430000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
314069000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
305719000 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
27600000 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
27600000 shares
CY2024Q1 peb Common Unit Redemption Rights Redemption Option Common Share Conversion Basis
CommonUnitRedemptionRightsRedemptionOptionCommonShareConversionBasis
1 shares
CY2024Q1 peb Common Unit Redemption Rights Redemption Option Common Share Conversion Basis
CommonUnitRedemptionRightsRedemptionOptionCommonShareConversionBasis
1 shares
CY2024Q1 peb Long Term Incentive Partnership Units Outstanding
LongTermIncentivePartnershipUnitsOutstanding
994837 shares
CY2023Q4 peb Long Term Incentive Partnership Units Outstanding
LongTermIncentivePartnershipUnitsOutstanding
858484 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1176681 shares
CY2024Q1 peb Long Term Incentive Partnership Units Outstanding
LongTermIncentivePartnershipUnitsOutstanding
994837 shares
CY2023Q4 peb Long Term Incentive Partnership Units Outstanding
LongTermIncentivePartnershipUnitsOutstanding
858484 shares
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-38981000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-33916000 usd
CY2024Q1 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
9000 usd
CY2023Q1 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
11000 usd
CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
CY2024Q1 peb Net Income Loss Available To Common Stockholders Less Dividends Diluted
NetIncomeLossAvailableToCommonStockholdersLessDividendsDiluted
-38990000 usd
CY2024Q1 peb Net Income Loss Available To Common Stockholders Less Dividends Basic
NetIncomeLossAvailableToCommonStockholdersLessDividendsBasic
-38990000 usd
CY2023Q1 peb Net Income Loss Available To Common Stockholders Less Dividends Diluted
NetIncomeLossAvailableToCommonStockholdersLessDividendsDiluted
-33927000 usd
CY2023Q1 peb Net Income Loss Available To Common Stockholders Less Dividends Basic
NetIncomeLossAvailableToCommonStockholdersLessDividendsBasic
-33927000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120085226 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
120085226 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125488415 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125488415 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
CY2024Q1 peb Combined Base And Incentive Management Fee Expense Reversal
CombinedBaseAndIncentiveManagementFeeExpenseReversal
8000000 usd
CY2023Q1 peb Combined Base And Incentive Management Fee Expense Reversal
CombinedBaseAndIncentiveManagementFeeExpenseReversal
8000000 usd
CY2024Q1 peb Reserve Funds As Percentage Of Hotel Revenues
ReserveFundsAsPercentageOfHotelRevenues
0.040
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8300000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
9900000 usd
CY2024Q1 peb Fixed Lease Cost
FixedLeaseCost
4796000 usd
CY2023Q1 peb Fixed Lease Cost
FixedLeaseCost
4782000 usd
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4006000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
3867000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
8802000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
8649000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
23041000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
20338000 usd
CY2024Q1 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
3670000 usd
CY2023Q1 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
0 usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-2911000 usd
CY2024Q1 peb Accrued Additions And Improvements To Hotel Properties
AccruedAdditionsAndImprovementsToHotelProperties
9551000 usd
CY2023Q1 peb Accrued Additions And Improvements To Hotel Properties
AccruedAdditionsAndImprovementsToHotelProperties
14492000 usd
CY2024Q1 peb Write Off Of Fully Amortized Debt Issuance Costs
WriteOffOfFullyAmortizedDebtIssuanceCosts
682000 usd
CY2023Q1 peb Write Off Of Fully Amortized Debt Issuance Costs
WriteOffOfFullyAmortizedDebtIssuanceCosts
0 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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