0001474098-19-000092.txt : 20190930 0001474098-19-000092.hdr.sgml : 20190930 20190930165512 ACCESSION NUMBER: 0001474098-19-000092 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20190926 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pebblebrook Hotel Trust CENTRAL INDEX KEY: 0001474098 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 271055421 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34571 FILM NUMBER: 191126591 BUSINESS ADDRESS: STREET 1: 7315 WISCONSIN AVE STREET 2: SUITE 1100 WEST CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 240-507-1300 MAIL ADDRESS: STREET 1: 7315 WISCONSIN AVE STREET 2: SUITE 1100 WEST CITY: BETHESDA STATE: MD ZIP: 20814 8-K 1 peb8-kmaderasaleandrel.htm 8-K Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): September 26, 2019

PEBBLEBROOK HOTEL TRUST
(Exact name of registrant as specified in its charter)

Maryland
 
001-34571
 
27-1055421
(State or other jurisdiction
 
(Commission
 
(I.R.S. Employer
of incorporation)
 
File Number)
 
Identification No.)

4747 Bethesda Avenue,
 Suite 1100
 
Bethesda,
Maryland
20814
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code: (240) 507-1300

7315 Wisconsin Avenue,
 Suite 1100 West
 
Bethesda,
Maryland
20814
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Securities registered pursuant to Section 12(b) of the Act:
 
 
 
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Shares, $0.01 par value per share
 
PEB
 
New York Stock Exchange
Series C Cumulative Redeemable Preferred Shares, $0.01 par value
 
PEB-PC
 
New York Stock Exchange
Series D Cumulative Redeemable Preferred Shares, $0.01 par value
 
PEB-PD
 
New York Stock Exchange
Series E Cumulative Redeemable Preferred Shares, $0.01 par value
 
PEB-PE
 
New York Stock Exchange
Series F Cumulative Redeemable Preferred Shares, $0.01 par value
 
PEB-PF
 
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐ 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 7.01. Regulation FD Disclosure.

On September 26, 2019, Pebblebrook Hotel Trust (the “Company”) issued a press release announcing that it has completed the sale of the 82-room Hotel Madera located in Washington, D.C. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.

On September 30, 2019, the Company issued a press release announcing that it is relocating its corporate headquarters to 4747 Bethesda Avenue, Suite 1100, Bethesda, MD 20814. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is hereby incorporated by reference herein.


Item 8.01. Other Events.

On September 26, 2019, subsidiaries of the Company completed the sale of Hotel Madera to an unaffiliated third party for a sales price of $23.3 million. Net proceeds from the sale of Hotel Madera will be utilized for general business purposes, which may include reducing the Company’s outstanding debt.


Item 9.01. Financial Statements and Exhibits.
(d) Exhibits

Exhibit No.
 
Description
 
Press release, issued September 26, 2019, regarding the sale of Hotel Madera.
 
Press release, issued September 30, 2019, regarding the corporate headquarters relocation.






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
PEBBLEBROOK HOTEL TRUST 
 
 
September 30, 2019
By:  
/s/ Raymond D. Martz
 
 
Name:  
Raymond D. Martz
 
 
Title:  
Executive Vice President, Chief Financial Officer, Treasurer and Secretary




 EX-99.1 2 peb8-k93019ex991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1

image0a11.jpg
7315 Wisconsin Avenue, Suite 1100 West, Bethesda, MD 20814
T: (240) 507-1300, F: (240) 396-5626
www.pebblebrookhotels.com
News Release

Pebblebrook Hotel Trust Completes Sale of Hotel Madera

Bethesda, MD, September 26, 2019 - Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it closed on the sale of the 82-room Hotel Madera in Washington, D.C. for $23.3 million to a third party.

The sale price of $23.3 million reflects a 14.3x EBITDA multiple and a 5.7% net operating income capitalization rate based on the hotel’s operating performance for 2018. Based on the trailing 12-month period ended June 30, 2019, the contracted sales price reflects a 14.1x EBITDA multiple and a 5.9% net operating income capitalization rate.

Following the sale of Hotel Madera, the Company has completed a total of $1.3 billion of asset sales as part of its strategic disposition plan, and year to date, the Company has completed a total of $449.0 million of asset sales towards its goal of $600.0 million, which reflects a 15.7x EBITDA multiple and a 5.5% net operating income capitalization rate based on the hotels’ performance for 2018. The net operating income capitalization rates above are after an assumed annual capital reserve of 4.0% of total hotel revenues.

Proceeds from the sale of Hotel Madera will be utilized for general business purposes which may include reducing the Company’s outstanding debt. As a result of this completed sale, the Company estimates its total net debt to trailing 12-month corporate EBITDA will be approximately 4.6 times at the end of the third quarter 2019.


About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 57 hotels, totaling approximately 14,100 guest rooms across 16 urban and resort markets with a focus on the west coast gateway cities. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.


This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. Examples of forward-looking statements include the following: the Company’s net debt and EBITDA; descriptions of the Company’s plans; forecasts of the Company’s future economic performance and its share of future markets; forecasts of hotel industry performance; and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could




cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.


All information in this press release is as of September 26, 2019. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.


###

Contacts:

Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330
For additional information or to receive press releases via email, please visit our website at
www.pebblebrookhotels.com





Pebblebrook Hotel Trust
Hotel Madera
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income
Trailing Twelve Months
(Unaudited, in millions)
 
 
 
 
 
Twelve months ended December 31,
 
 
2018
 
 
 
Hotel net income
 
$
0.8

 
 
 
Adjustment:
 
 
Depreciation and amortization
 
0.8

 
 
 
Hotel EBITDA
 
$
1.6

 
 
 
Adjustment:
 
 
Capital reserve
 
(0.3
)
 
 
 
Hotel Net Operating Income
 
$
1.3

 
 
 
 
 
 
This press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the hotel’s results of operations determined in accordance with GAAP.

The Company has presented trailing twelve-month hotel EBITDA and trailing twelve-month hotel net operating income after capital reserves because it believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-GAAP measures do 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 are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions.

The Company’s presentation of the hotel’s trailing twelve-month EBITDA and trailing twelve-month net operating income after capital reserves should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotel’s financial performance. The table above is a reconciliation of the hotel’s trailing twelve-month EBITDA and net operating income after capital reserves calculations to net income in accordance with GAAP. Any differences are a result of rounding.







Pebblebrook Hotel Trust
Hotel Madera
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income
Trailing Twelve Months
(Unaudited, in millions)
 
 
 
 
 
Twelve months ended June 30,
 
 
2019
 
 
 
Hotel net income
 
$
1.0

 
 
 
Adjustment:
 
 
Depreciation and amortization
 
0.7

 
 
 
Hotel EBITDA
 
$
1.7

 
 
 
Adjustment:
 
 
Capital reserve
 
(0.3
)
 
 
 
Hotel Net Operating Income
 
$
1.4

 
 
 
 
 
 
This press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the hotel’s results of operations determined in accordance with GAAP.

The Company has presented trailing twelve-month hotel EBITDA and trailing twelve-month hotel net operating income after capital reserves because it believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-GAAP measures do 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 are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions.

The Company’s presentation of the hotel’s trailing twelve-month EBITDA and trailing twelve-month net operating income after capital reserves should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotel’s financial performance. The table above is a reconciliation of the hotel’s trailing twelve-month EBITDA and net operating income after capital reserves calculations to net income in accordance with GAAP. Any differences are a result of rounding.




Pebblebrook Hotel Trust
Historical Operating Data
($ in millions, except ADR and RevPAR)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
Historical Operating Data:
 
 
 
 
 
 
 
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Full Year
 
2018
 
2018
 
2018
 
2018
 
2018
 
 
 
 
 
 
 
 
 
 
Occupancy
76
%
 
87
%
 
89
%
 
77
%
 
82
%
ADR
$238
 
$263
 
$262
 
$247
 
$253
RevPAR
$181
 
$229
 
$232
 
$192
 
$208
 
 
 
 
 
 
 
 
 
 
Hotel Revenues
$340.1
 
$424.1
 
$424.6
 
$371.1
 
$1,559.8
Hotel EBITDA
$95.6
 
$156.9
 
$155.1
 
$109.1
 
$516.8
Hotel EBITDA Margin
28.1
%
 
37.0
%
 
36.5
%
 
29.4
%
 
33.1
%
 
 
 
 
 
 
 
 
 
 
 
First Quarter
 
Second Quarter
 
 
 
 
 
 
 
2019
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Occupancy
76
%
 
87
%
 
 
 
 
 
 
ADR
$251
 
$268
 
 
 
 
 
 
RevPAR
$190
 
$232
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hotel Revenues
$355.8
 
$433.2
 
 
 
 
 
 
Hotel EBITDA
$98.4
 
$157.5
 
 
 
 
 
 
Hotel EBITDA Margin
27.7
%
 
36.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
These historical hotel operating results include information for all of the hotels the Company owned as of September 26, 2019. These historical operating results include periods prior to the Company's ownership of the hotels. 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 has been presented only for comparison purposes.





Pebblebrook Hotel Trust
Strategic Disposition Program Summary
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Date of disposition
 
Sales price
($ in millions)
 
EBITDA multiple
 
Net operating capitalization rate
 
Sales price
per key
($ in thousands)
 
 
 
 
 
 
 
 
 
 
Hotel dispositions:
 
 
 
 
 
 
 
 
 
Park Central San Francisco and Park Central New York / WestHouse New York
11/30/2018
 
$
715.0

 
16.5x
 
5.1
%
 
$
443

Gild Hall, New York
11/30/2018
 
38.8

 
15.8x
 
5.3
%
 
298

Embassy Suites Philadelphia Center City
11/30/2018
 
67.0

 
11.0x
 
8.1
%
 
233

The Grand Hotel Minneapolis
12/4/2018
 
30.0

 
8.5x
 
10.4
%
 
214

The Liaison Capitol Hill
2/14/2019
 
111.0

 
16.9x
 
4.9
%
 
324

Hotel Palomar Washington, DC
2/22/2019
 
141.5

 
14.9x
 
5.9
%
 
422

Onyx Hotel
5/29/2019
 
58.3

 
15.3x
 
5.9
%
 
521

Hotel Amarano Burbank
7/16/2019
 
72.9

 
15.8x
 
5.7
%
 
552

Rouge Hotel
9/12/2019
 
42.0

 
17.4x
 
5.0
%
 
307

Hotel Madera
9/26/2019
 
23.3

 
14.3x
 
5.7
%
 
284

 
 
 
 
 
 
 
 
 
 
Total / Average
 
 
$
1,300

 
15.5x
 
5.54
%
 
$
392

 
 
 
 
 
 
 
 
 
 
Total / Average (Completed in 2019)
 
 
$
449

 
15.7x
 
5.53
%
 
$
394

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The EBITDA multiple and net operating capitalization rate are based on the applicable hotel's estimated trailing twelve-month operating performance for 2018. The net operating income capitalization rate is based on an assumed annual capital reserve of 4.0% of total hotel revenues. The EBITDA Multiple and net operating capitalization rate for Hotel Amarano Burbank reflect an estimated adjustment for the annualized impact of real estate taxes for California's Proposition 13 because the Company believes the adjusted hotel results for this period provide investors and analysts with an understanding of the hotel-level operating performance.

These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.



 EX-99.2 3 peb8-k93019ex992.htm EXHIBIT 99.2 Exhibit


Exhibit 99.2

image0a11.jpg
4747 Bethesda Avenue, Suite 1100, Bethesda, MD 20814
T: (240) 507-1300, F: (240) 396-5626
www.pebblebrookhotels.com
News Release

Pebblebrook Hotel Trust Announces Relocation of Corporate Offices

Bethesda, MD, September 30, 2019 - Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it is relocating its corporate headquarters to 4747 Bethesda Avenue, Suite 1100, Bethesda, MD 20814.

“We’re thrilled to bring our two office locations together, following last year’s corporate acquisition,” said Jon E. Bortz, Chairman, President and Chief Executive Office of Pebblebrook Hotel Trust. “Since the closing of the acquisition on November 30, 2018, we have made tremendous progress in bringing together our teams and systems. The relocation of our corporate headquarters marks the final step in fully integrating our Pebblebrook community as we continue to build on the success we’ve achieved to date.”


About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 57 hotels, totaling approximately 14,100 guest rooms across 16 urban and resort markets with a focus on the west coast gateway cities. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.


###

Contacts:

Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330
For additional information or to receive press releases via email, please visit our website at
www.pebblebrookhotels.com



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Document and Entity Information Document
Sep. 26, 2019
Entity Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Sep. 26, 2019
Entity Registrant Name PEBBLEBROOK HOTEL TRUST
Entity Central Index Key 0001474098
Entity Incorporation, State or Country Code MD
Entity File Number 001-34571
Entity Tax Identification Number 27-1055421
Entity Address, Address Line One 4747 Bethesda Avenue,
Entity Address, Address Line Two  Suite 1100
Entity Address, City or Town Bethesda,
Entity Address, State or Province MD
Entity Address, Postal Zip Code 20814
City Area Code 240
Local Phone Number 507-1300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Shares of Beneficial Interest, $0.01 par value per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Shares, $0.01 par value per share
Trading Symbol PEB
Security Exchange Name NYSE
6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share  
Entity Information [Line Items]  
Title of 12(b) Security Series C Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol PEB-PC
Security Exchange Name NYSE
6.375% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share  
Entity Information [Line Items]  
Title of 12(b) Security Series D Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol PEB-PD
Security Exchange Name NYSE
6.375% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share  
Entity Information [Line Items]  
Title of 12(b) Security Series E Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol PEB-PE
Security Exchange Name NYSE
6.30% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share  
Entity Information [Line Items]  
Title of 12(b) Security Series F Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol PEB-PF
Security Exchange Name NYSE
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