0001474098-19-000102.txt : 20191025 0001474098-19-000102.hdr.sgml : 20191025 20191024195532 ACCESSION NUMBER: 0001474098-19-000102 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20191024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191025 DATE AS OF CHANGE: 20191024 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: 191167172 BUSINESS ADDRESS: STREET 1: 4747 BETHESDA AVENUE STREET 2: SUITE 1100 CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 240-507-1300 MAIL ADDRESS: STREET 1: 4747 BETHESDA AVENUE STREET 2: SUITE 1100 CITY: BETHESDA STATE: MD ZIP: 20814 8-K 1 peb8-k102419er.htm 8-K Document
false0001474098 0001474098 us-gaap:SeriesFPreferredStockMember 2019-10-24 2019-10-24 0001474098 us-gaap:CommonStockMember 2019-10-24 2019-10-24 0001474098 us-gaap:SeriesCPreferredStockMember 2019-10-24 2019-10-24 0001474098 us-gaap:SeriesEPreferredStockMember 2019-10-24 2019-10-24 0001474098 us-gaap:SeriesDPreferredStockMember 2019-10-24 2019-10-24 0001474098 2019-10-24 2019-10-24


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): October 24, 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
Not Applicable
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 2.02. Results of Operations and Financial Condition.

On October 24, 2019, Pebblebrook Hotel Trust (the “Company”) issued a press release announcing the Company’s results of operations for the three and nine months ended September 30, 2019.

A copy of the press release is furnished as Exhibit 99.1 to this report.

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

Exhibit No.
 
Description
 
Press release, issued October 24, 2019, providing the results of operations for the three and nine months ended September 30, 2019.






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 
 
 
October 24, 2019
By:  
/s/ Raymond D. Martz
 
 
Name:  
Raymond D. Martz
 
 
Title:  
Executive Vice President, Chief Financial Officer, Treasurer and Secretary




 EX-99.1 2 pebexhibit991102419er.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1


image0a15.jpg
4747 Bethesda Avenue, Suite 1100, Bethesda, MD 20814
NYSE symbol: PEB
www.pebblebrookhotels.com

PEBBLEBROOK HOTEL TRUST
REPORTS THIRD QUARTER 2019 RESULTS

Q3 FINANCIAL
HIGHLIGHTS
 
§    Net income: $30.0 million
§    Same-Property EBITDA1: $145.1 million, (6.5%) YOY
§    Adj. EBITDAre1: $136.5 million, +96.7% YOY
§    Adj. FFO1 per diluted share: $0.77, +4.1% YOY
 
 
 
Q3 OPERATING
HIGHLIGHTS
 
§    Same-Property Total RevPAR1 (1.0%) YOY and RevPAR1 (2.2%) YOY
§    Adjusted EBITDA, Adjusted FFO and Adjusted FFO/diluted share in-line
§    Hotel operating performance slightly below expectations due to further moderation in demand growth and negative impact of lost business from Hurricane Dorian in September
§    RevPAR growth in Philadelphia and Boston offset by weak performance in Seattle, Chicago, San Francisco and Washington, D.C.
 
 
 
STRATEGIC
DISPOSITION
PLAN
 
§    Sold or executed contracts for $171.2 million: sold Hotel Amarano Burbank ($72.9 million), Rouge Hotel ($42.0 million), and Hotel Madera ($23.3 million); and Topaz Hotel contract executed at $33.0 million
§    On track to sell $1.45 billion of properties from the closing of last year’s corporate acquisition; property transaction market remains healthy and active, and pricing remains stable and attractive
 
 
 
BALANCE SHEET
 
§    Net Debt to Trailing 12-Month Corporate EBITDA1 at end of Q3: 4.6x
§    Further progress reducing leverage and optimizing portfolio through strategic property sales since corporate acquisition late last year
 
 
 
2019 OUTLOOK
 
§    Net income: $99.2 million to $103.2 million (midpoint down $52.0 million)
§    Same-Property RevPAR1 Growth Rate: 0.6% to 1.2% (midpoint down 60 bps)
§    Adj. EBITDAre1: $472.7 million to $476.7 million (midpoint down $8.7 million)
§    Adj. FFO1 per diluted share: $2.57 to $2.60 (midpoint down $0.06)



 
 
 
“
During the third quarter, we continued to execute on our strategic disposition program, completing property sales in Los Angeles and Washington, D.C. at very favorable prices and EBITDA multiples. We’re now three quarters of the way to our 2019 property disposition financial goal. Pursuant to our plans to create long-term value, we’ve made further progress on our redevelopment plans, making operator changes at two properties in Washington, D.C. to be redeveloped and repositioned next year, as well as announcing our future plans to comprehensively renovate and rebrand Paradise Point Resort & Spa as a Margaritaville Island Resort. We also managed to meet our overall corporate performance outlook for the quarter, despite slightly weaker than expected results at the property level due to transient travel demand moderating further and lost business due to the negative impact of Hurricane Dorian in September.”
- Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust
 
 
 
 
(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.


Third Quarter and Year to Date Highlights

 
Third Quarter
 
Nine Months Ended September 30,
 
2019
2018
 
2019
2018
 
 
 
 
 
 
 
($ in millions except per share and RevPAR data)
Net income
$30.0
$29.9
 
$96.2
$112.7
 
 
 
 
 
 
Same-Property RevPAR(1)
$226.67
$231.73
 
$215.28
$213.29
Same-Property RevPAR growth rate
(2.2%)
 
 
0.9%
 
 
 
 
 
 
 
Same-Property Total RevPAR(1)
$323.82
$327.07
 
$311.83
$306.86
Same-Property Total RevPAR growth rate
(1.0%)
 
 
1.6%
 
 
 
 
 
 
 
Same-Property Total Expenses(1)
$275.3
$269.5
 
$818.6
$791.7
Same-Property Total Expense growth rate
2.2%
 
 
3.4%
 
 
 
 
 
 
 
Same-Property EBITDA(1)
$145.1
$155.1
 
$405.7
$413.1
Same-Property EBITDA growth rate
(6.5%)
 
 
(1.8%)
 
Same-Property EBITDA Margin(1)
34.5%
36.5%
 
33.1%
34.3%
 
 
 
 
 
 
Adjusted EBITDAre(1)
$136.5
$69.4
 
$378.5
$201.4
Adjusted EBITDAre growth rate
96.7%
 
 
87.9%
 
 
 
 
 
 
 
Adjusted FFO(1)
$100.5
$51.2
 
$272.9
$153.4
Adjusted FFO per diluted share(1)
$0.77
$0.74
 
$2.08
$2.21
Adjusted FFO per diluted share growth rate
4.1%
 
 
(5.9%)
 
 
 
 
 
 
 
(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 Revenue Per Available Room (“RevPAR”), Same-Property Total Revenue Per Available Room (“Total RevPAR”), Average Daily Rate (“ADR”), Occupancy, Revenues, Expenses, EBITDA and EBITDA Margins 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.

▪
Net Income: The Company’s net income was $30.0 million in the third quarter of 2019, an increase of $0.1 million as compared to the same period of 2018.

▪
Same-Property Operating Statistics: Same-Property Total RevPAR declined 1.0 percent from the third quarter of 2018. Same-Property RevPAR for the third quarter decreased 2.2 percent from the prior year to $226.67, with Same-Property ADR declining 0.6 percent to $259.96 and Same-Property Occupancy decreasing by 1.6 percent to 87.2 percent.

▪
Same-Property EBITDA and Margins: The Company’s hotels generated $145.1 million of Same-Property EBITDA for the quarter ended September 30, 2019, down 6.5 percent versus the same period of 2018. Same-Property



Revenues declined 1.0 percent, while Same-Property Expenses increased 2.2 percent, resulting in Same-Property EBITDA Margin for the quarter decreasing 202 basis points to 34.5 percent.

▪
Operating Performance: Excluding the mandatory California Proposition 13 increases in real estate taxes for the California properties acquired as part of the Company’s corporate acquisition in November 2018, Same-Property Expenses increased just 1.2 percent during the third quarter, resulting in Same-Property EBITDA Margin for the quarter decreasing 143 basis points. Year to date through September, also excluding the Proposition 13 impact, Same-Property Expenses increased 2.4 percent, and Same-Property EBITDA margins declined 53 basis points.

“During the third quarter, our overall performance versus our expectations was impacted by weaker performance in San Diego, Los Angeles, San Francisco and Washington, D.C.,” said Mr. Bortz. “We also lost business at our hotels and resorts located in South Florida, due to the threat of Hurricane Dorian in early September. Despite the moderating demand growth environment, our hotel teams working closely with our asset managers continue to do a tremendous job limiting expense growth and finding creative and sustainable ways to increase efficiencies and productivity and take advantage of our larger scale through executing on new portfolio-wide initiatives, which are now running at an annual rate of savings of $5 million, halfway to achieving our $10 million objective. We expect to steadily execute on our portfolio-wide initiatives program to generate additional expense savings and operating synergies, create long-term value and achieve our objective by the end of next year.”


Update on Strategic Property Redevelopment Plan

The Company continued to implement its Strategic Property Redevelopment Plan during the third quarter. On July 1, 2019, the Company completed two third-party operator transitions: Mason & Rook Hotel and Donovan Hotel, both in Washington, D.C., are now operated by Viceroy Hotels & Resorts. On July 15, 2019, the Company announced that it had executed a license agreement to convert its Paradise Point Resort & Spa in San Diego, California, to a Margaritaville Island Resort after a comprehensive renovation. Year to date, the Company has made considerable progress on its strategic property repositionings, completing third-party operator or brand changes at 9 hotels and resorts across the portfolio.


Capital Investments

In the third quarter, the Company completed $42.1 million of capital investments throughout its portfolio. The Company has completed $111.1 million of capital investments and projects year to date through September 2019, including the first phase of major renovation and property improvements at Hilton San Diego Resort & Spa, which was completed in the third quarter.

The Company intends to start additional major renovation and repositioning projects in the fourth quarter of 2019 or early next year, with completion expected in the first half of next year, including:
 
▪
Donovan Hotel (estimated at $25.0 million, or $130 thousand per key), which will encompass an exhaustive redevelopment and repositioning, expected to begin with the closure of the hotel by the end of November, and upon anticipated completion in the second quarter of 2020, the hotel will be relaunched as the seventh hotel in the Company’s “Unofficial Z Collection” proprietary brand;

▪
Westin San Diego Gaslamp Quarter (estimated at $16.0 million), which will consist of a guestroom, lobby, restaurant and bar renovation to commence next month, expected to be completed in the first quarter of 2020;

▪
Embassy Suites San Diego Bay Downtown (estimated at $16.0 million), which will receive a comprehensive guest suite renovation to also commence next month and be completed in the first quarter of 2020;

▪
Le Parc Suite Hotel (estimated at $12.5 million), which will consist of a comprehensive hotel renovation, including the guestrooms, lobby and public areas, to commence in the first quarter of 2020, expected to be completed in the second quarter of 2020;

▪
Viceroy Santa Monica Hotel (estimated at $12.0 million), which will undergo a lobby, public area and meeting space renovation, featuring both interior and exterior enhancements, expected to commence late in the fourth quarter of 2019 and be completed in the second quarter of 2020;

▪
Hilton San Diego Resort & Spa Phase 2 (estimated at $10.5 million), which will undergo a reconfiguration and complete renovation of the public areas including the porte-cochere, lobby, entry, pool, restaurants and bars, retail shop, creation of additional event venues, and upgrading of guestrooms and suites, expected to begin late this year and be completed in the second quarter of 2020;

▪
Chaminade Resort & Spa (estimated at $10.0 million), which will reposition the property through a redevelopment of the property’s public space, restaurant, lobby, porte-cochere/entry, exterior patio, all meeting



space and venues commencing late in the fourth quarter or early in the first quarter, expected to be completed in the second quarter of 2020; and

▪
Mason & Rook Hotel (estimated at $8.0 million), which will undergo a complete renovation and upgrading of the entry, lobby, guestrooms, restaurant and bar areas, rooftop pool, bar venue and its meeting spaces beginning in the first quarter of 2020, expected to be completed late in the second quarter of 2020, at which time it will be rebranded as the Viceroy Washington, D.C.

Additionally, the Company intends to continue the following upgrade and repositioning program:

▪
The Marker Resort Key West (estimated at $5.0 million), which commenced in the third quarter of 2019, including a renovation of the lobby, pool area, bar, restaurant, fitness center, corridors, guestrooms and an addition of suites, expected to be completed by the end of 2019.


Update on Strategic Disposition Plan

During the third quarter, the Company completed $138.2 million of property sales, including Hotel Amarano Burbank in Los Angeles, California, for $72.9 million, Rouge Hotel in Washington, D.C. for $42.0 million, and Hotel Madera in Washington, D.C. for $23.3 million. In combination with the $310.8 million of sales from the first and second quarters of 2019, the Company has sold properties for a total of $449.0 million year to date.

In October 2019, the Company also announced it executed a contract to sell the Topaz Hotel in Washington, D.C. for $33.0 million. This sale is subject to normal closing conditions, and the Company offers no assurances that the sale will be completed on these terms, or at all. The Company is targeting to complete the transaction late in the fourth quarter of 2019.

The Company continues to be encouraged with pricing levels and overall buyer interest in the investment markets. The Company estimates it will complete or execute contracts to sell an additional $150.0 million of properties during the fourth quarter, which includes the sale of Topaz Hotel for $33.0 million, and an additional $117.0 million for other properties.

Since the Company commenced its strategic disposition plan on November 30, 2018, and assuming the sale of Topaz Hotel is completed, 13 hotels will have been successfully sold or contracted to sell, generating approximately $1.33 billion of gross sales proceeds. The sales to date, including the assumed sale of Topaz Hotel, reflect a very favorable 15.6x EBITDA multiple and a 5.5 percent net operating income capitalization rate (after an assumed annual capital reserve of 4.0 percent of total hotel revenues) based on the operating performance for 2018 of the properties sold.


Balance Sheet and Shareholder Distributions

As of September 30, 2019, the Company had $2.2 billion in consolidated debt at an effective weighted-average interest rate of 3.5 percent. Approximately $1.8 billion, or 80 percent of the Company’s total outstanding debt, was at a weighted-average fixed interest rate of 3.5 percent, and approximately $0.4 billion, or 20 percent, was at a weighted-average floating interest rate of 3.6 percent. Of the Company’s outstanding debt, $2.0 billion was in the form of unsecured term loans and $100.0 million was outstanding on its $650.0 million senior unsecured revolving credit facility. As of September 30, 2019, the Company had $56.8 million of consolidated cash, cash equivalents and restricted cash.

As of September 30, 2019, the Company’s fixed charge coverage ratio was 3.0 times, and total net debt to trailing 12-month corporate EBITDA was 4.6 times.

On September 16, 2019, the Company declared a regular quarterly cash dividend of $0.38 per share on its common shares as well as a regular quarterly cash dividend for the following preferred shares of beneficial interest:

▪
$0.40625 per 6.50% Series C Cumulative Redeemable Preferred Share;
▪
$0.39844 per 6.375% Series D Cumulative Redeemable Preferred Share;
▪
$0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share; and
▪
$0.39375 per 6.30% Series F Cumulative Redeemable Preferred Share.


2019 Outlook




The Company is adjusting its 2019 Outlook to reflect the third quarter results and the expectation that the slowing hotel demand trends and economic uncertainty experienced throughout the third quarter will continue in the fourth quarter.

The 2019 Outlook, which assumes $600.0 million of assets are sold over the course of 2019, with $449.0 million sold year to date and approximately $150.0 million of additional assets sold by the end of the year, is as follows:


 
Updated
2019 Outlook
as of October 24, 2019
 
Variance to Prior Outlook
as of July 25, 2019
 
Low

High

 
Low
High

 
($ and shares/units in millions, except per share and RevPAR data)
 
 
 
 
 
Net income

$99.2


$103.2

 
($51.0)
($53.0)

 
 
 
 
 
 
Adjusted EBITDAre

$472.7


$476.7

 
($7.7)
($9.7)

Adjusted EBITDAre growth rate
85.5%

87.0%

 
(3.0%)
(3.8%)

 
 
 
 
 
 
Adjusted FFO

$336.9


$340.9

 
($7.0)
($9.0)

Adjusted FFO per diluted share

$2.57


$2.60

 
($0.05)
($0.07)

Adjusted FFO per diluted share growth rate
4.9%

6.1%

 
(2.0%)
(2.9
%)

This 2019 Outlook is based, in part, on the following estimates and assumptions:

Asset Sales during 2019
$600.0
$600.0
 
—

—

   Q4 Asset Sales at a 5.5% 2018 NOI Capitalization Rate
$150.0
$150.0
 
$30.0

$30.0

 
 
 
 




U.S. GDP growth rate
1.5%
2.0%
 
—

—

U.S. Hotel Industry RevPAR growth rate
0.6%
1.0%
 
(40 bps)

(100 bps)

 
 
 
 
 
 
Same-Property RevPAR
$209
$211
 
($1)

($1)

Same-Property RevPAR growth rate
0.6%
1.2%
 
(0.4%)

(0.8%)

 
 
 
 
 
 
Same-Property EBITDA
$509.5
$513.5
 
($7.7)

($9.7)

Same-Property EBITDA growth rate
(2.1%)
(1.4%)
 
(150 bps)

(200 bps)

Same-Property EBITDA Margin
32.1%
32.2%
 
(0.5%)

(0.5%)

Same-Property EBITDA Margin growth rate
(100 bps)
 (90 bps)
 
(50 bps)

(50 bps)

 
 
 
 
 
 
Corporate cash general and administrative expenses
$26.6
$26.6
 
($0.5)

($0.5)

Corporate non-cash general and administrative expenses
$8.4
$8.4
 
—

—

Preopening and other corporate expenses
$3.2
$3.2
 
—

—

 
 
 
 
 
 
Total capital investments related to renovations, capital maintenance and return on investment projects
$160.0
$170.0
 
$10.0

—

 
 
 
 
 
 
Weighted-average fully diluted shares and units
131.0
131.0
 
(0.1
)
(0.1
)


The Company’s Outlook for the fourth quarter of 2019 is as follows:





 
Fourth Quarter
2019 Outlook
 
Low

High

 
($ and shares/units in millions, except per share and RevPAR data)
Net income (loss)

$3.0


$7.0

 
 
 
Q4 Asset Sales at a 5.5% 2018 NOI Capitalization Rate

$150.0


$150.0

 
 
 
Same-Property RevPAR

$192


$196

Same-Property RevPAR growth rate
0.0%

2.0%

 
 
 
Same-Property EBITDA

$103.8


$107.8

Same-Property EBITDA growth rate
(3.5%)

0.2%

Same-Property EBITDA Margin
28.6%

29.1%

Same-Property EBITDA Margin growth rate
 (75 bps)

 (25 bps)

 
 
 
Adjusted EBITDAre

$94.2


$98.2

Adjusted EBITDAre growth rate
76.3%

83.8%

 
 
 
Adjusted FFO

$64.0


$68.0

Adjusted FFO per diluted share

$0.49


$0.52

Adjusted FFO per diluted share growth rate
48.5%

57.6%

 
 
 
Weighted-average fully diluted shares and units
131.1

131.1



The 2019 Outlook excludes the following hotels from Same-Property RevPAR, Same-Property RevPAR growth rate, Same-Property EBITDA, Same-Property EBITDA growth rate, Same-Property EBITDA Margin and Same-Property EBITDA Margin growth rate:

▪
Liaison Capitol Hill and Hotel Palomar Washington, DC for all quarters of both 2019 and 2018 due to their sales during the first quarter of 2019;

▪
Onyx Hotel for the second, third and fourth quarters of both 2019 and 2018 due to its sale during the second quarter of 2019;

▪
Hotel Amarano Burbank, Rouge Hotel and Hotel Madera for the third and fourth quarters of both 2019 and 2018 due to their sales during the third quarter of 2019;

▪
Topaz Hotel for the fourth quarter of both 2019 and 2018 due to its pending sale, expected to be completed during the fourth quarter of 2019; and

▪
Donovan Hotel for the fourth quarter of both 2019 and 2018 due to its expected closure in the fourth quarter of 2019 for redevelopment, renovation and rebranding.

If any of the foregoing estimates and assumptions prove to be inaccurate, actual results, including the outlook, may vary and could vary significantly from the amounts shown above.


Third Quarter 2019 Earnings Call

The Company will conduct its quarterly analyst and investor conference call on Friday, October 25, 2019, at 9:00 AM ET. To participate in the conference call, please dial (877) 705-6003 approximately ten minutes before the call begins. Additionally, a live webcast of the conference call will be available through the Company’s website. To access the webcast, log on to www.pebblebrookhotels.com ten minutes before the conference call. A replay of the conference call webcast will be archived and available online through the Investor Relations section of www.pebblebrookhotels.com.





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 guestrooms 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.



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.

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: projections and forecasts of U.S. GDP growth, U.S. hotel industry RevPAR growth, the Company’s net income, FFO, EBITDA, Adjusted FFO, Adjusted EBITDAre, RevPAR, EBITDA Margin and EBITDA Margin growth, and the Company’s expenses, share count or other financial items; descriptions of the Company’s plans or objectives for future operations, acquisitions, dispositions or services; 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.

All information in this press release is as of October 24, 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
Consolidated Balance Sheets
($ in thousands, except for per share data)
 
 
 
 
 
September 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
ASSETS
Assets:
 
 
 
Investment in hotel properties, net
$
6,329,968

 
$
6,534,193

Hotels held for sale
28,851

 
—

Ground lease asset, net
—

 
199,745

Cash and cash equivalents
29,758

 
83,366

Restricted cash
27,048

 
24,445

Hotel receivables (net of allowance for doubtful accounts of $517 and $526, respectively)
70,990

 
59,897

Prepaid expenses and other assets
57,998

 
76,702

Total assets
$
6,544,613

 
$
6,978,348

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
Unsecured revolving credit facilities
$
100,000

 
$
170,000

Term loans, net of unamortized deferred financing costs
1,963,828

 
2,409,284

Senior unsecured notes, net of unamortized deferred financing costs
99,540

 
99,469

Mortgage loans, net of unamortized deferred financing costs
66,360

 
68,145

Accounts payable and accrued expenses
537,016

 
360,279

Deferred revenues
56,995

 
54,741

Accrued interest
5,674

 
2,741

Liabilities related to hotels held for sale
298

 
—

Distribution payable
58,436

 
43,759

Total liabilities
2,888,147

 
3,208,418

Commitments and contingencies

 

 
 
 
 
Equity:
 
 
 
Preferred shares of beneficial interest, $0.01 par value (liquidation preference $510,000 at September 30, 2019 and December 31, 2018), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
204

 
204

Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized; 130,484,956 issued and outstanding at September 30, 2019 and 130,311,289 issued and outstanding at December 31, 2018
1,305

 
1,303

Additional paid-in capital
4,067,529

 
4,065,804

Accumulated other comprehensive income (loss)
(36,672
)
 
1,330

Distributions in excess of retained earnings
(386,631
)
 
(308,806
)
Total shareholders' equity
3,645,735

 
3,759,835

Non-controlling interests
10,731

 
10,095

Total equity
3,656,466

 
3,769,930

Total liabilities and equity
$
6,544,613

 
$
6,978,348





Pebblebrook Hotel Trust
Consolidated Statements of Operations
($ in thousands, except for per share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2019
 
2018
 
2019
 
2018
 

 
 
 
 
Revenues:
 
 
 
 
 
 
 
Room
$
296,622

 
$
146,907

 
$
851,899

 
$
411,396

Food and beverage
90,088

 
43,141

 
274,803

 
136,919

Other operating
36,842

 
15,432

 
106,102

 
44,721

Total revenues
$
423,552

 
$
205,480

 
$
1,232,804

 
$
593,036

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
Hotel operating expenses:
 
 
 
 
 
 
 
Room
$
71,878

 
$
34,675

 
$
209,707

 
$
99,540

Food and beverage
64,690

 
30,687

 
194,981

 
93,611

Other direct and indirect
110,922

 
54,301

 
330,617

 
160,663

Total hotel operating expenses
247,490

 
119,663

 
735,305

 
353,814

Depreciation and amortization
69,775

 
24,765

 
177,376

 
74,229

Real estate taxes, personal property taxes, property insurance, and ground rent
31,588

 
11,206

 
94,009

 
35,809

General and administrative
8,315

 
6,663

 
25,753

 
14,794

Transaction costs
4,035

 
3,188

 
7,576

 
5,545

(Gain) loss and other operating expenses
1,529

 
(357
)
 
6,219

 
(11,376
)
Total operating expenses
362,732

 
165,128

 
1,046,238

 
472,815

Operating income (loss)
60,820

 
40,352

 
186,566

 
120,221

Interest expense
(26,465
)
 
(12,647
)
 
(84,512
)
 
(33,274
)
Other
7

 
3,931

 
23

 
29,409

Income (loss) before income taxes
34,362

 
31,636

 
102,077

 
116,356

Income tax (expense) benefit
(4,382
)
 
(1,719
)
 
(5,924
)
 
(3,628
)
Net income (loss)
29,980

 
29,917

 
96,153

 
112,728

Net income (loss) attributable to non-controlling interests
89

 
125

 
254

 
424

Net income (loss) attributable to the Company
29,891

 
29,792

 
95,899

 
112,304

Distributions to preferred shareholders
(8,139
)
 
(4,023
)
 
(24,417
)
 
(12,070
)
Net income (loss) attributable to common shareholders
$
21,752

 
$
25,769

 
$
71,482

 
$
100,234

 
 
 
 
 
 
 
 
Net income (loss) per share available to common shareholders, basic
$
0.17

 
$
0.37

 
$
0.55

 
$
1.45

Net income (loss) per share available to common shareholders, diluted
$
0.17

 
$
0.37

 
$
0.55

 
$
1.44

 
 
 
 
 
 
 
 
Weighted-average number of common shares, basic
130,484,956

 
68,912,185

 
130,467,193

 
68,900,402

Weighted-average number of common shares, diluted
130,622,130

 
69,255,858

 
130,690,342

 
69,267,098




Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO
($ in thousands, except per share data)
(Unaudited)


 
 
 
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2019

2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income (loss)
$
29,980

 
$
29,917

 
$
96,153

 
$
112,728

Adjustments:
 
 
 
 
 
 
 
Depreciation and amortization
69,712

 
24,713

 
177,195

 
74,072

FFO
$
99,692

 
$
54,630

 
$
273,348

 
$
186,800

Distribution to preferred shareholders
(8,139
)
 
(4,023
)
 
(24,417
)
 
(12,070
)
FFO available to common share and unit holders
$
91,553

 
$
50,607

 
$
248,931

 
$
174,730

Transaction costs
4,035

 
3,188

 
7,576

 
5,545

Non-cash ground rent
1,318

 
600

 
3,274

 
1,807

Management/franchise contract transition costs
810

 
7

 
4,783

 
55

Interest expense adjustment for acquired liabilities
216

 
184

 
689

 
702

Capital lease adjustment
810

 
143

 
2,193

 
427

Non-cash amortization of acquired intangibles
(315
)
 
334

 
(1,050
)
 
610

Estimated hurricane related repairs and cleanup costs
—

 
74

 
—

 
1,452

Gain on insurance settlement
—

 
(866
)
 
(672
)
 
(13,954
)
Business interruption proceeds
—

 
866

 
672

 
6,135

Unrealized gain on investment
—

 
(3,891
)
 
—

 
(24,070
)
Non-cash interest expense
1,379

 
—

 
4,761

 
—

Early extinguishment of debt
726

 
—

 
1,698

 
—

Adjusted FFO available to common share and unit holders
$
100,532

 
$
51,246

 
$
272,855

 
$
153,439

 
 
 
 
 
 
 
 
FFO per common share - basic
$
0.70

 
$
0.73

 
$
1.90

 
$
2.53

FFO per common share - diluted
$
0.70

 
$
0.73

 
$
1.90

 
$
2.51

Adjusted FFO per common share - basic
$
0.77

 
$
0.74

 
$
2.09

 
$
2.22

Adjusted FFO per common share - diluted
$
0.77

 
$
0.74

 
$
2.08

 
$
2.21

 
 
 
 
 
 
 
 
Weighted-average number of basic common shares and units
130,854,912

 
69,148,536

 
130,837,149

 
69,136,753

Weighted-average number of fully diluted common shares and units
130,992,086

 
69,492,209

 
131,060,298

 
69,503,449

 
 
 
 
 
 
 
 


To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), 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 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 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.
- Capital lease adjustment: The Company excludes the effect of non-cash interest expense from capital 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.
- Estimated hurricane related repairs and cleanup costs: The Company excludes estimated hurricane related repairs and cleanup costs during the period because it believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Business interruption proceeds: The Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels.
- Unrealized gain on investment: The Company excludes the unrealized gain on investment because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash interest expense and early extinguishment of debt: The Company excludes non-cash interest expense and early extinguishment of debt because the Company believes that including this adjustment 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
September 30,
 
Nine months ended
September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income (loss)
$
29,980

 
$
29,917

 
$
96,153

 
$
112,728

Adjustments:
 
 
 
 
 
 
 
Interest expense
26,465

 
12,647

 
84,512

 
33,274

Income tax expense (benefit)
4,382

 
1,719

 
5,924

 
3,628

Depreciation and amortization
69,775

 
24,765

 
177,376

 
74,229

EBITDA / EBITDAre
$
130,602

 
$
69,048

 
$
363,965

 
$
223,859

Transaction costs
4,035

 
3,188

 
7,576

 
5,545

Non-cash ground rent
1,318

 
600

 
3,274

 
1,807

Management/franchise contract transition costs
810

 
7

 
4,783

 
55

Non-cash amortization of acquired intangibles
(315
)
 
334

 
(1,050
)
 
610

Estimated hurricane related repairs and cleanup costs
—

 
74

 
—

 
1,452

Gain on insurance settlement
—

 
(866
)
 
(672
)
 
(13,954
)
Business interruption proceeds
—

 
866

 
672

 
6,135

Unrealized gain on investment
—

 
(3,891
)
 
—

 
(24,070
)
Adjusted EBITDAre
$
136,450

 
$
69,360

 
$
378,548

 
$
201,439

 

 

 
 
 
 
To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), 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 GAAP and may be different from similarly titled 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 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.
- Estimated hurricane related repairs and cleanup costs: The Company excludes estimated hurricane related repairs and cleanup costs during the period because it believes that including these adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Business interruption proceeds: The Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels.
- Unrealized gain on investment: The Company excludes the unrealized gain on investment because the Company believes that including this adjustment 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
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

 
16.5
x
 
5.1
%
 
$
443

Gild Hall, New York
 
 
11/30/2018
 
38.8

 
15.8
x
 
5.3
%
 
298

Embassy Suites Philadelphia Center City
 
 
11/30/2018
 
67.0

 
11.0
x
 
8.1
%
 
233

The Grand Hotel Minneapolis
 
 
12/4/2018
 
30.0

 
8.5
x
 
10.4
%
 
214

The Liaison Capitol Hill
 
 
2/14/2019
 
111.0

 
16.9
x
 
4.9
%
 
324

Hotel Palomar Washington, DC
 
 
2/22/2019
 
141.5

 
14.9
x
 
5.9
%
 
422

Onyx Hotel
 
 
5/29/2019
 
58.3

 
15.3
x
 
5.9
%
 
521

Hotel Amarano Burbank
 
 
7/16/2019
 
72.9

 
15.8
x
 
5.7
%
 
552

Rouge Hotel
 
 
9/12/2019
 
42.0

 
17.4
x
 
5.0
%
 
307

Hotel Madera
 
 
9/26/2019
 
23.3

 
14.3
x
 
5.7
%
 
284

Topaz Hotel*
 
 
TBD
 
33.0

 
19.5
x
 
4.4
%
 
333

 
 
 
 
 
 
 
 
 
 
 
 
Total / Average
 
 
 
 
$
1,333

 
15.6
x
 
5.52
%
 
$
391

 
 
 
 
 
 
 
 
 
 
 
 
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.

The information above has not been audited and is presented only for comparison purposes.

*The contracted sale of Topaz Hotel is subject to normal closing conditions, and the Company offers no assurances that this sale will be completed.




Pebblebrook Hotel Trust
Reconciliation of 2019 Outlook Net Income (Loss) to FFO and Adjusted FFO
($ in millions, except per share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
Three months ending
December 31, 2019
 
Year ending
December 31, 2019
 
Low
 
High
 
Low
 
High
 
 
 
 
 
 
 
 
Net income (loss)
$
3

 
$
7

 
$
99

 
$
103

Adjustments:
 
 
 
 
 
 
 
Depreciation and amortization
80

 
80

 
257

 
257

Loss (gain) on sale of hotel properties
(21
)
 
(21
)
 
(21
)
 
(21
)
FFO
$
62

 
$
66

 
$
335

 
$
339

Distribution to preferred shareholders
(8
)
 
(8
)
 
(33
)
 
(33
)
FFO available to common share and unit holders
$
54

 
$
58

 
$
302

 
$
306

Non-cash ground rent
4

 
4

 
7

 
7

Non-cash interest expense
1

 
1

 
6

 
6

Other
5

 
5

 
22

 
22

Adjusted FFO available to common share and unit holders
$
64

 
$
68

 
$
337

 
$
341

 
 
 
 
 
 
 
 
FFO per common share - diluted
$
0.41

 
$
0.44

 
$
2.31

 
$
2.34

Adjusted FFO per common share - diluted
$
0.49

 
$
0.52

 
$
2.57

 
$
2.60

 
 
 
 
 
 
 
 
Weighted-average number of fully diluted common shares and units
131.1

 
131.1

 
131.0

 
131.0

 
 
 
 
 
 
 
 
To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), 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 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 for the following items, which may occur in any period, and refers to this measure as Adjusted FFO:

- 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.
- Non-cash interest expense: The Company excludes non-cash interest expense because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Other: The Company excludes other expenses, which include transaction costs, management/franchise contract transition costs, interest expense adjustment for acquired liabilities, capital lease adjustment, non-cash amortization of acquired intangibles and estimated hurricane related repairs and cleanup costs because the Company believes that including these non-cash 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.

Any differences are a result of rounding.



Pebblebrook Hotel Trust
Reconciliation of 2019 Outlook Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre
($ in millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
Three months ending
December 31, 2019
 
Year ending
December 31, 2019
 
Low
 
High
 
Low
 
High
 
 
 
 
 
 
 
 
Net income (loss)
$
3

 
$
7

 
$
99

 
$
103

Adjustments:
 
 
 
 
 
 
 
Interest expense and income tax expense
24

 
24

 
114

 
114

Depreciation and amortization
80

 
80

 
257

 
257

EBITDA
$
107

 
$
111

 
$
470

 
$
474

Loss (gain) on sale of hotel properties
(21
)
 
(21
)
 
(21
)
 
(21
)
EBITDAre
$
86

 
$
90

 
$
449

 
$
453

Non-cash ground rent
4

 
4

 
7

 
7

Other
4

 
4

 
17

 
17

Adjusted EBITDAre
$
94

 
$
98

 
$
473

 
$
477

 
 
 
 
 
 
 
 
To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), 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 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 of 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:

- 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.
- Other: The Company excludes other expenses, which include transaction costs, management/franchise contract transition costs, non-cash amortization of acquired intangibles and estimated hurricane related repairs and cleanup costs because the Company believes that including these non-cash adjustments 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.

Any differences are a result of rounding.



Pebblebrook Hotel Trust
Same-Property Statistical Data
(Unaudited)
 
 
 
 
 
 
 
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Same-Property Occupancy
87.2
 %
 
88.6
%
 
83.1
 %
 
83.9
%
Increase/(Decrease)
(1.6
%)
 
 
 
(1.0
%)
 
 
Same-Property ADR
$
259.96

 
$
261.57

 
$
258.95

 
$
254.09

Increase/(Decrease)
(0.6
%)
 
 
 
1.9
%
 
 
Same-Property RevPAR
$
226.67

 
$
231.73

 
$
215.28

 
$
213.29

Increase/(Decrease)
(2.2
%)
 
 
 
0.9
%
 
 
 
 
 
 
 
 
 
 
Same-Property Total RevPAR
$
323.82

 
$
327.07

 
$
311.83

 
$
306.86

Increase/(Decrease)
(1.0
%)
 
 
 
1.6
%
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
This schedule of hotel results for the three months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2019. This schedule of hotel results for the nine months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2019 and excludes Onyx Hotel for Q2 and Q3 in both 2019 and 2018 due to its sale in the second quarter of 2019 as well as Hotel Amarano Burbank, Rouge Hotel and Hotel Madera for Q3 in both 2019 and 2018 due to their sales in the third quarter of 2019.

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.

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
September 30,
 
Nine months ended
September 30,
 
2019
 
2019
Same-Property RevPAR variance to prior-year period:
 
 
 
Boston
1.7
%
 
4.5
%
San Diego
0.8
%
 
2.2
%
Southern Florida
(0.5
%)
 
4.8
%
Portland
(2.5
%)
 
(4.0
%)
Los Angeles
(2.5
%)
 
(2.5
%)
Other
(2.7
%)
 
(2.5
%)
Washington DC
(4.2
%)
 
(4.4
%)
San Francisco
(4.9
%)
 
6.2
%
Chicago
(6.0
%)
 
(6.4
%)
Seattle
(7.9
%)
 
(7.8
%)
 
 
 
 
East Coast
(0.4
%)
 
1.4
%
West Coast
(2.7
%)
 
1.4
%
 
 
 
 
Notes:
 
 
 
This schedule of hotel results for the three months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2019. This schedule of hotel results for the nine months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2019 and excludes Onyx Hotel for Q2 and Q3 in both 2019 and 2018 due to its sale in the second quarter of 2019 as well as Hotel Amarano Burbank, Rouge Hotel and Hotel Madera for Q3 in both 2019 and 2018 due to their sales in the third quarter of 2019.

"Other" includes Atlanta (Buckhead), GA; Nashville, TN; New York City, NY; Philadelphia, PA; and Santa Cruz, CA.

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.

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
September 30,
 
Nine months ended
September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Same-Property Revenues:
 
 
 
 
 
 
 
Room
$
294,291

 
$
300,851

 
$
845,234

 
$
837,388

Food and beverage
89,675

 
86,421

 
273,246

 
264,616

Other
36,449

 
37,365

 
105,832

 
102,735

Total hotel revenues
420,415

 
424,637

 
1,224,312

 
1,204,739

 
 
 
 
 
 
 
 
Same-Property Expenses:
 
 
 
 
 
 
 
Room
$
71,036

 
$
71,188

 
$
207,467

 
$
204,882

Food and beverage
64,179

 
60,400

 
193,106

 
182,771

Other direct
6,561

 
6,280

 
18,435

 
17,836

General and administrative
31,110

 
30,240

 
93,689

 
90,882

Information and telecommunication systems
5,554

 
5,502

 
16,910

 
17,115

Sales and marketing
30,735

 
29,448

 
90,476

 
87,976

Management fees
10,866

 
14,236

 
34,534

 
38,102

Property operations and maintenance
12,736

 
12,143

 
38,262

 
36,377

Energy and utilities
10,418

 
10,211

 
28,900

 
27,876

Property taxes
19,074

 
17,026

 
59,853

 
53,251

Other fixed expenses
13,056

 
12,819

 
36,948

 
34,616

Total hotel expenses
275,325

 
269,493

 
818,580

 
791,684

 
 
 
 
 
 
 
 
Same-Property EBITDA
$
145,090

 
$
155,144

 
$
405,732

 
$
413,055

 
 
 
 
 
 
 
 
Same-Property EBITDA Margin
34.5
%
 
36.5
%
 
33.1
%
 
34.3
%
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
This schedule of hotel results for the three months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2019. This schedule of hotel results for the nine months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2019 and excludes Onyx Hotel for Q2 and Q3 in both 2019 and 2018 due to its sale in the second quarter of 2019 as well as Hotel Amarano Burbank, Rouge Hotel and Hotel Madera for Q3 in both 2019 and 2018 due to their sales in the third quarter of 2019.

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.

The information above has not been audited and is presented only for comparison purposes.



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
 
 
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
 
Third Quarter
 
 
 
 
 
 
2019
 
2019
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Occupancy
 
76
%
 
87
%
 
87
%
 
 
 
 
ADR
 
$
251

 
$
268

 
$
260

 
 
 
 
RevPAR
 
$
190

 
$
232

 
$
227

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hotel Revenues
 
$
355.8

 
$
433.2

 
$
420.4

 
 
 
 
Hotel EBITDA
 
$
98.4

 
$
157.5

 
$
145.1

 
 
 
 
Hotel EBITDA Margin
 
27.7
%
 
36.3
%
 
34.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
These historical hotel operating results include information for all of the hotels the Company owned as of September 30, 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 is presented only for comparison purposes.













 EX-101.SCH 3 peb-20191024.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001000 - Document - Document and Entity Information Document link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 peb-20191024_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 peb-20191024_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 peb-20191024_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Document And Entity Information [Abstract] Document And Entity Information [Abstract] Entities [Table] Entities [Table] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Common Shares of Beneficial Interest, $0.01 par value per share Common Stock [Member] 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share Series C Preferred Stock [Member] 6.375% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share Series D Preferred Stock [Member] 6.375% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share Series E Preferred Stock [Member] 6.30% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share Series F Preferred Stock [Member] Entity Information [Line Items] Entity Information [Line Items] Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Two Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security Title of 12(b) Security Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company EX-101.PRE 7 peb-20191024_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 8 image0a15.jpg GRAPHIC begin 644 image0a15.jpg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etaLinks.json IDEA: XBRL DOCUMENT { "instance": { "peb8-k102419er.htm": { "axisCustom": 0, "axisStandard": 1, "contextCount": 6, "dts": { "calculationLink": { "local": [ "peb-20191024_cal.xml" ] }, "definitionLink": { "local": [ "peb-20191024_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "peb8-k102419er.htm" ] }, "labelLink": { "local": [ "peb-20191024_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "peb-20191024_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "peb-20191024.xsd" ], "remote": [ "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd", "http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd", "http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 33, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 97, "memberCustom": 0, "memberStandard": 5, "nsprefix": "peb", "nsuri": "http://www.pebblebrookhotels.com/20191024", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "div", "body", "html" ], "baseRef": "peb8-k102419er.htm", "contextRef": "D2019Q4Oct24", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "0001000 - Document - Document and Entity Information Document", "role": "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument", "shortName": "Document and Entity Information Document", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "div", "body", "html" ], "baseRef": "peb8-k102419er.htm", "contextRef": "D2019Q4Oct24", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 5, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "normalizedStringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "submissionTypeItemType" }, "dei_EntitiesTable": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Container to assemble all relevant information about each entity associated with the document instance", "label": "Entities [Table]", "terseLabel": "Entities [Table]" } } }, "localname": "EntitiesTable", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "stringItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two", "terseLabel": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code", "terseLabel": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityInformationLineItems": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Entity Information [Line Items]", "terseLabel": "Entity Information [Line Items]" } } }, "localname": "EntityInformationLineItems", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "stringItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security", "terseLabel": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "booleanItemType" }, "peb_DocumentAndEntityInformationAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Document And Entity Information [Abstract]", "label": "Document And Entity Information [Abstract]" } } }, "localname": "DocumentAndEntityInformationAbstract", "nsuri": "http://www.pebblebrookhotels.com/20191024", "xbrltype": "stringItemType" }, "us-gaap_ClassOfStockDomain": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Class of Stock [Domain]", "terseLabel": "Class of Stock [Domain]" } } }, "localname": "ClassOfStockDomain", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "domainItemType" }, "us-gaap_CommonStockMember": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Common Stock [Member]", "terseLabel": "Common Shares of Beneficial Interest, $0.01 par value per share" } } }, "localname": "CommonStockMember", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "domainItemType" }, "us-gaap_SeriesCPreferredStockMember": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Series C Preferred Stock [Member]", "terseLabel": "6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share" } } }, "localname": "SeriesCPreferredStockMember", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "domainItemType" }, "us-gaap_SeriesDPreferredStockMember": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Series D Preferred Stock [Member]", "terseLabel": "6.375% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share" } } }, "localname": "SeriesDPreferredStockMember", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "domainItemType" }, "us-gaap_SeriesEPreferredStockMember": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Series E Preferred Stock [Member]", "terseLabel": "6.375% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share" } } }, "localname": "SeriesEPreferredStockMember", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "domainItemType" }, "us-gaap_SeriesFPreferredStockMember": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Series F Preferred Stock [Member]", "terseLabel": "6.30% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share" } } }, "localname": "SeriesFPreferredStockMember", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "domainItemType" }, "us-gaap_StatementClassOfStockAxis": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Class of Stock [Axis]", "terseLabel": "Class of Stock [Axis]" } } }, "localname": "StatementClassOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument" ], "xbrltype": "stringItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 11 0001474098-19-000102-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001474098-19-000102-xbrl.zip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htm IDEA: XBRL DOCUMENT v3.19.3
Document and Entity Information Document
Oct. 24, 2019
Entity Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 24, 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

XML 13 peb8-k102419er_htm.xml IDEA: XBRL DOCUMENT 0001474098 us-gaap:SeriesFPreferredStockMember 2019-10-24 2019-10-24 0001474098 us-gaap:CommonStockMember 2019-10-24 2019-10-24 0001474098 us-gaap:SeriesCPreferredStockMember 2019-10-24 2019-10-24 0001474098 us-gaap:SeriesEPreferredStockMember 2019-10-24 2019-10-24 0001474098 us-gaap:SeriesDPreferredStockMember 2019-10-24 2019-10-24 0001474098 2019-10-24 2019-10-24 false 0001474098 8-K 2019-10-24 PEBBLEBROOK HOTEL TRUST MD 001-34571 27-1055421 4747 Bethesda Avenue,  Suite 1100 Bethesda, MD 20814 240 507-1300 false false false false Common Shares, $0.01 par value per share PEB NYSE Series C Cumulative Redeemable Preferred Shares, $0.01 par value PEB-PC NYSE Series D Cumulative Redeemable Preferred Shares, $0.01 par value PEB-PD NYSE Series E Cumulative Redeemable Preferred Shares, $0.01 par value PEB-PE NYSE Series F Cumulative Redeemable Preferred Shares, $0.01 par value PEB-PF NYSE false XML 14 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 15 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3 html 6 97 1 false 5 0 false 0 false false R1.htm 0001000 - Document - Document and Entity Information Document Sheet http://www.pebblebrookhotels.com/role/DocumentAndEntityInformationDocument Document and Entity Information Document Cover 1 false false All Reports Book All Reports peb8-k102419er.htm peb-20191024.xsd peb-20191024_cal.xml peb-20191024_def.xml peb-20191024_lab.xml peb-20191024_pre.xml pebexhibit991102419er.htm http://fasb.org/us-gaap/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 true true EXCEL 16 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}