Pebblebrook Hotel Trust (PEB) 10-Q Quarterly Report October 2020


REOPENING OF HOTELS AND RESORTS						§ 39 hotels and resorts currently open, which is approximately three-fourths of the Company’s portfolio; these 39 properties accounted for 76% of Pebblebrook’s 2019 Hotel EBITDA § Demand in the third quarter continued to increase from the second quarter’s all-time low, with healthy leisure business throughout the quarter and a modest post-Labor Day improvement in business travel § In October, the Company reopened Hotel Vintage Portland, Hotel Zena Washington DC, The Heathman in Portland, and Hotel Vintage Seattle

AVERAGE MONTHLY CASH BURN						§ Monthly cash burn at the Company’s hotels continues to be reduced as the demand recovery continues, additional properties reopen and operating performance ramps up § Monthly hotel portfolio cash burn is currently running at $5 to $8 million; a $10 million reduction to the Company’s early May midpoint estimate § Total monthly corporate cash burn is now running at $16 to $21 million; a $9 million reduction to the Company’s early May midpoint estimate

BALANCE SHEET & LIQUIDITY						§ As of September 30, 2020, cash on hand of $217.0 million and liquidity of $570.2 million, which includes $353.2 million available on the Company’s $650.0 million credit facility § Net debt to depreciated book value at the end of Q3 2020: 38%

2020 OUTLOOK						§ Given the uncertainties related to the pandemic, its impact on travel, and variable government restrictions, the Company is unable to provide a 2020 Outlook at this time

(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.

The following information was filed by Pebblebrook Hotel Trust (PEB) on Thursday, October 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pebblebrook Hotel Trust's 10-Q Quarterly Report:

Financial - Expense Highlight
(Gain) loss and other operating expenses - (Gain) loss and other operating expenses decreased by $2.5 million due primarily to the $4.8 million in hotel management transition expense incurred in 2019.

Financial - Expense Highlight
General and administrative - General and administrative expenses decreased by $0.8 million primarily due to a decline in share-based compensation costs and reductions in compensation and other administrative costs as a result of the cost-cutting program put in place in response to the COVID-19 pandemic.
Financial - Expense Highlight
(Gain) loss and other operating expenses - (Gain) loss and other operating expenses decreased $0.6 million primarily due to $0.8 million in hotel management transition expenses incurred in 2019 with so such expenses incurred in 2020.
Financial - Debt Highlight
Generally, we expect to fund renovations and improvements with available cash, restricted cash, borrowings under our credit facility, or proceeds from new mortgage debt or equity offerings.
Financial - Expense Highlight
Depreciation and amortization - Depreciation and amortization expense decreased by $9.3 million due to a decrease in assets resulting from sold hotels.
Financial - Cash Flow
COVID-19 has had a negative...Read more
Other - Other
Non-GAAP Financial Measures Non-GAAP financial...Read more
Financial - Expense
Depreciation and amortization - Depreciation...Read more
Financial - Cash Flow
COVID-19 has had a negative...Read more
Financial - Shares
On July 27, 2017, we...Read more
Financial - Expense
General and administrative - General...Read more
Financial - Shares
Issuance of Shares of Beneficial...Read more
Revenue - Product
35 (Gain) loss on sale...Read more
M & A - Other
Capital Investments We maintain and...Read more
Financial - Income
Other - Other income increased...Read more
Financial - Income
Other - Other income increased...Read more
Financial - Income
Income tax (expense) benefit -...Read more
Revenue - Product
Generally, our hotels have lower...Read more
Other - Other
We report FFO, EBITDA and...Read more
Revenue - Product
While we do not operate...Read more
Financial - Expense
We believe that EBITDA and...Read more
Financial - Expense
Since real estate values instead...Read more
Financial - Expense
Interest expense - Interest expense...Read more
Other - Other
Forward-looking statements, which are based...Read more
Revenue - Geography
New Accounting Pronouncements Not Yet...Read more
Revenue - Product
In the third quarter, our...Read more
Revenue - Product
During the nine months ended...Read more
Revenue - Product
During the nine months ended...Read more
Other - Other
You should not rely on...Read more
Revenue - Product
During the nine months ended...Read more
Other - Other
As of September 30, 2020,...Read more
Other - Other
It is assumed that the...Read more
Financial - Expense
34 Hotel operating expenses -...Read more
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Based on these amendments and...Read more
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Based on these amendments and...Read more
Other - Other
There was no comparable (gain)...Read more
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From time to time, certain...Read more
Financial - Debt
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Financial - Shares
This $100.0 million share repurchase...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Pebblebrook Hotel Trust provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: PEB
CIK: 1474098
Form Type: 10-Q Quarterly Report
Accession Number: 0001474098-20-000131
Submitted to the SEC: Thu Oct 29 2020 4:13:29 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

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Pebblebrook Hotel Trust (PEB) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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