Pebblebrook Hotel Trust Q2 2024 10-Q Filing

TL;DR

Pebblebrook Hotel Trust's Q2 2024 10-Q is in. Check financials for hotel properties and preferred stock.

AI Summary

Pebblebrook Hotel Trust filed its 10-Q for the period ending June 30, 2024. The filing details financial information for the second quarter of 2024, including data related to its real estate investment properties and various preferred stock series. The company's fiscal year ends on December 31st.

Why It Matters

This filing provides investors with a quarterly update on Pebblebrook Hotel Trust's financial health and operational performance, crucial for investment decisions in the real estate sector.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Pebblebrook Hotel Trust is subject to market fluctuations and economic conditions affecting the hospitality industry.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240724 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Specifies the end date of the company's annual fiscal year.)

Key Players & Entities

• Pebblebrook Hotel Trust (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240724 (date) — Filing date
• 0001474098 (company) — Central Index Key for Pebblebrook Hotel Trust
• 4747 BETHESDA AVENUE SUITE 1100 BETHESDA MD 20814 (address) — Business and mailing address

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Shares, $0.01 par value per share PEB New York Stock

Filing Documents

• peb-20240630.htm (10-Q) — 1284KB
• a10qq2-2024ex311.htm (EX-31.1) — 11KB
• a10qq2-2024ex312.htm (EX-31.2) — 11KB
• a10qq2-2024ex321.htm (EX-32.1) — 6KB
• a10qq2-2024ex322.htm (EX-32.2) — 6KB
• 0001474098-24-000101.txt ( ) — 7118KB
• peb-20240630.xsd (EX-101.SCH) — 47KB
• peb-20240630_cal.xml (EX-101.CAL) — 65KB
• peb-20240630_def.xml (EX-101.DEF) — 276KB
• peb-20240630_lab.xml (EX-101.LAB) — 621KB
• peb-20240630_pre.xml (EX-101.PRE) — 443KB
• peb-20240630_htm.xml (XML) — 1000KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements. 3

Item 1. Financial Statements. 3 Consolidated Balance Sheets - June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations and Comprehensive Income (unaudited) - Three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Equity (unaudited) - Three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows (unaudited) - Six months ended June 30, 2024 and 2023 8 Notes to the Consolidated Financial Statements (unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations. 24

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 24

Quantitative and Qualitative Disclosures About Market Risk. 31

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 31

Controls and Procedures. 32

Item 4. Controls and Procedures. 32

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings. 33

Item 1. Legal Proceedings. 33

Risk Factors. 33

Item 1A. Risk Factors. 33

Unregistered Sales of Equity Securities and Use of Proceeds. 33

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 33

Defaults Upon Senior Securities. 33

Item 3. Defaults Upon Senior Securities. 33

Mine Safety Disclosures. 33

Item 4. Mine Safety Disclosures. 33

Other Information. 34

Item 5. Other Information. 34

Exhibits. 35

Item 6. Exhibits. 35 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Pebblebrook Hotel Trust Consolidated Balance Sheets (in thousands, except share and per-share data) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Investment in hotel properties, net $ 5,442,903 $ 5,490,776 Cash and cash equivalents 101,689 183,747 Restricted cash 9,489 9,894 Hotel receivables (net of allowance for doubtful accounts of $ 343 and $ 689 , respectively) 63,555 43,912 Prepaid expenses and other assets 86,716 96,644 Total assets $ 5,704,352 $ 5,824,973 LIABILITIES AND EQUITY Debt $ 2,207,201 $ 2,319,801 Accounts payable, accrued expenses and other liabilities 238,429 238,644 Lease liabilities - operating leases 320,681 320,617 Deferred revenues 85,112 76,874 Accrued interest 6,637 6,830 Distribution payable 11,857 11,862 Total liabilities 2,869,917 2,974,628 Commitments and contingencies (Note 11) Shareholders' equity: Preferred shares of beneficial interest, $ .01 par value (liquidation preference $ 690,000 at June 30, 2024 and December 31, 2023), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at June 30, 2024 and December 31, 2023 276 276 Common shares of beneficial interest, $ .01 par value, 500,000,000 shares authorized; 120,094,380 shares issued and outstanding at June 30, 2024 and 120,191,349 shares issued and outstanding at December 31, 2023 1,201 1,202 Additional paid-in capital 4,077,360 4,078,912 Accumulated other comprehensive income (loss) 29,281 24,374 Distributions in excess of retained earnings ( 1,362,359 ) ( 1,341,264 ) Total shareholders' equity 2,745,759 2,763,500 Non-controlling interests 88,676 86,845 Total equity 2,834,435 2,850,345 Total liabilities and equity $ 5,704,352 $ 5,824,973 The accompanying notes are an integral part of these financial statements. 3 Table of Contents Pebblebrook Hotel Trust Consolidated Statements of Operations and Comprehensive Income (in thousands, except share and per-share data) (Unaudited) Fo

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