Pebblebrook hotel trust (PEB)
CashFlow / Quarterly
Mar'20Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Operating activities:
Net income (loss)

42,068

5,655

-99,343

29,917

58,295

24,516

11,932

30,571

43,670

14,089

18,422

-35,535

74,438

16,637

22,994

38,248

26,583

7,170

16,090

30,439

22,893

4,121

10,980

17,527

14,931

-246

7,213

12,105

10,027

-2,837

8,106

5,838

4,299

-3,044

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization

55,828

54,302

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

-

-

34,246

24,765

24,562

24,902

24,834

25,210

25,950

26,296

26,112

25,407

25,859

25,061

25,017

24,645

24,885

21,325

18,810

17,396

16,230

15,888

14,823

13,971

13,565

13,211

12,052

11,055

9,998

9,689

9,519

9,037

7,592

4,797

Share-based compensation

17,637

1,848

1,991

2,638

1,868

-269

1,929

531

2,059

1,127

2,281

2,284

2,060

1,841

1,717

2,330

2,138

2,146

3,458

3,471

2,152

2,614

1,365

1,388

1,239

1,230

1,465

949

948

853

682

683

676

613

(Gain) loss on derivative instruments

-

-

-

-

-

-

-

-

-

64

607

1,548

-101

-1,771

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred financing costs, non-cash interest and mortgage loan premiums

3,594

1,488

15,367

1,846

525

518

840

496

305

399

819

434

184

76

89

66

-4

-180

-149

-243

-106

-106

-112

-85

-82

20

272

357

350

421

420

437

368

330

(Gain) loss on sale of hotel properties

117,400

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment and other losses

20,570

0

-

-

-

-

0

2,800

0

1,049

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash ground rent

1,574

1,520

1,035

677

674

676

684

733

734

733

743

742

690

587

595

595

595

595

607

620

572

453

723

665

1,718

22

55

55

55

54

55

55

54

55

Equity in (earnings) loss from joint venture

-

-

-

-

-

-

-

-

-

-

-930

-61,282

1,087

-5,511

3,840

2,297

2,724

-5,037

4,993

2,847

3,669

-3,833

4,528

1,682

1,931

-2,907

4,334

2,152

3,080

-3,596

167

2,169

0

0

Deferred income tax benefit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

709

-452

Other

-146

-2,222

-1,132

-661

-644

-502

-517

-423

-1,423

-15

-855

-536

-551

-712

-587

-745

-548

-158

-96

-148

-25

-138

-445

-117

-168

-162

-22

-89

-67

-62

-83

-165

23

0

Changes in assets and liabilities:
Restricted cash, net

-

-

-

-

-

-

-

-

-

-

-

1

-971

237

-2,544

748

-240

401

-814

705

398

-360

-795

1,046

-342

1,357

1,373

88

458

-372

-278

730

311

-355

Hotel receivables

-23,386

12,793

-10,703

1,288

1,279

4,452

-6,662

752

5,039

2,141

-8,466

2,259

-1,478

6,422

-12,642

6,187

3,191

6,371

-9,225

6,665

3,230

2,874

-6,652

-2,113

5,362

6,746

-5,623

2,338

730

3,876

-3,598

1,202

4,710

4,112

Prepaid expenses and other assets

5,200

-54

-9,613

-6,773

3,638

7,717

-802

-928

882

3,009

-3,597

3,987

-6,652

3,976

-2,360

-1,588

-2,835

6,995

1,173

-1,566

-489

4,645

-972

-1,149

1,426

4,136

-1,223

-2,003

1,378

-831

-543

1,514

3,291

219

Distributions from joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,655

0

2,950

6,253

2,439

4,907

919

887

882

735

0

0

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

-26,326

4,784

-44,771

7,114

1,810

1,330

-8,550

-2,381

4,789

-3,034

-6,053

8,558

-1,877

3,864

-8,021

7,855

4,206

121

-1,761

11,540

3,246

-2,427

-499

2,634

3,428

2,488

-1,406

3,662

5,816

-332

-2,644

2,166

9,871

1,322

Deferred revenues

-14,337

-2,742

5,416

-886

-1,786

1,285

3,041

-558

-2,136

1,692

-103

427

968

1,032

1,050

1,111

1,295

1,166

-1,116

186

653

1,106

-109

-18

323

3,128

-783

-620

-143

1,762

-820

533

-36

538

Net cash provided by (used in) operating activities

1,492

56,338

-35,117

68,325

61,198

41,291

42,558

57,579

56,350

37,152

54,365

68,488

70,662

46,457

62,389

67,951

60,356

30,024

42,347

59,813

39,776

19,348

32,389

37,468

26,913

10,683

20,029

25,077

21,472

10,595

19,653

13,042

15,198

183

Investing activities:
Improvements and additions to hotel properties

50,099

43,344

32,670

21,634

19,122

16,179

17,280

16,181

25,543

21,821

33,084

28,698

24,300

35,817

25,489

20,943

26,988

26,365

21,564

14,870

8,601

7,518

11,071

5,031

7,355

15,296

12,672

10,781

12,698

17,005

14,120

9,256

7,448

9,644

Acquisition of hotel properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

131,495

57,558

0

41,716

30,600

187,614

29,757

0

0

0

429,942

37,193

Distribution from (investment in) joint venture, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-22,984

-3,307

105,566

0

-289

0

-

-

-

-

Deposit received on hotel properties

-

-

-

-

-

-

-

-

-

-

0

0

0

-3,000

0

0

0

3,000

0

-5,000

-1,000

6,000

-

-

3,000

0

1,000

-1,000

1,000

3,000

0

-10,000

-3,500

13,500

Proceeds from sales of hotel properties

320,036

245,096

28,551

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of corporate office equipment, software, and furniture

0

6

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Receipt from (acquisition of) note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-6,040

0

0

3,020

6,040

-3,020

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Investment in marketable securities

-

-

0

0

197,842

158,338

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of corporate office equipment, software, and furniture

-

-

130

8

21

5

1

29

4

6

28

2

37

7

12

45

38

183

810

308

13

15

1

3

23

6

22

17

8

0

3

51

81

13

Restricted cash, net

-

-

-

-

-

-

-

-

-

-

-

-304

-1,151

320

-2,458

244

62

-3,143

-718

1,936

492

-1,738

1,347

1,082

992

-239

-32

-1,329

-939

-282

1,017

1,271

203

2,085

Property insurance proceeds

-

-

58

2,456

2,551

97

7,674

0

0

0

-

-

-

-

-

-

-

-

0

0

113

1,000

458

0

0

0

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

269,937

201,746

-1,264,775

-131,186

-207,776

-174,425

-9,607

-13,920

177,642

-21,827

285,108

-38,396

84,379

-33,144

-23,043

-21,232

-332,234

-23,385

-471,873

-90,329

-58,329

-10,795

-143,456

-60,674

11,614

-53,472

-149,828

-196,083

-42,235

-19,723

-19,136

-166,012

-434,174

-62,435

Financing activities:
Gross proceeds from issuance of common shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

3,525

70,423

115,210

32,421

0

0

235,980

0

Gross proceeds from issuance of preferred shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

10,000

90,000

0

0

0

0

0

100,150

0

125,000

Payment of offering costs — common and preferred shares

85

275

0

470

0

0

0

0

0

62

13

121

4,030

25

0

56

62

77

197

916

115

73

201

8

542

3,036

174

1,195

4,791

548

135

2,893

10,192

4,023

Payment of deferred financing costs

0

105

13,642

15,682

42

0

5,266

60

83

2

421

43

45

905

724

121

2,343

123

3,256

430

10

0

1

322

24

303

722

2,025

424

594

293

9

1,300

722

(Distributions) contributions from non-controlling interest

-

-

-

-

-

-

0

0

-1

107

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

95

Borrowings under revolving credit facilities

760,115

1,893

50,000

34,808

239,087

226,286

18,185

25,580

62,922

132,000

105,000

110,000

104,000

150,000

110,000

0

315,000

65,000

50,000

90,000

40,000

0

-

-

-

-

25,000

0

25,000

70,000

0

42,000

0

0

Repayments under revolving credit facilities

281,947

171,893

274,000

23,808

59,087

68,286

3,185

38,580

223,922

10,000

153,000

10,000

254,000

135,000

120,000

135,000

105,000

15,000

0

126,000

4,000

0

-

-

-

-

25,000

0

25,000

70,000

0

42,000

0

0

Proceeds from debt

-

-

-

-

-

-

-

-

-

-

0

0

0

150,000

0

125,000

100,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of debt

0

70,614

100,602

589

583

592

580

567

26,174

44,996

275,136

1,508

86,986

1,953

113,712

2,356

2,327

53,093

2,362

2,245

2,217

2,299

2,218

2,081

2,028

1,772

1,236

1,144

847

133,477

295

280

276

180

Proceeds from mortgage debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

81,000

0

50,000

93,000

0

0

0

67,000

Repurchases of common shares

1,255

4,009

0

0

0

2,507

1

119

33,418

62,444

0

0

0

2,496

0

0

0

4,094

0

0

0

632

0

0

0

523

2

0

0

319

0

0

0

140

Redemption of preferred shares

-

-

-

-

-

-

-

-

-

-

0

85,050

0

140,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions — common shares/units

50,027

35,493

26,326

26,325

26,325

26,753

26,290

26,292

26,718

28,029

27,472

27,473

27,473

22,903

22,350

22,349

22,347

16,991

15,722

14,836

14,836

10,314

9,870

9,869

9,842

7,388

7,369

7,020

6,394

6,219

6,219

6,218

4,899

4,908

Distributions — preferred shares

8,139

8,139

4,024

4,023

4,024

4,023

4,024

4,023

4,024

4,023

4,024

5,812

3,731

8,203

6,487

6,488

6,487

6,488

6,487

6,081

6,082

6,081

6,082

6,081

4,944

4,456

4,456

4,456

4,457

4,456

3,209

2,461

930

0

Proceeds from refundable membership deposits

-

-

-1

0

-6

36

254

138

-434

698

513

298

405

442

2,302

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of refundable membership deposits

198

189

213

55

149

337

169

120

189

312

170

64

156

333

591

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

418,464

-288,824

1,381,192

63,856

148,871

123,824

-21,076

-44,043

-252,041

-17,063

-354,723

-19,773

-147,016

-11,376

-51,562

-41,370

276,434

-30,866

363,102

111,346

12,740

-19,399

56,161

-18,344

-2,568

72,522

68,224

154,583

148,297

-20,192

-10,151

88,289

218,383

182,122

Net change in cash and cash equivalents and restricted cash

689,893

-30,740

81,300

995

2,293

-9,310

11,875

-384

-18,049

-1,738

-15,250

10,319

8,025

1,937

-12,216

5,349

4,556

-24,227

-66,424

80,830

-5,813

-10,846

-54,906

-41,550

35,959

29,733

-61,575

-16,423

127,534

-29,320

-9,634

-64,681

-200,593

119,870