Three months ended
March 31,<\/b><\/td>\n<\/tr>\n\n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 2020<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Revenues:<\/b><\/td>\n | | \n | \n | <\/tr>\n
\n| Room<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n53,463\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n177,141\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Food and beverage<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14,809\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n67,092\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Other operating<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n15,371\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24,874\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Total revenues<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n83,643\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n269,107\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Expenses:<\/b><\/td>\n | | \n | \n | <\/tr>\n
\n| Hotel operating expenses:<\/td>\n | | \n | \n | <\/tr>\n
\n| Room<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n16,710\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n54,125\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Food and beverage<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,743\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n51,859\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Other direct and indirect<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n45,228\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n95,470\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Total hotel operating expenses<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n72,681\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n201,454\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Depreciation and amortization<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n55,443\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n55,828\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Real estate taxes, personal property taxes, property insurance, and ground rent<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n28,590\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n29,766\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| General and administrative<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7,646\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n22,577\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Transaction costs<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n111\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n36\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Impairment loss<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14,856\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20,570\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (Gain) loss on sale of hotel properties<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(117,448\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| (Gain) loss and other operating expenses<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n451\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,433\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Total operating expenses<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n179,778\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n214,216\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Operating income (loss)<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(96,135\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n54,891\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Interest expense<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(25,331\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(23,591\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Other<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n29\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Income (loss) before income taxes<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(121,437\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n31,324\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Income tax (expense) benefit<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,744\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Net income (loss)<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(121,440\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n42,068\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Net income (loss) attributable to non-controlling interests<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(858\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n119\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Net income (loss) attributable to the Company<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(120,582\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n41,949\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Distributions to preferred shareholders<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8,139\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8,139\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Net income (loss) attributable to common shareholders<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (128,721<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 33,810<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Net income (loss) per share available to common shareholders, basic<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.98\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n0.26\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Net income (loss) per share available to common shareholders, diluted<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.98\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n0.26\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Weighted-average number of common shares, basic<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n130,775,873\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n130,555,846\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| Weighted-average number of common shares, diluted<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n130,775,873\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n130,678,908\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\nPebblebrook Hotel Trust<\/b><\/td>\n<\/tr>\n\nReconciliation of Net Income (Loss) to FFO and Adjusted FFO<\/b><\/td>\n<\/tr>\n\n($ in thousands, except share and per-share data)<\/b><\/i><\/td>\n<\/tr>\n\n(Unaudited)<\/b><\/i><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \nThree months ended
March 31,<\/b><\/td>\n<\/tr>\n\n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2020<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2019<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income (loss)<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (121,440<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 42,068<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 5,655<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjustments:<\/td>\n | | \n | \n | \n | \n | <\/tr>\n \n| Depreciation and amortization<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n55,333\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n55,717\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n54,243\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| (Gain) loss on sale of hotel properties<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(117,448\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Impairment loss<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14,856\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20,570\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| FFO<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (51,251<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 907<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 59,898<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Distribution to preferred shareholders<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8,139\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8,139\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8,139\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| FFO available to common share and unit holders<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (59,390<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (7,232<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 51,759<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Transaction costs<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n111\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n36\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,497\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Non-cash ground rent<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n880\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n959\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n972\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Management\/franchise contract transition costs<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(44\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n311\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,172\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense adjustment for acquired liabilities<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n539\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n241\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n271\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Finance lease adjustment<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n812\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n799\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n691\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Non-cash amortization of acquired intangibles<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(253\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(300\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(437\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Non-cash interest expense<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n735\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,364\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,778\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| One-time operation suspension expenses<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n132\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,049\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Non-cash canceled share-based compensation<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n16,001\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Early extinguishment of debt<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n756\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted FFO available to common share and unit holders<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (55,722<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 17,228<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 60,703<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| FFO per common share – basic<\/b><\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.45\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(0.06\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n0.40\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| FFO per common share – diluted<\/b><\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.45\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(0.06\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n0.40\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted FFO per common share – basic<\/b><\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.42\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n0.13\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n0.46\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted FFO per common share – diluted<\/b><\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n(0.42\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n0.13\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n0.46\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Weighted-average number of basic common shares and units<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n131,636,686\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n130,925,802\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n130,801,030\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Weighted-average number of fully diluted common shares and units<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n131,636,686\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n131,048,864\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n130,980,506\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \nThis press release includes certain non-GAAP financial measures. 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\u2019s results of operations determined in accordance with GAAP.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| \n \nFunds from Operations (\u201cFFO\u201d) – 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\u2019s 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\u2019s 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.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| \n \nThe 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 available to common share and unit holders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO:\n<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| \n \n– 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.\n<\/p>\n \n– 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.\n<\/p>\n \n– 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.\n<\/p>\n \n– 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.\n<\/p>\n \n– Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company.\n<\/p>\n \n– 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.\n<\/p>\n \n– Non-cash interest expense, one-time operation suspension expenses, non-cash canceled share-based compensation and early extinguishment of debt: The Company excludes these items because the Company believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| The Company\u2019s 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\u2019s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.<\/td>\n<\/tr>\n | \n | <\/tr>\n<\/table>\n\n\nPebblebrook Hotel Trust<\/b><\/td>\n<\/tr>\n\nReconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre<\/b><\/td>\n<\/tr>\n\n($ in thousands)<\/b><\/i><\/td>\n<\/tr>\n\n(Unaudited)<\/b><\/i><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \nThree months ended
March 31,<\/b><\/td>\n<\/tr>\n\n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2020<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2019<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income (loss)<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (121,440<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 42,068<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 5,655<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjustments:<\/td>\n | | \n | \n | \n | \n | <\/tr>\n \n| Interest expense<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n25,331\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n23,591\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n29,328\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Income tax expense (benefit)<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(10,744\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(5,037\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n55,443\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n55,828\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n54,302\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| EBITDA <\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (40,663<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 110,743<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 84,248<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| (Gain) loss on sale of hotel properties<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(117,448\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Impairment loss<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14,856\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20,570\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| EBITDAre<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (25,807<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 13,865<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 84,248<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Transaction costs<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n111\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n36\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,497\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Non-cash ground rent<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n880\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n959\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n972\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Management\/franchise contract transition costs<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(44\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n311\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,172\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Non-cash amortization of acquired intangibles<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(253\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(300\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(437\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| One-time operation suspension expenses<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n132\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,049\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Non-cash canceled share-based compensation<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n16,001\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDAre<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (24,981<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 35,921<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 90,452<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \nThis press release includes certain non-GAAP financial measures. 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\u2019s results of operations determined in accordance with GAAP.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| \n \nEarnings 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).\n<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| \n \nEarnings 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.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| \n \nThe 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:\n<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| \n \n– 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.\n<\/p>\n \n– 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.\n<\/p>\n \n– 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.\n<\/p>\n \n– 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.\n<\/p>\n \n– One-time operation suspension expenses and non-cash canceled share-based compensation: The Company excludes these items because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| The Company\u2019s 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\u2019s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.<\/td>\n<\/tr>\n | \n | <\/tr>\n<\/table>\n\n\nPebblebrook Hotel Trust<\/b><\/td>\n<\/tr>\n\nSame-Property Statistical Data<\/b><\/td>\n<\/tr>\n\n(Unaudited)<\/b><\/i><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n\n Three months ended
\n
March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n 2021<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2020<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Same-Property Occupancy<\/td>\n | \n \n18.8%\n<\/p>\n<\/td>\n | | \n\n \n56.7%\n<\/p>\n<\/td>\n | | \n\n \n75.4%\n<\/p>\n<\/td>\n<\/tr>\n | \n| 2021 vs. 2020 Increase\/(Decrease)<\/i><\/td>\n | \n | | | | | | | | | | | | | | | | | | |