Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 17, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Entity Registrant Name | 'Pebblebrook Hotel Trust | ' | ' |
Entity Central Index Key | '0001474098 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 63,901,831 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,563,374,059 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Investment in hotel properties, net | $1,717,611 | $1,417,229 |
Investment in joint venture | 260,304 | 283,011 |
Ground lease asset, net | 19,217 | 10,283 |
Cash and cash equivalents | 55,136 | 85,900 |
Restricted cash | 16,482 | 12,034 |
Hotel receivables (net of allowance for doubtful accounts of $270 and $28, respectively) | 16,850 | 13,463 |
Deferred financing costs, net | 4,736 | 5,753 |
Prepaid expenses and other assets | 26,595 | 18,489 |
Total assets | 2,116,931 | 1,846,162 |
LIABILITIES AND EQUITY | ' | ' |
Senior unsecured revolving credit facility | 0 | 0 |
Term loan | 100,000 | 100,000 |
Mortgage debt (including mortgage loan premium of $5,888 and $2,498, respectively) | 454,247 | 368,508 |
Accounts payable and accrued expenses | 61,428 | 47,364 |
Advance deposits | 8,432 | 4,596 |
Accrued interest | 1,945 | 1,328 |
Distribution payable | 15,795 | 11,274 |
Total liabilities | 641,847 | 533,070 |
Commitments and contingencies (Note 11) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred shares of beneficial interest, $.01 par value (liquidation preference of $325,000 and $225,000 at December 31, 2013 and December 31, 2012), 100,000,000 shares authorized; 13,000,000 shares issued and outstanding at December 31, 2013 and 9,000,000 issued and outstanding at December 31, 2012 | 130 | 90 |
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 63,709,628 issued and outstanding at December 31, 2013 and 60,955,090 issued and outstanding at December 31, 2012 | 637 | 610 |
Additional paid-in capital | 1,541,138 | 1,362,349 |
Accumulated other comprehensive income (loss) | 1,086 | -300 |
Distributions in excess of retained earnings | -69,652 | -49,798 |
Total shareholders' equity | 1,473,339 | 1,312,951 |
Non-controlling interests | 1,745 | 141 |
Total equity | 1,475,084 | 1,313,092 |
Total liabilities and equity | $2,116,931 | $1,846,162 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Statement of Financial Position [Abstract] | ' | ' | ||
Allowance for doubtful accounts | $270 | $28 | ||
Mortgage loan premium | 5,888 | [1] | 2,498 | [1] |
Preferred shares of beneficial interest, liquidation preference value | $325,000 | $225,000 | ||
Preferred shares of beneficial interest, par value | $0.01 | $0.01 | ||
Preferred shares of beneficial interest, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred shares of beneficial interest, shares issued | 13,000,000 | 9,000,000 | ||
Preferred shares of beneficial interest, shares outstanding | 13,000,000 | 9,000,000 | ||
Common shares of beneficial interest, par value | $0.01 | $0.01 | ||
Common shares of beneficial interest, shares authorized | 500,000,000 | 500,000,000 | ||
Common shares of beneficial interest, shares issued | 63,709,628 | 60,955,090 | ||
Common shares of beneficial interest, shares outstanding | 63,709,628 | 60,955,090 | ||
[1] | Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of DecemberB 31, 2013 and the Hotel Palomar San Francisco as of DecemberB 31, 2012. |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Room | $321,630 | $239,218 | $177,479 |
Food and beverage | 136,531 | 117,752 | 92,898 |
Other operating | 31,056 | 23,718 | 17,610 |
Total revenues | 489,217 | 380,688 | 287,987 |
Hotel operating expenses: | ' | ' | ' |
Room | 83,390 | 63,213 | 47,570 |
Food and beverage | 100,244 | 86,369 | 65,783 |
Other direct | 14,037 | 12,236 | 8,353 |
Other indirect | 126,527 | 99,766 | 79,648 |
Total hotel operating expenses | 324,198 | 261,584 | 201,354 |
Depreciation and amortization | 55,570 | 42,794 | 30,945 |
Real estate taxes, personal property taxes and property insurance | 23,498 | 17,576 | 12,895 |
Ground rent | 7,554 | 2,611 | 1,814 |
General and administrative | 17,166 | 16,777 | 11,460 |
Hotel acquisition costs | 3,376 | 2,234 | 3,392 |
Total operating expenses | 431,362 | 343,576 | 261,860 |
Operating income (loss) | 57,855 | 37,112 | 26,127 |
Interest income | 2,620 | 224 | 868 |
Interest expense | -23,680 | -14,932 | -13,653 |
Other | 0 | 0 | 85 |
Equity in earnings (loss) of joint venture | 7,623 | 5,970 | 2,336 |
Income (loss) before income taxes | 44,418 | 28,374 | 15,763 |
Income tax (expense) benefit | -1,226 | -1,866 | -564 |
Net income (loss) | 43,192 | 26,508 | 15,199 |
Net income (loss) attributable to non-controlling interests | 274 | 429 | 343 |
Net income (loss) attributable to the Company | 42,918 | 26,079 | 14,856 |
Distributions to preferred shareholders | -22,953 | -17,825 | -10,413 |
Net income (loss) attributable to common shareholders | 19,965 | 8,254 | 4,443 |
Net income (loss) per share available to common shareholders, basic and diluted (in dollars per share) | $0.32 | $0.14 | $0.08 |
Weighted-average number of common shares, basic (in shares) | 61,498,389 | 55,806,543 | 47,921,200 |
Weighted-average number of common shares, diluted (in shares) | 61,836,741 | 55,955,497 | 47,966,307 |
Comprehensive Income: | ' | ' | ' |
Net income (loss) | 43,192 | 26,508 | 15,199 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on derivative instruments | 1,386 | -300 | 0 |
Comprehensive income (loss) | 44,578 | 26,208 | 15,199 |
Comprehensive income (loss) attributable to non-controlling interests | 287 | 427 | 343 |
Comprehensive income (loss) attributable to the Company | $44,291 | $25,781 | $14,856 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Preferred Shares [Member] | Common Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2010 | $688,452 | ' | $398 | $698,100 | ' | ($11,586) | $686,912 | $1,540 |
Common Stock, Shares, Outstanding at Dec. 31, 2010 | ' | ' | 39,814,760 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares, net of offering costs, Shares | ' | 9,000,000 | 10,925,000 | ' | ' | ' | ' | ' |
Issuance of shares, net of offering costs, Value | 443,888 | 90 | 110 | 443,688 | ' | ' | 443,888 | ' |
Issuance of Common Shares for Board Of Trustees Compensation , Shares | ' | ' | 8,886 | ' | ' | ' | ' | ' |
Issuance of Common Shares for Board Of Trustees Compensation, Value | 182 | ' | ' | 182 | ' | ' | 182 | ' |
Repurchase of Common Stock, Shares | ' | ' | -6,496 | ' | ' | ' | ' | ' |
Repurchase of Common Shares, Value | -140 | ' | ' | -140 | ' | ' | -140 | ' |
Share-based Compensation, Shares | ' | ' | 26,874 | ' | ' | ' | ' | ' |
Share-based Compensation, Value | 2,654 | ' | ' | 1,075 | ' | ' | 1,075 | 1,579 |
Distributions on Common Shares and Units | -23,555 | ' | ' | ' | ' | -23,109 | -23,109 | -446 |
Distributions on Preferred Shares | -10,427 | ' | ' | ' | ' | -10,413 | -10,413 | -14 |
Non Controlling Interest, Net Contribution | 95 | ' | ' | ' | ' | ' | ' | 95 |
Unrealized gain (loss) on derivative instruments | 0 | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15,199 | ' | ' | ' | ' | 14,856 | 14,856 | 343 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2011 | 1,116,348 | 90 | 508 | 1,142,905 | ' | -30,252 | 1,113,251 | 3,097 |
Preferred Stock, Shares Outstanding at Dec. 31, 2011 | ' | 9,000,000 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding at Dec. 31, 2011 | ' | ' | 50,769,024 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares, net of offering costs, Shares | ' | ' | 9,694,087 | ' | ' | ' | ' | ' |
Issuance of shares, net of offering costs, Value | 214,871 | ' | 97 | 214,774 | ' | ' | 214,871 | ' |
Issuance of Common Shares for Board Of Trustees Compensation , Shares | ' | ' | 10,361 | ' | ' | ' | ' | ' |
Issuance of Common Shares for Board Of Trustees Compensation, Value | 199 | ' | ' | 199 | ' | ' | 199 | ' |
Repurchase of Common Stock, Shares | ' | ' | -15,706 | ' | ' | ' | ' | ' |
Repurchase of Common Shares, Value | -321 | ' | ' | -321 | ' | ' | -321 | ' |
Share-based Compensation, Shares | ' | ' | 52,789 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | 1 | ' | ' | ' | ' | ' |
Share-based Compensation, Value | 4,215 | ' | ' | 2,635 | ' | ' | 2,636 | 1,579 |
Distributions on Common Shares and Units | -28,246 | ' | ' | ' | ' | -27,800 | -27,800 | -446 |
Distributions on Preferred Shares | -17,840 | ' | ' | ' | ' | -17,825 | -17,825 | -15 |
Redemption of Non-controlling Interest LTIP Units, Units | ' | ' | 444,535 | ' | ' | ' | ' | ' |
Redemption of Non-controlling Interest LTIP Units | -2,342 | ' | 4 | 2,157 | ' | ' | 2,161 | -4,503 |
Unrealized gain (loss) on derivative instruments | -300 | ' | ' | ' | -300 | ' | -300 | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 26,508 | ' | ' | ' | ' | 26,079 | 26,079 | 429 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012 | 1,313,092 | 90 | 610 | 1,362,349 | -300 | -49,798 | 1,312,951 | 141 |
Preferred Stock, Shares Outstanding at Dec. 31, 2012 | 9,000,000 | 9,000,000 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding at Dec. 31, 2012 | 60,955,090 | ' | 60,955,090 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares, net of offering costs, Shares | ' | 4,000,000 | 2,701,893 | ' | ' | ' | ' | ' |
Issuance of shares, net of offering costs, Value | 175,575 | 40 | 27 | 175,508 | ' | ' | 175,575 | ' |
Issuance of Common Shares for Board Of Trustees Compensation , Shares | ' | ' | 9,097 | ' | ' | ' | ' | ' |
Issuance of Common Shares for Board Of Trustees Compensation, Value | 207 | ' | ' | 207 | ' | ' | 207 | ' |
Repurchase of Common Stock, Shares | ' | ' | -21,644 | ' | ' | ' | ' | ' |
Repurchase of Common Shares, Value | -523 | ' | ' | -523 | ' | ' | -523 | ' |
Share-based Compensation, Shares | ' | ' | 65,192 | ' | ' | ' | ' | ' |
Share-based Compensation, Value | 5,222 | ' | ' | 3,597 | ' | ' | 3,597 | 1,625 |
Distributions on Common Shares and Units | -40,099 | ' | ' | ' | ' | -39,819 | -39,819 | -280 |
Distributions on Preferred Shares | -22,968 | ' | ' | ' | ' | -22,953 | -22,953 | -15 |
Unrealized gain (loss) on derivative instruments | 1,386 | ' | ' | ' | 1,386 | ' | 1,386 | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 43,192 | ' | ' | ' | ' | 42,918 | 42,918 | 274 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013 | $1,475,084 | $130 | $637 | $1,541,138 | $1,086 | ($69,652) | $1,473,339 | $1,745 |
Preferred Stock, Shares Outstanding at Dec. 31, 2013 | 13,000,000 | 13,000,000 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding at Dec. 31, 2013 | 63,709,628 | ' | 63,709,628 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income (loss) | $43,192 | $26,508 | $15,199 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 55,570 | 42,794 | 30,945 |
Share-based compensation | 5,222 | 4,215 | 2,654 |
Amortization of deferred financing costs and mortgage loan premiums | -259 | 1,400 | 1,555 |
Non-cash ground rent | 3,128 | 219 | 219 |
Equity in (earnings) loss from joint venture | -5,234 | -5,970 | -2,336 |
Other | 892 | 240 | 225 |
Changes in assets and liabilities: | ' | ' | ' |
Restricted cash, net | -1,266 | -1,547 | -408 |
Hotel receivables | -3,343 | -1,321 | -6,426 |
Prepaid expenses and other assets | -3,441 | 2,679 | -4,481 |
Distributions from joint venture | 1,617 | 0 | 0 |
Accounts payable and accrued expenses | 8,051 | 7,740 | 10,715 |
Advance deposits | 3,324 | 216 | 215 |
Net cash provided by (used in) operating activities | 107,453 | 77,173 | 48,076 |
Investing activities: | ' | ' | ' |
Acquisition of hotel properties | -230,769 | -247,971 | -467,135 |
Improvements and additions to hotel properties | -38,753 | -53,156 | -40,468 |
Investment in joint venture, net | 26,291 | -105,277 | -169,430 |
Deposit on hotel properties | 0 | -4,000 | 0 |
Purchase of corporate office equipment, computer software, and furniture | -33 | -47 | -148 |
Restricted cash, net | -3,182 | 2,582 | -4,576 |
Property insurance proceeds | 458 | 0 | 0 |
Net cash provided by (used in) investing activities | -245,988 | -407,869 | -681,757 |
Financing activities: | ' | ' | ' |
Gross proceeds from issuance of common shares | 79,362 | 221,579 | 235,980 |
Gross proceeds from issuance of preferred shares | 100,000 | 0 | 225,150 |
Payment of offering costs - common and preferred shares | -3,787 | -6,708 | -17,243 |
Payment of deferred financing costs | -650 | -3,765 | -2,324 |
Contributions from non-controlling interest | 0 | 0 | 95 |
Borrowings under senior credit facility | 0 | 120,000 | 42,000 |
Repayments under senior credit facility | 0 | -120,000 | -42,000 |
Proceeds from term loan | 0 | 100,000 | 0 |
Proceeds from mortgage debt | 0 | 224,000 | 67,000 |
Repayments of mortgage debt | -8,099 | -136,704 | -1,031 |
Repurchase of common shares | -523 | -321 | -140 |
Redemption of non-controlling interests | 0 | -2,342 | 0 |
Distributions - common shares/units | -36,969 | -27,002 | -22,244 |
Distributions - preferred shares | -21,563 | -17,825 | -6,600 |
Net cash provided by (used in) financing activities | 107,771 | 350,912 | 478,643 |
Net change in cash and cash equivalents | -30,764 | 20,216 | -155,038 |
Cash and cash equivalents, beginning of year | 85,900 | 65,684 | 220,722 |
Cash and cash equivalents, end of year | $55,136 | $85,900 | $65,684 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
ORGANIZATION | ' |
ORGANIZATION | |
Pebblebrook Hotel Trust (the “Company”) was formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities, with an emphasis on major gateway coastal markets. | |
As of December 31, 2013, the Company owned interests in 29 hotels, including 23 wholly owned hotels with a total of 5,546 guest rooms, and a 49% joint venture interest in six hotels with a total of 1,775 guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; Bethesda, Maryland; Boston, Massachusetts; Hollywood, California; Los Angeles, California; Miami, Florida; Minneapolis, Minnesota; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Santa Monica, California; Seattle, Washington; Stevenson, Washington; Washington, D.C.; West Hollywood, California; and Westwood, California. | |
Substantially all of the Company’s assets are held by, and all of the operations are conducted through, Pebblebrook Hotel, L.P. (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. At December 31, 2013, the Company owned 99.1% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.9% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively, “PHL”), the Company’s taxable REIT subsidiary (“TRS”), which in turn engages third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Basis of Presentation | ||
The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities in which the Company does not control, but has the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method. | ||
Use of Estimates | ||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. | ||
Risks and Uncertainties | ||
The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations. | ||
Fair Value Measurements | ||
A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: | ||
1 | Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. | |
2 | Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. | |
3 | Level 3 – Model-derived valuations with unobservable inputs. | |
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||
The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 for disclosures on the fair value of debt and derivative instruments. | ||
Investment in Hotel Properties | ||
Upon acquisition of hotel properties, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. | ||
Acquisition costs are expensed as incurred. | ||
Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. | ||
Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. | ||
The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. | ||
The Company will classify a hotel as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant financing contingencies exist, and the sale is expected to close within one year. If these criteria are met and if the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss and will cease recording depreciation expense. The Company will classify the loss, together with the related operating results, as discontinued operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. | ||
Restricted Cash | ||
Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance. | ||
Prepaid Expenses and Other Assets | ||
The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture. | ||
Deferred Financing Costs | ||
Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. | ||
Derivative Instruments | ||
In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as increases or decreases to interest expense. | ||
Revenue Recognition | ||
Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. For retail operations, revenue is recognized on a straight-line basis over the lives of the retail leases. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the statement of operations. | ||
Income Taxes | ||
To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | ||
As of December 31, 2013 and 2012, the Company did not have any uncertain tax positions and had not incurred any interest or penalties on such positions during the periods presented. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expenses. | ||
Share-based Compensation | ||
The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. | ||
Non-controlling Interests of Common Units of Operating Partnership | ||
Limited partner interests in the Operating Partnership other than those held by the Company, if any, are considered non-controlling interests. Generally, non-controlling interests are presented on the balance sheet as either shareholders equity or outside of shareholders equity depending upon specific provisions of the governing documents related to such an interest. The Operating Partnership may issue limited partnership interests as full or partial consideration to hotel sellers or to employees or other individuals for services performed. These limited partners will have redemption rights which will permit them to redeem their interests in exchange for cash or common shares, on a one-for-one basis, at the option of the Company. Because the Operating Partnership agreement permits the settlement of the redemption feature for unregistered common shares and because the Company will control the actions and events necessary to issue the number of shares that are required to be delivered at the redemption date, the non-controlling limited partner interests in the Operating Partnership are presented as a separate component of shareholder's equity on the balance sheet. The approximate redemption value of the non-controlling interests is equivalent to the units outstanding valued at the closing common share price at the end of the period, which we assume would be equal to the value provided to the limited partners upon liquidation of the Operating Partnership. The Company's revenues, expenses and net income or loss will include amounts attributable to both the controlling and non-controlling interests. Amounts attributable to non-controlling interests will be deducted from net income or loss to arrive at net income or loss attributable to common shareholders on the statement of operations. | ||
Earnings Per Share | ||
Basic earnings per share (“EPS”) is computed by dividing the net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) attributable to common shareholders as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. | ||
Comprehensive Income | ||
The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. For the years ended December 31, 2013, 2012 and 2011, comprehensive income (loss) was $44.6 million, $26.2 million and $15.2 million, respectively. As of December 31, 2013 and 2012, the Company's accumulated other comprehensive income (loss) was $1.1 million and $(0.3) million, respectively. |
Acquisition_of_Hotel_Propertie
Acquisition of Hotel Properties | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
ACQUISITION OF HOTEL PROPERTIES | ' | |||||||
On January 29, 2013, the Company acquired the 337-suite Embassy Suites San Diego Bay-Downtown located in San Diego, California for $112.5 million. The acquisition was funded with $45.8 million of available cash and the assumption of a $66.7 million first mortgage loan. The fixed rate mortgage loan that was assumed was determined to have an interest rate that was above the current market interest rate. The Company recorded a $4.8 million mortgage loan premium for the above market interest that is amortized as a reduction in interest expense through the maturity of the loan. The Company selected HEI Hotels and Resorts to manage the hotel. | ||||||||
On August 8, 2013, the Company acquired the 57-suite Redbury Hotel located in Hollywood, California for $34.0 million. The acquisition was funded with available cash and the property will continue to be managed by sbe Hotel Group. | ||||||||
On August 28, 2013, the Company acquired the 174-room Hotel Modera located in Portland, Oregon for $47.5 million. The acquisition was funded with $23.8 million of available cash and the assumption of a $23.7 million first mortgage loan. The fixed rate mortgage loan that was assumed was determined to have an interest rate that was above the current market interest rate. The Company recorded a $0.6 million mortgage loan premium for the above market interest that is amortized as a reduction in interest expense through the maturity of the loan. The Company selected OLS Hotels and Resorts to manage the hotel. | ||||||||
On December 9, 2013, the Company acquired a leasehold interest in the 355-room Radisson Hotel Fisherman's Wharf and adjacent retail space located in San Francisco, California for $132.0 million. The acquisition was funded with available cash. The hotel is subject to both a long-term primary ground lease and a secondary sublease. The primary ground lease requires the hotel to make annual base rental payments of $0.1 million and percentage rental payments based on 5% of hotel revenues and 7.5% of retail revenues attributed to additional guest rooms and retail space added in 1998. Beginning in 2017, the primary ground lease requires the hotel to pay percentage rent based on 6% of total hotel revenues and 7.5% of total retail and parking revenues. The secondary sublease requires the hotel to make rental payments based on hotel net income, as defined in the agreement, related to the rooms and retail space in existence prior to the 1998 renovation. The primary ground lease expires in 2062. The secondary sublease expires in April 2016 at which time the hotel will only be subject to the primary ground lease through its maturity in 2062. The Company selected Davidson Hotels & Resorts to manage the hotel and Shelter Bay Retail Group to manage the retail suites. | ||||||||
The allocation of fair value to the acquired assets and liabilities is as follows (in thousands). | ||||||||
2013 Acquisitions | 2012 Acquisitions | |||||||
Land | $ | 36,375 | $ | 46,089 | ||||
Buildings and improvements | 269,312 | 225,368 | ||||||
Furniture, fixtures and equipment | 12,931 | 9,469 | ||||||
Below (above) market rate contracts | 2,826 | (9,170 | ) | |||||
In place lease assets and intangibles | 4,039 | — | ||||||
Capital improvement reserve | — | 3,600 | ||||||
Mortgage debt | (90,448 | ) | (27,175 | ) | ||||
Net working capital | (266 | ) | (210 | ) | ||||
Net assets acquired | $ | 234,769 | $ | 247,971 | ||||
The following unaudited pro forma financial information presents the results of operations of the Company for the years ended December 31, 2013 and 2012 as if the hotels acquired in 2013 and 2012 were acquired on January 1, 2012 and 2011, respectively. The following hotels' pro forma results are included in the pro forma table below: Hotel Zetta (formerly Hotel Milano), Hotel Vintage Park Seattle, Hotel Vintage Plaza Portland, W Los Angeles - Westwood, Hotel Palomar San Francisco, Embassy Suites San Diego Bay-Downtown, Redbury Hotel, Hotel Modera, and Radisson Hotel Fisherman's Wharf. The pro forma results below excluded acquisition costs of $3.4 million and $2.2 million for the years ended December 31, 2013 and 2012, respectively. The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of either the results of operations that would have actually occurred had these transactions occurred on January 1, 2012 and 2011 or the future results of operations (in thousands, except per-share data). | ||||||||
For the year ended December 31, | ||||||||
2013 | 2012 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 529,366 | $ | 495,511 | ||||
Operating income (loss) | 70,491 | 59,428 | ||||||
Net income (loss) attributable to common shareholders | 29,661 | 28,143 | ||||||
Net income (loss) per share available to common shareholders — basic | $ | 0.48 | $ | 0.45 | ||||
Net income (loss) per share available to common shareholders — diluted | $ | 0.47 | $ | 0.45 | ||||
For the year ended December 31, 2013, the Company's consolidated statements of operations included $30.6 million of revenues and $17.3 million of hotel operating expenses related to the operations of the Embassy Suites San Diego Bay - Downtown, Redbury Hotel, Hotel Modera, and Radisson Hotel Fisherman's Wharf acquired in 2013. |
Investment_in_Hotel_Properties
Investment in Hotel Properties | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
INVESTMENT IN HOTEL PROPERTIES | ' | |||||||
INVESTMENT IN HOTEL PROPERTIES | ||||||||
Investment in hotel properties as of December 31, 2013 and December 31, 2012 consisted of the following (in thousands): | ||||||||
December 31, | December 31, 2012 | |||||||
2013 | ||||||||
Land | $ | 272,661 | $ | 236,287 | ||||
Buildings and improvements | 1,437,593 | 1,141,347 | ||||||
Furniture, fixtures and equipment | 135,547 | 107,938 | ||||||
Construction in progress | 4,138 | 9,595 | ||||||
Investment in hotel properties | $ | 1,849,939 | $ | 1,495,167 | ||||
Less: Accumulated depreciation | (132,328 | ) | (77,938 | ) | ||||
Investment in hotel properties, net | $ | 1,717,611 | $ | 1,417,229 | ||||
Investment_in_Joint_Venture
Investment in Joint Venture | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Investment in Joint Venture | ' | |||||||||||
INVESTMENT IN JOINT VENTURE | ||||||||||||
On July 29, 2011, the Company acquired a 49% interest in a joint venture (the “Manhattan Collection joint venture”), which owns six properties in New York, New York. The transaction valued the six hotels at approximately $908.0 million (subject to working capital and similar adjustments). The Company accounts for this investment using the equity method. | ||||||||||||
On December 27, 2012, the Manhattan Collection joint venture refinanced its existing loans with a new, single $410.0 million loan, secured by five of the properties (excluding Affinia Dumont) owned by the joint venture. The new loan bears interest at an annual fixed rate of 3.67% and requires interest-only payments through maturity on January 5, 2018. In conjunction with the refinancing, the Company provided the joint venture a $50.0 million unsecured special loan which matures at the earlier of July 4, 2018, the closing of any refinancing of the secured loan or the closing date of a portfolio sale (as defined in the loan agreement). The unsecured special loan bears interest at an annual fixed rate of 9.75% and requires interest-only payments through maturity. The unsecured special loan is pre-payable by the joint venture at any time. The unsecured special loan to the joint venture is included in the investment in joint venture on the consolidated balance sheets. Interest income is recorded on the accrual basis and the Company's 49% pro-rata portion of the special loan and related interest income is eliminated. | ||||||||||||
On April 4, 2013, the joint venture obtained a $50.0 million first mortgage loan secured by the Affinia Dumont. The loan bears interest at an annual fixed rate of 3.14% and requires interest-only payments through maturity on May 1, 2018. | ||||||||||||
On April 10, 2013, the Company received a $23.0 million distribution from the proceeds of the Affinia Dumont debt financing. This distribution is presented as an investing activity in the Company's consolidated statements of cash flows. | ||||||||||||
As of December 31, 2013, the joint venture reported approximately $476.8 million in total assets, which represents the basis of the hotels prior to the Company's investment. The joint venture's total liabilities and members' deficit include approximately $460.0 million in existing first mortgage debt and a $50.0 million unsecured special loan. The Company is not a guarantor of any existing debt of the joint venture except for limited customary carve-outs related to fraud or misapplication of funds. | ||||||||||||
At the time of the Company’s investment, the estimated fair value of the hotel properties owned by the Manhattan Collection joint venture exceeded the carrying value. This basis difference between the Company’s investment in the joint venture and the Company’s proportionate 49% interest in these depreciable assets held by the joint venture is amortized over the estimated life of the underlying assets and recognized as a component of equity in earnings (loss) of joint venture (referred to as the basis adjustment in the table below). | ||||||||||||
The summarized results of operations of the Company’s investment in the Manhattan Collection joint venture for the years ended December 31, 2013, 2012 and 2011 are presented below (in thousands): | ||||||||||||
For the year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 172,968 | $ | 174,718 | $ | 82,124 | ||||||
Total expenses | 161,145 | 158,394 | 75,992 | |||||||||
Net income (loss) | $ | 11,823 | $ | 16,324 | $ | 6,132 | ||||||
Company’s 49% interest of net income (loss) | 5,793 | 7,999 | 3,005 | |||||||||
Basis adjustment | (559 | ) | (2,062 | ) | (669 | ) | ||||||
Special loan interest income elimination | 2,389 | 33 | — | |||||||||
Equity in earnings (loss) in joint venture | $ | 7,623 | $ | 5,970 | $ | 2,336 | ||||||
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
DEBT | ||||||||||||
Senior Unsecured Revolving Credit Facility | ||||||||||||
The Company's $300.0 million credit facility provides for a $200.0 million unsecured revolving credit facility and a $100.0 million unsecured term loan. The revolving credit facility matures in July 2016, and the Company has a one-year extension option. The Company has the ability to increase the aggregate borrowing capacity under the credit agreement up to $600.0 million, subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus 1.75% to 2.50%, depending on the Company’s leverage ratio. Additionally, the Company is required to pay an unused commitment fee at an annual rate of 0.25% or 0.35% of the unused portion of the revolving credit facility, depending on the amount of borrowings outstanding. The credit agreement contains certain financial covenants, including a maximum leverage ratio, a maximum debt service coverage ratio, a minimum fixed charge coverage ratio, and a minimum net worth. As of December 31, 2013 and December 31, 2012, the Company had no outstanding borrowings under the revolving credit facility. As of December 31, 2013, the Company was in compliance with the credit agreement debt covenants. For the years ended December 31, 2013 and 2012, the Company incurred unused commitment fees of $0.7 million and $0.9 million, respectively. | ||||||||||||
Term Loan | ||||||||||||
On August 13, 2012, the Company drew the entire $100.0 million unsecured term loan provided for under its amended senior credit agreement. The five-year term loan matures in July 2017 and bears interest at a variable rate, but was swapped to an effective fixed interest rate for the full five-year term (see “Derivative and Hedging Activities” below). | ||||||||||||
Derivative and Hedging Activities | ||||||||||||
The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. Effective August 13, 2012, the Company entered into three interest rate swap agreements with an aggregate notional amount of $100.0 million for the term loan's full five-year term, resulting in an effective fixed interest rate of 2.55% at the Company's current leverage ratio (as defined in the agreement). The Company has designated its pay-fixed, receive-floating interest rate swap derivatives as cash flow hedges. | ||||||||||||
The Company records all derivative instruments at fair value in the consolidated balance sheets. Fair values of interest rate swaps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions. | ||||||||||||
As of December 31, 2013, the Company's derivative instruments are in an asset position, with an aggregate fair value of $1.1 million, which is included in prepaid expenses and other assets in the accompanying consolidated balance sheets. For the year ended December 31, 2013, there was $1.4 million in unrealized gain recorded in accumulated other comprehensive income. During the years ended December 31, 2013 and 2012, the Company reclassified $0.5 million and $0.2 million, respectively, from accumulated other comprehensive income to net income (loss) and is included in interest expense. The Company expects approximately $0.5 million will be reclassified from accumulated other comprehensive income to net income (loss) in the next 12 months. | ||||||||||||
Mortgage Debt | ||||||||||||
Each of the Company’s mortgage loans is secured by a first mortgage lien or by leasehold interests under the ground lease on the underlying property. The mortgages are non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds. | ||||||||||||
In conjunction with the acquisition of the Embassy Suites San Diego Bay-Downtown, the Company assumed a $66.7 million first mortgage loan secured by the property. The loan has a remaining term of three years, bears interest at an annual fixed rate of 6.28% and requires monthly principal and interest payments of $0.5 million. As the loan's interest rate was above market for loans with comparable terms, the Company recorded a loan premium of $4.8 million, which is amortized to interest expense over the remaining term of the loan. | ||||||||||||
In conjunction with the acquisition of the Hotel Modera, the Company assumed a $23.7 million first mortgage loan secured by the property. The loan has a remaining term of three years, bears interest at an annual fixed rate of 5.26% and requires monthly principal and interest payments of $0.1 million. As the loan's interest rate was above market for loans with comparable terms, the Company recorded a loan premium of $0.6 million, which is amortized to interest expense over the remaining term of the loan. | ||||||||||||
Debt Summary | ||||||||||||
Debt as of December 31, 2013 and December 31, 2012 consisted of the following (dollars in thousands): | ||||||||||||
Balance Outstanding as of | ||||||||||||
Interest Rate | Maturity Date | December 31, 2013 | December 31, 2012 | |||||||||
Senior unsecured revolving credit facility | Floating | Jul-16 | $ | — | $ | — | ||||||
Term loan | Floating(1) | Jul-17 | 100,000 | 100,000 | ||||||||
Mortgage loans | ||||||||||||
InterContinental Buckhead | 4.88% | Jan-16 | 50,192 | 51,022 | ||||||||
Skamania Lodge | 5.44% | Feb-16 | 29,811 | 30,252 | ||||||||
DoubleTree by Hilton Bethesda-Washington DC | 5.28% | Feb-16 | 35,102 | 35,602 | ||||||||
Embassy Suites San Diego Bay-Downtown | 6.28% | Jun-16 | 65,725 | — | ||||||||
Hotel Modera | 5.26% | Jul-16 | 23,597 | — | ||||||||
Monaco Washington DC | 4.36% | Feb-17 | 44,580 | 45,368 | ||||||||
Argonaut Hotel | 4.25% | Mar-17 | 45,138 | 46,223 | ||||||||
Sofitel Philadelphia | 3.90% | Jun-17 | 48,218 | 49,419 | ||||||||
Hotel Palomar San Francisco | 5.94% | Sep-17 | 26,802 | 27,124 | ||||||||
The Westin San Diego Gaslamp Quarter | 3.69% | Jan-20 | 79,194 | 81,000 | ||||||||
Mortgage loans at stated value | 448,359 | 366,010 | ||||||||||
Mortgage loan premiums (2) | 5,888 | 2,498 | ||||||||||
Total mortgage loans | $ | 454,247 | $ | 368,508 | ||||||||
Total debt | $ | 554,247 | $ | 468,508 | ||||||||
________________________ | ||||||||||||
(1) The Company entered into interest rate swaps to effectively fix the interest rate at 2.55% for the full five-year term, based on its current leverage ratio. | ||||||||||||
(2) Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of December 31, 2013 and the Hotel Palomar San Francisco as of December 31, 2012. | ||||||||||||
The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within level 2 of the fair value hierarchy. The estimated fair value of the Company’s mortgage debt as of December 31, 2013 and 2012 was $460.9 million and $372.3 million, respectively. | ||||||||||||
The Company was in compliance with all debt covenants as of December 31, 2013. | ||||||||||||
Future scheduled debt principal payments for the Company's mortgage debt and term loan as of December 31, 2013 are as follows (in thousands): | ||||||||||||
2014 | $ | 9,085 | ||||||||||
2015 | 9,523 | |||||||||||
2016 | 203,269 | |||||||||||
2017 | 255,908 | |||||||||||
2018 | 2,366 | |||||||||||
Thereafter | 68,208 | |||||||||||
Total debt principal payments | 548,359 | |||||||||||
Premium on mortgage debt | 5,888 | |||||||||||
Total debt | $ | 554,247 | ||||||||||
Equity
Equity | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Equity [Abstract] | ' | ||||||||||
EQUITY | ' | ||||||||||
EQUITY | |||||||||||
Common Shares | |||||||||||
The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share (“common shares”). Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company’s board of trustees. | |||||||||||
For the year ended December 31, 2013, the Company issued 171,893 common shares at an average price of $28.09 per share under its $170.0 million at-the-market offering ("ATM") program and raised $4.8 million, net of commissions. As of December 31, 2013, $165.2 million of common shares remained available for issuance under the ATM program. | |||||||||||
On November 6, 2013, the Company issued 2,530,000 common shares at a price of $29.46 per share in an underwritten public offering and raised $74.5 million, net of underwriting discount. | |||||||||||
Common Dividends | |||||||||||
The Company declared the following dividends on common shares/units for the year ended December 31, 2013: | |||||||||||
Dividend per | For the quarter | Record Date | Payable Date | ||||||||
Share/Unit | ended | ||||||||||
$ | 0.16 | March 31, 2013 | April 1, 2013 | April 15, 2013 | |||||||
$ | 0.16 | June 30, 2013 | July 1, 2013 | July 15, 2013 | |||||||
$ | 0.16 | September 30, 2013 | September 30, 2013 | October 15, 2013 | |||||||
$ | 0.16 | December 31, 2013 | December 31, 2013 | January 15, 2014 | |||||||
Preferred Shares | |||||||||||
The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $.01 par value per share (“preferred shares”). | |||||||||||
On March 18, 2013, the Company issued 3,600,000 shares of its 6.50% Series C Cumulative Redeemable Preferred Shares ("Series C Preferred Shares") at a public offering price of $25.00 per share, for a total of $87.1 million of proceeds, net of underwriting discount and offering-related costs. | |||||||||||
On April 12, 2013, the Company issued an additional 400,000 shares of its Series C Preferred Shares at a public offering price of $25.00 per share, for a total of $9.6 million of proceeds, net of underwriting discount and offering-related costs. | |||||||||||
As of December 31, 2013, the Company had 5,600,000 shares of its 7.875% Series A Cumulative Redeemable Preferred Shares ("Series A Preferred Shares"), 3,400,000 shares of its 8.00% Series B Cumulative Redeemable Preferred Shares ("Series B Preferred Shares") and 4,000,000 shares of its 6.50% Series C Preferred Shares outstanding. As of December 31, 2012, the Company had 5,600,000 shares of its 7.875% Series A Preferred Shares and 3,400,000 shares of its 8.00% Series B Preferred Shares outstanding. | |||||||||||
The Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares (collectively, the “Preferred Shares”) rank senior to the common shares of beneficial interest and on parity with each other with respect to payment of distributions. The Preferred Shares are cumulative redeemable preferred shares, do not have any maturity date and are not subject to mandatory redemption. The Company may not redeem the Series A Preferred Shares, Series B Preferred Shares or Series C Preferred Shares prior to March 11, 2016, September 21, 2016, and March 18, 2018, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. After those dates, the Company may, at its option, redeem the applicable Preferred Shares, in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on a defined formula subject to a share cap. The share cap on each Series A Preferred Share is 2.3234 common shares, each Series B Preferred Share is 3.4483 common shares, and each Series C Preferred Share is 2.0325 common shares. | |||||||||||
Preferred Dividends | |||||||||||
The Company declared the following dividends on preferred shares for the year ended December 31, 2013: | |||||||||||
Security Type | Dividend per | For the quarter | Record Date | Payable Date | |||||||
Share/Unit | ended | ||||||||||
7.875% Series A | $ | 0.49 | March 31, 2013 | April 1, 2013 | 15-Apr-13 | ||||||
7.875% Series A | $ | 0.49 | June 30, 2013 | July 1, 2013 | July 15, 2013 | ||||||
7.875% Series A | $ | 0.49 | September 30, 2013 | September 30, 2013 | October 15, 2013 | ||||||
7.875% Series A | $ | 0.49 | December 31, 2013 | December 31, 2013 | 15-Jan-14 | ||||||
8.00% Series B | $ | 0.5 | March 31, 2013 | April 1, 2013 | 15-Apr-13 | ||||||
8.00% Series B | $ | 0.5 | June 30, 2013 | July 1, 2013 | July 15, 2013 | ||||||
8.00% Series B | $ | 0.5 | September 30, 2013 | September 30, 2013 | October 15, 2013 | ||||||
8.00% Series B | $ | 0.5 | December 31, 2013 | December 31, 2013 | January 15, 2014 | ||||||
6.50% Series C | $ | 0.12 | March 31, 2013 | April 1, 2013 | April 15, 2013 | ||||||
6.50% Series C | $ | 0.41 | June 30, 2013 | July 1, 2013 | 15-Jul-13 | ||||||
6.50% Series C | $ | 0.41 | September 30, 2013 | September 30, 2013 | 15-Oct-13 | ||||||
6.50% Series C | $ | 0.41 | December 31, 2013 | December 31, 2013 | 15-Jan-14 | ||||||
Non-controlling Interest of Common Units in Operating Partnership | |||||||||||
Holders of Operating Partnership units have certain redemption rights that enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or for the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders. | |||||||||||
As of December 31, 2013 and December 31, 2012, the Operating Partnership had 607,991 and 381,109 long-term incentive partnership units (“LTIP units”) outstanding, respectively. Of the 607,991 LTIP units outstanding at December 31, 2013, 185,820 units have vested. Only vested LTIP units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described above. |
ShareBased_Compensation_Plan
Share-Based Compensation Plan | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
SHARE-BASED COMPENSATION PLAN | ' | |||||||||||||||||
SHARE-BASED COMPENSATION PLAN | ||||||||||||||||||
The Company maintains the 2009 Equity Incentive Plan, as amended (the "Plan") to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three to five years, with certain awards vesting over periods of up to six years. The Company pays or accrues for dividends on share-based awards. All share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. As of December 31, 2013, there were 978,129 common shares available for issuance under the Plan. | ||||||||||||||||||
Service Condition Share Awards | ||||||||||||||||||
From time to time, the Company awards restricted shares under the Plan to members of the Board of Trustees, executives and employees. These shares generally vest over three to five years based on continued service or employment. | ||||||||||||||||||
The following table provides a summary of service condition restricted share activity as of December 31, 2013: | ||||||||||||||||||
Shares | Weighted-Average | |||||||||||||||||
Grant Date | ||||||||||||||||||
Fair Value | ||||||||||||||||||
Unvested at January 1, 2011 | 78,440 | $ | 20.88 | |||||||||||||||
Granted | 79,330 | $ | 22.03 | |||||||||||||||
Vested | (26,874 | ) | $ | 20.83 | ||||||||||||||
Forfeited | (2,232 | ) | $ | 21.58 | ||||||||||||||
Unvested at December 31, 2011 | 128,664 | $ | 21.59 | |||||||||||||||
Granted | 52,545 | $ | 23.15 | |||||||||||||||
Vested | (52,587 | ) | $ | 21.43 | ||||||||||||||
Forfeited | — | $ | — | |||||||||||||||
Unvested at December 31, 2012 | 128,622 | $ | 22.19 | |||||||||||||||
Granted | 84,451 | $ | 26.07 | |||||||||||||||
Vested | (65,192 | ) | $ | 21.96 | ||||||||||||||
Forfeited | — | $ | — | |||||||||||||||
Unvested at December 31, 2013 | 147,881 | $ | 24.59 | |||||||||||||||
The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the years ended December 31, 2013, 2012, and 2011, the Company recognized approximately $1.5 million, $1.5 million, and $1.1 million, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of December 31, 2013, there was $2.2 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 3.4 years. | ||||||||||||||||||
Performance-Based Equity Awards | ||||||||||||||||||
On February 8, 2012, the Board of Trustees approved a target award of 72,056 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2015. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 12,048 target awards which have no maximum) and will be determined in 2015 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2012 through December 31, 2014. | ||||||||||||||||||
On January 30, 2013, the Board of Trustees approved a target award of 72,118 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2016. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 11,753 target awards which have no maximum) and will be determined in 2016 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2013 through December 31, 2015. | ||||||||||||||||||
On December 13, 2013, the Board of Trustees approved a target award of 252,088 performance-based equity awards to officers and employees of the Company. The awards vest ratably on January 1, 2016, 2017, 2018, 2019 and 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined on each vesting date based upon the two performance criteria as defined in the agreements for the period of performance beginning on the grant date and ending on the applicable vesting date. | ||||||||||||||||||
The grant date fair value of the performance awards were determined using a Monte Carlo simulation method with the following assumptions: | ||||||||||||||||||
Performance Award Grant Date | Percentage of Total Award | Grant Date Fair Value by Component ($ in millions) | Volatility | Interest Rate | Dividend Yield | |||||||||||||
8-Feb-12 | ||||||||||||||||||
Relative Total Shareholder Return1 | 30 | % | $ | 0.7 | 33 | % | 0.34 | % | 2.2 | % | ||||||||
Absolute Total Shareholder Return 1 | 30 | % | $ | 0.6 | 33 | % | 0.34 | % | 2.2 | % | ||||||||
EBITDA Comparison 2 | 40 | % | $ | 0.7 | 33 | % | 0.34 | % | 2.2 | % | ||||||||
30-Jan-13 | ||||||||||||||||||
Relative Total Shareholder Return 1 | 30 | % | $ | 0.7 | 31 | % | 0.41 | % | 2.2 | % | ||||||||
Absolute Total Shareholder Return 1 | 30 | % | $ | 0.5 | 31 | % | 0.41 | % | 2.2 | % | ||||||||
EBITDA Comparison 2 | 40 | % | $ | 0.7 | 31 | % | 0.41 | % | 2.2 | % | ||||||||
13-Dec-13 | ||||||||||||||||||
Relative Total Shareholder Return 1 | 50 | % | $ | 4.7 | 29 | % | 0.34% - 2.25% | 2.4 | % | |||||||||
Absolute Total Shareholder Return 1 | 50 | % | $ | 2.9 | 29 | % | 0.34% - 2.25% | 2.4 | % | |||||||||
1 The Relative Total Shareholder Return and Absolute Total Shareholder Return are market conditions as defined by ASC 718. | ||||||||||||||||||
2 The EBITDA Comparison component is a performance condition as defined by ASC 718 and therefore, compensation expense related to this component will be reassessed at each reporting date to determine whether achievement of the target performance condition is probable, and the accrual of compensation expense will be adjusted as appropriate. | ||||||||||||||||||
Dividends on unvested performance-based equity awards accrue over the vesting period and paid on the actual number of shares that vest at the end of the applicable period. The Company recognizes compensation expense on a straight-line basis through the vesting date. As of December 31, 2013, there was approximately $10.2 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 3.4 years. For the years ended December 31, 2013 and 2012, the Company recognized $2.1 million and $1.1 million, respectively, in expense related to these awards. | ||||||||||||||||||
Long-Term Incentive Partnership Units | ||||||||||||||||||
LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership. | ||||||||||||||||||
As of December 31, 2013, the Company had two classes of LTIP units, LTIP Class A and LTIP Class B units, all of which are held by officers of the Company. | ||||||||||||||||||
LTIP Class A units were granted to executives of the Company concurrent with completion of the Company's initial public offering in December 2009. These LTIP units vest ratably on each of the first five anniversaries of their dates of grant and were valued at $8.50 per LTIP unit at the date of grant using a Monte Carlo simulation method model. | ||||||||||||||||||
On December 13, 2013, the Board of Trustees approved a grant of 226,882 LTIP Class B units to executive officers of the Company. The LTIP units are subject to time-based vesting in five equal installments beginning January 1, 2016 and ending on January 1, 2020. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $29.19 per unit. The aggregate grant date fair value of the LTIP Class B units was $6.6 million. | ||||||||||||||||||
As of December 31, 2013, the Company had 607,991 LTIP units outstanding. All LTIP units will vest upon a change in control. As of December 31, 2013, of the 607,991 units outstanding, 185,820 LTIP units have vested, all of which were LTIP Class A units. | ||||||||||||||||||
The Company recognized $1.6 million, $1.6 million and $1.6 million in share-based compensation expense related to all LTIP units for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, there was $8.1 million of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 2.6 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||||||
INCOME TAXES | |||||||||||||||||||||
The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its shareholders. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. However, as a REIT, the Company is still subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable-REIT subsidiaries is subject to federal, state and local income taxes. PHL is a TRS of the Company and as such is required to pay federal and state income taxes as a regular C Corporation. | |||||||||||||||||||||
For federal income tax purposes, the cash distributions paid to the Company’s common shareholders and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. | |||||||||||||||||||||
The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||
Common Shares: | |||||||||||||||||||||
Ordinary income | $ | 0.6 | 100 | % | $ | 0.4391 | 91.49 | % | $ | 0.4109 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0.0409 | 8.51 | % | 0 | 0 | % | ||||||||||||
Total | $ | 0.6 | 100 | % | $ | 0.48 | 100 | % | $ | 0.4109 | 100 | % | |||||||||
Series A Preferred Shares: | |||||||||||||||||||||
Ordinary income | $ | 2.0349 | 100 | % | $ | 1.7622 | 100 | % | $ | 1.3769 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 2.0349 | 100 | % | $ | 1.7622 | 100 | % | $ | 1.3769 | 100 | % | |||||||||
Series B Preferred Shares | |||||||||||||||||||||
Ordinary income | $ | 2.0672 | 100 | % | $ | 1.7902 | 100 | % | $ | 0.3431 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 2.0672 | 100 | % | $ | 1.7902 | 100 | % | $ | 0.3431 | 100 | % | |||||||||
Series C Preferred Shares | |||||||||||||||||||||
Ordinary income | $ | 0.989 | 100 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 0.989 | 100 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | |||||||||
The common and preferred share distributions declared on December 15, 2012 and paid on January 15, 2013 were treated as 2013 distributions for tax purposes. | |||||||||||||||||||||
The common distribution declared on December 13, 2013 and paid on January 15, 2014, is treated as 2014 distributions for tax purposes. For tax purposes, $0.4261, $0.4328 and $0.3517 of the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares, respectively, of the preferred share distributions declared on December 13, 2013 and paid on January 15, 2014 are treated as 2014 distributions. | |||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Operating Partnership income tax expense was $0.2 million, $0.4 million and $0, respectively. | |||||||||||||||||||||
The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. PHL has an estimated combined federal and state statutory tax rate of 41.0% for the year ended December 31, 2013. The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): | |||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Federal | |||||||||||||||||||||
Current | $ | 718 | $ | 1,048 | $ | 374 | |||||||||||||||
Deferred | — | — | 70 | ||||||||||||||||||
State and local | |||||||||||||||||||||
Current | 313 | 412 | 110 | ||||||||||||||||||
Deferred | — | — | 10 | ||||||||||||||||||
Income tax expense (benefit) | $ | 1,031 | $ | 1,460 | $ | 564 | |||||||||||||||
A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands): | |||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Statutory federal tax expense (benefit) | $ | 718 | $ | 1,048 | $ | 444 | |||||||||||||||
State income tax expense (benefit) | 313 | 412 | 120 | ||||||||||||||||||
Income tax expense (benefit) | $ | 1,031 | $ | 1,460 | $ | 564 | |||||||||||||||
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of December 31, 2013 and 2012, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2010 and 2009, respectively. |
Earnings_per_Common_Share
Earnings per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER COMMON SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
Earnings per share is computed by applying the provisions of the two-class method as the unvested restricted shares and LTIP units (unvested share-based compensation) are considered participating securities. The holders of these awards receive non-forfeitable dividends on their unvested shares and units. Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to common shareholders adjusted for dividends on unvested share-based compensation by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to common shareholders adjusted for dividends on unvested share-based compensation by the weighted-average number of common shares outstanding and potential common shares that are dilutive. The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income (loss) would also be added or subtracted to derive at net income (loss) available to common shareholders. | ||||||||||||
The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): | ||||||||||||
For the year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 19,965 | $ | 8,254 | $ | 4,443 | ||||||
Less: dividends paid on unvested share-based compensation | (328 | ) | (310 | ) | (398 | ) | ||||||
Undistributed earnings attributable to share-based compensation | — | — | — | |||||||||
Net income (loss) available to common shareholders | $ | 19,637 | $ | 7,944 | $ | 4,045 | ||||||
Denominator: | ||||||||||||
Weighted-average number of common shares — basic | 61,498,389 | 55,806,543 | 47,921,200 | |||||||||
Effect of dilutive share-based compensation | 338,352 | 148,954 | 45,107 | |||||||||
Weighted-average number of common shares — diluted | 61,836,741 | 55,955,497 | 47,966,307 | |||||||||
Net income (loss) per share available to common shareholders — basic | $ | 0.32 | $ | 0.14 | 0.08 | |||||||
Net income (loss) per share available to common shareholders — diluted | $ | 0.32 | $ | 0.14 | 0.08 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
Management Agreements | |||||
The Company’s hotel properties are operated pursuant to management agreements with various management companies. The initial terms of these management agreements range from five years to 20 years, not including renewals, and five years to 52 years, including renewals. Many of the Company’s management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees. Most of the agreements also provide the Company the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to six times the annual base management and incentive management fees, depending on the agreement and the reason for termination. Certain of the Company’s management agreements are non-terminable except upon the manager’s breach of a material representation or the manager’s failure to meet performance thresholds as defined in the management agreement. | |||||
The management agreements require the payment of a base management fee generally between 1% and 4% of hotel revenues. Under certain management agreements, the management companies are also eligible to receive an incentive management fee if hotel operating income, cash flows or other performance measures, as defined in the agreements, exceed certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. For the years ended December 31, 2013, 2012 and 2011, combined base and incentive management fees were $15.8 million, $11.5 million and $8.1 million, respectively. | |||||
Reserve Funds | |||||
Certain of the Company’s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. | |||||
Restricted Cash | |||||
At December 31, 2013 and December 31, 2012, the Company had $16.5 million and $12.0 million, respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or lender requirements. | |||||
Ground and Hotel Leases | |||||
The Hotel Monaco Washington DC is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $0.2 million or a percentage of gross hotel revenues and gross food and beverage revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the hotel structure due to its status as a national historic landmark. | |||||
The Argonaut Hotel is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2059. The hotel is required to pay the greater of an annual base rent of $1.2 million or a percentage of rooms revenues, food and beverage revenues and other department revenues in excess of certain thresholds, as defined in the agreement. The lease contains certain restrictions on modifications that can be made to the structure due to its status as a national historic landmark. | |||||
The Hotel Palomar San Francisco is subject to a long-term hotel lease for the right to use the ground floor lobby area and floors five through nine of the building and underlying land. The hotel lease expires in 2097. The hotel is required to pay annual base rent and a percentage rent, which is based on gross hotel and gross food and beverage revenues in excess of certain thresholds, as defined in the lease agreement. | |||||
The Radisson Hotel Fisherman's Wharf is subject to a long-term primary ground lease and secondary subleases. The primary ground lease requires the hotel to make annual base rental payments of $0.1 million and percentage rental payments based on 5% of hotel revenues and 7.5% of retail revenues attributed to guest rooms and retail space added to the hotel property in 1998. Beginning in 2017, the primary ground lease requires the hotel to pay percentage rent based on 6% of total hotel revenues and 7.5% of total retail and parking revenues. The secondary sublease requires the hotel to make rental payments based on hotel net income, as defined in the agreement, related to the rooms and retail space in existence prior to the 1998 renovation. The primary ground lease expires in 2062 and the secondary sublease expires in April 2016. | |||||
The ground leases and hotel lease are operating leases under ASC 840 Leases. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. | |||||
Future minimum annual rental payments under operating leases, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, as of December 31, 2013 is as follows (in thousands): | |||||
2014 | $ | 3,126 | |||
2015 | 3,176 | ||||
2016 | 3,176 | ||||
2017 | 3,164 | ||||
2018 | 3,164 | ||||
Thereafter | 396,848 | ||||
Total | $ | 412,654 | |||
Litigation | |||||
The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company may obtain insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company. |
Supplemental_Information_to_St
Supplemental Information to Statements of Cash Flows | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS | ' | |||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS | ||||||||||||
For the year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Interest paid, net of capitalized interest | $ | 23,528 | $ | 13,440 | $ | 11,366 | ||||||
Interest capitalized | $ | 206 | $ | 236 | $ | — | ||||||
Income taxes paid | $ | 1,572 | $ | 1,877 | $ | 586 | ||||||
Non-Cash Investing and Financing Activities: | ||||||||||||
Distributions payable on common shares/units | $ | 10,592 | $ | 7,461 | $ | 6,219 | ||||||
Distributions payable on preferred shares | $ | 5,203 | $ | 3,813 | $ | 3,813 | ||||||
Issuance of common shares for board of trustees compensation | $ | 207 | $ | 199 | $ | 182 | ||||||
Mortgage loans assumed in connection with acquisition | $ | 90,448 | $ | 27,175 | $ | 42,000 | ||||||
Below (above) market rate contracts assumed in connection with acquisition | $ | 2,826 | $ | (9,170 | ) | $ | — | |||||
Deposit applied to purchase price of acquisition | $ | 4,000 | $ | — | $ | 5,000 | ||||||
Accrued additions and improvements to hotel properties | $ | 603 | $ | 1,203 | $ | 2,171 | ||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 13. SUBSEQUENT EVENTS | |
On February 4, 2014, the Board of Trustees granted an aggregate of 44,322 service condition restricted share awards and 66,483 target performance-based equity awards, respectively, to executive officers and employees of the Company. These awards will vest over 3 years. The actual number of common shares to be issued under the performance-based equity awards will be based on certain performance criteria stipulated in the agreements for the period from January 1, 2014 through December 31, 2016 and will be determined in early 2017. |
Quarterly_Operating_Results
Quarterly Operating Results | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Operating Results [Abstract] | ' | ||||||||||||||||
Quarterly Operating Results (Unaudited) | ' | ||||||||||||||||
QUARTERLY OPERATING RESULTS (UNAUDITED) | |||||||||||||||||
The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2013 and 2012 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years. | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Total revenues | $ | 104,914 | $ | 126,301 | $ | 131,234 | $ | 126,768 | |||||||||
Net income (loss) | (246 | ) | 14,931 | 17,527 | 10,980 | ||||||||||||
Net income (loss) attributable to the Company | (248 | ) | 14,834 | 17,415 | 10,917 | ||||||||||||
Net income (loss) attributable to common shareholders | (4,916 | ) | 8,730 | 11,315 | 4,836 | ||||||||||||
Net income (loss) per share available to common shareholders, basic and diluted | $ | (0.08 | ) | $ | 0.14 | $ | 0.18 | $ | 0.08 | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Total revenues | $ | 77,474 | $ | 94,167 | $ | 104,305 | $ | 104,742 | |||||||||
Net income (loss) | (2,837 | ) | 10,027 | 12,105 | 7,213 | ||||||||||||
Net income (loss) attributable to the Company | (2,791 | ) | 9,864 | 11,918 | 7,088 | ||||||||||||
Net income (loss) attributable to common shareholders | (7,247 | ) | 5,407 | 7,462 | 2,632 | ||||||||||||
Net income (loss) per share available to common shareholders, basic and diluted | $ | (0.14 | ) | $ | 0.1 | $ | 0.13 | $ | 0.04 | ||||||||
Schedule_III_Real_Estate_and_A
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pebblebrook Hotel Trust | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III--Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at End of Year | ||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumb-rances | Land | Building and Improvements | Furniture, Fixtures and Equipment | Costs Capitalized Subsequent to Acquisition (1) | Land | Building and Improvements | Furniture, Fixtures and Equipment | Total | Accumulated Depreciation | Net Book Value | Year of Original Construction | Date of Acquisition | Depreciation Life | |||||||||||||||||||||||||||||||||||||
DoubleTree by Hilton Bethesda-Washington DC | $ | 35,102 | $ | 10,065 | $ | 53,000 | $ | 4,035 | $ | 6,868 | $ | 10,065 | $ | 57,355 | $ | 6,548 | $ | 73,968 | $ | 8,387 | $ | 65,581 | 1971 | 6/4/10 | 3-40 years | ||||||||||||||||||||||||||
Sir Francis Drake Hotel | — | 22,500 | 60,547 | 6,953 | 15,544 | 22,500 | 69,956 | 13,088 | 105,544 | 12,033 | 93,511 | 1928 | 6/22/10 | 1-40 years | |||||||||||||||||||||||||||||||||||||
InterContinental Buckhead Hotel | 50,192 | 25,000 | 68,844 | 11,000 | 9,015 | 25,000 | 72,393 | 16,466 | 113,859 | 13,741 | 100,118 | 2004 | 7/1/10 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Monaco Washington DC | 44,580 | — | 60,630 | 2,441 | 4,716 | — | 63,970 | 3,816 | 67,786 | 6,751 | 61,035 | 1839 | 9/9/10 | 3-40 years | |||||||||||||||||||||||||||||||||||||
The Grand Hotel Minneapolis | — | 4,950 | 26,616 | 300 | 9,544 | 4,950 | 32,508 | 3,952 | 41,410 | 4,692 | 36,718 | 1912 | 9/29/10 | 1-40 years | |||||||||||||||||||||||||||||||||||||
Skamania Lodge | 29,811 | 7,129 | 44,987 | 3,523 | 4,058 | 7,130 | 47,497 | 5,070 | 59,697 | 5,936 | 53,761 | 1993 | 11/3/10 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Le Meridien Delfina Santa Monica Hotel | — | 18,784 | 81,580 | 2,295 | 10,732 | 18,784 | 86,535 | 8,072 | 113,391 | 9,170 | 104,221 | 1972 | 11/19/10 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Sofitel Philadelphia Hotel | 48,218 | 18,000 | 64,256 | 4,639 | 6,688 | 18,000 | 67,843 | 7,740 | 93,583 | 7,735 | 85,848 | 2000 | 12/3/10 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Argonaut Hotel | 45,138 | — | 79,492 | 4,247 | 4,767 | — | 81,895 | 6,611 | 88,506 | 8,350 | 80,156 | 1907 | 2/16/11 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Westin Gaslamp Quarter | 79,194 | 25,537 | 86,089 | 6,850 | 18,404 | 25,537 | 101,412 | 9,931 | 136,880 | 11,870 | 125,010 | 1987 | 4/6/11 | 1-40 years | |||||||||||||||||||||||||||||||||||||
Monaco Seattle | — | 10,105 | 38,888 | 2,073 | 6,444 | 10,105 | 41,824 | 5,581 | 57,510 | 4,775 | 52,735 | 1969 | 4/7/11 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Mondrian Los Angeles | — | 20,306 | 110,283 | 6,091 | 7,441 | 20,306 | 114,421 | 9,395 | 144,122 | 10,488 | 133,634 | 1959 | 5/3/11 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Viceroy Miami | — | 8,368 | 24,246 | 3,723 | 2,007 | 8,368 | 24,679 | 5,297 | 38,344 | 3,869 | 34,475 | 2009 | 5/26/11 | 1-40 years | |||||||||||||||||||||||||||||||||||||
W Boston | — | 19,453 | 63,893 | 5,887 | 2,435 | 19,453 | 65,404 | 6,811 | 91,668 | 7,574 | 84,094 | 2009 | 6/8/11 | 2-40 years | |||||||||||||||||||||||||||||||||||||
Hotel Zetta (formerly Hotel Milano) | — | 7,294 | 22,166 | 290 | 14,667 | 7,294 | 33,016 | 4,107 | 44,417 | 2,231 | 42,186 | 1913 | 4/4/12 | 1-40 years | |||||||||||||||||||||||||||||||||||||
Vintage Park Seattle | — | 8,170 | 23,557 | 706 | 3,688 | 8,170 | 25,206 | 2,745 | 36,121 | 1,679 | 34,442 | 1922 | 7/9/12 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Vintage Plaza Portland | — | 6,222 | 23,012 | 1,093 | 1,458 | 6,222 | 23,883 | 1,680 | 31,785 | 1,428 | 30,357 | 1894 | 7/9/12 | 3-40 years | |||||||||||||||||||||||||||||||||||||
W Los Angeles - Westwood | — | 24,403 | 93,203 | 3,600 | 1,765 | 24,403 | 93,834 | 4,734 | 122,971 | 4,272 | 118,699 | 1969 | 8/23/12 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Hotel Palomar San Francisco (2) | 26,802 | — | 63,430 | 3,780 | 1,525 | — | 63,961 | 4,774 | 68,735 | 3,059 | 65,676 | 1907 | 10/25/12 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Embassy Suites San Diego Bay- Downtown (3) | 65,725 | 20,103 | 90,162 | 6,881 | 904 | 20,103 | 90,785 | 7,162 | 118,050 | 3,219 | 114,831 | 1988 | 1/29/13 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Redbury Hotel | — | 8,057 | 24,833 | 1,000 | 109 | 8,057 | 24,897 | 1,045 | 33,999 | 304 | 33,695 | 2008 | 8/8/13 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Hotel Modera (4) | 23,597 | 8,215 | 37,874 | 1,500 | 10 | 8,214 | 37,874 | 1,510 | 47,598 | 516 | 47,082 | 1962 | 8/28/13 | 3-40 years | |||||||||||||||||||||||||||||||||||||
Radisson Hotel Fisherman's Wharf | — | — | 116,445 | 3,550 | — | — | 116,445 | 3,550 | 119,995 | 249 | 119,746 | 1964 | 12/9/13 | 3-40 years | |||||||||||||||||||||||||||||||||||||
$ | 448,359 | $ | 272,661 | $ | 1,358,033 | $ | 86,457 | $ | 132,789 | $ | 272,661 | $ | 1,437,593 | $ | 139,685 | $ | 1,849,939 | $ | 132,328 | $ | 1,717,611 | ||||||||||||||||||||||||||||||
(1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Encumbrance on the Hotel Palomar is presented at face value, which excludes loan premium of $2.0 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Encumbrance on the Embassy Suites San Diego Bay-Downtown is presented at face value, which excludes loan premium of $3.4 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Encumbrance on the Hotel Modera is presented at face value, which excludes loan premium of $0.5 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pebblebrook Hotel Trust | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III--Real Estate and Accumulated Depreciation-Continued | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate and Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 605,382 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 515,531 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures | 42,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 1,163,552 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 280,927 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures | 50,688 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 1,495,167 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 318,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures | 38,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal of Assets | (2,000 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,849,939 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 5,668 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 30,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 36,068 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 41,870 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 77,938 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 54,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal of Assets | (121 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 132,328 | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities in which the Company does not control, but has the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. | ||
Risks and Uncertainties | ' | |
Risks and Uncertainties | ||
The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations. | ||
Fair Value Measurements | ' | |
Fair Value Measurements | ||
A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: | ||
1 | Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. | |
2 | Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. | |
3 | Level 3 – Model-derived valuations with unobservable inputs. | |
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||
The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 for disclosures on the fair value of debt and derivative instruments. | ||
Investment in Hotel Properties | ' | |
Investment in Hotel Properties | ||
Upon acquisition of hotel properties, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. | ||
Acquisition costs are expensed as incurred. | ||
Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. | ||
Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. | ||
The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. | ||
The Company will classify a hotel as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant financing contingencies exist, and the sale is expected to close within one year. If these criteria are met and if the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss and will cease recording depreciation expense. The Company will classify the loss, together with the related operating results, as discontinued operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. | ||
Restricted Cash | ' | |
Restricted Cash | ||
Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance. | ||
Prepaid Expenses and Other Assets | ' | |
Prepaid Expenses and Other Assets | ||
The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture. | ||
Deferred Financing Costs | ' | |
Deferred Financing Costs | ||
Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. | ||
Derivative Instruments | ' | |
Derivative Instruments | ||
In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses on the effective portion of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as increases or decreases to interest expense. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. For retail operations, revenue is recognized on a straight-line basis over the lives of the retail leases. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the statement of operations. | ||
Income Taxes | ' | |
Income Taxes | ||
To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its adjusted taxable income to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, PHL, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | ||
As of December 31, 2013 and 2012, the Company did not have any uncertain tax positions and had not incurred any interest or penalties on such positions during the periods presented. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expenses. | ||
Share-based Compensation | ' | |
Share-based Compensation | ||
The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. | ||
Non-Controlling Interests of Common Units of Operating Partnership | ' | |
Non-controlling Interests of Common Units of Operating Partnership | ||
Limited partner interests in the Operating Partnership other than those held by the Company, if any, are considered non-controlling interests. Generally, non-controlling interests are presented on the balance sheet as either shareholders equity or outside of shareholders equity depending upon specific provisions of the governing documents related to such an interest. The Operating Partnership may issue limited partnership interests as full or partial consideration to hotel sellers or to employees or other individuals for services performed. These limited partners will have redemption rights which will permit them to redeem their interests in exchange for cash or common shares, on a one-for-one basis, at the option of the Company. Because the Operating Partnership agreement permits the settlement of the redemption feature for unregistered common shares and because the Company will control the actions and events necessary to issue the number of shares that are required to be delivered at the redemption date, the non-controlling limited partner interests in the Operating Partnership are presented as a separate component of shareholder's equity on the balance sheet. The approximate redemption value of the non-controlling interests is equivalent to the units outstanding valued at the closing common share price at the end of the period, which we assume would be equal to the value provided to the limited partners upon liquidation of the Operating Partnership. The Company's revenues, expenses and net income or loss will include amounts attributable to both the controlling and non-controlling interests. Amounts attributable to non-controlling interests will be deducted from net income or loss to arrive at net income or loss attributable to common shareholders on the statement of operations. | ||
Earnings Per Share | ' | |
Earnings Per Share | ||
Basic earnings per share (“EPS”) is computed by dividing the net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) attributable to common shareholders as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. | ||
Comprehensive Income | ' | |
Comprehensive Income | ||
The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. For the years ended December 31, 2013, 2012 and 2011, comprehensive income (loss) was $44.6 million, $26.2 million and $15.2 million, respectively. As of December 31, 2013 and 2012, the Company's accumulated other comprehensive income (loss) was $1.1 million and $(0.3) million, respectively. |
Acquisition_of_Hotel_Propertie1
Acquisition of Hotel Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of Purchase Price Allocation | ' | |||||||
The allocation of fair value to the acquired assets and liabilities is as follows (in thousands). | ||||||||
2013 Acquisitions | 2012 Acquisitions | |||||||
Land | $ | 36,375 | $ | 46,089 | ||||
Buildings and improvements | 269,312 | 225,368 | ||||||
Furniture, fixtures and equipment | 12,931 | 9,469 | ||||||
Below (above) market rate contracts | 2,826 | (9,170 | ) | |||||
In place lease assets and intangibles | 4,039 | — | ||||||
Capital improvement reserve | — | 3,600 | ||||||
Mortgage debt | (90,448 | ) | (27,175 | ) | ||||
Net working capital | (266 | ) | (210 | ) | ||||
Net assets acquired | $ | 234,769 | $ | 247,971 | ||||
Business acquisition, unaudited proforma information | ' | |||||||
The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of either the results of operations that would have actually occurred had these transactions occurred on January 1, 2012 and 2011 or the future results of operations (in thousands, except per-share data). | ||||||||
For the year ended December 31, | ||||||||
2013 | 2012 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 529,366 | $ | 495,511 | ||||
Operating income (loss) | 70,491 | 59,428 | ||||||
Net income (loss) attributable to common shareholders | 29,661 | 28,143 | ||||||
Net income (loss) per share available to common shareholders — basic | $ | 0.48 | $ | 0.45 | ||||
Net income (loss) per share available to common shareholders — diluted | $ | 0.47 | $ | 0.45 | ||||
Investment_in_Hotel_Properties1
Investment in Hotel Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule of Investment in hotel properties | ' | |||||||
Investment in hotel properties as of December 31, 2013 and December 31, 2012 consisted of the following (in thousands): | ||||||||
December 31, | December 31, 2012 | |||||||
2013 | ||||||||
Land | $ | 272,661 | $ | 236,287 | ||||
Buildings and improvements | 1,437,593 | 1,141,347 | ||||||
Furniture, fixtures and equipment | 135,547 | 107,938 | ||||||
Construction in progress | 4,138 | 9,595 | ||||||
Investment in hotel properties | $ | 1,849,939 | $ | 1,495,167 | ||||
Less: Accumulated depreciation | (132,328 | ) | (77,938 | ) | ||||
Investment in hotel properties, net | $ | 1,717,611 | $ | 1,417,229 | ||||
Investment_in_Joint_Venture_Ta
Investment in Joint Venture (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Summarized results of operations of investment in the Manhattan Collection joint venture | ' | |||||||||||
The summarized results of operations of the Company’s investment in the Manhattan Collection joint venture for the years ended December 31, 2013, 2012 and 2011 are presented below (in thousands): | ||||||||||||
For the year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 172,968 | $ | 174,718 | $ | 82,124 | ||||||
Total expenses | 161,145 | 158,394 | 75,992 | |||||||||
Net income (loss) | $ | 11,823 | $ | 16,324 | $ | 6,132 | ||||||
Company’s 49% interest of net income (loss) | 5,793 | 7,999 | 3,005 | |||||||||
Basis adjustment | (559 | ) | (2,062 | ) | (669 | ) | ||||||
Special loan interest income elimination | 2,389 | 33 | — | |||||||||
Equity in earnings (loss) in joint venture | $ | 7,623 | $ | 5,970 | $ | 2,336 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Mortgage debt | ' | |||||||||||
Debt as of December 31, 2013 and December 31, 2012 consisted of the following (dollars in thousands): | ||||||||||||
Balance Outstanding as of | ||||||||||||
Interest Rate | Maturity Date | December 31, 2013 | December 31, 2012 | |||||||||
Senior unsecured revolving credit facility | Floating | Jul-16 | $ | — | $ | — | ||||||
Term loan | Floating(1) | Jul-17 | 100,000 | 100,000 | ||||||||
Mortgage loans | ||||||||||||
InterContinental Buckhead | 4.88% | Jan-16 | 50,192 | 51,022 | ||||||||
Skamania Lodge | 5.44% | Feb-16 | 29,811 | 30,252 | ||||||||
DoubleTree by Hilton Bethesda-Washington DC | 5.28% | Feb-16 | 35,102 | 35,602 | ||||||||
Embassy Suites San Diego Bay-Downtown | 6.28% | Jun-16 | 65,725 | — | ||||||||
Hotel Modera | 5.26% | Jul-16 | 23,597 | — | ||||||||
Monaco Washington DC | 4.36% | Feb-17 | 44,580 | 45,368 | ||||||||
Argonaut Hotel | 4.25% | Mar-17 | 45,138 | 46,223 | ||||||||
Sofitel Philadelphia | 3.90% | Jun-17 | 48,218 | 49,419 | ||||||||
Hotel Palomar San Francisco | 5.94% | Sep-17 | 26,802 | 27,124 | ||||||||
The Westin San Diego Gaslamp Quarter | 3.69% | Jan-20 | 79,194 | 81,000 | ||||||||
Mortgage loans at stated value | 448,359 | 366,010 | ||||||||||
Mortgage loan premiums (2) | 5,888 | 2,498 | ||||||||||
Total mortgage loans | $ | 454,247 | $ | 368,508 | ||||||||
Total debt | $ | 554,247 | $ | 468,508 | ||||||||
________________________ | ||||||||||||
(1) The Company entered into interest rate swaps to effectively fix the interest rate at 2.55% for the full five-year term, based on its current leverage ratio. | ||||||||||||
(2) Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of December 31, 2013 and the Hotel Palomar San Francisco as of December 31, 2012. | ||||||||||||
Future Scheduled Debt Payments | ' | |||||||||||
Future scheduled debt principal payments for the Company's mortgage debt and term loan as of December 31, 2013 are as follows (in thousands): | ||||||||||||
2014 | $ | 9,085 | ||||||||||
2015 | 9,523 | |||||||||||
2016 | 203,269 | |||||||||||
2017 | 255,908 | |||||||||||
2018 | 2,366 | |||||||||||
Thereafter | 68,208 | |||||||||||
Total debt principal payments | 548,359 | |||||||||||
Premium on mortgage debt | 5,888 | |||||||||||
Total debt | $ | 554,247 | ||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Dividends on common shares/units | ' | ||||||||||
The Company declared the following dividends on common shares/units for the year ended December 31, 2013: | |||||||||||
Dividend per | For the quarter | Record Date | Payable Date | ||||||||
Share/Unit | ended | ||||||||||
$ | 0.16 | March 31, 2013 | April 1, 2013 | April 15, 2013 | |||||||
$ | 0.16 | June 30, 2013 | July 1, 2013 | July 15, 2013 | |||||||
$ | 0.16 | September 30, 2013 | September 30, 2013 | October 15, 2013 | |||||||
$ | 0.16 | December 31, 2013 | December 31, 2013 | January 15, 2014 | |||||||
Dividends on preferred shares/units | ' | ||||||||||
The Company declared the following dividends on preferred shares for the year ended December 31, 2013: | |||||||||||
Security Type | Dividend per | For the quarter | Record Date | Payable Date | |||||||
Share/Unit | ended | ||||||||||
7.875% Series A | $ | 0.49 | March 31, 2013 | April 1, 2013 | 15-Apr-13 | ||||||
7.875% Series A | $ | 0.49 | June 30, 2013 | July 1, 2013 | July 15, 2013 | ||||||
7.875% Series A | $ | 0.49 | September 30, 2013 | September 30, 2013 | October 15, 2013 | ||||||
7.875% Series A | $ | 0.49 | December 31, 2013 | December 31, 2013 | 15-Jan-14 | ||||||
8.00% Series B | $ | 0.5 | March 31, 2013 | April 1, 2013 | 15-Apr-13 | ||||||
8.00% Series B | $ | 0.5 | June 30, 2013 | July 1, 2013 | July 15, 2013 | ||||||
8.00% Series B | $ | 0.5 | September 30, 2013 | September 30, 2013 | October 15, 2013 | ||||||
8.00% Series B | $ | 0.5 | December 31, 2013 | December 31, 2013 | January 15, 2014 | ||||||
6.50% Series C | $ | 0.12 | March 31, 2013 | April 1, 2013 | April 15, 2013 | ||||||
6.50% Series C | $ | 0.41 | June 30, 2013 | July 1, 2013 | 15-Jul-13 | ||||||
6.50% Series C | $ | 0.41 | September 30, 2013 | September 30, 2013 | 15-Oct-13 | ||||||
6.50% Series C | $ | 0.41 | December 31, 2013 | December 31, 2013 | 15-Jan-14 | ||||||
ShareBased_Compensation_Plan_T
Share-Based Compensation Plan (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Summary of restricted share activity | ' | |||||||||||||||||
The following table provides a summary of service condition restricted share activity as of December 31, 2013: | ||||||||||||||||||
Shares | Weighted-Average | |||||||||||||||||
Grant Date | ||||||||||||||||||
Fair Value | ||||||||||||||||||
Unvested at January 1, 2011 | 78,440 | $ | 20.88 | |||||||||||||||
Granted | 79,330 | $ | 22.03 | |||||||||||||||
Vested | (26,874 | ) | $ | 20.83 | ||||||||||||||
Forfeited | (2,232 | ) | $ | 21.58 | ||||||||||||||
Unvested at December 31, 2011 | 128,664 | $ | 21.59 | |||||||||||||||
Granted | 52,545 | $ | 23.15 | |||||||||||||||
Vested | (52,587 | ) | $ | 21.43 | ||||||||||||||
Forfeited | — | $ | — | |||||||||||||||
Unvested at December 31, 2012 | 128,622 | $ | 22.19 | |||||||||||||||
Granted | 84,451 | $ | 26.07 | |||||||||||||||
Vested | (65,192 | ) | $ | 21.96 | ||||||||||||||
Forfeited | — | $ | — | |||||||||||||||
Unvested at December 31, 2013 | 147,881 | $ | 24.59 | |||||||||||||||
Performance-based Equity Awards Methodology and Assumptions | ' | |||||||||||||||||
The grant date fair value of the performance awards were determined using a Monte Carlo simulation method with the following assumptions: | ||||||||||||||||||
Performance Award Grant Date | Percentage of Total Award | Grant Date Fair Value by Component ($ in millions) | Volatility | Interest Rate | Dividend Yield | |||||||||||||
8-Feb-12 | ||||||||||||||||||
Relative Total Shareholder Return1 | 30 | % | $ | 0.7 | 33 | % | 0.34 | % | 2.2 | % | ||||||||
Absolute Total Shareholder Return 1 | 30 | % | $ | 0.6 | 33 | % | 0.34 | % | 2.2 | % | ||||||||
EBITDA Comparison 2 | 40 | % | $ | 0.7 | 33 | % | 0.34 | % | 2.2 | % | ||||||||
30-Jan-13 | ||||||||||||||||||
Relative Total Shareholder Return 1 | 30 | % | $ | 0.7 | 31 | % | 0.41 | % | 2.2 | % | ||||||||
Absolute Total Shareholder Return 1 | 30 | % | $ | 0.5 | 31 | % | 0.41 | % | 2.2 | % | ||||||||
EBITDA Comparison 2 | 40 | % | $ | 0.7 | 31 | % | 0.41 | % | 2.2 | % | ||||||||
13-Dec-13 | ||||||||||||||||||
Relative Total Shareholder Return 1 | 50 | % | $ | 4.7 | 29 | % | 0.34% - 2.25% | 2.4 | % | |||||||||
Absolute Total Shareholder Return 1 | 50 | % | $ | 2.9 | 29 | % | 0.34% - 2.25% | 2.4 | % | |||||||||
1 The Relative Total Shareholder Return and Absolute Total Shareholder Return are market conditions as defined by ASC 718. | ||||||||||||||||||
2 The EBITDA Comparison component is a performance condition as defined by ASC 718 and therefore, compensation expense related to this component will be reassessed at each reporting date to determine whether achievement of the target performance condition is probable, and the accrual of compensation expense will be adjusted as appropriate. | ||||||||||||||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule Of Distributions Paid Per Common Share Of Beneficial Interest And Preferred Shares On A Tax Basis | ' | ||||||||||||||||||||
The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||
Common Shares: | |||||||||||||||||||||
Ordinary income | $ | 0.6 | 100 | % | $ | 0.4391 | 91.49 | % | $ | 0.4109 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0.0409 | 8.51 | % | 0 | 0 | % | ||||||||||||
Total | $ | 0.6 | 100 | % | $ | 0.48 | 100 | % | $ | 0.4109 | 100 | % | |||||||||
Series A Preferred Shares: | |||||||||||||||||||||
Ordinary income | $ | 2.0349 | 100 | % | $ | 1.7622 | 100 | % | $ | 1.3769 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 2.0349 | 100 | % | $ | 1.7622 | 100 | % | $ | 1.3769 | 100 | % | |||||||||
Series B Preferred Shares | |||||||||||||||||||||
Ordinary income | $ | 2.0672 | 100 | % | $ | 1.7902 | 100 | % | $ | 0.3431 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 2.0672 | 100 | % | $ | 1.7902 | 100 | % | $ | 0.3431 | 100 | % | |||||||||
Series C Preferred Shares | |||||||||||||||||||||
Ordinary income | $ | 0.989 | 100 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 0.989 | 100 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | |||||||||
Components of Income Tax Expense | ' | ||||||||||||||||||||
The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): | |||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Federal | |||||||||||||||||||||
Current | $ | 718 | $ | 1,048 | $ | 374 | |||||||||||||||
Deferred | — | — | 70 | ||||||||||||||||||
State and local | |||||||||||||||||||||
Current | 313 | 412 | 110 | ||||||||||||||||||
Deferred | — | — | 10 | ||||||||||||||||||
Income tax expense (benefit) | $ | 1,031 | $ | 1,460 | $ | 564 | |||||||||||||||
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense | ' | ||||||||||||||||||||
A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands): | |||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Statutory federal tax expense (benefit) | $ | 718 | $ | 1,048 | $ | 444 | |||||||||||||||
State income tax expense (benefit) | 313 | 412 | 120 | ||||||||||||||||||
Income tax expense (benefit) | $ | 1,031 | $ | 1,460 | $ | 564 | |||||||||||||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Reconciliation of basic and diluted earnings per common share | ' | |||||||||||
The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): | ||||||||||||
For the year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 19,965 | $ | 8,254 | $ | 4,443 | ||||||
Less: dividends paid on unvested share-based compensation | (328 | ) | (310 | ) | (398 | ) | ||||||
Undistributed earnings attributable to share-based compensation | — | — | — | |||||||||
Net income (loss) available to common shareholders | $ | 19,637 | $ | 7,944 | $ | 4,045 | ||||||
Denominator: | ||||||||||||
Weighted-average number of common shares — basic | 61,498,389 | 55,806,543 | 47,921,200 | |||||||||
Effect of dilutive share-based compensation | 338,352 | 148,954 | 45,107 | |||||||||
Weighted-average number of common shares — diluted | 61,836,741 | 55,955,497 | 47,966,307 | |||||||||
Net income (loss) per share available to common shareholders — basic | $ | 0.32 | $ | 0.14 | 0.08 | |||||||
Net income (loss) per share available to common shareholders — diluted | $ | 0.32 | $ | 0.14 | 0.08 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
Future minimum annual rental payments under operating leases, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, as of December 31, 2013 is as follows (in thousands): | |||||
2014 | $ | 3,126 | |||
2015 | 3,176 | ||||
2016 | 3,176 | ||||
2017 | 3,164 | ||||
2018 | 3,164 | ||||
Thereafter | 396,848 | ||||
Total | $ | 412,654 | |||
Supplemental_Information_to_St1
Supplemental Information to Statements of Cash Flows (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Summary of Supplemental Information to Statements of Cash Flows | ' | |||||||||||
For the year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Interest paid, net of capitalized interest | $ | 23,528 | $ | 13,440 | $ | 11,366 | ||||||
Interest capitalized | $ | 206 | $ | 236 | $ | — | ||||||
Income taxes paid | $ | 1,572 | $ | 1,877 | $ | 586 | ||||||
Non-Cash Investing and Financing Activities: | ||||||||||||
Distributions payable on common shares/units | $ | 10,592 | $ | 7,461 | $ | 6,219 | ||||||
Distributions payable on preferred shares | $ | 5,203 | $ | 3,813 | $ | 3,813 | ||||||
Issuance of common shares for board of trustees compensation | $ | 207 | $ | 199 | $ | 182 | ||||||
Mortgage loans assumed in connection with acquisition | $ | 90,448 | $ | 27,175 | $ | 42,000 | ||||||
Below (above) market rate contracts assumed in connection with acquisition | $ | 2,826 | $ | (9,170 | ) | $ | — | |||||
Deposit applied to purchase price of acquisition | $ | 4,000 | $ | — | $ | 5,000 | ||||||
Accrued additions and improvements to hotel properties | $ | 603 | $ | 1,203 | $ | 2,171 | ||||||
Quarterly_Operating_Results_Ta
Quarterly Operating Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Operating Results [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Total revenues | $ | 104,914 | $ | 126,301 | $ | 131,234 | $ | 126,768 | |||||||||
Net income (loss) | (246 | ) | 14,931 | 17,527 | 10,980 | ||||||||||||
Net income (loss) attributable to the Company | (248 | ) | 14,834 | 17,415 | 10,917 | ||||||||||||
Net income (loss) attributable to common shareholders | (4,916 | ) | 8,730 | 11,315 | 4,836 | ||||||||||||
Net income (loss) per share available to common shareholders, basic and diluted | $ | (0.08 | ) | $ | 0.14 | $ | 0.18 | $ | 0.08 | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Total revenues | $ | 77,474 | $ | 94,167 | $ | 104,305 | $ | 104,742 | |||||||||
Net income (loss) | (2,837 | ) | 10,027 | 12,105 | 7,213 | ||||||||||||
Net income (loss) attributable to the Company | (2,791 | ) | 9,864 | 11,918 | 7,088 | ||||||||||||
Net income (loss) attributable to common shareholders | (7,247 | ) | 5,407 | 7,462 | 2,632 | ||||||||||||
Net income (loss) per share available to common shareholders, basic and diluted | $ | (0.14 | ) | $ | 0.1 | $ | 0.13 | $ | 0.04 | ||||||||
Organization_Details
Organization (Details) | Dec. 31, 2013 | Jul. 29, 2011 |
GuestRooms | properties | |
properties | ||
Organization (Textual) [Abstract] | ' | ' |
Number of hotels owned by the company | 29 | ' |
Number of wholly owned real estate properties | 23 | ' |
Total number of guest rooms | 5,546 | ' |
Percentage of Operating Partnership units owned by company | 99.10% | ' |
Percentage of Operating Partnership units owned by other limited partners | 0.90% | ' |
Manhattan Collection Joint Venture [Member] | ' | ' |
Organization (Textual) [Abstract] | ' | ' |
Number of hotels owned by the company | 6 | 6 |
Equity interest issued in a joint venture | 49.00% | 49.00% |
Number of guest rooms in joint ventured real estate properties | 1,775 | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Minimum percentage of adjusted taxable income to be distributed to shareholders as a real estate investment trust | 90.00% | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $44,578 | $26,208 | $15,199 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $1,086 | ($300) | ' |
Minimum [Member] | Land, Buildings and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life (in years) | '10 years | ' | ' |
Minimum [Member] | Furniture Fixtures And Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life (in years) | '1 year | ' | ' |
Maximum [Member] | Land, Buildings and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life (in years) | '40 years | ' | ' |
Maximum [Member] | Furniture Fixtures And Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life (in years) | '10 years | ' | ' |
Acquisition_of_Hotel_Propertie2
Acquisition of Hotel Properties (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net [Abstract] | ' | ' |
Below (Above) market rate contracts | $2,826 | ($9,170) |
In place lease assets and intangibles | 4,039 | 0 |
Mortgage Debt | -90,448 | -27,175 |
Net working capital | -266 | -210 |
Net assets acquired | 234,769 | 247,971 |
Business acquisition, unaudited proforma information | ' | ' |
Total revenues | 529,366 | 495,511 |
Operating income (loss) | 70,491 | 59,428 |
Net income (loss) attributable to common shareholders | 29,661 | 28,143 |
Net income (loss) per share attributable to common shareholders - basic | $0.48 | $0.45 |
Net income (loss) per share available to common shareholders b diluted | $0.47 | $0.45 |
Land [Member] | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net [Abstract] | ' | ' |
Property, plant and equipment | 36,375 | 46,089 |
Buildings and improvements [Member] | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net [Abstract] | ' | ' |
Property, plant and equipment | 269,312 | 225,368 |
Furniture, fixtures and equipment [Member] | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net [Abstract] | ' | ' |
Property, plant and equipment | 12,931 | 9,469 |
Construction in Progress [Member] | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net [Abstract] | ' | ' |
Property, plant and equipment | $0 | $3,600 |
Acquisition_of_Hotel_Propertie3
Acquisition of Hotel Properties (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 29, 2013 | Aug. 08, 2013 | Aug. 28, 2013 | Dec. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
GuestRooms | Embassy Suites San Diego [Member] | Redbury Hotel [Member] | Hotel Modera [Member] | Radisson Hotel Fisherman's Wharf [Member] | Primary lease [Member] | Secondary lease [Member] | |||||
GuestRooms | GuestRooms | GuestRooms | GuestRooms | Radisson Hotel Fisherman's Wharf [Member] | Radisson Hotel Fisherman's Wharf [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number Of Guest Rooms | 5,546 | ' | ' | 337 | 57 | 174 | 355 | ' | ' | ||
Acquisition price | ' | ' | ' | $112,500,000 | $34,000,000 | $47,500,000 | $132,000,000 | ' | ' | ||
Acquisition, cash paid | ' | ' | ' | 45,800,000 | ' | 23,800,000 | ' | ' | ' | ||
Loans Assumed | 90,448,000 | 27,175,000 | 42,000,000 | 66,700,000 | ' | 23,700,000 | ' | ' | ' | ||
Mortgage loan premium | 5,888,000 | [1] | 2,498,000 | [1] | ' | 4,800,000 | ' | 600,000 | ' | ' | ' |
Ground lease expiry period | ' | ' | ' | ' | ' | ' | ' | '2062 | 'April 2016 | ||
Proforma adjustment - Acquisition Costs | 3,400,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 30,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $17,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of DecemberB 31, 2013 and the Hotel Palomar San Francisco as of DecemberB 31, 2012. |
Investment_in_Hotel_Properties2
Investment in Hotel Properties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in hotel properties | ' | ' |
Land | $272,661 | $236,287 |
Buildings and improvements | 1,437,593 | 1,141,347 |
Furniture, fixtures and equipment | 135,547 | 107,938 |
Construction in progress | 4,138 | 9,595 |
Investment in hotel properties | 1,849,939 | 1,495,167 |
Less: Accumulated depreciation | -132,328 | -77,938 |
Investment in hotel properties, net | $1,717,611 | $1,417,229 |
Investment_in_Joint_Venture_De
Investment in Joint Venture (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summarized results of operations of investment in the Manhattan Collection joint venture | ' | ' | ' |
Equity in earnings (loss) in joint venture | $7,623 | $5,970 | $2,336 |
Manhattan Collection Joint Venture [Member] | ' | ' | ' |
Summarized results of operations of investment in the Manhattan Collection joint venture | ' | ' | ' |
Revenues | 172,968 | 174,718 | 82,124 |
Total expenses | 161,145 | 158,394 | 75,992 |
Net income (loss) | 11,823 | 16,324 | 6,132 |
Company's 49% interest of net income (loss) | 5,793 | 7,999 | 3,005 |
Basis adjustment | -559 | -2,062 | -669 |
Special loan interest income elimination | 2,389 | 33 | 0 |
Equity in earnings (loss) in joint venture | $7,623 | $5,970 | $2,336 |
Investment_in_Joint_Venture_De1
Investment in Joint Venture (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 29, 2011 | Apr. 11, 2013 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 27, 2012 | Jul. 29, 2011 | Dec. 27, 2012 | Apr. 04, 2013 |
properties | Manhattan Collection Joint Venture [Member] | Manhattan Collection Joint Venture [Member] | Manhattan Collection Joint Venture [Member] | Manhattan Collection Joint Venture [Member] | Manhattan Collection Joint Venture [Member] | First Mortgage [Member] | Second Mortgage [Member] | |||
properties | properties | Manhattan Collection Joint Venture [Member] | Manhattan Collection Joint Venture [Member] | |||||||
Investment in Joint Venture (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest issued in a joint venture | ' | ' | ' | ' | ' | 49.00% | ' | 49.00% | ' | ' |
Number of properties owned | 29 | ' | ' | ' | ' | 6 | ' | 6 | ' | ' |
Transaction Values Of Investment In Joint Venture | ' | ' | $908,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | 448,359,000 | 366,010,000 | ' | ' | ' | ' | ' | ' | 410,000,000 | 50,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 3.67% | 3.14% |
Unsecured Special Loan | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' |
Unsecured Special Loan, Interest Rate | ' | ' | ' | ' | 9.75% | ' | ' | ' | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | ' | ' | 23,000,000 | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | ' | 476,800,000 | ' | ' | ' | ' |
Total liabilities and members' deficit - existing first mortgage debt | ' | ' | ' | ' | ' | 460,000,000 | ' | ' | ' | ' |
Total liabilities and members' deficit - unsecured special loan | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 29, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | ||
Inter Continental Buckhead Hotel [Member] | Inter Continental Buckhead Hotel [Member] | Skamania Lodge [Member] | Skamania Lodge [Member] | Double Tree By Hilton Bethesda Washington Dc [Member] | Double Tree By Hilton Bethesda Washington Dc [Member] | Embassy Suites San Diego [Member] | Embassy Suites San Diego [Member] | Embassy Suites San Diego [Member] | Hotel Modera [Member] | Hotel Modera [Member] | Hotel Modera [Member] | Monaco Washington D C [Member] | Monaco Washington D C [Member] | Argonaut Hotel [Member] | Argonaut Hotel [Member] | Sofitel Philadelphia [Member] | Sofitel Philadelphia [Member] | Hotel Palomar San Francisco [Member] | Hotel Palomar San Francisco [Member] | Westin Gaslamp Quarter [Member] | Westin Gaslamp Quarter [Member] | Term Loan [Member] | |||||
First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Expiration Date | 31-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Line of Credit | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Term loan | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest Rate | ' | ' | 4.88% | ' | 5.44% | ' | 5.28% | ' | 6.28% | 6.28% | ' | 5.26% | 5.26% | ' | 4.36% | ' | 4.25% | ' | 3.90% | ' | 5.94% | ' | 3.69% | ' | ' | ||
Debt Instrument, Maturity Date | ' | ' | 1-Jan-16 | ' | 1-Feb-16 | ' | 1-Feb-16 | ' | 5-Jun-16 | ' | ' | 6-Jul-16 | ' | ' | 1-Feb-17 | ' | 1-Mar-17 | ' | 1-Jun-17 | ' | 1-Sep-17 | ' | 1-Jan-20 | ' | 1-Jul-17 | ||
Mortgage debt | 454,247 | 368,508 | 50,192 | 51,022 | 29,811 | 30,252 | 35,102 | 35,602 | 65,725 | ' | 0 | 23,597 | ' | 0 | 44,580 | 45,368 | 45,138 | 46,223 | 48,218 | 49,419 | 26,802 | 27,124 | 79,194 | 81,000 | ' | ||
Debt Instrument, Face Amount | 448,359 | 366,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage loan premium | 5,888 | [1] | 2,498 | [1] | ' | ' | ' | ' | ' | ' | ' | 4,800 | ' | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $554,247 | $468,508 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of DecemberB 31, 2013 and the Hotel Palomar San Francisco as of DecemberB 31, 2012. |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | Maximum [Member] | Revolving facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured revolving credit facility | $300,000,000 | ' | ' | ' | ' | $200,000,000 | ' | $100,000,000 | $100,000,000 | ' | ' |
Credit facility maturity date | 31-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maturity extension option | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility borrowings LIBOR rate plus | ' | ' | ' | 1.75% | 2.50% | ' | ' | ' | ' | ' | ' |
Annual rate of unused commitment fee | ' | ' | ' | 0.25% | 0.35% | ' | ' | ' | ' | ' | ' |
Outstanding borrowings under the credit facility | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fees | 700,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 2.55% | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,386,000 | -300,000 | 0 | ' | ' | ' | ' | ' | ' | 1,386,000 | -300,000 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 500,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details_Textual_1
Debt (Details Textual 1) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 29, 2013 | Dec. 31, 2013 | Aug. 28, 2013 | Dec. 31, 2013 | |||
Embassy Suites San Diego [Member] | Embassy Suites San Diego [Member] | Hotel Modera [Member] | Hotel Modera [Member] | ||||||
First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Loans Assumed | $90,448,000 | $27,175,000 | $42,000,000 | $66,700,000 | ' | $23,700,000 | ' | ||
Term of mortgage loan | ' | ' | ' | '3 years | ' | '3 years | ' | ||
Interest Rate | ' | ' | ' | 6.28% | 6.28% | 5.26% | 5.26% | ||
Debt instrument, monthly principal and interest payments | ' | ' | ' | 500,000 | ' | 100,000 | ' | ||
Mortgage loan premium | 5,888,000 | [1] | 2,498,000 | [1] | ' | 4,800,000 | ' | 600,000 | ' |
Estimated fair value of debt | $460,900,000 | $372,300,000 | ' | ' | ' | ' | ' | ||
[1] | Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of DecemberB 31, 2013 and the Hotel Palomar San Francisco as of DecemberB 31, 2012. |
Debt_Five_Year_Debt_Maturity_S
Debt Five Year Debt Maturity Schedule (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Long-term Debt of Registrant, Maturities, Repayments of Principal, Fiscal Year Maturity [Abstract] | ' | ' | ||
2014 | $9,085 | ' | ||
2015 | 9,523 | ' | ||
2016 | 203,269 | ' | ||
2017 | 255,908 | ' | ||
2018 | 2,366 | ' | ||
Thereafter | 68,208 | ' | ||
Total debt principal payments | 548,359 | ' | ||
Mortgage loan premium | 5,888 | [1] | 2,498 | [1] |
Total debt | $554,247 | ' | ||
[1] | Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of DecemberB 31, 2013 and the Hotel Palomar San Francisco as of DecemberB 31, 2012. |
Equity_Details
Equity (Details) (Common Shares [Member], USD $) | 3 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Common Shares [Member] | ' | ' | ' | ' |
Dividends on common shares/units | ' | ' | ' | ' |
Dividend per Share/Unit | $0.16 | $0.16 | $0.16 | $0.16 |
Record Date | 31-Dec-13 | 30-Sep-13 | 1-Jul-13 | 1-Apr-13 |
Payable Date | 15-Jan-14 | 15-Oct-13 | 15-Jul-13 | 15-Apr-13 |
Equity_Details_1
Equity (Details 1) (USD $) | 3 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
7.875% Series A [Member] | ' | ' | ' | ' |
Dividends on preferred shares/units | ' | ' | ' | ' |
Dividend per Share/Unit | $0.49 | $0.49 | $0.49 | $0.49 |
Record Date | 31-Dec-13 | 30-Sep-13 | 1-Jul-13 | 1-Apr-13 |
Payable Date | 15-Jan-14 | 15-Oct-13 | 15-Jul-13 | 15-Apr-13 |
8.00% Series B [Member] | ' | ' | ' | ' |
Dividends on preferred shares/units | ' | ' | ' | ' |
Dividend per Share/Unit | $0.50 | $0.50 | $0.50 | $0.50 |
Record Date | 31-Dec-13 | 30-Sep-13 | 1-Jul-13 | 1-Apr-13 |
Payable Date | 15-Jan-14 | 15-Oct-13 | 15-Jul-13 | 15-Apr-13 |
6.50% Series C [Member] | ' | ' | ' | ' |
Dividends on preferred shares/units | ' | ' | ' | ' |
Dividend per Share/Unit | $0.41 | $0.41 | $0.41 | $0.12 |
Record Date | 31-Dec-13 | 30-Sep-13 | 1-Jul-13 | 1-Apr-13 |
Payable Date | 15-Jan-14 | 15-Oct-13 | 15-Jul-13 | 15-Apr-13 |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Nov. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 12, 2013 | Mar. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
6.50% Series C [Member] | 6.50% Series C [Member] | 6.50% Series C [Member] | 7.875% Series A [Member] | 7.875% Series A [Member] | 8.00% Series B [Member] | 8.00% Series B [Member] | ATMProgram [Member] | |||||
Common Stock Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares of beneficial interest, shares authorized | ' | 500,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares of beneficial interest, par value | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares, net of offering costs, Shares | 2,530,000 | ' | ' | ' | 400,000 | 3,600,000 | ' | ' | ' | ' | ' | 171,893 |
Stock Issued During Period, Value Per Share, New Issues | $29.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $28.09 |
Sept 2012 Shelf Registration Stmt Maximum Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $170,000,000 |
Proceeds from Issuance of Common Stock | 74,500,000 | 79,362,000 | 221,579,000 | 235,980,000 | ' | ' | ' | ' | ' | ' | ' | 4,800,000 |
Sept 2012 Shelf Registration Stmt Maximum Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,200,000 |
Preferred Stock Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares of beneficial interest, shares authorized | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares of beneficial interest, par value | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | 6.50% | 7.88% | 7.88% | 8.00% | 8.00% | ' |
Preferred shares issued, net of commissions (per share) | ' | ' | ' | ' | $25 | $25 | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of preferred shares | ' | ' | ' | ' | $9,600,000 | $87,100,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | ' | 13,000,000 | 9,000,000 | ' | ' | ' | 4,000,000 | 5,600,000 | 5,600,000 | 3,400,000 | 3,400,000 | ' |
Preferred shares of beneficial interest, redemption price per share | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share cap on each preferred shares | ' | ' | ' | ' | ' | ' | 2.0325 | 2.3234 | ' | 3.4483 | ' | ' |
LTIP Units Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Partnership outstanding | ' | 607,991 | 381,109 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LTIP units, vested | ' | 185,820 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Plan_D
Share-Based Compensation Plan (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Feb. 04, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 04, 2014 | Feb. 08, 2012 | Feb. 08, 2012 | Feb. 08, 2012 | Feb. 08, 2012 | Jan. 30, 2013 | Jan. 30, 2013 | Jan. 30, 2013 | Jan. 30, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | ||||||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Shares [Member] | February 2012 [Member] | February 2012 [Member] | February 2012 [Member] | February 2012 [Member] | January 2013 [Member] | January 2013 [Member] | January 2013 [Member] | January 2013 [Member] | December 2013 [Member] | December 2013 [Member] | December 2013 [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||
Performance Shares [Member] | Relative TSR [Member] | Absolute TSR [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | Relative TSR [Member] | Absolute TSR [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | Relative TSR [Member] | Absolute TSR [Member] | December 2013 [Member] | December 2013 [Member] | December 2013 [Member] | December 2013 [Member] | ||||||||||||||
Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Relative TSR [Member] | Absolute TSR [Member] | Relative TSR [Member] | Absolute TSR [Member] | |||||||||||||||||
Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | |||||||||||||||||||||||||
Summary of restricted share activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unvested shares, Beginning balance | ' | 128,622 | 128,664 | 78,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unvested weighted average grant date fair value, beginning balance | ' | $22.19 | $21.59 | $20.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unvested shares, Granted | 44,322 | 84,451 | 52,545 | 79,330 | 66,483 | 72,056 | ' | ' | ' | 72,118 | ' | ' | ' | 252,088 | ' | ' | ' | ' | ' | ' | ||||||||
Granted, weighted average grant date fair value | ' | $26.07 | $23.15 | $22.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Vested, shares | ' | -65,192 | -52,587 | -26,874 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Vested, weighted average grant date fair value | ' | $21.96 | $21.43 | $20.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Forfeited, shares | ' | 0 | 0 | -2,232 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Forfeited, weighted average grant date fair value | ' | $0 | $0 | $21.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unvested shares, Ending balance | ' | 147,881 | 128,622 | 128,664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unvested weighted average grant date fair value, ending balance | ' | $24.59 | $22.19 | $21.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of Total Award | ' | ' | ' | ' | ' | ' | 30.00% | [1] | 30.00% | [1] | 40.00% | [2] | ' | 30.00% | [1] | 30.00% | [1] | 40.00% | [2] | ' | 50.00% | [1] | 50.00% | [1] | ' | ' | ' | ' |
Grant Date Fair Value by Component ($ in millions) | ' | ' | ' | ' | ' | ' | $0.70 | [1] | $0.60 | [1] | $0.70 | [2] | ' | $0.70 | [1] | $0.50 | [1] | $0.70 | [2] | ' | $4.70 | [1] | $2.90 | [1] | ' | ' | ' | ' |
Volatility | ' | ' | ' | ' | ' | ' | 33.00% | [1] | 33.00% | [1] | 33.00% | [2] | ' | 31.00% | [1] | 31.00% | [1] | 31.00% | [2] | ' | 29.00% | [1] | 29.00% | [1] | ' | ' | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | 0.34% | [1] | 0.34% | [1] | 0.34% | [2] | ' | 0.41% | [1] | 0.41% | [1] | 0.41% | [2] | ' | ' | ' | 0.34% | 0.34% | 2.25% | 2.25% | ||
Dividend Yield | ' | ' | ' | ' | ' | ' | 2.20% | [1] | 2.20% | [1] | 2.20% | [2] | ' | 2.20% | [1] | 2.20% | [1] | 2.20% | [2] | ' | 2.40% | [1] | 2.40% | [1] | ' | ' | ' | ' |
[1] | The Relative Total Shareholder Return and Absolute Total Shareholder Return are market conditions as defined by ASC 718. | |||||||||||||||||||||||||||
[2] | The EBITDA Comparison component is a performance condition as defined by ASC 718 and therefore, compensation expense related to this component will be reassessed at each reporting date to determine whether achievement of the target performance condition is probable, and the accrual of compensation expense will be adjusted as appropriate. |
ShareBased_Compensation_Plan_D1
Share-Based Compensation Plan (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||
In Millions, except Share data, unless otherwise specified | Feb. 04, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 04, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 04, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 08, 2012 | Jan. 30, 2013 | Dec. 13, 2013 | Dec. 13, 2013 | Dec. 13, 2013 |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | LongTermIncentivePartnershipUnitsClassA [Member] | LongtermincentivepartnershipunitsclassB [Member] | Long Term Incentive Partnership Units [Member] | Long Term Incentive Partnership Units [Member] | Long Term Incentive Partnership Units [Member] | February 2012 [Member] | January 2013 [Member] | December 2013 [Member] | December 2013 [Member] | December 2013 [Member] | ||||
Minimum [Member] | Maximum [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | ||||||||||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based award vesting period | '3 years | '6 years | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares available for issuance under the 2009 Equity Incentive Plan | ' | 978,129 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | $1.50 | $1.50 | $1.10 | ' | ' | ' | $2.10 | $1.10 | ' | ' | $1.60 | $1.60 | $1.60 | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | ' | ' | ' | ' | 2.2 | ' | ' | ' | ' | ' | 10.2 | ' | ' | ' | 8.1 | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining vesting period (in years) | ' | ' | ' | ' | '3 years 5 months | ' | ' | ' | ' | ' | '3 years 5 months | ' | ' | ' | '2 years 7 months | ' | ' | ' | ' | ' | ' | ' |
Share-based equity award grant | ' | ' | ' | 44,322 | 84,451 | 52,545 | 79,330 | ' | ' | 66,483 | ' | ' | ' | ' | ' | ' | ' | 72,056 | 72,118 | 252,088 | ' | ' |
Estimated Shares Expected to Vest Minimum and Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% |
Shares Expected to Vest Not Subject to Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,048 | 11,753 | ' | ' | ' |
Value of LTIP grants per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.50 | $29.19 | ' | ' | ' | ' | ' | ' | ' | ' |
LTIP Units Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 226,882 | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value of performance-based equity awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.60 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Partnership outstanding | ' | 607,991 | 381,109 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LTIP units, vested | ' | 185,820 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,820 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Shares [Member] | ' | ' | ' |
Schedule Of Distributions Paid Per Common Share Of Beneficial Interest And Preferred Share On A Tax Basis [Line Items] | ' | ' | ' |
Ordinary Income Per Share | $0.60 | $0.44 | $0.41 |
Percentage of Ordinary Income | 100.00% | 91.49% | 100.00% |
Capital Gain Per Share | $0 | $0 | $0 |
Percentage of Capital Gain | 0.00% | 0.00% | 0.00% |
Return of Capital Per Share | $0 | $0.04 | $0 |
Percentage of Return of Capital | 0.00% | 8.51% | 0.00% |
Distributions Paid Per Share on a Tax Basis | $0.60 | $0.48 | $0.41 |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
Series A Preferred Stock [Member] | ' | ' | ' |
Schedule Of Distributions Paid Per Common Share Of Beneficial Interest And Preferred Share On A Tax Basis [Line Items] | ' | ' | ' |
Ordinary Income Per Share | $2.03 | $1.76 | $1.38 |
Percentage of Ordinary Income | 100.00% | 100.00% | 100.00% |
Capital Gain Per Share | $0 | $0 | $0 |
Percentage of Capital Gain | 0.00% | 0.00% | 0.00% |
Return of Capital Per Share | $0 | $0 | $0 |
Percentage of Return of Capital | 0.00% | 0.00% | 0.00% |
Distributions Paid Per Share on a Tax Basis | $2.03 | $1.76 | $1.38 |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
Current Year Distributions Carryforward to Next Year Distributions | $0.43 | ' | ' |
Series B Preferred Stock [Member] | ' | ' | ' |
Schedule Of Distributions Paid Per Common Share Of Beneficial Interest And Preferred Share On A Tax Basis [Line Items] | ' | ' | ' |
Ordinary Income Per Share | $2.07 | $1.79 | $0.34 |
Percentage of Ordinary Income | 100.00% | 100.00% | 100.00% |
Capital Gain Per Share | $0 | $0 | $0 |
Percentage of Capital Gain | 0.00% | 0.00% | 0.00% |
Return of Capital Per Share | $0 | $0 | $0 |
Percentage of Return of Capital | 0.00% | 0.00% | 0.00% |
Distributions Paid Per Share on a Tax Basis | $2.07 | $1.79 | $0.34 |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
Current Year Distributions Carryforward to Next Year Distributions | $0.43 | ' | ' |
Series C Preferred Stock [Member] | ' | ' | ' |
Schedule Of Distributions Paid Per Common Share Of Beneficial Interest And Preferred Share On A Tax Basis [Line Items] | ' | ' | ' |
Ordinary Income Per Share | $0.99 | $0 | $0 |
Percentage of Ordinary Income | 100.00% | 0.00% | 0.00% |
Capital Gain Per Share | $0 | $0 | $0 |
Percentage of Capital Gain | 0.00% | 0.00% | 0.00% |
Return of Capital Per Share | $0 | $0 | $0 |
Percentage of Return of Capital | 0.00% | 0.00% | 0.00% |
Distributions Paid Per Share on a Tax Basis | $0.99 | $0 | $0 |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 0.00% | 0.00% |
Current Year Distributions Carryforward to Next Year Distributions | $0.35 | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | $1,226 | $1,866 | $564 |
PHL [Member] | ' | ' | ' |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Current Federal Tax Expense (Benefit) | 718 | 1,048 | 374 |
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 | 70 |
Current State and Local Tax Expense (Benefit) | 313 | 412 | 110 |
Deferred State and Local Income Tax Expense (Benefit) | 0 | 0 | 10 |
Income Tax Expense (Benefit) | $1,031 | $1,460 | $564 |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of of Statutory Federal Tax Expense to Company's Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | $1,226 | $1,866 | $564 |
PHL [Member] | ' | ' | ' |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 718 | 1,048 | 444 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 313 | 412 | 120 |
Income Tax Expense (Benefit) | $1,031 | $1,460 | $564 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | $1,226 | $1,866 | $564 |
Estimated combined federal and state statutory tax rate | 41.00% | ' | ' |
Operating Partnership [Member] | ' | ' | ' |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | $200 | $400 | $0 |
Earnings_per_Common_Share_Deta
Earnings per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to common shareholders | $4,836 | $11,315 | $8,730 | ($4,916) | $2,632 | $7,462 | $5,407 | ($7,247) | $19,965 | $8,254 | $4,443 |
Less: dividends paid on unvested share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | -328 | -310 | -398 |
Undistributed earnings attributable to share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $19,637 | $7,944 | $4,045 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average number of common shares-basic | ' | ' | ' | ' | ' | ' | ' | ' | 61,498,389 | 55,806,543 | 47,921,200 |
Effect of dilutive share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 338,352 | 148,954 | 45,107 |
Weighted-average number of common shares-diluted | ' | ' | ' | ' | ' | ' | ' | ' | 61,836,741 | 55,955,497 | 47,966,307 |
Net income (loss) per share available to common shareholders-basic | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | $0.14 | $0.08 |
Net income (loss) per share available to common shareholders-diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | $0.14 | $0.08 |
Commitments_and_Contingencies_1
Commitments and Contingencies Minimum Rental Payments for Operating Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $3,126 |
2015 | 3,176 |
2016 | 3,176 |
2017 | 3,164 |
2018 | 3,164 |
Thereafter | 396,848 |
Total | $412,654 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Management Agreements [Line Items] | ' | ' | ' |
Combined base and incentive management fees | $15,800,000 | $11,500,000 | $8,100,000 |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Reserve funds allowed for hotel maintenance from hotel revenue | 4.00% | ' | ' |
Restricted cash | 16,482,000 | 12,034,000 | ' |
Minimum [Member] | ' | ' | ' |
Management Agreements [Line Items] | ' | ' | ' |
Terms of management agreements not including renewals | '5 years | ' | ' |
Terms of management agreements including renewals | '5 years | ' | ' |
Termination fees range | 0 | ' | ' |
Base management fee from hotel revenues | 1.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Management Agreements [Line Items] | ' | ' | ' |
Terms of management agreements not including renewals | '20 years | ' | ' |
Terms of management agreements including renewals | '52 years | ' | ' |
Termination fees range | 6 | ' | ' |
Base management fee from hotel revenues | 4.00% | ' | ' |
Monaco Washington D C [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Ground lease expiry period | '2059 | ' | ' |
Base rent | 200,000 | ' | ' |
Argonaut Hotel [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Ground lease expiry period | '2059 | ' | ' |
Base rent | 1,200,000 | ' | ' |
Hotel Palomar San Francisco [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Ground lease expiry period | '2097 | ' | ' |
Radisson Hotel Fisherman's Wharf [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Base rent | $100,000 | ' | ' |
Primary lease [Member] | Radisson Hotel Fisherman's Wharf [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Ground lease percentage rent on hotel revenues | 5.00% | ' | ' |
Ground lease percentage rent on retail revenues | 7.50% | ' | ' |
Secondary lease [Member] | Radisson Hotel Fisherman's Wharf [Member] | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' |
Ground lease percentage rent on hotel revenues | 6.00% | ' | ' |
Ground lease percentage rent on retail and parking revenues | 7.50% | ' | ' |
Supplemental_Information_to_St2
Supplemental Information to Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Dividends Payable [Line Items] | ' | ' | ' |
Interest Paid, Net of Capitalized Interest | $23,528 | $13,440 | $11,366 |
Interest Paid, Capitalized | 206 | 236 | 0 |
Income Taxes Paid | 1,572 | 1,877 | 586 |
Distributions payable on shares/units | 15,795 | 11,274 | ' |
Issuance of common shares for board of trustees compensation | 207 | 199 | 182 |
Mortgage loan assumed in connection with acquisition | 90,448 | 27,175 | 42,000 |
Below (above) market rate contracts assumed in connection with acquisition | 2,826 | -9,170 | 0 |
Deposit Applied To Purchase Price Of Acquisition | 4,000 | 0 | 5,000 |
Accrued additions and improvements to hotel properties | 603 | 1,203 | 2,171 |
Common Shares [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Distributions payable on shares/units | 10,592 | 7,461 | 6,219 |
Preferred Shares [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Distributions payable on shares/units | $5,203 | $3,813 | $3,813 |
Subsequent_Events_Details
Subsequent Events (Details) | 0 Months Ended | 12 Months Ended | ||
Feb. 04, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | '6 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Share-based equity award grant | 44,322 | 84,451 | 52,545 | 79,330 |
Performance Shares [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Share-based equity award grant | 66,483 | ' | ' | ' |
Quarterly_Operating_Results_De
Quarterly Operating Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from Hotels | $126,768 | $131,234 | $126,301 | $104,914 | $104,742 | $104,305 | $94,167 | $77,474 | $489,217 | $380,688 | $287,987 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 10,980 | 17,527 | 14,931 | -246 | 7,213 | 12,105 | 10,027 | -2,837 | 43,192 | 26,508 | 15,199 |
Net Income (Loss) Attributable to Parent | 10,917 | 17,415 | 14,834 | -248 | 7,088 | 11,918 | 9,864 | -2,791 | 42,918 | 26,079 | 14,856 |
Net Income (Loss) Available to Common Stockholders, Basic | $4,836 | $11,315 | $8,730 | ($4,916) | $2,632 | $7,462 | $5,407 | ($7,247) | $19,965 | $8,254 | $4,443 |
Earnings Per Share, Basic and Diluted | $0.08 | $0.18 | $0.14 | ($0.08) | $0.04 | $0.13 | $0.10 | ($0.14) | $0.32 | $0.14 | $0.08 |
Schedule_III_Real_Estate_and_A1
Schedule III Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||
In Thousands, unless otherwise specified | Double Tree By Hilton Bethesda Washington Dc [Member] | Sir Francis Drake [Member] | Inter Continental Buckhead Hotel [Member] | Monaco Washington D C [Member] | The Grand Hotel Minneapolis [Member] | Skamania Lodge [Member] | Sheraton Delfina Santa Monica Hotel [Member] | Sofitel Philadelphia [Member] | Argonaut Hotel [Member] | Westin Gaslamp Quarter [Member] | Monaco Seattle [Member] | Mondrian Los Angeles [Member] | Viceroy Miami [Member] | W Boston [Member] | Hotel Zetta (formerly Hotel Milano) [Member] | Hotel Vintage Park Seattle [Member] | Hotel Vintage Plaza Portland [Member] | W Los Angeles-Westwood [Member] | Hotel Palomar San Francisco [Member] | Embassy Suites San Diego [Member] | Redbury Hotel [Member] | Hotel Modera [Member] | Radisson Hotel Fisherman's Wharf [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Double Tree By Hilton Bethesda Washington Dc [Member] | Sir Francis Drake [Member] | Inter Continental Buckhead Hotel [Member] | Monaco Washington D C [Member] | The Grand Hotel Minneapolis [Member] | Skamania Lodge [Member] | Sheraton Delfina Santa Monica Hotel [Member] | Sofitel Philadelphia [Member] | Argonaut Hotel [Member] | Westin Gaslamp Quarter [Member] | Monaco Seattle [Member] | Mondrian Los Angeles [Member] | Viceroy Miami [Member] | W Boston [Member] | Hotel Zetta (formerly Hotel Milano) [Member] | Hotel Vintage Park Seattle [Member] | Hotel Vintage Plaza Portland [Member] | W Los Angeles-Westwood [Member] | Hotel Palomar San Francisco [Member] | Embassy Suites San Diego [Member] | Redbury Hotel [Member] | Hotel Modera [Member] | Radisson Hotel Fisherman's Wharf [Member] | Double Tree By Hilton Bethesda Washington Dc [Member] | Sir Francis Drake [Member] | Inter Continental Buckhead Hotel [Member] | Monaco Washington D C [Member] | The Grand Hotel Minneapolis [Member] | Skamania Lodge [Member] | Sheraton Delfina Santa Monica Hotel [Member] | Sofitel Philadelphia [Member] | Argonaut Hotel [Member] | Westin Gaslamp Quarter [Member] | Monaco Seattle [Member] | Mondrian Los Angeles [Member] | Viceroy Miami [Member] | W Boston [Member] | Hotel Zetta (formerly Hotel Milano) [Member] | Hotel Vintage Park Seattle [Member] | Hotel Vintage Plaza Portland [Member] | W Los Angeles-Westwood [Member] | Hotel Palomar San Francisco [Member] | Embassy Suites San Diego [Member] | Redbury Hotel [Member] | Hotel Modera [Member] | Radisson Hotel Fisherman's Wharf [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Encumbrances | $448,359 | ' | ' | ' | $35,102 | $0 | $50,192 | $44,580 | $0 | $29,811 | $0 | $48,218 | $45,138 | $79,194 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $26,802 | [1] | $65,725 | [2] | $0 | $23,597 | [3] | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Initial Cost of Land | 272,661 | ' | ' | ' | 10,065 | 22,500 | 25,000 | 0 | 4,950 | 7,129 | 18,784 | 18,000 | 0 | 25,537 | 10,105 | 20,306 | 8,368 | 19,453 | 7,294 | 8,170 | 6,222 | 24,403 | 0 | 20,103 | 8,057 | 8,215 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Initial Cost of Buildings and Improvements | 1,358,033 | ' | ' | ' | 53,000 | 60,547 | 68,844 | 60,630 | 26,616 | 44,987 | 81,580 | 64,256 | 79,492 | 86,089 | 38,888 | 110,283 | 24,246 | 63,893 | 22,166 | 23,557 | 23,012 | 93,203 | 63,430 | 90,162 | 24,833 | 37,874 | 116,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Initial Cost of Furniture Fixtures And Equipment | 86,457 | ' | ' | ' | 4,035 | 6,953 | 11,000 | 2,441 | 300 | 3,523 | 2,295 | 4,639 | 4,247 | 6,850 | 2,073 | 6,091 | 3,723 | 5,887 | 290 | 706 | 1,093 | 3,600 | 3,780 | 6,881 | 1,000 | 1,500 | 3,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | 132,789 | [4] | ' | ' | ' | 6,868 | [4] | 15,544 | [4] | 9,015 | [4] | 4,716 | [4] | 9,544 | [4] | 4,058 | [4] | 10,732 | [4] | 6,688 | [4] | 4,767 | [4] | 18,404 | [4] | 6,444 | [4] | 7,441 | [4] | 2,007 | [4] | 2,435 | [4] | 14,667 | [4] | 3,688 | [4] | 1,458 | [4] | 1,765 | [4] | 1,525 | [4] | 904 | [4] | 109 | [4] | 10 | [4] | 0 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gross Amount of Land | 272,661 | ' | ' | ' | 10,065 | 22,500 | 25,000 | 0 | 4,950 | 7,130 | 18,784 | 18,000 | 0 | 25,537 | 10,105 | 20,306 | 8,368 | 19,453 | 7,294 | 8,170 | 6,222 | 24,403 | 0 | 20,103 | 8,057 | 8,214 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Gross Amount of Buildings and Improvements | 1,437,593 | ' | ' | ' | 57,355 | 69,956 | 72,393 | 63,970 | 32,508 | 47,497 | 86,535 | 67,843 | 81,895 | 101,412 | 41,824 | 114,421 | 24,679 | 65,404 | 33,016 | 25,206 | 23,883 | 93,834 | 63,961 | 90,785 | 24,897 | 37,874 | 116,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Gross Amount Of Furniture Fixtures And Equipment | 139,685 | ' | ' | ' | 6,548 | 13,088 | 16,466 | 3,816 | 3,952 | 5,070 | 8,072 | 7,740 | 6,611 | 9,931 | 5,581 | 9,395 | 5,297 | 6,811 | 4,107 | 2,745 | 1,680 | 4,734 | 4,774 | 7,162 | 1,045 | 1,510 | 3,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Total | 1,849,939 | ' | ' | ' | 73,968 | 105,544 | 113,859 | 67,786 | 41,410 | 59,697 | 113,391 | 93,583 | 88,506 | 136,880 | 57,510 | 144,122 | 38,344 | 91,668 | 44,417 | 36,121 | 31,785 | 122,971 | 68,735 | 118,050 | 33,999 | 47,598 | 119,995 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Accumulated Depreciation | 132,328 | 77,938 | 36,068 | 5,668 | 8,387 | 12,033 | 13,741 | 6,751 | 4,692 | 5,936 | 9,170 | 7,735 | 8,350 | 11,870 | 4,775 | 10,488 | 3,869 | 7,574 | 2,231 | 1,679 | 1,428 | 4,272 | 3,059 | 3,219 | 304 | 516 | 249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Net Book Value | 1,717,611 | ' | ' | ' | 65,581 | 93,511 | 100,118 | 61,035 | 36,718 | 53,761 | 104,221 | 85,848 | 80,156 | 125,010 | 52,735 | 133,634 | 34,475 | 84,094 | 42,186 | 34,442 | 30,357 | 118,699 | 65,676 | 114,831 | 33,695 | 47,082 | 119,746 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Year of Original Construction | ' | ' | ' | ' | '1971 | '1928 | '2004 | '1839 | '1912 | '1993 | '1972 | '2000 | '1907 | '1987 | '1969 | '1959 | '2009 | '2009 | '1913 | '1922 | '1894 | '1969 | '1907 | '1988 | '2008 | '1962 | '1964 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Date of Acquisition | ' | ' | ' | ' | 4-Jun-10 | 22-Jun-10 | 1-Jul-10 | 9-Sep-10 | 29-Sep-10 | 3-Nov-10 | 19-Nov-10 | 3-Dec-10 | 16-Feb-11 | 6-Apr-11 | 7-Apr-11 | 3-May-11 | 26-May-11 | 8-Jun-11 | 4-Apr-12 | 9-Jul-12 | 9-Jul-12 | 23-Aug-12 | 25-Oct-12 | 29-Jan-13 | 8-Aug-13 | 28-Aug-13 | 9-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Debt Instrument, Unamortized Premium | $5,888 | [5] | $2,498 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000 | $3,400 | ' | $500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||
Depreciation Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '1 year | '3 years | '3 years | '1 year | '3 years | '3 years | '3 years | '3 years | '1 year | '3 years | '3 years | '1 year | '2 years | '1 year | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '3 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | |||||||||||||||||||||||||
[1] | Encumbrance on the Hotel Palomar is presented at face value, which excludes loan premium of $2.0 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Encumbrance on the Embassy Suites San Diego Bay-Downtown is presented at face value, which excludes loan premium of $3.4 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Encumbrance on the Hotel Modera is presented at face value, which excludes loan premium of $0.5 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Disposals are reflected as reductions to cost capitalized subsequent to acquisition. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Loan premiums on assumed mortgages recorded in purchase accounting and secured by the leasehold interest on the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera as of DecemberB 31, 2013 and the Hotel Palomar San Francisco as of DecemberB 31, 2012. |
Schedule_III_Real_Estate_and_A2
Schedule III Real Estate and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' | ' |
Balance | $1,849,939 | $1,495,167 | $1,163,552 | $605,382 |
Acquisitions | 318,619 | 280,927 | 515,531 | ' |
Capital Expenditures | 38,153 | 50,688 | 42,639 | ' |
Disposal of Assets | -2,000 | ' | ' | ' |
Balance | 132,328 | 77,938 | 36,068 | 5,668 |
Depreciation | 54,511 | 41,870 | 30,400 | ' |
Disposal of Assets | ($121) | ' | ' | ' |