Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 16, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Pebblebrook Hotel Trust | ||
Entity Central Index Key | 1474098 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 71,715,415 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2,300,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Investment in hotel properties, net | $2,343,690 | $1,717,611 | ||
Investment in joint venture | 258,828 | 260,304 | ||
Ground lease asset, net | 30,891 | 19,217 | ||
Cash and cash equivalents | 52,883 | 55,136 | ||
Restricted cash | 16,383 | 16,482 | ||
Hotel receivables (net of allowance for doubtful accounts of $139 and $270, respectively) | 21,320 | 16,850 | ||
Deferred financing costs, net | 6,246 | 4,736 | ||
Prepaid expenses and other assets | 40,243 | 26,595 | ||
Total assets | 2,770,484 | 2,116,931 | ||
LIABILITIES AND EQUITY | ||||
Senior unsecured revolving credit facility | 50,000 | [1] | 0 | [1] |
Term loan | 300,000 | [2] | 100,000 | [2] |
Mortgage debt (including mortgage loan premium of $4,026 and $5,888, respectively) | 493,987 | 454,247 | ||
Accounts payable and accrued expenses | 106,828 | 61,428 | ||
Advance deposits | 11,583 | 8,432 | ||
Accrued interest | 2,382 | 1,945 | ||
Distribution payable | 23,293 | 15,795 | ||
Total liabilities | 988,073 | 641,847 | ||
Commitments and contingencies (Note 11) | ||||
Shareholders' equity: | ||||
Preferred shares of beneficial interest, $.01 par value (liquidation preference $350,000 at December 31, 2014 and $325,000 at December 31, 2013), 100,000,000 shares authorized; 14,000,000 shares issued and outstanding at December 31, 2014 and 13,000,000 shares issued and outstanding at December 31, 2013 | 140 | 130 | ||
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 71,553,481 issued and outstanding at December 31, 2014 and 63,709,628 issued and outstanding at December 31, 2013 | 716 | 637 | ||
Additional paid-in capital | 1,864,739 | 1,541,138 | ||
Accumulated other comprehensive income (loss) | -341 | 1,086 | ||
Distributions in excess of retained earnings | -84,163 | -69,652 | ||
Total shareholders' equity | 1,781,091 | 1,473,339 | ||
Non-controlling interests | 1,320 | 1,745 | ||
Total equity | 1,782,411 | 1,475,084 | ||
Total liabilities and equity | $2,770,484 | $2,116,931 | ||
[1] | Borrowings bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options. | |||
[2] | Borrowings under our term loan facility bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. We entered into interest rate swaps to effectively fix the interest rate for the Term Loan. At December 31, 2014, the Company had interest rate swaps with an aggregate notional amount of $300.0 million, and, as a result, the Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.41% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2014. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Statement of Financial Position [Abstract] | ||||
Allowance for doubtful accounts | $139 | $270 | ||
Mortgage loan premium | 4,026 | [1] | 5,888 | [1] |
Preferred shares of beneficial interest, liquidation preference value | $350,000 | $325,000 | ||
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 | 14,000,000 | 13,000,000 | ||
Preferred shares of beneficial interest, shares outstanding | 14,000,000 | 13,000,000 | ||
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 | 71,553,481 | 63,709,628 | ||
Common shares of beneficial interest, shares outstanding | 71,553,481 | 63,709,628 | ||
[1] | Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown, Hotel Modera and The Nines, a Luxury Collection Hotel, Portland. |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Room | $410,600 | $321,630 | $239,218 |
Food and beverage | 148,114 | 136,531 | 117,752 |
Other operating | 40,062 | 31,056 | 23,718 |
Total revenues | 598,776 | 489,217 | 380,688 |
Hotel operating expenses: | |||
Room | 102,709 | 83,390 | 63,213 |
Food and beverage | 104,843 | 100,244 | 86,369 |
Other direct | 14,512 | 14,037 | 12,236 |
Other indirect | 151,923 | 126,527 | 99,766 |
Total hotel operating expenses | 373,987 | 324,198 | 261,584 |
Depreciation and amortization | 68,324 | 55,570 | 42,794 |
Real estate taxes, personal property taxes, property insurance, and ground rent | 36,878 | 31,052 | 20,187 |
General and administrative | 26,349 | 17,166 | 16,777 |
Hotel acquisition costs | 1,973 | 3,376 | 2,234 |
Total operating expenses | 507,511 | 431,362 | 343,576 |
Operating income (loss) | 91,265 | 57,855 | 37,112 |
Interest income | 2,529 | 2,620 | 224 |
Interest expense | -27,065 | -23,680 | -14,932 |
Equity in earnings (loss) of joint venture | 10,065 | 7,623 | 5,970 |
Income (loss) before income taxes | 76,794 | 44,418 | 28,374 |
Income tax (expense) benefit | -3,251 | -1,226 | -1,866 |
Net income (loss) | 73,543 | 43,192 | 26,508 |
Net income (loss) attributable to non-controlling interests | 677 | 274 | 429 |
Net income (loss) attributable to the Company | 72,866 | 42,918 | 26,079 |
Distributions to preferred shareholders | -25,079 | -22,953 | -17,825 |
Net income (loss) attributable to common shareholders | 47,787 | 19,965 | 8,254 |
Net income (loss) per share available to common shareholders, basic | $0.72 | $0.32 | $0.14 |
Net income (loss) per share available to common shareholders, diluted | $0.71 | $0.32 | $0.14 |
Weighted-average number of common shares, basic (in shares) | 65,646,712 | 61,498,389 | 55,806,543 |
Weighted-average number of common shares, diluted (in shares) | 66,264,118 | 61,836,741 | 55,955,497 |
Comprehensive Income: | |||
Net income (loss) | 73,543 | 43,192 | 26,508 |
Unrealized gain (loss) on derivative instruments | -1,427 | 1,386 | -300 |
Comprehensive income (loss) | 72,116 | 44,578 | 26,208 |
Comprehensive income (loss) attributable to non-controlling interests | 665 | 287 | 427 |
Comprehensive income (loss) attributable to the Company | $71,451 | $44,291 | $25,781 |
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] | Distributions in Excess of Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2011 | $1,116,348,000 | $90,000 | $508,000 | $1,142,905,000 | $0 | ($30,252,000) | $1,113,251,000 | $3,097,000 |
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 | 214,871,000 | 97,000 | 214,774,000 | 214,871,000 | ||||
Issuance of Common Shares for Board Of Trustees Compensation , Shares | 10,361 | |||||||
Issuance of Common Shares for Board Of Trustees Compensation, Value | 199,000 | 199,000 | 199,000 | |||||
Repurchase of Common Stock, Shares | -15,706 | |||||||
Repurchase of Common Shares, Value | -321,000 | -321,000 | -321,000 | |||||
Share-based Compensation, Shares | 52,789 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 1,000 | |||||||
Share-based Compensation, Value | 4,215,000 | 2,635,000 | 2,636,000 | 1,579,000 | ||||
Distributions on Common Shares and Units | -28,246,000 | -27,800,000 | -27,800,000 | -446,000 | ||||
Distributions on Preferred Shares | -17,840,000 | -17,825,000 | -17,825,000 | -15,000 | ||||
Unrealized gain (loss) on derivative instruments | -300,000 | -300,000 | -300,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 26,508,000 | 26,079,000 | 26,079,000 | 429,000 | ||||
Stock Issued During Period, Shares, Conversion of Units | 444,535 | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -2,342,000 | 4,000 | 2,157,000 | 2,161,000 | -4,503,000 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012 | 1,313,092,000 | 90,000 | 610,000 | 1,362,349,000 | -300,000 | -49,798,000 | 1,312,951,000 | 141,000 |
Common Stock, Shares, Outstanding at Dec. 31, 2012 | 60,955,090 | |||||||
Preferred Stock, Shares Outstanding at Dec. 31, 2012 | 9,000,000 | |||||||
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 | 175,575,000 | 40,000 | 27,000 | 175,508,000 | 175,575,000 | |||
Issuance of Common Shares for Board Of Trustees Compensation , Shares | 9,097 | |||||||
Issuance of Common Shares for Board Of Trustees Compensation, Value | 207,000 | 207,000 | 207,000 | |||||
Repurchase of Common Stock, Shares | -21,644 | |||||||
Repurchase of Common Shares, Value | -523,000 | -523,000 | -523,000 | |||||
Share-based Compensation, Shares | 65,192 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0 | |||||||
Share-based Compensation, Value | 5,222,000 | 3,597,000 | 3,597,000 | 1,625,000 | ||||
Distributions on Common Shares and Units | -40,099,000 | -39,819,000 | -39,819,000 | -280,000 | ||||
Distributions on Preferred Shares | -22,968,000 | -22,953,000 | -22,953,000 | -15,000 | ||||
Unrealized gain (loss) on derivative instruments | 1,386,000 | 1,386,000 | 1,386,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 43,192,000 | 42,918,000 | 42,918,000 | 274,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013 | 1,475,084,000 | 130,000 | 637,000 | 1,541,138,000 | 1,086,000 | -69,652,000 | 1,473,339,000 | 1,745,000 |
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 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares, net of offering costs, Shares | 1,000,000 | 7,530,000 | ||||||
Issuance of shares, net of offering costs, Value | 316,910,000 | 10,000 | 75,000 | 316,825,000 | 316,910,000 | |||
Issuance of Common Shares for Board Of Trustees Compensation , Shares | 13,793 | |||||||
Issuance of Common Shares for Board Of Trustees Compensation, Value | 421,000 | 421,000 | 421,000 | |||||
Repurchase of Common Stock, Shares | -20,539 | |||||||
Repurchase of Common Shares, Value | -632,000 | -632,000 | -632,000 | |||||
Share-based Compensation, Shares | 62,498 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 1,000 | |||||||
Share-based Compensation, Value | 11,695,000 | 9,085,000 | 9,086,000 | 2,609,000 | ||||
Distributions on Common Shares and Units | -62,857,000 | -62,298,000 | -62,298,000 | -559,000 | ||||
Distributions on Preferred Shares | -25,095,000 | -25,079,000 | -25,079,000 | -16,000 | ||||
Unrealized gain (loss) on derivative instruments | -1,427,000 | -1,427,000 | -1,427,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 73,543,000 | 72,866,000 | 72,866,000 | 677,000 | ||||
Stock Issued During Period, Shares, Conversion of Units | 258,101 | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -5,231,000 | 3,000 | -2,098,000 | -2,095,000 | -3,136,000 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2014 | $1,782,411,000 | $140,000 | $716,000 | $1,864,739,000 | ($341,000) | ($84,163,000) | $1,781,091,000 | $1,320,000 |
Preferred Stock, Shares Outstanding at Dec. 31, 2014 | 14,000,000 | 14,000,000 | ||||||
Common Stock, Shares, Outstanding at Dec. 31, 2014 | 71,553,481 | 71,553,481 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income (loss) | $73,543 | $43,192 | $26,508 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 68,324 | 55,570 | 42,794 |
Share-based compensation | 11,695 | 5,222 | 4,215 |
Amortization of deferred financing costs and mortgage loan premiums | -604 | -259 | 1,400 |
Non-cash ground rent | 2,252 | 3,128 | 219 |
Equity in (earnings) loss from joint venture | -7,676 | -5,234 | -5,970 |
Other | 407 | 892 | 240 |
Changes in assets and liabilities: | |||
Restricted cash, net | 71 | -1,266 | -1,547 |
Hotel receivables | -3,544 | -3,343 | -1,321 |
Prepaid expenses and other assets | -3,763 | -3,441 | 2,679 |
Distributions from joint venture, net | 9,152 | 1,617 | 0 |
Accounts payable and accrued expenses | 10,598 | 8,051 | 7,740 |
Advance deposits | 829 | 3,324 | 216 |
Net cash provided by (used in) operating activities | 161,284 | 107,453 | 77,173 |
Investing activities: | |||
Acquisition of hotel properties | -575,748 | -230,769 | -247,971 |
Improvements and additions to hotel properties | -52,553 | -38,753 | -53,156 |
Distribution from (investment in) joint venture, net | 0 | 26,291 | -105,277 |
Deposit on hotel properties | 0 | 0 | -4,000 |
Acquisition of note receivable | -3,020 | 0 | 0 |
Purchase of corporate office equipment, computer software, and furniture | -1,146 | -33 | -47 |
Restricted cash, net | 28 | -3,182 | 2,582 |
Property insurance proceeds | 1,113 | 458 | 0 |
Net cash provided by (used in) investing activities | -631,326 | -245,988 | -407,869 |
Financing activities: | |||
Gross proceeds from issuance of common shares | 293,211 | 79,362 | 221,579 |
Gross proceeds from issuance of preferred shares | 25,000 | 100,000 | 0 |
Payment of offering costs - common and preferred shares | -1,301 | -3,787 | -6,708 |
Payment of deferred financing costs | -3,696 | -650 | -3,765 |
Borrowings under senior revolving credit facility | 180,000 | 0 | 120,000 |
Repayments under senior revolving credit facility | -130,000 | 0 | -120,000 |
Borrowings under term loan facility | 200,000 | 0 | 100,000 |
Proceeds from mortgage debt | 0 | 0 | 224,000 |
Repayments of mortgage debt | -9,123 | -8,099 | -136,704 |
Repurchase of common shares | -632 | -523 | -321 |
Redemption of non-controlling interests | -5,231 | 0 | -2,342 |
Distributions - common shares/units | -55,708 | -36,969 | -27,002 |
Distributions - preferred shares | -24,731 | -21,563 | -17,825 |
Net cash provided by (used in) financing activities | 467,789 | 107,771 | 350,912 |
Net change in cash and cash equivalents | -2,253 | -30,764 | 20,216 |
Cash and cash equivalents, beginning of year | 55,136 | 85,900 | 65,684 |
Cash and cash equivalents, end of year | $52,883 | $55,136 | $85,900 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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, 2014, the Company owned interests in 35 hotels, including 29 wholly owned hotels with a total of 6,948 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; Nashville, Tennessee; 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, 2014, the Company owned 99.7% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.3% 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 with its subsidiaries, “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, 2014 | ||
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 generally classify the loss, together with the related operating results, as continuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. See "Recent Accounting Standards" below. | ||
Investment in Joint Venture | ||
The Company reviews its investment in joint venture for impairment annually or at interim periods if events or circumstances indicate that the investment may be impaired. The investment is impaired when its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. | ||
Intangible Assets and Liabilities | ||
Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. | ||
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. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover potential credit losses. | ||
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. | ||
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. | ||
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, 2014, 2013 and 2012, comprehensive income (loss) was $72.1 million, $44.6 million and $26.2 million, respectively. As of December 31, 2014 and 2013, the Company's accumulated other comprehensive income (loss) was $(0.3) million and $1.1 million, respectively. | ||
Recent Accounting Standards | ||
On April 10, 2014, the FASB issued ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals are presented as discontinued operations and modifies related disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted. The Company has early adopted this standard effective January 1, 2014. Under this ASU, the Company anticipates that the majority of property sales will not be classified as discontinued operations. | ||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements. | ||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This guidance will be effective for the Company on January 1, 2017 and will not have an impact on the Company’s financial position, results of operations or cash flows. |
Acquisition_of_Hotel_Propertie
Acquisition of Hotel Properties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
ACQUISITION OF HOTEL PROPERTIES | ACQUISITION OF HOTEL PROPERTIES | |||||||
On May 22, 2014, the Company acquired the 160-room Prescott Hotel located in San Francisco, California for $49.0 million. In addition, the Company paid certain costs of the seller of $1.3 million. The transaction included a fee simple acquisition of 96 guest rooms in one building and a leasehold interest acquisition of 64 guest rooms in an adjacent attached building. In connection with the acquisition of the leasehold interest, the Company assumed a long-term hotel lease with an unaffiliated third party that expires in 2059, with a one time extension option of 30 years. The Company is required to pay annual base rent of approximately $0.5 million, beginning in October 2017. The annual base rent is subject to a fixed increase every year during the remaining lease term. This transaction was funded with available cash and borrowings under the Company's senior unsecured revolving credit facility. The hotel will continue to be managed by Kimpton Hotel & Restaurant Group, LLC. The purchase price was allocated as follows: $12.6 million to land, $31.5 million to building and improvements, $1.1 million to furniture and fixtures, and $3.7 million to below (above) market rate contracts and other intangibles. | ||||||||
As noted above, the Prescott Hotel is subject to a long-term hotel lease of 64 rooms located in an adjacent attached building. The building portion of the long-term hotel lease assumed was determined to be a capital lease under the criteria in ASC 840 - Leases. At acquisition, the Company recorded a capital lease obligation of $10.8 million related to this leasehold interest, based on the estimated fair value of the payments for the remaining term, and is included in accounts payable and accrued expenses. The Company recorded a capital asset of $12.2 million based on an estimated fair value for the right to use the leased property, which is included in investment in hotel properties, net, in the accompanying consolidated balance sheets. | ||||||||
On July 17, 2014, the Company acquired the 331-room The Nines, a Luxury Collection Hotel, Portland located in Portland, Oregon for $127.0 million. The acquisition was funded with $76.3 million of borrowings under the Company's senior unsecured revolving credit facility and the assumption of three non-recourse mortgage loans totaling $50.7 million. The hotel will continue to be managed by Sage Hospitality. The purchase price was allocated as follows: $18.5 million to land, $92.3 million to building and improvements, $8.8 million to furniture and fixtures, and $7.1 million to below (above) market rate contracts and other intangibles. | ||||||||
In conjunction with the acquisition of The Nines, a Luxury Collection Hotel, Portland, the Company indemnified certain tax credit investors for certain income tax liabilities and related expenses such investors will incur if the Company were to repay the three mortgage loans before March 5, 2015 or engage in certain businesses prohibited under the New Markets Tax Credit program. Owning and operating a hotel is not one of those prohibited businesses. The potential indemnification obligation could range from zero to $28.3 million (plus interest, penalties and related expenses) and will expire on March 5, 2015, which is the end of the New Markets Tax Credit compliance period. Due to the nature of these requirements and because compliance with them is within the Company’s control, the Company believes that the likelihood that the Company will be required to pay under this indemnity is remote. | ||||||||
On November 12, 2014, the Company acquired the 157-room The Westin Colonnade Coral Gables located in Miami, Florida for $59.4 million. The acquisition was funded with available cash and the hotel will continue to be managed by Davidson Hotel and Resorts. The purchase price was allocated as follows: $12.1 million to land, $46.3 million to building and improvements, $1.3 million to furniture and fixtures, and $0.3 million to below (above) market rate contracts and other intangibles. | ||||||||
On November 20, 2014, the Company acquired a leasehold interest in the 264-room Hotel Palomar Los Angeles - Westwood located in Los Angeles, California for $78.7 million. In connection with the acquisition of the leasehold interest, the Company assumed a long-term ground lease with an unaffiliated third party that expires in 2107, including nineteen five-year extension options. The Company is required to pay annual base rent of approximately $3.5 million and is adjusted for consumer price index ("CPI") increases at each five-year extension. The acquisition was funded with available cash and the hotel will continue to be managed by Kimpton Hotel & Restaurant Group, LLC. The purchase price was allocated as follows: $90.7 million to building and improvements, $1.5 million to furniture and fixtures, and $(13.5) million to below (above) market rate contracts and other intangibles. | ||||||||
On December 10, 2014, the Company acquired a leasehold interest in the 125-room Union Station Hotel, Autograph Collection, located in Nashville, Tennessee for $52.3 million. In connection with the acquisition of the leasehold interest, the Company assumed a long-term ground lease with an unaffiliated third party that expires in 2105. The Company is required to pay the greater of annual base rent of $0.1 million or taxes on real property. The acquisition was funded with available cash and the Company selected Sage Hospitality to manage the hotel. The purchase price was allocated as follows: $37.8 million to building and improvements, $6.8 million to furniture and fixtures, and $7.5 million to below (above) market rate contracts and other intangibles. This allocation is preliminary because the Company is still in process of finalizing the accounting for this acquisition. | ||||||||
On December 18, 2014, the Company acquired the 356-room Revere Hotel Boston Common located in Boston, Massachusetts for $260.4 million. The acquisition was funded with available cash and borrowings under the Company's credit agreement. The purchase price was allocated as follows: $41.9 million to land, $207.8 million to building and improvements, and $10.6 million to furniture and fixtures. | ||||||||
The following unaudited pro forma financial information presents the results of operations of the Company for the years ended December 31, 2014 and 2013 as if the hotels acquired in 2014 and 2013 were acquired on January 1, 2013 and 2012, respectively. The following hotels' pro forma results are included in the pro forma table below: Embassy Suites San Diego Bay-Downtown; Redbury Hotel; Hotel Modera; Radisson Hotel Fisherman's Wharf; Prescott Hotel; The Nines, a Luxury Collection Hotel, Portland; The Westin Colonnade Coral Gables; Hotel Palomar Los Angeles - Westwood; Union Station Hotel, Autograph Collection; and Revere Hotel Boston Common. The pro forma results below exclude acquisition costs of $2.0 million and $3.4 million for the years ended December 31, 2014 and 2013, 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 or the future results of operations (in thousands, except per-share data). | ||||||||
For the year ended December 31, | ||||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 708,928 | $ | 663,000 | ||||
Operating income (loss) | 111,725 | 92,092 | ||||||
Net income (loss) attributable to common shareholders | 64,095 | 49,244 | ||||||
Net income (loss) per share available to common shareholders — basic | $ | 0.97 | $ | 0.75 | ||||
Net income (loss) per share available to common shareholders — diluted | $ | 0.96 | $ | 0.74 | ||||
For the year ended December 31, 2014, the Company's consolidated statements of operations included $34.3 million of revenues and $21.8 million of hotel operating expenses related to the operations of the Prescott Hotel, The Nines, a Luxury Collection Hotel, Portland, The Westin Colonnade Coral Gables, Hotel Palomar Los Angeles - Westwood, Union Station Hotel, Autograph Collection, and Revere Hotel Boston Common. |
Investment_in_Hotel_Properties
Investment in Hotel Properties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
INVESTMENT IN HOTEL PROPERTIES | INVESTMENT IN HOTEL PROPERTIES | |||||||
Investment in hotel properties as of December 31, 2014 and December 31, 2013 consisted of the following (in thousands): | ||||||||
December 31, | December 31, 2013 | |||||||
2014 | ||||||||
Land | $ | 357,680 | $ | 272,661 | ||||
Buildings and improvements | 1,987,050 | 1,437,593 | ||||||
Furniture, fixtures and equipment | 183,016 | 135,547 | ||||||
Construction in progress | 10,524 | 4,138 | ||||||
Investment in hotel properties | $ | 2,538,270 | $ | 1,849,939 | ||||
Less: Accumulated depreciation | (194,580 | ) | (132,328 | ) | ||||
Investment in hotel properties, net | $ | 2,343,690 | $ | 1,717,611 | ||||
As of December 31, 2014, buildings and improvements include capital lease asset of $12.2 million and accumulated depreciation includes amounts related to capital lease asset of $0.2 million. Depreciation of capital lease asset is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income for all periods presented. |
Investment_in_Joint_Venture
Investment in Joint Venture | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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. | ||||||||||||
In conjunction with the joint venture's refinancing in 2012, 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. | ||||||||||||
As of December 31, 2014, the joint venture reported $474.1 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 $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, 2014, 2013 and 2012 are presented below (in thousands): | ||||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 185,609 | $ | 172,968 | $ | 174,718 | ||||||
Total expenses | 169,683 | 161,145 | 158,394 | |||||||||
Net income (loss) | $ | 15,926 | $ | 11,823 | $ | 16,324 | ||||||
Company’s 49% interest of net income (loss) | 7,804 | 5,793 | 7,999 | |||||||||
Basis adjustment | (128 | ) | (559 | ) | (2,062 | ) | ||||||
Special loan interest income elimination | 2,389 | 2,389 | 33 | |||||||||
Equity in earnings (loss) in joint venture | $ | 10,065 | $ | 7,623 | $ | 5,970 | ||||||
The Company classifies the distributions from its joint venture in the statements of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions from cash generated by property operations are classified as cash flows from operating activities, whereas distributions received as a result of property sales are classified as cash flows from investing activities. |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | DEBT | |||||||||||
Senior Unsecured Revolving Credit Facility | ||||||||||||
On October 16, 2014, the Company amended and restated the credit agreement that governs the Company's senior unsecured revolving credit facility and the Company's unsecured term loan facility to increase the aggregate borrowing capacity to $600.0 million. The credit agreement provides for a $300.0 million unsecured revolving credit facility and a $300.0 million unsecured term loan facility. The unsecured revolving credit facility matures in January 2019 with options to extend the maturity date to January 2020. The unsecured term loan facility matures in January 2020. The Company has the ability to increase the aggregate borrowing capacity under the credit agreement to up to $1.0 billion, subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus 1.55% to 2.30%, depending on the Company’s leverage ratio. Additionally, the Company is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% 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 minimum fixed charge coverage ratio, and a maximum percentage of secured debt to total asset value. As of December 31, 2014 and December 31, 2013, the Company had $50.0 million and no outstanding borrowings under the revolving credit facility, respectively. As of December 31, 2014, the Company was in compliance with the credit agreement debt covenants. For the years ended December 31, 2014 , 2013 and 2012, the Company incurred unused commitment fees of $0.7 million, $0.7 million and $0.9 million, respectively. | ||||||||||||
Unsecured Term Loan Facility | ||||||||||||
The amended and restated credit agreement described above expanded the size of the unsecured term loan facility from $100.0 million to $300.0 million and extended the unsecured term loan facility's maturity to January 15, 2020. In connection with entering into the amended and restated credit agreement, the prior notes evidencing an existing $100.0 million term loan were canceled and a new note evidencing $100.0 million term loan under the larger facility was executed. On December 17, 2014, the Company borrowed the remaining $200.0 million available under the term loan facility (together with the $100.0 million term loan, the “Term Loan”). | ||||||||||||
Borrowings under the unsecured term loan facility bear interest at a variable LIBOR plus 1.50% to 2.25%, depending on the Company's leverage ratio. The Company entered into interest rate swaps to effectively fix the LIBOR rate (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. | ||||||||||||
Prior to amending and restating the credit facility agreement in October 2014, the Company had entered into interest rate swap agreements with an aggregate notional amount of $100.0 million to hedge the LIBOR on its borrowing under the term loan facility through July 13, 2017. Upon amending and restating the credit agreement and drawing down the additional $200.0 million under the term loan facility, the Company entered into additional swap agreements to hedge the full $300.0 million Term Loan through maturity on January 15, 2020. As of December 31, 2014, the Company had interest rate swaps with an aggregate notional amount of $300.0 million, and, as a result, the Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.41% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2014. | ||||||||||||
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, 2014, the Company's derivative instruments are in both asset and liability positions, with aggregate asset and liability fair values of $0.7 million and $1.0 million, respectively, in the accompanying consolidated balance sheets. For the year ended December 31, 2014, there was $1.4 million in unrealized loss recorded in accumulated other comprehensive income. During the years ended December 31, 2014 and 2013, the Company reclassified $0.6 million and $0.5 million, respectively, from accumulated other comprehensive income to net income (loss) and to interest expense. The Company expects approximately $3.0 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 Nines, a Luxury Collection Hotel, Portland, the Company assumed three non-recourse mortgage loans totaling $50.7 million secured by the property. The three loans are scheduled to mature on March 5, 2015, bear interest at a weighted-average rate of 7.39% and require monthly interest-only payments until maturity. As the weighted-average interest rate of the loans were above market for loans with comparable terms, the Company recorded a loan premium of $0.9 million, which is amortized as a reduction of interest expense over the remaining term. | ||||||||||||
Debt Summary | ||||||||||||
Debt as of December 31, 2014 and December 31, 2013 consisted of the following (dollars in thousands): | ||||||||||||
Balance Outstanding as of | ||||||||||||
Interest Rate | Maturity Date | December 31, 2014 | December 31, 2013 | |||||||||
Senior unsecured revolving credit facility | Floating (1) | Jan-19 | $ | 50,000 | $ | — | ||||||
Term loan | Floating (2) | Jan-20 | 300,000 | 100,000 | ||||||||
Mortgage loans | ||||||||||||
The Nines, a Luxury Collection Hotel, Portland (3) | 7.39% | Mar-15 | 50,725 | — | ||||||||
InterContinental Buckhead Atlanta | 4.88% | Jan-16 | 49,320 | 50,192 | ||||||||
Skamania Lodge | 5.44% | Feb-16 | 29,308 | 29,811 | ||||||||
DoubleTree by Hilton Bethesda-Washington DC | 5.28% | Feb-16 | 34,575 | 35,102 | ||||||||
Embassy Suites San Diego Bay-Downtown | 6.28% | Jun-16 | 64,462 | 65,725 | ||||||||
Hotel Modera | 5.26% | Jul-16 | 23,225 | 23,597 | ||||||||
Monaco Washington DC | 4.36% | Feb-17 | 43,756 | 44,580 | ||||||||
Argonaut Hotel | 4.25% | Mar-17 | 44,006 | 45,138 | ||||||||
Sofitel Philadelphia | 3.90% | Jun-17 | 46,968 | 48,218 | ||||||||
Hotel Palomar San Francisco | 5.94% | Sep-17 | 26,461 | 26,802 | ||||||||
The Westin Gaslamp Quarter San Diego | 3.69% | Jan-20 | 77,155 | 79,194 | ||||||||
Mortgage loans at stated value | 489,961 | 448,359 | ||||||||||
Mortgage loan premiums (4) | 4,026 | 5,888 | ||||||||||
Total mortgage loans | $ | 493,987 | $ | 454,247 | ||||||||
Total debt | $ | 843,987 | $ | 554,247 | ||||||||
________________________ | ||||||||||||
(1) Borrowings bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options. | ||||||||||||
(2) Borrowings under our term loan facility bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. We entered into interest rate swaps to effectively fix the interest rate for the Term Loan. At December 31, 2014, the Company had interest rate swaps with an aggregate notional amount of $300.0 million, and, as a result, the Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.41% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2014. | ||||||||||||
(3) The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines, a Luxury Collection Hotel, Portland. The Company intends to repay these mortgage loans through borrowings on its credit facilities upon maturity. | ||||||||||||
(4) Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown, Hotel Modera and The Nines, a Luxury Collection Hotel, Portland. | ||||||||||||
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, 2014 and 2013 was $503.9 million and $460.9 million, respectively. The carrying value of the Company's variable rate debt approximates its fair value. | ||||||||||||
The Company was in compliance with all debt covenants as of December 31, 2014. | ||||||||||||
Future scheduled debt principal payments for the Company's mortgage debt and the Term Loan as of December 31, 2014 are as follows (in thousands): | ||||||||||||
2015 | $ | 60,211 | ||||||||||
2016 | 203,269 | |||||||||||
2017 | 155,908 | |||||||||||
2018 | 2,366 | |||||||||||
2019 | 2,456 | |||||||||||
Thereafter | 365,751 | |||||||||||
Total debt principal payments | 789,961 | |||||||||||
Premium on mortgage debt | 4,026 | |||||||||||
Total debt | $ | 793,987 | ||||||||||
Equity
Equity | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
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. | |||||||||||
On March 5, 2014, the Company filed a prospectus supplement with the SEC to sell up to $175.0 million in common shares under a new "at the market" offering program (an "ATM program"). At the same time, the Company terminated its prior $170.0 million ATM program. During the year ended December 31, 2014, the Company issued 400,000 common shares at an average price of $38.09 per share under its $175.0 million ATM program and raised $15.0 million, net of commissions. As of December 31, 2014, $159.8 million in common shares remained available for issuance under the $175.0 million ATM program. | |||||||||||
On September 9, 2014, the Company issued 3,450,000 common shares at a price of $38.15 per share in an underwritten public offering and raised $131.6 million, net of the underwriting discount. | |||||||||||
On October 30, 2014, the Company issued 3,680,000 common shares at a price of $39.77 per share in an underwritten public offering and raised $146.4 million, net of the underwriting discount. | |||||||||||
Common Dividends | |||||||||||
The Company declared the following dividends on common shares/units for the year ended December 31, 2014: | |||||||||||
Dividend per | For the quarter | Record Date | Payable Date | ||||||||
Share/Unit | ended | ||||||||||
$ | 0.23 | March 31, 2014 | March 31, 2014 | April 15, 2014 | |||||||
$ | 0.23 | June 30, 2014 | June 30, 2014 | July 15, 2014 | |||||||
$ | 0.23 | September 30, 2014 | September 30, 2014 | October 15, 2014 | |||||||
$ | 0.23 | December 31, 2014 | December 31, 2014 | January 15, 2015 | |||||||
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 September 30, 2014, the Company issued 1,000,000 of its 6.50% Series C Cumulative Redeemable Preferred Shares ("Series C Preferred Shares") at an offering price of $25.00 per share, for a total of $24.5 million of proceeds, net of the underwriting discount. | |||||||||||
As of December 31, 2014, the Company had 5,600,000 of its 7.875% Series A Cumulative Redeemable Preferred Shares ("Series A Preferred Shares"), 3,400,000 of its 8.00% Series B Cumulative Redeemable Preferred Shares ("Series B Preferred Shares") and 5,000,000 of its Series C Preferred Shares outstanding. As of December 31, 2013, the Company had 5,600,000 Series A Preferred Shares, 3,400,000 Series B Preferred Shares and 4,000,000 Series C 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, 2014: | |||||||||||
Security Type | Dividend per | For the quarter | Record Date | Payable Date | |||||||
Share/Unit | ended | ||||||||||
7.875% Series A | $ | 0.49 | March 31, 2014 | March 31, 2014 | 15-Apr-14 | ||||||
7.875% Series A | $ | 0.49 | June 30, 2014 | June 30, 2014 | July 15, 2014 | ||||||
7.875% Series A | $ | 0.49 | September 30, 2014 | September 30, 2014 | October 15, 2014 | ||||||
7.875% Series A | $ | 0.49 | December 31, 2014 | December 31, 2014 | 15-Jan-15 | ||||||
8.00% Series B | $ | 0.5 | March 31, 2014 | March 31, 2014 | 15-Apr-14 | ||||||
8.00% Series B | $ | 0.5 | June 30, 2014 | June 30, 2014 | July 15, 2014 | ||||||
8.00% Series B | $ | 0.5 | September 30, 2014 | September 30, 2014 | October 15, 2014 | ||||||
8.00% Series B | $ | 0.5 | December 31, 2014 | December 31, 2014 | January 15, 2015 | ||||||
6.50% Series C | $ | 0.41 | March 31, 2014 | March 31, 2014 | April 15, 2014 | ||||||
6.50% Series C | $ | 0.41 | June 30, 2014 | June 30, 2014 | 15-Jul-14 | ||||||
6.50% Series C | $ | 0.41 | September 30, 2014 | September 30, 2014 | 15-Oct-14 | ||||||
6.50% Series C | $ | 0.41 | December 31, 2014 | December 31, 2014 | 15-Jan-15 | ||||||
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, 2014 and 2013, the Operating Partnership had 236,351 and 607,991 long-term incentive partnership units (“LTIP units”) outstanding, respectively. Of the 236,351 LTIP units outstanding at December 31, 2014, none had 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. On December 31, 2014, 258,101 LTIP units were redeemed for the same number of common shares and 113,539 LTIP units were redeemed for $5.2 million in cash. |
ShareBased_Compensation_Plan
Share-Based Compensation Plan | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
SHARE-BASED COMPENSATION PLAN | SHARE-BASED COMPENSATION | |||||||||||
The Company maintains the 2009 Equity Incentive Plan, as amended and restated (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, 2014, there were 940,270 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, officers 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, 2014: | ||||||||||||
Shares | Weighted-Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Unvested at January 1, 2012 | 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 | |||||||||
Granted | 44,322 | $ | 30.11 | |||||||||
Vested | (62,047 | ) | $ | 23.12 | ||||||||
Forfeited | (168 | ) | $ | 27.57 | ||||||||
Unvested at December 31, 2014 | 129,988 | $ | 27.17 | |||||||||
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, 2014, 2013 and 2012, the Company recognized approximately $1.4 million, $1.5 million and $1.5 million, respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statements of operations. As of December 31, 2014, there was $2.1 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 2.7 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 to non-executive management employees 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 to non-executive management employees 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. | ||||||||||||
On February 4, 2014, the Board of Trustees approved a target award of 66,483 performance-based equity awards to officers and employees of the Company. These awards vest on January 1, 2017. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 12,261 target awards to non-executive management employees which have no maximum) and will be determined in 2017 based on three performance criteria as defined in the agreements for the period of performance from January 1, 2014 through December 31, 2016. | ||||||||||||
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 Return(1) | 30.00% | $0.70 | 33.00% | 0.34% | 2.20% | |||||||
Absolute Total Shareholder Return (1) | 30.00% | $0.60 | 33.00% | 0.34% | 2.20% | |||||||
EBITDA Comparison (2) | 40.00% | $0.70 | 33.00% | 0.34% | 2.20% | |||||||
30-Jan-13 | ||||||||||||
Relative Total Shareholder Return (1) | 30.00% | $0.70 | 31.00% | 0.41% | 2.20% | |||||||
Absolute Total Shareholder Return (1) | 30.00% | $0.50 | 31.00% | 0.41% | 2.20% | |||||||
EBITDA Comparison (2) | 40.00% | $0.70 | 31.00% | 0.41% | 2.20% | |||||||
13-Dec-13 | ||||||||||||
Relative Total Shareholder Return (1) | 50.00% | $4.70 | 29.00% | 0.34% - 2.25% | 2.40% | |||||||
Absolute Total Shareholder Return (1) | 50.00% | $2.90 | 29.00% | 0.34% - 2.25% | 2.40% | |||||||
4-Feb-14 | ||||||||||||
Relative Total Shareholder Return (1) | 30.00% | $0.70 | 29.00% | 0.62% | 2.40% | |||||||
Absolute Total Shareholder Return (1) | 30.00% | $0.50 | 29.00% | 0.62% | 2.40% | |||||||
EBITDA Comparison (2) | 40.00% | $0.80 | 29.00% | 0.62% | 2.40% | |||||||
(1) The Relative Total Shareholder Return and Absolute Total Shareholder Return components 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 will be 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, 2014, there was approximately $11.8 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 2.4 years. For the years ended December 31, 2014, 2013 and 2012, the Company recognized $7.7 million, $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, 2014, the Operating Partnership 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. | ||||||||||||
On December 31, 2014, the Company was notified that the LTIP unit holders had elected to redeem 371,640 vested LTIP units effective December 31, 2014. At the Company's election, on December 31, 2014, 258,101 vested LTIP units were redeemed for common shares and 113,539 vested LTIP units were redeemed for cash. After these redemptions, as of December 31, 2014, the Company had 236,351 LTIP units outstanding, none of which had vested. All LTIP units will vest upon a change in control. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recognized $2.6 million, $1.6 million and $1.6 million, respectively, in expense related to these LTIP units. As of December 31, 2014, there was $5.5 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 2.5 years. The aggregate expense related to the LTIP units is presented as non-controlling interest in the Company’s consolidated balance sheets. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||
Common Shares: | |||||||||||||||||||||
Ordinary income | $ | 0.9108 | 100 | % | $ | 0.6 | 100 | % | $ | 0.4391 | 91.49 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0.0409 | 8.51 | % | ||||||||||||
Total | $ | 0.9108 | 100 | % | $ | 0.6 | 100 | % | $ | 0.48 | 100 | % | |||||||||
Series A Preferred Shares: | |||||||||||||||||||||
Ordinary income | $ | 2.3948 | 100 | % | $ | 2.0349 | 100 | % | $ | 1.7622 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 2.3948 | 100 | % | $ | 2.0349 | 100 | % | $ | 1.7622 | 100 | % | |||||||||
Series B Preferred Shares | |||||||||||||||||||||
Ordinary income | $ | 2.4328 | 100 | % | $ | 2.0672 | 100 | % | $ | 1.7902 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 2.4328 | 100 | % | $ | 2.0672 | 100 | % | $ | 1.7902 | 100 | % | |||||||||
Series C Preferred Shares | |||||||||||||||||||||
Ordinary income | $ | 1.9767 | 100 | % | $ | 0.989 | 100 | % | $ | 0 | 0 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 1.9767 | 100 | % | $ | 0.989 | 100 | % | $ | 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 was treated as a 2014 distribution for tax purposes. For tax purposes, $0.4261, $0.4328, and $0.3517 of the Series A, Series B, and Series C, respectively, of the preferred share distributions declared on December 13, 2013 and paid on January 15, 2014 were treated as 2014 distributions. | |||||||||||||||||||||
Of the common distribution declared on December 15, 2014 and paid on January 15, 2015, $0.1692 was treated as a 2015 distributions for tax purposes. The preferred share distributions declared on December 15, 2014 and paid on January 15, 2015, were treated as 2014 distributions for tax purposes. | |||||||||||||||||||||
For the years ended December 31, 2014, 2013, and 2012, the Operating Partnership income tax expense was $0.2 million, $0.2 million and $0.4 million, 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 37.5% for the year ended December 31, 2014. | |||||||||||||||||||||
The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): | |||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Federal | |||||||||||||||||||||
Current | $ | 2,121 | $ | 718 | $ | 1,048 | |||||||||||||||
Deferred | 317 | — | — | ||||||||||||||||||
State and local | |||||||||||||||||||||
Current | 555 | 313 | 412 | ||||||||||||||||||
Deferred | 25 | — | — | ||||||||||||||||||
Income tax expense (benefit) | $ | 3,018 | $ | 1,031 | $ | 1,460 | |||||||||||||||
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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Statutory federal tax expense (benefit) | $ | 2,561 | $ | 718 | $ | 1,048 | |||||||||||||||
State income tax expense (benefit), net of federal tax (benefit) expense | 457 | 313 | 412 | ||||||||||||||||||
Income tax expense (benefit) | $ | 3,018 | $ | 1,031 | $ | 1,460 | |||||||||||||||
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, 2014 and December 31, 2013, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2011 and 2010, respectively. |
Earnings_per_Common_Share
Earnings per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
EARNINGS PER COMMON SHARE | EARNINGS PER 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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 47,787 | $ | 19,965 | $ | 8,254 | ||||||
Less: dividends paid on unvested share-based compensation | (459 | ) | (328 | ) | (310 | ) | ||||||
Undistributed earnings attributable to share-based compensation | — | — | — | |||||||||
Net income (loss) available to common shareholders | $ | 47,328 | $ | 19,637 | $ | 7,944 | ||||||
Denominator: | ||||||||||||
Weighted-average number of common shares — basic | 65,646,712 | 61,498,389 | 55,806,543 | |||||||||
Effect of dilutive share-based compensation | 617,406 | 338,352 | 148,954 | |||||||||
Weighted-average number of common shares — diluted | 66,264,118 | 61,836,741 | 55,955,497 | |||||||||
Net income (loss) per share available to common shareholders — basic | $ | 0.72 | $ | 0.32 | $ | 0.14 | ||||||
Net income (loss) per share available to common shareholders — diluted | $ | 0.71 | $ | 0.32 | $ | 0.14 | ||||||
The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share 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 net income (loss) available to common shareholders. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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 1.5% 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, 2014, 2013 and 2012, combined base and incentive management fees were $19.3 million, $15.8 million and $11.5 million, respectively. Base and incentive management fees are included in other indirect expenses in the Company's consolidated statements of operations and comprehensive income. | |||||
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, 2014 and 2013, the Company had $16.4 million and $16.5 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 loan agreements. For purposes of the statement of cash flows, changes in restricted cash caused by changes in required reserves for real estate taxes or property insurance are shown as operating activities. Changes in restricted cash caused by changes in required reserves for furniture and fixtures replacement are shown as investing activities. | |||||
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 $1.3 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 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 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 primary ground lease expires in 2062. 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 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 Prescott Hotel is subject to a long-term hotel lease for the right to use floors three through seven, the basement and the roof of an adjacent, attached building containing 64 of the 160 guest rooms at the property. The hotel lease expires in 2059, with a one time extension option of 30 years. The Company is required to pay annual base rent of approximately $0.5 million, beginning in October 2017. The annual base rent is subject to a fixed increase every year during the remaining lease term. The building portion of the long-term hotel lease assumed was determined to be a capital lease. | |||||
The Palomar Los Angeles - Westwood is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2107, including nineteen five-year extension options. The hotel is required to pay annual base rent of approximately $3.5 million through January 2017 and the base rent will be adjusted for consumer price index ("CPI") increases at each five-year extension. | |||||
The Union Station Hotel, Autograph Collection is subject to a long-term ground lease agreement on the land underlying the hotel. The ground lease expires in 2105. The hotel is required to pay the greater of annual base rent of $0.1 million or annual real property taxes. | |||||
The ground leases and Hotel Palomar hotel lease are considered operating 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. Ground rent expense was $8.9 million, $7.6 million and $2.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income. | |||||
Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2014 (in thousands): | |||||
2015 | $ | 7,019 | |||
2016 | 7,240 | ||||
2017 | 7,326 | ||||
2018 | 7,744 | ||||
2019 | 7,807 | ||||
Thereafter | 751,572 | ||||
Total | $ | 788,708 | |||
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 has 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, 2014 | ||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Interest paid, net of capitalized interest | $ | 26,945 | $ | 23,528 | $ | 13,440 | ||||||
Interest capitalized | $ | — | $ | 206 | $ | 236 | ||||||
Income taxes paid | $ | 3,049 | $ | 1,572 | $ | 1,877 | ||||||
Non-Cash Investing and Financing Activities: | ||||||||||||
Distributions payable on common shares/units | $ | 17,743 | $ | 10,592 | $ | 7,461 | ||||||
Distributions payable on preferred shares | $ | 5,550 | $ | 5,203 | $ | 3,813 | ||||||
Issuance of common shares for Board of Trustees compensation | $ | 421 | $ | 207 | $ | 199 | ||||||
Mortgage loans assumed in connection with acquisition | $ | 50,725 | $ | 90,448 | $ | 27,175 | ||||||
Below (above) market rate contracts assumed in connection with acquisition | $ | 15,375 | $ | 2,826 | $ | (9,170 | ) | |||||
Capital lease obligation assumed in connection with acquisition | $ | 10,758 | $ | — | $ | — | ||||||
Deposit applied to purchase price of acquisition | $ | — | $ | 4,000 | $ | — | ||||||
Accrued additions and improvements to hotel properties | $ | 6,537 | $ | 603 | $ | 1,203 | ||||||
Write off of fully depreciated furniture, fixtures and equipment | $ | 4,446 | $ | — | $ | — | ||||||
Write off of deferred financing costs | $ | 2,258 | $ | — | $ | — | ||||||
For the years ended December 31, 2014, 2013 and 2012, the Company redeemed 258,101, 0 and 444,535 LTIP units for the same number of common shares, respectively. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
On February 11, 2015, the Board of Trustees granted awards of an aggregate of 40,507 service condition restricted common shares and 44,962 target performance-based equity to executive officers and employees of the Company. These awards will vest over three to five years. The actual number of common shares to be issued under the performance-based equity awards will be determined in early 2018 and will be based on certain performance criteria stipulated in the agreements for the period January 1, 2015 through December 31, 2017. |
Quarterly_Operating_Results
Quarterly Operating Results | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Operating Results | NOTE 14. QUARTERLY OPERATING RESULTS (UNAUDITED) | ||||||||||||||||
The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2014 and 2013 (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, 2014 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Total revenues | $ | 125,712 | $ | 147,454 | $ | 169,676 | $ | 155,934 | |||||||||
Net income (loss) | 4,121 | 22,893 | 30,439 | 16,090 | |||||||||||||
Net income (loss) attributable to the Company | 4,078 | 22,673 | 30,165 | 15,950 | |||||||||||||
Net income (loss) attributable to common shareholders | (2,003 | ) | 16,591 | 23,737 | 9,462 | ||||||||||||
Net income (loss) per share available to common shareholders, basic and diluted | $ | (0.03 | ) | $ | 0.26 | $ | 0.36 | $ | 0.13 | ||||||||
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 | ||||||||
Schedule_III_Real_Estate_and_A
Schedule III Real Estate and Accumulated Depreciation Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Pebblebrook Hotel Trust | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III--Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 Hotel Bethesda-Washington DC | $ | 34,575 | $ | 10,065 | $ | 53,000 | $ | 4,035 | $ | 7,579 | $ | 10,065 | $ | 57,466 | $ | 7,148 | $ | 74,679 | $ | 10,943 | $ | 63,736 | 1971 | 6/4/10 | 3-40 years | ||||||||||||||||||||||||||
Sir Francis Drake Hotel | — | 22,500 | 60,547 | 6,953 | 17,223 | 22,500 | 70,974 | 13,749 | $ | 107,223 | 16,124 | $ | 91,099 | 1928 | 6/22/10 | 1-40 years | |||||||||||||||||||||||||||||||||||
InterContinental Buckhead Hotel | 49,320 | 25,000 | 68,844 | 11,000 | 9,739 | 25,000 | 72,826 | 16,757 | $ | 114,583 | 17,947 | $ | 96,636 | 2004 | 7/1/10 | 3-40 years | |||||||||||||||||||||||||||||||||||
Monaco Washington DC | 43,756 | — | 60,630 | 2,441 | 5,690 | — | 64,545 | 4,216 | $ | 68,761 | 9,089 | $ | 59,672 | 1839 | 9/9/10 | 3-40 years | |||||||||||||||||||||||||||||||||||
The Grand Hotel Minneapolis | — | 4,950 | 26,616 | 300 | 9,353 | 4,950 | 32,718 | 3,551 | $ | 41,219 | 5,669 | $ | 35,550 | 1912 | 9/29/10 | 1-40 years | |||||||||||||||||||||||||||||||||||
Skamania Lodge | 29,308 | 7,129 | 44,987 | 3,523 | 5,190 | 7,130 | 47,793 | 5,906 | $ | 60,829 | 8,074 | $ | 52,755 | 1993 | 11/3/10 | 3-40 years | |||||||||||||||||||||||||||||||||||
Le Meridien Delfina Santa Monica Hotel | — | 18,784 | 81,580 | 2,295 | 11,352 | 18,784 | 87,320 | 7,907 | $ | 114,011 | 12,777 | $ | 101,234 | 1972 | 11/19/10 | 1-40 years | |||||||||||||||||||||||||||||||||||
Sofitel Philadelphia Hotel | 46,968 | 18,000 | 64,256 | 4,639 | 6,984 | 18,000 | 68,107 | 7,772 | $ | 93,879 | 10,743 | $ | 83,136 | 2000 | 12/3/10 | 3-40 years | |||||||||||||||||||||||||||||||||||
Argonaut Hotel | 44,006 | — | 79,492 | 4,247 | 5,125 | — | 82,023 | 6,841 | $ | 88,864 | 11,490 | $ | 77,374 | 1907 | 2/16/11 | 3-40 years | |||||||||||||||||||||||||||||||||||
The Westin Gaslamp Quarter San Diego | 77,155 | 25,537 | 86,089 | 6,850 | 17,185 | 25,537 | 101,698 | 8,426 | $ | 135,661 | 14,110 | $ | 121,551 | 1987 | 4/6/11 | 1-40 years | |||||||||||||||||||||||||||||||||||
Monaco Seattle | — | 10,105 | 38,888 | 2,073 | 6,766 | 10,105 | 41,931 | 5,796 | $ | 57,832 | 6,725 | $ | 51,107 | 1969 | 4/7/11 | 3-40 years | |||||||||||||||||||||||||||||||||||
Mondrian Los Angeles | — | 20,306 | 110,283 | 6,091 | 8,361 | 20,306 | 114,731 | 10,004 | $ | 145,041 | 14,911 | $ | 130,130 | 1959 | 5/3/11 | 3-40 years | |||||||||||||||||||||||||||||||||||
Viceroy Miami | — | 8,368 | 24,246 | 3,723 | 2,780 | 8,368 | 25,153 | 5,596 | $ | 39,117 | 5,610 | $ | 33,507 | 2009 | 5/26/11 | 1-40 years | |||||||||||||||||||||||||||||||||||
W Boston | — | 19,453 | 63,893 | 5,887 | 3,497 | 19,453 | 65,765 | 7,512 | $ | 92,730 | 10,536 | $ | 82,194 | 2009 | 6/8/11 | 2-40 years | |||||||||||||||||||||||||||||||||||
Hotel Zetta | — | 7,294 | 22,166 | 290 | 14,805 | 7,294 | 33,454 | 3,807 | $ | 44,555 | 3,462 | $ | 41,093 | 1913 | 4/4/12 | 1-40 years | |||||||||||||||||||||||||||||||||||
Hotel Vintage Seattle | — | 8,170 | 23,557 | 706 | 6,584 | 8,170 | 28,001 | 2,846 | $ | 39,017 | 2,174 | $ | 36,843 | 1922 | 7/9/12 | 1-40 years | |||||||||||||||||||||||||||||||||||
Hotel Vintage Plaza Portland | — | 6,222 | 23,012 | 1,093 | 8,310 | 6,222 | 27,896 | 4,519 | $ | 38,637 | 2,600 | $ | 36,037 | 1894 | 7/9/12 | 1-40 years | |||||||||||||||||||||||||||||||||||
W Los Angeles - Westwood | — | 24,403 | 93,203 | 3,600 | 14,955 | 24,403 | 102,038 | 9,720 | $ | 136,161 | 7,807 | $ | 128,354 | 1969 | 8/23/12 | 1-40 years | |||||||||||||||||||||||||||||||||||
Hotel Palomar San Francisco (2) | 26,461 | — | 63,430 | 3,780 | 6,920 | — | 67,996 | 6,134 | $ | 74,130 | 6,087 | $ | 68,043 | 1907 | 10/25/12 | 1-40 years | |||||||||||||||||||||||||||||||||||
Embassy Suites San Diego Bay- Downtown (3) | 64,462 | 20,103 | 90,162 | 6,881 | 8,471 | 20,103 | 97,344 | 8,170 | $ | 125,617 | 6,882 | $ | 118,735 | 1988 | 1/29/13 | 1-40 years | |||||||||||||||||||||||||||||||||||
The Redbury Hollywood | — | 8,057 | 24,833 | 1,000 | 949 | 8,057 | 25,513 | 1,269 | $ | 34,839 | 1,112 | $ | 33,727 | 2008 | 8/8/13 | 3-40 years | |||||||||||||||||||||||||||||||||||
Hotel Modera (4) | 23,225 | 8,215 | 37,874 | 1,500 | 1,086 | 8,214 | 38,445 | 2,016 | $ | 48,675 | 2,051 | $ | 46,624 | 1962 | 8/28/13 | 1-40 years | |||||||||||||||||||||||||||||||||||
Radisson Hotel Fisherman's Wharf | — | — | 116,445 | 3,550 | 8,182 | — | 119,575 | 8,602 | $ | 128,177 | 4,449 | $ | 123,728 | 1964 | 12/9/13 | 1-40 years | |||||||||||||||||||||||||||||||||||
Prescott Hotel | — | 12,561 | 43,665 | 1,094 | 193 | 12,561 | 43,768 | 1,184 | $ | 57,513 | 743 | $ | 56,770 | 1913 | 5/22/14 | 3-40 years | |||||||||||||||||||||||||||||||||||
The Nines, a Luxury Collection Hotel, Portland (5) | 50,725 | 18,493 | 92,339 | 8,757 | 132 | 18,493 | 92,415 | 8,813 | $ | 119,721 | 1,631 | $ | 118,090 | 1909 | 7/17/14 | 3-40 years | |||||||||||||||||||||||||||||||||||
Pebblebrook Hotel Trust | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III--Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||||
The Westin Colonnade Coral Gables | — | 12,108 | 46,317 | 1,271 | 20 | 12,108 | 46,317 | 1,291 | $ | 59,716 | 184 | $ | 59,532 | 1989 | 11/12/14 | 7-40 years | |||||||||||||||||||||||||||||||||||
Hotel Palomar Los Angeles - Westwood | — | — | 90,675 | 1,500 | — | — | 90,675 | 1,500 | $ | 92,175 | 283 | $ | 91,892 | 1972 | 11/20/14 | 7-40 years | |||||||||||||||||||||||||||||||||||
Union Station Hotel, Autograph Collection | — | — | 37,803 | 6,833 | — | — | 37,803 | 6,833 | $ | 44,636 | 114 | $ | 44,522 | 1900 | 12/10/14 | 7-40 years | |||||||||||||||||||||||||||||||||||
Revere Hotel Boston Common | — | 41,857 | 207,817 | 10,596 | 2 | 41,857 | 207,817 | 10,598 | $ | 260,272 | 253 | $ | 260,019 | 1972 | 12/18/14 | 7-40 years | |||||||||||||||||||||||||||||||||||
$ | 489,961 | $ | 357,680 | $ | 1,876,649 | $ | 116,508 | $ | 187,433 | $ | 357,680 | $ | 1,992,107 | $ | 188,483 | $ | 2,538,270 | $ | 194,580 | $ | 2,343,690 | ||||||||||||||||||||||||||||||
(1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Encumbrance on the Hotel Palomar San Francisco is presented at face value, which excludes loan premium of $1.4 million at December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Encumbrance on the Embassy Suites San Diego Bay-Downtown is presented at face value, which excludes loan premium of $2.0 million at December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Encumbrance on the Hotel Modera is presented at face value, which excludes loan premium of $0.3 million at December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(5) Encumbrance on the The Nines, a Luxury Collection Hotel, Portland is presented at face value, which excludes loan premium of $0.3 million at December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pebblebrook Hotel Trust | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III--Real Estate and Accumulated Depreciation-Continued | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate and Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 633,687 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures | 59,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal of Assets | (4,446 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 2,538,270 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 66,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal of Assets | (4,446 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 194,580 | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
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 generally classify the loss, together with the related operating results, as continuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. See "Recent Accounting Standards" below. | ||
Investment in Joint Venture | Investment in Joint Venture | |
The Company reviews its investment in joint venture for impairment annually or at interim periods if events or circumstances indicate that the investment may be impaired. The investment is impaired when its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary. | ||
Intangible Assets and Liabilities | Intangible Assets and Liabilities | |
Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. | ||
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. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover potential credit losses. | ||
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. | ||
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. | ||
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, 2014, 2013 and 2012, comprehensive income (loss) was $72.1 million, $44.6 million and $26.2 million, respectively. As of December 31, 2014 and 2013, the Company's accumulated other comprehensive income (loss) was $(0.3) million and $1.1 million, respectively. | ||
Recent Accounting Standards | Recent Accounting Standards | |
On April 10, 2014, the FASB issued ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals are presented as discontinued operations and modifies related disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted. The Company has early adopted this standard effective January 1, 2014. Under this ASU, the Company anticipates that the majority of property sales will not be classified as discontinued operations. | ||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements. | ||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This guidance will be effective for the Company on January 1, 2017 and will not have an impact on the Company’s financial position, results of operations or cash flows. |
Acquisition_of_Hotel_Propertie1
Acquisition of Hotel Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Business acquisition, unaudited proforma information | The following unaudited pro forma financial information presents the results of operations of the Company for the years ended December 31, 2014 and 2013 as if the hotels acquired in 2014 and 2013 were acquired on January 1, 2013 and 2012, respectively. The following hotels' pro forma results are included in the pro forma table below: Embassy Suites San Diego Bay-Downtown; Redbury Hotel; Hotel Modera; Radisson Hotel Fisherman's Wharf; Prescott Hotel; The Nines, a Luxury Collection Hotel, Portland; The Westin Colonnade Coral Gables; Hotel Palomar Los Angeles - Westwood; Union Station Hotel, Autograph Collection; and Revere Hotel Boston Common. The pro forma results below exclude acquisition costs of $2.0 million and $3.4 million for the years ended December 31, 2014 and 2013, 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 or the future results of operations (in thousands, except per-share data). | |||||||
For the year ended December 31, | ||||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 708,928 | $ | 663,000 | ||||
Operating income (loss) | 111,725 | 92,092 | ||||||
Net income (loss) attributable to common shareholders | 64,095 | 49,244 | ||||||
Net income (loss) per share available to common shareholders — basic | $ | 0.97 | $ | 0.75 | ||||
Net income (loss) per share available to common shareholders — diluted | $ | 0.96 | $ | 0.74 | ||||
Investment_in_Hotel_Properties1
Investment in Hotel Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Schedule of Investment in hotel properties | Investment in hotel properties as of December 31, 2014 and December 31, 2013 consisted of the following (in thousands): | |||||||
December 31, | December 31, 2013 | |||||||
2014 | ||||||||
Land | $ | 357,680 | $ | 272,661 | ||||
Buildings and improvements | 1,987,050 | 1,437,593 | ||||||
Furniture, fixtures and equipment | 183,016 | 135,547 | ||||||
Construction in progress | 10,524 | 4,138 | ||||||
Investment in hotel properties | $ | 2,538,270 | $ | 1,849,939 | ||||
Less: Accumulated depreciation | (194,580 | ) | (132,328 | ) | ||||
Investment in hotel properties, net | $ | 2,343,690 | $ | 1,717,611 | ||||
Investment_in_Joint_Venture_Ta
Investment in Joint Venture (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, 2014, 2013 and 2012 are presented below (in thousands): | |||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 185,609 | $ | 172,968 | $ | 174,718 | ||||||
Total expenses | 169,683 | 161,145 | 158,394 | |||||||||
Net income (loss) | $ | 15,926 | $ | 11,823 | $ | 16,324 | ||||||
Company’s 49% interest of net income (loss) | 7,804 | 5,793 | 7,999 | |||||||||
Basis adjustment | (128 | ) | (559 | ) | (2,062 | ) | ||||||
Special loan interest income elimination | 2,389 | 2,389 | 33 | |||||||||
Equity in earnings (loss) in joint venture | $ | 10,065 | $ | 7,623 | $ | 5,970 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Summary of Debt | Debt as of December 31, 2014 and December 31, 2013 consisted of the following (dollars in thousands): | |||||||||||
Balance Outstanding as of | ||||||||||||
Interest Rate | Maturity Date | December 31, 2014 | December 31, 2013 | |||||||||
Senior unsecured revolving credit facility | Floating (1) | Jan-19 | $ | 50,000 | $ | — | ||||||
Term loan | Floating (2) | Jan-20 | 300,000 | 100,000 | ||||||||
Mortgage loans | ||||||||||||
The Nines, a Luxury Collection Hotel, Portland (3) | 7.39% | Mar-15 | 50,725 | — | ||||||||
InterContinental Buckhead Atlanta | 4.88% | Jan-16 | 49,320 | 50,192 | ||||||||
Skamania Lodge | 5.44% | Feb-16 | 29,308 | 29,811 | ||||||||
DoubleTree by Hilton Bethesda-Washington DC | 5.28% | Feb-16 | 34,575 | 35,102 | ||||||||
Embassy Suites San Diego Bay-Downtown | 6.28% | Jun-16 | 64,462 | 65,725 | ||||||||
Hotel Modera | 5.26% | Jul-16 | 23,225 | 23,597 | ||||||||
Monaco Washington DC | 4.36% | Feb-17 | 43,756 | 44,580 | ||||||||
Argonaut Hotel | 4.25% | Mar-17 | 44,006 | 45,138 | ||||||||
Sofitel Philadelphia | 3.90% | Jun-17 | 46,968 | 48,218 | ||||||||
Hotel Palomar San Francisco | 5.94% | Sep-17 | 26,461 | 26,802 | ||||||||
The Westin Gaslamp Quarter San Diego | 3.69% | Jan-20 | 77,155 | 79,194 | ||||||||
Mortgage loans at stated value | 489,961 | 448,359 | ||||||||||
Mortgage loan premiums (4) | 4,026 | 5,888 | ||||||||||
Total mortgage loans | $ | 493,987 | $ | 454,247 | ||||||||
Total debt | $ | 843,987 | $ | 554,247 | ||||||||
________________________ | ||||||||||||
(1) Borrowings bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options. | ||||||||||||
(2) Borrowings under our term loan facility bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. We entered into interest rate swaps to effectively fix the interest rate for the Term Loan. At December 31, 2014, the Company had interest rate swaps with an aggregate notional amount of $300.0 million, and, as a result, the Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.41% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2014. | ||||||||||||
(3) The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines, a Luxury Collection Hotel, Portland. The Company intends to repay these mortgage loans through borrowings on its credit facilities upon maturity. | ||||||||||||
(4) Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown, Hotel Modera and The Nines, a Luxury Collection Hotel, Portland. | ||||||||||||
Future Scheduled Debt Payments | Future scheduled debt principal payments for the Company's mortgage debt and the Term Loan as of December 31, 2014 are as follows (in thousands): | |||||||||||
2015 | $ | 60,211 | ||||||||||
2016 | 203,269 | |||||||||||
2017 | 155,908 | |||||||||||
2018 | 2,366 | |||||||||||
2019 | 2,456 | |||||||||||
Thereafter | 365,751 | |||||||||||
Total debt principal payments | 789,961 | |||||||||||
Premium on mortgage debt | 4,026 | |||||||||||
Total debt | $ | 793,987 | ||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Equity [Abstract] | |||||||||||
Dividends on common shares/units | The Company declared the following dividends on common shares/units for the year ended December 31, 2014: | ||||||||||
Dividend per | For the quarter | Record Date | Payable Date | ||||||||
Share/Unit | ended | ||||||||||
$ | 0.23 | March 31, 2014 | March 31, 2014 | April 15, 2014 | |||||||
$ | 0.23 | June 30, 2014 | June 30, 2014 | July 15, 2014 | |||||||
$ | 0.23 | September 30, 2014 | September 30, 2014 | October 15, 2014 | |||||||
$ | 0.23 | December 31, 2014 | December 31, 2014 | January 15, 2015 | |||||||
Dividends on preferred shares/units | The Company declared the following dividends on preferred shares for the year ended December 31, 2014: | ||||||||||
Security Type | Dividend per | For the quarter | Record Date | Payable Date | |||||||
Share/Unit | ended | ||||||||||
7.875% Series A | $ | 0.49 | March 31, 2014 | March 31, 2014 | 15-Apr-14 | ||||||
7.875% Series A | $ | 0.49 | June 30, 2014 | June 30, 2014 | July 15, 2014 | ||||||
7.875% Series A | $ | 0.49 | September 30, 2014 | September 30, 2014 | October 15, 2014 | ||||||
7.875% Series A | $ | 0.49 | December 31, 2014 | December 31, 2014 | 15-Jan-15 | ||||||
8.00% Series B | $ | 0.5 | March 31, 2014 | March 31, 2014 | 15-Apr-14 | ||||||
8.00% Series B | $ | 0.5 | June 30, 2014 | June 30, 2014 | July 15, 2014 | ||||||
8.00% Series B | $ | 0.5 | September 30, 2014 | September 30, 2014 | October 15, 2014 | ||||||
8.00% Series B | $ | 0.5 | December 31, 2014 | December 31, 2014 | January 15, 2015 | ||||||
6.50% Series C | $ | 0.41 | March 31, 2014 | March 31, 2014 | April 15, 2014 | ||||||
6.50% Series C | $ | 0.41 | June 30, 2014 | June 30, 2014 | 15-Jul-14 | ||||||
6.50% Series C | $ | 0.41 | September 30, 2014 | September 30, 2014 | 15-Oct-14 | ||||||
6.50% Series C | $ | 0.41 | December 31, 2014 | December 31, 2014 | 15-Jan-15 | ||||||
ShareBased_Compensation_Plan_T
Share-Based Compensation Plan (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Summary of service condition restricted share activity | The following table provides a summary of service condition restricted share activity as of December 31, 2014: | |||||||||||
Shares | Weighted-Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Unvested at January 1, 2012 | 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 | |||||||||
Granted | 44,322 | $ | 30.11 | |||||||||
Vested | (62,047 | ) | $ | 23.12 | ||||||||
Forfeited | (168 | ) | $ | 27.57 | ||||||||
Unvested at December 31, 2014 | 129,988 | $ | 27.17 | |||||||||
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 Return(1) | 30.00% | $0.70 | 33.00% | 0.34% | 2.20% | |||||||
Absolute Total Shareholder Return (1) | 30.00% | $0.60 | 33.00% | 0.34% | 2.20% | |||||||
EBITDA Comparison (2) | 40.00% | $0.70 | 33.00% | 0.34% | 2.20% | |||||||
30-Jan-13 | ||||||||||||
Relative Total Shareholder Return (1) | 30.00% | $0.70 | 31.00% | 0.41% | 2.20% | |||||||
Absolute Total Shareholder Return (1) | 30.00% | $0.50 | 31.00% | 0.41% | 2.20% | |||||||
EBITDA Comparison (2) | 40.00% | $0.70 | 31.00% | 0.41% | 2.20% | |||||||
13-Dec-13 | ||||||||||||
Relative Total Shareholder Return (1) | 50.00% | $4.70 | 29.00% | 0.34% - 2.25% | 2.40% | |||||||
Absolute Total Shareholder Return (1) | 50.00% | $2.90 | 29.00% | 0.34% - 2.25% | 2.40% | |||||||
4-Feb-14 | ||||||||||||
Relative Total Shareholder Return (1) | 30.00% | $0.70 | 29.00% | 0.62% | 2.40% | |||||||
Absolute Total Shareholder Return (1) | 30.00% | $0.50 | 29.00% | 0.62% | 2.40% | |||||||
EBITDA Comparison (2) | 40.00% | $0.80 | 29.00% | 0.62% | 2.40% | |||||||
(1) The Relative Total Shareholder Return and Absolute Total Shareholder Return components 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, 2014 | |||||||||||||||||||||
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, 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||
Common Shares: | |||||||||||||||||||||
Ordinary income | $ | 0.9108 | 100 | % | $ | 0.6 | 100 | % | $ | 0.4391 | 91.49 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0.0409 | 8.51 | % | ||||||||||||
Total | $ | 0.9108 | 100 | % | $ | 0.6 | 100 | % | $ | 0.48 | 100 | % | |||||||||
Series A Preferred Shares: | |||||||||||||||||||||
Ordinary income | $ | 2.3948 | 100 | % | $ | 2.0349 | 100 | % | $ | 1.7622 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 2.3948 | 100 | % | $ | 2.0349 | 100 | % | $ | 1.7622 | 100 | % | |||||||||
Series B Preferred Shares | |||||||||||||||||||||
Ordinary income | $ | 2.4328 | 100 | % | $ | 2.0672 | 100 | % | $ | 1.7902 | 100 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 2.4328 | 100 | % | $ | 2.0672 | 100 | % | $ | 1.7902 | 100 | % | |||||||||
Series C Preferred Shares | |||||||||||||||||||||
Ordinary income | $ | 1.9767 | 100 | % | $ | 0.989 | 100 | % | $ | 0 | 0 | % | |||||||||
Capital gain | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Return of capital | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | ||||||||||||
Total | $ | 1.9767 | 100 | % | $ | 0.989 | 100 | % | $ | 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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Federal | |||||||||||||||||||||
Current | $ | 2,121 | $ | 718 | $ | 1,048 | |||||||||||||||
Deferred | 317 | — | — | ||||||||||||||||||
State and local | |||||||||||||||||||||
Current | 555 | 313 | 412 | ||||||||||||||||||
Deferred | 25 | — | — | ||||||||||||||||||
Income tax expense (benefit) | $ | 3,018 | $ | 1,031 | $ | 1,460 | |||||||||||||||
Reconciliation of Statutory Federal Tax Expense to Companys 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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Statutory federal tax expense (benefit) | $ | 2,561 | $ | 718 | $ | 1,048 | |||||||||||||||
State income tax expense (benefit), net of federal tax (benefit) expense | 457 | 313 | 412 | ||||||||||||||||||
Income tax expense (benefit) | $ | 3,018 | $ | 1,031 | $ | 1,460 | |||||||||||||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 47,787 | $ | 19,965 | $ | 8,254 | ||||||
Less: dividends paid on unvested share-based compensation | (459 | ) | (328 | ) | (310 | ) | ||||||
Undistributed earnings attributable to share-based compensation | — | — | — | |||||||||
Net income (loss) available to common shareholders | $ | 47,328 | $ | 19,637 | $ | 7,944 | ||||||
Denominator: | ||||||||||||
Weighted-average number of common shares — basic | 65,646,712 | 61,498,389 | 55,806,543 | |||||||||
Effect of dilutive share-based compensation | 617,406 | 338,352 | 148,954 | |||||||||
Weighted-average number of common shares — diluted | 66,264,118 | 61,836,741 | 55,955,497 | |||||||||
Net income (loss) per share available to common shareholders — basic | $ | 0.72 | $ | 0.32 | $ | 0.14 | ||||||
Net income (loss) per share available to common shareholders — diluted | $ | 0.71 | $ | 0.32 | $ | 0.14 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies Minimum Rental Payments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2014 (in thousands): | ||||
2015 | $ | 7,019 | |||
2016 | 7,240 | ||||
2017 | 7,326 | ||||
2018 | 7,744 | ||||
2019 | 7,807 | ||||
Thereafter | 751,572 | ||||
Total | $ | 788,708 | |||
Supplemental_Information_to_St1
Supplemental Information to Statements of Cash Flows (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Summary of Supplemental Information to Statements of Cash Flows | ||||||||||||
For the year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Interest paid, net of capitalized interest | $ | 26,945 | $ | 23,528 | $ | 13,440 | ||||||
Interest capitalized | $ | — | $ | 206 | $ | 236 | ||||||
Income taxes paid | $ | 3,049 | $ | 1,572 | $ | 1,877 | ||||||
Non-Cash Investing and Financing Activities: | ||||||||||||
Distributions payable on common shares/units | $ | 17,743 | $ | 10,592 | $ | 7,461 | ||||||
Distributions payable on preferred shares | $ | 5,550 | $ | 5,203 | $ | 3,813 | ||||||
Issuance of common shares for Board of Trustees compensation | $ | 421 | $ | 207 | $ | 199 | ||||||
Mortgage loans assumed in connection with acquisition | $ | 50,725 | $ | 90,448 | $ | 27,175 | ||||||
Below (above) market rate contracts assumed in connection with acquisition | $ | 15,375 | $ | 2,826 | $ | (9,170 | ) | |||||
Capital lease obligation assumed in connection with acquisition | $ | 10,758 | $ | — | $ | — | ||||||
Deposit applied to purchase price of acquisition | $ | — | $ | 4,000 | $ | — | ||||||
Accrued additions and improvements to hotel properties | $ | 6,537 | $ | 603 | $ | 1,203 | ||||||
Write off of fully depreciated furniture, fixtures and equipment | $ | 4,446 | $ | — | $ | — | ||||||
Write off of deferred financing costs | $ | 2,258 | $ | — | $ | — | ||||||
Quarterly_Operating_Results_Ta
Quarterly Operating Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Total revenues | $ | 125,712 | $ | 147,454 | $ | 169,676 | $ | 155,934 | |||||||||
Net income (loss) | 4,121 | 22,893 | 30,439 | 16,090 | |||||||||||||
Net income (loss) attributable to the Company | 4,078 | 22,673 | 30,165 | 15,950 | |||||||||||||
Net income (loss) attributable to common shareholders | (2,003 | ) | 16,591 | 23,737 | 9,462 | ||||||||||||
Net income (loss) per share available to common shareholders, basic and diluted | $ | (0.03 | ) | $ | 0.26 | $ | 0.36 | $ | 0.13 | ||||||||
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 | ||||||||
Organization_Details
Organization (Details) | Dec. 31, 2014 | Jul. 29, 2011 |
GuestRooms | properties | |
properties | ||
Organization (Textual) [Abstract] | ||
Number of hotels owned by the company | 35 | |
Number of wholly owned real estate properties | 29 | |
Total number of guest rooms | 6,948 | |
Percentage of Operating Partnership units owned by company | 99.70% | |
Percentage of Operating Partnership units owned by other limited partners | 0.30% | |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $72,116 | $44,578 | $26,208 |
Accumulated other comprehensive income (loss) | ($341) | $1,086 | |
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, 2014 | Dec. 31, 2013 |
Business acquisition, unaudited proforma information | ||
Total revenues | $708,928 | $663,000 |
Operating income (loss) | 111,725 | 92,092 |
Net income (loss) attributable to common shareholders | $64,095 | $49,244 |
Net income (loss) per share attributable to common shareholders - basic | $0.97 | $0.75 |
Net income (loss) per share available to common shareholders — diluted | $0.96 | $0.74 |
Acquisition_of_Hotel_Propertie3
Acquisition of Hotel Properties (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 22-May-14 | Jul. 17, 2014 | Nov. 12, 2014 | Nov. 20, 2014 | Dec. 10, 2014 | Dec. 18, 2014 | |||
GuestRooms | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Guest Rooms | 6,948 | ||||||||||
Capital Leased Assets, Gross | $12,200,000 | $12,200,000 | |||||||||
Hotel acquisition costs | 1,973,000 | 3,376,000 | 2,234,000 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date | 34,300,000 | ||||||||||
Business Combination, Pro Forma Information, Hotel Operating Expenses of Acquiree Since Acquisition Date | 21,800,000 | ||||||||||
Loans Assumed | 50,725,000 | 90,448,000 | 27,175,000 | ||||||||
Mortgage loan premium | 4,026,000 | [1] | 5,888,000 | [1] | |||||||
The Prescott Hotel [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Guest Rooms | 160 | ||||||||||
Business Combination, Consideration Transferred | 49,000,000 | ||||||||||
Business Combination, Additional Consideration Transferred | 1,300,000 | ||||||||||
Number of Guest Rooms - Fee Simple | 96 | ||||||||||
Number of Guest Rooms - Leasehold Interest | 64 | ||||||||||
Lease Expiry Period | 2059 | ||||||||||
Ground Lease Extension Option | 30 years | ||||||||||
Base Rent | 500,000 | ||||||||||
Land | 12,600,000 | ||||||||||
Furniture, fixtures and equipment | 1,100,000 | ||||||||||
Buildings and improvements | 31,500,000 | ||||||||||
Capital Lease Obligation | 10,800,000 | ||||||||||
Below (Above) market rate contracts | 3,700,000 | ||||||||||
The Nines Hotel Portland [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Guest Rooms | 331 | ||||||||||
Proceeds from Unsecured Lines of Credit | 76,300,000 | ||||||||||
Business Combination, Consideration Transferred | 127,000,000 | ||||||||||
Land | 18,500,000 | ||||||||||
Furniture, fixtures and equipment | 8,800,000 | ||||||||||
Buildings and improvements | 92,300,000 | ||||||||||
Below (Above) market rate contracts | 7,100,000 | ||||||||||
Loans Assumed | 50,700,000 | ||||||||||
Mortgage loan premium | 900,000 | ||||||||||
The Nines Hotel Portland [Member] | Minimum [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Potential Indemnification Obligation | 0 | ||||||||||
The Nines Hotel Portland [Member] | Maximum [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Potential Indemnification Obligation | 28,300,000 | ||||||||||
Westin Colonnade Coral Gables [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Guest Rooms | 157 | ||||||||||
Business Combination, Consideration Transferred | 59,400,000 | ||||||||||
Land | 12,100,000 | ||||||||||
Furniture, fixtures and equipment | 1,300,000 | ||||||||||
Buildings and improvements | 46,300,000 | ||||||||||
Below (Above) market rate contracts | 300,000 | ||||||||||
Hotel Palomar LA-Westwood [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Guest Rooms | 264 | ||||||||||
Business Combination, Consideration Transferred | 78,700,000 | ||||||||||
Lease Expiry Period | 2107 | ||||||||||
Ground Lease Extension Option | 5 years | ||||||||||
Base Rent | 3,500,000 | ||||||||||
Furniture, fixtures and equipment | 1,500,000 | ||||||||||
Buildings and improvements | 90,700,000 | ||||||||||
Below (Above) market rate contracts | -13,500,000 | ||||||||||
Union Station Hotel Nashville [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Guest Rooms | 125 | ||||||||||
Business Combination, Consideration Transferred | 52,300,000 | ||||||||||
Lease Expiry Period | 2105 | ||||||||||
Furniture, fixtures and equipment | 6,800,000 | ||||||||||
Buildings and improvements | 37,800,000 | ||||||||||
Below (Above) market rate contracts | 7,500,000 | ||||||||||
Union Station Hotel Nashville [Member] | Minimum [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Base Rent | 100,000 | ||||||||||
Revere Hotel Boston [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number Of Guest Rooms | 356 | ||||||||||
Business Combination, Consideration Transferred | 260,400,000 | ||||||||||
Land | 41,900,000 | ||||||||||
Furniture, fixtures and equipment | 10,600,000 | ||||||||||
Buildings and improvements | $207,800,000 | ||||||||||
[1] | Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown, Hotel Modera and The Nines, a Luxury Collection Hotel, Portland. |
Investment_in_Hotel_Properties2
Investment in Hotel Properties (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate [Abstract] | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $200,000 | |
Investment in hotel properties | ||
Land | 357,680,000 | 272,661,000 |
Buildings and improvements | 1,987,050,000 | 1,437,593,000 |
Furniture, fixtures and equipment | 183,016,000 | 135,547,000 |
Construction in progress | 10,524,000 | 4,138,000 |
Investment in hotel properties | 2,538,270,000 | 1,849,939,000 |
Less: Accumulated depreciation | -194,580,000 | -132,328,000 |
Investment in hotel properties, net | $2,343,690,000 | $1,717,611,000 |
Investment_in_Joint_Venture_De
Investment in Joint Venture (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summarized results of operations of investment in the Manhattan Collection joint venture | |||
Equity in earnings (loss) in joint venture | $10,065 | $7,623 | $5,970 |
Manhattan Collection Joint Venture [Member] | |||
Summarized results of operations of investment in the Manhattan Collection joint venture | |||
Revenues | 185,609 | 172,968 | 174,718 |
Total expenses | 169,683 | 161,145 | 158,394 |
Net income (loss) | 15,926 | 11,823 | 16,324 |
Company's 49% interest of net income (loss) | 7,804 | 5,793 | 7,999 |
Basis adjustment | -128 | -559 | -2,062 |
Special loan interest income elimination | 2,389 | 2,389 | 33 |
Equity in earnings (loss) in joint venture | $10,065 | $7,623 | $5,970 |
Investment_in_Joint_Venture_De1
Investment in Joint Venture (Details Textual) (USD $) | 0 Months Ended | ||||
Dec. 28, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 29, 2011 | Dec. 27, 2012 | |
properties | |||||
Investment in Joint Venture (Textual) [Abstract] | |||||
Number of properties owned | 35 | ||||
Transaction Values Of Investment In Joint Venture | $908,000,000 | ||||
Debt Instrument, Face Amount | 489,961,000 | 448,359,000 | |||
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 | 6 | 6 | |||
Unsecured Special Loan | 50,000,000 | ||||
Unsecured Special Loan, Interest Rate | 9.75% | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
Total assets | 474,100,000 | ||||
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 | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Oct. 16, 2014 | Dec. 31, 2013 | ||
Mortgage Loans on Real Estate [Line Items] | |||||
Senior unsecured revolving credit facility | $50,000 | [1] | $0 | [1] | |
Term loan | 300,000 | [2] | 100,000 | 100,000 | [2] |
Mortgage debt | |||||
Mortgage debt | 493,987 | 454,247 | |||
Debt Instrument, Face Amount | 489,961 | 448,359 | |||
Mortgage loan premium | 4,026 | [3] | 5,888 | [3] | |
Total debt | 843,987 | 554,247 | |||
The Nines Hotel Portland [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 7.39% | ||||
Debt Instrument, Maturity Date | 1-Mar-15 | ||||
Mortgage debt | 50,725 | [4] | 0 | [4] | |
Inter Continental Buckhead Hotel [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 4.88% | ||||
Debt Instrument, Maturity Date | 1-Jan-16 | ||||
Mortgage debt | 49,320 | 50,192 | |||
Skamania Lodge [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 5.44% | ||||
Debt Instrument, Maturity Date | 1-Feb-16 | ||||
Mortgage debt | 29,308 | 29,811 | |||
Double Tree By Hilton Bethesda Washington Dc [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 5.28% | ||||
Debt Instrument, Maturity Date | 1-Feb-16 | ||||
Mortgage debt | 34,575 | 35,102 | |||
Embassy Suites San Diego [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 6.28% | ||||
Debt Instrument, Maturity Date | 1-Jun-16 | ||||
Mortgage debt | 64,462 | 65,725 | |||
Hotel Modera [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 5.26% | ||||
Debt Instrument, Maturity Date | 1-Jul-16 | ||||
Mortgage debt | 23,225 | 23,597 | |||
Monaco Washington D C [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 4.36% | ||||
Debt Instrument, Maturity Date | 1-Feb-17 | ||||
Mortgage debt | 43,756 | 44,580 | |||
Argonaut Hotel [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 4.25% | ||||
Debt Instrument, Maturity Date | 1-Mar-17 | ||||
Mortgage debt | 44,006 | 45,138 | |||
Sofitel Philadelphia [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 3.90% | ||||
Debt Instrument, Maturity Date | 1-Jun-17 | ||||
Mortgage debt | 46,968 | 48,218 | |||
Hotel Palomar San Francisco [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 5.94% | ||||
Debt Instrument, Maturity Date | 1-Sep-17 | ||||
Mortgage debt | 26,461 | 26,802 | |||
Westin Gaslamp Quarter [Member] | First Mortgage [Member] | |||||
Mortgage debt | |||||
Interest Rate | 3.69% | ||||
Debt Instrument, Maturity Date | 1-Jan-20 | ||||
Mortgage debt | $77,155 | $79,194 | |||
Revolving facility [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Line of Credit Facility, Expiration Date | 13-Jan-19 | ||||
Term Loan [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Line of Credit Facility, Expiration Date | 15-Jan-20 | ||||
[1] | Borrowings bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options. | ||||
[2] | Borrowings under our term loan facility bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. We entered into interest rate swaps to effectively fix the interest rate for the Term Loan. At December 31, 2014, the Company had interest rate swaps with an aggregate notional amount of $300.0 million, and, as a result, the Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.41% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2014. | ||||
[3] | Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown, Hotel Modera and The Nines, a Luxury Collection Hotel, Portland. | ||||
[4] | The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines, a Luxury Collection Hotel, Portland. The Company intends to repay these mortgage loans through borrowings on its credit facilities upon maturity. |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 17, 2014 | Oct. 16, 2014 | Dec. 17, 2014 | Oct. 24, 2014 | Aug. 13, 2012 | |||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $1,000,000,000 | |||||||||
Outstanding borrowings under the credit facility | 50,000,000 | [1] | 0 | [1] | ||||||
Unused commitment fees | 700,000 | 700,000 | 900,000 | |||||||
Term loan | 300,000,000 | [2] | 100,000,000 | [2] | 100,000,000 | |||||
Derivative Asset, Fair Value | 700,000 | |||||||||
Derivative Liability | 1,000,000 | |||||||||
Unrealized gain (loss) on derivative instruments | -1,427,000 | 1,386,000 | -300,000 | |||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 600,000 | 500,000 | ||||||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 3,000,000 | |||||||||
Estimated fair value of debt | 503,900,000 | 460,900,000 | ||||||||
Loans Assumed | 50,725,000 | 90,448,000 | 27,175,000 | |||||||
Debt Instrument, Unamortized Premium | 4,026,000 | [3] | 5,888,000 | [3] | ||||||
credit facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 600,000,000 | |||||||||
Revolving facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility maturity extension option | Jan-20 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | |||||||||
Revolving facility [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility borrowings LIBOR rate plus | 1.55% | |||||||||
Annual rate of unused commitment fee | 0.20% | |||||||||
Revolving facility [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility borrowings LIBOR rate plus | 2.30% | |||||||||
Annual rate of unused commitment fee | 0.30% | |||||||||
Term Loan [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Senior unsecured revolving credit facility | 300,000,000 | |||||||||
Credit facility maturity date | 15-Jan-20 | |||||||||
UnsecuredDebtAdditionalBorrowings | 200,000,000 | |||||||||
Term Loan [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility borrowings LIBOR rate plus | 1.50% | |||||||||
Term Loan [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility borrowings LIBOR rate plus | 2.25% | |||||||||
Term Loan Through July 12, 2017 [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.83% | |||||||||
Term Loan July 13, 2017 through January 15, 2020 [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.41% | |||||||||
Revolving facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility maturity date | 13-Jan-19 | |||||||||
Term Loan [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Senior unsecured revolving credit facility | 300,000,000 | |||||||||
Credit facility maturity date | 15-Jan-20 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Unrealized gain (loss) on derivative instruments | -1,427,000 | 1,386,000 | -300,000 | |||||||
The Nines Hotel Portland [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.39% | |||||||||
Loans Assumed | 50,700,000 | |||||||||
Debt Instrument, Unamortized Premium | 900,000 | |||||||||
First Mortgage [Member] | The Nines Hotel Portland [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.39% | |||||||||
Interest Rate Swap [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $300,000,000 | $100,000,000 | ||||||||
[1] | Borrowings bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options. | |||||||||
[2] | Borrowings under our term loan facility bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. We entered into interest rate swaps to effectively fix the interest rate for the Term Loan. At December 31, 2014, the Company had interest rate swaps with an aggregate notional amount of $300.0 million, and, as a result, the Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.41% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2014. | |||||||||
[3] | Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown, Hotel Modera and The Nines, a Luxury Collection Hotel, Portland. |
Debt_Debt_Five_Year_Maturity_S
Debt Debt Five Year Maturity Schedule (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Disclosure [Abstract] | ||||
2015 | $60,211 | |||
2016 | 203,269 | |||
2017 | 155,908 | |||
2018 | 2,366 | |||
2019 | 2,456 | |||
Thereafter | 365,751 | |||
Total debt principal payments | 789,961 | |||
Mortgage loan premium | 4,026 | [1] | 5,888 | [1] |
Total Debt | $793,987 | |||
[1] | Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown, Hotel Modera and The Nines, a Luxury Collection Hotel, Portland. |
Equity_Details
Equity (Details) (Common Shares [Member], USD $) | 3 Months Ended | |||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Common Shares [Member] | ||||
Dividends on common shares/units | ||||
Dividend per Share/Unit | $0.23 | $0.23 | $0.23 | $0.23 |
Record Date | 31-Dec-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 |
Payable Date | 15-Jan-15 | 15-Oct-14 | 15-Jul-14 | 15-Apr-14 |
Equity_Details_1
Equity (Details 1) (USD $) | 3 Months Ended | |||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
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-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 |
Payable Date | 15-Jan-15 | 15-Oct-14 | 15-Jul-14 | 15-Apr-14 |
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-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 |
Payable Date | 15-Jan-15 | 15-Oct-14 | 15-Jul-14 | 15-Apr-14 |
6.50% Series C [Member] | ||||
Dividends on preferred shares/units | ||||
Dividend per Share/Unit | $0.41 | $0.41 | $0.41 | $0.41 |
Record Date | 31-Dec-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 |
Payable Date | 15-Jan-15 | 15-Oct-14 | 15-Jul-14 | 15-Apr-14 |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Oct. 30, 2014 | Sep. 09, 2014 | |
Common Stock Disclosures [Abstract] | |||||||
Common shares of beneficial interest, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Common shares of beneficial interest, par value | $0.01 | $0.01 | $0.01 | ||||
Stock Issued During Period, Value, New Issues | $316,910,000 | $175,575,000 | $214,871,000 | ||||
Proceeds from Issuance of Common Stock | 293,211,000 | 79,362,000 | 221,579,000 | ||||
Preferred Stock Disclosures [Abstract] | |||||||
Preferred shares of beneficial interest, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Preferred shares of beneficial interest, par value | $0.01 | $0.01 | $0.01 | ||||
Preferred Stock, Shares Issued | 14,000,000 | 14,000,000 | 13,000,000 | ||||
Preferred Stock, Value, Issued | 140,000 | 140,000 | 130,000 | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 25,000,000 | 100,000,000 | 0 | ||||
Preferred Stock, Shares Outstanding | 14,000,000 | 14,000,000 | 13,000,000 | ||||
Preferred shares of beneficial interest, redemption price per share | $25 | $25 | |||||
LTIP Units Disclosures [Abstract] | |||||||
Operating Partnership outstanding | 236,351 | 236,351 | 607,991 | ||||
LTIP units, vested | 0 | 0 | |||||
Long Term Incentive Partnership Units Converted To Common Units | 258,101 | 0 | 444,535 | ||||
Long Term Incentive Partnership Units Converted to Cash | 113,539 | ||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 5,200,000 | 5,231,000 | 0 | 2,342,000 | |||
6.50% Series C [Member] | |||||||
Preferred Stock Disclosures [Abstract] | |||||||
Preferred Stock, Shares Issued | 1,000,000 | ||||||
Preferred Stock, Value, Issued | 25 | 25 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 24,500,000 | ||||||
Preferred Stock, Shares Outstanding | 5,000,000 | 5,000,000 | 4,000,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.50% | ||||||
Share cap on each preferred shares | 2.0325 | ||||||
7.875% Series A [Member] | |||||||
Preferred Stock Disclosures [Abstract] | |||||||
Preferred Stock, Shares Outstanding | 5,600,000 | 5,600,000 | 5,600,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 7.88% | ||||||
Share cap on each preferred shares | 2.3234 | ||||||
8.00% Series B [Member] | |||||||
Preferred Stock Disclosures [Abstract] | |||||||
Preferred Stock, Shares Outstanding | 3,400,000 | 3,400,000 | 3,400,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||
Share cap on each preferred shares | 3.4483 | ||||||
Sept 9 common offering [Member] | |||||||
Common Stock Disclosures [Abstract] | |||||||
Stock Issued During Period, Shares, New Issues | 3,680,000 | ||||||
Stock Issued During Period, Value, New Issues | 38.15 | ||||||
Proceeds from Issuance of Common Stock | 131,600,000 | ||||||
ATMProgram [Member] | |||||||
Common Stock Disclosures [Abstract] | |||||||
Stock Issued During Period, Shares, New Issues | 400,000 | ||||||
Stock Issued During Period, Value, New Issues | 38.09 | ||||||
Mar 2014 Shelf Registration Stmt Maximum Amount | 175,000,000 | 175,000,000 | |||||
Proceeds from Issuance of Common Stock | 15,000,000 | ||||||
Sept 2012 Shelf Registration Stmt Maximum Amount | 170,000,000 | 170,000,000 | |||||
Amount Available under ATM Program | 159,800,000 | 159,800,000 | |||||
Oct 30 common offering [Member] | |||||||
Common Stock Disclosures [Abstract] | |||||||
Stock Issued During Period, Shares, New Issues | 3,450,000 | ||||||
Stock Issued During Period, Value, New Issues | 39.77 | ||||||
Proceeds from Issuance of Common Stock | 146,400,000 |
ShareBased_Compensation_Plan_D
Share-Based Compensation Plan (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 08, 2012 | Jan. 30, 2013 | Dec. 13, 2013 | Feb. 04, 2014 | ||||
Restricted Stock [Member] | |||||||||||
Summary of restricted share activity | |||||||||||
Unvested shares, Beginning balance | 147,881 | 128,622 | 128,664 | ||||||||
Unvested weighted average grant date fair value, beginning balance | $24.59 | $22.19 | $21.59 | ||||||||
Unvested shares, Granted | 44,322 | 84,451 | 52,545 | ||||||||
Granted, weighted average grant date fair value | $30.11 | $26.07 | $23.15 | ||||||||
Vested, shares | -62,047 | -65,192 | -52,587 | ||||||||
Vested, weighted average grant date fair value | $23.12 | $21.96 | $21.43 | ||||||||
Forfeited, shares | -168 | 0 | 0 | ||||||||
Forfeited, weighted average grant date fair value | $27.57 | $0 | $0 | ||||||||
Unvested shares, Ending balance | 129,988 | 147,881 | 128,622 | ||||||||
Unvested weighted average grant date fair value, ending balance | $27.17 | $24.59 | $22.19 | ||||||||
February 2012 [Member] | Performance Shares [Member] | |||||||||||
Summary of restricted share activity | |||||||||||
Unvested shares, Granted | 72,056 | ||||||||||
February 2012 [Member] | Relative TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 30.00% | [1] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 0.7 | [1] | |||||||||
Volatility | 33.00% | [1] | |||||||||
Interest Rate | 0.34% | [1] | |||||||||
Dividend Yield | 2.20% | [1] | |||||||||
February 2012 [Member] | Absolute TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 30.00% | [1] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 0.6 | [1] | |||||||||
Volatility | 33.00% | [1] | |||||||||
Interest Rate | 0.34% | [1] | |||||||||
Dividend Yield | 2.20% | [1] | |||||||||
February 2012 [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 40.00% | [2] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 0.7 | [2] | |||||||||
Volatility | 33.00% | [2] | |||||||||
Interest Rate | 0.34% | [2] | |||||||||
Dividend Yield | 2.20% | [2] | |||||||||
January 2013 [Member] | Performance Shares [Member] | |||||||||||
Summary of restricted share activity | |||||||||||
Unvested shares, Granted | 72,118 | ||||||||||
January 2013 [Member] | Relative TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 30.00% | [1] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 0.7 | [1] | |||||||||
Volatility | 31.00% | [1] | |||||||||
Interest Rate | 0.41% | [1] | |||||||||
Dividend Yield | 2.20% | [1] | |||||||||
January 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 30.00% | [1] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 0.5 | [1] | |||||||||
Volatility | 31.00% | [1] | |||||||||
Interest Rate | 0.41% | [1] | |||||||||
Dividend Yield | 2.20% | [1] | |||||||||
January 2013 [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 40.00% | [2] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 0.7 | [2] | |||||||||
Volatility | 31.00% | [2] | |||||||||
Interest Rate | 0.41% | [2] | |||||||||
Dividend Yield | 2.20% | [2] | |||||||||
December 2013 [Member] | Performance Shares [Member] | |||||||||||
Summary of restricted share activity | |||||||||||
Unvested shares, Granted | 252,088 | ||||||||||
December 2013 [Member] | Relative TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 50.00% | [1] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 4.7 | [1] | |||||||||
Volatility | 29.00% | [1] | |||||||||
Dividend Yield | 2.40% | [1] | |||||||||
December 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 50.00% | [1] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 2.9 | [1] | |||||||||
Volatility | 29.00% | [1] | |||||||||
Dividend Yield | 2.40% | [1] | |||||||||
February 2014 [Member] | Performance Shares [Member] | |||||||||||
Summary of restricted share activity | |||||||||||
Unvested shares, Granted | 66,483 | ||||||||||
February 2014 [Member] | Relative TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 30.00% | [1] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 0.7 | [1] | |||||||||
Volatility | 29.00% | [1] | |||||||||
Interest Rate | 0.62% | [1] | |||||||||
Dividend Yield | 2.40% | [1] | |||||||||
February 2014 [Member] | Absolute TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 30.00% | [1] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 0.5 | [1] | |||||||||
Volatility | 29.00% | [1] | |||||||||
Interest Rate | 0.62% | [1] | |||||||||
Dividend Yield | 2.40% | [1] | |||||||||
February 2014 [Member] | EBITDA Comparison [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Percentage of Total Award | 40.00% | [2] | |||||||||
Grant Date Fair Value by Component ($ in millions) | 0.8 | [2] | |||||||||
Volatility | 29.00% | [2] | |||||||||
Interest Rate | 0.62% | [2] | |||||||||
Dividend Yield | 2.40% | [2] | |||||||||
Minimum [Member] | December 2013 [Member] | Relative TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Interest Rate | 0.34% | ||||||||||
Minimum [Member] | December 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Interest Rate | 0.34% | ||||||||||
Maximum [Member] | December 2013 [Member] | Relative TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Interest Rate | 2.25% | ||||||||||
Maximum [Member] | December 2013 [Member] | Absolute TSR [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||
Interest Rate | 2.25% | ||||||||||
[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 | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2013 | Feb. 08, 2012 | Jan. 30, 2013 | Feb. 04, 2014 |
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Share-based award vesting period | 6 years | |||||||
Number of common shares available for issuance under the 2009 Equity Incentive Plan | 940,270 | 940,270 | ||||||
Operating Partnership outstanding | 236,351 | 236,351 | 607,991 | |||||
Long Term Incentive Partnership Units Converted To Common Units | 258,101 | 0 | 444,535 | |||||
Long Term Incentive Partnership Units Converted to Cash | 113,539 | |||||||
LTIP units, vested | 0 | 0 | ||||||
Long Term Incentive Partnership Units Vested Prior to Redemption | 371,640 | 371,640 | ||||||
Restricted Stock [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Allocated Share-based Compensation Expense | 1.4 | 1.5 | 1.5 | |||||
Total unrecognized compensation cost | 2.1 | 2.1 | ||||||
Weighted average remaining vesting period (in years) | 2 years 8 months 0 days | |||||||
Share-based equity award grant | 44,322 | 84,451 | 52,545 | |||||
Restricted Stock [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Share-based award vesting period | 3 years | |||||||
Restricted Stock [Member] | Maximum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Share-based award vesting period | 5 years | |||||||
Performance Shares [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Allocated Share-based Compensation Expense | 7.7 | 2.1 | 1.1 | |||||
Total unrecognized compensation cost | 11.8 | 11.8 | ||||||
Weighted average remaining vesting period (in years) | 2 years 5 months 0 days | |||||||
LongTermIncentivePartnershipUnitsClassA [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Value of LTIP grants per share | 8.5 | 8.5 | ||||||
LongtermincentivepartnershipunitsclassB [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Value of LTIP grants per share | $29.19 | |||||||
LTIP Units Granted | 226,882 | |||||||
Grant date fair value of performance-based equity awards | 6.6 | |||||||
Long Term Incentive Partnership Units [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Allocated Share-based Compensation Expense | 2.6 | 1.6 | 1.6 | |||||
Total unrecognized compensation cost | 5.5 | 5.5 | ||||||
Weighted average remaining vesting period (in years) | 2 years 6 months 0 days | |||||||
February 2012 [Member] | Performance Shares [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Share-based equity award grant | 72,056 | |||||||
Shares Expected to Vest Not Subject to Maximum | 12,048 | |||||||
February 2012 [Member] | Performance Shares [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 0.00% | |||||||
February 2012 [Member] | Performance Shares [Member] | Maximum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 200.00% | |||||||
January 2013 [Member] | Performance Shares [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Share-based equity award grant | 72,118 | |||||||
Shares Expected to Vest Not Subject to Maximum | 11,753 | |||||||
January 2013 [Member] | Performance Shares [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 0.00% | |||||||
January 2013 [Member] | Performance Shares [Member] | Maximum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 200.00% | |||||||
December 2013 [Member] | Performance Shares [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Share-based equity award grant | 252,088 | |||||||
December 2013 [Member] | Performance Shares [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 0.00% | |||||||
December 2013 [Member] | Performance Shares [Member] | Maximum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 200.00% | |||||||
February 2014 [Member] | Performance Shares [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Share-based equity award grant | 66,483 | |||||||
Shares Expected to Vest Not Subject to Maximum | 12,261 | |||||||
February 2014 [Member] | Performance Shares [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 0.00% | |||||||
February 2014 [Member] | Performance Shares [Member] | Maximum [Member] | ||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||
Estimated Shares Expected to Vest Minimum and Maximum | 200.00% |
Income_Taxes_Distributions_pai
Income Taxes Distributions paid (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Shares [Member] | |||
Class of Stock [Line Items] | |||
Ordinary Income Per Share | $0.91 | $0.60 | $0.44 |
Percentage of Ordinary Income | 100.00% | 100.00% | 91.49% |
Capital Gain Per Share | $0 | $0 | $0 |
Percentage of Capital Gain | 0.00% | 0.00% | 0.00% |
Return of Capital Per Share | $0 | $0 | $0.04 |
Percentage of Return of Capital | 0.00% | 0.00% | 8.51% |
Distributions Paid Per Share on a Tax Basis | $0.91 | $0.60 | $0.48 |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Ordinary Income Per Share | $2.39 | $2.03 | $1.76 |
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 | $2.39 | $2.03 | $1.76 |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
Series B Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Ordinary Income Per Share | $2.43 | $2.07 | $1.79 |
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 | $2.43 | $2.07 | $1.79 |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 100.00% |
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Ordinary Income Per Share | $1.98 | $0.99 | $0 |
Percentage of Ordinary Income | 100.00% | 100.00% | 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 | $1.98 | $0.99 | $0 |
Percentage of Distributions Paid Per Share on a Tax Basis | 100.00% | 100.00% | 0.00% |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Income Tax [Line Items] | |||
Income tax (expense) benefit | $3,251 | $1,226 | $1,866 |
Estimated combined federal and state statutory tax rate | 37.50% | ||
Operating Partnership [Member] | |||
Schedule of Income Tax [Line Items] | |||
Income tax (expense) benefit | $200 | $200 | $400 |
Series A Preferred Stock [Member] | |||
Schedule of Income Tax [Line Items] | |||
Prior year distributions carryforward as current year distribution | $0.43 | ||
Series B Preferred Stock [Member] | |||
Schedule of Income Tax [Line Items] | |||
Prior year distributions carryforward as current year distribution | $0.43 | ||
Series C Preferred Stock [Member] | |||
Schedule of Income Tax [Line Items] | |||
Prior year distributions carryforward as current year distribution | $0.35 | ||
Common Shares [Member] | |||
Schedule of Income Tax [Line Items] | |||
Current year distributions carryforward to next year distributions | $0.17 |
Income_Taxes_Components_of_Inc
Income Taxes Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
State and local | |||
Income tax expense (benefit) | $3,251 | $1,226 | $1,866 |
PHL [Member] | |||
Federal | |||
Current | 2,121 | 718 | 1,048 |
Deferred | 317 | 0 | 0 |
State and local | |||
Current | 555 | 313 | 412 |
Deferred | 25 | 0 | 0 |
Income tax expense (benefit) | $3,018 | $1,031 | $1,460 |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of the Statutory Federal Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Share On a Tax Basis[Line Items] | |||
Income Tax Expense (Benefit) | $3,251 | $1,226 | $1,866 |
PHL [Member] | |||
Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Share On a Tax Basis[Line Items] | |||
Statutory federal tax expense (benefit) | 2,561 | 718 | 1,048 |
State income tax expense (benefit), net of federal tax (benefit) expense | 457 | 313 | 412 |
Income Tax Expense (Benefit) | $3,018 | $1,031 | $1,460 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income (loss) attributable to common shareholders | $9,462 | $23,737 | $16,591 | ($2,003) | $4,836 | $11,315 | $8,730 | ($4,916) | $47,787 | $19,965 | $8,254 |
Less: dividends paid on unvested share-based compensation | -459 | -328 | -310 | ||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 0 | 0 | 0 | ||||||||
Net income (loss) available to common shareholders | $47,328 | $19,637 | $7,944 | ||||||||
Denominator: | |||||||||||
Weighted-average number of common shares-basic | 65,646,712 | 61,498,389 | 55,806,543 | ||||||||
Effect of dilutive share-based compensation | 617,406 | 338,352 | 148,954 | ||||||||
Weighted-average number of common shares-diluted | 66,264,118 | 61,836,741 | 55,955,497 | ||||||||
Net income (loss) per share available to common shareholders, basic | $0.72 | $0.32 | $0.14 | ||||||||
Net income (loss) per share available to common shareholders, diluted | $0.71 | $0.32 | $0.14 |
Commitments_and_Contingencies_1
Commitments and Contingencies Details (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $7,019 |
2016 | 7,240 |
2017 | 7,326 |
2018 | 7,744 |
2019 | 7,807 |
Thereafter | 751,572 |
Total | $788,708 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 22-May-14 | Nov. 20, 2014 | Dec. 10, 2014 | |
GuestRooms | extension_option | |||||
GuestRooms | ||||||
Management Agreements [Line Items] | ||||||
Combined base and incentive management fees | $19,300,000 | $15,800,000 | $11,500,000 | |||
Commitments and Contingencies (Textual) [Abstract] | ||||||
Reserve funds allowed for hotel maintenance from hotel revenue | 4.00% | |||||
Restricted cash | 16,383,000 | 16,482,000 | ||||
Number Of Guest Rooms | 6,948 | |||||
Operating Leases, Rent Expense | 8,900,000 | 7,600,000 | 2,600,000 | |||
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 | 1.50% | |||||
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 | 1,300,000 | |||||
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% | |||||
Ground lease percentage rent on hotel revenues b | 6.00% | |||||
Ground lease percentage rent on retail and parking revenues | 7.50% | |||||
The Prescott Hotel [Member] | ||||||
Commitments and Contingencies (Textual) [Abstract] | ||||||
Ground lease expiry period | 2059 | |||||
Base rent | 500,000 | |||||
Number of Guest Rooms - Leasehold Interest | 64 | |||||
Number Of Guest Rooms | 160 | |||||
Ground Lease Extension Option | 30 years | |||||
Radisson Hotel Fisherman's Wharf [Member] | Primary lease [Member] | ||||||
Commitments and Contingencies (Textual) [Abstract] | ||||||
Ground lease expiry period | 2062 | |||||
Radisson Hotel Fisherman's Wharf [Member] | Secondary lease [Member] | ||||||
Commitments and Contingencies (Textual) [Abstract] | ||||||
Ground lease expiry period | Apr-16 | |||||
Hotel Palomar LA-Westwood [Member] | ||||||
Commitments and Contingencies (Textual) [Abstract] | ||||||
Ground lease expiry period | 2107 | |||||
Base rent | 3,500,000 | |||||
Number of Extension Options | 19 | |||||
Number Of Guest Rooms | 264 | |||||
Ground Lease Extension Option | 5 years | |||||
Union Station Hotel Nashville [Member] | ||||||
Commitments and Contingencies (Textual) [Abstract] | ||||||
Ground lease expiry period | 2105 | |||||
Number Of Guest Rooms | 125 | |||||
Union Station Hotel Nashville [Member] | Minimum [Member] | ||||||
Commitments and Contingencies (Textual) [Abstract] | ||||||
Base rent | 100,000 |
Supplemental_Information_to_St2
Supplemental Information to Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Dividends Payable [Line Items] | |||
Interest Paid, Net of Capitalized Interest | $26,945 | $23,528 | $13,440 |
Interest Paid, Capitalized | 0 | 206 | 236 |
Income Taxes Paid | 3,049 | 1,572 | 1,877 |
Distributions payable on shares/units | 23,293 | 15,795 | |
Issuance of common shares for board of trustees compensation | 421 | 207 | 199 |
Mortgage loan assumed in connection with acquisition | 50,725 | 90,448 | 27,175 |
Below (above) market rate contracts assumed in connection with acquisition | 15,375 | 2,826 | -9,170 |
NonCash Acquisition, Capital Lease Obligation | 10,758 | 0 | 0 |
Deposit Applied To Purchase Price Of Acquisition | 0 | 4,000 | 0 |
Accrued additions and improvements to hotel properties | 6,537 | 603 | 1,203 |
WriteOffFullyDepreciatedFurnitureFixtureandEquipment | 4,446 | 0 | 0 |
Write off of Deferred Debt Issuance Cost | 2,258 | 0 | 0 |
Long Term Incentive Partnership Units Converted To Common Units | 258,101 | 0 | 444,535 |
Common Shares [Member] | |||
Dividends Payable [Line Items] | |||
Distributions payable on shares/units | 17,743 | 10,592 | 7,461 |
Preferred Shares [Member] | |||
Dividends Payable [Line Items] | |||
Distributions payable on shares/units | $5,550 | $5,203 | $3,813 |
Subsequent_Events_Details
Subsequent Events (Details) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 11, 2015 | |
Subsequent Event [Line Items] | ||||
Share-based award vesting period | 6 years | |||
Restricted Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based equity award grant | 44,322 | 84,451 | 52,545 | |
Restricted Stock [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based equity award grant | 40,507 | |||
Performance Shares [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based equity award grant | 44,962 | |||
Minimum [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based award vesting period | 3 years 0 months 0 days | |||
Minimum [Member] | Restricted Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based award vesting period | 3 years | |||
Maximum [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based award vesting period | 5 years 0 months 0 days | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based award vesting period | 5 years |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue from Hotels | $155,934 | $169,676 | $147,454 | $125,712 | $126,768 | $131,234 | $126,301 | $104,914 | $598,776 | $489,217 | $380,688 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 16,090 | 30,439 | 22,893 | 4,121 | 10,980 | 17,527 | 14,931 | -246 | 73,543 | 43,192 | 26,508 |
Net Income (Loss) Attributable to Parent | 15,950 | 30,165 | 22,673 | 4,078 | 10,917 | 17,415 | 14,834 | -248 | 72,866 | 42,918 | 26,079 |
Net income (loss) attributable to common shareholders | $9,462 | $23,737 | $16,591 | ($2,003) | $4,836 | $11,315 | $8,730 | ($4,916) | $47,787 | $19,965 | $8,254 |
Earnings Per Share, Basic and Diluted | $0.13 | $0.36 | $0.26 | ($0.03) | $0.08 | $0.18 | $0.14 | ($0.08) |
Schedule_III_Real_Estate_and_A1
Schedule III Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $489,961 | |||||
Initial Cost of Land | 357,680 | |||||
Initial Cost of Buildings and Improvements | 1,876,649 | |||||
Initial Cost of Furniture Fixtures and Equipment | 116,508 | |||||
Costs Capitalized Subsequent to Acquisition | 187,433 | [1] | ||||
Gross Amount of Land | 357,680 | |||||
Gross Amount of Buildings and Improvements | 1,992,107 | |||||
Gross Amount of Furniture Fixtures and Equipment | 188,483 | |||||
Gross Total | 2,538,270 | 1,849,939 | 1,495,167 | 1,163,552 | ||
Accumulated Depreciation | 194,580 | 132,328 | 77,938 | 36,068 | ||
Net Book Value | 2,343,690 | |||||
Mortgage loan premium | 4,026 | [2] | 5,888 | [2] | ||
Double Tree By Hilton Bethesda Washington Dc [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,575 | |||||
Initial Cost of Land | 10,065 | |||||
Initial Cost of Buildings and Improvements | 53,000 | |||||
Initial Cost of Furniture Fixtures and Equipment | 4,035 | |||||
Costs Capitalized Subsequent to Acquisition | 7,579 | [1] | ||||
Gross Amount of Land | 10,065 | |||||
Gross Amount of Buildings and Improvements | 57,466 | |||||
Gross Amount of Furniture Fixtures and Equipment | 7,148 | |||||
Gross Total | 74,679 | |||||
Accumulated Depreciation | 10,943 | |||||
Net Book Value | 63,736 | |||||
Year of Original Construction | 1971 | |||||
Date of Acquisition | 4-Jun-10 | |||||
Sir Francis Drake Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 22,500 | |||||
Initial Cost of Buildings and Improvements | 60,547 | |||||
Initial Cost of Furniture Fixtures and Equipment | 6,953 | |||||
Costs Capitalized Subsequent to Acquisition | 17,223 | [1] | ||||
Gross Amount of Land | 22,500 | |||||
Gross Amount of Buildings and Improvements | 70,974 | |||||
Gross Amount of Furniture Fixtures and Equipment | 13,749 | |||||
Gross Total | 107,223 | |||||
Accumulated Depreciation | 16,124 | |||||
Net Book Value | 91,099 | |||||
Year of Original Construction | 1928 | |||||
Date of Acquisition | 22-Jun-10 | |||||
Inter Continental Buckhead Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 49,320 | |||||
Initial Cost of Land | 25,000 | |||||
Initial Cost of Buildings and Improvements | 68,844 | |||||
Initial Cost of Furniture Fixtures and Equipment | 11,000 | |||||
Costs Capitalized Subsequent to Acquisition | 9,739 | [1] | ||||
Gross Amount of Land | 25,000 | |||||
Gross Amount of Buildings and Improvements | 72,826 | |||||
Gross Amount of Furniture Fixtures and Equipment | 16,757 | |||||
Gross Total | 114,583 | |||||
Accumulated Depreciation | 17,947 | |||||
Net Book Value | 96,636 | |||||
Year of Original Construction | 2004 | |||||
Date of Acquisition | 1-Jul-10 | |||||
Monaco Washington D C [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 43,756 | |||||
Initial Cost of Land | 0 | |||||
Initial Cost of Buildings and Improvements | 60,630 | |||||
Initial Cost of Furniture Fixtures and Equipment | 2,441 | |||||
Costs Capitalized Subsequent to Acquisition | 5,690 | [1] | ||||
Gross Amount of Land | 0 | |||||
Gross Amount of Buildings and Improvements | 64,545 | |||||
Gross Amount of Furniture Fixtures and Equipment | 4,216 | |||||
Gross Total | 68,761 | |||||
Accumulated Depreciation | 9,089 | |||||
Net Book Value | 59,672 | |||||
Year of Original Construction | 1839 | |||||
Date of Acquisition | 9-Sep-10 | |||||
The Grand Hotel Minneapolis [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 4,950 | |||||
Initial Cost of Buildings and Improvements | 26,616 | |||||
Initial Cost of Furniture Fixtures and Equipment | 300 | |||||
Costs Capitalized Subsequent to Acquisition | 9,353 | [1] | ||||
Gross Amount of Land | 4,950 | |||||
Gross Amount of Buildings and Improvements | 32,718 | |||||
Gross Amount of Furniture Fixtures and Equipment | 3,551 | |||||
Gross Total | 41,219 | |||||
Accumulated Depreciation | 5,669 | |||||
Net Book Value | 35,550 | |||||
Year of Original Construction | 1912 | |||||
Date of Acquisition | 29-Sep-10 | |||||
Skamania Lodge [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 29,308 | |||||
Initial Cost of Land | 7,129 | |||||
Initial Cost of Buildings and Improvements | 44,987 | |||||
Initial Cost of Furniture Fixtures and Equipment | 3,523 | |||||
Costs Capitalized Subsequent to Acquisition | 5,190 | [1] | ||||
Gross Amount of Land | 7,130 | |||||
Gross Amount of Buildings and Improvements | 47,793 | |||||
Gross Amount of Furniture Fixtures and Equipment | 5,906 | |||||
Gross Total | 60,829 | |||||
Accumulated Depreciation | 8,074 | |||||
Net Book Value | 52,755 | |||||
Year of Original Construction | 1993 | |||||
Date of Acquisition | 3-Nov-10 | |||||
Le Meridien Delfina Santa Monica Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 18,784 | |||||
Initial Cost of Buildings and Improvements | 81,580 | |||||
Initial Cost of Furniture Fixtures and Equipment | 2,295 | |||||
Costs Capitalized Subsequent to Acquisition | 11,352 | [1] | ||||
Gross Amount of Land | 18,784 | |||||
Gross Amount of Buildings and Improvements | 87,320 | |||||
Gross Amount of Furniture Fixtures and Equipment | 7,907 | |||||
Gross Total | 114,011 | |||||
Accumulated Depreciation | 12,777 | |||||
Net Book Value | 101,234 | |||||
Year of Original Construction | 1972 | |||||
Date of Acquisition | 19-Nov-10 | |||||
Sofitel Philadelphia [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 46,968 | |||||
Initial Cost of Land | 18,000 | |||||
Initial Cost of Buildings and Improvements | 64,256 | |||||
Initial Cost of Furniture Fixtures and Equipment | 4,639 | |||||
Costs Capitalized Subsequent to Acquisition | 6,984 | [1] | ||||
Gross Amount of Land | 18,000 | |||||
Gross Amount of Buildings and Improvements | 68,107 | |||||
Gross Amount of Furniture Fixtures and Equipment | 7,772 | |||||
Gross Total | 93,879 | |||||
Accumulated Depreciation | 10,743 | |||||
Net Book Value | 83,136 | |||||
Year of Original Construction | 2000 | |||||
Date of Acquisition | 3-Dec-10 | |||||
Argonaut Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 44,006 | |||||
Initial Cost of Land | 0 | |||||
Initial Cost of Buildings and Improvements | 79,492 | |||||
Initial Cost of Furniture Fixtures and Equipment | 4,247 | |||||
Costs Capitalized Subsequent to Acquisition | 5,125 | [1] | ||||
Gross Amount of Land | 0 | |||||
Gross Amount of Buildings and Improvements | 82,023 | |||||
Gross Amount of Furniture Fixtures and Equipment | 6,841 | |||||
Gross Total | 88,864 | |||||
Accumulated Depreciation | 11,490 | |||||
Net Book Value | 77,374 | |||||
Year of Original Construction | 1907 | |||||
Date of Acquisition | 16-Feb-11 | |||||
Westin Gaslamp Quarter [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 77,155 | |||||
Initial Cost of Land | 25,537 | |||||
Initial Cost of Buildings and Improvements | 86,089 | |||||
Initial Cost of Furniture Fixtures and Equipment | 6,850 | |||||
Costs Capitalized Subsequent to Acquisition | 17,185 | [1] | ||||
Gross Amount of Land | 25,537 | |||||
Gross Amount of Buildings and Improvements | 101,698 | |||||
Gross Amount of Furniture Fixtures and Equipment | 8,426 | |||||
Gross Total | 135,661 | |||||
Accumulated Depreciation | 14,110 | |||||
Net Book Value | 121,551 | |||||
Year of Original Construction | 1987 | |||||
Date of Acquisition | 6-Apr-11 | |||||
Monaco Seattle [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 10,105 | |||||
Initial Cost of Buildings and Improvements | 38,888 | |||||
Initial Cost of Furniture Fixtures and Equipment | 2,073 | |||||
Costs Capitalized Subsequent to Acquisition | 6,766 | [1] | ||||
Gross Amount of Land | 10,105 | |||||
Gross Amount of Buildings and Improvements | 41,931 | |||||
Gross Amount of Furniture Fixtures and Equipment | 5,796 | |||||
Gross Total | 57,832 | |||||
Accumulated Depreciation | 6,725 | |||||
Net Book Value | 51,107 | |||||
Year of Original Construction | 1969 | |||||
Date of Acquisition | 7-Apr-11 | |||||
Mondrian Los Angeles [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 20,306 | |||||
Initial Cost of Buildings and Improvements | 110,283 | |||||
Initial Cost of Furniture Fixtures and Equipment | 6,091 | |||||
Costs Capitalized Subsequent to Acquisition | 8,361 | [1] | ||||
Gross Amount of Land | 20,306 | |||||
Gross Amount of Buildings and Improvements | 114,731 | |||||
Gross Amount of Furniture Fixtures and Equipment | 10,004 | |||||
Gross Total | 145,041 | |||||
Accumulated Depreciation | 14,911 | |||||
Net Book Value | 130,130 | |||||
Year of Original Construction | 1959 | |||||
Date of Acquisition | 3-May-11 | |||||
Viceroy Miami [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 8,368 | |||||
Initial Cost of Buildings and Improvements | 24,246 | |||||
Initial Cost of Furniture Fixtures and Equipment | 3,723 | |||||
Costs Capitalized Subsequent to Acquisition | 2,780 | [1] | ||||
Gross Amount of Land | 8,368 | |||||
Gross Amount of Buildings and Improvements | 25,153 | |||||
Gross Amount of Furniture Fixtures and Equipment | 5,596 | |||||
Gross Total | 39,117 | |||||
Accumulated Depreciation | 5,610 | |||||
Net Book Value | 33,507 | |||||
Year of Original Construction | 2009 | |||||
Date of Acquisition | 26-May-11 | |||||
W Boston [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 19,453 | |||||
Initial Cost of Buildings and Improvements | 63,893 | |||||
Initial Cost of Furniture Fixtures and Equipment | 5,887 | |||||
Costs Capitalized Subsequent to Acquisition | 3,497 | [1] | ||||
Gross Amount of Land | 19,453 | |||||
Gross Amount of Buildings and Improvements | 65,765 | |||||
Gross Amount of Furniture Fixtures and Equipment | 7,512 | |||||
Gross Total | 92,730 | |||||
Accumulated Depreciation | 10,536 | |||||
Net Book Value | 82,194 | |||||
Year of Original Construction | 2009 | |||||
Date of Acquisition | 8-Jun-11 | |||||
Hotel Zetta [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 7,294 | |||||
Initial Cost of Buildings and Improvements | 22,166 | |||||
Initial Cost of Furniture Fixtures and Equipment | 290 | |||||
Costs Capitalized Subsequent to Acquisition | 14,805 | [1] | ||||
Gross Amount of Land | 7,294 | |||||
Gross Amount of Buildings and Improvements | 33,454 | |||||
Gross Amount of Furniture Fixtures and Equipment | 3,807 | |||||
Gross Total | 44,555 | |||||
Accumulated Depreciation | 3,462 | |||||
Net Book Value | 41,093 | |||||
Year of Original Construction | 1913 | |||||
Date of Acquisition | 4-Apr-12 | |||||
Vintage Park Seattle [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 8,170 | |||||
Initial Cost of Buildings and Improvements | 23,557 | |||||
Initial Cost of Furniture Fixtures and Equipment | 706 | |||||
Costs Capitalized Subsequent to Acquisition | 6,584 | [1] | ||||
Gross Amount of Land | 8,170 | |||||
Gross Amount of Buildings and Improvements | 28,001 | |||||
Gross Amount of Furniture Fixtures and Equipment | 2,846 | |||||
Gross Total | 39,017 | |||||
Accumulated Depreciation | 2,174 | |||||
Net Book Value | 36,843 | |||||
Year of Original Construction | 1922 | |||||
Date of Acquisition | 9-Jul-12 | |||||
Vintage Plaza Portland [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 6,222 | |||||
Initial Cost of Buildings and Improvements | 23,012 | |||||
Initial Cost of Furniture Fixtures and Equipment | 1,093 | |||||
Costs Capitalized Subsequent to Acquisition | 8,310 | [1] | ||||
Gross Amount of Land | 6,222 | |||||
Gross Amount of Buildings and Improvements | 27,896 | |||||
Gross Amount of Furniture Fixtures and Equipment | 4,519 | |||||
Gross Total | 38,637 | |||||
Accumulated Depreciation | 2,600 | |||||
Net Book Value | 36,037 | |||||
Year of Original Construction | 1894 | |||||
Date of Acquisition | 9-Jul-12 | |||||
W Los Angeles - Westwood [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 24,403 | |||||
Initial Cost of Buildings and Improvements | 93,203 | |||||
Initial Cost of Furniture Fixtures and Equipment | 3,600 | |||||
Costs Capitalized Subsequent to Acquisition | 14,955 | [1] | ||||
Gross Amount of Land | 24,403 | |||||
Gross Amount of Buildings and Improvements | 102,038 | |||||
Gross Amount of Furniture Fixtures and Equipment | 9,720 | |||||
Gross Total | 136,161 | |||||
Accumulated Depreciation | 7,807 | |||||
Net Book Value | 128,354 | |||||
Year of Original Construction | 1969 | |||||
Date of Acquisition | 23-Aug-12 | |||||
Hotel Palomar San Francisco [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 26,461 | [3] | ||||
Initial Cost of Land | 0 | |||||
Initial Cost of Buildings and Improvements | 63,430 | |||||
Initial Cost of Furniture Fixtures and Equipment | 3,780 | |||||
Costs Capitalized Subsequent to Acquisition | 6,920 | [1] | ||||
Gross Amount of Land | 0 | |||||
Gross Amount of Buildings and Improvements | 67,996 | |||||
Gross Amount of Furniture Fixtures and Equipment | 6,134 | |||||
Gross Total | 74,130 | |||||
Accumulated Depreciation | 6,087 | |||||
Net Book Value | 68,043 | |||||
Year of Original Construction | 1907 | |||||
Date of Acquisition | 25-Oct-12 | |||||
Mortgage loan premium | 1,400 | |||||
Embassy Suites San Diego [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 64,462 | [4] | ||||
Initial Cost of Land | 20,103 | |||||
Initial Cost of Buildings and Improvements | 90,162 | |||||
Initial Cost of Furniture Fixtures and Equipment | 6,881 | |||||
Costs Capitalized Subsequent to Acquisition | 8,471 | [1] | ||||
Gross Amount of Land | 20,103 | |||||
Gross Amount of Buildings and Improvements | 97,344 | |||||
Gross Amount of Furniture Fixtures and Equipment | 8,170 | |||||
Gross Total | 125,617 | |||||
Accumulated Depreciation | 6,882 | |||||
Net Book Value | 118,735 | |||||
Year of Original Construction | 1988 | |||||
Date of Acquisition | 29-Jan-13 | |||||
Mortgage loan premium | 2,000 | |||||
Redbury Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 8,057 | |||||
Initial Cost of Buildings and Improvements | 24,833 | |||||
Initial Cost of Furniture Fixtures and Equipment | 1,000 | |||||
Costs Capitalized Subsequent to Acquisition | 949 | [1] | ||||
Gross Amount of Land | 8,057 | |||||
Gross Amount of Buildings and Improvements | 25,513 | |||||
Gross Amount of Furniture Fixtures and Equipment | 1,269 | |||||
Gross Total | 34,839 | |||||
Accumulated Depreciation | 1,112 | |||||
Net Book Value | 33,727 | |||||
Year of Original Construction | 2008 | |||||
Date of Acquisition | 8-Aug-13 | |||||
Hotel Modera [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 23,225 | [5] | ||||
Initial Cost of Land | 8,215 | |||||
Initial Cost of Buildings and Improvements | 37,874 | |||||
Initial Cost of Furniture Fixtures and Equipment | 1,500 | |||||
Costs Capitalized Subsequent to Acquisition | 1,086 | [1] | ||||
Gross Amount of Land | 8,214 | |||||
Gross Amount of Buildings and Improvements | 38,445 | |||||
Gross Amount of Furniture Fixtures and Equipment | 2,016 | |||||
Gross Total | 48,675 | |||||
Accumulated Depreciation | 2,051 | |||||
Net Book Value | 46,624 | |||||
Year of Original Construction | 1962 | |||||
Date of Acquisition | 28-Aug-13 | |||||
Mortgage loan premium | 300 | |||||
Radisson Hotel Fisherman's Wharf [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 0 | |||||
Initial Cost of Buildings and Improvements | 116,445 | |||||
Initial Cost of Furniture Fixtures and Equipment | 3,550 | |||||
Costs Capitalized Subsequent to Acquisition | 8,182 | [1] | ||||
Gross Amount of Land | 0 | |||||
Gross Amount of Buildings and Improvements | 119,575 | |||||
Gross Amount of Furniture Fixtures and Equipment | 8,602 | |||||
Gross Total | 128,177 | |||||
Accumulated Depreciation | 4,449 | |||||
Net Book Value | 123,728 | |||||
Year of Original Construction | 1964 | |||||
Date of Acquisition | 9-Dec-13 | |||||
The Prescott Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 12,561 | |||||
Initial Cost of Buildings and Improvements | 43,665 | |||||
Initial Cost of Furniture Fixtures and Equipment | 1,094 | |||||
Costs Capitalized Subsequent to Acquisition | 193 | [1] | ||||
Gross Amount of Land | 12,561 | |||||
Gross Amount of Buildings and Improvements | 43,768 | |||||
Gross Amount of Furniture Fixtures and Equipment | 1,184 | |||||
Gross Total | 57,513 | |||||
Accumulated Depreciation | 743 | |||||
Net Book Value | 56,770 | |||||
Year of Original Construction | 1913 | |||||
Date of Acquisition | 22-May-14 | |||||
The Nines Hotel Portland [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 50,725 | [6] | ||||
Initial Cost of Land | 18,493 | |||||
Initial Cost of Buildings and Improvements | 92,339 | |||||
Initial Cost of Furniture Fixtures and Equipment | 8,757 | |||||
Costs Capitalized Subsequent to Acquisition | 132 | [1] | ||||
Gross Amount of Land | 18,493 | |||||
Gross Amount of Buildings and Improvements | 92,415 | |||||
Gross Amount of Furniture Fixtures and Equipment | 8,813 | |||||
Gross Total | 119,721 | |||||
Accumulated Depreciation | 1,631 | |||||
Net Book Value | 118,090 | |||||
Year of Original Construction | 1909 | |||||
Date of Acquisition | 17-Jul-14 | |||||
Mortgage loan premium | 300 | |||||
Westin Colonnade Coral Gables [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 12,108 | |||||
Initial Cost of Buildings and Improvements | 46,317 | |||||
Initial Cost of Furniture Fixtures and Equipment | 1,271 | |||||
Costs Capitalized Subsequent to Acquisition | 20 | [1] | ||||
Gross Amount of Land | 12,108 | |||||
Gross Amount of Buildings and Improvements | 46,317 | |||||
Gross Amount of Furniture Fixtures and Equipment | 1,291 | |||||
Gross Total | 59,716 | |||||
Accumulated Depreciation | 184 | |||||
Net Book Value | 59,532 | |||||
Year of Original Construction | 1989 | |||||
Date of Acquisition | 12-Nov-14 | |||||
Hotel Palomar LA-Westwood [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 0 | |||||
Initial Cost of Buildings and Improvements | 90,675 | |||||
Initial Cost of Furniture Fixtures and Equipment | 1,500 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | [1] | ||||
Gross Amount of Land | 0 | |||||
Gross Amount of Buildings and Improvements | 90,675 | |||||
Gross Amount of Furniture Fixtures and Equipment | 1,500 | |||||
Gross Total | 92,175 | |||||
Accumulated Depreciation | 283 | |||||
Net Book Value | 91,892 | |||||
Year of Original Construction | 1972 | |||||
Date of Acquisition | 20-Nov-14 | |||||
Union Station Hotel Nashville [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 0 | |||||
Initial Cost of Buildings and Improvements | 37,803 | |||||
Initial Cost of Furniture Fixtures and Equipment | 6,833 | |||||
Costs Capitalized Subsequent to Acquisition | 0 | [1] | ||||
Gross Amount of Land | 0 | |||||
Gross Amount of Buildings and Improvements | 37,803 | |||||
Gross Amount of Furniture Fixtures and Equipment | 6,833 | |||||
Gross Total | 44,636 | |||||
Accumulated Depreciation | 114 | |||||
Net Book Value | 44,522 | |||||
Year of Original Construction | 1900 | |||||
Date of Acquisition | 10-Dec-14 | |||||
Revere Hotel Boston [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Cost of Land | 41,857 | |||||
Initial Cost of Buildings and Improvements | 207,817 | |||||
Initial Cost of Furniture Fixtures and Equipment | 10,596 | |||||
Costs Capitalized Subsequent to Acquisition | 2 | [1] | ||||
Gross Amount of Land | 41,857 | |||||
Gross Amount of Buildings and Improvements | 207,817 | |||||
Gross Amount of Furniture Fixtures and Equipment | 10,598 | |||||
Gross Total | 260,272 | |||||
Accumulated Depreciation | 253 | |||||
Net Book Value | $260,019 | |||||
Year of Original Construction | 1972 | |||||
Date of Acquisition | 18-Dec-14 | |||||
Minimum [Member] | Double Tree By Hilton Bethesda Washington Dc [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | Sir Francis Drake Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Inter Continental Buckhead Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | Monaco Washington D C [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | The Grand Hotel Minneapolis [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Skamania Lodge [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | Le Meridien Delfina Santa Monica Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Sofitel Philadelphia [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | Argonaut Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | Westin Gaslamp Quarter [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Monaco Seattle [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | Mondrian Los Angeles [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | Viceroy Miami [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | W Boston [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 2 years | |||||
Minimum [Member] | Hotel Zetta [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Vintage Park Seattle [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Vintage Plaza Portland [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | W Los Angeles - Westwood [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Hotel Palomar San Francisco [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Embassy Suites San Diego [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Redbury Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | Hotel Modera [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | Radisson Hotel Fisherman's Wharf [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 1 year | |||||
Minimum [Member] | The Prescott Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | The Nines Hotel Portland [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 3 years | |||||
Minimum [Member] | Westin Colonnade Coral Gables [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 7 years | |||||
Minimum [Member] | Hotel Palomar LA-Westwood [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 7 years | |||||
Minimum [Member] | Union Station Hotel Nashville [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 7 years | |||||
Minimum [Member] | Revere Hotel Boston [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 7 years | |||||
Maximum [Member] | Double Tree By Hilton Bethesda Washington Dc [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Sir Francis Drake Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Inter Continental Buckhead Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Monaco Washington D C [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | The Grand Hotel Minneapolis [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Skamania Lodge [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Le Meridien Delfina Santa Monica Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Sofitel Philadelphia [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Argonaut Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Westin Gaslamp Quarter [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Monaco Seattle [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Mondrian Los Angeles [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Viceroy Miami [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | W Boston [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Hotel Zetta [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Vintage Park Seattle [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Vintage Plaza Portland [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | W Los Angeles - Westwood [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Hotel Palomar San Francisco [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Embassy Suites San Diego [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Redbury Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Hotel Modera [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Radisson Hotel Fisherman's Wharf [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | The Prescott Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | The Nines Hotel Portland [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Westin Colonnade Coral Gables [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Hotel Palomar LA-Westwood [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Union Station Hotel Nashville [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
Maximum [Member] | Revere Hotel Boston [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciation Life | 40 years | |||||
[1] | Disposals are reflected as reductions to cost capitalized subsequent to acquisition. | |||||
[2] | Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown, Hotel Modera and The Nines, a Luxury Collection Hotel, Portland. | |||||
[3] | Encumbrance on the Hotel Palomar San Francisco is presented at face value, which excludes loan premium of $1.4 million at December 31, 2014. | |||||
[4] | Encumbrance on the Embassy Suites San Diego Bay-Downtown is presented at face value, which excludes loan premium of $2.0 million at December 31, 2014. | |||||
[5] | Encumbrance on the Hotel Modera is presented at face value, which excludes loan premium of $0.3 million at December 31, 2014. | |||||
[6] | Encumbrance on the The Nines, a Luxury Collection Hotel, Portland is presented at face value, which excludes loan premium of $0.3 million at December 31, 2014. |
Schedule_III_Real_Estate_and_A2
Schedule III Real Estate and Accumulated Depreciation Details 1 (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||
Balance | $2,538,270 | $1,849,939 | $1,495,167 | $1,163,552 |
Acquisitions | 633,687 | 318,619 | 280,927 | |
Capital Expenditures | 59,090 | 38,153 | 50,688 | |
Disposal of Assets | -4,446 | -2,000 | ||
Balance | 194,580 | 132,328 | 77,938 | 36,068 |
Depreciation Expense | 66,698 | 54,511 | 41,870 | |
Disposal of Assets | ($4,446) | ($121) |