Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - Pebblebrook Hotel Trust | Financial_Report.xls |
| EX-21.1 - EXHIBIT 21.1 - Pebblebrook Hotel Trust | peb-20141231xex211.htm |
| EX-10.33 - EXHIBIT 10.33 - Pebblebrook Hotel Trust | peb-20141231xex1033.htm |
| EX-32.2 - EXHIBIT 32.2 - Pebblebrook Hotel Trust | peb-20141231xex322.htm |
| EX-10.31 - EXHIBIT 10.31 - Pebblebrook Hotel Trust | peb-20141231xex1031.htm |
| EX-3.4 - EXHIBIT 3.4 - Pebblebrook Hotel Trust | peb-20141231xex34.htm |
| EX-31.1 - EXHIBIT 31.1 - Pebblebrook Hotel Trust | peb-20141231xex311.htm |
| EX-23.2 - EXHIBIT 23.2 - Pebblebrook Hotel Trust | peb-20141231xex232.htm |
| EX-32.1 - EXHIBIT 32.1 - Pebblebrook Hotel Trust | peb-20141231xex321.htm |
| EX-23.1 - EXHIBIT 23.1 - Pebblebrook Hotel Trust | peb-20141231xex231.htm |
| EX-99.1 - EXHIBIT 99.1 - Pebblebrook Hotel Trust | peb-20141231xex991.htm |
| 10-K - 10-K - Pebblebrook Hotel Trust | peb-20141231x10k.htm |
| EX-31.2 - EXHIBIT 31.2 - Pebblebrook Hotel Trust | peb-20141231xex312.htm |
Exhibit 12.1
PEBBLEBROOK HOTEL TRUST
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS
(In thousands, except ratios)
For the year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Earnings | |||||||||||||||||||||||
Add: | |||||||||||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees | $ | 66,729 | $ | 36,795 | $ | 22,404 | $ | 13,427 | $ | (6,722 | ) | ||||||||||||
Fixed charges | 30,089 | 27,799 | 16,802 | 14,842 | 1,688 | ||||||||||||||||||
Distributed income of equity investees | 9,152 | 1,617 | — | — | — | ||||||||||||||||||
Total Added Items | 105,970 | 66,211 | 39,206 | 28,269 | (5,034 | ) | |||||||||||||||||
Subtract: | |||||||||||||||||||||||
Interest capitalized | — | (206 | ) | (236 | ) | — | — | ||||||||||||||||
Total Earnings | $ | 105,970 | $ | 66,005 | $ | 38,970 | $ | 28,269 | $ | (5,034 | ) | ||||||||||||
Fixed Charges | |||||||||||||||||||||||
Add: | |||||||||||||||||||||||
Interest expensed | $ | 27,669 | $ | 23,938 | $ | 13,532 | $ | 12,098 | $ | 1,225 | |||||||||||||
Interest capitalized | — | 206 | 236 | — | — | ||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | (604 | ) | (259 | ) | 1,400 | 1,555 | 415 | ||||||||||||||||
Estimate of interest within rental expense | 3,024 | 3,914 | 1,634 | 1,189 | 48 | ||||||||||||||||||
Total Fixed Charges | 30,089 | 27,799 | 16,802 | 14,842 | 1,688 | ||||||||||||||||||
Preferred share dividends | 25,095 | 22,969 | 17,841 | 10,427 | — | ||||||||||||||||||
Combined Fixed Charges and Preferred Share Dividends | $ | 55,184 | $ | 50,768 | $ | 34,643 | $ | 25,269 | $ | 1,688 | |||||||||||||
Ratio of Earnings to Fixed Charges | 3.52 | 2.37 | 2.32 | 1.90 | — | (1 | ) | ||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends | 1.92 | 1.30 | 1.12 | 1.12 | — | (1 | ) | ||||||||||||||||
________________ | |||||||||||||||||||||||
(1) | Earnings for this period were less than zero. The total fixed charges amount for this period was approximately $1,688,000 and the total earnings amount was approximately $(5,034,000). The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $6,722,000. There were no preferred shares outstanding during this period. | ||||||||||||||||||||||