Attached files
| file | filename |
|---|---|
| EX-10.23 - EXHIBIT 10.23 - Pebblebrook Hotel Trust | peb-20171231ex1023.htm |
| EX-32.2 - EXHIBIT 32.2 - Pebblebrook Hotel Trust | peb-20171231ex322.htm |
| EX-32.1 - EXHIBIT 32.1 - Pebblebrook Hotel Trust | peb-20171231ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - Pebblebrook Hotel Trust | peb-20171231ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - Pebblebrook Hotel Trust | peb-20171231ex311.htm |
| EX-23.1 - EXHIBIT 23.1 - Pebblebrook Hotel Trust | peb-20171231ex231.htm |
| EX-21.1 - EXHIBIT 21.1 - Pebblebrook Hotel Trust | peb-20171231ex211.htm |
| EX-10.27 - EXHIBIT 10.27 - Pebblebrook Hotel Trust | peb-20171231ex1027.htm |
| EX-10.25 - EXHIBIT 10.25 - Pebblebrook Hotel Trust | peb-20171231ex1025.htm |
| EX-10.24 - EXHIBIT 10.24 - Pebblebrook Hotel Trust | peb-20171231ex1024.htm |
| EX-10.22 - EXHIBIT 10.22 - Pebblebrook Hotel Trust | peb-20171231ex1022.htm |
| 10-K - 10-K - Pebblebrook Hotel Trust | peb-20171231x10k.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, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees | $ | 100,443 | $ | 138,670 | $ | 91,372 | $ | 66,729 | $ | 36,795 | ||||||||||
Fixed charges | 41,878 | 48,204 | 43,478 | 30,089 | 27,799 | |||||||||||||||
Amortization of capitalized interest | 89 | 77 | 15 | — | — | |||||||||||||||
Distributed income of equity investees | — | — | 13,858 | 9,152 | 1,617 | |||||||||||||||
Total Added Items | 142,410 | 186,951 | 148,723 | 105,970 | 66,211 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Interest capitalized | — | (492 | ) | (598 | ) | — | (206 | ) | ||||||||||||
Total Earnings | $ | 142,410 | $ | 186,459 | $ | 148,125 | $ | 105,970 | $ | 66,005 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Interest expensed | $ | 35,259 | $ | 42,102 | $ | 38,803 | $ | 27,669 | $ | 23,938 | ||||||||||
Interest capitalized | — | 492 | 598 | — | 206 | |||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 2,040 | 1,513 | (29 | ) | (604 | ) | (259 | ) | ||||||||||||
Estimate of interest within rental expense | 4,579 | 4,097 | 4,106 | 3,024 | 3,914 | |||||||||||||||
Total Fixed Charges | 41,878 | 48,204 | 43,478 | 30,089 | 27,799 | |||||||||||||||
Preferred share dividends | 16,126 | 19,679 | 25,965 | 25,095 | 22,969 | |||||||||||||||
Combined Fixed Charges and Preferred Share Dividends | $ | 58,004 | $ | 67,883 | $ | 69,443 | $ | 55,184 | $ | 50,768 | ||||||||||
Ratio of Earnings to Fixed Charges | 3.40 | 3.87 | 3.41 | 3.52 | 2.37 | |||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends | 2.46 | 2.75 | 2.13 | 1.92 | 1.30 | |||||||||||||||