Pebblebrook Hotel Trust (PEB, Financial) filed Quarterly Report for the period ended 2010-03-31.
Pebblebrook Hotel Trust has a market cap of $379.9 million; its shares were traded at around $18.67 . PEB is in the portfolios of Ron Baron of Baron Funds, Manning & Napier Advisors, Inc.
At March 31, 2010, we had $302.9 million of cash and cash equivalents and $85.0 million in short-term investments. Short term investments consist of certificates of deposits. On December 14, 2009, we raised $379.6 million, net of underwriting discounts and offering costs, in an initial public offering and concurrent private placement of our common shares. As of March 31, 2010 we have not invested any of the proceeds from the offering in hotel properties. The Company accrued underwriters commissions of $8.1 million that, in accordance with the underwriters agreement, will be payable at the time the Company invests the net proceeds from the offering. For the three months ended March 31, 2010, we earned interest income of $977,000 and had cash flow from operations of $419,000.
We earn interest income from cash and cash equivalents and investments. At March 31, 2010, we had $387.9 million in cash and cash equivalents and short term investments. If interest rates on our cash and cash equivalents and short term investments increase or decrease by 0.1 percent, our interest income will increase or decrease by approximately $0.4 million, respectively.
Our registration statement on Form S-11, as amended (Registration No. 333-162412) (the Registration Statement), with respect to our initial public offering (the Offering) of common shares, par value $0.01 per share, registered up to $402.5 million of common shares and was declared effective on December 8, 2009. We sold a total of 20,125,000 common shares in the Offering, including 2,625,000 common shares issued and sold pursuant to the underwriters exercise of the overallotment option for gross proceeds of $402.5 million. The Offering was completed on December 14, 2009. As of the date of filing this report, the Offering has terminated and all of the securities registered pursuant to the Registration Statement have been sold. The joint book-running managers
The net proceeds to us of the Offering were approximately $376.9 million, after the underwriting discount and offering expenses. In accordance with the underwriting agreement, $8.1 million of the underwriting discount and commissions have been accrued and will be paid when the Company purchases assets in accordance with our investment strategy described above under Business in an amount equal to at least the amount of the net proceeds. Until that time, the net proceeds including the unpaid underwriting discount and commission have been invested in short-term, interest-bearing, investment-grade securities, and money market accounts that are consistent with our intention to qualify as a REIT.
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Pebblebrook Hotel Trust has a market cap of $379.9 million; its shares were traded at around $18.67 . PEB is in the portfolios of Ron Baron of Baron Funds, Manning & Napier Advisors, Inc.
Highlight of Business Operations:
Results for the initial period of our operations are not indicative of the results we expect when our investment strategy has been fully implemented. Our net loss attributable to common shareholders for the three months ended March 31, 2010 was ($599,000). We earned $977,000 in interest income on cash and short term investment balances and incurred $1,576,000 in general and administrative expenses. The general and administrative expenses primarily consist of employee compensation costs (including non-cash share-based compensation cost of $444,000), professional fees, insurance, and acquisition costs.At March 31, 2010, we had $302.9 million of cash and cash equivalents and $85.0 million in short-term investments. Short term investments consist of certificates of deposits. On December 14, 2009, we raised $379.6 million, net of underwriting discounts and offering costs, in an initial public offering and concurrent private placement of our common shares. As of March 31, 2010 we have not invested any of the proceeds from the offering in hotel properties. The Company accrued underwriters commissions of $8.1 million that, in accordance with the underwriters agreement, will be payable at the time the Company invests the net proceeds from the offering. For the three months ended March 31, 2010, we earned interest income of $977,000 and had cash flow from operations of $419,000.
We earn interest income from cash and cash equivalents and investments. At March 31, 2010, we had $387.9 million in cash and cash equivalents and short term investments. If interest rates on our cash and cash equivalents and short term investments increase or decrease by 0.1 percent, our interest income will increase or decrease by approximately $0.4 million, respectively.
Our registration statement on Form S-11, as amended (Registration No. 333-162412) (the Registration Statement), with respect to our initial public offering (the Offering) of common shares, par value $0.01 per share, registered up to $402.5 million of common shares and was declared effective on December 8, 2009. We sold a total of 20,125,000 common shares in the Offering, including 2,625,000 common shares issued and sold pursuant to the underwriters exercise of the overallotment option for gross proceeds of $402.5 million. The Offering was completed on December 14, 2009. As of the date of filing this report, the Offering has terminated and all of the securities registered pursuant to the Registration Statement have been sold. The joint book-running managers
The net proceeds to us of the Offering were approximately $376.9 million, after the underwriting discount and offering expenses. In accordance with the underwriting agreement, $8.1 million of the underwriting discount and commissions have been accrued and will be paid when the Company purchases assets in accordance with our investment strategy described above under Business in an amount equal to at least the amount of the net proceeds. Until that time, the net proceeds including the unpaid underwriting discount and commission have been invested in short-term, interest-bearing, investment-grade securities, and money market accounts that are consistent with our intention to qualify as a REIT.
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