Calculate the following ratios for Pebblebrook (round all amounts to one decimal place). Show your work 
in the space provided, including the amounts you used in the formula (both the numerator and 
denominator). you will need to access the three years 10-Ks (current year posted 
on Canvas). A table has been provided below for the required format you should present your work.
2023 2022 2021 2020 2019
Net profit margin
Asset turnover
Return on assets
Operating profit 
margin
1. Discuss the significant trends you see in the operating results during this period. Be specific and discuss 
the trend for each ratio 

 

10k data found in The images

 

Table of Contents Pebblebrook Hotel Trust Consolidated Balance Sheets{in thousands, except share and per-share data) ASSETS Investment in hotel properties, net 5 5,490,776Hotel held for sale —Cash and cash equivalents 183,747Restricted cash 9,894Hotel receivables (net of allowance for doubtful accounts of $689 and $431, respectively) 43912Prepaid expenses and other assets 96,644 Total assets S 5,824,973 LIABILITIES AND EQUITY Debt S 2,319,801Accounts payable, accrued expenses and other liabilities 238,644Lease liabilities - operating leases 320,617Deferred revenues 76,874Accrued interest 6,830Liabilities related to hotel held for sale —Distribution payable 11,862 Total liabilities 2,074,628 Commitments and contingencies (Note 11) Shareholders' equity: Preferred shares of beneficial interest, $.01 par value (liquidation preference $690,000 and $715,000 at December 31, 2762023 and December 31, 2022, respectively), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at December 31, 2023 and 28,600,000 shares issued and outstanding at December 31, 2022 Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 120,191,349 shares issued and 1,202 outstanding at December 31, 2023 and 126,345,293 shares issued and outstanding at December 31, 2022 Additional paid-in capital 4,078,912 Accumulated other comprehensive income (loss) 24,374 Distributions in excess of retained earnings (1,341,264)Total shareholders' equity 2,763,500 Non-controlling interests 86,845Total equity 2,850,345Total liabilities and equity S 5,824,973 The accompanying notes are an integral part of these financial statements. December 31, 2022 5,874,87644,86141,04011,22945,258 116,276 6,133,540 2,387,293250,518320,40273,6034,53542812,218 3,048,997 286 1,263 4,182,35935,724(1,223,117)2,996,51588,0283,084,5436,133,540 Table of Contents Pebblebrook Hotel Trust Consolidated Statements of Operations and Comprehensive Income{in thousands, except share and per-share data) For the year ended December 31, 2023 Revenues: Room 5 914,109 § Food and beverage 351,852 Other operating 153,988 Total revenues 1.419.949 Expenses:Hotel operating expenses: Room 248,020 Food and beverage 264,163 Other direct and indirect 428,897 Total hotel operating expenses 941,080 Depreciation and amortization 240,645Real estate taxes, personal property taxes, property insurance, and ground rent 124,595General and administrative 44 789Impairment 81,788Gain on sale of hotel properties (30,375)Business interruption insurance income (32,985)Other operating expenses 12,602 Total operating expenses 1,382,139Operating income (loss) 37,810 Interest expense (115,660) Other 4229Income (loss) before income taxes (73,621)Income tax (expense) benefit (655)Net income (loss) (74,276)Net income (loss) attributable to non-controlling interests 3,741Net income (loss) attributable to the Company (78.017)Distributions to preferred shareholders (43,649)Redemption of preferred shares 8.396Net income (loss) attributable to common shareholders s (113,270) $Net income (loss) per share available to common shareholders, basic 3 (0.93) $Net income (loss) per share available to common shareholders, diluted 5 (093) $Weighted-average number of common shares, basic 121,813,042Weighted-average number of common shares, diluted 121,813,042 F-6 2022 910.936346.702134,2531,391,891 225992243,543413,939883.474239,583126,13439,18789.633(6.194)53521,377.16914722(99,988}562(84.704)277)(84,981}2,190(87.171)(45,074)3186(124,059)(0.95(0.95)130,453,944130,453,944 2021 483,191157,848 92,005733,044 127,105111,928257,547496,580224251111.67538,16614.856(64,729)2,036822,835(89.791)(96,633)113(186.311)(61)(186.372)(1.514)(184.858)(42,105)(8.055)(235.018) (1.80)(1.80) 130,804,354 130.804.354 Pebblebrook Hotel Trust Consolidated Statements of Operations and Comprehensive Income - Continued{in thousands, except share and per-share data) Comprehensive Income:Net income (loss)Other comprehensive income (loss): Change in fair value of derivative instruments Amounts reclassified from other comprehensive incomeComprehensive income (loss)Comprehensive income (loss) attributable to non-controlling interestsComprehensive income (loss) attributable to the Company The accompanying notes are an integral part of these financial statements. For the year ended December 31, 2023 2022 $ (74.276) § (84981) $17,572 55.479(28,995) 52(85,699) (29,450)3.668 2,555 $ (89.367) § (32,005) $ F-7 2021 (186,372) 1528925.210 (145,873)(1,251) (144,622) Pebblebrook Hotel Trust Consolidated Statements of Equity{in thousands, except share data) For the year ended December 31, 2021Accumulated Distributions Additional Other in Excess of Total Non-M M Paid-In Comprehensive Retained Sharcholders' Controlling TotalShares Amount Shares Amount Capital Income (Loss) Earnings Equity Interests Equity Balance at December 31, 2020 20,400,000 § 204 130,673,300 $ 1,307 § 4,169870 § (60,071) § (853973) § 13257337 § 6,989 § 3,264,326Redemption of preferred shares (10,000,000) (100) — — (241,845) — (8,055) (250,000) — (250,000)Issuance of shares, net of offering 19,200,000 192 — — 463,862 — — 464,054 — 464,054coslisIssuance of common shares for Board — — 27,711 1 515 — — 516 — 516of Trustees compensationRepurchase of common shares —_ —_ {38,310) (n (719) —_ — {720) — (720)Share-based compensation —_ — 151,049 1 10,433 —_ — 10,434 2,445 12,879Distributions on common shares/units _— —_ —_ — — - (5,032) (5,032) (66) (5,098)Distributions on preferred shares — — — — — - (42,105) (42,105) — (42,105)Cumulative effect adjustment from = _— = — (113,099) = = (113,099) = (113,099)adoption of new accounting standardPurchases of capped calls in — — — — (20,975) — — (20,975) — (20,975)connection with convertible seniornotesOther adjustment — — — — — 393 — 393 (393) —Other comprehensive income (loss): Change in fair value of derivative — — —_ - — 15,026 - 15,026 263 15,289 instruments Amounts reclassified from other — — — — — 25210 — 25210 — 25210 comprehensive incomeNet income (loss) — — — — — — (184,858) (184,858) (1,514) (186,372)Balance at December 31, 2021 29,600,000 S 296 130813750 § 1308 S 4268042 S (19.442) § (1,094023) § 3,156,181 § 7.724 § 3,163,905 F-8 Table of Contents Pebblebrook Hotel Trust Consolidated Statements of Equity - Continued(in thousands, except share data) For the year ended December 31, 2022Accumulated Distributions Additional Other in Excess of Total Non-Preferred Shares Common Skares Paid-In Comprehensive Retained Shareholders' Controlling TotalShares Amount Shares Amount Capital Income (Loss) Earnings Equity Interests Equity Balance at December 31, 2021 29,600,000 § 296 130,813,750 $ 1308 $ 4268042 § (19.442) § (1,094023) § 3,156,181 § 7,724 § 3,163,905Redemption of preferred shares (1,000,000) (10) — — (24,176) — 8,186 (16,000) — (16,000)Issuance of shares, net of offering —_ — — —_ (123) — —_ (123) —_ (123)coslsIssuance of operating partnership —_ —_ —_ — — — —_ 78,000 78,000unitsIssuance of common shares for — — 33,866 1 137 — — 738 — 738Board of Trustees compensationRepurchase of common shares — — (4.609,626) 47) (70,677) — — (70,724) — (70,724)Share-based compensation — — 107,303 1 8,556 —_ — 8,557 2,793 11,350Distributions on common — — — — — — (5,035) (5,035) (69) (5,104)shares/unitsDistributions on preferred —_ — —_ —_ —_ — (45,074) (45,074) (2,975) (48,049)shares/unitsOther comprehensive income(loss): Change in fair value of — — — — — 55,114 — 55,114 365 55,479 derivative instruments Amounts reclassified from other — — — — — 52 — 52 — 52 comprehensive incomeNet income (loss) — — — — — — (87.171) (87,171) 2,190 (84,981)Balance at December 31, 2022 28,600,000 § 286 126,345293 § 1263 S 4182359 § 35724 8 (1,223,117) § 2996515 § 8R028 § 3,084,543 F-9 Table of Contents Pebblebrook Hotel Trust Consolidated Statements of Equity - Continued(in thousands, except share data) For the year ended December 31, 2023Accumulated Distributions Preferred Shares Common Shares Additional Other in Excess of Total Naon-—_— Paid-In Comprehensive Retained Shareholders' Controlling TotalShares Amount Shares Amount Capital Income (Loss) Earnings Equity Interests Equity Balance at December 31, 2022 28,600,000 $ 286 126345293 § 1263 § 4,182359 § 35724 § (1.223.117) § 2996515 3 88,028 § 3,084,543Redemption of preferred shares (1,000,000) (10) — — (24.176) — 8,396 (15,790) — (15,790)Redemption of non-controlling interest — — 133,605 1 3.514 — 3515 (3.,513) —OP unitsIssuance of common shares for Board — — 55,480 1 753 — — 754 — 754of Trustees compensationRepurchase of common shares — — (6.578,436) (65) (92,688) — - (92,753) — (92,753)Share-based compensation — — 235407 2 9,150 — — 9,152 3,393 12,545Distributions on common shares/units — — — — — — (4,877) (4.877) (72) (4,949)Distributions on preferred shares/units — = = = — = (43.,649) (43.649) (4.657) (48.306)Other comprehensive income (loss): Change in fair value of derivative — — — — — 17.645 — 17.645 (73) 17,572 instruments Amounts reclassified from other — — — — — (28.995) — (28.,995) — (28.995) comprehensive incomeNet income (loss) — — — — —_ = (78,017) (78,017) 3741 (74,276)Balance at December 31, 2023 27,600,000 § 276 120,191,349 § 1,202 § 4078912 § 24374 § (1341.264) § 2763500 § B6,845 § 2.850.345 The accompanying notes are an integral part of these financial statements. F-10 Table of Contents Pebblebrook Hotel TrustConsolidated Statements of Cash Flows Operating activities:Net income (loss)Adjustments to reconcile net income (loss) to net cash provided by (used in) operatingactivities:Depreciation and amortizationShare-based compensationAmortization of deferred financing costs, non-cash interest and other amortizationGain on sale of hotel propertiesImpairmentNon-cash ground rentOther adjustmentsChanges in assets and liabilities:Hotel receivablesPrepaid expenses and other assetsAccounts payable and accrued expensesDeferred revenuesNet cash provided by (used in) operating activitiesInvesting activities:Improvements and additions to hotel propertiesProceeds from sales of hotel propertiesAcquisition of hotel propertiesProperty insurance proceedsOther investing activitiesNet cash provided by (used in) investing activitiesFinancing activities:Gross proceeds from issuance of preferred sharesPayment of offering costs — common and preferred sharesPayment of deferred financing costsBorrowings under revolving credit facilitiesRepayments under revolving credit facilitiesProceeds from debtRepayments of debtPurchases of capped calls for convertible senior notesRepurchases of common sharesRedemption of preferred sharesDistributions — common shares/unitsDistributions — preferred shares/unitsOther financing activitiesNet cash provided by (used in) financing activitiesNet change in cash and cash equivalents and restricted cashCash and cash equivalents and restricted cash, beginning of yearCash and cash equivalents and restricted cash. end of year The accompanying notes are an integral part of these financial statements. (in thousands) 2023 $ (74.276) 240,64512,54512,124 (30,375)81,788 9,898(7.801) 1171(11,190)(5.860)7,528236.197 (200,634)314,94130,210 (2,495)142,022 (2.710)10,000(10,000)140,000(211,088)(92,753)(15.790)(4.971)(48,607)(928)(236,847)141,37252,269 s 193.641 F-11 For the year ended December 31,2022 5 (34.981) 2395831135013,453(6.194)89,6339952(4.713) (7.974) (10.018)24,8083.846278,745 (116.743)248908(247.163) 3638(25)(109.385) (123)(12.415)190,151 (190.151)1,380,000(1,434,956)(70.724){16.000)(5.291)(47.367)(2.462)(209.338)(39,978)92247 5 52269 2021 s (186,372) 224,2511143316,633 (64,729)14,856 7.061(1,959) (27.509)(428)51,79325,73670,766 (83.827)255927(253.541) (128)(81,569) 480,000(15,947)(14.510)(40,000)268.599(392,236)(20,975)(720)(250.000)(5.279)(39,443)(2,739)(33.250)(44,053)136,300 5 92,247