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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number:001-36190Commission File Number:001-36191


Extended Stay America, Inc.ESH Hospitality, Inc.
(Exact name of registrant as specified in its charter)(Exact name of registrant as specified in its charter)


DelawareDelaware
(State or other jurisdiction of
incorporation or organization)
(State or other jurisdiction of
incorporation or organization)
46-314031227-3559821
(I.R.S. Employer
Identification No.)
(I.R.S. Employer
Identification No.)
11525 N. Community House Road, Suite 10011525 N. Community House Road, Suite 100
CharlotteCharlotte
North CarolinaNorth Carolina
2827728277
(Address of principal executive offices, zip code)(Address of principal executive offices, zip code)

(980)
345-1600
(980)
345-1600
(Registrant’s telephone number, including area code)(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)
Name of each exchange
on which registered
Common Stock, par value $0.01 per share, of Extended Stay America, Inc.STAYNasdaq Global Select Market
and Class B Common Stock, par value $0.01 per share, of ESH Hospitality, Inc., which are attached and trade together as Paired Shares





Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Extended Stay America, Inc.YesNo
ESH Hospitality, Inc.YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Extended Stay America, Inc.YesNo
ESH Hospitality, Inc.YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Extended Stay America, Inc.Large Accelerated FilerAccelerated filer
Non-accelerated filer
Smaller reporting 
company
Emerging growth company
ESH Hospitality, Inc.Large Accelerated FilerAccelerated filer
Non-accelerated filer
Smaller reporting 
company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Extended Stay America, Inc.Yes    No  
ESH Hospitality, Inc.Yes  No
177,491,422 shares of common stock, par value $0.01 per share, of Extended Stay America, Inc., which are attached to and traded together with 177,491,422 shares of Class B common stock, par value $0.01 per share, of ESH Hospitality, Inc., and 250,493,583 shares of Class A common stock, par value $0.01 per share, of ESH Hospitality, Inc., were all outstanding as of August 5, 2020.




EXTENDED STAY AMERICA, INC.
ESH HOSPITALITY, INC.
QUARTERLY REPORT ON FORM 10-Q
INDEX
 
 Page No.




ABOUT THIS COMBINED QUARTERLY REPORT
This combined quarterly report on Form 10-Q is filed by Extended Stay America, Inc., a Delaware corporation (the “Corporation”), and its controlled subsidiary, ESH Hospitality, Inc., a Delaware corporation (“ESH REIT”). Both the Corporation and ESH REIT have securities that have been registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are publicly traded and listed on The Nasdaq Global Select Market (“Nasdaq”) as Paired Shares, as defined herein. As further discussed herein, unless otherwise indicated or the context requires, the terms “Company,” “Extended Stay,” “Extended Stay America,” “we,” “our” and “us” refer to the Corporation, ESH REIT and their subsidiaries considered as a single enterprise.
As required by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, due to the Corporation’s controlling financial interest in ESH REIT, the Corporation consolidates ESH REIT’s financial position, results of operations, comprehensive income and cash flows with those of the Corporation. The Corporation’s stand-alone financial condition and related information is discussed herein where applicable. In addition, with respect to other financial and non-financial disclosure items required by Form 10-Q, any material differences between the Corporation and ESH REIT are discussed herein.
This combined quarterly report on Form 10-Q presents the following sections or portions of sections separately for each of the Company, on a consolidated basis, and ESH REIT, where applicable:
 
Part I Item 1 – Unaudited Financial Statements
Part I Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
Part I Item 3 – Quantitative and Qualitative Disclosures About Market Risk
Part I Item 4 – Controls and Procedures
This combined quarterly report also includes separate Exhibit 31 and 32 certifications for each of Extended Stay America, Inc. and ESH Hospitality, Inc. in order to establish that the Chief Executive Officer and the Chief Financial Officer of each registrant has made the requisite certifications and that Extended Stay America, Inc. and ESH Hospitality, Inc. are compliant with Rule 13a-15 or Rule 15d-15 of the Exchange Act and 18 U.S.C. §1350.
We believe combining the quarterly reports on Form 10-Q of the Corporation and ESH REIT into this single report results in the following benefits:
Enhances investors’ understanding of the Corporation and ESH REIT by enabling investors, whose ownership of Paired Shares, as defined herein, gives them an ownership interest in our hotel properties through ESH REIT and in the operation, management, development and franchising of hotels and other aspects of our business through the Corporation, to view the business as a whole;
Eliminates duplicative and potentially confusing disclosure and provides a more streamlined presentation, since a substantial amount of our disclosure applies to both registrants; and
Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.


1


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This combined quarterly report on Form 10-Q contains “forward-looking statements” within the meaning of the federal securities laws. All statements other than statements of historical facts included in this combined quarterly report on Form 10-Q may be forward-looking, including statements regarding, among other things, our ability to meet our debt service obligations, future capital expenditures (including future acquisitions and hotel renovation programs), our distribution policies, our development, growth and franchise opportunities, anticipated benefits or use of proceeds from dispositions, our plans, objectives, goals, beliefs, business strategies, business conditions, results of operations, financial position and business outlook, business trends and future events, as well as the COVID-19 pandemic, its effects on the foregoing, government actions taken in response to the COVID-19 pandemic and actions that we have or plan to take in response to the pandemic and such effects.
When used in this combined quarterly report on Form 10-Q, the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “will,” “look forward to” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will be achieved and actual results may differ materially from what is expressed in or indicated by the forward-looking statements.
As disclosed in our combined annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 26, 2020 (the “2019 Form 10-K”) and in other filings with the SEC, including this quarterly report on Form 10-Q, there are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this combined quarterly report on Form 10-Q. You should evaluate all forward-looking statements made in this combined quarterly report on Form 10-Q in the context of these risks and uncertainties.
We caution you that the risks, uncertainties and other factors referenced above and throughout this combined quarterly report on Form 10-Q may not contain all of the risks, uncertainties and other factors that may be important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will have the results or effect on us, our business or operations in the way expected. In particular, no assurance can be given that any of our ongoing, planned or expected strategic initiatives or objectives discussed herein or in other filings with the SEC will be initiated or completed on our expected timing or at all. Estimates and forward-looking statements speak only as of the date they were made and we undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.
2


PART I — FINANCIAL INFORMATION
Item 1. Unaudited Financial Statements
EXTENDED STAY AMERICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2020 AND DECEMBER 31, 2019
(In thousands, except share and per share data)
(Unaudited)

June 30,
2020
December 31,
2019
ASSETS
PROPERTY AND EQUIPMENT - Net of accumulated depreciation of $1,457,437 and $1,373,950
$3,487,340  $3,493,549  
RESTRICTED CASH14,893  14,858  
CASH AND CASH EQUIVALENTS667,553  346,812  
INTANGIBLE ASSETS - Net of accumulated amortization of $14,421 and $13,133
33,018  34,183  
GOODWILL45,192  45,192  
ACCOUNTS RECEIVABLE - Net of allowance for doubtful accounts of $2,715 and $2,749
13,396  14,020  
DEFERRED TAX ASSETS20,377  16,157  
OTHER ASSETS66,470  65,825  
TOTAL ASSETS$4,348,239  $4,030,596  
LIABILITIES AND EQUITY
LIABILITIES:
Term loan facility payable - Net of unamortized deferred financing costs and debt discount
   of $10,174 and $10,993
$616,003  $618,338  
Senior notes payable - Net of unamortized deferred financing costs and debt discount
   of $32,758 and $35,702
2,017,242  2,014,298  
Revolving credit facilities399,765    
Mandatorily redeemable preferred stock - $0.01 par value, $1,000 redemption value,
  8.0%, 350,000,000 shares authorized, 708,000 and 7,130,000 shares issued and outstanding
708  7,130  
Finance lease liabilities3,767  3,379  
Accounts payable and accrued liabilities208,386  211,181  
Total liabilities3,245,871  2,854,326  
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY:
Common stock - $0.01 par value, 3,500,000,000 shares authorized, 177,482,082 and
  179,483,397 shares issued and outstanding
1,775  1,795  
Additional paid in capital724,882  742,397  
Accumulated deficit(75,749) (48,283) 
Accumulated other comprehensive (loss) income(489) 383  
Total Extended Stay America, Inc. shareholders’ equity650,419  696,292  
Noncontrolling interests451,949  479,978  
Total equity1,102,368  1,176,270  
TOTAL LIABILITIES AND EQUITY$4,348,239  $4,030,596  
See accompanying notes to condensed consolidated financial statements.
3


EXTENDED STAY AMERICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(In thousands, except per share data)
(Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
REVENUES:
Room revenues$219,851  $311,614  $474,315  $578,660  
Other hotel revenues6,320  6,070  13,088  11,373  
Franchise and management fees1,218  1,447  2,497  2,672  
227,389  319,131  489,900  592,705  
Other revenues from franchised and managed properties3,445  4,526  7,235  8,621  
Total revenues230,834  323,657  497,135  601,326  
OPERATING EXPENSES:
Hotel operating expenses133,435  146,907  278,730  284,198  
General and administrative expenses23,103  22,287  47,041  45,314  
Depreciation and amortization51,042  49,017  101,562  97,795  
Impairment of long-lived assets675    675    
208,255  218,211  428,008  427,307  
Other expenses from franchised and managed properties4,083  4,996  8,290  9,643  
Total operating expenses212,338  223,207  436,298  436,950  
OTHER INCOME1  1  3  28  
INCOME FROM OPERATIONS18,497  100,451  60,840  164,404  
OTHER NON-OPERATING (INCOME) EXPENSE(302) (171) 401  (349) 
INTEREST EXPENSE, NET33,621  29,766  66,306  59,370  
(LOSS) INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE(14,822) 70,856  (5,867) 105,383  
INCOME TAX (BENEFIT) EXPENSE(6,052) 11,198  (4,942) 17,321  
NET (LOSS) INCOME(8,770) 59,658  (925) 88,062  
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS(3,593) (6,161) (6,884) (12,631) 
NET (LOSS) INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS$(12,363) $53,497  $(7,809) $75,431  
NET (LOSS) INCOME PER EXTENDED STAY AMERICA, INC. COMMON SHARE:
Basic$(0.07) $0.28  $(0.04) $0.40  
Diluted$(0.07) $0.28  $(0.04) $0.40  
WEIGHTED-AVERAGE EXTENDED STAY AMERICA, INC. COMMON SHARES OUTSTANDING:
Basic177,551  188,450  177,771  188,399  
Diluted177,551  188,813  177,771  188,695  
See accompanying notes to condensed consolidated financial statements.

4


EXTENDED STAY AMERICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(In thousands)
(Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
NET (LOSS) INCOME$(8,770) $59,658  $(925) $88,062  
OTHER COMPREHENSIVE INCOME:
INTEREST RATE CASH FLOW HEDGE GAIN (LOSS), NET OF TAX OF $8, $(343), $(299) and $(591)
45  (1,984) (1,702) (3,422) 
COMPREHENSIVE (LOSS) INCOME(8,725) 57,674  (2,627) 84,640  
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS(3,615) (5,162) (6,054) (10,908) 
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS$(12,340) $52,512  $(8,681) $73,732  
See accompanying notes to condensed consolidated financial statements.

5


EXTENDED STAY AMERICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(In thousands, except per share data)
(Unaudited)


Common StockAdditional
Paid in Capital
Retained EarningsAccumulated Other Comprehensive IncomeTotal Extended Stay America, Inc.
Shareholders’
Equity
Noncontrolling InterestsTotal
Equity
SharesAmount
BALANCE - April 1, 2019188,403  $1,884  $750,135  $41,116  $1,774  $794,909  $501,742  $1,296,651  
Net income—  —  —  53,497  —  53,497  6,161  59,658  
Interest rate cash flow hedge loss, net of tax—  —  —  —  (985) (985) (999) (1,984) 
Corporation common distributions - $0.09 per common share
—  —  —  (17,062) —  (17,062) —  (17,062) 
ESH REIT common distributions - $0.14 per Class B common share
—  —  —  —  —  —  (26,542) (26,542) 
ESH REIT preferred distributions—  —  —  —  —  —  (4) (4) 
Adjustment to reflect changes in book value of noncontrolling interests—  —  (75) —  —  (75) 75  —  
Equity-based compensation9  —  1,407  —  —  1,407  899  2,306  
BALANCE - June 30, 2019188,412  $1,884  $751,467  $77,551  $789  $831,691  $481,332  $1,313,023  

Common StockAdditional
Paid in Capital
Accumulated DeficitAccumulated Other Comprehensive LossTotal Extended Stay America, Inc.
Shareholders’
Equity
Noncontrolling InterestsTotal
Equity
SharesAmount
BALANCE - April 1, 2020177,466  $1,775  $723,285  $(63,394) $(512) $661,154  $449,730  $1,110,884  
Net (loss) income—  —  —  (12,363) —  (12,363) 3,593  (8,770) 
Interest rate cash flow hedge gain, net of tax—  —  —  —  23  23  22  45  
Corporation common distributions - $0 per common share
—  —  —  8  —  8  —  8  
ESH REIT common distributions - $0.01 per Class B common share
—  —  —  —  —  —  (1,773) (1,773) 
ESH REIT preferred distributions—  —  —  —  —  —  (4) (4) 
Adjustment to reflect changes in book value of noncontrolling interests—  —  351  —  —  351  (351) —  
Equity-based compensation16  —  1,246  —  —  1,246  732  1,978  
BALANCE - June 30, 2020177,482  $1,775  $724,882  $(75,749) $(489) $650,419  $451,949  $1,102,368  



 Common StockAdditional
Paid in Capital
Retained EarningsAccumulated Other Comprehensive IncomeTotal Extended Stay America, Inc.
Shareholders’
Equity
Noncontrolling InterestsTotal
Equity
 SharesAmount
BALANCE - January 1, 2019188,219  $1,882  $749,219  $32,432  $2,488  $786,021  $524,618  $1,310,639  
Net income—  —  —  75,431  —  75,431  12,631  88,062  
Interest rate cash flow hedge loss, net of tax—  —  —  —  (1,699) (1,699) (1,723) (3,422) 
Corporation common distributions - $0.16 per common share
—  —