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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 September 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
177,560,635 shares of common stock, par value $0.01 per share, of Extended Stay America, Inc., which are attached to and traded together with 177,560,635 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 November 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 SEPTEMBER 30, 2020 AND DECEMBER 31, 2019
(In thousands, except share and per share data)
(Unaudited)

September 30,
2020
December 31,
2019
ASSETS
PROPERTY AND EQUIPMENT - Net of accumulated depreciation of $1,503,632 and $1,373,950
$3,473,816 $3,493,549 
RESTRICTED CASH14,894 14,858 
CASH AND CASH EQUIVALENTS381,486 346,812 
INTANGIBLE ASSETS - Net of accumulated amortization of $15,072 and $13,133
32,412 34,183 
GOODWILL45,192 45,192 
ACCOUNTS RECEIVABLE - Net of allowance for doubtful accounts of $5,175 and $2,749
14,550 14,020 
DEFERRED TAX ASSETS23,735 16,157 
OTHER ASSETS83,848 65,825 
TOTAL ASSETS$4,069,933 $4,030,596 
LIABILITIES AND EQUITY
LIABILITIES:
Term loan facility payable - Net of unamortized deferred financing costs and debt discount
   of $9,765 and $10,993
$614,835 $618,338 
Senior notes payable - Net of unamortized deferred financing costs and debt discount
   of $31,284 and $35,702
2,018,716 2,014,298 
Revolving credit facilities49,765  
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 liabilities3,704 3,379 
Accounts payable and accrued liabilities248,064 211,181 
Total liabilities2,935,792 2,854,326 
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY:
Common stock - $0.01 par value, 3,500,000,000 shares authorized, 177,560,635 and
  179,483,397 shares issued and outstanding
1,776 1,795 
Additional paid in capital726,466 742,397 
Accumulated deficit(51,520)(48,283)
Accumulated other comprehensive (loss) income(319)383 
Total Extended Stay America, Inc. shareholders’ equity676,403 696,292 
Noncontrolling interests457,738 479,978 
Total equity1,134,141 1,176,270 
TOTAL LIABILITIES AND EQUITY$4,069,933 $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 NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(In thousands, except per share data)
(Unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
REVENUES:
Room revenues$273,056 $320,669 $747,371 $899,329 
Other hotel revenues7,552 6,475 20,640 17,848 
Franchise and management fees1,443 1,351 3,940 4,023 
282,051 328,495 771,951 921,200 
Other revenues from franchised and managed properties3,837 4,200 11,072 12,821 
Total revenues285,888 332,695 783,023 934,021 
OPERATING EXPENSES:
Hotel operating expenses149,156 152,913 427,886 437,111 
General and administrative expenses23,193 22,292 70,234 67,606 
Depreciation and amortization52,286 49,748 153,848 147,543 
Impairment of long-lived assets420 2,679 1,095 2,679 
225,055 227,632 653,063 654,939 
Other expenses from franchised and managed properties4,353 4,699 12,643 14,342 
Total operating expenses229,408 232,331 665,706 669,281 
OTHER INCOME1 3 4 31 
INCOME FROM OPERATIONS56,481 100,367 117,321 264,771 
OTHER NON-OPERATING (INCOME) EXPENSE(155)101 246 (248)
INTEREST EXPENSE, NET32,276 36,535 98,582 95,905 
INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE24,360 63,731 18,493 169,114 
INCOME TAX (BENEFIT) EXPENSE(7,132)10,501 (12,074)27,822 
NET INCOME31,492 53,230 30,567 141,292 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS(7,272)(12,159)(14,156)(24,790)
NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS$24,220 $41,071 $16,411 $116,502 
NET INCOME PER EXTENDED STAY AMERICA, INC. COMMON SHARE:
Basic$0.14 $0.22 $0.09 $0.62 
Diluted$0.14 $0.22 $0.09 $0.62 
WEIGHTED-AVERAGE EXTENDED STAY AMERICA, INC. COMMON SHARES OUTSTANDING:
Basic177,629 186,844 177,723 188,063 
Diluted178,198 187,015 178,071 188,317 
See accompanying notes to condensed consolidated financial statements.

4


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

Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
NET INCOME$31,492 $53,230 $30,567 $141,292 
OTHER COMPREHENSIVE INCOME (LOSS):
INTEREST RATE CASH FLOW HEDGE GAIN (LOSS), NET OF TAX OF $58, $(118), $(241) and $(709)
331 (687)(1,371)(4,109)
COMPREHENSIVE INCOME31,823 52,543 29,196 137,183 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS(7,433)(11,817)(13,487)(22,725)
COMPREHENSIVE INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS$24,390 $40,726 $15,709 $114,458 
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 NINE MONTHS ENDED SEPTEMBER 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 - July 1, 2019188,412 $1,884 $751,467 $77,551 $789 $831,691 $481,332 $1,313,023 
Net income— — — 41,071 — 41,071 12,159 53,230 
Interest rate cash flow hedge loss, net of tax— — — — (345)(345)(342)(687)
Repurchase of Corporation common stock and ESH REIT Class B common stock (Paired Shares)(3,993)(40)— (36,544)— (36,584)(20,887)(57,471)
Corporation common distributions - $0.08 per common share
— — — (15,120)— (15,120)— (15,120)
ESH REIT common distributions - $0.15 per Class B common share
— — — — — — (28,347)(28,347)
ESH REIT preferred distributions— — — — — — (4)(4)
Adjustment to reflect changes in book value of noncontrolling interests— — (6,563)— — (6,563)6,563 — 
Equity-based compensation82 1 1,242 — — 1,243 604 1,847 
BALANCE - September 30, 2019184,501 $1,845 $746,146 $66,958 $444 $815,393 $451,078 $1,266,471 

Common StockAdditional
Paid in Capital
Accumulated DeficitAccumulated Other Comprehensive LossTotal Extended Stay America, Inc.
Shareholders’
Equity
Noncontrolling InterestsTotal
Equity
SharesAmount
BALANCE - July 1, 2020177,482 $1,775 $724,882 $(75,749)$(489)$650,419 $451,949 $1,102,368 
Net income— — — 24,220 — 24,220 7,272 31,492 
Interest rate cash flow hedge gain, net of tax— — — — 170 170 161 331 
Corporation common distributions - $0 per common share
— —  9 — 9 — 9 
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— — 505 — — 505 (505)— 
Equity-based compensation79 1 1,079 — — 1,080 638 1,718 
BALANCE - September 30, 2020177,561 $1,776 $726,466 $(51,520)$(319)$676,403 $457,738 $1,134,141 



 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— — — 116,502 — 116,502 24,790 141,292 
Interest rate cash flow hedge loss, net of tax— — — — (2,044)(2,044)(2,065)(4,109)
Repurchase of Corporation common stock and ESH REIT Class B common stock (Paired Shares)(3,993)(40)— (36,544)— (36,584)(20,887)(57,471)
Corporation common distributions - $0.24 per common share
— — — (45,432)— (45,432)— (45,432)
ESH REIT common distributions - $0.44 per Class B common share
— — — — — — (83,287)(83,287)
ESH REIT preferred distributions— — — — — — (12)(12)
Adjustment to reflect changes in book value of noncontrolling interests— — (6,163)— — (6,163)6,163 — 
Equity-based compensation275 3 3,090 — — 3,093 1,758 4,851 
BALANCE - September 30, 2019184,501 $1,845 $746,146 $66,958 $444 $815,393 $451,078 $1,266,471 

 Common StockAdditional
Paid in Capital
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Extended Stay America, Inc.
Shareholders’
Equity
Noncontrolling InterestsTotal
Equity
 SharesAmount
BALANCE - January 1, 2020179,483 $1,795 $742,397 $(48,283)$383 $696,292 $479,978 $1,176,270 
Net income— — — 16,411 — 16,411 14,156 30,567 
Interest rate cash flow hedge loss, net of tax— — — — (702)(702)(669)(1,371)
Repurchase of Corporation common stock and ESH REIT Class B common stock (Paired Shares)(2,237)(22)— (19,665)— (19,687)(11,406)(31,093)
Corporation common distributions - $0.09 per common share
— — (15,981)17 — (15,964)— (15,964)
ESH REIT common distributions - $0.16 per Class B common share
— — — — — — (28,388)(28,388)
ESH REIT preferred distributions— — — — — — (12)(12)
Adjustment to reflect changes in book value of noncontrolling interests— — (2,463)— — (2,463)2,463 — 
Equity-based compensation315 3 2,513 — — 2,516 1,616 4,132 
BALANCE - September 30, 2020177,561 $1,776 $726,466 $(51,520)$(319)$676,403 $457,738 $1,134,141 
See accompanying notes to condensed consolidated financial statements.
6


EXTENDED STAY AMERICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(In thousands)
(Unaudited)

Nine Months Ended
September 30,
 20202019
OPERATING ACTIVITIES:
Net income$30,567 $141,292 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization153,848 147,543 
Foreign currency transaction loss (gain)246 (248)
Amortization of deferred financing costs and debt discount6,179 11,635 
Debt modification and extinguishment costs 82 
Loss on disposal of property and equipment6,309 5,037 
Impairment of long-lived assets1,095 2,679 
Equity-based compensation4,646 6,131 
Deferred income tax benefit(7,338)(4,327)
Changes in assets and liabilities:
Accounts receivable, net(530)(2,160)
Other assets(19,054)(5,310)
Accounts payable and accrued liabilities41,263 36,432 
Net cash provided by operating activities217,231 338,786 
INVESTING ACTIVITIES:
Purchases of property and equipment(86,112)(129,816)
Development in process payments(58,301)(42,116)
Payment for intangible assets(501)(6,081)
Proceeds from insurance and related recoveries987 914 
Net cash used in investing activities(143,927)(177,099)
FINANCING ACTIVITIES:
Principal payments on term loan facility(4,731)(505,683)
Proceeds from revolving credit facilities399,765  
Payments on revolving credit facility(350,000) 
Proceeds from issuance of senior notes 750,000 
Payments of deferred financing costs(127)(18,237)
Principal payments on finance leases(102)(86)
Debt modification and extinguishment costs (82)
Tax withholdings related to restricted stock unit settlements(860)(1,598)
Repurchase of Corporation common stock and ESH REIT Class B common stock (Paired Shares)(31,093)(57,471)
Repurchase of Corporation mandatorily redeemable preferred stock(6,422) 
Corporation common distributions(16,178)(45,362)
ESH REIT common distributions(28,773)(83,200)
ESH REIT preferred distributions(8)(8)
Net cash (used in) provided by financing activities(38,529)38,273 
CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH DUE TO CHANGES IN FOREIGN CURRENCY EXCHANGE RATES(