Pebblebrook Hotel Trust

NYSE:PEBUnited States

Apr 23, 2024

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• Pebblebrook Hotel Trust Q1 Adjusted FFO, Revenue Rise; Q2 AFFO Outlook Set, from 5:37PM ET on Tuesday Apr 23, 2024 by MT Newswires

  5:37PM ET on Tuesday Apr 23, 2024 by MT Newswires
  Companies Mentioned: PEB
  05:37 PM EDT, 04/23/2024 (MT Newswires) -- Pebblebrook Hotel Trust (PEB) reported Q1 adjusted funds from operations late Tuesday of $0.21 per diluted share, up from $0.18 per share a year earlier. Analysts polled by Capital IQ expected $0.15. Revenu...

• -- Earnings Flash (PEB) PEBBLEBROOK HOTEL TRUST Posts Q1 Revenue $314.1M, from 4:07PM ET on Tuesday Apr 23, 2024 by MT Newswires

  4:07PM ET on Tuesday Apr 23, 2024 by MT Newswires
  Companies Mentioned: PEB
  04:07 PM EDT, 04/23/2024 (MT Newswires) -- ...

• *DJ Pebblebrook Hotel Trust 1Q Loss/Shr 32c >PEB, from 4:06PM ET on Tuesday Apr 23, 2024 by Dow Jones

  4:06PM ET on Tuesday Apr 23, 2024 by Dow Jones
  Companies Mentioned: PEB

• Pebblebrook Hotel Trust Reports First Quarter 2024 Results, from 4:06PM ET on Tuesday Apr 23, 2024 by Dow Jones

  4:06PM ET on Tuesday Apr 23, 2024 by Dow Jones
  Companies Mentioned: PEB
  BETHESDA, Md.--(BUSINESS WIRE)--April 23, 2024--
  Pebblebrook Hotel Trust (NYSE: PEB):
  Q1 FINANCIAL Net loss of ($27.5) million Same-Property RevPAR(1) increased HIGHLIGHTS 1.7% vs. Q1 2023, with Urban RevPAR improving 4.9% and Resort RevPAR declining 4.4% Same-Property EBITDA(1) of $59.8 million, down $1.4 million, or 2.3%, vs. Q1 2023 Adjusted EBITDAre(1) of $60.8 million, flat to Q1 2023 Adjusted FFO(1) per diluted share of $0.21, increasing from $0.18 in Q1 2023 --------------- ------------------------------------------------------------- HOTEL OPERATING Business demand--both group and transient--continued to TRENDS recover, driving increased occupancy in Washington D.C., San Diego, San Francisco, Los Angeles, and Boston Leisure demand remained roughly in line with the prior year, despite bad weather impacting many weekends in Florida and on the West Coast; the Company's resorts continue to maintain significant ADR premiums to 2019 Recently redeveloped hotels--including Hilton San Diego Gaslamp Quarter, Margaritaville Hotel San Diego Gaslamp Quarter, Viceroy Santa Monica Hotel, L'Auberge Del Mar, 1 Hotel San Francisco, and Estancia La Jolla Hotel & Spa--are demonstrating the benefits of their substantial investments with healthy gains in RevPAR, market share, cash flow, and future bookings --------------- ------------------------------------------------------------- PORTFOLIO The extensive $49 million redevelopment of Newport Harbor UPDATES & Island Resort into a premier luxury island destination is now CAPITAL substantially complete, and the resort is set to reopen soon REPOSITIONINGS Estancia La Jolla Hotel & Spa's $26 million transformation has been completed, showcasing an attractively redesigned lobby, enhanced and added public spaces and event lawns, outdoor pools and cabanas, and expanded outdoor dining options The restoration and rebuilding of LaPlaya Beach Resort & Club ("LaPlaya") post-Hurricane Ian is substantially complete, with all buildings and resort amenities now open and operational, and performance ramping up quickly so far --------------- ------------------------------------------------------------- Q2 2024 Net income: $18.8 to $23.8 million Same-Property RevPAR(1): OUTLOOK +0.5% to +2.5% vs. Q2 2023 Adjusted EBITDAre(1): $111.0 to $116.0 million Adjusted FFO(1) per diluted share: $0.59 to $0.63 --------------- ------------------------------------------------------------- (1) See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures used in the table above and elsewhere in this press release. "First-quarter bottom-line operating results surpassed the top of our outlook, largely driven by our intense focus on operating efficiencies and strong cost reduction efforts. Favorable top-line performance was led by the continued recovery of our urban hotels, especially those that were recently redeveloped and transformed. Additionally, the ramp-up of LaPlaya's performance following its reopening post-Hurricane Ian has been very encouraging as it handily surpassed our initial expectations for the quarter. Furthermore, we've made significant progress in completing our multi-year, portfolio-wide strategic reinvestment program. Newport Harbor Island Resort, our flagship New England resort, is set to reopen soon following its closure for five months for a comprehensive property-wide redevelopment and upgrading. We are excited about the upcoming summer season. Estancia La Jolla Hotel & Spa just completed its major two-phase redevelopment, and we look forward to reintroducing this stunning luxury property to the market. Skamania Lodge's expanded alternative lodging accommodations along the Columbia River Gorge are substantially complete, with the recent and upcoming introduction of new cabins, a new villa and five luxury glamping units. "Looking ahead, we remain cautiously optimistic about the continued industry recovery, particularly the ongoing improvements in business travel and international inbound travel, and the ongoing recovery of our urban markets." -- Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust First Quarter Highlights First Quarter ------------------------ ---------------------------------------------------- Same-Property and Corporate Highlights 2024 2023 Variance ------------------------ ---------------- --------------- ----------------- ($ in millions except per share and RevPAR data) Net income (loss) ($27.5) ($22.0) NM Same-Property Room Revenues(1) $191.6 $186.2 2.9% Same-Property Total Revenues(1) $295.1 $288.0 2.5% Same Property Total Expenses(1) $235.3 $226.8 3.7% Same Property EBITDA(1) $59.8 $61.2 (2.3%) Adjusted EBITDAre(1) $60.8 $60.8 0.0% Adjusted FFO(1) $25.0 $22.4 11.6% Adjusted FFO per diluted share(1) $0.21 $0.18 16.7% 2024 Monthly Results ------------------------------ ---------------------------------------------- Same-Property Portfolio Highlights(2) Jan Feb Mar ------------------------------ -------------- ------------- --------------- ($ in millions except ADR and RevPAR data) ------------------------------ ---------------------------------------------- Occupancy 51% 63% 70% ADR $295 $294 $307 RevPAR $151 $184 $215 Total Revenues $84.8 $94.9 $115.4 Total Revenues Growth Rate ('24 vs. '23) 6% 3% 0% Hotel EBITDA $8.1 $19.1 $32.5 NM = Not Meaningful (1) See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share. Adjusted EBITDAre, Adjusted FFO and Adjusted FFO per share exclude the amortization of share-based compensation expense. Historical and comparable period results of such non-GAAP financial measures have been adjusted to reflect the exclusion. (2) Includes information for all the hotels the Company owned as of March 31, 2024, except for the following: LaPlaya Beach Resort & Club Newport Harbor Island Resort
  

• Pebblebrook Hotel Trust Reports First Quarter 2024 Results, from 4:06PM ET on Tuesday Apr 23, 2024 by Business Wire

  4:06PM ET on Tuesday Apr 23, 2024 by Business Wire
  Companies Mentioned: PEB

  Pebblebrook Hotel Trust (NYSE: PEB):

  "Our urban hotels led our portfolio growth this quarter, with same-property occupancy increasing by 2 percentage points to 60% and average daily rate (ADR) rising by 0.6% to $267," noted Mr. Bortz. "Total RevPAR at our urban hotels rose by 4.9%, while EBITDA climbed by 10% over the prior year period, primarily driven by moderating inflationary pressures and an intense focus on creating efficiencies and strong cost reduction efforts. Our urban portfolio outperformed the broader U.S. industry in the first quarter, with RevPAR growth of 4.9%, versus the industry's urban growth of 2.6%, demonstrating the upside potential our recently redeveloped properties have moving forward. Looking ahead to the rest of 2024, the booking pace for groups remains healthy, particularly in the third and fourth quarters. Additionally, we expect solid improvements in RevPAR and market share at our recently repositioned and redeveloped properties, which continue to benefit from our now-completed multi-year strategic redevelopment program."