Maryland | 001-34571 | 27-1055421 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) |
7315 Wisconsin Avenue, Suite 1100 West | ||
Bethesda, Maryland | 20814 | |
(Address of principal executive offices) | (Zip Code) |
Exhibit No. | Description | |
Press release, issued November 1, 2018, providing the results of operations for the three and nine months ended September 30, 2018. |
PEBBLEBROOK HOTEL TRUST | |||
November 1, 2018 | By: | /s/ Raymond D. Martz | |
Name: | Raymond D. Martz | ||
Title: | Executive Vice President, Chief Financial Officer, Treasurer and Secretary |
Third Quarter | Nine Months Ended September 30, | ||||
2018 | 2017 | 2018 | 2017 | ||
($ in millions except per share and RevPAR data) | |||||
Net income (loss) | $29.9 | $30.6 | $112.7 | $88.3 | |
Same-Property Total RevPAR(1) | $321.65 | $317.00 | $311.88 | $305.40 | |
Same-Property Total RevPAR growth rate | 1.5% | 2.1% | |||
Same-Property RevPAR(1) | $231.94 | $229.68 | $216.97 | $214.46 | |
Same-Property RevPAR growth rate | 1.0% | 1.2% | |||
Same-Property EBITDA(1) | $75.9 | $74.7 | $206.3 | $200.7 | |
Same-Property EBITDA growth rate | 1.7% | 2.8% | |||
Same-Property EBITDA Margin(1) | 37.8% | 37.8% | 35.1% | 34.9% | |
Adjusted EBITDAre(1) | $69.4 | $70.1 | $201.4 | $186.3 | |
Adjusted EBITDAre growth rate | (1.0%) | 8.1% | |||
Adjusted FFO(1) | $51.2 | $55.8 | $153.4 | $146.6 | |
Adjusted FFO per diluted share(1) | $0.74 | $0.80 | $2.21 | $2.08 | |
Adjusted FFO per diluted share growth rate | (7.5%) | 6.3% | |||
(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. | |||||
For the details as to which hotels are included in Same-Property Revenue Per Available Room (“RevPAR”), Same-Property Total Revenue Per Available Room (“Total RevPAR”), Average Daily Rate (“ADR”), Occupancy, Revenues, Expenses, EBITDA and EBITDA Margins appearing in the table above and elsewhere in this press release, refer to the Same-Property Inclusion Reference Table later in this press release. |
▪ | Net income: The Company’s net income was $29.9 million in the third quarter of 2018, decreasing $0.7 million as compared to the same period of 2017. |
▪ | Same-Property Total RevPAR and Same-Property RevPAR: Same-Property Total RevPAR for the quarter increased 1.5 percent versus 2017 to $321.65. Same-Property RevPAR grew 1.0 percent over the same period of 2017 to $231.94. Same-Property ADR improved 1.1 percent over the prior year to $259.25. Same-Property Occupancy fell 0.1 percent to 89.5 percent. |
▪ | Same-Property EBITDA: The Company’s hotels generated $75.9 million of Same-Property EBITDA for the quarter ended September 30, 2018, increasing 1.7 percent over the same period of 2017. Same-Property Revenues grew 1.5 percent, while Same-Property Expenses were held to growth of only 1.4 percent. Same-Property EBITDA Margin increased 6 basis points to 37.8 percent for the third quarter of 2018, as compared to the same period last year. |
▪ | Adjusted EBITDAre: The Company’s Adjusted EBITDAre declined to $69.4 million from $70.1 million in the prior-year period, a decrease of 1.0 percent. The Adjusted EBITDAre metric was previously reported as Adjusted EBITDA. |
▪ | Adjusted FFO: The Company’s Adjusted FFO decreased 8.1 percent to $51.2 million from $55.8 million in the prior-year period. The decrease is partly due to the Company’s increased interest expense related to the strategic acquisition of LaSalle Hotel Properties (NYSE: LHO) (“LaSalle”) common shares, which amounted to an estimated $3.8 million of additional expense in the third quarter of 2018. |
▪ | Dividends: On September 17, 2018, the Company declared a regular quarterly cash dividend of $0.38 per share on its common shares, a regular quarterly cash dividend of $0.40625 per share on its 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest and a regular quarterly cash dividend of $0.39844 per share on its 6.375% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest. |
• | Mondrian Los Angeles (estimated at $18.0 million), which includes a renovation of the guestrooms and guest bathrooms, as well as the hotel lobby and our legendary Skybar. The renovation began this week and has an expected completion date in the first quarter of 2019; |
• | W Hotel Boston (estimated at $10.0 million), which will undergo a guestroom renovation that will begin later in the fourth quarter of 2018, with an expected completion date in the first quarter of 2019; |
• | Sir Francis Drake (estimated at $9.0 million), which includes a lobby and an expanded guestroom refresh, featuring guest bathroom tub to shower conversions, which began in September this year, to be completed at the end of 2018; and |
• | Hotel Zelos San Francisco (estimated at $6.0 million), which consists of a guestroom and expanded guest bathroom renovation to be completed by the end of 2018, which will build on the success of the previously transformed lobby, guestroom corridors and the award-winning Dirty Habit, all of which were completed in 2014. |
▪ | Net Income: The Company’s net income was $112.7 million for the nine months ended September 30, 2018, an increase of $24.4 million over the same period of 2017. |
▪ | Same-Property Total RevPAR and Same-Property RevPAR: Same-Property Total Revenue per Available Room for the nine months ended September 30, 2018 grew 2.1 percent over the same period of 2017. Year-to-date Same-Property RevPAR increased 1.2 percent over the same period of 2017 to $216.97. Year-to-date Same-Property ADR rose 1.1 percent from the comparable period of 2017 to $253.13, and year-to-date Same-Property Occupancy improved 0.1 percent to 85.7 percent. |
▪ | Same-Property EBITDA: The Company’s hotels generated $206.3 million of Same-Property EBITDA for the nine months ended September 30, 2018, up 2.8 percent compared to the same period of 2017. Same-Property Revenues climbed 2.2 percent, while Same-Property Expenses rose just 1.9 percent. As a result, Same-Property EBITDA Margin for the nine months ended September 30, 2018 increased 19 basis points to 35.1 percent as compared to the same period last year. |
▪ | Adjusted EBITDAre: The Company’s Adjusted EBITDAre increased 8.1 percent, or $15.2 million, to $201.4 million from $186.3 million in the prior-year period. |
▪ | Adjusted FFO: The Company’s Adjusted FFO grew 4.6 percent to $153.4 million from $146.6 million in the prior-year period. The Company’s Adjusted FFO per diluted share grew 6.3 percent to $2.21 compared with the same period of 2017. |
2018 Outlook as of November 1, 2018 | Variance to Prior Outlook as of July 25, 2018 | ||||||||
Low | High | Low | High | ||||||
($ and shares/units in millions, except per share and RevPAR data) | |||||||||
Net income | $114.9 | $119.9 | $2.7 | $0.7 | |||||
Adjusted EBITDAre | $243.9 | $248.9 | $2.2 | $0.2 | |||||
Adjusted EBITDAre growth rate | 4.7% | 6.8% | 1.0% | 0.1% | |||||
Adjusted FFO | $178.5 | $183.5 | $1.0 | ($1.0) | |||||
Adjusted FFO per diluted share | $2.57 | $2.64 | $0.01 | ($0.02) | |||||
Adjusted FFO per diluted share growth rate | 0.0% | 2.7% | 0.4% | (0.8%) |
U.S. GDP growth rate | 2.75% | 3.0% | 0.25% | 0.25% | |||||
U.S. Hotel Industry RevPAR growth rate | 2.5% | 3.5% | - | - | |||||
Urban Markets RevPAR growth rate | 2.0% | 3.0% | - | - | |||||
Same-Property RevPAR | $208 | $210 | - | ($1) | |||||
Same-Property RevPAR growth rate | 0.0% | 1.0% | - | (0.5%) | |||||
Same-Property EBITDA | $252.6 | $257.6 | $1.0 | ($1.0) | |||||
Same-Property EBITDA growth rate | (0.8%) | 1.2% | 0.4% | (0.4%) | |||||
Same-Property EBITDA Margin | 33.1% | 33.6% | - | - | |||||
Same-Property EBITDA Margin growth rate | (75 bps) | (25 bps) | - | - | |||||
Corporate cash general and administrative expenses | $17.3 | $17.3 | ($0.9) | ($0.9) | |||||
Corporate non-cash general and administrative expenses | $6.2 | $6.2 | ($0.3) | ($0.3) | |||||
Total capital investments related to renovations, capital maintenance and return on investment projects | $60.0 | $70.0 | - | - | |||||
Weighted-average fully diluted shares and units | 69.5 | 69.5 | 0.1 | 0.1 |
Fourth Quarter 2018 Outlook | |||||||
Low | High | ||||||
($ and shares/units in millions, except per share and RevPAR data) | |||||||
Net income | $2.2 | $7.2 | |||||
Same-Property RevPAR | $182 | $186 | |||||
Same-Property RevPAR growth rate | (3.5%) | (1.5%) | |||||
Same-Property EBITDA | $46.3 | $51.3 | |||||
Same-Property EBITDA growth rate | (14.0%) | (4.7%) | |||||
Same-Property EBITDA Margin | 27.2% | 27.7% | |||||
Same-Property EBITDA Margin growth rate | (350 bps) | (300 bps) | |||||
Adjusted EBITDAre | $42.3 | $47.3 | |||||
Adjusted EBITDAre growth rate | (9.6%) | 1.1% | |||||
Adjusted FFO | $25.0 | $30.0 | |||||
Adjusted FFO per diluted share | $0.36 | $0.43 | |||||
Adjusted FFO per diluted share growth rate | (26.5%) | (12.2%) | |||||
Weighted-average fully diluted shares and units | 69.5 | 69.5 |
Pebblebrook Hotel Trust | |||||||
Consolidated Balance Sheets | |||||||
($ in thousands, except for per share data) | |||||||
September 30, 2018 | December 31, 2017 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Assets: | |||||||
Investment in hotel properties, net | $ | 2,437,679 | $ | 2,456,450 | |||
Investment in marketable securities | 373,891 | — | |||||
Ground lease asset, net | 28,593 | 29,037 | |||||
Cash and cash equivalents | 18,026 | 25,410 | |||||
Restricted cash | 8,485 | 7,123 | |||||
Hotel receivables (net of allowance for doubtful accounts of $153 and $245, respectively) | 36,317 | 29,206 | |||||
Prepaid expenses and other assets | 173,472 | 43,642 | |||||
Total assets | $ | 3,076,463 | $ | 2,590,868 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Unsecured revolving credit facilities | $ | 394,000 | $ | 45,000 | |||
Term loans, net of unamortized deferred financing costs | 771,087 | 670,406 | |||||
Senior unsecured notes, net of unamortized deferred financing costs | 99,445 | 99,374 | |||||
Mortgage debt, net of unamortized deferred financing costs | 68,731 | 70,457 | |||||
Accounts payable and accrued expenses | 147,564 | 141,290 | |||||
Deferred revenues | 25,547 | 26,919 | |||||
Accrued interest | 3,459 | 2,073 | |||||
Distribution payable | 31,647 | 31,823 | |||||
Total liabilities | 1,541,480 | 1,087,342 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Preferred shares of beneficial interest, $0.01 par value (liquidation preference $250,000 at September 30, 2018 and at December 31, 2017), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at September 30, 2018 and December 31, 2017 | 100 | 100 | |||||
Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized; 68,912,185 issued and outstanding at September 30, 2018 and 68,812,575 issued and outstanding at December 31, 2017 | 689 | 688 | |||||
Additional paid-in capital | 1,686,530 | 1,685,437 | |||||
Accumulated other comprehensive income (loss) | 12,356 | 3,689 | |||||
Distributions in excess of retained earnings | (170,284 | ) | (191,013 | ) | |||
Total shareholders' equity | 1,529,391 | 1,498,901 | |||||
Non-controlling interests | 5,592 | 4,625 | |||||
Total equity | 1,534,983 | 1,503,526 | |||||
Total liabilities and equity | $ | 3,076,463 | $ | 2,590,868 |
Pebblebrook Hotel Trust | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
($ in thousands, except for per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Room | $ | 146,907 | $ | 144,770 | $ | 411,396 | $ | 412,862 | |||||||
Food and beverage | 43,141 | 42,839 | 136,919 | 134,858 | |||||||||||
Other operating | 15,432 | 14,184 | 44,721 | 41,968 | |||||||||||
Total revenues | $ | 205,480 | $ | 201,793 | $ | 593,036 | $ | 589,688 | |||||||
Expenses: | |||||||||||||||
Hotel operating expenses: | |||||||||||||||
Room | $ | 34,675 | $ | 34,453 | $ | 99,540 | $ | 102,076 | |||||||
Food and beverage | 30,687 | 29,913 | 93,611 | 91,403 | |||||||||||
Other direct and indirect | 54,301 | 52,504 | 160,663 | 158,953 | |||||||||||
Total hotel operating expenses | 119,663 | 116,870 | 353,814 | 352,432 | |||||||||||
Depreciation and amortization | 24,765 | 25,210 | 74,229 | 77,456 | |||||||||||
Real estate taxes, personal property taxes, property insurance, and ground rent | 11,206 | 11,345 | 35,809 | 37,095 | |||||||||||
General and administrative | 10,286 | 4,467 | 21,465 | 17,045 | |||||||||||
Impairment and other losses | 74 | 3,191 | 1,452 | 4,240 | |||||||||||
Gain on insurance settlement | (866 | ) | — | (13,954 | ) | — | |||||||||
Total operating expenses | 165,128 | 161,083 | 472,815 | 488,268 | |||||||||||
Operating income (loss) | 40,352 | 40,710 | 120,221 | 101,420 | |||||||||||
Interest income | 40 | 1 | 162 | 97 | |||||||||||
Interest expense | (12,647 | ) | (8,969 | ) | (33,274 | ) | (28,015 | ) | |||||||
Other | 3,891 | 132 | 29,247 | 132 | |||||||||||
Gain on sale of hotel properties | — | 290 | — | 14,877 | |||||||||||
Income (loss) before income taxes | 31,636 | 32,164 | 116,356 | 88,511 | |||||||||||
Income tax (expense) benefit | (1,719 | ) | (1,593 | ) | (3,628 | ) | (181 | ) | |||||||
Net income (loss) | 29,917 | 30,571 | 112,728 | 88,330 | |||||||||||
Net income (loss) attributable to non-controlling interests | 125 | 128 | 424 | 341 | |||||||||||
Net income (loss) attributable to the Company | 29,792 | 30,443 | 112,304 | 87,989 | |||||||||||
Distributions to preferred shareholders | (4,023 | ) | (4,023 | ) | (12,070 | ) | (12,070 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | 25,769 | $ | 26,420 | $ | 100,234 | $ | 75,919 | |||||||
Net income (loss) per share available to common shareholders, basic | $ | 0.37 | $ | 0.38 | $ | 1.45 | $ | 1.08 | |||||||
Net income (loss) per share available to common shareholders, diluted | $ | 0.37 | $ | 0.38 | $ | 1.44 | $ | 1.08 | |||||||
Weighted-average number of common shares, basic | 68,912,185 | 68,814,805 | 68,900,402 | 69,854,618 | |||||||||||
Weighted-average number of common shares, diluted | 69,255,858 | 69,202,920 | 69,267,098 | 70,228,074 |
Pebblebrook Hotel Trust | |||||||||||||||
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO | |||||||||||||||
($ in thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) | $ | 29,917 | $ | 30,571 | $ | 112,728 | $ | 88,330 | |||||||
Adjustments: | |||||||||||||||
Depreciation and amortization | 24,713 | 25,155 | 74,072 | 77,284 | |||||||||||
Gain on sale of hotel properties | — | (290 | ) | — | (14,877 | ) | |||||||||
Impairment loss | — | 2,800 | — | 3,849 | |||||||||||
FFO | $ | 54,630 | $ | 58,236 | $ | 186,800 | $ | 154,586 | |||||||
Distribution to preferred shareholders | (4,023 | ) | (4,023 | ) | (12,070 | ) | (12,070 | ) | |||||||
FFO available to common share and unit holders | $ | 50,607 | $ | 54,213 | $ | 174,730 | $ | 142,516 | |||||||
Hotel acquisition and disposition costs | 3,188 | 14 | 5,545 | 71 | |||||||||||
Non-cash ground rent | 600 | 734 | 1,807 | 2,201 | |||||||||||
Management/franchise contract transition costs | 7 | — | 55 | 85 | |||||||||||
Interest expense adjustment for acquired liabilities | 184 | 192 | 702 | 387 | |||||||||||
Capital lease adjustment | 143 | 140 | 427 | 414 | |||||||||||
Non-cash amortization of acquired intangibles | 334 | 215 | 610 | 697 | |||||||||||
Estimated hurricane related repairs and cleanup costs | 74 | 391 | 1,452 | 391 | |||||||||||
Gain on insurance settlement | (866 | ) | — | (13,954 | ) | — | |||||||||
Business interruption proceeds | 866 | — | 6,135 | — | |||||||||||
Unrealized gain on investment | (3,891 | ) | — | (24,070 | ) | — | |||||||||
Other | — | (132 | ) | — | (132 | ) | |||||||||
Adjusted FFO available to common share and unit holders | $ | 51,246 | $ | 55,767 | $ | 153,439 | $ | 146,630 | |||||||
FFO per common share - basic | $ | 0.73 | $ | 0.79 | $ | 2.53 | $ | 2.03 | |||||||
FFO per common share - diluted | $ | 0.73 | $ | 0.78 | $ | 2.51 | $ | 2.02 | |||||||
Adjusted FFO per common share - basic | $ | 0.74 | $ | 0.81 | $ | 2.22 | $ | 2.09 | |||||||
Adjusted FFO per common share - diluted | $ | 0.74 | $ | 0.80 | $ | 2.21 | $ | 2.08 | |||||||
Weighted-average number of basic common shares and units | 69,148,536 | 69,051,156 | 69,136,753 | 70,090,969 | |||||||||||
Weighted-average number of fully diluted common shares and units | 69,492,209 | 69,439,271 | 69,503,449 | 70,464,425 |
To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission ("SEC") rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented. The Company also evaluates its performance by reviewing Adjusted FFO because it believes that adjusting FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO for the following items, which may occur in any period, and refers to this measure as Adjusted FFO: - Hotel acquisition and disposition costs: The Company excludes acquisition and disposition transaction costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels. - Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease. - Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels. - Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities assumed in connection with acquisitions, because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Capital lease adjustment: The Company excludes the effect of non-cash interest expense from capital leases because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Estimated hurricane related repairs and cleanup costs: The Company excludes estimated hurricane related repairs and cleanup costs during the period because it believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels. - Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels. - Business interruption proceeds: The Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels. - Unrealized gain on investment: The Company excludes the unrealized gain on investment because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels. - Other: The Company excludes the ineffective portion of the change in fair value of the hedging instruments during the period because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels. The Company’s presentation of FFO in accordance with the Nareit White Paper, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. |
Pebblebrook Hotel Trust | |||||||||||||||
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre | |||||||||||||||
($ in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) | $ | 29,917 | $ | 30,571 | $ | 112,728 | $ | 88,330 | |||||||
Adjustments: | |||||||||||||||
Interest expense | 12,647 | 8,969 | 33,274 | 28,015 | |||||||||||
Income tax expense (benefit) | 1,719 | 1,593 | 3,628 | 181 | |||||||||||
Depreciation and amortization | 24,765 | 25,210 | 74,229 | 77,456 | |||||||||||
EBITDA | $ | 69,048 | $ | 66,343 | $ | 223,859 | $ | 193,982 | |||||||
Gain on sale of hotel properties | — | (290 | ) | — | (14,877 | ) | |||||||||
Impairment loss | — | 2,800 | — | 3,849 | |||||||||||
EBITDAre | $ | 69,048 | $ | 68,853 | $ | 223,859 | $ | 182,954 | |||||||
Hotel acquisition and disposition costs | 3,188 | 14 | 5,545 | 71 | |||||||||||
Non-cash ground rent | 600 | 734 | 1,807 | 2,201 | |||||||||||
Management/franchise contract transition costs | 7 | — | 55 | 85 | |||||||||||
Non-cash amortization of acquired intangibles | 334 | 215 | 610 | 697 | |||||||||||
Estimated hurricane related repairs and cleanup costs | 74 | 391 | 1,452 | 391 | |||||||||||
Gain on insurance settlement | (866 | ) | — | (13,954 | ) | — | |||||||||
Business interruption proceeds | 866 | — | 6,135 | — | |||||||||||
Unrealized gain on investment | (3,891 | ) | — | (24,070 | ) | — | |||||||||
Other | — | (132 | ) | — | (132 | ) | |||||||||
Adjusted EBITDAre | $ | 69,360 | $ | 70,075 | $ | 201,439 | $ | 186,267 | |||||||
To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission ("SEC") rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization). Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses of on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. The Company also evaluates its performance by reviewing Adjusted EBITDAre because it believes that adjusting EBITDAre to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: - Hotel acquisition and disposition costs: The Company excludes acquisition and disposition transaction costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease. - Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Estimated hurricane related repairs and cleanup costs: The Company excludes estimated hurricane related repairs and cleanup costs during the period because it believes that including these adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Business interruption proceeds: The Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels. - Unrealized gain on investment: The Company excludes the unrealized gain on investment because the Company believes that including this adjustment in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Other: The Company excludes the ineffective portion of the change in fair value of the hedging instruments during the period because it believes that including these non-cash adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. The Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. |
Pebblebrook Hotel Trust | |||||||||||||||
Reconciliation of Outlook of Net Income (Loss) to FFO and Adjusted FFO | |||||||||||||||
($ in millions, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ending December 31, 2018 | Year ending December 31, 2018 | ||||||||||||||
Low | High | Low | High | ||||||||||||
Net income (loss) | $ | 2 | $ | 7 | $ | 115 | $ | 120 | |||||||
Adjustments: | |||||||||||||||
Depreciation and amortization | 26 | 26 | 100 | 100 | |||||||||||
FFO | $ | 28 | $ | 33 | $ | 215 | $ | 220 | |||||||
Distribution to preferred shareholders | (4 | ) | (4 | ) | (16 | ) | (16 | ) | |||||||
FFO available to common share and unit holders | $ | 24 | $ | 29 | $ | 199 | $ | 204 | |||||||
Non-cash ground rent | 1 | 1 | 2 | 2 | |||||||||||
Gain on insurance settlement | — | — | (14 | ) | (14 | ) | |||||||||
Business interruption proceeds | — | — | 6 | 6 | |||||||||||
Unrealized gain on investment | — | — | (24 | ) | (24 | ) | |||||||||
Other | 0 | 0 | 10 | 10 | |||||||||||
Adjusted FFO available to common share and unit holders | $ | 25 | $ | 30 | $ | 179 | $ | 184 | |||||||
FFO per common share - diluted | $ | 0.34 | $ | 0.41 | $ | 2.86 | $ | 2.93 | |||||||
Adjusted FFO per common share - diluted | $ | 0.36 | $ | 0.43 | $ | 2.57 | $ | 2.64 | |||||||
Weighted-average number of fully diluted common shares and units | 69.5 | 69.5 | 69.5 | 69.5 | |||||||||||
To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission ("SEC") rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented. The Company also evaluates its performance by reviewing Adjusted FFO because it believes that adjusting FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO for the following items, which may occur in any period, and refers to this measure as Adjusted FFO: - Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease. - Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels. - Business interruption proceeds: The Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels. - Unrealized gain on investment: The Company excludes the unrealized gain on investment because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels. - Other: The Company excludes other expenses, which include hotel acquisition and disposition costs, management/franchise contract transition costs, interest expense adjustment for acquired liabilities, capital lease adjustment, non-cash amortization of acquired intangibles and estimated hurricane related repairs and cleanup costs because the Company believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels. The Company’s presentation of FFO in accordance with the Nareit White Paper, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. Any differences are a result of rounding. | ||||||||||||||||
Pebblebrook Hotel Trust | ||||||||||||||||
Reconciliation of Outlook of Net Income (Loss) to EBITDAre and Adjusted EBITDAre | ||||||||||||||||
($ in millions) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three months ending December 31, 2018 | Year ending December 31, 2018 | |||||||||||||||
Low | High | Low | High | |||||||||||||
Net income (loss) | $ | 2 | $ | 7 | $ | 115 | $ | 120 | ||||||||
Adjustments: | ||||||||||||||||
Interest expense and income tax expense | 14 | 14 | 50 | 50 | ||||||||||||
Depreciation and amortization | 26 | 26 | 100 | 100 | ||||||||||||
EBITDAre | $ | 42 | $ | 47 | $ | 265 | $ | 270 | ||||||||
Non-cash ground rent | 1 | 1 | 2 | 2 | ||||||||||||
Gain on insurance settlement | — | — | (14 | ) | (14 | ) | ||||||||||
Business interruption proceeds | — | — | 6 | 6 | ||||||||||||
Unrealized gain on investment | — | — | (24 | ) | (24 | ) | ||||||||||
Other | (1 | ) | (1 | ) | 9 | 9 | ||||||||||
Adjusted EBITDAre | $ | 42 | $ | 47 | $ | 244 | $ | 249 | ||||||||
To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission ("SEC") rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization). Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("NAREIT") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses of on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. The Company also evaluates its performance by reviewing Adjusted EBITDAre because it believes that adjusting EBITDAre to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: - Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease. - Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Business interruption proceeds: The Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels. - Unrealized gain on investment: The Company excludes the unrealized gain on investment because the Company believes that including this adjustment in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Other: The Company excludes other expenses, which include hotel acquisition and disposition costs, management/franchise contract transition costs, non-cash amortization of acquired intangibles and estimated hurricane related repairs and cleanup costs because the Company believes that including these non-cash adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. The Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. Any differences are a result of rounding. | ||||||||||||||||
Pebblebrook Hotel Trust | |||||||||||||||
Same-Property Statistical Data | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Same-Property Occupancy | 89.5 | % | 89.5 | % | 85.7 | % | 85.7 | % | |||||||
Increase/(Decrease) | (0.1 | %) | 0.1 | % | |||||||||||
Same-Property ADR | $ | 259.25 | $ | 256.56 | $ | 253.13 | $ | 250.40 | |||||||
Increase/(Decrease) | 1.1 | % | 1.1 | % | |||||||||||
Same-Property RevPAR | $ | 231.94 | $ | 229.68 | $ | 216.97 | $ | 214.46 | |||||||
Increase/(Decrease) | 1.0 | % | 1.2 | % | |||||||||||
Notes: | |||||||||||||||
This schedule of hotel results for the three months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2018, except for LaPlaya Beach Resort & Club in both 2018 and 2017 because it was closed during the third quarter of 2017 due to the impact from Hurricane Irma. This schedule of hotel results for the nine months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2018, except for LaPlaya Beach Resort & Club for Q3 in both 2018 and 2017 because it was closed during the third quarter of 2017 due to the impact from Hurricane Irma. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | |||||
Same Property Statistical Data - by Market | |||||
(Unaudited) | |||||
Three months ended September 30, | Nine months ended September 30, | ||||
2018 | 2018 | ||||
RevPAR variance to prior-year period: | |||||
San Francisco | 8.0 | % | 7.3 | % | |
Seattle | 4.6 | % | 2.5 | % | |
Other | 3.2 | % | 3.0 | % | |
Boston | 3.1 | % | 2.4 | % | |
San Diego | (1.4 | %) | (5.1 | %) | |
Portland | (4.9 | %) | (4.4 | %) | |
Los Angeles | (7.4 | %) | (3.0 | %) | |
East Coast | 3.7 | % | 2.3 | % | |
West Coast | 0.2 | % | 0.5 | % | |
Notes: | |||||
This schedule of hotel results for the three months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2018, except for LaPlaya Beach Resort & Club in both 2018 and 2017 because it was closed during the third quarter of 2017 due to the impact from Hurricane Irma. This schedule of hotel results for the nine months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2018, except for LaPlaya Beach Resort & Club for Q3 in both 2018 and 2017 because it was closed during the third quarter of 2017 due to the impact from Hurricane Irma. "Other" includes Atlanta (Buckhead), GA; Coral Gables, FL; Minneapolis, MN; Naples, FL; Nashville, TN; Philadelphia, PA; and Washington, DC. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | |||||||||||||||
Hotel Operational Data | |||||||||||||||
Schedule of Same-Property Results | |||||||||||||||
($ in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Same-Property Revenues: | |||||||||||||||
Room | $ | 144,757 | $ | 143,289 | $ | 409,247 | $ | 404,098 | |||||||
Food and beverage | 41,143 | 41,643 | 134,921 | 133,631 | |||||||||||
Other | 14,853 | 12,829 | 44,097 | 37,721 | |||||||||||
Total hotel revenues | 200,753 | 197,761 | 588,265 | 575,450 | |||||||||||
Same-Property Expenses: | |||||||||||||||
Room | $ | 34,035 | $ | 33,913 | $ | 98,901 | $ | 98,449 | |||||||
Food and beverage | 28,876 | 28,579 | 91,800 | 90,037 | |||||||||||
Other direct | 2,296 | 2,397 | 8,213 | 8,565 | |||||||||||
General and administrative | 14,604 | 14,176 | 45,104 | 43,332 | |||||||||||
Information and telecommunication systems | 2,623 | 2,476 | 8,322 | 7,958 | |||||||||||
Sales and marketing | 15,091 | 14,789 | 46,480 | 44,944 | |||||||||||
Management fees | 5,890 | 5,838 | 17,285 | 17,035 | |||||||||||
Property operations and maintenance | 5,397 | 5,143 | 16,456 | 16,156 | |||||||||||
Energy and utilities | 4,681 | 4,543 | 12,925 | 12,517 | |||||||||||
Property taxes | 5,935 | 6,422 | 21,269 | 21,211 | |||||||||||
Other fixed expenses | 5,407 | 4,811 | 15,188 | 14,523 | |||||||||||
Total hotel expenses | 124,835 | 123,087 | 381,943 | 374,727 | |||||||||||
Same-Property EBITDA | $ | 75,918 | $ | 74,674 | $ | 206,322 | $ | 200,723 | |||||||
Same-Property EBITDA Margin | 37.8 | % | 37.8 | % | 35.1 | % | 34.9 | % | |||||||
Notes: | |||||||||||||||
This schedule of hotel results for the three months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2018, except for LaPlaya Beach Resort & Club in both 2018 and 2017 because it was closed during the third quarter of 2017 due to the impact from Hurricane Irma. This schedule of hotel results for the nine months ended September 30 includes information from all of the hotels the Company owned as of September 30, 2018, except for LaPlaya Beach Resort & Club for Q3 in both 2018 and 2017 because it was closed during the third quarter of 2017 due to the impact from Hurricane Irma. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | ||||||||
Same-Property Inclusion Reference Table | ||||||||
Hotels | Q1 | Q2 | Q3 | Q4 | ||||
Sir Francis Drake | X | X | X | X | ||||
InterContinental Buckhead Atlanta | X | X | X | X | ||||
Hotel Monaco Washington DC | X | X | X | X | ||||
The Grand Hotel Minneapolis | X | X | X | X | ||||
Skamania Lodge | X | X | X | X | ||||
Le Méridien Delfina Santa Monica | X | X | X | X | ||||
Sofitel Philadelphia | X | X | X | X | ||||
Argonaut Hotel | X | X | X | X | ||||
The Westin San Diego Gaslamp Quarter | X | X | X | X | ||||
Hotel Monaco Seattle | X | X | X | X | ||||
Mondrian Los Angeles | X | X | X | X | ||||
W Boston | X | X | X | X | ||||
Hotel Zetta San Francisco | X | X | X | X | ||||
Hotel Vintage Seattle | X | X | X | X | ||||
Hotel Vintage Portland | X | X | X | X | ||||
W Los Angeles - West Beverly Hills | X | X | X | X | ||||
Hotel Zelos San Francisco | X | X | X | X | ||||
Embassy Suites San Diego Bay - Downtown | X | X | X | X | ||||
Hotel Modera | X | X | X | X | ||||
Hotel Zephyr Fisherman's Wharf | X | X | X | X | ||||
Hotel Zeppelin San Francisco | X | X | X | X | ||||
The Nines, a Luxury Collection Hotel, Portland | X | X | X | X | ||||
Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel | X | X | X | X | ||||
Hotel Palomar Los Angeles Beverly Hills | X | X | X | X | ||||
Union Station Hotel Nashville, Autograph Collection | X | X | X | X | ||||
Revere Hotel Boston Common | X | X | X | X | ||||
LaPlaya Beach Resort & Club | X | X | ||||||
Hotel Zoe Fisherman's Wharf | X | X | X | X | ||||
Notes: | ||||||||
A property marked with an "X" in a specific quarter denotes that the same-property operating results of that property are included in the Same-Property Statistical Data and in the Schedule of Same-Property Results. The Company’s third quarter Same-Property RevPAR, RevPAR Growth, Total RevPAR, Total RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin include all of the hotels the Company owned as of September 30, 2018, except for LaPlaya Beach Resort & Club in both 2018 and 2017 because it was closed during the third quarter of 2017 due to the impact from Hurricane Irma. Operating statistics and financial results may include periods prior to the Company’s ownership of the hotels. The Company's estimates and assumptions for Same Property RevPAR, RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin for the Company's 2018 outlook include all of the hotels the Company owned as of September 30, 2018, except for LaPlaya Beach Resort & Club for Q3 and Q4 in both 2018 and 2017 because it was closed during a portion of the third and fourth quarters of 2017 due to the impact from Hurricane Irma. The operating statistics and financial results in this press release may include periods prior to the Company's ownership of the hotels. |
Pebblebrook Hotel Trust | |||||||||||||||||||||
Historical Operating Data | |||||||||||||||||||||
($ in millions except ADR and RevPAR data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Historical Operating Data: | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2017 | |||||||||||||||||
Occupancy | 81 | % | 87 | % | 88 | % | 79 | % | 84 | % | |||||||||||
ADR | $ | 243 | $ | 251 | $ | 256 | $ | 236 | $ | 247 | |||||||||||
RevPAR | $ | 196 | $ | 218 | $ | 226 | $ | 186 | $ | 206 | |||||||||||
Hotel Revenues | $ | 177.6 | $ | 200.1 | $ | 201.9 | $ | 179.7 | $ | 759.2 | |||||||||||
Hotel EBITDA | $ | 54.5 | $ | 71.6 | $ | 74.6 | $ | 53.6 | $ | 254.2 | |||||||||||
Hotel EBITDA Margin | 30.7 | % | 35.8 | % | 36.9 | % | 29.8 | % | 33.5 | % | |||||||||||
First Quarter | Second Quarter | Third Quarter | |||||||||||||||||||
2018 | 2018 | 2018 | |||||||||||||||||||
Occupancy | 80 | % | 88 | % | 88 | % | |||||||||||||||
ADR | $ | 244 | $ | 255 | $ | 259 | |||||||||||||||
RevPAR | $ | 195 | $ | 224 | $ | 229 | |||||||||||||||
Hotel Revenues | $ | 181.0 | $ | 206.5 | $ | 206.5 | |||||||||||||||
Hotel EBITDA | $ | 55.6 | $ | 74.8 | $ | 76.5 | |||||||||||||||
Hotel EBITDA Margin | 30.7 | % | 36.2 | % | 37.0 | % | |||||||||||||||
Notes: | |||||||||||||||||||||
These historical hotel operating results include information for all of the hotels the Company owned as of September 30, 2018. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. | |||||||||||||||||||||
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