(State or other jurisdiction | (Commission | (I.R.S. Employer | ||||||||||||
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Not Applicable | ||
Former name or former address, if changed since last report |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
Press release, issued April 23, 2024, providing the results of operations for the three months ended March 31, 2024. | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
PEBBLEBROOK HOTEL TRUST | |||||||||||
April 23, 2024 | By: | /s/ Raymond D. Martz | |||||||||
Name: | Raymond D. Martz | ||||||||||
Title: | Co-President, Chief Financial Officer, Treasurer and Secretary |
Q1 FINANCIAL HIGHLIGHTS | ▪Net loss: ($27.5) million ▪Same-Property RevPAR(1) increased 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 TRENDS | § Business demand—both group and transient—continued to 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 UPDATES & CAPITAL REPOSITIONINGS | § The extensive $49 million redevelopment of Newport Harbor Island Resort into a premier luxury island destination is now substantially complete, and the resort is set to reopen soon § 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 OUTLOOK | § Net income: $18.8 to $23.8 million § Same-Property RevPAR(1): +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 $0.63 |
“ | First-quarter bottom-line operating results surpassed the top of our outlook, largely driven by our intense focus on operating efficiencies and strong cost reduction efforts. Favorable top-line performance was led by the continued recovery of our urban hotels, especially those that were recently redeveloped and transformed. Additionally, the ramp-up of LaPlaya’s performance following its reopening post-Hurricane Ian has been very encouraging as it handily surpassed our initial expectations for the quarter. Furthermore, we’ve made significant progress in completing our multi-year, portfolio-wide strategic reinvestment program. Newport Harbor Island Resort, our flagship New England resort, is set to reopen soon following its closure for five months for a comprehensive property-wide redevelopment and upgrading. We are excited about the upcoming summer season. Estancia La Jolla Hotel & Spa just completed its major two-phase redevelopment, and we look forward to reintroducing this stunning luxury property to the market. Skamania Lodge’s expanded alternative lodging accommodations along the Columbia River Gorge are substantially complete, with the recent and upcoming introduction of new cabins, a new villa and five luxury glamping units. ‘Looking ahead, we remain cautiously optimistic about the continued industry recovery, particularly the ongoing improvements in business travel and international inbound travel, and the ongoing recovery of our urban markets.” -Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust | |||||||
First Quarter | |||||||||||||||||
Same-Property and Corporate Highlights | 2024 | 2023 | Variance | ||||||||||||||
($ 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 per share 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 | $32.5 | |||||||||||||||||
NM = Not Meaningful (1)See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share. Adjusted EBITDAre, Adjusted FFO and Adjusted FFO per share exclude the amortization of share-based compensation expense. Historical and comparable period results of such non-GAAP financial measures have been adjusted to reflect the exclusion. (2)Includes information for all the hotels the Company owned as of March 31, 2024, except for the following: ■LaPlaya Beach Resort & Club ■Newport Harbor Island Resort |
2024 Outlook | Variance to Prior Outlook | |||||||||||||||||||||||||
As of 4/23/24 | Var to 2/21/24 | |||||||||||||||||||||||||
($ in millions, except per share data) | ||||||||||||||||||||||||||
Low | High | Low | High | |||||||||||||||||||||||
Net income (loss) | ($62.0) | ($47.0) | — | — | ||||||||||||||||||||||
Adjusted EBITDAre | $339.0 | $354.0 | — | — | ||||||||||||||||||||||
Adjusted FFO | $180.5 | $195.5 | — | — | ||||||||||||||||||||||
Adjusted FFO per diluted share | $1.49 | $1.61 | — | — | ||||||||||||||||||||||
This 2024 Outlook is based, in part, on the following estimates and assumptions: | ||||||||||||||||||||||||||
2024 Outlook | Variance to Prior Outlook | |||||||||||||||||||||||||
As of 4/23/24 | Var to 2/21/24 | |||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Low | High | Low | High | |||||||||||||||||||||||
US Hotel Industry RevPAR Growth Rate | 0.0% | 2.0 | % | — | — | |||||||||||||||||||||
Same-Property RevPAR variance vs. 2023 | 2.0 | % | 4.0 | % | — | — | ||||||||||||||||||||
Same-Property Total Revenue variance vs. 2023 | 3.3 | % | 4.8 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||
Same-Property Total Expense variance vs. 2023 | 4.7 | % | 5.3 | % | — | — | ||||||||||||||||||||
Same-Property Hotel EBITDA | $344.1 | $359.1 | ($0.9) | ($0.9) | ||||||||||||||||||||||
Same-Property Hotel EBITDA variance vs. 2023 | (0.9 | %) | 3.4 | % | 0.6 | % | 0.6 | % | ||||||||||||||||||
The Company’s Q2 2024 outlook is as follows: | ||||||||||||||
Q2 2024 Outlook | ||||||||||||||
Low | High | |||||||||||||
($ in millions, except per share and RevPAR data) | ||||||||||||||
Net income | $18.8 | $23.8 | ||||||||||||
Adjusted EBITDAre | $111.0 | $116.0 | ||||||||||||
Adjusted FFO | $71.3 | $76.3 | ||||||||||||
Adjusted FFO per diluted share | $0.59 | $0.63 | ||||||||||||
This Q2 2024 Outlook is based, in part, on the following estimates and assumptions: | ||||||||||||||
Same-Property RevPAR | $231 | $235 | ||||||||||||
Same-Property RevPAR variance vs. Q2 2023 | 0.5% | 2.5 | % | |||||||||||
Same-Property Total Revenue variance vs. Q2 2023 | 1.5 | % | 3.7 | % | ||||||||||
Same-Property Total Expense variance vs. Q2 2023 | 1.5 | % | 2.6 | % | ||||||||||
Same-Property Hotel EBITDA | $109.5 | $114.5 | ||||||||||||
Same-Property Hotel EBITDA variance vs. Q2 2023 | 1.7 | % | 6.3 | % |
Pebblebrook Hotel Trust | |||||||||||
Consolidated Balance Sheets | |||||||||||
($ in thousands, except share and per-share data) | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Assets: | |||||||||||
Investment in hotel properties, net | $ | 5,475,450 | $ | 5,490,776 | |||||||
Cash and cash equivalents | 56,707 | 183,747 | |||||||||
Restricted cash | 8,267 | 9,894 | |||||||||
Hotel receivables (net of allowance for doubtful accounts of $341 and $689, respectively) | 53,934 | 43,912 | |||||||||
Prepaid expenses and other assets | 103,593 | 96,644 | |||||||||
Total assets | $ | 5,697,951 | $ | 5,824,973 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Unsecured revolving credit facilities | $ | — | $ | — | |||||||
Unsecured term loans, net of unamortized deferred financing costs | 1,261,852 | 1,375,004 | |||||||||
Convertible senior notes, net of unamortized debt premium and discount and deferred financing costs | 747,486 | 747,262 | |||||||||
Senior unsecured notes, net of unamortized deferred financing costs | 2,395 | 2,395 | |||||||||
Mortgage loans, net of unamortized debt discount and deferred financing costs | 194,918 | 195,140 | |||||||||
Accounts payable, accrued expenses and other liabilities | 247,029 | 238,644 | |||||||||
Lease liabilities - operating leases | 320,649 | 320,617 | |||||||||
Deferred revenues | 87,874 | 76,874 | |||||||||
Accrued interest | 10,390 | 6,830 | |||||||||
Distribution payable | 11,849 | 11,862 | |||||||||
Total liabilities | 2,884,442 | 2,974,628 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders' Equity: | |||||||||||
Preferred shares of beneficial interest, $0.01 par value (liquidation preference $690,000 at March 31, 2024 and December 31, 2023), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 | 276 | 276 | |||||||||
Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized; 120,094,380 shares issued and outstanding at March 31, 2024 and 120,191,349 shares issued and outstanding at December 31, 2023 | 1,201 | 1,202 | |||||||||
Additional paid-in capital | 4,074,898 | 4,078,912 | |||||||||
Accumulated other comprehensive income (loss) | 31,067 | 24,374 | |||||||||
Distributions in excess of retained earnings | (1,381,450) | (1,341,264) | |||||||||
Total shareholders' equity | 2,725,992 | 2,763,500 | |||||||||
Non-controlling interests | 87,517 | 86,845 | |||||||||
Total equity | 2,813,509 | 2,850,345 | |||||||||
Total liabilities and equity | $ | 5,697,951 | $ | 5,824,973 |
Pebblebrook Hotel Trust | |||||||||||
Consolidated Statements of Operations | |||||||||||
($ in thousands, except share and per-share data) | |||||||||||
(Unaudited) | |||||||||||
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Room | $ | 198,100 | $ | 196,374 | |||||||
Food and beverage | 81,095 | 75,763 | |||||||||
Other operating | 34,874 | 33,582 | |||||||||
Total revenues | $ | 314,069 | $ | 305,719 | |||||||
Expenses: | |||||||||||
Hotel operating expenses: | |||||||||||
Room | $ | 55,023 | $ | 56,424 | |||||||
Food and beverage | 61,014 | 58,672 | |||||||||
Other direct and indirect | 100,019 | 99,214 | |||||||||
Total hotel operating expenses | 216,056 | 214,310 | |||||||||
Depreciation and amortization | 57,209 | 58,369 | |||||||||
Real estate taxes, personal property taxes, property insurance, and ground rent | 32,405 | 28,904 | |||||||||
General and administrative | 12,177 | 9,988 | |||||||||
(Gain) loss on sale of hotel properties | — | (6,635) | |||||||||
Business interruption insurance income | (3,980) | (8,089) | |||||||||
Other operating expenses | 1,581 | 3,670 | |||||||||
Total operating expenses | 315,448 | 300,517 | |||||||||
Operating income (loss) | (1,379) | 5,202 | |||||||||
Interest expense | (26,421) | (27,430) | |||||||||
Other | 326 | 183 | |||||||||
Income (loss) before income taxes | (27,474) | (22,045) | |||||||||
Income tax (expense) benefit | (46) | — | |||||||||
Net income (loss) | (27,520) | (22,045) | |||||||||
Net income (loss) attributable to non-controlling interests | 830 | 883 | |||||||||
Net income (loss) attributable to the Company | (28,350) | (22,928) | |||||||||
Distributions to preferred shareholders | (10,631) | (10,988) | |||||||||
Net income (loss) attributable to common shareholders | $ | (38,981) | $ | (33,916) | |||||||
Net income (loss) per share available to common shareholders, basic | $ | (0.32) | $ | (0.27) | |||||||
Net income (loss) per share available to common shareholders, diluted | $ | (0.32) | $ | (0.27) | |||||||
Weighted-average number of common shares, basic | 120,085,226 | 125,488,415 | |||||||||
Weighted-average number of common shares, diluted | 120,085,226 | 125,488,415 |
Considerations Regarding Non-GAAP Financial Measures | ||||||||||||||
This press release includes certain non-GAAP financial measures. 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. 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 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 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 FFO and Adjusted EBITDAre 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 and Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO and Adjusted EBITDAre: - Transaction costs: The Company excludes 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 and Adjusted EBITDAre 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 and Adjusted EBITDAre does not reflect the underlying financial performance of the Company. - Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in FFO and Adjusted EBITDAre 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 or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company. - Non-cash interest expense, one-time operation suspension expenses, early extinguishment of debt, amortization of share-based compensation expense, issuance costs of redeemed preferred shares, and hurricane-related repairs costs: The Company excludes these items because the Company believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels. - One-time operation suspension expenses, amortization of share-based compensation expense, and hurricane-related costs: The Company excludes these items because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. The Company presents weighted-average number of basic and fully diluted common shares and units by excluding the dilutive effect of shares issuable upon conversion of convertible debt. The Company’s presentation of FFO and Adjusted EBITDAre 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. 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 Net Income (Loss) to FFO and Adjusted FFO | |||||||||||
($ in thousands, except share and per-share data) | |||||||||||
(Unaudited) | |||||||||||
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income (loss) | $ | (27,520) | $ | (22,045) | |||||||
Adjustments: | |||||||||||
Real estate depreciation and amortization | 57,126 | 58,284 | |||||||||
Gain on sale of hotel properties | — | (6,635) | |||||||||
Impairment loss | — | — | |||||||||
FFO | $ | 29,606 | $ | 29,604 | |||||||
Distribution to preferred shareholders and unit holders | (11,795) | (12,152) | |||||||||
Issuance costs of redeemed preferred shares | — | — | |||||||||
FFO available to common share and unit holders | $ | 17,811 | $ | 17,452 | |||||||
Transaction costs | 4 | 53 | |||||||||
Non-cash ground rent | 1,873 | 1,906 | |||||||||
Management/franchise contract transition costs | 44 | 112 | |||||||||
Interest expense adjustment for acquired liabilities | 263 | 541 | |||||||||
Finance lease adjustment | 745 | 734 | |||||||||
Non-cash amortization of acquired intangibles | (482) | (4,049) | |||||||||
Early extinguishment of debt | 1,534 | — | |||||||||
Amortization of share-based compensation expense | 3,060 | 2,879 | |||||||||
Issuance costs of redeemed preferred shares | — | — | |||||||||
Hurricane-related costs | 150 | 2,785 | |||||||||
Adjusted FFO available to common share and unit holders | $ | 25,002 | $ | 22,413 | |||||||
FFO per common share - basic | $ | 0.15 | $ | 0.14 | |||||||
FFO per common share - diluted | $ | 0.15 | $ | 0.14 | |||||||
Adjusted FFO per common share - basic | $ | 0.21 | $ | 0.18 | |||||||
Adjusted FFO per common share - diluted | $ | 0.21 | $ | 0.18 | |||||||
Weighted-average number of basic common shares and units | 121,096,354 | 126,496,795 | |||||||||
Weighted-average number of fully diluted common shares and units | 121,454,527 | 126,496,795 | |||||||||
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding our use of non-GAAP financial measures. Any differences are a result of rounding. |
Pebblebrook Hotel Trust | |||||||||||
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre | |||||||||||
($ in thousands) | |||||||||||
(Unaudited) | |||||||||||
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income (loss) | $ | (27,520) | $ | (22,045) | |||||||
Adjustments: | |||||||||||
Interest expense | 26,421 | 27,430 | |||||||||
Income tax expense (benefit) | 46 | — | |||||||||
Depreciation and amortization | 57,209 | 58,369 | |||||||||
EBITDA | $ | 56,156 | $ | 63,754 | |||||||
Gain on sale of hotel properties | — | (6,635) | |||||||||
Impairment loss | — | — | |||||||||
EBITDAre | $ | 56,156 | $ | 57,119 | |||||||
Transaction costs | 4 | 53 | |||||||||
Non-cash ground rent | 1,873 | 1,906 | |||||||||
Management/franchise contract transition costs | 44 | 112 | |||||||||
Non-cash amortization of acquired intangibles | (482) | (4,049) | |||||||||
Amortization of share-based compensation expense | 3,060 | 2,879 | |||||||||
Hurricane-related costs | 150 | 2,785 | |||||||||
Adjusted EBITDAre | $ | 60,805 | $ | 60,805 | |||||||
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding our use of non-GAAP financial measures. Any differences are a result of rounding. |
Pebblebrook Hotel Trust | |||||||||||||||||||||||
Reconciliation of Q2 2024 and Full Year 2024 Outlook Net Income (Loss) to FFO and Adjusted FFO | |||||||||||||||||||||||
($ in millions, except per share data) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ending June 30, 2024 | Year ending December 31, 2024 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income (loss) | $ | 19 | $ | 24 | $ | (62) | $ | (47) | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Real estate depreciation and amortization | 58 | 58 | 263 | 263 | |||||||||||||||||||
(Gain) loss on sale of hotel properties | — | — | — | — | |||||||||||||||||||
Impairment loss | — | — | — | — | |||||||||||||||||||
FFO | $ | 77 | $ | 82 | $ | 201 | $ | 216 | |||||||||||||||
Distribution to preferred shareholders and unit holders | (12) | (12) | (47) | (47) | |||||||||||||||||||
FFO available to common share and unit holders | $ | 65 | $ | 70 | $ | 154 | $ | 169 | |||||||||||||||
Non-cash ground rent | 2 | 2 | 8 | 8 | |||||||||||||||||||
Amortization of share-based compensation expense | 4 | 4 | 13 | 13 | |||||||||||||||||||
Other | — | — | 6 | 6 | |||||||||||||||||||
Adjusted FFO available to common share and unit holders | $ | 71 | $ | 76 | $ | 181 | $ | 196 | |||||||||||||||
FFO per common share - diluted | $ | 0.54 | $ | 0.58 | $ | 1.27 | $ | 1.39 | |||||||||||||||
Adjusted FFO per common share - diluted | $ | 0.59 | $ | 0.63 | $ | 1.49 | $ | 1.61 | |||||||||||||||
Weighted-average number of fully diluted common shares and units | 121.4 | 121.4 | 121.4 | 121.4 | |||||||||||||||||||
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding our use of non-GAAP financial measures. Any differences are a result of rounding. |
Pebblebrook Hotel Trust | |||||||||||||||||||||||
Reconciliation of Q2 2024 and Full Year 2024 Outlook Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre | |||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ending June 30, 2024 | Year ending December 31, 2024 | ||||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
Net income (loss) | $ | 19 | $ | 24 | $ | (62) | $ | (47) | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Interest expense and income tax expense | 29 | 29 | 117 | 117 | |||||||||||||||||||
Depreciation and amortization | 58 | 58 | 263 | 263 | |||||||||||||||||||
EBITDA | $ | 106 | $ | 111 | $ | 318 | $ | 333 | |||||||||||||||
(Gain) loss on sale of hotel properties | — | — | — | — | |||||||||||||||||||
Impairment loss | — | — | — | — | |||||||||||||||||||
EBITDAre | $ | 106 | $ | 111 | $ | 318 | $ | 333 | |||||||||||||||
Non-cash ground rent | 2 | 2 | 8 | 8 | |||||||||||||||||||
Amortization of share-based compensation expense | 4 | 4 | 13 | 13 | |||||||||||||||||||
Other | (1) | (1) | — | — | |||||||||||||||||||
Adjusted EBITDAre | $ | 111 | $ | 116 | $ | 339 | $ | 354 | |||||||||||||||
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding our use of non-GAAP financial measures. Any differences are a result of rounding. |
Pebblebrook Hotel Trust | ||||||||||||||
Same-Property Statistical Data | ||||||||||||||
(Unaudited) | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Same-Property Occupancy | 61.3 | % | 59.4 | % | ||||||||||
2024 vs. 2023 Increase/(Decrease) | 3.2 | % | ||||||||||||
Same-Property ADR | $299.34 | $303.90 | ||||||||||||
2024 vs. 2023 Increase/(Decrease) | (1.5 | %) | ||||||||||||
Same-Property RevPAR | $183.39 | $180.38 | ||||||||||||
2024 vs. 2023 Increase/(Decrease) | 1.7 | % | ||||||||||||
Same-Property Total RevPAR | $282.55 | $279.05 | ||||||||||||
2024 vs. 2023 Increase/(Decrease) | 1.3 | % | ||||||||||||
Notes: | ||||||||||||||
For the three months ended March 31, 2024 and 2023, the above table of hotel operating statistics includes information from all hotels owned as of March 31, 2024, except for the following: • LaPlaya Beach Resort & Club is excluded due to its closure following Hurricane Ian. • Newport Harbor Island Resort is excluded due to its redevelopment. 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 March 31, | |||||
2024 | |||||
Same-Property RevPAR variance to 2023: | |||||
San Diego | 10.1 | % | |||
Washington DC | 6.9 | % | |||
Boston | 5.5 | % | |||
San Francisco | 3.5 | % | |||
Los Angeles | 1.0 | % | |||
Chicago | (4.1 | %) | |||
Southern Florida/Georgia | (4.3 | %) | |||
Other Resort Markets | (13.8 | %) | |||
Portland | (26.6 | %) | |||
Urban | 4.9 | % | |||
Resorts | (4.4 | %) | |||
Notes: | |||||
For the three months ended March 31, 2024, the above table of hotel operating statistics includes information from all hotels owned as of March 31, 2024, except for the following: • LaPlaya Beach Resort & Club is excluded due to its closure following Hurricane Ian. • Newport Harbor Island Resort is excluded due to its redevelopment. 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 March 31, | |||||||||||
2024 | 2023 | ||||||||||
Same-Property Revenues: | |||||||||||
Room | $ | 191,555 | $ | 186,174 | |||||||
Food and beverage | 73,149 | 72,478 | |||||||||
Other | 30,417 | 29,369 | |||||||||
Total hotel revenues | 295,121 | 288,021 | |||||||||
Same-Property Expenses: | |||||||||||
Room | $ | 54,143 | $ | 52,771 | |||||||
Food and beverage | 56,432 | 54,804 | |||||||||
Other direct | 7,113 | 7,505 | |||||||||
General and administrative | 26,314 | 26,081 | |||||||||
Information and telecommunication systems | 5,020 | 4,898 | |||||||||
Sales and marketing | 24,734 | 23,492 | |||||||||
Management fees | 7,859 | 8,026 | |||||||||
Property operations and maintenance | 12,449 | 12,261 | |||||||||
Energy and utilities | 9,941 | 9,741 | |||||||||
Property taxes | 17,308 | 15,241 | |||||||||
Other fixed expenses | 14,027 | 12,024 | |||||||||
Total hotel expenses | 235,340 | 226,844 | |||||||||
Same-Property EBITDA | $ | 59,781 | $ | 61,177 | |||||||
Same-Property EBITDA Margin | 20.3 | % | 21.2 | % | |||||||
Notes: | |||||||||||
For the three months ended March 31, 2024 and 2023, the above table of hotel operating statistics includes information from all hotels owned as of March 31, 2024, except for the following: • LaPlaya Beach Resort & Club is excluded due to its closure following Hurricane Ian. • Newport Harbor Island Resort is excluded due to its redevelopment. 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 | ||||||||||||||||||||||||||||||||
Historical Operating Data | ||||||||||||||||||||||||||||||||
($ in millions except ADR and RevPAR data) | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Historical Operating Data: | ||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||
2019 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||||||||||
Occupancy | 74 | % | 86 | % | 86 | % | 77 | % | 81 | % | ||||||||||||||||||||||
ADR | $251 | $275 | $272 | $250 | $263 | |||||||||||||||||||||||||||
RevPAR | $186 | $236 | $234 | $192 | $212 | |||||||||||||||||||||||||||
Hotel Revenues | $294.3 | $375.5 | $372.5 | $318.8 | $1,361.0 | |||||||||||||||||||||||||||
Hotel EBITDA | $74.2 | $132.7 | $126.5 | $84.9 | $418.3 | |||||||||||||||||||||||||||
Hotel EBITDA Margin | 25.2 | % | 35.3 | % | 34.0 | % | 26.6 | % | 30.7 | % | ||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||
2023 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||
Occupancy | 59 | % | 73 | % | 75 | % | 64 | % | 68 | % | ||||||||||||||||||||||
ADR | $303 | $312 | $312 | $296 | $306 | |||||||||||||||||||||||||||
RevPAR | $177 | $229 | $235 | $188 | $208 | |||||||||||||||||||||||||||
Hotel Revenues | $290.2 | $372.1 | $383.0 | $320.3 | $1,365.7 | |||||||||||||||||||||||||||
Hotel EBITDA | $59.1 | $110.5 | $111.9 | $67.7 | $349.1 | |||||||||||||||||||||||||||
Hotel EBITDA Margin | 20.4 | % | 29.7 | % | 29.2 | % | 21.1 | % | 25.6 | % | ||||||||||||||||||||||
First Quarter | ||||||||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||
Occupancy | 60 | % | ||||||||||||||||||||||||||||||
ADR | $299 | |||||||||||||||||||||||||||||||
RevPAR | $179 | |||||||||||||||||||||||||||||||
Hotel Revenues | $295.1 | |||||||||||||||||||||||||||||||
Hotel EBITDA | $58.4 | |||||||||||||||||||||||||||||||
Hotel EBITDA Margin | 19.8 | % | ||||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||
These historical hotel operating results include information for all of the hotels the Company owned as of March 31, 2024, as if they were owned as of January 1, 2019, except for LaPlaya Beach Resort & Club which is excluded from all time periods due to its closure following Hurricane Ian. 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. 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 | ||||||||||||||||||||||||||
2024 Same-Property Inclusion Reference Table | ||||||||||||||||||||||||||
Hotels | Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||||||
LaPlaya Beach Resort & Club | ||||||||||||||||||||||||||
Newport Harbor Island Resort | 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 estimates and assumptions for 2024 Same-Property RevPAR, RevPAR Growth, Total Revenue Growth, Total Expense Growth, Hotel EBITDA and Hotel EBITDA growth include all of the hotels the Company owned as of March 31, 2024, except for the following: • LaPlaya Beach Resort & Club is excluded from all quarters due to its closure following Hurricane Ian. • Newport Harbor Island Resort is excluded from Q1, Q2 and Q4 due to its redevelopment. Operating statistics and financial results may include periods prior to the Company's ownership of the hotels. |
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