Pebblebrook Hotel Trust (NYSE: PEB):
Q2 FINANCIAL
HIGHLIGHTS
- Net income: $28.8 million
- Same-Property RevPAR(1): (5.0%) vs. 2019; ADR(1) exceeded 2019
by 18.7%
- Same-Property Total Revenues(1): $395.7 million, 96.9%
recovered vs. 2019
- Adjusted EBITDAre(1): $128.8 million, 83.8% recovered vs.
2019
- Adjusted FFO(1) per diluted share: $0.72 vs. $0.87 in 2019 and
($0.10) in 2021
HOTEL OPERATING TRENDS
- Q2 Same-Property Occupancy at 69% with June Same-Property
occupancy at 73%, the highest since the beginning of the COVID-19
pandemic
- Business travel, both group and transient, continues to recover
with urban occupancies and ADRs significantly improving throughout
Q2
- The Company’s portfolio has not experienced any noteworthy
pullback in leisure or business demand due to recent economic
concerns
PORTFOLIO UPDATES &
REPOSITIONINGS
- Acquired the 119-room Inn on Fifth for $156.0 million and the
257-room Gurney’s Newport Resort & Marina for $174.0
million
- Sold the 208-room The Marker San Francisco for $77.0
million
- Executed contracts to sell three additional urban properties
for aggregate gross sales proceeds of $183.9 million
- Invested $22.5 million into the portfolio in the second
quarter, including successfully completing the $28.0 million
redevelopment and transformation of Hotel Vitale into 1 Hotel San
Francisco
Q3 2022 OUTLOOK
- Net income: $24.7 to $34.7 million
- Same-Property RevPAR(1) var: (5.0%) to (8.0%) vs. 2019; +32.5%
to +36.8% vs. 2021
- Adjusted EBITDAre(1): $112.6 to $122.6 million
- Adjusted FFO(1) per diluted share: $0.57 to $0.65
(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.
"Our second quarter operating results
significantly surpassed our outlook due primarily to a robust
recovery in weekday group and transient business travel throughout
our urban markets. As the quarter progressed, we experienced strong
demand and ADR improvements in San Francisco, Chicago, Boston,
Seattle, Portland, and Washington, DC. This momentum is continuing
into the third quarter. At our resorts, leisure demand remained
robust, with pricing achieving record levels, far above 2019 and
exceeding healthy 2021 rates. We also expanded our resort portfolio
to 13 properties with the recent acquisitions of the luxury Inn on
Fifth in Naples, Florida, and Gurney’s Newport Resort & Marina
in Newport, Rhode Island. These unique independent resort
properties offer significant upside opportunities. Our recent
acquisitions have been funded by our ongoing property disposition
program, and $77.6 million of preferred operating partnership units
issued to the seller of Inn on Fifth. In late June, we completed
the $77.0 million sale of The Marker San Francisco. In addition, we
also executed $183.9 million of contracts to sell three additional
urban properties. These property sales are expected to be completed
during the third quarter."
-Jon E. Bortz, Chairman, President, and
Chief Executive Officer of Pebblebrook Hotel Trust
Second Quarter and Year-to-Date Highlights
Second Quarter
Six Months Ended June
30,
Same-Property and Corporate
Highlights
2022
2021
(‘22 vs. ‘21
growth)
2019
(‘22 vs. ‘19
growth)
2022
2021
(‘22 vs. ‘21
growth)
2019
(‘22 vs. ‘19
growth)
($ in millions except per share
and RevPAR data)
Net income (loss)
$28.8
$1.4
$60.5
($71.4)
($120.0)
$66.2
Same-Property Room Revenues(1)
$260.6
$129.7
$273.6
$429.3
$194.6
$493.4
Same-Property Room Revenues variance
101.0%
(4.8%)
120.6%
(13.0%)
Same-Property Total Revenues(1)
$395.7
$201.4
$408.3
$653.8
$306.0
$744.5
Same-Property Total Revenues variance
96.5%
(3.1%)
113.7%
(12.2%)
Same-Property Total Expenses(1)
$257.0
$157.2
$261.8
$458.8
$268.6
$506.0
Same-Property Total Expenses variance
63.5%
(1.8%)
70.8%
(9.3%)
Same-Property EBITDA(1)
$138.8
$44.3
$146.6
$194.9
$37.4
$238.5
Same-Property EBITDA variance
213.4%
(5.3%)
421.5%
(18.3%)
Adjusted EBITDAre(1)
$128.8
$20.1
$153.8
$175.2
($2.7)
$246.1
Adjusted EBITDAre variance
539.3%
(16.2%)
NM
(28.8%)
Adjusted FFO(1)
$95.0
($12.5)
$113.7
$109.0
($66.1)
$176.3
Adjusted FFO per diluted share(1)
$0.72
($0.10)
$0.87
$0.83
($0.50)
$1.35
Adjusted FFO per diluted share
variance
NM
(17.2%)
NM
(38.5%)
2022 Monthly Results
Same-Property Portfolio
Highlights(2)
Jan
Feb
Mar
Apr
May
Jun
($ in millions except ADR and
RevPAR data)
Occupancy
34%
50%
62%
68%
67%
73%
ADR
$269
$308
$305
$319
$314
$323
RevPAR
$91
$153
$188
$218
$210
$236
Total Revenues
$57.0
$84.9
$116.2
$128.3
$129.4
$138.1
Total Revenues growth rate (‘22 vs.
‘19)
(44%)
(21%)
(9%)
(3%)
(6%)
(1%)
Hotel EBITDA
($3.1)
$20.5
$38.8
$46.6
$42.9
$49.3
Hotel EBITDA growth rate (’22 vs. ’19)
(115%)
(29%)
(9%)
1%
(11%)
(6%)
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.
For the details as to which hotels are
included in Same-Property Room Revenues, Total Revenues, Expenses
and EBITDA appearing in the table above and elsewhere in this press
release, refer to the Same-Property Statistical Data table
footnotes later in this press release.
Adjusted EBITDAre, Adjusted FFO and
Adjusted FFO per share exclude the amortization of share-based
compensation expense. Historical (2021 and 2019 comparable periods)
results of such non-GAAP financial measures have been adjusted to
reflect the exclusion.
(2)
Includes information for all of the hotels
the Company owned as of June 30, 2022, except 1 Hotel San Francisco
(which is excluded from January-June given the property’s closure
for renovation), Inn on Fifth (which is excluded from January-March
given the property’s acquisition on May 11), and Gurney’s Newport
Resort & Marina (which is excluded from January-June given the
property’s acquisition on June 23). Excludes The Marker San
Francisco from April-June, given the property’s disposition on June
28.
“The demand pickup in our urban markets, including business
transient, in-house groups, and citywide convention demand,
materially strengthened in the second quarter,” noted Mr. Bortz.
“These trends are continuing in the third quarter as rate growth
achieves new records and we see the return of the historical
patterns of strong weekday demand from business travel continuing
to recover. Leisure and international travel are also returning to
the urban markets. Yet, business and international travel are still
well below 2019 levels, so there is opportunity for a further,
substantial recovery in occupancy. On the hotel operating expense
side of our business, the wide array of changes we made to our
hotel operating models are producing encouraging results.
Same-Property Hotel operating expenses excluding fixed costs were
3.4% below Q2 2019, resulting in Hotel EBITDA margins within 83
basis points of the second quarter of 2019.”
Capital Investments and Strategic Property
Redevelopments
In the second quarter of 2022, the Company completed $22.5
million of capital investments throughout its portfolio, including
the completion of the redevelopment and repositioning of Hotel
Vitale into 1 Hotel San Francisco, which offers nature-inspired
designs and environmentally focused services and aesthetics
throughout guestrooms and suites, public areas, and meeting and
event venues. The Company has completed $42.4 million of capital
improvements and projects year to date through June 2022.
“We’re extremely excited with the tremendously positive guest
reactions and reviews we have received on the 1 Hotel San
Francisco,” noted Mr. Bortz. “This sustainability-focused, luxury
hotel with amazing views overlooking the Bay Bridge and the iconic
Ferry Building opened on June 1, 2022. Initial room rates and
booking volume have exceeded our expectations, and we are ramping
very nicely. We are encouraged with the tremendous upside potential
of this redeveloped and transformed hotel.”
The Company expects to invest a total of $100.0 to $120.0
million during 2022, which includes commencing the redevelopment
and repositioning projects at Solamar Hotel (to be converted to
Margaritaville Hotel San Diego Gaslamp Quarter), Hilton San Diego
Gaslamp Quarter, Jekyll Island Club Resort, Viceroy Santa Monica
Hotel, and Estancia La Jolla Hotel & Spa, as well as the
development of a new outdoor venue and additional alternative
lodging units at Skamania Lodge.
Update on Strategic Acquisitions and Dispositions
Year to date, the Company has acquired $330.0 million and sold
$77.0 million of properties. On May 11, 2022, the Company acquired
the 119-room Inn on Fifth in Naples, Florida for $156.0 million. On
June 23, 2022, the Company acquired the 257-room Gurney’s Newport
Resort & Marina in Newport, Rhode Island for $174.0
million.
The Company continues to make progress on its disposition
program. On June 28, 2022, the Company sold the 208-room The Marker
San Francisco for $77.0 million. In addition, the Company has
executed contracts for gross proceeds of $183.9 million related to
the sales of three properties to separate unaffiliated buyers who
have each completed due diligence and waived typical contingencies.
Each sale is expected to be completed during the third quarter and
is subject to normal closing conditions. The Company offers no
assurances that these sales will be completed on these terms or at
all.
Balance Sheet and Liquidity
As of June 30, 2022, the Company had $62.8 million of
consolidated cash, cash equivalents and restricted cash, in
addition to $498.4 million of undrawn availability on its senior
unsecured revolving credit facility, for total liquidity of $561.2
million. The Company had $2.5 billion in consolidated debt and
convertible notes at an effective weighted-average interest rate of
3.4 percent. $1.9 billion, or 75 percent of the Company's total
outstanding debt and convertible notes, was at an effective
weighted-average fixed interest rate of 3.2 percent, and $0.6
billion, or 25 percent, was at a weighted-average floating interest
rate of 4.2 percent. The Company had $1.4 billion of unsecured term
loans, and $100.0 million was outstanding on its $611.0 million
senior unsecured revolving credit facility. The Company has exited
its debt covenant waiver period as of the quarter ended June 30,
2022.
Common and Preferred Dividends
On June 15, 2022, the Company declared a quarterly cash dividend
of $0.01 per share on its common shares as well as a regular
quarterly cash dividend for the following preferred shares of
beneficial interest:
- $0.39844 per 6.375% Series E Cumulative Redeemable Preferred
Share;
- $0.39375 per 6.3% Series F Cumulative Redeemable Preferred
Share;
- $0.39844 per 6.375% Series G Cumulative Redeemable Preferred
Share; and
- $0.35625 per 5.7% Series H Cumulative Redeemable Preferred
Share.
Update on Curator Hotel & Resort Collection
Curator Hotel & Resort Collection (“Curator”) is a distinct
collection of experientially focused small brands and independent
lifestyle hotels and resorts worldwide founded by Pebblebrook and
several industry-leading independent lifestyle hotel operators. As
of June 30, 2022, Curator had grown to 90 member hotels. In the
second quarter of 2022, Curator announced strategic partnerships
with numerous leading travel and technology companies, including
Infor, Oracle, StayNTouch, and Tayst Coffee Roaster. As of June 30,
2022, Curator had 85 programs with preferred vendor partners,
providing Curator member hotels with preferred pricing, enhanced
operating terms and early access to curated new technologies.
Q3 2022 Outlook
Based on current trends, assuming no acquisitions and the three
contracted dispositions are completed, and assuming no material
disruptions to travel caused by the COVID-19 pandemic, the
Company’s outlook for Q3 2022 is as follows:
Q3 2022 Outlook
Low
High
($ and shares/units in millions,
except per share and RevPAR data)
Net income
$24.7
$34.7
Adjusted EBITDAre
$112.6
$122.6
Adjusted FFO
$75.3
$85.3
Adjusted FFO per diluted share
$0.57
$0.65
This Q3 2022 Outlook is based, in part, on
the following estimates and assumptions:
Same-Property RevPAR
$212
$218
Same-Property RevPAR variance vs. 2019
(8.0%)
(5.0%)
Same-Property RevPAR variance vs. 2021
32.5%
36.8%
Same-Property EBITDA
$123.5
$133.5
Same-Property EBITDA variance vs. 2019
(8.7%)
(1.3%)
The Company continues to be unable to provide a full-year
outlook for 2022 due to the uncertainties caused by the COVID-19
pandemic. The Company intends to issue new full-year guidance when
it has more clarity on the economy, travel demand, and more
predictable overall operating fundamentals and trends.
Second Quarter 2022 Earnings Call
The Company will conduct its quarterly analyst and investor
conference call on Wednesday, July 27, 2022, at 9:30 AM ET. Please
dial (877) 407-3982 approximately ten minutes before the call
begins to participate. Additionally, a live webcast of the
conference call will be available through the Investor Relations
section of www.pebblebrookhotels.com. To access the webcast, click
on
https://investor.pebblebrookhotels.com/news-and-events/webcasts/default.aspx
ten minutes before the conference call. A replay of the conference
call webcast will be archived and available online.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real
estate investment trust (“REIT”) and the largest owner of urban and
resort lifestyle hotels and resorts in the United States. The
Company owns 54 hotels and resorts, totaling approximately 13,400
guest rooms across 16 urban and resort markets. For more
information, visit www.pebblebrookhotels.com and follow us at
@PebblebrookPEB.
This press release contains certain “forward-looking statements”
made pursuant to the safe harbor provisions of the Private
Securities Reform Act of 1995. Forward-looking statements are
generally identifiable by the use of forward-looking terminology
such as “may,” “will,” “should,” “potential,” “intend,” “expect,”
“seek,” “anticipate,” “estimate,” “approximately,” “believe,”
“could,” “project,” “predict,” “forecast,” “continue,” “assume,”
“plan,” references to “outlook” or other similar words or
expressions. Forward-looking statements are based on certain
assumptions and can include future expectations, future plans and
strategies, financial and operating projections and forecasts and
other forward-looking information and estimates. Examples of
forward-looking statements include the following: descriptions of
the Company’s plans or objectives for future capital investment
projects, operations or services; forecasts of the Company’s future
economic performance; forecasts of hotel industry performance;
descriptions of potential dispositions; and descriptions of
assumptions underlying or relating to any of the foregoing
expectations including assumptions regarding the timing of their
occurrence. These forward-looking statements are subject to various
risks and uncertainties, many of which are beyond the Company’s
control, which could cause actual results to differ materially from
such statements. These risks and uncertainties include, but are not
limited to, the state of the U.S. economy and the supply of hotel
properties, and other factors as are described in greater detail in
the Company’s filings with the SEC, including, without limitation,
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2021. Unless legally required, the Company disclaims
any obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
For further information about the Company’s business and
financial results, please refer to the "Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and
“Risk Factors” sections of the Company’s filings with the U.S.
Securities and Exchange Commission, including, but not limited to,
its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
copies of which may be obtained at the Investor Relations section
of the Company’s website at www.pebblebrookhotels.com.
All information in this press release is as of July 26, 2022.
The Company undertakes no duty to update the statements in this
press release to conform the statements to actual results or
changes in the Company’s expectations.
For additional information or to receive press
releases via email, please visit our website at
www.pebblebrookhotels.com
Pebblebrook Hotel Trust Consolidated Balance
Sheets ($ in thousands, except share and per-share data)
June 30, 2022 December 31, 2021 (Unaudited)
ASSETS Assets: Investment in hotel properties, net
$
6,039,477
$
6,079,333
Hotels held for sale
146,805
-
Cash and cash equivalents
32,046
58,518
Restricted cash
30,744
33,729
Hotel receivables (net of allowance for doubtful accounts of $281
and $1,142, respectively)
54,899
37,045
Prepaid expenses and other assets
84,954
52,565
Total assets
$
6,388,925
$
6,261,190
LIABILITIES AND EQUITY
Liabilities: Unsecured revolving credit facilities
$
100,000
$
-
Unsecured term loans, net of unamortized deferred financing costs
1,402,760
1,427,256
Convertible senior notes, net of unamortized debt premium and
discount and deferred financing costs
745,868
745,401
Senior unsecured notes, net of unamortized deferred financing costs
49,879
49,838
Mortgage loans, net of unamortized debt discount and deferred
financing costs
219,244
219,393
Accounts payable, accrued expenses and other liabilities
261,169
250,584
Lease liabilities - operating leases
320,315
319,426
Deferred revenues
75,340
69,064
Accrued interest
4,821
4,567
Liabilities related to hotels held for sale
4,636
-
Distribution payable
12,217
11,756
Total liabilities
3,196,249
3,097,285
Commitments and contingencies
Shareholders' Equity:
Preferred shares of beneficial interest, $0.01 par value
(liquidation preference $740,000 at June 30, 2022 and December 31,
2021), 100,000,000 shares authorized; 29,600,000 shares issued and
outstanding at June 30, 2022 and December 31, 2021
296
296
Common shares of beneficial interest, $0.01 par value, 500,000,000
shares authorized; 130,905,132 shares issued and outstanding at
June 30, 2022 and 130,813,750 shares issued and outstanding at
December 31, 2021
1,309
1,308
Additional paid-in capital
4,271,169
4,268,042
Accumulated other comprehensive income (loss)
23,748
(19,442
)
Distributions in excess of retained earnings
(1,190,693
)
(1,094,023
)
Total shareholders' equity
3,105,829
3,156,181
Non-controlling interests
86,847
7,724
Total equity
3,192,676
3,163,905
Total liabilities and equity
$
6,388,925
$
6,261,190
Pebblebrook Hotel Trust Consolidated Statements of
Operations ($ in thousands, except share and per-share
data) (Unaudited)
Three months ended
June 30,
Six months ended
June 30,
2022
2021
2022
2021
Revenues: Room
$
261,394
$
108,603
$
430,026
$
162,066
Food and beverage
100,724
31,514
163,148
46,323
Other operating
35,406
23,197
62,418
38,568
Total revenues
$
397,524
$
163,314
$
655,592
$
246,957
Expenses: Hotel operating expenses: Room
$
58,002
$
28,563
$
100,465
$
45,273
Food and beverage
64,513
22,453
110,563
33,196
Other direct and indirect
105,881
56,219
191,728
101,447
Total hotel operating expenses
228,396
107,235
402,756
179,916
Depreciation and amortization
60,274
54,701
119,374
110,144
Real estate taxes, personal property taxes, property insurance, and
ground rent
33,020
29,436
63,477
58,026
General and administrative
9,686
9,724
19,394
17,370
Impairment loss
12,271
-
73,254
14,856
Gain on sale of hotel properties
-
(64,558
)
-
(64,558
)
Other operating expenses
1,933
521
3,056
1,083
Total operating expenses
345,580
137,059
681,311
316,837
Operating income (loss)
51,944
26,255
(25,719
)
(69,880
)
Interest expense
(23,161
)
(24,804
)
(45,733
)
(50,135
)
Other
14
29
33
58
Income (loss) before income taxes
28,797
1,480
(71,419
)
(119,957
)
Income tax (expense) benefit
-
(52
)
-
(55
)
Net income (loss)
28,797
1,428
(71,419
)
(120,012
)
Net income (loss) attributable to non-controlling interests
808
(102
)
122
(960
)
Net income (loss) attributable to the Company
27,989
1,530
(71,541
)
(119,052
)
Distributions to preferred shareholders
(11,343
)
(10,094
)
(22,687
)
(18,233
)
Net income (loss) attributable to common shareholders
$
16,646
$
(8,564
)
$
(94,228
)
$
(137,285
)
Net income (loss) per share available to common
shareholders, basic
$
0.13
$
(0.07
)
$
(0.72
)
$
(1.05
)
Net income (loss) per share available to common shareholders,
diluted
$
0.12
$
(0.07
)
$
(0.72
)
$
(1.05
)
Weighted-average number of common shares, basic
130,904,876
130,813,521
130,904,589
130,794,801
Weighted-average number of common shares, diluted
160,720,239
130,813,521
130,904,589
130,794,801
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
June 30,
Six months ended
June 30,
2022
2021
2019
2022
2021
2019
Net income (loss)
$
28,797
$
1,428
$
60,518
$
(71,419
)
$
(120,012
)
$
66,173
Adjustments: Real estate depreciation and amortization
60,185
54,589
53,239
119,195
109,922
107,483
Gain on sale of hotel properties
-
(64,558
)
-
-
(64,558
)
-
Impairment loss
12,271
-
-
73,254
14,856
-
FFO
$
101,253
$
(8,541
)
$
113,757
$
121,030
$
(59,792
)
$
173,656
Distribution to preferred shareholders and unit holders
(11,991
)
(10,094
)
(8,139
)
(23,335
)
(18,233
)
(16,278
)
FFO available to common share and unit holders
$
89,262
$
(18,635
)
$
105,618
$
97,695
$
(78,025
)
$
157,378
Transaction costs
137
1
1,044
152
112
3,541
Non-cash ground rent
1,937
906
984
3,875
1,786
1,956
Management/franchise contract transition costs
126
-
801
389
(44
)
3,973
Interest expense adjustment for acquired liabilities
764
382
202
1,486
921
473
Finance lease adjustment
725
789
693
1,447
1,601
1,383
Non-cash amortization of acquired intangibles
(542
)
(254
)
(298
)
(1,084
)
(507
)
(735
)
Non-cash interest expense
-
443
1,604
49
1,178
3,382
One-time operation suspension expenses
-
-
-
-
132
-
Early extinguishment of debt
-
778
972
-
1,534
972
Amortization of share-based compensation expense
2,619
3,064
2,118
4,974
5,245
3,966
Adjusted FFO available to common share and unit holders
$
95,028
$
(12,526
)
$
113,738
$
108,983
$
(66,067
)
$
176,289
FFO per common share - basic
$
0.68
$
(0.14
)
$
0.81
$
0.74
$
(0.59
)
$
1.20
FFO per common share - diluted
$
0.68
$
(0.14
)
$
0.81
$
0.74
$
(0.59
)
$
1.20
Adjusted FFO per common share - basic
$
0.72
$
(0.10
)
$
0.87
$
0.83
$
(0.50
)
$
1.35
Adjusted FFO per common share - diluted
$
0.72
$
(0.10
)
$
0.87
$
0.83
$
(0.50
)
$
1.35
Weighted-average number of basic common shares and units
131,781,980
131,674,334
130,854,912
131,781,693
131,655,614
130,828,120
Weighted-average number of fully diluted common shares and units
132,156,168
131,674,334
130,965,810
131,781,693
131,655,614
131,032,363
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.
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 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:
- 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 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. - 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 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 does not reflect the underlying financial
performance of the Company. - Non-cash interest expense, one-time
operation suspension expenses, early extinguishment of debt, and
amortization of share-based compensation expense: 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.
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 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
June 30,
Six months ended
June 30,
2022
2021
2019
2022
2021
2019
Net income (loss)
$
28,797
$
1,428
$
60,518
$
(71,419
)
$
(120,012
)
$
66,173
Adjustments: Interest expense
23,161
24,804
28,719
45,733
50,135
58,047
Income tax expense (benefit)
-
52
6,579
-
55
1,542
Depreciation and amortization
60,274
54,701
53,299
119,374
110,144
107,601
EBITDA
$
112,232
$
80,985
$
149,115
$
93,688
$
40,322
$
233,363
Gain on sale of hotel properties
-
(64,558
)
-
-
(64,558
)
-
Impairment loss
12,271
-
-
73,254
14,856
-
EBITDAre
$
124,503
$
16,427
$
149,115
$
166,942
$
(9,380
)
$
233,363
Transaction costs
137
1
1,044
152
112
3,541
Non-cash ground rent
1,937
906
984
3,875
1,786
1,956
Management/franchise contract transition costs
126
-
801
389
(44
)
3,973
Non-cash amortization of acquired intangibles
(542
)
(254
)
(298
)
(1,084
)
(507
)
(735
)
One-time operation suspension expenses
-
-
-
-
132
-
Amortization of share-based compensation expense
2,619
3,064
2,118
4,974
5,245
3,966
Adjusted EBITDAre
$
128,780
$
20,144
$
153,764
$
175,248
$
(2,656
)
$
246,064
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.
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
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:
- Transaction costs: The Company excludes 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 or management agreements 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. - One-time
operation suspension expenses and amortization of share-based
compensation expense: 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’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 Q3 2022 Outlook
Net Income (Loss) to FFO and Adjusted FFO ($ in millions,
except per share data) (Unaudited)
Three months ending
September 30, 2022
Low
High
Net income (loss)
$
25
$
35
Adjustments: Real estate depreciation and amortization
62
62
(Gain) loss on sale of hotel properties
(5
)
(5
)
FFO
$
82
$
92
Distribution to preferred shareholders and unit holders
(13
)
(13
)
FFO available to common share and unit holders
$
69
$
79
Non-cash ground rent
2
2
Amortization of share-based compensation expense
3
3
Other
1
1
Adjusted FFO available to common share and unit holders
$
75
$
85
FFO per common share - diluted
$
0.52
$
0.60
Adjusted FFO per common share - diluted
$
0.57
$
0.65
Weighted-average number of fully diluted common shares and
units
132.2
132.2
To supplement the Company’s consolidated financial statements
presented in accordance with U.S. GAAP, this press release includes
certain non-GAAP financial measures as defined under 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. - Non-cash interest expense: The
Company excludes non-cash interest expense because the Company
believes that including this adjustment in FFO does not reflect the
underlying financial performance of the Company and its hotels. -
Amortization of share-based compensation expense: The Company
excludes the amortization of share-based compensation expense
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 transaction costs, management/franchise
contract transition costs, interest expense adjustment for acquired
liabilities, finance lease adjustment and non-cash amortization of
acquired intangibles 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 Q3 2022 Outlook
Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre
($ in millions) (Unaudited)
Three months ending
September 30, 2022
Low
High
Net income (loss)
$
25
$
35
Adjustments: Interest expense and income tax expense
26
26
Depreciation and amortization
62
62
EBITDA
$
113
$
123
(Gain) loss on sale of hotel properties
(5
)
(5
)
EBITDAre
$
108
$
118
Non-cash ground rent
2
2
Amortization of share-based compensation expense
3
3
Other
-
-
Adjusted EBITDAre
$
113
$
123
To supplement the Company’s consolidated financial statements
presented in accordance with U.S. GAAP, this press release includes
certain non-GAAP financial measures as defined under 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. - Amortization of share-based
compensation expense: The Company excludes amortization of
share-based compensation expense because the Company believes that
including this non-cash adjustment in EBITDAre does not reflect the
underlying financial performance of the Company and its hotels. -
Other: The Company excludes other expenses, which include
transaction costs, management/franchise contract transition costs
and non-cash amortization of acquired intangibles 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
June 30,
Six months ended
June 30,
2022
2021
2019
2022
2021
2019
Same-Property Occupancy
69.4%
42.6%
86.7%
58.9%
32.4%
81.0%
2022 vs. 2021 Increase/(Decrease)
62.9%
81.9%
2022 vs. 2019 Increase/(Decrease)
(20.0%)
(27.3%)
Same-Property ADR
$318.58
$258.21
$268.30
$309.86
$255.57
$259.31
2022 vs. 2021 Increase/(Decrease)
23.4%
21.2%
2022 vs. 2019 Increase/(Decrease)
18.7%
19.5%
Same-Property RevPAR
$221.04
$109.96
$232.55
$182.41
$82.70
$210.10
2022 vs. 2021 Increase/(Decrease)
101.0%
120.6%
2022 vs. 2019 Increase/(Decrease)
(5.0%)
(13.2%)
Same-Property Total RevPAR
$335.61
$170.83
$347.01
$277.80
$130.01
$317.01
2022 vs. 2021 Increase/(Decrease)
96.5%
113.7%
2022 vs. 2019 Increase/(Decrease)
(3.3%)
(12.4%)
Notes:
This schedule of hotel results for the three months ended June
30 includes information from all of the hotels the Company owned as
of June 30, 2022, except for 1 Hotel San Francisco for Q2 2022,
2021 and 2019 due to its closure for renovation during Q2 2022 and
Gurney's Newport Resort & Marina for Q2 2022, 2021 and 2019 due
to its acquisition on June 23, 2022.
This schedule of hotel results for the six months ended June 30
includes information from all of the hotels the Company owned as of
June 30, 2022, except for 1 Hotel San Francisco for Q1 and Q2 2022,
2021 and 2019 due to its closure for renovation during Q1 and Q2
2022, Inn on Fifth for Q1 2022, 2021 and 2019 due to its
acquisition on May 11, 2022, and Gurney's Newport Resort &
Marina for Q1 and Q2 2022, 2021 and 2019 due to its acquisition on
June 23, 2022. Additionally, The Marker San Francisco is excluded
for Q2 2022, 2021 and 2019 due to its sale on June 28, 2022.
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
June 30,
Six months ended
June 30,
Three months ended
June 30,
Six months ended
June 30,
2022 vs. 2021
2022 vs. 2021
2022 vs. 2019
2022 vs. 2019
Same-Property RevPAR variance: Southern Florida/Georgia
10.3%
31.0%
49.9%
45.5%
San Diego
68.9%
103.7%
14.0%
(0.8%)
Other
94.3%
100.8%
(5.4%)
(2.9%)
Boston
236.4%
245.5%
(2.9%)
(6.9%)
Los Angeles
103.0%
171.8%
(11.0%)
(13.8%)
Portland
84.0%
93.7%
(21.8%)
(26.2%)
Chicago
513.3%
592.9%
(22.4%)
(27.8%)
Washington DC
337.3%
282.9%
(24.5%)
(39.3%)
Seattle
243.8%
254.7%
(30.3%)
(47.0%)
San Francisco
329.3%
435.0%
(43.3%)
(62.5%)
East Coast
83.6%
89.0%
8.4%
7.2%
West Coast
103.6%
145.6%
(12.7%)
(25.5%)
Notes:
This schedule of hotel results for the three months ended June
30 includes information from all of the hotels the Company owned as
of June 30, 2022, except for 1 Hotel San Francisco for Q2 2022,
2021 and 2019 due to its closure for renovation during Q2 2022 and
Gurney's Newport Resort & Marina for Q2 2022, 2021 and 2019 due
to its acquisition on June 23, 2022.
This schedule of hotel results for the six months ended June 30
includes information from all of the hotels the Company owned as of
June 30, 2022, except for 1 Hotel San Francisco for Q1 and Q2 2022,
2021 and 2019 due to its closure for renovation during Q1 and Q2
2022, Inn on Fifth for Q1 2022, 2021 and 2019 due to its
acquisition on May 11, 2022, and Gurney's Newport Resort &
Marina for Q1 and Q2 2022, 2021 and 2019 due to its acquisition on
June 23, 2022. Additionally, The Marker San Francisco is excluded
for Q2 2022, 2021 and 2019 due to its sale on June 28, 2022.
"Other" includes Philadelphia, PA and Santa Cruz, CA.
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
June 30,
Six months ended
June 30,
2022
2021
2019
2022
2021
2019
Same-Property Revenues: Room
$
260,642
$
129,664
$
273,647
$
429,273
$
194,630
$
493,396
Food and beverage
99,605
43,880
99,328
162,030
65,938
185,221
Other
35,498
27,891
35,360
62,483
45,400
65,833
Total hotel revenues
395,745
201,435
408,335
653,786
305,968
744,450
Same-Property Expenses: Room
$
57,940
$
32,815
$
61,485
$
100,240
$
51,265
$
119,333
Food and beverage
63,602
29,760
65,374
109,449
45,023
125,662
Other direct
8,792
5,999
7,302
15,932
9,768
14,090
General and administrative
30,377
18,774
30,079
53,518
33,337
57,848
Information and telecommunication systems
4,673
3,632
5,194
9,168
7,151
10,573
Sales and marketing
24,528
13,997
29,137
43,860
23,806
56,048
Management fees
12,384
5,630
12,873
20,533
8,739
21,957
Property operations and maintenance
12,293
9,162
12,048
23,482
16,303
23,664
Energy and utilities
9,488
7,291
8,450
18,804
13,589
17,189
Property taxes
18,817
19,301
17,938
38,180
38,297
36,375
Other fixed expenses
14,084
10,792
11,879
25,680
21,313
23,243
Total hotel expenses
256,978
157,153
261,759
458,846
268,591
505,982
Same-Property EBITDA
$
138,767
$
44,282
$
146,576
$
194,940
$
37,377
$
238,468
Same-Property EBITDA Margin
35.1%
22.0%
35.9%
29.8%
12.2%
32.0%
Notes:
This schedule of hotel results for the three months ended June
30 includes information from all of the hotels the Company owned as
of June 30, 2022, except for 1 Hotel San Francisco for Q2 2022,
2021 and 2019 due to its closure for renovation during Q2 2022 and
Gurney's Newport Resort & Marina for Q2 2022, 2021 and 2019 due
to its acquisition on June 23, 2022.
This schedule of hotel results for the six months ended June 30
includes information from all of the hotels the Company owned as of
June 30, 2022, except for 1 Hotel San Francisco for Q1 and Q2 2022,
2021 and 2019 due to its closure for renovation during Q1 and Q2
2022, Inn on Fifth for Q1 2022, 2021 and 2019 due to its
acquisition on May 11, 2022, and Gurney's Newport Resort &
Marina for Q1 and Q2 2022, 2021 and 2019 due to its acquisition on
June 23, 2022. Additionally, The Marker San Francisco is excluded
for Q2 2022, 2021 and 2019 due to its sale on June 28, 2022.
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 2022 Same-Property Inclusion
Reference Table Hotels Q1 Q2
Q3 Q4 Hotel Monaco Washington DC X X X X
Skamania Lodge X X X X Le Méridien Delfina Santa Monica X X X X
Sofitel Philadelphia at Rittenhouse Square 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 The Hotel Zags 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, Autograph Collection X X X X Hotel Palomar Los Angeles
Beverly Hills X X X X Revere Hotel Boston Common X X X X LaPlaya
Beach Resort & Club X X X X Hotel Zoe Fisherman's Wharf X X X X
1 Hotel San Francisco The Marker San Francisco X Hotel Spero X X X
X Harbor Court Hotel San Francisco X X X X Chaminade Resort &
Spa X X X X Viceroy Santa Monica Hotel X X X X Le Parc Suite Hotel
X X X X Montrose West Hollywood X X X X Chamberlain West Hollywood
Hotel X X X X Hotel Ziggy X X X X The Westin Copley Place, Boston X
X X X The Liberty, a Luxury Collection Hotel, Boston X X X X Hyatt
Regency Boston Harbor X X X X George Hotel X X X X Viceroy
Washington DC X X X X Hotel Zena Washington DC X X X X Paradise
Point Resort & Spa X X X X Hilton San Diego Gaslamp Quarter X X
X X L'Auberge Del Mar X X X X San Diego Mission Bay Resort X X X X
Solamar Hotel X X X X The Heathman Hotel X X X X Southernmost Beach
Resort X X X X The Marker Key West Harbor Resort X X X X Hotel
Chicago Downtown, Autograph Collection X X X X The Westin Michigan
Avenue Chicago X X X X Jekyll Island Club Resort X X X X
Margaritaville Hollywood Beach Resort X X X X Estancia La Jolla
Hotel & Spa X X X X Inn on Fifth X X X Gurney's Newport Resort
& Marina 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 second 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 June 30, 2022, except for 1 Hotel
San Francisco for Q2 2022, 2021 and 2019 due to its closure for
renovation during Q2 2022 and Gurney's Newport Resort & Marina
for Q2 2022, 2021 and 2019 due to its acquisition on June 23,
2022.
The Company's estimates and assumptions for Same-Property
RevPAR, RevPAR Growth, Total RevPAR, Total RevPAR Growth, ADR,
Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin for the
third quarter of 2022 include all of the hotels the Company owned
as of June 30, 2022, except for 1 Hotel San Francisco for Q3 2022,
2021 and 2019 due to its closure for renovation during Q3 2021 and
also exclude the results for three potential dispositions, not yet
detailed in the above table.
Operating statistics and financial results 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
2019
2019
2019
2019
2019
Occupancy
75%
86%
86%
77%
81%
ADR
$252
$270
$266
$247
$259
RevPAR
$188
$233
$230
$191
$210
Hotel Revenues
$345.3
$426.6
$419.0
$366.3
$1,557.2
Hotel EBITDA
$91.9
$151.1
$141.9
$99.9
$484.8
Hotel EBITDA Margin
26.6%
35.4%
33.9%
27.3%
31.1%
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year
2021
2021
2021
2021
2021
Occupancy
22%
42%
53%
52%
43%
ADR
$260
$262
$288
$263
$270
RevPAR
$59
$110
$154
$136
$115
Hotel Revenues
$112.2
$209.7
$286.5
$263.9
$872.3
Hotel EBITDA
($4.9)
$46.1
$84.6
$58.8
$184.6
Hotel EBITDA Margin
(4.3%)
22.0%
29.5%
22.3%
21.2%
First Quarter
Second Quarter
2022
2022
Occupancy
48%
68%
ADR
$307
$320
RevPAR
$147
$219
Hotel Revenues
$269.0
$407.4
Hotel EBITDA
$60.7
$141.0
Hotel EBITDA Margin
22.6%
34.6%
Notes:
These historical hotel operating results include information for
all of the hotels the Company owned as of June 30, 2022, which
include the acquisitions of Inn on Fifth and Gurney's Newport
Resort & Marina, as if they were owned as of January 1, 2019.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220726005926/en/
Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel
Trust - (240) 507-1330
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