Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today reported results for the quarter ended June 30, 2012. The Company’s results include the following:
|Second Quarter||Six Months Ended June 30,|
|($ in millions except per share, RevPAR and margin data)|
|Net income (loss) to common shareholders||$5.4||$1.8||$(1.8)||$(1.8)|
|Net income (loss) per diluted share||$0.10||$0.03||$(0.04)||$(0.05)|
|Pro forma RevPAR||$186.32||$165.06||$164.33||$148.23|
|Pro forma Hotel EBITDA||$35.9||$27.9||$53.1||$41.2|
|Pro forma Hotel EBITDA Margin||31.0%||26.4%||25.4%||21.4%|
|Adjusted EBITDA (1)||$32.9||$18.3||$46.9||$24.7|
|Adjusted FFO (1)||$20.1||$11.6||$25.6||$14.9|
|Adjusted FFO per diluted share (1)||$0.37||$0.23||$0.48||$0.32|
(1) See tables later in this press release for a description of pro forma information and reconciliations from net income (loss) to non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Funds from Operations ("FFO"), FFO per diluted share, Adjusted FFO and Adjusted FFO per diluted share.
For the details as to which hotels are included in Pro forma RevPAR, ADR, Occupancy, Hotel Revenues, Hotel Expenses, Hotel EBITDA and Hotel EBITDA Margins for the second quarter and six months ended June 30, 2012, refer to the Pro Forma Property Inclusion Reference Table later in this press release.
“We’re extremely pleased with the exceptional performance of our portfolio in the second quarter,” said Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “Our hotels benefitted from the continued strength in business and leisure transient travel, improving group demand, and healthy inbound international travel, all despite ongoing global uncertainty and a sluggish U.S. economy. Our favorable operating results demonstrate the benefits of owning high-quality hotels in well-located urban gateway markets. We continue to believe our properties have tremendous upside opportunities from recently completed renovations and repositionings and through our comprehensive asset management efforts focused on implementing best practices, creating more efficient operations and lowering hotel operating expenses.”