This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Pebblebrook Hotel Trust's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: PEB

So as a result of our hotels strong performance combined with our additional acquisitions generated adjusted EBITDA of $32.9 million in the quarter, an increase of $14.6 million or 80% versus last year’s second-quarter. As a reminder and as we previously discussed, our adjusted EBITDA adds back to $1.1 million of one-time charges associated with the change in hotel management companies at the Doubletree by Hilton Bethesda Hotel. This expense is recorded in the G&A line item in our income statement.

Our G&A expense was also greater in the quarter from higher-than-expected hopefully non-recurring legal costs, some additional non-capitalized expenses related to the reconcepting and relaunching initiative at several of our recently renovated hotels and restaurants and higher-than-expected corporate and business taxes (ph).

Combining these items have caused us to increase our corporate G&A estimate for the year from $12 million to $12.5 million which represents an increase of about $2 million from last quarter. We believe roughly $1.5 million of these G&A expenses are one-time in nature, so we don’t expect this expense level to represent our run rate in future.

Year to date our adjusted EBITDA was up 90% or $22.2 million versus last year. Again this reflects not only the increased number of hotels in our growing portfolio but also higher rate in growth in same store EBITDA of our existing hotels which we believe will continue during the next several years.

Turning to the acquisition side of our business, on April 9 we acquired the 108 room hotel Milano in San Francisco for $29.8 million. This hotel is located in the growing south of market and convention center submarket of San Francisco. Based on our current plan, we now expect to close the hotel in early November for a comprehensive renovation and repositioning. This hotel is expected to reopen during the end of Q1 2013 and be renamed at that time.

Read the rest of this transcript for free on

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs