Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today reported results for the quarter ended September 30, 2012. The Company’s results include the following:
|Third Quarter||Nine months ended September 30,|
|($ in millions except per share, RevPAR and margin data)|
|Net income (loss) to common shareholders||$7.5||$2.8||$5.6||$1.0|
|Net income (loss) per diluted share||$0.13||$0.05||$0.10||$0.01|
|Pro forma RevPAR||$187.18||$176.16||$172.26||$157.95|
|Pro forma Hotel EBITDA||$37.5||$32.4||$90.6||$73.6|
|Pro forma Hotel EBITDA Margin||31.0%||28.1%||27.4%||23.9%|
|Adjusted EBITDA (1)||$35.4||$26.5||$82.3||$51.2|
|Adjusted FFO (1)||$22.0||$17.5||$47.6||$32.4|
|Adjusted FFO per diluted share (1)||$0.37||$0.34||$0.86||$0.68|
(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 third quarter and nine months ended September 30, 2012, refer to the Pro Forma Property Inclusion Reference Table later in this press release.
“We are pleased with the performance of our portfolio during the third quarter as we continued to outperform the hotel industry’s solid growth,” said Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “Despite moderating economic trends, the hotel industry continued to generate healthy RevPAR growth through demand that outpaced limited new supply, leading to increased occupancy and pricing power that delivered attractive ADR growth. With the majority of our major property renovations and repositionings now complete, combined with significant upside opportunity at the hotel level through our asset management initiatives and implementation of our best practice programs, we believe we will continue to outperform the industry over the next several years.”