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Pebblebrook Hotel Trust Revises Outlook Due To Impact From Superstorm Sandy

Stocks in this article: PEB

Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today revised its 2012 Outlook to account for the impact from Superstorm Sandy and this past week’s nor’easter. The Company’s revised financial expectations for 2012 are as follows:

  Current

2012 Outlook

  Previous

2012 Outlook

  Change in Outlook
Low High Low High Low High
($ in millions, except per share and RevPAR data
 
Adjusted EBITDA $ 110.5 $ 112.5 $ 112.0 $ 114.0 ($1.5 ) ($1.5 )
 
Adjusted FFO $

62.0

$

64.0

$ 63.5 $ 65.5

($1.5

)

($1.5

)
Adjusted FFO per diluted share $ 1.09 $ 1.12 $ 1.12 $ 1.15 ($0.03 ) ($0.03 )
 
This amended 2012 Outlook is based on the following estimates and assumptions:
 
Portfolio RevPAR Growth

7.4

%

7.9

% 8.0 % 8.5 %

(60 BPS)

(60 BPS)

 
Portfolio Hotel EBITDA $ 124.5 $ 126.5 $ 126.0 $ 128.0 ($1.5 ) ($1.5 )
Portfolio Hotel EBITDA Margin 27.3 % 27.5 % 27.6 % 27.8 % (0.3 %) (0.3 %)
Portfolio Hotel EBITDA Margin Growth 215 bps 265 bps 250 bps 300 bps (35 bps) (35 bps)

The Company’s revised financial expectations for the fourth quarter of 2012 are as follows:

 

Current

Fourth Quarter

2012 Outlook

 

Previous

Fourth Quarter

2012 Outlook

  Change in Outlook
Low High Low High Low High
($ in millions, except per share and RevPAR data
 
Adjusted EBITDA $ 28.3 $ 30.3 $ 29.8 $ 31.8 ($1.5 ) ($1.5 )
 
Adjusted FFO $

14.5

$

16.5

$ 16.0 $ 18.0

($1.5

)

($1.5

)
Adjusted FFO per diluted share $

0.24

$

0.28

$ 0.27 $ 0.31

($0.03

)

($0.03

)
 
This amended fourth quarter 2012 Outlook is based on the following estimates and assumptions:
 
Portfolio RevPAR Growth

2.5

%

4.5

% 4.5 % 6.5 %

(200 BPS)

(200 BPS)

 
Portfolio Hotel EBITDA $ 32.3 $ 34.3 $ 33.8 $ 35.8 ($1.5 ) ($1.5 )
Portfolio Hotel EBITDA Margin 27.2 % 27.7 % 28.0 % 28.5 % (0.8 %) (0.8 %)
Portfolio Hotel EBITDA Margin Growth 20 bps 70 bps 100 bps 150 bps (80 bps) (80 bps)

“ Our revised outlook reflects the estimated impact from Superstorm Sandy, as well as the nor’easter this past week,” said Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “Unfortunately, both storms significantly hindered travel in and out of the Northeast and Mid-Atlantic regions before, during and after the storms. The negative impact on our business was felt at our hotels throughout the United States as cancellations, no-shows and limited new bookings combined to produce enough lost revenue and additional expenses to warrant this revision to our outlook. We are diligently and aggressively pursuing the mitigation of our lost income through our existing insurance policies. Fortunately, none of our properties suffered any significant physical damage and we have no reported injuries from Superstorm Sandy.”

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