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Pebblebrook Hotel Trust Reports 2012 Results

Stocks in this article: PEB

Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today reported results for the fourth quarter and year ended December 31, 2012. The Company’s results include the following:

Fourth Quarter Full Year
2012     2011 2012     2011
($ in millions except per share and RevPAR data)
Net income to common shareholders $2.6 $3.5 $8.3 $4.4
Net income per diluted share $0.04 $0.07 $0.14 $0.08
Pro forma RevPAR $177.93 $168.24 $173.82 $160.81
Pro forma Hotel EBITDA $36.0 $34.2 $126.6 $107.8
Pro forma Hotel EBITDA Margin 27.5% 27.0% 27.4% 24.8%
Adjusted EBITDA (1) $31.9 $28.1 $114.2 $79.3
Adjusted EBITDA growth rate 13.4% 43.9%
Adjusted FFO (1) $18.5 $16.5 $66.1 $48.9
Adjusted FFO per diluted share (1) $0.30 $0.32 $1.17 $1.00
Adjusted FFO per diluted share growth rate (4.7%) 17.5%

(1) See tables later in this press release for a description of pro forma information and reconciliations from net income 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, Hotel EBITDA Margins and Hotel EBITDA Per Room for the fourth quarter and full year ended December 31, 2012 appearing in the table above and elsewhere in the press release, refer to the Pro Forma Property Inclusion Reference Table later in this press release.

“We’re very pleased with our Company’s strong performance in 2012,” said Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “This was a very good year for the overall hotel industry and our hotels benefitted from the continued resurgence in business transient, leisure and international inbound travel. Despite the negative effects from Superstorm Sandy, as well as the uncertainty surrounding the presidential election and the fiscal cliff, hotel demand remained resilient in most of our markets. As a result, our overall performance exceeded our expectations. Furthermore, we were able to take advantage of opportunities to add five terrific hotels to our portfolio in 2012, all located in major west coast gateway markets.”

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