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Pebblebrook Hotel Trust Reports Second Quarter 2013 Results

Stocks in this article: PEB

Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today reported results for the second quarter ended June 30, 2013. The Company’s results include the following:

Second Quarter Six Months Ended, June 30
2013     2012 2013     2012
($ in millions except per share and RevPAR data)

Net income (loss) to common shareholders

$8.7 $5.4 $3.8 $(1.8)
Net income (loss) per diluted share $0.14 $0.10 $0.06 $(0.04)
Same-Property RevPAR (1) $195.42 $184.29 $177.97 $166.00
Same-Property RevPAR growth rate 6.0% 7.2%
Same-Property EBITDA (1) $46.1 $42.4 $71.8 $64.8
Same-Property EBITDA growth rate 8.8% 10.8%
Same-Property EBITDA Margin (1) 31.1% 30.1% 26.5% 25.3%
Adjusted EBITDA (1) $42.8 $32.9 $64.8 $46.9
Adjusted EBITDA growth rate 30.2% 38.3%
Adjusted FFO (1) $26.4 $20.1 $38.4 $25.6
Adjusted FFO per diluted share (1) $0.43 $0.37 $0.62 $0.48
Adjusted FFO per diluted share growth rate 14.8% 29.1%



(1) See tables later in this press release for a description of same-property 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 share, Adjusted FFO and Adjusted FFO per share.

For the details as to which hotels are included in Same-Property revenue per available room (“RevPAR”), average daily rate (“ADR”), Occupancy, Revenues, Expenses, EBITDA and EBITDA Margins appearing in the table above and elsewhere in this press release, refer to the Same-Property Inclusion Reference Table later in this press release.

“We’re very pleased with our portfolio’s performance in the second quarter, as we benefitted from the ongoing recovery in the industry and the consistent outperformance we’re able to generate on a top-line and bottom-line basis,” said Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “Overall fundamentals for our portfolio and the lodging industry remain strong as we continue to experience healthy demand growth from the corporate and leisure transient segments. In addition, demand growth is also being supplemented by robust growth in international inbound travel, primarily benefitting the major gateway cities, particularly those in which our hotels are located.”

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