This Day On The Street
Continue to site
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

Pebblebrook Hotel Trust Reports Second Quarter 2013 Results

Second Quarter Highlights

  • Same-Property RevPAR: Same-Property revenue per available room (“Same-Property RevPAR”) in the second quarter of 2013 increased 6.0 percent over the same period of 2012 to $195.42. Same-Property average daily rate (“Same-Property ADR”) grew 4.4 percent from the second quarter of 2012 to $227.25. Same-Property Occupancy rose 1.5 percent to a robust 86.0 percent.
  • Same-Property EBITDA: The Company’s hotels generated $46.1 million of Same-Property EBITDA for the quarter ended June 30, 2013, climbing 8.8 percent compared with the same period of 2012. Same-Property Revenues increased 5.6 percent, while Same-Property Expenses rose 4.2 percent. As a result, Same-Property EBITDA Margin grew to 31.1 percent for the quarter ended June 30, 2013, representing an increase of 93 basis points as compared to the same period last year.
  • Adjusted EBITDA: The Company’s Adjusted EBITDA increased to $42.8 million from $32.9 million in the prior year period, an increase of $9.9 million, or 30.2 percent.
  • Adjusted FFO: The Company’s Adjusted FFO climbed to $26.4 million from $20.1 million in the prior year period, an increase of 31.2 percent.
  • Dividends: On June 14, 2013, the Company declared a regular quarterly cash dividend of $0.16 per share on its common shares, a regular quarterly cash dividend of $0.4921875 per share on its 7.875 percent Series A Cumulative Redeemable Preferred Shares, a regular quarterly cash dividend of $0.50 per share on its 8.0 percent Series B Cumulative Redeemable Preferred Shares and a regular quarterly cash dividend of $0.40625 per share on its 6.50 percent Series C Cumulative Redeemable Preferred Shares.

“Our operators, working closely with our asset management team, were able to increase Same-Property EBITDA 8.8 percent over the prior year period and improve operating margins by 93 basis points during the quarter, despite the significant negative impact from the renovation disruptions caused by the on-going comprehensive renovations at the Affinia 50 and the public area renovations at the Affinia Manhattan,” added Mr. Bortz. “We believe our portfolio has significant opportunities to generate outsized revenue and EBITDA growth as we continue to make progress implementing our array of asset management initiatives, best practices and operating efficiencies. Our strong second quarter results illustrate the benefits of our strategy of primarily investing in high-quality hotels that have historically underperformed, are located in dynamic urban markets in major gateway cities and which will benefit from our comprehensive asset management approach.”

2 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs