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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.”

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