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Pebblebrook Hotel Trust Reports Second Quarter 2013 Results

Capital Markets

On April 4, 2013, the joint venture that owns the Manhattan Collection successfully completed a new $50.0 million interest-only, non-recourse, secured loan at a fixed annual interest rate of 3.14 percent and a term of five years. The loan is collateralized by a first mortgage on the 242-room Affinia Dumont hotel in New York, New York.

On April 11, 2013, the underwriters exercised in full their over-allotment option to purchase an additional 400,000 shares of the Company’s 6.50% Series C Cumulative Redeemable Preferred Shares, resulting in additional net proceeds of approximately $9.6 million.

During the second quarter of 2013, the Company issued and sold 171,293 common shares under its ATM offering program at an average price of $28.09 per share, for total net proceeds of $4.7 million.

Year-to-Date Highlights
  • Same-Property RevPAR, ADR and Occupancy: Same-Property RevPAR for the six months ended June 30, 2013 increased 7.2 percent over the same period of 2012 to $177.97. Year-to-date, Same-Property ADR grew 3.9 percent from the comparable period of 2012 to $215.20, while year-to-date Same-Property Occupancy climbed 3.2 percent to 82.7 percent.
  • Same-Property Hotel EBITDA: The Company’s hotels generated $71.8 million of Same-Property Hotel EBITDA for the six months ended June 30, 2013, an improvement of 10.8 percent compared with the same period of 2012. Same-Property Hotel Revenues grew 5.7 percent, while Same-Property Hotel Expenses rose 4.0 percent. As a result, Same-Property Hotel EBITDA Margin for the six months ended June 30, 2013 increased 121 basis points to 26.5 percent as compared to the same period last year.
  • Adjusted EBITDA: The Company’s Adjusted EBITDA increased 38.3 percent, or $18.0 million, to $64.8 million from $46.9 million in the prior year period.
  • Adjusted FFO: The Company’s Adjusted FFO climbed 50.1 percent to $38.4 million from $25.6 million in the prior year period.

Balance Sheet

As of June 30, 2013, the Company had $528.9 million in consolidated debt and $225.4 million in unconsolidated, non-recourse, secured debt at weighted-average interest rates of 4.4 percent and 3.6 percent, respectively. The Company’s total combined pro rata weighted-average interest rate is 4.1 percent. The Company had $100.0 million outstanding in the form of an unsecured term loan and no outstanding balance on its $200.0 million senior unsecured revolving credit facility. As of June 30, 2013, the Company had $165.4 million of consolidated cash, cash equivalents and restricted cash and $12.6 million of unconsolidated cash, cash equivalents and restricted cash. The unconsolidated debt, cash, cash equivalents and restricted cash amounts represent the Company’s 49 percent pro rata interest in the Manhattan Collection.

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