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Pebblebrook Hotel Trust Reports Third Quarter 2013 Results

Stocks in this article: PEB

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

   
Nine Months Ended,
Third Quarter September 30
2013   2012 2013   2012
($ in millions except per share and RevPAR data)
 
Net income (loss) to common shareholders $11.3 $7.5 $15.1 $5.6
Net income (loss) per diluted share $0.18 $0.13 $0.24 $0.10
 
Same-Property RevPAR (1) $202.10 $190.25 $186.21 $174.25
Same-Property RevPAR growth rate 6.2% 6.9%
 
Same-Property EBITDA (1) $47.3 $44.9 $119.1 $109.7
Same-Property EBITDA growth rate 5.4% 8.6%
Same-Property EBITDA Margin (1) 30.9% 30.8% 28.1% 27.3%
 
Adjusted EBITDA (1) $44.4 $35.4 $109.3 $82.3
Adjusted EBITDA growth rate 25.5% 32.8%
 
Adjusted FFO (1) $28.3 $22.0 $66.7 $47.6
Adjusted FFO per diluted share (1) $0.46 $0.37 $1.08 $0.86
Adjusted FFO per diluted share growth rate 24.3% 25.6%
 

(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 the performance of our portfolio during the third quarter, despite economic and political headwinds, as we continued to outperform the hotel industry,” said Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “Our properties located on the west coast, primarily in San Francisco, Seattle and Portland, led the portfolio’s performance. The hotel industry continued to generate healthy RevPAR growth in the quarter, as demand outpaced limited new supply, leading to increased pricing power and higher rates for our portfolio and the lodging industry.”

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