Pebblebrook Hotel Trust (PEB) Q2 2012 Earnings Call August 3, 2012 9:00 a.m. ET Executives Jon Bortz - Chairman, President and CEO Raymond Martz - EVP and CFO Analysts Andrew Didora - Bank of America Merrill Lynch Jeffrey Donnelly - Wells Fargo Securities Bill Crow - Raymond James David Loeb - Robert W. Baird Enrique Torres - Green Street Advisors Wes Golladay - RBC Capital Markets Stephen Boyd - Cowen and Company Dan Donlan - Janney Montgomery Scott PresentationOperator
Good day and welcome to the Pebblebrook Hotel Trust second quarter 2012 earnings conference call. Today’s conference is being recorded. At this time I would like to turn the conference over to Mr. Raymond Martz, Chief Financial Officer. Please go ahead sir. Raymond Martz Thank you, Cynthia. Good morning everyone. Welcome to our second quarter 2012 earnings call webcast. Joining me today is Jon Bortz, our Chairman and Chief Executive Officer. But before we start, let me remind everyone that many of our comments today are considered forward-looking statements under federal securities laws. These statements are subject to numerous risk and uncertainties as described in our 10-K for 2011 and our other SEC filings that could cause results to differ materially from those expressed in or implied by, our comments. Forward looking statements that we make today are effective only as of today August 3, 2012 and we undertake no duty to update them later. You can find our SEC reports and our earnings release which contain reconciliations of non-GAAP financial measures we use on our website at www.pebblebrookhotels.com. Okay. The good news is we have another great quarter to talk about. Second-quarter performance was better than we expected on almost all of our operating metrics, pro forma RevPAR for the total portfolio on 12.9% to $186.32. This The exceeded our outlook for RevPAR growth of 10% to 12% primarily due to better-than-expected performance in many of our recently renovated hotels, the July 4 holiday shift that benefitted the last week of June and continued strong transient demand in most of our urban markets.