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:
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Nine Months Ended,
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Third Quarter
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September 30
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2013
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2012
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2013
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2012
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($ in millions except per share and RevPAR data)
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Net income (loss) to common shareholders
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$11.3
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$7.5
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$15.1
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$5.6
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Net income (loss) per diluted share
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$0.18
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$0.13
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$0.24
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$0.10
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Same-Property RevPAR(1)
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$202.10
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$190.25
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$186.21
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$174.25
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Same-Property RevPAR growth rate
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6.2%
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6.9%
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Same-Property EBITDA(1)
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$47.3
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$44.9
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$119.1
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$109.7
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Same-Property EBITDA growth rate
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5.4%
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8.6%
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Same-Property EBITDA Margin(1)
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30.9%
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30.8%
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28.1%
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27.3%
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Adjusted EBITDA(1)
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$44.4
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$35.4
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$109.3
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$82.3
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Adjusted EBITDA growth rate
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25.5%
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32.8%
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Adjusted FFO(1)
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$28.3
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$22.0
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$66.7
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$47.6
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Adjusted FFO per diluted share(1)
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$0.46
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$0.37
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$1.08
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$0.86
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Adjusted FFO per diluted share growth rate
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24.3%
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25.6%
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(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.”
Third Quarter Highlights
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Same-Property RevPAR: Same-Property revenue per available room
(“Same-Property RevPAR”) in the third quarter of 2013 increased 6.2
percent over the same period of 2012 to $202.10. Same-Property average
daily rate (“Same-Property ADR”) grew 6.3 percent from the third
quarter of 2012 to $232.85. Same-Property Occupancy declined 0.1
percent to 86.8 percent.
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Same-Property EBITDA: The Company’s hotels generated $47.3
million of Same-Property EBITDA for the quarter ended September 30,
2013, climbing 5.4 percent from the same period of 2012. Same-Property
Revenues increased 5.0 percent, while Same-Property Expenses rose 4.8
percent. As a result, Same-Property EBITDA Margin grew to 30.9 percent
for the quarter ended September 30, 2013, representing an improvement
of 11 basis points as compared to the same period last year.
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Adjusted EBITDA: The Company’s Adjusted EBITDA increased to
$44.4 million from $35.4 million in the prior year period, a gain of
$9.0 million, or 25.5 percent.
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Adjusted FFO: The Company’s Adjusted FFO climbed to $28.3
million from $22.0 million in the prior year period, an increase of
28.6 percent.
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Dividends: On September 13, 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.
“We were able to grow Same-Property RevPAR by 6.2 percent in the quarter
despite disruptions caused by the on-going comprehensive renovation of
Affinia 50, which is nearing completion. With very strong occupancy of
86.8 percent, occupancy was roughly flat in the quarter, and ADR gains
made up all of our RevPAR growth,” added Mr. Bortz. “We’re excited about
the continued progress we’re making in improving operating performance
since acquiring our hotels, and we look forward to the future positive
impact our array of best practice programs will have on further
increasing the margins in our portfolio.”
Capital Reinvestment
During the third quarter, the Company invested $8.9 million in capital
improvements in its portfolio.
In January 2013, the Company, along with its joint venture partner,
commenced an $18.0 to $20.0 million comprehensive renovation,
reconfiguration and expansion of the Affinia 50, which includes
completely renovating its guest rooms, corridors, lobby, public areas
and exterior. The reconfiguration of the hotel will increase the number
of guest rooms by almost 20 percent, from 210 to 251. The project
continues to be on budget and is expected to be substantially complete
in November. The Company expects to fund its 49 percent pro rata share
of the remaining total project costs with available cash.
On September 18, 2013, the Company up-branded its 310-room Sheraton
Delfina Santa Monica to the upper upscale Le Méridien brand. In
conjunction with the re-branding and repositioning, the Company expects
to incur $0.5 million of transition costs and invest an additional $2.0
million for capital improvements in the hotel. Viceroy Hotels and
Resorts continues to manage the property.
In addition to its capital reinvestment programs, Pebblebrook remains
committed to implementing a comprehensive array of asset management best
practices, initiatives and operating efficiencies throughout its
portfolio to boost hotel revenues and improve operating efficiencies in
a continuous effort to drive strong margin growth. Since its first hotel
acquisition in 2010, the Company has identified almost $17.0 million of
annualized best practices and asset management opportunities throughout
its portfolio that it has either implemented or is in the process of
implementing.
Acquisitions
On August 8, 2013, the Company acquired the Redbury Hotel for $34.0
million. The 57-suite, luxury full-service hotel is located in the heart
of Hollywood, California. The property continues to be managed by sbe
Hotel Group.
On August 28, 2013, the Company acquired the Hotel Modera for $47.5
million. The 174-room urban, boutique, upper upscale full-service hotel
is located in downtown Portland, Oregon. The property is now managed by
OLS Hotels and Resorts.
“We’re very enthusiastic about the $194.0 million of high-quality
acquisitions this year in our west coast target markets of San Diego,
Los Angeles and Portland,” said Mr. Bortz. “We believe these properties
offer great opportunities for outsized RevPAR growth, margin expansion
and value creation through the implementation of our asset management
and best practice initiatives.”
Since its initial public offering in December 2009, the Company has
acquired 28 properties totaling $2.2 billion of invested capital,
including its joint venture with Denihan Hospitality Group, which owns
six upper upscale hotels (the “Manhattan Collection”) in New York, New
York.
Year-to-Date Highlights
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Same-Property RevPAR, ADR and Occupancy: Same-Property RevPAR
for the nine months ended September 30, 2013 increased 6.9 percent
over the same period of 2012 to $186.21. Year-to-date, Same-Property
ADR grew 4.7 percent to $221.39 from the comparable period of 2012,
while year-to-date Same-Property Occupancy climbed 2.0 percent to 84.1
percent.
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Same-Property Hotel EBITDA: The Company’s hotels generated
$119.1 million of Same-Property Hotel EBITDA for the nine months ended
September 30, 2013, an improvement of 8.6 percent compared with the
same period of 2012. Same-Property Hotel Revenues grew 5.5 percent,
while Same-Property Hotel Expenses rose 4.3 percent. As a result,
Same-Property Hotel EBITDA Margin for the nine months ended September
30, 2013 improved 80 basis points to 28.1 percent as compared to the
same period last year.
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Adjusted EBITDA: The Company’s Adjusted EBITDA increased 32.8
percent, or $27.0 million, to $109.3 million from $82.3 million in the
prior year period.
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Adjusted FFO: The Company’s Adjusted FFO climbed 40.2 percent
to $66.7 million from $47.6 million in the prior year period.
Balance Sheet
As of September 30, 2013, the Company had $550.6 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 consolidated and
unconsolidated weighted-average interest rate on its debt is 4.2
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 September 30, 2013,
the Company had $126.0 million of consolidated cash, cash equivalents
and restricted cash and $12.7 million of unconsolidated cash, cash
equivalents and restricted cash. The unconsolidated debt, cash, cash
equivalents and restricted cash amounts represent the Company’s 49
percent pro rata interest in the Manhattan Collection.
On September 30, 2013, as defined in the Company’s credit agreement, the
Company’s fixed charge coverage ratio was 2.2 times and total net debt
to trailing 12-month corporate EBITDA was 4.4 times. The Company’s total
debt to total assets ratio was 32 percent. Excluding its interest in the
off-balance sheet Manhattan Collection, the Company’s fixed charge
coverage ratio was 2.1 times, net debt to trailing 12-month corporate
EBITDA was 3.5 times and total debt to total assets ratio was 28 percent.
2013 Outlook
The Company's outlook for 2013, which assumes no additional
acquisitions, has been increased to reflect the Company’s third quarter
acquisitions of The Redbury Hotel and Hotel Modera, partially offset by
the negative impact of the federal government shutdown in October. This
outlook, which assumes similar ongoing economic growth, positive
business travel trends and other significant assumptions, is as follows:
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2013 Outlook
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Low
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High
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($ and shares/units in millions,
except per share and RevPAR
data)
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Net income
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$38.6
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$40.6
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Net income per diluted share
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$0.63
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$0.66
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Adjusted EBITDA
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$147.6
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$149.6
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Adjusted FFO
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$87.4
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$89.4
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Adjusted FFO per diluted share
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$1.42
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$1.45
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This 2013 outlook is based, in part, on the following estimates
and assumptions:
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U.S. GDP growth rate
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1.5%
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2.0%
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U.S. Hotel Industry RevPAR growth rate
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5.25%
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5.75%
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Same-Property RevPAR
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$185.00
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$186.00
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Same-Property RevPAR growth rate
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6.0%
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6.5%
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Same-Property EBITDA
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$160.6
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$162.6
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Same-Property EBITDA Margin
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28.2%
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28.7%
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Same-Property EBITDA Margin growth rate
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75 bps
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125 bps
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Corporate cash general and administrative expenses
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$12.0
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$12.0
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Corporate non-cash general and administrative expenses
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$3.5
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$3.5
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Total capital investments related to renovations, capital
maintenance and return on investment projects
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$55.0
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$60.0
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Weighted-average fully diluted shares and units
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61.6
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61.6
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The Company’s outlook for the fourth quarter of 2013 is as follows:
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Fourth Quarter 2013 Outlook
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Low
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High
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($ and shares/units in millions,
except per share and RevPAR
data)
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Same-Property RevPAR
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$180.00
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$184.00
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Same-Property RevPAR growth rate
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3.0%
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5.0%
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Same-Property EBITDA
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$41.5
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$43.5
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Same-Property EBITDA Margin
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29.0%
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29.5%
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Same-Property EBITDA Margin growth rate
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125 bps
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175 bps
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Adjusted EBITDA
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$38.3
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$40.3
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Adjusted FFO
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$20.7
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$22.7
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Adjusted FFO per diluted share
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$0.34
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$0.37
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Weighted-average fully diluted shares and units
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61.7
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61.7
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The Company’s 2013 and Fourth Quarter Outlooks reflect the Company’s 49
percent pro rata interest in the Manhattan Collection.
The Company’s estimates and assumptions for Same-Property RevPAR,
Same-Property RevPAR growth rate, Same-Property EBITDA, Same-Property
EBITDA Margin and Same-Property EBITDA Margin growth for 2013 include
the hotels owned as of September 30, 2013 as if they had been owned by
the Company for the entire year of 2013, except for Hotel Zetta, which
is not included in the first quarters of 2012 and 2013; The Redbury
Hotel, which is not included in the first and second quarters of 2012
and 2013; and Hotel Modera, which is not included in the first, second
and third quarters of 2012 and 2013. The Company’s 2013 outlook assumes
no additional acquisitions beyond the hotels the Company owned as of
September 30, 2013.
Earnings Call
The Company will conduct its quarterly analyst and investor conference
call on Friday, October 25, 2013 at 9:00 AM EDT. To participate in the
conference call, please dial (888) 256-1027 approximately ten minutes
before the call begins. Additionally, a live webcast of the conference
call will be available through the Company’s website. To access the
webcast, log on to http://www.pebblebrookhotels.com
ten minutes prior to the conference call. A replay of the conference
call webcast will be archived and available online through the Investor
Relations section of http://www.pebblebrookhotels.com.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment
trust (“REIT”) organized to opportunistically acquire and invest
primarily in upper upscale, full-service hotels located in urban markets
in major gateway cities. The Company owns 28 hotels, including 22 wholly
owned hotels with a total of 5,191 guest rooms and a 49% joint venture
interest in six hotels with a total of 1,733 guest rooms. The Company
owns, or has an ownership interest in, hotels located in ten states and
the District of Columbia, including: Los Angeles, California (Hollywood,
Santa Monica, West Hollywood and Westwood); San Diego, California; San
Francisco, California; Miami, Florida; Buckhead, Georgia; Bethesda,
Maryland; Boston, Massachusetts; Minneapolis, Minnesota; New York, New
York; Portland, Oregon; Philadelphia, Pennsylvania; Columbia River
Gorge, Washington; Seattle, Washington; and Washington, DC. For more
information, please visit us at www.pebblebrookhotels.com
and on Twitter at @PebblebrookPEB.
This press release contains certain “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities Reform
Act of 1995. Forward-looking statements are generally
identifiable by use of forward-looking terminology such as “may,”
“will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,”
“estimate,” “approximately,” “believe,” “could,” “project,” “predict,”
“forecast,” “continue,” “assume,” “plan,” references to “outlook” or
other similar words or expressions. Forward-looking statements
are based on certain assumptions and can include future expectations,
future plans and strategies, financial and operating projections and
forecasts and other forward-looking information and estimates. Examples
of forward-looking statements include the following: projections and
forecasts of U.S. GDP growth, U.S. hotel industry RevPAR growth, the
Company’s net income, FFO, EBITDA, Adjusted FFO, Adjusted EBITDA,
RevPAR, EBITDA Margin and EBITDA Margin growth, and the Company’s
expenses, share count or other financial items; descriptions of the
Company’s plans or objectives for future operations, acquisitions or
services; forecasts of the Company’s future economic performance and its
share of future markets; forecasts of hotel industry performance; and
descriptions of assumptions underlying or relating to any of the
foregoing expectations including assumptions regarding the timing of
their occurrence. These forward-looking statements are subject to
various risks and uncertainties, many of which are beyond the Company’s
control, which could cause actual results to differ materially from such
statements. These risks and uncertainties include, but are not
limited to, the state of the U.S. economy and the supply of hotel
properties, and other factors as are described in greater detail in the
Company’s filings with the Securities and Exchange Commission,
including, without limitation, the Company’s Annual Report on Form 10-K
for the year ended December 31, 2012. Unless legally required,
the Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise.
For further information about the Company’s business and financial
results, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”
sections of the Company’s SEC filings, including, but not limited to,
its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
copies of which may be obtained at the Investor Relations section of the
Company’s website at www.pebblebrookhotels.com.
All information in this press release is as of October 24, 2013. The
Company undertakes no duty to update the statements in this press
release to conform the statements to actual results or changes in the
Company’s expectations.
For additional information or to receive press releases via email,
please visit our website at www.pebblebrookhotels.com
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Pebblebrook Hotel Trust
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Consolidated Balance Sheets
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($ in thousands)
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September 30, 2013
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December 31, 2012
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(Unaudited)
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ASSETS
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Assets:
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Investment in hotel properties, net
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$
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1,603,236
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$
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1,417,229
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Investment in joint venture
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256,658
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283,011
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Ground lease asset, net
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10,118
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10,283
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Cash and cash equivalents
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110,042
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85,900
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Restricted cash
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15,930
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12,034
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Hotel receivables (net of allowance for doubtful accounts of $260
and $28, respectively)
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23,500
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13,463
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Deferred financing costs, net
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5,167
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5,753
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Prepaid expenses and other assets
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|
20,194
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|
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18,489
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Total assets
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$
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2,044,845
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$
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1,846,162
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LIABILITIES AND EQUITY
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Liabilities:
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Senior unsecured revolving credit facility
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$
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-
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$
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-
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Term loan
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100,000
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100,000
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Mortgage debt (including mortgage loan premium of $6,270 and $2,498,
respectively)
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456,847
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368,508
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Accounts payable and accrued expenses
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57,916
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|
|
47,364
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Advance deposits
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8,203
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|
|
4,596
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|
Accrued interest
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|
1,896
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|
|
1,328
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Distribution payable
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15,271
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11,274
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Total liabilities
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640,133
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533,070
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Commitments and contingencies
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Shareholders' equity:
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Preferred shares of beneficial interest, $.01 par value
(liquidation preference of $325,000 and $225,000 at September 30,
2013 and December 31, 2012), 100,000,000 shares authorized;
13,000,000 shares issued and outstanding at September 30, 2013 and
9,000,000 issued and outstanding at December 31, 2012
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130
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90
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Common shares of beneficial interest, $.01 par value, 500,000,000
shares authorized; 61,179,628 issued and outstanding at September
30, 2013 and 60,955,090 issued and outstanding at December 31, 2012
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|
612
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|
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610
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Additional paid-in capital
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1,465,905
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1,362,349
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Accumulated other comprehensive income (loss)
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911
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|
(300
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)
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Distributions in excess of retained earnings
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(64,191
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)
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(49,798
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)
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Total shareholders' equity
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1,403,367
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1,312,951
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Non-controlling interests
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1,345
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|
|
|
141
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Total equity
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1,404,712
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|
|
|
1,313,092
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Total liabilities and equity
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$
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2,044,845
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|
|
$
|
1,846,162
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|
|
Pebblebrook Hotel Trust
|
|
Consolidated Statement of Operations
|
|
($ in thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Hotel operating revenues:
|
|
|
|
|
|
|
|
|
|
Room
|
|
$
|
90,093
|
|
|
$
|
68,596
|
|
|
$
|
240,632
|
|
|
$
|
175,083
|
|
|
Food and beverage
|
|
|
32,900
|
|
|
|
29,236
|
|
|
|
99,291
|
|
|
|
83,630
|
|
|
Other operating
|
|
|
8,241
|
|
|
|
6,473
|
|
|
|
22,526
|
|
|
|
17,233
|
|
|
Total revenues
|
|
$
|
131,234
|
|
|
$
|
104,305
|
|
|
$
|
362,449
|
|
|
$
|
275,946
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Hotel operating expenses:
|
|
|
|
|
|
|
|
|
|
Room
|
|
$
|
22,063
|
|
|
$
|
17,045
|
|
|
$
|
61,768
|
|
|
$
|
45,521
|
|
|
Food and beverage
|
|
|
24,705
|
|
|
|
21,716
|
|
|
|
74,180
|
|
|
|
61,836
|
|
|
Other direct
|
|
|
3,619
|
|
|
|
3,229
|
|
|
|
10,344
|
|
|
|
8,935
|
|
|
Other indirect
|
|
|
32,629
|
|
|
|
26,061
|
|
|
|
92,893
|
|
|
|
71,999
|
|
|
Total hotel operating expenses
|
|
|
83,016
|
|
|
|
68,051
|
|
|
|
239,185
|
|
|
|
188,291
|
|
|
Depreciation and amortization
|
|
|
13,971
|
|
|
|
11,055
|
|
|
|
40,747
|
|
|
|
30,742
|
|
|
Real estate taxes, personal property taxes and property insurance
|
|
|
6,008
|
|
|
|
4,571
|
|
|
|
17,240
|
|
|
|
12,610
|
|
|
Ground rent
|
|
|
1,983
|
|
|
|
651
|
|
|
|
5,660
|
|
|
|
1,608
|
|
|
General and administrative
|
|
|
4,253
|
|
|
|
3,886
|
|
|
|
12,838
|
|
|
|
12,296
|
|
|
Hotel acquisition costs
|
|
|
268
|
|
|
|
514
|
|
|
|
1,429
|
|
|
|
1,340
|
|
|
Total operating expenses
|
|
|
109,499
|
|
|
|
88,728
|
|
|
|
317,099
|
|
|
|
246,887
|
|
|
Operating income
|
|
|
21,735
|
|
|
|
15,577
|
|
|
|
45,350
|
|
|
|
29,059
|
|
|
Interest income
|
|
|
670
|
|
|
|
82
|
|
|
|
1,964
|
|
|
|
111
|
|
|
Interest expense
|
|
|
(6,074
|
)
|
|
|
(3,949
|
)
|
|
|
(17,457
|
)
|
|
|
(10,671
|
)
|
|
Equity in earnings (loss) of joint venture
|
|
|
2,284
|
|
|
|
2,152
|
|
|
|
2,492
|
|
|
|
1,636
|
|
|
Income (loss) before income taxes
|
|
|
18,615
|
|
|
|
13,862
|
|
|
|
32,349
|
|
|
|
20,135
|
|
|
Income tax (expense) benefit
|
|
|
(1,088
|
)
|
|
|
(1,757
|
)
|
|
|
(137
|
)
|
|
|
(840
|
)
|
|
Net income (loss)
|
|
|
17,527
|
|
|
|
12,105
|
|
|
|
32,212
|
|
|
|
19,295
|
|
|
Net income (loss) attributable to non-controlling interests
|
|
|
112
|
|
|
|
187
|
|
|
|
211
|
|
|
|
304
|
|
|
Net income (loss) attributable to the Company
|
|
|
17,415
|
|
|
|
11,918
|
|
|
|
32,001
|
|
|
|
18,991
|
|
|
Distributions to preferred shareholders
|
|
|
(6,100
|
)
|
|
|
(4,456
|
)
|
|
|
(16,872
|
)
|
|
|
(13,369
|
)
|
|
Net income (loss) attributable to common shareholders
|
|
$
|
11,315
|
|
|
$
|
7,462
|
|
|
$
|
15,129
|
|
|
$
|
5,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share available to common shareholders, basic
and diluted
|
|
$
|
0.18
|
|
|
$
|
0.13
|
|
|
$
|
0.24
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares, basic
|
|
|
61,179,524
|
|
|
|
58,714,055
|
|
|
|
61,086,834
|
|
|
|
54,227,155
|
|
|
Weighted-average number of common shares, diluted
|
|
|
61,347,863
|
|
|
|
58,760,334
|
|
|
|
61,279,252
|
|
|
|
54,314,469
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Reconciliation of Net Income (Loss) to FFO, EBITDA, Adjusted FFO
and Adjusted EBITDA
|
|
($ in thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
17,527
|
|
|
$
|
12,105
|
|
|
$
|
32,212
|
|
|
$
|
19,295
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
13,928
|
|
|
|
11,015
|
|
|
|
40,619
|
|
|
|
30,625
|
|
|
Depreciation and amortization from joint venture
|
|
|
2,022
|
|
|
|
2,469
|
|
|
|
6,776
|
|
|
|
7,333
|
|
|
FFO
|
|
$
|
33,477
|
|
|
$
|
25,589
|
|
|
$
|
79,607
|
|
|
$
|
57,253
|
|
|
Distribution to preferred shareholders
|
|
$
|
(6,100
|
)
|
|
$
|
(4,456
|
)
|
|
$
|
(16,872
|
)
|
|
$
|
(13,369
|
)
|
|
FFO available to common share and unit holders
|
|
$
|
27,377
|
|
|
$
|
21,133
|
|
|
$
|
62,735
|
|
|
$
|
43,884
|
|
|
Hotel acquisition costs
|
|
|
268
|
|
|
|
514
|
|
|
|
1,429
|
|
|
|
1,340
|
|
|
Non-cash ground rent
|
|
|
665
|
|
|
|
55
|
|
|
|
2,405
|
|
|
|
164
|
|
|
Amortization of LTIP units
|
|
|
395
|
|
|
|
395
|
|
|
|
1,185
|
|
|
|
1,185
|
|
|
Management/franchise contract transition costs
|
|
|
107
|
|
|
|
(79
|
)
|
|
|
304
|
|
|
|
1,008
|
|
|
Interest expense adjustment for above market loan
|
|
|
(502
|
)
|
|
|
-
|
|
|
|
(1,374
|
)
|
|
|
-
|
|
|
Adjusted FFO available to common share and unit holders
|
|
$
|
28,310
|
|
|
$
|
22,018
|
|
|
$
|
66,684
|
|
|
$
|
47,581
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common share - basic
|
|
$
|
0.44
|
|
|
$
|
0.35
|
|
|
$
|
1.02
|
|
|
$
|
0.80
|
|
|
FFO per common share - diluted
|
|
$
|
0.44
|
|
|
$
|
0.35
|
|
|
$
|
1.02
|
|
|
$
|
0.79
|
|
|
Adjusted FFO per common share - basic
|
|
$
|
0.46
|
|
|
$
|
0.37
|
|
|
$
|
1.08
|
|
|
$
|
0.86
|
|
|
Adjusted FFO per common share - diluted
|
|
$
|
0.46
|
|
|
$
|
0.37
|
|
|
$
|
1.08
|
|
|
$
|
0.86
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of basic common shares and units
|
|
|
61,560,633
|
|
|
|
59,643,154
|
|
|
|
61,467,943
|
|
|
|
55,156,254
|
|
|
Weighted-average number of fully diluted common shares and units
|
|
|
61,728,972
|
|
|
|
59,689,433
|
|
|
|
61,660,361
|
|
|
|
55,243,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
17,527
|
|
|
$
|
12,105
|
|
|
$
|
32,212
|
|
|
$
|
19,295
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
6,074
|
|
|
|
3,949
|
|
|
|
17,457
|
|
|
|
10,671
|
|
|
Interest expense from joint venture
|
|
|
2,306
|
|
|
|
3,164
|
|
|
|
6,601
|
|
|
|
9,675
|
|
|
Income tax expense (benefit)
|
|
|
1,088
|
|
|
|
1,757
|
|
|
|
137
|
|
|
|
840
|
|
|
Depreciation and amortization
|
|
|
13,971
|
|
|
|
11,055
|
|
|
|
40,747
|
|
|
|
30,742
|
|
|
Depreciation and amortization from joint venture
|
|
|
2,022
|
|
|
|
2,469
|
|
|
|
6,776
|
|
|
|
7,333
|
|
|
EBITDA
|
|
$
|
42,988
|
|
|
$
|
34,499
|
|
|
$
|
103,930
|
|
|
$
|
78,556
|
|
|
Hotel acquisition costs
|
|
|
268
|
|
|
|
514
|
|
|
|
1,429
|
|
|
|
1,340
|
|
|
Non-cash ground rent
|
|
|
665
|
|
|
|
55
|
|
|
|
2,405
|
|
|
|
164
|
|
|
Amortization of LTIP units
|
|
|
395
|
|
|
|
395
|
|
|
|
1,185
|
|
|
|
1,185
|
|
|
Management/franchise contract transition costs
|
|
|
107
|
|
|
|
(79
|
)
|
|
|
304
|
|
|
|
1,008
|
|
|
Adjusted EBITDA
|
|
$
|
44,423
|
|
|
$
|
35,384
|
|
|
$
|
109,253
|
|
|
$
|
82,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To supplement the Company’s consolidated financial statements presented
in accordance with U.S. generally accepted accounting principles
("GAAP"), this press release includes certain non-GAAP financial
measures as defined under Securities and Exchange Commission (SEC) Rules.
These measures are not in accordance with, or an alternative to,
measures prepared in accordance with GAAP and may be different from
similarly titled non-GAAP measures used by other companies. In addition,
these non-GAAP measures are not based on any comprehensive set of
accounting rules or principles. Non-GAAP measures have limitations in
that they do not reflect all of the amounts associated with the
Company’s results of operations determined in accordance with GAAP.
Funds from Operations - Funds from operations (“FFO”) represents net
income (computed in accordance with GAAP), plus real estate-related
depreciation and amortization and after adjustments for unconsolidated
partnerships. The Company considers FFO a useful measure of performance
for an equity REIT because it facilitates an understanding of the
operating performance of its properties without giving effect to real
estate depreciation and amortization, which assume that the value of
real estate assets diminishes predictably over time. Since real estate
values have historically risen or fallen with market conditions, the
Company believes that FFO provides a meaningful indication of its
performance. The Company also considers FFO an appropriate performance
measure given its wide use by investors and analysts. The Company
computes FFO in accordance with standards established by the Board of
Governors of NAREIT in its March 1995 White Paper (as amended in
November 1999 and April 2002), which may differ from the methodology for
calculating FFO utilized by other equity REITs and, accordingly, may not
be comparable to that of other REITs. Further, FFO does not represent
amounts available for management’s discretionary use because of needed
capital replacement or expansion, debt service obligations or other
commitments and uncertainties, nor is it indicative of funds available
to fund the Company’s cash needs, including its ability to make
distributions. The Company presents FFO per diluted share calculations
that are based on the outstanding dilutive common shares plus the
outstanding Operating Partnership units for the periods presented.
Earnings before Interest, Taxes, and Depreciation and Amortization
("EBITDA") - The Company believes that EBITDA provides investors a
useful financial measure to evaluate its operating performance,
excluding the impact of our capital structure (primarily interest
expense) and our asset base (primarily depreciation and amortization).
The Company also evaluates its performance by reviewing Adjusted EBITDA
and Adjusted FFO, because it believes that adjusting EBITDA and FFO to
exclude certain recurring and non-recurring items described below
provides useful supplemental information regarding the Company's ongoing
operating performance and that the presentation of Adjusted EBITDA and
Adjusted FFO, when combined with the primary GAAP presentation of net
income (loss), more completely describes the Company's operating
performance. The Company adjusts EBITDA and FFO for the following items,
which may occur in any period, and refers to these measures as Adjusted
EBITDA and Adjusted FFO:
- Non-cash ground rent: The Company excludes the non-cash ground rent
expense, which is primarily made up of the straight-line rent impact
from a ground lease.
- Hotel acquisition costs: The Company
excludes acquisition transaction costs expensed during the period
because it believes that including these costs in EBITDA and FFO does
not reflect the underlying financial performance of the Company and its
hotels.
- Reorganization costs from joint venture: The Company
excludes reorganization costs expensed during the period because it
believes that including these costs in EBITDA and FFO does not reflect
the underlying financial performance of the Company and its hotels.
-
Amortization of LTIP units: The Company excludes the non-cash
amortization of LTIP Units expensed during the period.
-
Management/franchise contract transition costs: The Company excludes
one-time management and/or franchise contract transition costs expensed
during the period because it believes that including these costs in
EBITDA and FFO does not reflect the underlying financial performance of
the Company and its hotels.
- Interest expense adjustment for
above-market loans: The Company excludes interest expense adjustment for
above-market loans assumed in connection with acquisitions, because it
believes that including these non-cash adjustments in FFO does not
reflect the underlying financial performance of the Company.
The Company’s presentation of FFO in accordance with the NAREIT White
Paper and EBITDA, and as adjusted by the Company, should not be
considered as an alternative to net income (computed in accordance with
GAAP) as an indicator of the Company’s financial performance or to cash
flow from operating activities (computed in accordance with GAAP) as an
indicator of its liquidity. The table above is a reconciliation of the
Company’s FFO and EBITDA calculations to net income in accordance with
GAAP.
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Manhattan Collection Statements of Operations
|
|
(Reflects the Company's 49% ownership interest in the
Manhattan Collection)
|
|
($ in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Hotel operating revenues:
|
|
|
|
|
|
|
|
|
|
Room
|
|
$
|
19,284
|
|
|
$
|
19,464
|
|
|
$
|
53,193
|
|
|
$
|
53,275
|
|
|
Food and beverage
|
|
|
1,318
|
|
|
|
1,402
|
|
|
|
4,652
|
|
|
|
4,672
|
|
|
Other operating
|
|
|
614
|
|
|
|
617
|
|
|
|
1,870
|
|
|
|
1,967
|
|
|
Total revenues
|
|
|
21,216
|
|
|
|
21,483
|
|
|
|
59,715
|
|
|
|
59,914
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Total hotel expenses
|
|
|
14,471
|
|
|
|
13,640
|
|
|
|
43,591
|
|
|
|
41,320
|
|
|
Depreciation and amortization
|
|
|
2,022
|
|
|
|
2,469
|
|
|
|
6,776
|
|
|
|
7,333
|
|
|
Total operating expenses
|
|
|
16,493
|
|
|
|
16,109
|
|
|
|
50,367
|
|
|
|
48,653
|
|
|
Operating income (loss)
|
|
|
4,723
|
|
|
|
5,374
|
|
|
|
9,348
|
|
|
|
11,261
|
|
|
Interest income
|
|
|
25
|
|
|
|
31
|
|
|
|
58
|
|
|
|
99
|
|
|
Interest expense
|
|
|
(2,306
|
)
|
|
|
(3,164
|
)
|
|
|
(6,601
|
)
|
|
|
(9,675
|
)
|
|
Other
|
|
|
(158
|
)
|
|
|
(89
|
)
|
|
|
(313
|
)
|
|
|
(49
|
)
|
|
Equity in earnings of joint venture
|
|
$
|
2,284
|
|
|
$
|
2,152
|
|
|
$
|
2,492
|
|
|
$
|
1,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
Fixed Interest Rate
|
|
Loan Amount
|
|
|
|
|
|
Mortgage(1)
|
|
|
3.61
|
%
|
|
$
|
225,400
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
(5,872
|
)
|
|
|
|
|
|
Net Debt
|
|
|
|
|
219,528
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
|
(6,793
|
)
|
|
|
|
|
|
Net Debt including restricted cash
|
|
|
|
$
|
212,735
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Does not include the Company's pro rata interest of the $50.0
million preferred capital the Company made to the joint venture, in
which Pebblebrook has a 49% ownership interest.
|
|
|
|
|
Notes:
These operating results represent the Company's 49% ownership interest
in the Manhattan Collection. The Manhattan Collection consists of the
following six hotels: Affinia Manhattan, Affinia 50, Affinia Dumont,
Affinia Shelburne, Affinia Gardens and The Benjamin. The operating
results for the Manhattan Collection only include 49% of the results for
the six properties to reflect the Company's 49% ownership interest in
the hotels. Any differences are a result of rounding.
The information above has not been audited and has been presented only
for informational purposes.
|
|
|
Pebblebrook Hotel Trust
|
|
Same-Property Statistical Data - Entire Portfolio
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Total Portfolio
|
|
|
|
|
|
|
|
|
|
Same-Property Occupancy
|
|
86.8%
|
|
86.9%
|
|
84.1%
|
|
82.4%
|
|
Increase/(Decrease)
|
|
(0.1%)
|
|
|
|
2.0%
|
|
|
|
Same-Property ADR
|
|
$232.85
|
|
$218.97
|
|
$221.39
|
|
$211.39
|
|
Increase/(Decrease)
|
|
6.3%
|
|
|
|
4.7%
|
|
|
|
Same-Property RevPAR
|
|
$202.10
|
|
$190.25
|
|
$186.21
|
|
$174.25
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
6.2%
|
|
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
This schedule of hotel results for the three months ended September 30
includes information from all of the hotels the Company owned as of
September 30, 2013, except for Hotel Modera for both 2013 and 2012. This
schedule of hotel results for the nine months ended September 30
includes information from all of the hotels the Company owned as of
September 30, 2013, except for the Hotel Zetta (formerly Hotel Milano)
for the first quarter, The Redbury Hotel for the first and second
quarters and Hotel Modera for the first, second and third quarters of
both 2013 and 2012. Results for the Manhattan Collection reflect
Pebblebrook’s 49% ownership interest. These hotel results for the
respective periods may include information reflecting operational
performance prior to the Company's ownership of the hotels. In addition,
the information above does not reflect the Company's corporate general
and administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses. Any
differences are a result of rounding.
The information above has not been audited and has been presented only
for comparison purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Same-Property Statistical Data - Wholly Owned
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Total Portfolio
|
|
|
|
|
|
|
|
|
|
Same-Property Occupancy
|
|
86.3%
|
|
85.8%
|
|
83.4%
|
|
80.9%
|
|
Increase/(Decrease)
|
|
0.6%
|
|
|
|
3.1%
|
|
|
|
Same-Property ADR
|
|
$225.32
|
|
$210.02
|
|
$214.28
|
|
$203.63
|
|
Increase/(Decrease)
|
|
7.3%
|
|
|
|
5.2%
|
|
|
|
Same-Property RevPAR
|
|
$194.53
|
|
$180.27
|
|
$178.78
|
|
$164.84
|
|
Increase/(Decrease)
|
|
7.9%
|
|
|
|
8.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
This schedule of hotel results for the three months ended September 30
includes information from all of the hotels the Company owned as of
September 30, 2013, except for Hotel Modera and Pebblebrook’s 49%
ownership interest in the Manhattan Collection for both 2013 and 2012.
This schedule of hotel results for the nine months ended September 30
includes information from all of the hotels the Company owned as of
September 30, 2013, except for the Hotel Zetta (formerly Hotel Milano)
for the first quarter, The Redbury Hotel for the first and second
quarters, Hotel Modera for the first, second and third quarters of both
2013 and 2012 and Pebblebrook’s 49% ownership interest in the Manhattan
Collection for both 2013 and 2012. These hotel results for the
respective periods may include information reflecting operational
performance prior to the Company's ownership of the hotels. In addition,
the information above does not reflect the Company's corporate general
and administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses. Any
differences are a result of rounding.
The information above has not been audited and has been presented only
for comparison purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Same-Property Statistical Data - Manhattan Collection
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Total Portfolio
|
|
|
|
|
|
|
|
|
|
Same-Property Occupancy
|
|
89.5%
|
|
93.1%
|
|
88.1%
|
|
91.0%
|
|
Increase/(Decrease)
|
|
(3.8%)
|
|
|
|
(3.3%)
|
|
|
|
Same-Property ADR
|
|
$275.76
|
|
$267.70
|
|
$260.59
|
|
$251.48
|
|
Increase/(Decrease)
|
|
3.0%
|
|
|
|
3.6%
|
|
|
|
Same-Property RevPAR
|
|
$246.84
|
|
$249.15
|
|
$229.46
|
|
$228.97
|
|
Increase/(Decrease)
|
|
(0.9%)
|
|
|
|
0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
This schedule of hotel results for the three and nine months ended
September 30 includes only information for the six hotels that comprise
the Manhattan Collection as of September 30, 2013. Any differences are a
result of rounding.
The information above has not been audited and has been presented only
for comparison purposes.
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Hotel Operational Data
|
|
Schedule of Same-Property Results - Entire Portfolio
|
|
($ in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property Revenues:
|
|
|
|
|
|
|
|
|
|
Rooms
|
|
$ 109,071
|
|
$ 102,543
|
|
$ 294,342
|
|
$ 276,156
|
|
Food and beverage
|
|
34,825
|
|
34,683
|
|
104,744
|
|
102,548
|
|
Other
|
|
8,856
|
|
8,248
|
|
24,446
|
|
22,927
|
|
Total hotel revenues
|
|
152,752
|
|
145,474
|
|
423,532
|
|
401,631
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property Expenses:
|
|
|
|
|
|
|
|
|
|
Rooms
|
|
$ 27,661
|
|
$ 25,767
|
|
$ 78,684
|
|
$ 73,405
|
|
Food and beverage
|
|
26,649
|
|
26,376
|
|
79,774
|
|
78,317
|
|
Other direct
|
|
3,770
|
|
4,233
|
|
10,692
|
|
11,781
|
|
General and administrative
|
|
12,769
|
|
11,785
|
|
36,846
|
|
34,975
|
|
Sales and marketing
|
|
10,496
|
|
9,861
|
|
30,418
|
|
29,437
|
|
Management fees
|
|
4,919
|
|
4,614
|
|
13,355
|
|
12,161
|
|
Property operations and maintenance
|
|
4,663
|
|
4,537
|
|
13,398
|
|
13,359
|
|
Energy and utilities
|
|
3,876
|
|
3,910
|
|
10,978
|
|
11,146
|
|
Property taxes
|
|
6,706
|
|
5,891
|
|
19,444
|
|
16,946
|
|
Other fixed expenses
|
|
3,982
|
|
3,645
|
|
10,867
|
|
10,412
|
|
Total hotel expenses
|
|
105,491
|
|
100,619
|
|
304,456
|
|
291,939
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
$ 47,261
|
|
$ 44,855
|
|
$ 119,076
|
|
$ 109,692
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property EBITDA Margin
|
|
30.9%
|
|
30.8%
|
|
28.1%
|
|
27.3%
|
|
|
|
|
|
|
|
|
|
|
Notes:
This schedule of hotel results for the three months ended September 30
includes information from all of the hotels the Company owned as of
September 30, 2013, except for Hotel Modera for both 2013 and 2012. This
schedule of hotel results for the nine months ended September 30
includes information from all of the hotels the Company owned as of
September 30, 2013, except for the Hotel Zetta (formerly Hotel Milano)
for the first quarter, The Redbury Hotel for the first and second
quarters and Hotel Modera for the first, second and third quarters of
both 2013 and 2012. Results for the Manhattan Collection reflect
Pebblebrook’s 49% ownership interest. These hotel results for the
respective periods may include information reflecting operational
performance prior to the Company's ownership of the hotels. In addition,
the information above does not reflect the Company's corporate general
and administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses. Any
differences are a result of rounding.
The information above has not been audited and has been presented only
for comparison purposes.
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Hotel Operational Data
|
|
Schedule of Same-Property Results - Wholly Owned
|
|
($ in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property Revenues:
|
|
|
|
|
|
|
|
|
|
Rooms
|
|
$ 89,787
|
|
$ 83,079
|
|
$ 241,149
|
|
$ 222,880
|
|
Food and beverage
|
|
33,508
|
|
33,280
|
|
100,093
|
|
97,876
|
|
Other
|
|
8,241
|
|
7,632
|
|
22,575
|
|
20,961
|
|
Total hotel revenues
|
|
131,536
|
|
123,991
|
|
363,817
|
|
341,717
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property Expenses:
|
|
|
|
|
|
|
|
|
|
Rooms
|
|
$ 22,032
|
|
$ 20,329
|
|
$ 61,838
|
|
$ 57,101
|
|
Food and beverage
|
|
25,183
|
|
24,961
|
|
74,971
|
|
73,838
|
|
Other direct
|
|
3,647
|
|
4,117
|
|
10,338
|
|
11,449
|
|
General and administrative
|
|
10,861
|
|
10,138
|
|
30,995
|
|
29,623
|
|
Sales and marketing
|
|
9,213
|
|
8,693
|
|
26,665
|
|
25,885
|
|
Management fees
|
|
4,252
|
|
3,919
|
|
11,474
|
|
10,276
|
|
Property operations and maintenance
|
|
3,865
|
|
3,818
|
|
11,111
|
|
11,224
|
|
Energy and utilities
|
|
3,270
|
|
3,245
|
|
9,010
|
|
9,134
|
|
Property taxes
|
|
4,843
|
|
4,211
|
|
13,957
|
|
11,974
|
|
Other fixed expenses
|
|
3,854
|
|
3,548
|
|
10,506
|
|
10,115
|
|
Total hotel expenses
|
|
91,020
|
|
86,979
|
|
260,865
|
|
250,619
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
$ 40,516
|
|
$ 37,012
|
|
$ 102,952
|
|
$ 91,098
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property EBITDA Margin
|
|
30.8%
|
|
29.9%
|
|
28.3%
|
|
26.7%
|
|
|
|
|
|
|
|
|
|
|
Notes:
This schedule of hotel results for the three months ended September 30
includes information from all of the hotels the Company owned as of
September 30, 2013, except for Hotel Modera and Pebblebrook’s 49%
ownership interest in the Manhattan Collection for both 2013 and 2012.
This schedule of hotel results for the nine months ended September 30
includes information from all of the hotels the Company owned as of
September 30, 2013, except for the Hotel Zetta (formerly Hotel Milano)
for the first quarter, The Redbury Hotel for the first and second
quarters, Hotel Modera for the first, second and third quarters of both
2013 and 2012 and Pebblebrook’s 49% ownership interest in the Manhattan
Collection for both 2013 and 2012. These hotel results for the
respective periods may include information reflecting operational
performance prior to the Company's ownership of the hotels. In addition,
the information above does not reflect the Company's corporate general
and administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses. Any
differences are a result of rounding.
The information above has not been audited and has been presented only
for comparison purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Hotel Operational Data
|
|
Schedule of Same-Property Results - Manhattan Collection
|
|
($ in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property Revenues:
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
|
$
|
19,284
|
|
|
$
|
19,464
|
|
|
$
|
53,193
|
|
|
$
|
53,275
|
|
|
|
Food and beverage
|
|
|
1,318
|
|
|
|
1,402
|
|
|
|
4,652
|
|
|
|
4,672
|
|
|
|
Other
|
|
|
|
614
|
|
|
|
617
|
|
|
|
1,870
|
|
|
|
1,967
|
|
|
|
|
Total hotel revenues
|
|
|
21,216
|
|
|
|
21,483
|
|
|
|
59,715
|
|
|
|
59,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property Expenses:
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
|
$
|
5,629
|
|
|
$
|
5,439
|
|
|
$
|
16,846
|
|
|
$
|
16,304
|
|
|
|
Food and beverage
|
|
|
1,466
|
|
|
|
1,415
|
|
|
|
4,803
|
|
|
|
4,480
|
|
|
|
Other direct
|
|
|
123
|
|
|
|
113
|
|
|
|
353
|
|
|
|
330
|
|
|
|
General and administrative
|
|
|
1,908
|
|
|
|
1,647
|
|
|
|
5,852
|
|
|
|
5,352
|
|
|
|
Sales and marketing
|
|
|
1,283
|
|
|
|
1,169
|
|
|
|
3,753
|
|
|
|
3,552
|
|
|
|
Management fees
|
|
|
667
|
|
|
|
695
|
|
|
|
1,881
|
|
|
|
1,885
|
|
|
|
Property operations and maintenance
|
|
|
798
|
|
|
|
719
|
|
|
|
2,287
|
|
|
|
2,136
|
|
|
|
Energy and utilities
|
|
|
606
|
|
|
|
666
|
|
|
|
1,968
|
|
|
|
2,012
|
|
|
|
Property taxes
|
|
|
1,863
|
|
|
|
1,680
|
|
|
|
5,487
|
|
|
|
4,972
|
|
|
|
Other fixed expenses
|
|
|
128
|
|
|
|
97
|
|
|
|
361
|
|
|
|
297
|
|
|
|
|
Total hotel expenses
|
|
|
14,471
|
|
|
|
13,640
|
|
|
|
43,591
|
|
|
|
41,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
$
|
6,745
|
|
|
$
|
7,843
|
|
|
$
|
16,124
|
|
|
$
|
18,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property EBITDA Margin
|
|
|
31.8
|
%
|
|
|
36.5
|
%
|
|
|
27.0
|
%
|
|
|
31.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
This schedule of hotel results reflects Pebblebrook’s 49% ownership
interest in the Manhattan Collection for the three and nine months ended
September 30, and only includes information for the six hotels that
comprise the Manhattan Collection as of September 30, 2013. Any
differences are a result of rounding.
The information above has not been audited and has been presented only
for comparison purposes.
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
|
|
Same-Property Inclusion Reference Table
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels
|
|
|
|
|
|
Q1
|
|
|
|
|
|
Q2
|
|
|
|
|
|
Q3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DoubleTree by Hilton Bethesda
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Sir Francis Drake
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
InterContinental Buckhead
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Hotel Monaco Washington, DC
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Grand Hotel Minneapolis
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Skamania Lodge
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Le Méridien Delfina Santa Monica (formerly Sheraton)
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Sofitel Philadelphia
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Argonaut Hotel
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Hotel Monaco Seattle
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Westin Gaslamp Quarter San Diego
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Mondrian Los Angeles
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Viceroy Miami
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
W Boston
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Manhattan Collection
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Hotel Zetta (formerly Hotel Milano)
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Hotel Vintage Park Seattle
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Hotel Vintage Plaza Portland
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
W Los Angeles - Westwood
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Hotel Palomar San Francisco
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
Embassy Suites San Diego Bay
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
|
|
X
|
|
|
|
The Redbury Hotel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
Hotel Modera
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
A property marked with an "X" in a specific quarter denotes that the
same-property operating results of that property are included in the
Same-Property Statistical Data and in the Schedule of Same-Property
Results.
The Company’s third quarter Same-Property RevPAR, RevPAR Growth, ADR,
Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin include all of
the hotels the Company owned as of September 30, 2013, except for Hotel
Modera, for both 2013 and 2012. Results for the Manhattan Collection
reflect Pebblebrook's 49% ownership interest. Operating statistics and
financial results may include periods prior to the Company’s ownership
of the hotels.
The Company’s September 30 year-to-date Same-Property RevPAR, RevPAR
Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin
include all of the hotels the Company owned as of September 30, 2013,
except for the Hotel Zetta (formerly Hotel Milano) for the first
quarter, The Redbury Hotel for the first and second quarters and Hotel
Modera for the first, second and third quarters of both 2013 and 2012.
Results for the Manhattan Collection reflect Pebblebrook's 49% ownership
interest. Operating statistics and financial results include periods
prior to the Company’s ownership of the hotels.
The Company's estimates and assumptions for Same-Property RevPAR, RevPAR
Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin for
the Company's 2013 Outlook include the hotels owned as of September 30,
2013, except for Hotel Zetta for the first quarter, The Redbury Hotel
for the first and second quarters and Hotel Modera for the first, second
and third quarters. The operating statistics and financial results in
this press release may include periods prior to the Company’s ownership
of the hotels. The hotel operating estimates and assumptions for the
Manhattan Collection included in the Company's 2013 Outlook only reflect
the Company's 49% ownership interest in those hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Historical Operating Data - Entire Portfolio
|
|
($ in millions, except ADR and RevPAR)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Full Year
|
|
|
|
|
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
75%
|
|
85%
|
|
87%
|
|
79%
|
|
82%
|
|
ADR
|
|
|
|
$194
|
|
$216
|
|
$217
|
|
$220
|
|
$212
|
|
RevPAR
|
|
|
$146
|
|
$183
|
|
$189
|
|
$174
|
|
$173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$119.8
|
|
$145.6
|
|
$148.0
|
|
$142.4
|
|
$555.9
|
|
EBITDA
|
|
|
$23.7
|
|
$44.1
|
|
$46.4
|
|
$39.6
|
|
$153.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2013
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
79%
|
|
86%
|
|
87%
|
|
|
|
|
|
ADR
|
|
|
|
$200
|
|
$225
|
|
$231
|
|
|
|
|
|
RevPAR
|
|
|
$158
|
|
$194
|
|
$201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$127.5
|
|
$153.8
|
|
$155.5
|
|
|
|
|
|
Hotel EBITDA
|
|
$27.1
|
|
$48.0
|
|
$48.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
These historical hotel operating results include information for all of
the hotels the Company owned as of September 30, 2013, except for the
operating results of Hotel Zetta (formerly Hotel Milano) for the first
quarter of 2012. The hotel operating results for the Manhattan
Collection only includes 49% of the results for the 6 properties to
reflect the Company's 49% ownership interest in the hotels. These
historical operating results include periods prior to the Company's
ownership of the hotels. The information above does not reflect the
Company's corporate general and administrative expense, interest
expense, property acquisition costs, depreciation and amortization,
taxes and other expenses. Any differences are a result of rounding.
The information above has not been audited and has been presented only
for comparison purposes.
|
|
|
Pebblebrook Hotel Trust
|
|
Historical Operating Data - Wholly Owned
|
|
($ in millions, except ADR and RevPAR)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Full Year
|
|
|
|
|
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
73%
|
|
83%
|
|
86%
|
|
77%
|
|
80%
|
|
ADR
|
|
|
|
$193
|
|
$204
|
|
$208
|
|
$201
|
|
$202
|
|
RevPAR
|
|
|
$141
|
|
$169
|
|
$179
|
|
$155
|
|
$161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$104.1
|
|
$122.9
|
|
$126.5
|
|
$116.9
|
|
$470.4
|
|
EBITDA
|
|
|
$21.6
|
|
$35.5
|
|
$38.5
|
|
$29.3
|
|
$124.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2013
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
78%
|
|
86%
|
|
87%
|
|
|
|
|
|
ADR
|
|
|
|
$198
|
|
$214
|
|
$223
|
|
|
|
|
|
RevPAR
|
|
|
$154
|
|
$184
|
|
$193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$111.2
|
|
$131.6
|
|
$134.2
|
|
|
|
|
|
Hotel EBITDA
|
|
$25.4
|
|
$40.4
|
|
$42.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
These historical hotel operating results include information for all of
the hotels the Company owned as of September 30, 2013, except for the
operating results of Hotel Zetta (formerly Hotel Milano) for the first
quarter of 2012 and Pebblebrook's 49% interest in the Manhattan
Collection. These historical operating results include periods prior to
the Company's ownership of the hotels. The information above does not
reflect the Company's corporate general and administrative expense,
interest expense, property acquisition costs, depreciation and
amortization, taxes and other expenses. Any differences are a result of
rounding.
The information above has not been audited and has been presented only
for comparison purposes.
|
|
|
Pebblebrook Hotel Trust
|
|
Historical Operating Data - Manhattan Collection
|
|
($ in millions, except ADR and RevPAR)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Full Year
|
|
|
|
|
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
87%
|
|
93%
|
|
93%
|
|
93%
|
|
91%
|
|
ADR
|
|
|
|
$201
|
|
$282
|
|
$268
|
|
$316
|
|
$268
|
|
RevPAR
|
|
|
$175
|
|
$263
|
|
$249
|
|
$293
|
|
$245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$15.8
|
|
$22.7
|
|
$21.5
|
|
$25.6
|
|
$85.5
|
|
EBITDA
|
|
|
$2.1
|
|
$8.6
|
|
$7.8
|
|
$10.3
|
|
$28.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2013
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
86%
|
|
88%
|
|
90%
|
|
|
|
|
|
ADR
|
|
|
|
$212
|
|
$292
|
|
$276
|
|
|
|
|
|
RevPAR
|
|
|
$183
|
|
$258
|
|
$247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$16.3
|
|
$22.2
|
|
$21.2
|
|
|
|
|
|
Hotel EBITDA
|
|
$1.7
|
|
$7.6
|
|
$6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
These historical hotel operating results include only information from
the 6 hotel properties in the Manhattan Collection. The hotel operating
results for the Manhattan Collection only include 49% of the results for
the 6 properties to reflect the Company's 49% ownership interest in the
hotels. The information above does not reflect the Company's corporate
general and administrative expense, interest expense, property
acquisition costs, depreciation and amortization, taxes and other
expenses. Any differences are a result of rounding.
The information above has not been audited and has been presented only
for comparison purposes.
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