Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today reported
results for the first quarter ended March 31, 2014. The Company’s
results include the following:
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First Quarter
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2014
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2013
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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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($2.0)
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($4.9)
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Net income (loss) per diluted share
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($0.03)
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($0.08)
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Same-Property RevPAR(1)
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$168.98
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$155.78
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Same-Property RevPAR growth rate
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8.5%
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Same-Property EBITDA(1)
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$34.6
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$28.9
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Same-Property EBITDA growth rate
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19.9%
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Same-Property EBITDA Margin(1)
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24.3%
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21.8%
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Adjusted EBITDA(1)
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$29.5
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$22.0
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Adjusted EBITDA growth rate
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34.4%
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Adjusted FFO(1)
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$16.9
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$12.0
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Adjusted FFO per diluted share(1)
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$0.26
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$0.20
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Adjusted FFO per diluted share growth rate
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33.5%
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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 our portfolio’s strong operating performance in
the first quarter, as revenue growth and profitability margin results
exceeded both our outlook and the performance of the overall U.S. hotel
industry,” said Jon E. Bortz, Chairman, President and Chief Executive
Officer of Pebblebrook Hotel Trust. “Our hotels continued to benefit
from strong underlying hotel industry fundamentals, despite weather
related travel disruptions throughout the east coast in the first
quarter. Industry demand significantly outpaced supply due to healthy
increases in business transient, leisure and international inbound
travel, as well as the first signs of meaningful improvement in group
demand, all of which benefited our hotels, particularly those on the
west coast. Significant revenue growth throughout our portfolio was
widespread, though our hotels that were renovated in the last few years
led the way, including Hotel Zetta, Sir Francis Drake, Sofitel
Philadelphia, and Monaco Seattle – all properties where we’ve been
successful at both improving and creating a unique customer experience.
Our 2014 outlook remains very positive and we expect these favorable
growth trends to continue throughout the year.”
First Quarter Highlights
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Same-Property RevPAR: Same-Property RevPAR in the first quarter
of 2014 increased 8.5 percent over the same period of 2013 to $168.98.
Same-Property ADR grew 7.0 percent from the first quarter of 2013 to
$209.98. Same-Property Occupancy rose 1.4 percent to a very healthy
80.5 percent.
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Same-Property EBITDA: The Company’s hotels generated $34.6
million of Same-Property EBITDA for the quarter ended March 31, 2014,
climbing 19.9 percent compared with the same period of 2013.
Same-Property Revenues increased 7.6 percent, while Same-Property
Hotel Expenses rose 4.1 percent. As a result, Same-Property EBITDA
Margin grew to 24.3 percent for the quarter ended March 31, 2014,
representing an increase of 251 basis points as compared to the same
period last year.
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Adjusted EBITDA: The Company’s Adjusted EBITDA rose $7.6
million, or 34.4 percent, to $29.5 million from $22.0 million in the
prior year period.
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Adjusted FFO: The Company’s Adjusted FFO climbed 40.5 percent
to $16.9 million from $12.0 million in the prior year period.
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Dividends: On March 14, 2014, the Company declared a regular
quarterly cash dividend of $0.23 per share on its common shares (an
increase of 44 percent from the prior quarterly dividend of $0.16 per
share), a regular quarterly cash dividend of $0.4921875 per share on
its 7.875% Series A Cumulative Redeemable Preferred Shares, a regular
quarterly cash dividend of $0.50 per share on its 8.00% Series B
Cumulative Redeemable Preferred Shares and a regular quarterly cash
dividend of $0.40625 per share on its 6.50% Series C Cumulative
Redeemable Preferred Shares.
“We had an excellent first quarter, with an increase in Same-Property
RevPAR of 8.5 percent driving Same-Property EBITDA growth of 19.9
percent over the prior year,” added Mr. Bortz. “We continue to benefit
from our focused strategy of acquiring high-quality hotels located in
high barrier to entry coastal gateway cities, and then renovating and
repositioning them to create a unique experience for our hotels’ guests.
Our hotels are not meant to be commodities, and we’re experiencing
extremely positive results following the property renovations and
improvements that we completed from 2011 through 2013, as well as from
successfully executing on operational changes, particularly in food and
beverage. In addition, our asset managers and property management teams
continue to work together implementing our asset management and best
practice initiatives. We expect to see further improvement in our
operating profitability throughout 2014 and beyond.”
Capital Reinvestment and Asset Management
During the first quarter, the Company invested $8.1 million in capital
improvements throughout its portfolio, which includes the Company’s 49
percent interest in its six hotel joint venture with Denihan Hospitality
Group (the “Manhattan Collection”). The Company’s capital improvements
included $1.5 million at Hotel Palomar San Francisco, $1.0 million at
Hotel Vintage Seattle, $0.7 million at Vintage Plaza Portland and $0.5
million at Le Méridien Delfina Santa Monica.
As of April 2014, the Company has substantially completed a
comprehensive renovation and repositioning of the 125-room Hotel Vintage
Park Seattle, which has been renamed Hotel Vintage Seattle. The Company
has also largely completed the restaurant and lobby renovations at the
196-room Hotel Palomar San Francisco and plans to soon commence a rooms
and corridor refresh as well as the addition of four guestrooms at the
property.
During the fourth quarter of 2014, the Company plans to commence a
comprehensive renovation and repositioning at the 355-room Radisson
Hotel Fisherman’s Wharf, a guest rooms and public areas renovation of
the 258-room W Los Angeles-Westwood, including the potential of adding
36 guest rooms, and the renovation of the lobby and atrium at the
337-room Embassy Suites San Diego Bay Downtown, including the addition
of four guest rooms.
Balance Sheet
As of March 31, 2014, the Company had $546.1 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 March 31, 2014, the
Company had $58.7 million of consolidated cash, cash equivalents and
restricted cash and $13.5 million of unconsolidated cash, cash
equivalents and restricted cash. The unconsolidated debt, cash, cash
equivalents and restricted cash amounts represent the Company’s 49
percent pro rata interest in the Manhattan Collection.
On March 31, 2014, as defined in the Company’s credit agreement, the
Company’s fixed charge coverage ratio was 2.4 times and total net debt
to trailing 12-month corporate EBITDA was 4.2 times. The Company’s total
debt to total assets ratio was 32 percent. Excluding its interest in the
off-balance sheet Manhattan Collection, the Company’s fixed charge
coverage ratio was 2.2 times, total net debt to trailing 12-month
corporate EBITDA was 3.4 times and total debt to total assets ratio was
29 percent.
2014 Outlook
The Company's outlook for 2014 incorporates the expected impact of the
Company’s various capital investment projects and assumes continued
improvement in economic activity, positive business travel trends and
other significant assumptions. The Company’s outlook for 2014 is as
follows:
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2014 Outlook
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Low
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High
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($ and shares/units in millions,
except per share and RevPAR data)
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Net income
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$63.9
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$68.9
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Net income per diluted share
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$0.99
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$1.06
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Adjusted EBITDA
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$177.5
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$182.5
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Adjusted FFO
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$115.4
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$120.4
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Adjusted FFO per diluted share
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$1.78
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$1.86
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This 2014 outlook is based, in part, on the following estimates
and assumptions:
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U.S. GDP growth rate
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2.0%
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2.5%
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U.S. Hotel Industry RevPAR growth rate
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5.0%
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6.0%
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Same-Property RevPAR
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$195
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$197
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Same-Property RevPAR growth rate
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6.5%
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7.5%
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Same-Property EBITDA
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$196.0
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$201.0
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Same-Property EBITDA Margin
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30.5%
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31.0%
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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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Corporate cash general and administrative expenses
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$13.5
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$13.5
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Corporate non-cash general and administrative expenses
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$7.5
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$7.5
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Total capital investments related to renovations, capital
maintenance and return on investment projects
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$50.0
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$60.0
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Weighted-average fully diluted shares and units
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64.8
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64.8
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The Company’s outlook for the second quarter of 2014 is as follows:
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Second Quarter 2014 Outlook
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Low
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High
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($ and shares/units in millions,
except per share and RevPAR data)
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Same-Property RevPAR
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$206
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$208
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Same-Property RevPAR growth rate
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7.0%
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8.0%
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Same-Property EBITDA
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$54.2
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$56.2
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Same-Property EBITDA Margin
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32.6%
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33.1%
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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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Adjusted EBITDA
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$49.0
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$51.0
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Adjusted FFO
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$32.0
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$34.0
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Adjusted FFO per diluted share
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$0.49
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$0.53
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Weighted-average fully diluted shares and units
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64.8
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64.8
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The Company’s outlook for 2014 and Second Quarter 2014 reflects 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 rate for 2014
include the hotels owned as of March 31, 2014, as if they had been owned
by the Company for the entire year of 2014 and 2013. The Company’s 2014
outlook assumes no additional acquisitions beyond the hotels the Company
owned as of March 31, 2014.
Earnings Call
The Company will conduct its quarterly analyst and investor conference
call on Friday, April 25, 2014 at 9:00 AM EDT. To participate in the
conference call, please dial (888) 359-3624 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 (NYSE: PEB) 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 29 hotels, including
23 wholly owned hotels with a total of 5,547 guest rooms and a 49% joint
venture interest in six hotels with a total of 1,775 guest rooms. The
Company owns, or has an ownership interest in, hotels located in ten
states and the District of Columbia, in the following markets: 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 follow us 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, 2013. 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 April 24, 2014. 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, except for per share data)
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March 31, 2014
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December 31, 2013
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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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1,712,545
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$
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1,717,611
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Investment in joint venture
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255,584
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260,304
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Ground lease asset, net
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19,158
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19,217
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Cash and cash equivalents
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44,290
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55,136
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Restricted cash
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14,384
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16,482
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Hotel receivables (net of allowance for doubtful accounts of $200
and $270, respectively)
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19,794
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16,850
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Deferred financing costs, net
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4,304
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4,736
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Prepaid expenses and other assets
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35,601
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26,595
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Total assets
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$
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2,105,660
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$
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2,116,931
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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 $5,350 and $5,888,
respectively)
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451,410
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454,247
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Accounts payable and accrued expenses
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61,963
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61,428
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Advance deposits
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9,538
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8,432
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Accrued interest
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1,932
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1,945
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Distribution payable
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20,525
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15,795
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Total liabilities
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645,368
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641,847
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Commitments and contingencies
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Equity:
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Preferred shares of beneficial interest, $.01 par value
(liquidation preference of $325,000 and $325,000 at March 31, 2014
and December 31, 2013), 100,000,000 shares authorized; 13,000,000
shares issued and outstanding at March 31, 2014 and 13,000,000
issued and outstanding at December 31, 2013
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130
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130
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Common shares of beneficial interest, $.01 par value, 500,000,000
shares authorized; 63,764,929 issued and outstanding at March 31,
2014 and 63,709,628 issued and outstanding at December 31, 2013
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638
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637
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Additional paid-in capital
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1,542,796
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1,541,138
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Accumulated other comprehensive income (loss)
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970
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1,086
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Distributions in excess of retained earnings
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(86,560
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)
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(69,652
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)
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Total shareholders' equity
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1,457,974
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1,473,339
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Non-controlling interests
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2,318
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1,745
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Total equity
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1,460,292
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1,475,084
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Total liabilities and equity
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$
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2,105,660
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$
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2,116,931
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Pebblebrook Hotel Trust
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Consolidated Statement of Operations
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($ in thousands, except for per share data)
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(Unaudited)
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Three months ended
March 31,
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2014
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2013
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|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Room
|
|
|
$
|
83,569
|
|
|
|
$
|
67,139
|
|
|
Food and beverage
|
|
|
|
32,448
|
|
|
|
|
31,163
|
|
|
Other operating
|
|
|
|
9,695
|
|
|
|
|
6,612
|
|
|
Total revenues
|
|
|
$
|
125,712
|
|
|
|
$
|
104,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Room
|
|
|
$
|
22,895
|
|
|
|
$
|
18,858
|
|
|
Food and beverage
|
|
|
|
23,810
|
|
|
|
|
24,058
|
|
|
Other direct
|
|
|
|
3,471
|
|
|
|
|
3,276
|
|
|
Other indirect
|
|
|
|
34,416
|
|
|
|
|
28,852
|
|
|
Total hotel operating expenses
|
|
|
|
84,592
|
|
|
|
|
75,044
|
|
|
Depreciation and amortization
|
|
|
|
15,888
|
|
|
|
|
13,211
|
|
|
Real estate taxes, personal property taxes and property insurance
|
|
|
|
6,723
|
|
|
|
|
5,591
|
|
|
Ground rent
|
|
|
|
1,585
|
|
|
|
|
922
|
|
|
General and administrative
|
|
|
|
6,147
|
|
|
|
|
4,339
|
|
|
Hotel acquisition costs
|
|
|
|
285
|
|
|
|
|
920
|
|
|
Total operating expenses
|
|
|
|
115,220
|
|
|
|
|
100,027
|
|
|
Operating income (loss)
|
|
|
|
10,492
|
|
|
|
|
4,887
|
|
|
Interest income
|
|
|
|
614
|
|
|
|
|
634
|
|
|
Interest expense
|
|
|
|
(6,075
|
)
|
|
|
|
(5,458
|
)
|
|
Equity in earnings (loss) of joint venture
|
|
|
|
(3,244
|
)
|
|
|
|
(2,907
|
)
|
|
Income (loss) before income taxes
|
|
|
|
1,787
|
|
|
|
|
(2,844
|
)
|
|
Income tax (expense) benefit
|
|
|
|
2,334
|
|
|
|
|
2,598
|
|
|
Net income (loss)
|
|
|
|
4,121
|
|
|
|
|
(246
|
)
|
|
Net income (loss) attributable to non-controlling interests
|
|
|
|
43
|
|
|
|
|
2
|
|
|
Net income (loss) attributable to the Company
|
|
|
|
4,078
|
|
|
|
|
(248
|
)
|
|
Distributions to preferred shareholders
|
|
|
|
(6,081
|
)
|
|
|
|
(4,668
|
)
|
|
Net income (loss) attributable to common shareholders
|
|
|
$
|
(2,003
|
)
|
|
|
$
|
(4,916
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share available to common shareholders, basic
and diluted
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.08
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares, basic
|
|
|
|
63,762,930
|
|
|
|
|
60,996,196
|
|
|
Weighted-average number of common shares, diluted
|
|
|
|
63,762,930
|
|
|
|
|
60,996,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
March 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
4,121
|
|
|
|
$
|
(246
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
15,844
|
|
|
|
|
13,169
|
|
|
Depreciation and amortization from joint venture
|
|
|
|
2,211
|
|
|
|
|
2,606
|
|
|
FFO
|
|
|
$
|
22,176
|
|
|
|
$
|
15,529
|
|
|
Distribution to preferred shareholders
|
|
|
$
|
(6,081
|
)
|
|
|
$
|
(4,668
|
)
|
|
FFO available to common share and unit holders
|
|
|
$
|
16,095
|
|
|
|
$
|
10,861
|
|
|
Hotel acquisition costs
|
|
|
|
285
|
|
|
|
|
920
|
|
|
Non-cash ground rent
|
|
|
|
453
|
|
|
|
|
22
|
|
|
Amortization of Class A LTIP units
|
|
|
|
395
|
|
|
|
|
395
|
|
|
Management/franchise contract transition costs
|
|
|
|
99
|
|
|
|
|
197
|
|
|
Interest expense adjustment for above market loan
|
|
|
|
(538
|
)
|
|
|
|
(382
|
)
|
|
Non-cash retail rent
|
|
|
|
84
|
|
|
|
|
-
|
|
|
Adjusted FFO available to common share and unit holders
|
|
|
$
|
16,873
|
|
|
|
$
|
12,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common share - basic
|
|
|
$
|
0.25
|
|
|
|
$
|
0.18
|
|
|
FFO per common share - diluted
|
|
|
$
|
0.25
|
|
|
|
$
|
0.18
|
|
|
Adjusted FFO per common share - basic
|
|
|
$
|
0.26
|
|
|
|
$
|
0.20
|
|
|
Adjusted FFO per common share - diluted
|
|
|
$
|
0.26
|
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of basic common shares and units
|
|
|
|
64,370,921
|
|
|
|
|
61,377,305
|
|
|
Weighted-average number of fully diluted common shares and units
|
|
|
|
64,715,883
|
|
|
|
|
61,507,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
4,121
|
|
|
|
$
|
(246
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
6,075
|
|
|
|
|
5,458
|
|
|
Interest expense from joint venture
|
|
|
|
2,264
|
|
|
|
|
2,021
|
|
|
Income tax expense (benefit)
|
|
|
|
(2,334
|
)
|
|
|
|
(2,598
|
)
|
|
Depreciation and amortization
|
|
|
|
15,888
|
|
|
|
|
13,211
|
|
|
Depreciation and amortization from joint venture
|
|
|
|
2,211
|
|
|
|
|
2,606
|
|
|
EBITDA
|
|
|
$
|
28,225
|
|
|
|
$
|
20,452
|
|
|
Hotel acquisition costs
|
|
|
|
285
|
|
|
|
|
920
|
|
|
Non-cash ground rent
|
|
|
|
453
|
|
|
|
|
22
|
|
|
Amortization of Class A LTIP units
|
|
|
|
395
|
|
|
|
|
395
|
|
|
Management/franchise contract transition costs
|
|
|
|
99
|
|
|
|
|
197
|
|
|
Non-cash retail rent
|
|
|
|
84
|
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
|
$
|
29,541
|
|
|
|
$
|
21,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (“FFO”) - 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:
- 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.
- 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.
- Amortization of Class A 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.
- Non-cash retail rent: The Company excludes the non-cash retail rent
expense, which is primarily made up of the above/below market rental
income adjustments.
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
|
|
|
|
March 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Hotel operating revenues:
|
|
|
|
|
|
Room
|
|
$
|
13,985
|
|
|
$
|
14,001
|
|
|
Food and beverage
|
|
|
1,919
|
|
|
|
1,640
|
|
|
Other operating
|
|
|
721
|
|
|
|
639
|
|
|
Total revenues
|
|
|
16,625
|
|
|
|
16,280
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Total hotel expenses
|
|
|
15,343
|
|
|
|
14,537
|
|
|
Depreciation and amortization
|
|
|
2,211
|
|
|
|
2,606
|
|
|
Total operating expenses
|
|
|
17,554
|
|
|
|
17,143
|
|
|
Operating income (loss)
|
|
|
(929
|
)
|
|
|
(863
|
)
|
|
Interest income
|
|
|
-
|
|
|
|
10
|
|
|
Interest expense
|
|
|
(2,264
|
)
|
|
|
(2,021
|
)
|
|
Other
|
|
|
(51
|
)
|
|
|
(33
|
)
|
|
Equity in earnings of joint venture
|
|
$
|
(3,244
|
)
|
|
$
|
(2,907
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
Fixed Interest Rate
|
|
Loan Amount
|
|
Mortgage(1)
|
|
|
3.61
|
%
|
|
$
|
225,400
|
|
|
Cash and cash equivalents
|
|
|
|
|
(7,869
|
)
|
|
Net Debt
|
|
|
|
|
217,531
|
|
|
Restricted cash
|
|
|
|
|
(5,661
|
)
|
|
Net Debt including restricted cash
|
|
|
|
$
|
211,870
|
|
|
|
|
|
|
|
|
(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 is presented only
for informational purposes.
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Same-Property Statistical Data - Entire Portfolio
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
2014
|
|
2013
|
|
Total Portfolio
|
|
|
|
|
|
Same-Property Occupancy
|
|
|
80.5%
|
|
|
79.4%
|
|
Increase/(Decrease)
|
|
|
1.4%
|
|
|
|
Same-Property ADR
|
|
$
|
209.98
|
|
$
|
196.26
|
|
Increase/(Decrease)
|
|
|
7.0%
|
|
|
|
Same-Property RevPAR
|
|
$
|
168.98
|
|
$
|
155.78
|
|
Increase/(Decrease)
|
|
|
8.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
This schedule of hotel results for the three months ended March 31
includes information from all of the hotels the Company owned as
of March 31, 2014 for both 2014 and 2013. Results for the
Manhattan Collection reflect the Company'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. Any differences are a result of
rounding.
|
|
|
|
The information above has not been audited and is presented only
for comparison purposes.
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Same-Property Statistical Data - Wholly Owned
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
2014
|
|
2013
|
|
Total Portfolio
|
|
|
|
|
|
Same-Property Occupancy
|
|
|
80.0%
|
|
|
78.3%
|
|
Increase/(Decrease)
|
|
|
2.1%
|
|
|
|
Same-Property ADR
|
|
$
|
209.43
|
|
$
|
193.53
|
|
Increase/(Decrease)
|
|
|
8.2%
|
|
|
|
Same-Property RevPAR
|
|
$
|
167.47
|
|
$
|
151.53
|
|
Increase/(Decrease)
|
|
|
10.5%
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
This schedule of hotel results for the three months ended March 31
includes information from all of the hotels the Company owned as
of March 31, 2014, except for the Company's 49% ownership interest
in the Manhattan Collection for both 2014 and 2013. These hotel
results for the respective periods may include information
reflecting operational performance prior to the Company's
ownership of the hotels. Any differences are a result of rounding.
|
|
|
|
The information above has not been audited and is presented only
for comparison purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Same-Property Statistical Data - Manhattan Collection
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
2014
|
|
2013
|
|
Total Portfolio
|
|
|
|
|
|
Same-Property Occupancy
|
|
|
83.7%
|
|
|
86.3%
|
|
Increase/(Decrease)
|
|
|
(3.0%)
|
|
|
|
Same-Property ADR
|
|
$
|
213.34
|
|
$
|
212.22
|
|
Increase/(Decrease)
|
|
|
0.5%
|
|
|
|
Same-Property RevPAR
|
|
$
|
178.66
|
|
$
|
183.19
|
|
Increase/(Decrease)
|
|
|
(2.5%)
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
This schedule of hotel results for the three months ended March 31
includes only information for the six hotels that comprise the
Manhattan Collection as of March 31, 2014. Any differences are a
result of rounding.
|
|
|
|
The information above has not been audited and is presented only
for comparison purposes.
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Hotel Operational Data
|
|
Schedule of Same-Property Results - Entire Portfolio
|
|
($ in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
Same-Property Revenues:
|
|
|
|
|
|
Rooms
|
|
$
|
97,554
|
|
|
$
|
88,739
|
|
|
Food and beverage
|
|
|
34,367
|
|
|
|
34,552
|
|
|
Other
|
|
|
10,500
|
|
|
|
9,124
|
|
|
Total hotel revenues
|
|
|
142,421
|
|
|
|
132,415
|
|
|
|
|
|
|
|
|
Same-Property Expenses:
|
|
|
|
|
|
Rooms
|
|
$
|
28,838
|
|
|
$
|
26,973
|
|
|
Food and beverage
|
|
|
25,573
|
|
|
|
27,007
|
|
|
Other direct
|
|
|
3,596
|
|
|
|
3,573
|
|
|
General and administrative
|
|
|
13,422
|
|
|
|
12,528
|
|
|
Sales and marketing
|
|
|
11,132
|
|
|
|
10,493
|
|
|
Management fees
|
|
|
4,401
|
|
|
|
4,057
|
|
|
Property operations and maintenance
|
|
|
5,084
|
|
|
|
4,702
|
|
|
Energy and utilities
|
|
|
4,411
|
|
|
|
3,843
|
|
|
Property taxes
|
|
|
7,287
|
|
|
|
6,696
|
|
|
Other fixed expenses
|
|
|
4,044
|
|
|
|
3,668
|
|
|
Total hotel expenses
|
|
|
107,788
|
|
|
|
103,540
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
$
|
34,633
|
|
|
$
|
28,875
|
|
|
|
|
|
|
|
|
Same-Property EBITDA Margin
|
|
|
24.3
|
%
|
|
|
21.8
|
%
|
|
|
|
Notes:
|
|
This schedule of hotel results for the three months ended March 31
includes information from all of the hotels the Company owned as
of March 31, 2014 for both 2014 and 2013. Results for the
Manhattan Collection reflect the Company'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 is presented only
for comparison purposes.
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Hotel Operational Data
|
|
Schedule of Same-Property Results - Wholly Owned
|
|
($ in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
Same-Property Revenues:
|
|
|
|
|
|
Rooms
|
|
$
|
83,569
|
|
|
$
|
74,738
|
|
|
Food and beverage
|
|
|
32,448
|
|
|
|
32,912
|
|
|
Other
|
|
|
9,779
|
|
|
|
8,485
|
|
|
Total hotel revenues
|
|
|
125,796
|
|
|
|
116,135
|
|
|
|
|
|
|
|
|
Same-Property Expenses:
|
|
|
|
|
|
Rooms
|
|
$
|
22,901
|
|
|
$
|
21,356
|
|
|
Food and beverage
|
|
|
23,822
|
|
|
|
25,323
|
|
|
Other direct
|
|
|
3,477
|
|
|
|
3,462
|
|
|
General and administrative
|
|
|
11,415
|
|
|
|
10,586
|
|
|
Sales and marketing
|
|
|
9,865
|
|
|
|
9,290
|
|
|
Management fees
|
|
|
3,883
|
|
|
|
3,545
|
|
|
Property operations and maintenance
|
|
|
4,239
|
|
|
|
3,946
|
|
|
Energy and utilities
|
|
|
3,504
|
|
|
|
3,057
|
|
|
Property taxes
|
|
|
5,419
|
|
|
|
4,891
|
|
|
Other fixed expenses
|
|
|
3,920
|
|
|
|
3,548
|
|
|
Total hotel expenses
|
|
|
92,445
|
|
|
|
89,004
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
$
|
33,351
|
|
|
$
|
27,131
|
|
|
|
|
|
|
|
|
Same-Property EBITDA Margin
|
|
|
26.5
|
%
|
|
|
23.4
|
%
|
|
|
|
Notes:
|
|
This schedule of hotel results for the three months ended March 31
includes information from all of the hotels the Company owned as
of March 31, 2014, except for the Company's 49% ownership interest
in the Manhattan Collection for both 2014 and 2013. 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 is presented only
for comparison purposes.
|
|
|
|
Pebblebrook Hotel Trust
|
|
Hotel Operational Data
|
|
Schedule of Same-Property Results - Manhattan Collection
|
|
($ in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
Same-Property Revenues:
|
|
|
|
|
|
Rooms
|
|
$
|
13,985
|
|
|
$
|
14,001
|
|
|
Food and beverage
|
|
|
1,919
|
|
|
|
1,640
|
|
|
Other
|
|
|
721
|
|
|
|
639
|
|
|
Total hotel revenues
|
|
|
16,625
|
|
|
|
16,280
|
|
|
|
|
|
|
|
|
Same-Property Expenses:
|
|
|
|
|
|
Rooms
|
|
$
|
5,938
|
|
|
$
|
5,617
|
|
|
Food and beverage
|
|
|
1,751
|
|
|
|
1,684
|
|
|
Other direct
|
|
|
114
|
|
|
|
112
|
|
|
General and administrative
|
|
|
2,007
|
|
|
|
1,942
|
|
|
Sales and marketing
|
|
|
1,268
|
|
|
|
1,203
|
|
|
Management fees
|
|
|
518
|
|
|
|
512
|
|
|
Property operations and maintenance
|
|
|
846
|
|
|
|
756
|
|
|
Energy and utilities
|
|
|
907
|
|
|
|
786
|
|
|
Property taxes
|
|
|
1,869
|
|
|
|
1,805
|
|
|
Other fixed expenses
|
|
|
125
|
|
|
|
120
|
|
|
Total hotel expenses
|
|
|
15,343
|
|
|
|
14,537
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
$
|
1,282
|
|
|
$
|
1,743
|
|
|
|
|
|
|
|
|
Same-Property EBITDA Margin
|
|
|
7.7
|
%
|
|
|
10.7
|
%
|
|
|
|
Notes:
|
|
This schedule of hotel results reflects the Company's 49%
ownership interest in the Manhattan Collection for the three
months ended March 31, and only includes information for the six
hotels that comprise the Manhattan Collection as of March 31,
2014. Any differences are a result of rounding.
|
|
|
|
The information above has not been audited and is presented only
for comparison purposes.
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
|
Same-Property Inclusion Reference Table
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels
|
|
|
Q1
|
|
|
|
Q2
|
|
|
|
Q3
|
|
|
|
Q4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DoubleTree by Hilton Bethesda-Washington DC
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Sir Francis Drake
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
InterContinental Buckhead
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Hotel Monaco Washington DC
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
The Grand Hotel Minneapolis
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Skamania Lodge
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Le Méridien Delfina Santa Monica (formerly Sheraton)
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Sofitel Philadelphia
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Argonaut Hotel
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Westin Gaslamp Quarter San Diego
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Hotel Monaco Seattle
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Mondrian Los Angeles
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Viceroy Miami
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
W Boston
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Manhattan Collection
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Hotel Zetta
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Hotel Vintage Seattle
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Hotel Vintage Plaza Portland
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
W Los Angeles - Westwood
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Hotel Palomar San Francisco
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Embassy Suites San Diego Bay
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
The Redbury Hotel
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Hotel Modera
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
Radisson Hotel Fisherman's Wharf
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
X
|
|
|
|
|
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 first quarter Same-Property RevPAR, RevPAR Growth,
ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin
include all of the hotels the Company owned as of March 31, 2014.
Results for the Manhattan Collection reflect the Company's 49%
ownership interest. Operating statistics and financial results may
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 2014 Outlook include the hotels
owned as of March 31, 2014. 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 2014 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
|
|
|
|
2013
|
|
2013
|
|
2013
|
|
2013
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
79%
|
|
86%
|
|
87%
|
|
80%
|
|
83%
|
|
ADR
|
|
$196
|
|
$223
|
|
$231
|
|
$226
|
|
$220
|
|
RevPAR
|
|
$156
|
|
$193
|
|
$202
|
|
$182
|
|
$183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$132.4
|
|
$160.7
|
|
$164.3
|
|
$156.7
|
|
$614.1
|
|
Hotel EBITDA
|
|
$28.9
|
|
$51.2
|
|
$53.2
|
|
$46.1
|
|
$179.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
80%
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$210
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$142.4
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
|
|
$34.6
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
These historical hotel operating results include information for
all of the hotels the Company owned as of March 31, 2014. The
hotel operating results for the Manhattan Collection only include
49% of the results for the 6 properties to reflect the Company's
49% ownership interest in the hotels. These historical operating
results include periods prior to the Company's ownership of the
hotels. The information above does not reflect the Company's
corporate general and administrative expense, interest expense,
property acquisition costs, depreciation and amortization, taxes
and other expenses. Any differences are a result of rounding.
|
|
|
|
The information above has not been audited and is presented only
for comparison purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Historical Operating Data - Wholly Owned
|
|
($ in millions, except ADR and RevPAR)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Full Year
|
|
|
|
2013
|
|
2013
|
|
2013
|
|
2013
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
78%
|
|
86%
|
|
87%
|
|
79%
|
|
83%
|
|
ADR
|
|
$194
|
|
$212
|
|
$224
|
|
$211
|
|
$211
|
|
RevPAR
|
|
$152
|
|
$183
|
|
$195
|
|
$167
|
|
$174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$116.1
|
|
$138.5
|
|
$143.1
|
|
$131.7
|
|
$529.4
|
|
Hotel EBITDA
|
|
$27.1
|
|
$43.6
|
|
$46.5
|
|
$36.5
|
|
$153.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
80%
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$209
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$125.8
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
|
|
$33.4
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
These historical hotel operating results include information for
all of the hotels the Company owned as of March 31, 2014, except
for the Company's 49% interest in the Manhattan Collection. These
historical operating results include periods prior to the
Company's ownership of the hotels. The information above does not
reflect the Company's corporate general and administrative
expense, interest expense, property acquisition costs,
depreciation and amortization, taxes and other expenses. Any
differences are a result of rounding.
|
|
|
|
The information above has not been audited and is presented only
for comparison purposes.
|
|
|
|
Pebblebrook Hotel Trust
|
|
Historical Operating Data - Manhattan Collection
|
|
($ in millions, except ADR and RevPAR)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Full Year
|
|
|
|
2013
|
|
2013
|
|
2013
|
|
2013
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
86%
|
|
88%
|
|
90%
|
|
89%
|
|
88%
|
|
ADR
|
|
$212
|
|
$292
|
|
$276
|
|
$315
|
|
$274
|
|
RevPAR
|
|
$183
|
|
$258
|
|
$247
|
|
$280
|
|
$242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$16.3
|
|
$22.2
|
|
$21.2
|
|
$25.0
|
|
$84.7
|
|
Hotel EBITDA
|
|
$1.7
|
|
$7.6
|
|
$6.7
|
|
$9.6
|
|
$25.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
84%
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$213
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$16.6
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
|
|
$1.3
|
|
|
|
|
|
|
|
|
|
|
|
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 is presented only
for comparison purposes.
|
Copyright Business Wire 2014