Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today reported
results for the first quarter ended March 31, 2015. The Company’s
results include the following:
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
($ in millions, except per share
and RevPAR data)
|
|
|
|
|
|
|
Net income (loss) to common shareholders
|
|
|
$0.7
|
|
|
($2.0)
|
|
Net income (loss) per diluted share
|
|
|
$0.01
|
|
|
($0.03)
|
|
|
|
|
|
|
|
|
|
Same-Property RevPAR(1)
|
|
|
$174.71
|
|
|
$168.57
|
|
Same-Property RevPAR growth rate
|
|
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-Property EBITDA(1)
|
|
|
$46.2
|
|
|
$41.7
|
|
Same-Property EBITDA growth rate
|
|
|
10.9%
|
|
|
|
|
Same-Property EBITDA Margin(1)
|
|
|
26.0%
|
|
|
24.3%
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1)
|
|
|
$38.8
|
|
|
$29.5
|
|
Adjusted EBITDA growth rate
|
|
|
31.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO(1)
|
|
|
$24.4
|
|
|
$16.9
|
|
Adjusted FFO per diluted share(1)
|
|
|
$0.34
|
|
|
$0.26
|
|
Adjusted FFO per diluted share growth rate
|
|
|
30.8%
|
|
|
|
|
|
(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.
“First quarter operating results for our portfolio exceeded our outlook
due to better than forecasted RevPAR growth and terrific success
limiting expense increases,” said Jon E. Bortz, Chairman, President and
Chief Executive Officer of Pebblebrook Hotel Trust. “Hotel industry
fundamentals remain strong as demand continues to outpace tepid new
supply and rates grow at a healthy pace. We increased our 2015 outlook,
which remains very positive as we expect to see favorable growth trends
continue throughout the year, both for our portfolio and the U.S.
lodging industry.”
First Quarter Highlights
-
Same-Property RevPAR: Same-Property RevPAR in the first quarter
of 2015 increased 3.6 percent over the same period of 2014 to $174.71.
Same-Property ADR grew 6.3 percent from the first quarter of 2014 to
$222.54. Same-Property Occupancy decreased 2.5 percent to 78.5
percent, primarily impacted negatively by renovations in the quarter.
-
Same-Property EBITDA: The Company’s hotels generated $46.2
million of Same-Property EBITDA for the quarter ended March 31, 2015,
rising 10.9 percent compared with the same period of 2014.
Same-Property Revenues increased 3.7 percent, while Same-Property
Hotel Expenses rose just 1.4 percent. As a result, Same-Property
EBITDA Margin for the first quarter of 2015 grew to 26.0 percent,
representing an increase of 168 basis points.
-
Adjusted EBITDA: The Company’s Adjusted EBITDA rose to $38.8
million from $29.5 million in the prior year period, an increase of
$9.3 million, or 31.4 percent.
-
Adjusted FFO: The Company’s Adjusted FFO climbed 44.4 percent
to $24.4 million from $16.9 million in the prior year period.
-
Dividends: On March 16, 2015, the Company declared a regular
quarterly cash dividend of $0.31 per share on its common shares, an
increase of 35 percent from the prior quarterly dividend of $0.23 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 a very good first quarter, especially when factoring in weather
related travel disruptions that impacted the East Coast as well as the
negative impact associated with several significant capital reinvestment
projects planned for the quarter,” commented Mr. Bortz. “Same-Property
RevPAR increased 3.6 percent, below the industry’s 7.9 percent growth,
but in excess of our outlook, which drove Same-Property EBITDA growth of
10.9 percent over the prior year. Our hotels, as provided in our
previous outlook for the quarter, lost 300 basis points of RevPAR growth
due to the renovation projects underway in the quarter, as well as
another 60 basis points from disruptive weather in the east. With the
completion of numerous past, recent, ongoing and upcoming renovations
and repositionings, we expect to see significant additional upside from
our strategy of acquiring high-quality unique hotels located in cities
with high barriers-to-entry and access to multiple demand generators,
and then renovating and repositioning them for significant multi-year
growth that should exceed the underlying growth in their respective
markets.”
Capital Reinvestment and Asset Management
During the first quarter, the Company invested $27.1 million in capital
improvements throughout its portfolio and completed several significant
capital projects at a number of its West Coast properties. In March, the
117-room Hotel Vintage Plaza Portland reopened as Hotel Vintage
Portland, following its dramatic $10.0 million repositioning, which
commenced in early January 2015. As of April 2015, the Company
substantially completed the $8.5 million renovation of Embassy Suites
San Diego Bay – Downtown, and its $23.5 million renovation and 39 guest
room expansion at W Los Angeles – Westwood. STK, the new leased
restaurant at W Los Angeles – Westwood, is expected to open near the end
of the second quarter.
During the remainder of 2015, the Company has various renovations and
repositionings planned at a number of its properties, including:
-
Radisson Hotel Fisherman’s Wharf, which has been underway since the
fourth quarter of 2014, with completion, expansion to 361 guest rooms,
and re-launch as Hotel Zephyr Fisherman’s Wharf expected in June of
2015;
-
Dumont NYC, which is adding 10 new guest rooms that are expected to be
completed in the third quarter of 2015;
-
The Westin Colonnade Coral Gables, with the guest room portion of its
renovation and repositioning planned to commence in the summer of 2015
and expected completion in the fourth quarter of 2015, and the public
area renovation and re-launch as either an independent hotel or with a
new flag to be completed near the end of the first quarter of 2016;
-
Prescott Hotel, which will undergo a full renovation and repositioning
that is planned to commence in the fourth quarter of 2015, with the
hotel likely to be closed for the renovation, and then reopened under
a new name in the second quarter of 2016;
-
The Nines, a Luxury Collection Hotel, Portland, which is expected to
commence a rooms renovation late in the fourth quarter of 2015, with
completion planned in the first quarter of 2016.
Balance Sheet
As of March 31, 2015, the Company had $836.9 million in consolidated
debt and $225.4 million in unconsolidated, non-recourse, secured debt at
weighted-average interest rates of 3.8 percent and 3.6 percent,
respectively. The Company’s total combined consolidated and
unconsolidated debt has a weighted-average interest rate of 3.7 percent.
The Company had $300.0 million outstanding in the form of an unsecured
term loan and a $100.0 million outstanding balance on its $300.0 million
senior unsecured revolving credit facility. As of March 31, 2015, the
Company had $42.3 million of consolidated cash, cash equivalents and
restricted cash and $12.4 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 interest in its six-hotel joint venture (the “Manhattan
Collection”).
On March 31, 2015, as defined in the Company’s credit agreement, the
Company’s fixed charge coverage ratio was 2.9 times and total net debt
to trailing 12-month corporate EBITDA was 4.3 times. The Company’s total
debt to total gross assets ratio was 32 percent. Excluding its interest
in the off-balance sheet Manhattan Collection, the Company’s fixed
charge coverage ratio was 2.9 times, net debt to trailing 12-month
corporate EBITDA was 3.8 times and total debt to total gross assets
ratio was 30 percent.
Capital Markets
Year-to-date, Pebblebrook has completed two capital markets transactions
to help maintain its strong balance sheet and prudent capital structure,
including retiring some legacy mortgage debt and executing a new term
loan:
-
On March 5, 2015, the Company repaid $50.7 million of loans secured by
The Nines, a Luxury Collection Hotel, Portland, which were assumed at
acquisition and subject to a 7.4 percent interest rate.
-
On April 13, 2015, the Company successfully completed a new 7-year,
$100.0 million unsecured term loan facility. The new term loan matures
in April 2022 and the Company effectively fixed its LIBOR rate for the
entire term of the loan by entering into interest rate swap
agreements, resulting in a current interest rate of 3.5 percent, based
on the Company’s current leverage levels.
2015 Outlook
The Company's outlook for 2015, which has been increased due to its
better than expected first quarter performance, incorporates the
expected impact of the Company’s various capital investment projects and
assumes continued improvement in economic activity, positive business
travel trends and other significant assumptions. The Company’s outlook
for 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
2015 Outlook
|
|
|
|
|
Low
|
|
|
High
|
|
|
|
|
($ and shares/units in millions, except
per share and RevPAR data)
|
|
|
|
|
|
|
Net income (loss) to common shareholders
|
|
|
$68.1
|
|
|
$73.6
|
|
Net income per diluted share
|
|
|
$0.94
|
|
|
$1.01
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
$252.7
|
|
|
$258.2
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
|
|
|
$177.5
|
|
|
$183.0
|
|
Adjusted FFO per diluted share
|
|
|
$2.44
|
|
|
$2.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This 2015 outlook is based, in part, on the following estimates
and assumptions:
|
|
|
|
U.S. GDP growth rate
|
|
|
2.0%
|
|
|
2.5%
|
|
U.S. Hotel Industry RevPAR growth rate
|
|
|
6.0%
|
|
|
7.0%
|
|
|
|
|
|
|
|
|
|
Same-Property RevPAR
|
|
|
$211
|
|
|
$213
|
|
Same-Property RevPAR growth rate
|
|
|
6.5%
|
|
|
7.5%
|
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
|
$277.3
|
|
|
$282.8
|
|
Same-Property EBITDA Margin
|
|
|
32.7%
|
|
|
33.2%
|
|
Same-Property EBITDA Margin growth rate
|
|
|
100 bps
|
|
|
150 bps
|
|
|
|
|
|
|
|
|
|
Corporate cash general and administrative expenses
|
|
|
$18.0
|
|
|
$18.0
|
|
Corporate non-cash general and administrative expenses
|
|
|
$9.1
|
|
|
$9.1
|
|
|
|
|
|
|
|
|
|
Total capital investments related to renovations, capital
maintenance and return on investment projects
|
|
|
$80.0
|
|
|
$100.0
|
|
|
|
|
|
|
|
|
|
Weighted-average fully diluted shares and units
|
|
|
72.7
|
|
|
72.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company’s outlook for the second quarter of 2015 is as follows:
|
|
|
|
|
|
|
Second Quarter 2015 Outlook
|
|
|
|
|
Low
|
|
|
High
|
|
|
|
|
($ and shares/units in millions, except
per share and RevPAR data)
|
|
|
|
|
|
|
Same-Property RevPAR
|
|
|
$217
|
|
|
$221
|
|
Same-Property RevPAR growth rate
|
|
|
4.0%
|
|
|
6.0%
|
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
|
$75.0
|
|
|
$77.0
|
|
Same-Property EBITDA Margin
|
|
|
34.7%
|
|
|
35.2%
|
|
Same-Property EBITDA Margin growth rate
|
|
|
100 bps
|
|
|
150 bps
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
$68.7
|
|
|
$70.7
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
|
|
|
$47.8
|
|
|
$49.8
|
|
Adjusted FFO per diluted share
|
|
|
$0.66
|
|
|
$0.69
|
|
Adjusted FFO per diluted share growth rate
|
|
|
17.9%
|
|
|
23.2%
|
|
|
|
|
|
|
|
|
|
Weighted-average fully diluted shares and units
|
|
|
72.7
|
|
|
72.7
|
|
|
|
|
|
|
|
|
The Company’s outlook for 2015 and the second quarter of 2015 reflects
the Company’s 49 percent interest in the Manhattan Collection. The
Company’s outlook incorporates all expected second quarter renovation
disruption, including the negative impact associated with the ongoing
renovation of the Radisson Hotel Fisherman’s Wharf, as well as
disruption associated with renovations later this year at The Westin
Colonnade Coral Gables, Prescott Hotel and The Nines, a Luxury
Collection Hotel.
The Company’s estimates and assumptions, including the Company’s outlook
for 2015 and second quarter 2015, for Same-Property RevPAR,
Same-Property RevPAR growth rate, Same-Property EBITDA, Same-Property
EBITDA Margin and Same-Property EBITDA Margin growth rate includes the
hotels owned as of March 31, 2015, as if they had been owned by the
Company for all of 2015 and 2014, except for Hotel Vintage Portland,
which is not included in the first quarter and the Prescott Hotel, which
is not included in the fourth quarter. The Company’s 2015 outlook
assumes no additional acquisitions beyond the hotels the Company owned
as of March 31, 2015.
Institutional Investor and Security Analyst
Conference
The Company will host property tours of its San Francisco hotels on
Monday, September 28, 2015 and hold its Institutional Investor and
Security Analyst Conference (the “Investor Conference”) on Tuesday,
September 29, 2015 in San Francisco, California. The Investor Conference
will be held on Tuesday, September 29, 2015 from 8:30 AM PT to 11:00 AM
PT. A live audio webcast of the presentation will be available, and a
replay of the presentation will be accessible through the Company’s
website.
First Quarter 2015 Earnings Call
The Company will conduct its quarterly analyst and investor conference
call on Friday, April 24, 2015 at 9:00 AM ET. To participate in the
conference call, please dial (888) 428-9480 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 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 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 35 hotels, including 29 wholly
owned hotels with a total of 6,988 guest rooms and a 49% joint venture
interest in six hotels with a total of 1,777 guest rooms. The Company
owns, or has an ownership interest in, hotels located in 11 states and
the District of Columbia, including: San Francisco, California; Los
Angeles, California (Hollywood, Santa Monica, West Hollywood and
Westwood); New York, New York; Boston, Massachusetts; San Diego,
California; Portland, Oregon; Buckhead, Georgia; Seattle, Washington;
Washington, DC; Philadelphia, Pennsylvania; Miami, Florida; Columbia
River Gorge, Washington; Nashville, Tennessee; Bethesda, Maryland and
Minneapolis, Minnesota. 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, 2014. 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 23, 2015. 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
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Consolidated Balance Sheets
|
|
($ in thousands, except for per share data)
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
|
December 31, 2014
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Investment in hotel properties, net
|
|
|
$
|
2,349,874
|
|
|
|
$
|
2,343,690
|
|
|
Investment in joint venture
|
|
|
|
247,538
|
|
|
|
|
258,828
|
|
|
Ground lease asset, net
|
|
|
|
30,660
|
|
|
|
|
30,891
|
|
|
Cash and cash equivalents
|
|
|
|
28,656
|
|
|
|
|
52,883
|
|
|
Restricted cash
|
|
|
|
13,641
|
|
|
|
|
16,383
|
|
|
Hotel receivables (net of allowance for doubtful accounts of $145
and $139, respectively)
|
|
|
|
27,685
|
|
|
|
|
21,320
|
|
|
Deferred financing costs, net
|
|
|
|
5,724
|
|
|
|
|
6,246
|
|
|
Prepaid expenses and other assets
|
|
|
|
46,226
|
|
|
|
|
40,243
|
|
|
Total assets
|
|
|
$
|
2,750,004
|
|
|
|
$
|
2,770,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Senior unsecured revolving credit facility
|
|
|
$
|
100,000
|
|
|
|
$
|
50,000
|
|
|
Term loan
|
|
|
|
300,000
|
|
|
|
|
300,000
|
|
|
Mortgage debt (including mortgage loan premium of $3,196 and $4,026,
respectively)
|
|
|
|
440,064
|
|
|
|
|
493,987
|
|
|
Accounts payable and accrued expenses
|
|
|
|
111,283
|
|
|
|
|
106,828
|
|
|
Advance deposits
|
|
|
|
12,749
|
|
|
|
|
11,583
|
|
|
Accrued interest
|
|
|
|
2,334
|
|
|
|
|
2,382
|
|
|
Distribution payable
|
|
|
|
29,235
|
|
|
|
|
23,293
|
|
|
Total liabilities
|
|
|
|
995,665
|
|
|
|
|
988,073
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares of beneficial interest, $0.01 par value
(liquidation preference $350,000 at March 31, 2015 and $350,000 at
December 31, 2014), 100,000,000 shares authorized; 14,000,000
shares issued and outstanding at March 31, 2015 and 14,000,000
shares issued and outstanding at December 31, 2014
|
|
|
|
140
|
|
|
|
|
140
|
|
|
Common shares of beneficial interest, $0.01 par value, 500,000,000
shares authorized; 71,735,129 issued and outstanding at March 31,
2015 and 71,553,481 issued and outstanding at December 31, 2014
|
|
|
|
717
|
|
|
|
|
716
|
|
|
Additional paid-in capital
|
|
|
|
1,862,807
|
|
|
|
|
1,864,739
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
(4,510
|
)
|
|
|
|
(341
|
)
|
|
Distributions in excess of retained earnings
|
|
|
|
(106,368
|
)
|
|
|
|
(84,163
|
)
|
|
Total shareholders' equity
|
|
|
|
1,752,786
|
|
|
|
|
1,781,091
|
|
|
Non-controlling interests
|
|
|
|
1,553
|
|
|
|
|
1,320
|
|
|
Total equity
|
|
|
|
1,754,339
|
|
|
|
|
1,782,411
|
|
|
Total liabilities and equity
|
|
|
$
|
2,750,004
|
|
|
|
$
|
2,770,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Consolidated Statement of Operations
|
|
($ in thousands, except for per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Room
|
|
|
$
|
108,834
|
|
|
|
$
|
83,569
|
|
|
Food and beverage
|
|
|
|
43,238
|
|
|
|
|
32,448
|
|
|
Other operating
|
|
|
|
11,363
|
|
|
|
|
9,695
|
|
|
Total revenues
|
|
|
$
|
163,435
|
|
|
|
$
|
125,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Room
|
|
|
$
|
27,983
|
|
|
|
|
22,895
|
|
|
Food and beverage
|
|
|
|
29,393
|
|
|
|
|
23,810
|
|
|
Other direct and indirect
|
|
|
|
49,836
|
|
|
|
|
37,887
|
|
|
Total hotel operating expenses
|
|
|
|
107,212
|
|
|
|
|
84,592
|
|
|
Depreciation and amortization
|
|
|
|
21,325
|
|
|
|
|
15,888
|
|
|
Real estate taxes, personal property taxes, property insurance, and
ground rent
|
|
|
|
11,280
|
|
|
|
|
8,308
|
|
|
General and administrative
|
|
|
|
7,572
|
|
|
|
|
6,147
|
|
|
Hotel acquisition costs
|
|
|
|
131
|
|
|
|
|
285
|
|
|
Total operating expenses
|
|
|
|
147,520
|
|
|
|
|
115,220
|
|
|
Operating income (loss)
|
|
|
|
15,915
|
|
|
|
|
10,492
|
|
|
Interest income
|
|
|
|
635
|
|
|
|
|
614
|
|
|
Interest expense
|
|
|
|
(8,321
|
)
|
|
|
|
(6,075
|
)
|
|
Equity in earnings (loss) of joint venture
|
|
|
|
(4,448
|
)
|
|
|
|
(3,244
|
)
|
|
Income (loss) before income taxes
|
|
|
|
3,781
|
|
|
|
|
1,787
|
|
|
Income tax (expense) benefit
|
|
|
|
3,389
|
|
|
|
|
2,334
|
|
|
Net income (loss)
|
|
|
|
7,170
|
|
|
|
|
4,121
|
|
|
Net income (loss) attributable to non-controlling interests
|
|
|
|
27
|
|
|
|
|
43
|
|
|
Net income (loss) attributable to the Company
|
|
|
|
7,143
|
|
|
|
|
4,078
|
|
|
Distributions to preferred shareholders
|
|
|
|
(6,488
|
)
|
|
|
|
(6,081
|
)
|
|
Net income (loss) attributable to common shareholders
|
|
|
$
|
655
|
|
|
|
$
|
(2,003
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share available to common shareholders, basic
and diluted
|
|
|
$
|
0.01
|
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares, basic
|
|
|
|
71,673,669
|
|
|
|
|
63,762,930
|
|
|
Weighted-average number of common shares, diluted
|
|
|
|
72,446,229
|
|
|
|
|
63,762,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
7,170
|
|
|
|
$
|
4,121
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
21,262
|
|
|
|
|
15,844
|
|
|
Depreciation and amortization from joint venture
|
|
|
|
2,158
|
|
|
|
|
2,211
|
|
|
FFO
|
|
|
$
|
30,590
|
|
|
|
$
|
22,176
|
|
|
Distribution to preferred shareholders
|
|
|
$
|
(6,488
|
)
|
|
|
$
|
(6,081
|
)
|
|
FFO available to common share and unit holders
|
|
|
$
|
24,102
|
|
|
|
$
|
16,095
|
|
|
Hotel acquisition costs
|
|
|
|
131
|
|
|
|
|
285
|
|
|
Non-cash ground rent
|
|
|
|
595
|
|
|
|
|
453
|
|
|
Amortization of Class A LTIP units
|
|
|
|
2
|
|
|
|
|
395
|
|
|
Management/franchise contract transition costs
|
|
|
|
(57
|
)
|
|
|
|
99
|
|
|
Interest expense adjustment for above market loan
|
|
|
|
(830
|
)
|
|
|
|
(538
|
)
|
|
Capital lease adjustment
|
|
|
|
125
|
|
|
|
|
-
|
|
|
Non-cash amortization of acquired intangibles
|
|
|
|
300
|
|
|
|
|
84
|
|
|
Adjusted FFO available to common share and unit holders
|
|
|
$
|
24,368
|
|
|
|
$
|
16,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common share - basic
|
|
|
$
|
0.34
|
|
|
|
$
|
0.25
|
|
|
FFO per common share - diluted
|
|
|
$
|
0.33
|
|
|
|
$
|
0.25
|
|
|
Adjusted FFO per common share - basic
|
|
|
$
|
0.34
|
|
|
|
$
|
0.26
|
|
|
Adjusted FFO per common share - diluted
|
|
|
$
|
0.34
|
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of basic common shares and units
|
|
|
|
71,910,020
|
|
|
|
|
64,370,921
|
|
|
Weighted-average number of fully diluted common shares and units
|
|
|
|
72,682,580
|
|
|
|
|
64,715,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
7,170
|
|
|
|
$
|
4,121
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
8,321
|
|
|
|
|
6,075
|
|
|
Interest expense from joint venture
|
|
|
|
2,256
|
|
|
|
|
2,264
|
|
|
Income tax expense (benefit)
|
|
|
|
(3,389
|
)
|
|
|
|
(2,334
|
)
|
|
Depreciation and amortization
|
|
|
|
21,325
|
|
|
|
|
15,888
|
|
|
Depreciation and amortization from joint venture
|
|
|
|
2,158
|
|
|
|
|
2,211
|
|
|
EBITDA
|
|
|
$
|
37,841
|
|
|
|
$
|
28,225
|
|
|
Hotel acquisition costs
|
|
|
|
131
|
|
|
|
|
285
|
|
|
Non-cash ground rent
|
|
|
|
595
|
|
|
|
|
453
|
|
|
Amortization of Class A LTIP units
|
|
|
|
2
|
|
|
|
|
395
|
|
|
Management/franchise contract transition costs
|
|
|
|
(57
|
)
|
|
|
|
99
|
|
|
Non-cash amortization of acquired intangibles
|
|
|
|
300
|
|
|
|
|
84
|
|
|
Adjusted EBITDA
|
|
|
$
|
38,812
|
|
|
|
$
|
29,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Company's operating
performance 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.
- Capital lease adjustment: The Company excludes the effect of non-cash
interest expense from capital leases because it believes that including
these non-cash adjustments in FFO does not reflect the underlying
financial performance of the Company.
- Non-cash amortization of acquired intangibles: The Company excludes
the non-cash amortization of acquired intangibles, which includes but is
not limited to the amortization of favorable and unfavorable leases and
above/below market real estate tax reduction agreements 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.
|
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,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Room
|
|
|
$
|
12,655
|
|
|
|
$
|
13,985
|
|
|
Food and beverage
|
|
|
|
1,886
|
|
|
|
|
1,919
|
|
|
Other operating
|
|
|
|
659
|
|
|
|
|
721
|
|
|
Total revenues
|
|
|
|
15,200
|
|
|
|
|
16,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel expenses
|
|
|
|
15,194
|
|
|
|
|
15,343
|
|
|
Depreciation and amortization
|
|
|
|
2,158
|
|
|
|
|
2,211
|
|
|
Total operating expenses
|
|
|
|
17,352
|
|
|
|
|
17,554
|
|
|
Operating income (loss)
|
|
|
|
(2,152
|
)
|
|
|
|
(929
|
)
|
|
Interest income
|
|
|
|
-
|
|
|
|
|
-
|
|
|
Interest expense
|
|
|
|
(2,256
|
)
|
|
|
|
(2,264
|
)
|
|
Other
|
|
|
|
(40
|
)
|
|
|
|
(51
|
)
|
|
Equity in earnings of joint venture
|
|
|
$
|
(4,448
|
)
|
|
|
$
|
(3,244
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
Fixed Interest Rate
|
|
|
Loan Amount
|
|
Mortgage(1)
|
|
|
|
3.61
|
%
|
|
|
$
|
225,400
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
(7,581
|
)
|
|
Net Debt
|
|
|
|
|
|
|
|
|
217,819
|
|
|
Restricted cash
|
|
|
|
|
|
|
|
|
(4,865
|
)
|
|
Net Debt less restricted cash
|
|
|
|
|
|
|
|
$
|
212,954
|
|
|
|
|
|
|
(1)
|
|
Does not include the Company's pro rata interest of the $50.0
million of preferred capital the Company provided to the joint
venture, in which the Company has a 49% ownership interest.
|
|
|
|
|
|
Notes:
|
|
These operating results reflect the Company's 49% ownership interest
in the Manhattan Collection. The Manhattan Collection consists of
the following six hotels: Manhattan NYC, Fifty NYC, Dumont NYC,
Shelburne NYC, Gardens NYC 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
comparison purposes.
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Same-Property Statistical Data - Entire Portfolio
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Total Portfolio
|
|
|
|
|
|
|
|
Same-Property Occupancy
|
|
|
78.5%
|
|
|
80.5%
|
|
Increase/(Decrease)
|
|
|
(2.5%)
|
|
|
|
|
Same-Property ADR
|
|
|
$222.54
|
|
|
$209.42
|
|
Increase/(Decrease)
|
|
|
6.3%
|
|
|
|
|
Same-Property RevPAR
|
|
|
$174.71
|
|
|
$168.57
|
|
Increase/(Decrease)
|
|
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
This schedule of hotel results for the three months ended March 31
includes information from all of the hotels the Company owned or had
an ownership interest in as of March 31, 2015, except for Hotel
Vintage Portland in both 2015 and 2014 because it was closed during
the first quarter of 2015 for renovation.
|
|
|
|
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,
|
|
|
|
2015
|
|
2014
|
|
Total Portfolio
|
|
|
|
|
|
Same-Property Occupancy
|
|
78.2%
|
|
80.1%
|
|
Increase/(Decrease)
|
|
(2.3%)
|
|
|
|
Same-Property ADR
|
|
$225.54
|
|
$208.90
|
|
Increase/(Decrease)
|
|
8.0%
|
|
|
|
Same-Property RevPAR
|
|
$176.40
|
|
$167.29
|
|
Increase/(Decrease)
|
|
5.4%
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
This schedule of hotel results for the three months ended March 31
includes information from all of the hotels the Company owned or had
an ownership interest in as of March 31, 2015, except for Hotel
Vintage Portland in both 2015 and 2014 because it was closed during
the first quarter of 2015 for renovation.
|
|
|
|
These hotel results do not include information for the six hotels
that comprise the Manhattan Collection.
|
|
|
|
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,
|
|
|
|
2015
|
|
2014
|
|
Total Portfolio
|
|
|
|
|
|
Same-Property Occupancy
|
|
80.8%
|
|
83.7%
|
|
Increase/(Decrease)
|
|
(3.5%)
|
|
|
|
Same-Property ADR
|
|
$199.80
|
|
$213.34
|
|
Increase/(Decrease)
|
|
(6.4%)
|
|
|
|
Same-Property RevPAR
|
|
$161.48
|
|
$178.66
|
|
Increase/(Decrease)
|
|
(9.6%)
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
This schedule of hotel results for the three months ended March 31
includes only information for the six hotels that comprise the
Manhattan Collection. Any differences are a result of rounding.
|
|
|
|
The information above has not been audited and is presented only for
comparison purposes.
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Hotel Operational Data
|
|
Schedule of Same-Property Results - Entire Portfolio
|
|
($ in thousands, except per room data)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Same-Property Revenues:
|
|
|
|
|
|
Rooms
|
|
$
|
121,117
|
|
|
$
|
116,674
|
|
|
Food and beverage
|
|
|
44,882
|
|
|
|
42,516
|
|
|
Other
|
|
|
12,049
|
|
|
|
12,447
|
|
|
Total hotel revenues
|
|
|
178,048
|
|
|
|
171,637
|
|
|
|
|
|
|
|
|
Same-Property Expenses:
|
|
|
|
|
|
Rooms
|
|
$
|
33,634
|
|
|
$
|
33,946
|
|
|
Food and beverage
|
|
|
30,600
|
|
|
|
31,275
|
|
|
Other direct
|
|
|
3,045
|
|
|
|
4,003
|
|
|
General and administrative
|
|
|
17,986
|
|
|
|
16,014
|
|
|
Sales and marketing
|
|
|
15,528
|
|
|
|
14,032
|
|
|
Management fees
|
|
|
5,272
|
|
|
|
5,196
|
|
|
Property operations and maintenance
|
|
|
6,184
|
|
|
|
6,125
|
|
|
Energy and utilities
|
|
|
5,362
|
|
|
|
5,712
|
|
|
Property taxes
|
|
|
9,068
|
|
|
|
8,461
|
|
|
Other fixed expenses
|
|
|
5,129
|
|
|
|
5,176
|
|
|
Total hotel expenses
|
|
|
131,808
|
|
|
|
129,940
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
$
|
46,240
|
|
|
$
|
41,697
|
|
|
|
|
|
|
|
|
Same-Property EBITDA Margin
|
|
|
26.0
|
%
|
|
|
24.3
|
%
|
|
|
|
|
|
|
|
Notes:
|
|
This schedule of hotel results for the three months ended March 31
includes information from all of the hotels the Company owned or had
an ownership interest in as of March 31, 2015, except for Hotel
Vintage Portland in both 2015 and 2014 because it was closed during
the first quarter of 2015 for renovation.
|
|
|
|
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
|
|
Hotel Operational Data
|
|
Schedule of Same-Property Results - Wholly Owned
|
|
($ in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Same-Property Revenues:
|
|
|
|
|
|
Rooms
|
|
$
|
108,462
|
|
|
$
|
102,689
|
|
|
Food and beverage
|
|
|
42,997
|
|
|
|
40,597
|
|
|
Other
|
|
|
11,389
|
|
|
|
11,726
|
|
|
Total hotel revenues
|
|
|
162,848
|
|
|
|
155,012
|
|
|
|
|
|
|
|
|
Same-Property Expenses:
|
|
|
|
|
|
Rooms
|
|
$
|
27,829
|
|
|
$
|
28,009
|
|
|
Food and beverage
|
|
|
29,081
|
|
|
|
29,524
|
|
|
Other direct
|
|
|
2,995
|
|
|
|
3,887
|
|
|
General and administrative
|
|
|
15,882
|
|
|
|
14,008
|
|
|
Sales and marketing
|
|
|
14,067
|
|
|
|
12,764
|
|
|
Management fees
|
|
|
4,851
|
|
|
|
4,678
|
|
|
Property operations and maintenance
|
|
|
5,256
|
|
|
|
5,280
|
|
|
Energy and utilities
|
|
|
4,670
|
|
|
|
4,805
|
|
|
Property taxes
|
|
|
6,973
|
|
|
|
6,592
|
|
|
Other fixed expenses
|
|
|
5,010
|
|
|
|
5,051
|
|
|
Total hotel expenses
|
|
|
116,614
|
|
|
|
114,598
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
$
|
46,234
|
|
|
$
|
40,414
|
|
|
|
|
|
|
|
|
Same-Property EBITDA Margin
|
|
|
28.4
|
%
|
|
|
26.1
|
%
|
|
|
|
|
|
|
|
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, 2015, except for Hotel Vintage Portland in both 2015 and
2014 because it was closed during the first quarter of 2015 for
renovation.
|
|
|
|
These hotel results do not include information for the six hotels
that comprise the Manhattan Collection.
|
|
|
|
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
|
|
Hotel Operational Data
|
|
Schedule of Same-Property Results - Manhattan Collection
|
|
($ in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Same-Property Revenues:
|
|
|
|
|
|
Rooms
|
|
$
|
12,655
|
|
|
$
|
13,985
|
|
|
Food and beverage
|
|
|
1,886
|
|
|
|
1,919
|
|
|
Other
|
|
|
659
|
|
|
|
721
|
|
|
Total hotel revenues
|
|
|
15,200
|
|
|
|
16,625
|
|
|
|
|
|
|
|
|
Same-Property Expenses:
|
|
|
|
|
|
Rooms
|
|
$
|
5,805
|
|
|
$
|
5,938
|
|
|
Food and beverage
|
|
|
1,519
|
|
|
|
1,751
|
|
|
Other direct
|
|
|
50
|
|
|
|
114
|
|
|
General and administrative
|
|
|
2,104
|
|
|
|
2,007
|
|
|
Sales and marketing
|
|
|
1,461
|
|
|
|
1,268
|
|
|
Management fees
|
|
|
421
|
|
|
|
518
|
|
|
Property operations and maintenance
|
|
|
928
|
|
|
|
846
|
|
|
Energy and utilities
|
|
|
692
|
|
|
|
907
|
|
|
Property taxes
|
|
|
2,095
|
|
|
|
1,869
|
|
|
Other fixed expenses
|
|
|
119
|
|
|
|
125
|
|
|
Total hotel expenses
|
|
|
15,194
|
|
|
|
15,343
|
|
|
|
|
|
|
|
|
Same-Property EBITDA
|
|
$
|
6
|
|
|
$
|
1,282
|
|
|
|
|
|
|
|
|
Same-Property EBITDA Margin
|
|
|
0.0
|
%
|
|
|
7.7
|
%
|
|
|
|
|
|
|
|
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. 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 Hotel Bethesda-Washington DC
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Sir Francis Drake
|
|
X
|
|
X
|
|
X
|
|
X
|
|
InterContinental Buckhead Atlanta
|
|
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
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Sofitel Philadelphia
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Argonaut Hotel
|
|
X
|
|
X
|
|
X
|
|
X
|
|
The 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 Portland
|
|
|
|
X
|
|
X
|
|
X
|
|
W Los Angeles - Westwood
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Hotel Palomar San Francisco
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Embassy Suites San Diego Bay - Downtown
|
|
X
|
|
X
|
|
X
|
|
X
|
|
The Redbury Hollywood
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Hotel Modera
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Radisson Hotel Fisherman's Wharf
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Prescott Hotel
|
|
X
|
|
X
|
|
X
|
|
|
|
The Nines, a Luxury Collection Hotel, Portland
|
|
X
|
|
X
|
|
X
|
|
X
|
|
The Westin Colonnade Coral Gables
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Hotel Palomar Los Angeles Beverly Hills
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Union Station Nashville Hotel, Autograph Collection
|
|
X
|
|
X
|
|
X
|
|
X
|
|
Revere Hotel Boston Common
|
|
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, or has an ownership
interest in, as of March 31, 2015, except for Hotel Vintage
Portland, which was closed during the first quarter of 2015 for
renovation. 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 2015 Outlook include all of the
hotels the Company owned, or has an ownership interest in, as of
March 31, 2015, except for Hotel Vintage Portland in the first
quarter because it was closed during the first quarter of 2015 for
renovation, and Prescott Hotel in the fourth quarter because it is
anticipated that it will be closed during the fourth quarter of
2015.
|
|
|
|
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 2015 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
|
|
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
80%
|
|
88%
|
|
90%
|
|
82%
|
|
85%
|
|
ADR
|
|
$209
|
|
$238
|
|
$248
|
|
$237
|
|
$233
|
|
RevPAR
|
|
$168
|
|
$209
|
|
$222
|
|
$193
|
|
$198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$174.0
|
|
$208.7
|
|
$218.1
|
|
$200.1
|
|
$800.9
|
|
Hotel EBITDA
|
|
$42.0
|
|
$70.3
|
|
$77.9
|
|
$63.5
|
|
$253.7
|
|
Hotel EBITDA Margin
|
|
24.1%
|
|
33.7%
|
|
35.7%
|
|
31.8%
|
|
31.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
78%
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$222
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$178.7
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
|
|
$45.9
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA Margin
|
|
25.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
These historical hotel operating results include information for
all of the hotels the Company owned or had an ownership interest
in as of March 31, 2015. The hotel operating results for the
Manhattan Collection only include 49% of the results for the six
properties to reflect the Company's 49% ownership interest in the
hotels. These historical operating results include periods prior
to the Company's ownership of the hotels. The information above
does not reflect the Company's corporate general and
administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses.
Any differences are a result of rounding.
|
|
|
|
The information above has not been audited and is presented only for
comparison purposes.
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Historical Operating Data - Wholly Owned
|
|
($ in millions, except ADR and RevPAR)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Full Year
|
|
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
80%
|
|
87%
|
|
89%
|
|
80%
|
|
84%
|
|
ADR
|
|
$208
|
|
$230
|
|
$242
|
|
$224
|
|
$227
|
|
RevPAR
|
|
$167
|
|
$201
|
|
$217
|
|
$181
|
|
$191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$157.4
|
|
$184.2
|
|
$194.7
|
|
$173.7
|
|
$710.0
|
|
Hotel EBITDA
|
|
$40.7
|
|
$61.5
|
|
$69.8
|
|
$53.3
|
|
$225.3
|
|
Hotel EBITDA Margin
|
|
25.9%
|
|
33.4%
|
|
35.9%
|
|
30.7%
|
|
31.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
78%
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$225
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$163.5
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
|
|
$45.9
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA Margin
|
|
28.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
These historical hotel operating results include information for
all of the hotels the Company owned as of March 31, 2015, except
for the Company's 49% interest in the Manhattan Collection. These
historical operating results include periods prior to the
Company's ownership of the hotels. The information above does not
reflect the Company's corporate general and administrative
expense, interest expense, property acquisition costs,
depreciation and amortization, taxes and other expenses. Any
differences are a result of rounding.
|
|
|
|
The information above has not been audited and is presented only for
comparison purposes.
|
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
Historical Operating Data - Manhattan Collection
|
|
($ in millions, except ADR and RevPAR)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Full Year
|
|
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
84%
|
|
92%
|
|
92%
|
|
91%
|
|
90%
|
|
ADR
|
|
$213
|
|
$298
|
|
$288
|
|
$324
|
|
$282
|
|
RevPAR
|
|
$179
|
|
$275
|
|
$266
|
|
$293
|
|
$254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$16.6
|
|
$24.5
|
|
$23.4
|
|
$26.4
|
|
$90.9
|
|
Hotel EBITDA
|
|
$1.3
|
|
$8.8
|
|
$8.1
|
|
$10.3
|
|
$28.5
|
|
Hotel EBITDA Margin
|
|
7.7%
|
|
35.9%
|
|
34.4%
|
|
39.1%
|
|
31.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
81%
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$200
|
|
|
|
|
|
|
|
|
|
RevPAR
|
|
$161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Revenues
|
|
$15.2
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
|
|
$0.0
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA Margin
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
These historical hotel operating results include only information
for the six hotel properties that comprise the Manhattan
Collection. The hotel 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. 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 2015