BETHESDA, Md.–(BUSINESS WIRE)–$PEB #REIT–Pebblebrook Hotel Trust (NYSE: PEB):
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Q2 FINANCIAL HIGHLIGHTS |
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HOTEL OPERATING TRENDS |
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PORTFOLIO UPDATES & REPOSITIONINGS |
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Q3 2022 OUTLOOK |
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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 used in the table above and elsewhere in this press release.
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“Our second quarter operating results significantly surpassed our outlook due primarily to a robust recovery in weekday group and transient business travel throughout our urban markets. As the quarter progressed, we experienced strong demand and ADR improvements in San Francisco, Chicago, Boston, Seattle, Portland, and Washington, DC. This momentum is continuing into the third quarter. At our resorts, leisure demand remained robust, with pricing achieving record levels, far above 2019 and exceeding healthy 2021 rates. We also expanded our resort portfolio to 13 properties with the recent acquisitions of the luxury Inn on Fifth in Naples, Florida, and Gurney’s Newport Resort & Marina in Newport, Rhode Island. These unique independent resort properties offer significant upside opportunities. Our recent acquisitions have been funded by our ongoing property disposition program, and $77.6 million of preferred operating partnership units issued to the seller of Inn on Fifth. In late June, we completed the $77.0 million sale of The Marker San Francisco. In addition, we also executed $183.9 million of contracts to sell three additional urban properties. These property sales are expected to be completed during the third quarter.” –Jon E. Bortz, Chairman, President, and Chief Executive Officer of Pebblebrook Hotel Trust |
Second Quarter and Year-to-Date Highlights
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Second Quarter |
Six Months Ended June 30, |
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Same-Property and Corporate Highlights |
2022 |
2021 (‘22 vs. ‘21 growth) |
2019 (‘22 vs. ‘19 growth) |
2022 |
2021 (‘22 vs. ‘21 growth) |
2019 (‘22 vs. ‘19 growth) |
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($ in millions except per share and RevPAR data) |
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Net income (loss) |
$28.8 |
$1.4 |
$60.5 |
($71.4) |
($120.0) |
$66.2 |
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Same-Property Room Revenues(1) |
$260.6 |
$129.7 |
$273.6 |
$429.3 |
$194.6 |
$493.4 |
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Same-Property Room Revenues variance |
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101.0% |
(4.8%) |
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120.6% |
(13.0%) |
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Same-Property Total Revenues(1) |
$395.7 |
$201.4 |
$408.3 |
$653.8 |
$306.0 |
$744.5 |
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Same-Property Total Revenues variance |
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96.5% |
(3.1%) |
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113.7% |
(12.2%) |
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Same-Property Total Expenses(1) |
$257.0 |
$157.2 |
$261.8 |
$458.8 |
$268.6 |
$506.0 |
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Same-Property Total Expenses variance |
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63.5% |
(1.8%) |
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70.8% |
(9.3%) |
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Same-Property EBITDA(1) |
$138.8 |
$44.3 |
$146.6 |
$194.9 |
$37.4 |
$238.5 |
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Same-Property EBITDA variance |
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213.4% |
(5.3%) |
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421.5% |
(18.3%) |
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Adjusted EBITDAre(1) |
$128.8 |
$20.1 |
$153.8 |
$175.2 |
($2.7) |
$246.1 |
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Adjusted EBITDAre variance |
539.3% |
(16.2%) |
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NM |
(28.8%) |
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Adjusted FFO(1) |
$95.0 |
($12.5) |
$113.7 |
$109.0 |
($66.1) |
$176.3 |
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Adjusted FFO per diluted share(1) |
$0.72 |
($0.10) |
$0.87 |
$0.83 |
($0.50) |
$1.35 |
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Adjusted FFO per diluted share variance |
NM |
(17.2%) |
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NM |
(38.5%) |
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2022 Monthly Results |
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Same-Property Portfolio Highlights(2) |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
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($ in millions except ADR and RevPAR data) |
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Occupancy |
34% |
50% |
62% |
68% |
67% |
73% |
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ADR |
$269 |
$308 |
$305 |
$319 |
$314 |
$323 |
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RevPAR |
$91 |
$153 |
$188 |
$218 |
$210 |
$236 |
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Total Revenues |
$57.0 |
$84.9 |
$116.2 |
$128.3 |
$129.4 |
$138.1 |
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Total Revenues growth rate (‘22 vs. ‘19) |
(44%) |
(21%) |
(9%) |
(3%) |
(6%) |
(1%) |
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Hotel EBITDA |
($3.1) |
$20.5 |
$38.8 |
$46.6 |
$42.9 |
$49.3 |
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Hotel EBITDA growth rate (’22 vs. ’19) |
(115%) |
(29%) |
(9%) |
1% |
(11%) |
(6%) |
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| NM = Not Meaningful | ||
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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”), EBITDA for Real Estate (“EBITDAre”), Adjusted EBITDAre, 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 Room Revenues, Total Revenues, Expenses and EBITDA appearing in the table above and elsewhere in this press release, refer to the Same-Property Statistical Data table footnotes later in this press release.
Adjusted EBITDAre, Adjusted FFO and Adjusted FFO per share exclude the amortization of share-based compensation expense. Historical (2021 and 2019 comparable periods) results of such non-GAAP financial measures have been adjusted to reflect the exclusion. |
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| (2) |
Includes information for all of the hotels the Company owned as of June 30, 2022, except 1 Hotel San Francisco (which is excluded from January-June given the property’s closure for renovation), Inn on Fifth (which is excluded from January-March given the property’s acquisition on May 11), and Gurney’s Newport Resort & Marina (which is excluded from January-June given the property’s acquisition on June 23). Excludes The Marker San Francisco from April-June, given the property’s disposition on June 28. |
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“The demand pickup in our urban markets, including business transient, in-house groups, and citywide convention demand, materially strengthened in the second quarter,” noted Mr. Bortz. “These trends are continuing in the third quarter as rate growth achieves new records and we see the return of the historical patterns of strong weekday demand from business travel continuing to recover. Leisure and international travel are also returning to the urban markets. Yet, business and international travel are still well below 2019 levels, so there is opportunity for a further, substantial recovery in occupancy. On the hotel operating expense side of our business, the wide array of changes we made to our hotel operating models are producing encouraging results. Same-Property Hotel operating expenses excluding fixed costs were 3.4% below Q2 2019, resulting in Hotel EBITDA margins within 83 basis points of the second quarter of 2019.”
Capital Investments and Strategic Property Redevelopments
In the second quarter of 2022, the Company completed $22.5 million of capital investments throughout its portfolio, including the completion of the redevelopment and repositioning of Hotel Vitale into 1 Hotel San Francisco, which offers nature-inspired designs and environmentally focused services and aesthetics throughout guestrooms and suites, public areas, and meeting and event venues. The Company has completed $42.4 million of capital improvements and projects year to date through June 2022.
“We’re extremely excited with the tremendously positive guest reactions and reviews we have received on the 1 Hotel San Francisco,” noted Mr. Bortz. “This sustainability-focused, luxury hotel with amazing views overlooking the Bay Bridge and the iconic Ferry Building opened on June 1,2022. Initial room rates and booking volume have exceeded our expectations, and we are ramping very nicely. We are encouraged with the tremendous upside potential of this redeveloped and transformed hotel.”
The Company expects to invest a total of $100.0 to $120.0 million during 2022, which includes commencing the redevelopment and repositioning projects at Solamar Hotel (to be converted to Margaritaville Hotel San Diego Gaslamp Quarter), Hilton San Diego Gaslamp Quarter, Jekyll Island Club Resort, Viceroy Santa Monica Hotel, and Estancia La Jolla Hotel & Spa, as well as the development of a new outdoor venue and additional alternative lodging units at Skamania Lodge.
Update on Strategic Acquisitions and Dispositions
Year to date, the Company has acquired $330.0 million and sold $77.0 million of properties. On May 11, 2022, the Company acquired the 119-room Inn on Fifth in Naples, Florida for $156.0 million. On June 23, 2022, the Company acquired the 257-room Gurney’s Newport Resort & Marina in Newport, Rhode Island for $174.0 million.
The Company continues to make progress on its disposition program. On June 28, 2022, the Company sold the 208-room The Marker San Francisco for $77.0 million. In addition, the Company has executed contracts for gross proceeds of $183.9 million related to the sales of three properties to separate unaffiliated buyers who have each completed due diligence and waived typical contingencies. Each sale is expected to be completed during the third quarter and is subject to normal closing conditions. The Company offers no assurances that these sales will be completed on these terms or at all.
Balance Sheet and Liquidity
As of June 30, 2022, the Company had $62.8 million of consolidated cash, cash equivalents and restricted cash, in addition to $498.4 million of undrawn availability on its senior unsecured revolving credit facility, for total liquidity of $561.2 million. The Company had $2.5 billion in consolidated debt and convertible notes at an effective weighted-average interest rate of 3.4 percent. $1.9 billion, or 75 percent of the Company’s total outstanding debt and convertible notes, was at an effective weighted-average fixed interest rate of 3.2 percent, and $0.6 billion, or 25 percent, was at a weighted-average floating interest rate of 4.2 percent. The Company had $1.4 billion of unsecured term loans, and $100.0 million was outstanding on its $611.0 million senior unsecured revolving credit facility. The Company has exited its debt covenant waiver period as of the quarter ended June 30, 2022.
Common and Preferred Dividends
On June 15, 2022, the Company declared a quarterly cash dividend of $0.01 per share on its common shares as well as a regular quarterly cash dividend for the following preferred shares of beneficial interest:
- $0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share;
- $0.39375 per 6.3% Series F Cumulative Redeemable Preferred Share;
- $0.39844 per 6.375% Series G Cumulative Redeemable Preferred Share; and
- $0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.
Update on Curator Hotel & Resort Collection
Curator Hotel & Resort Collection (“Curator”) is a distinct collection of experientially focused small brands and independent lifestyle hotels and resorts worldwide founded by Pebblebrook and several industry-leading independent lifestyle hotel operators. As of June 30, 2022, Curator had grown to 90 member hotels. In the second quarter of 2022, Curator announced strategic partnerships with numerous leading travel and technology companies, including Infor, Oracle, StayNTouch, and Tayst Coffee Roaster. As of June 30, 2022, Curator had 85 programs with preferred vendor partners, providing Curator member hotels with preferred pricing, enhanced operating terms and early access to curated new technologies.
Q3 2022 Outlook
Based on current trends, assuming no acquisitions and the three contracted dispositions are completed, and assuming no material disruptions to travel caused by the COVID-19 pandemic, the Company’s outlook for Q3 2022 is as follows:
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Q3 2022 Outlook |
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Low |
High |
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($ and shares/units in millions, except per share and RevPAR data) |
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Net income |
$24.7 |
$34.7 |
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Adjusted EBITDAre |
$112.6 |
$122.6 |
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Adjusted FFO |
$75.3 |
$85.3 |
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Adjusted FFO per diluted share |
$0.57 |
$0.65 |
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This Q3 2022 Outlook is based, in part, on the following estimates and assumptions: |
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Same-Property RevPAR |
$212 |
$218 |
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Same-Property RevPAR variance vs. 2019 |
(8.0%) |
(5.0%) |
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Same-Property RevPAR variance vs. 2021 |
32.5% |
36.8% |
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Same-Property EBITDA |
$123.5 |
$133.5 |
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Same-Property EBITDA variance vs. 2019 |
(8.7%) |
(1.3%) |
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The Company continues to be unable to provide a full-year outlook for 2022 due to the uncertainties caused by the COVID-19 pandemic. The Company intends to issue new full-year guidance when it has more clarity on the economy, travel demand, and more predictable overall operating fundamentals and trends.
Second Quarter 2022 Earnings Call
The Company will conduct its quarterly analyst and investor conference call on Wednesday, July 27, 2022, at 9:30 AM ET. Please dial (877) 407-3982 approximately ten minutes before the call begins to participate. Additionally, a live webcast of the conference call will be available through the Investor Relations section of www.pebblebrookhotels.com. To access the webcast, click on https://investor.pebblebrookhotels.com/news-and-events/webcasts/default.aspx ten minutes before the conference call. A replay of the conference call webcast will be archived and available online.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 54 hotels and resorts, totaling approximately 13,400 guest rooms across 16 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow us 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 the 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: descriptions of the Company’s plans or objectives for future capital investment projects, operations or services; forecasts of the Company’s future economic performance; forecasts of hotel industry performance; descriptions of potential dispositions; 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 SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 filings with the U.S. Securities and Exchange Commission, 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 July 26, 2022. 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 share and per-share data) | ||||||||
| June 30, 2022 | December 31, 2021 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Assets: | ||||||||
| Investment in hotel properties, net |
$ |
6,039,477 |
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$ |
6,079,333 |
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| Hotels held for sale |
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146,805 |
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– |
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| Cash and cash equivalents |
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32,046 |
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58,518 |
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| Restricted cash |
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30,744 |
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33,729 |
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| Hotel receivables (net of allowance for doubtful accounts of $281 and $1,142, respectively) |
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54,899 |
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37,045 |
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| Prepaid expenses and other assets |
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84,954 |
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|
52,565 |
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| Total assets |
$ |
6,388,925 |
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$ |
6,261,190 |
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| LIABILITIES AND EQUITY | ||||||||
| Liabilities: | ||||||||
| Unsecured revolving credit facilities |
$ |
100,000 |
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$ |
– |
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| Unsecured term loans, net of unamortized deferred financing costs |
|
1,402,760 |
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1,427,256 |
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| Convertible senior notes, net of unamortized debt premium and discount and deferred financing costs |
|
745,868 |
|
|
745,401 |
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| Senior unsecured notes, net of unamortized deferred financing costs |
|
49,879 |
|
|
49,838 |
|
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| Mortgage loans, net of unamortized debt discount and deferred financing costs |
|
219,244 |
|
|
219,393 |
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| Accounts payable, accrued expenses and other liabilities |
|
261,169 |
|
|
250,584 |
|
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| Lease liabilities – operating leases |
|
320,315 |
|
|
319,426 |
|
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| Deferred revenues |
|
75,340 |
|
|
69,064 |
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| Accrued interest |
|
4,821 |
|
|
4,567 |
|
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| Liabilities related to hotels held for sale |
|
4,636 |
|
|
– |
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| Distribution payable |
|
12,217 |
|
|
11,756 |
|
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| Total liabilities |
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3,196,249 |
|
|
3,097,285 |
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| Commitments and contingencies | ||||||||
| Shareholders’ Equity: | ||||||||
| Preferred shares of beneficial interest, $0.01 par value (liquidation preference $740,000 at June 30, 2022 and December 31, 2021), 100,000,000 shares authorized; 29,600,000 shares issued and outstanding at June 30, 2022 and December 31, 2021 |
|
296 |
|
|
296 |
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| Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized; 130,905,132 shares issued and outstanding at June 30, 2022 and 130,813,750 shares issued and outstanding at December 31, 2021 |
|
1,309 |
|
|
1,308 |
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| Additional paid-in capital |
|
4,271,169 |
|
|
4,268,042 |
|
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| Accumulated other comprehensive income (loss) |
|
23,748 |
|
|
(19,442 |
) |
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| Distributions in excess of retained earnings |
|
(1,190,693 |
) |
|
(1,094,023 |
) |
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| Total shareholders’ equity |
|
3,105,829 |
|
|
3,156,181 |
|
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| Non-controlling interests |
|
86,847 |
|
|
7,724 |
|
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| Total equity |
|
3,192,676 |
|
|
3,163,905 |
|
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| Total liabilities and equity |
$ |
6,388,925 |
|
$ |
6,261,190 |
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| Pebblebrook Hotel Trust | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| ($ in thousands, except share and per-share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
|
Three months ended June 30, |
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Six months ended June 30, |
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2022 |
|
2021 |
|
2022 |
|
2021 |
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| Revenues: | ||||||||||||||||
| Room |
$ |
261,394 |
|
$ |
108,603 |
|
$ |
430,026 |
|
$ |
162,066 |
|
||||
| Food and beverage |
|
100,724 |
|
|
31,514 |
|
|
163,148 |
|
|
46,323 |
|
||||
| Other operating |
|
35,406 |
|
|
23,197 |
|
|
62,418 |
|
|
38,568 |
|
||||
| Total revenues |
$ |
397,524 |
|
$ |
163,314 |
|
$ |
655,592 |
|
$ |
246,957 |
|
||||
| Expenses: | ||||||||||||||||
| Hotel operating expenses: | ||||||||||||||||
| Room |
$ |
58,002 |
|
$ |
28,563 |
|
$ |
100,465 |
|
$ |
45,273 |
|
||||
| Food and beverage |
|
64,513 |
|
|
22,453 |
|
|
110,563 |
|
|
33,196 |
|
||||
| Other direct and indirect |
|
105,881 |
|
|
56,219 |
|
|
191,728 |
|
|
101,447 |
|
||||
| Total hotel operating expenses |
|
228,396 |
|
|
107,235 |
|
|
402,756 |
|
|
179,916 |
|
||||
| Depreciation and amortization |
|
60,274 |
|
|
54,701 |
|
|
119,374 |
|
|
110,144 |
|
||||
| Real estate taxes, personal property taxes, property insurance, and ground rent |
|
33,020 |
|
|
29,436 |
|
|
63,477 |
|
|
58,026 |
|
||||
| General and administrative |
|
9,686 |
|
|
9,724 |
|
|
19,394 |
|
|
17,370 |
|
||||
| Impairment loss |
|
12,271 |
|
|
– |
|
|
73,254 |
|
|
14,856 |
|
||||
| Gain on sale of hotel properties |
|
– |
|
|
(64,558 |
) |
|
– |
|
|
(64,558 |
) |
||||
| Other operating expenses |
|
1,933 |
|
|
521 |
|
|
3,056 |
|
|
1,083 |
|
||||
| Total operating expenses |
|
345,580 |
|
|
137,059 |
|
|
681,311 |
|
|
316,837 |
|
||||
| Operating income (loss) |
|
51,944 |
|
|
26,255 |
|
|
(25,719 |
) |
|
(69,880 |
) |
||||
| Interest expense |
|
(23,161 |
) |
|
(24,804 |
) |
|
(45,733 |
) |
|
(50,135 |
) |
||||
| Other |
|
14 |
|
|
29 |
|
|
33 |
|
|
58 |
|
||||
| Income (loss) before income taxes |
|
28,797 |
|
|
1,480 |
|
|
(71,419 |
) |
|
(119,957 |
) |
||||
| Income tax (expense) benefit |
|
– |
|
|
(52 |
) |
|
– |
|
|
(55 |
) |
||||
| Net income (loss) |
|
28,797 |
|
|
1,428 |
|
|
(71,419 |
) |
|
(120,012 |
) |
||||
| Net income (loss) attributable to non-controlling interests |
|
808 |
|
|
(102 |
) |
|
122 |
|
|
(960 |
) |
||||
| Net income (loss) attributable to the Company |
|
27,989 |
|
|
1,530 |
|
|
(71,541 |
) |
|
(119,052 |
) |
||||
| Distributions to preferred shareholders |
|
(11,343 |
) |
|
(10,094 |
) |
|
(22,687 |
) |
|
(18,233 |
) |
||||
| Net income (loss) attributable to common shareholders |
$ |
16,646 |
|
$ |
(8,564 |
) |
$ |
(94,228 |
) |
$ |
(137,285 |
) |
||||
| Net income (loss) per share available to common shareholders, basic |
$ |
0.13 |
|
$ |
(0.07 |
) |
$ |
(0.72 |
) |
$ |
(1.05 |
) |
||||
| Net income (loss) per share available to common shareholders, diluted |
$ |
0.12 |
|
$ |
(0.07 |
) |
$ |
(0.72 |
) |
$ |
(1.05 |
) |
||||
| Weighted-average number of common shares, basic |
|
130,904,876 |
|
|
130,813,521 |
|
|
130,904,589 |
|
|
130,794,801 |
|
||||
| Weighted-average number of common shares, diluted |
|
160,720,239 |
|
|
130,813,521 |
|
|
130,904,589 |
|
|
130,794,801 |
|
||||
| Pebblebrook Hotel Trust | ||||||||||||||||||||||||
| Reconciliation of Net Income (Loss) to FFO and Adjusted FFO | ||||||||||||||||||||||||
| ($ in thousands, except share and per-share data) | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||||||||||||||
|
2022 |
|
2021 |
|
2019 |
|
2022 |
|
2021 |
|
2019 |
||||||||||||||
| Net income (loss) |
$ |
28,797 |
|
$ |
1,428 |
|
$ |
60,518 |
|
$ |
(71,419 |
) |
$ |
(120,012 |
) |
$ |
66,173 |
|
||||||
| Adjustments: | ||||||||||||||||||||||||
| Real estate depreciation and amortization |
|
60,185 |
|
|
54,589 |
|
|
53,239 |
|
|
119,195 |
|
|
109,922 |
|
|
107,483 |
|
||||||
| Gain on sale of hotel properties |
|
– |
|
|
(64,558 |
) |
|
– |
|
|
– |
|
|
(64,558 |
) |
|
– |
|
||||||
| Impairment loss |
|
12,271 |
|
|
– |
|
|
– |
|
|
73,254 |
|
|
14,856 |
|
|
– |
|
||||||
| FFO |
$ |
101,253 |
|
$ |
(8,541 |
) |
$ |
113,757 |
|
$ |
121,030 |
|
$ |
(59,792 |
) |
$ |
173,656 |
|
||||||
| Distribution to preferred shareholders and unit holders |
|
(11,991 |
) |
|
(10,094 |
) |
|
(8,139 |
) |
|
(23,335 |
) |
|
(18,233 |
) |
|
(16,278 |
) |
||||||
| FFO available to common share and unit holders |
$ |
89,262 |
|
$ |
(18,635 |
) |
$ |
105,618 |
|
$ |
97,695 |
|
$ |
(78,025 |
) |
$ |
157,378 |
|
||||||
| Transaction costs |
|
137 |
|
|
1 |
|
|
1,044 |
|
|
152 |
|
|
112 |
|
|
3,541 |
|
||||||
| Non-cash ground rent |
|
1,937 |
|
|
906 |
|
|
984 |
|
|
3,875 |
|
|
1,786 |
|
|
1,956 |
|
||||||
| Management/franchise contract transition costs |
|
126 |
|
|
– |
|
|
801 |
|
|
389 |
|
|
(44 |
) |
|
3,973 |
|
||||||
| Interest expense adjustment for acquired liabilities |
|
764 |
|
|
382 |
|
|
202 |
|
|
1,486 |
|
|
921 |
|
|
473 |
|
||||||
| Finance lease adjustment |
|
725 |
|
|
789 |
|
|
693 |
|
|
1,447 |
|
|
1,601 |
|
|
1,383 |
|
||||||
| Non-cash amortization of acquired intangibles |
|
(542 |
) |
|
(254 |
) |
|
(298 |
) |
|
(1,084 |
) |
|
(507 |
) |
|
(735 |
) |
||||||
| Non-cash interest expense |
|
– |
|
|
443 |
|
|
1,604 |
|
|
49 |
|
|
1,178 |
|
|
3,382 |
|
||||||
| One-time operation suspension expenses |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
132 |
|
|
– |
|
||||||
| Early extinguishment of debt |
|
– |
|
|
778 |
|
|
972 |
|
|
– |
|
|
1,534 |
|
|
972 |
|
||||||
| Amortization of share-based compensation expense |
|
2,619 |
|
|
3,064 |
|
|
2,118 |
|
|
4,974 |
|
|
5,245 |
|
|
3,966 |
|
||||||
| Adjusted FFO available to common share and unit holders |
$ |
95,028 |
|
$ |
(12,526 |
) |
$ |
113,738 |
|
$ |
108,983 |
|
$ |
(66,067 |
) |
$ |
176,289 |
|
||||||
| FFO per common share – basic |
$ |
0.68 |
|
$ |
(0.14 |
) |
$ |
0.81 |
|
$ |
0.74 |
|
$ |
(0.59 |
) |
$ |
1.20 |
|
||||||
| FFO per common share – diluted |
$ |
0.68 |
|
$ |
(0.14 |
) |
$ |
0.81 |
|
$ |
0.74 |
|
$ |
(0.59 |
) |
$ |
1.20 |
|
||||||
| Adjusted FFO per common share – basic |
$ |
0.72 |
|
$ |
(0.10 |
) |
$ |
0.87 |
|
$ |
0.83 |
|
$ |
(0.50 |
) |
$ |
1.35 |
|
||||||
| Adjusted FFO per common share – diluted |
$ |
0.72 |
|
$ |
(0.10 |
) |
$ |
0.87 |
|
$ |
0.83 |
|
$ |
(0.50 |
) |
$ |
1.35 |
|
||||||
| Weighted-average number of basic common shares and units |
|
131,781,980 |
|
|
131,674,334 |
|
|
130,854,912 |
|
|
131,781,693 |
|
|
131,655,614 |
|
|
130,828,120 |
|
||||||
| Weighted-average number of fully diluted common shares and units |
|
132,156,168 |
|
|
131,674,334 |
|
|
130,965,810 |
|
|
131,781,693 |
|
|
131,655,614 |
|
|
131,032,363 |
|
||||||
Contacts
Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust – (240) 507-1330