BETHESDA, Md.--August 2, 2012--Pebblebrook Hotel Trust (NYSE:
PEB) (the “Company”) today reported results for the quarter ended June
30, 2012. The Company’s results include the following:
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Second Quarter |
|
Six Months Ended June 30, |
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
($ in
millions except per share, RevPAR and margin data) |
|
|
|
|
|
|
|
|
|
Net income (loss)
to common shareholders |
|
$5.4
|
|
$1.8
|
|
$(1.8)
|
|
$(1.8)
|
Net income (loss)
per diluted share |
|
$0.10
|
|
$0.03
|
|
$(0.04)
|
|
$(0.05)
|
|
|
|
|
|
|
|
|
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Pro forma RevPAR |
|
$186.32
|
|
$165.06
|
|
$164.33
|
|
$148.23
|
Pro forma Hotel
EBITDA |
|
$35.9
|
|
$27.9
|
|
$53.1
|
|
$41.2
|
Pro forma Hotel
EBITDA Margin |
|
31.0%
|
|
26.4%
|
|
25.4%
|
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21.4%
|
|
|
|
|
|
|
|
|
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Adjusted EBITDA(1)
|
|
$32.9
|
|
$18.3
|
|
$46.9
|
|
$24.7
|
|
|
|
|
|
|
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Adjusted FFO(1)
|
|
$20.1
|
|
$11.6
|
|
$25.6
|
|
$14.9
|
Adjusted FFO per
diluted share(1) |
|
$0.37
|
|
$0.23
|
|
$0.48
|
|
$0.32
|
|
(1) See tables later in this press
release for a description of pro forma 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
diluted share, Adjusted FFO and Adjusted FFO per diluted share.
For the details as to which hotels are included in Pro
forma RevPAR, ADR, Occupancy, Hotel Revenues, Hotel Expenses, Hotel
EBITDA and Hotel EBITDA Margins for the second quarter and six months
ended June 30, 2012, refer to the Pro Forma Property Inclusion
Reference Table later in this press release.
“We’re extremely pleased with the exceptional performance of
our portfolio in the second quarter,” said Jon E. Bortz, Chairman,
President and Chief Executive Officer of Pebblebrook Hotel Trust. “Our
hotels benefitted from the continued strength in business and leisure
transient travel, improving group demand, and healthy inbound
international travel, all despite ongoing global uncertainty and a
sluggish U.S. economy. Our favorable operating results demonstrate the
benefits of owning high-quality hotels in well-located urban gateway
markets. We continue to believe our properties have tremendous upside
opportunities from recently completed renovations and repositionings
and through our comprehensive asset management efforts focused on
implementing best practices, creating more efficient operations and
lowering hotel operating expenses.”
Second Quarter Highlights
- Pro forma RevPAR, ADR and
Occupancy: Pro forma room revenue per available room (“Pro forma
RevPAR”) in the second quarter of 2012 increased 12.9 percent over the
same period of 2011 to $186.32. Pro forma average daily rate (“Pro
forma ADR”) grew 5.4 percent from the second quarter of 2011 to
$219.57, while Pro forma Occupancy increased 7.1 percent to 84.9
percent.
- Pro forma Hotel EBITDA: The
hotels generated $35.9 million of Pro forma Hotel EBITDA for the
quarter ended June 30, 2012, an improvement of 28.6 percent compared to
the same period of 2011. Pro forma Hotel Revenues increased 9.5
percent, while Pro forma Hotel Expenses rose 2.6 percent. As a result,
Pro forma Hotel EBITDA Margin was 31.0 percent for the quarter ended
June 30, 2012 and represents an increase of 461 basis points as
compared to the same period last year.
- Adjusted EBITDA: The
Company’s Adjusted EBITDA increased 79.7 percent, or $14.6 million, to
$32.9 million from $18.3 million in the prior year period.
- Adjusted FFO: The Company’s
Adjusted FFO climbed 73.7 percent to $20.1 million from $11.6 million
in the prior year period.
- Capital Investments: During
the second quarter of 2012, the Company invested $13.4 million of
capital throughout its portfolio, including $3.1 million at the Westin
Gaslamp Quarter, $1.9 million at the Sheraton Delfina, $1.4 million at
the Hotel Monaco Seattle and $1.3 million at the Mondrian Los Angeles.
- Dividends: On June 15, 2012,
the Company declared a $0.12 per share quarterly dividend on its common
shares, a $0.4921875 per share quarterly dividend on its 7.875% Series
A Cumulative Redeemable Preferred Shares and a $0.50 per share
quarterly dividend on its 8.0% Series B Cumulative Redeemable Preferred
Shares.
“We were able to grow portfolio-wide Pro forma RevPAR 12.9
percent in the second quarter, well in excess of the industry’s 7.9
percent, as well as increase Hotel EBITDA 28.6 percent over the prior
year and improve operating margins by 461 basis points,” noted Mr.
Bortz. “We’re thrilled with the progress we’ve made in improving
operating performance since acquiring our hotels and we’re excited
about the increasingly positive impact our array of best practice
programs are having in our portfolio. We expect to see significant
benefits and improvements through the remainder of 2012 and beyond. In
addition to our asset management programs, the comprehensive renovation
and repositioning programs that we undertook last year and earlier this
year have allowed us to effectively increase room rates, grow
occupancies, and expand market share penetration.”
Capital Reinvestment
During the second quarter of 2012, the Company completed the
comprehensive $25.0 million renovation and redevelopment of the Westin
Gaslamp Quarter. This multi-phase, multi-year renovation included all
guest rooms, corridors, public areas, meeting space, lobby, entry,
porte cochere, exterior and restaurant, including reconcepting the
restaurant and adding meeting space.
In May 2012, the Company completed a comprehensive $8.8
million renovation of the Sheraton Delfina, which included the hotel’s
guest rooms, corridors, meeting rooms, lobby and public space. Also in
May 2012, the Company completed a $5.0 million renovation at the Hotel
Monaco Seattle, which included renovating the guest rooms, corridors,
lobby and meeting space.
“The recently completed capital investment programs at the
Westin Gaslamp Quarter, Sheraton Delfina and Monaco Seattle, along with
the prior year’s renovations of Affinia Manhattan, Sir Francis Drake,
Minneapolis Grand, InterContinental Buckhead and DoubleTree by Hilton
Bethesda-Washington, DC have provided us with a significant opportunity
to drive room rates and RevPAR penetration higher, which should
substantially increase profitability and cash flow at each of these
hotels over the next several years,” continued Mr. Bortz. “In addition
to our recently completed renovation and refurbishments, the Company
remains on track to close the Hotel Milano during the fourth quarter of
2012 as part of our planned $11.0 to $12.0 million comprehensive
renovation and repositioning of the hotel, which now also includes the
creation of an additional 8 guest rooms, as well as leasing out the
restaurant and all food and beverage operations. The renovation is
anticipated to be completed in the first quarter of 2013, and the hotel
will be renamed and reopened at that time.”
Acquisitions
- On April 4, 2012, the Company
acquired the Hotel Milano for $29.8 million. The 108-room, full-service
hotel is located in the South of Market and Convention Center submarket
of San Francisco, California. Upon acquisition, the Company selected
Viceroy Hotel Group to manage the hotel.
- On July 9, 2012, the Company
acquired Hotel Vintage Park Seattle for $32.5 million. The 125-room,
AAA four-diamond, full-service, boutique hotel is centrally located in
the core of the downtown retail and financial center in Seattle,
Washington. The 11-story hotel features custom cherry wood furnishings,
1,000 square feet of meeting space, in-room spa services, a fitness
center, a business center, a 66-space on-site parking structure, and
the award-winning Tulio Ristorante. Kimpton Hotels & Restaurants
manages the hotel.
- On July 9, 2012, the Company
acquired the Hotel Vintage Plaza Portland for $30.5 million. The
117-room, AAA four-diamond, full-service, boutique hotel is located in
the heart of downtown Portland, Oregon. The hotel features 4,800 square
feet of meeting space in eight flexible meeting rooms, and the esteemed
Pazzo Ristorante, a cornerstone restaurant in Portland’s dining scene
for over 20 years. Kimpton Hotels & Restaurants manages the hotel.
“We’re thrilled with the acquisitions we’ve made this year in
our target markets of San Francisco, Seattle and Portland,” commented
Mr. Bortz. “We’ve been able to invest in well-located assets in high
barrier-to-entry markets at substantial discounts to replacement cost,
and all of these properties present excellent upside opportunities
through increased RevPAR penetration and the implementation of our
asset management initiatives,” commented Mr. Bortz.
Since its initial public offering in December 2009, the
Company has acquired 23 properties (six through a joint venture)
totaling $1.8 billion of invested capital.
Year-to-Date Highlights
- Pro forma RevPAR, ADR and
Occupancy: Pro forma RevPAR for the six months ended June 30, 2012
increased 10.9 percent over the same period of 2011 to $164.33.
Year-to-date, Pro forma ADR grew 4.0 percent from the comparable period
of 2011 to $206.67, while year-to-date Pro forma Occupancy climbed 6.5
percent to 79.5 percent.
- Pro forma Hotel EBITDA: The
Company’s hotels generated $53.1 million of Pro forma Hotel EBITDA for
the six months ended June 30, 2012, an improvement of 28.8 percent
compared with the same period of 2011. Pro forma Hotel Revenues grew
8.4 percent, while Pro forma Hotel Expenses rose 2.8 percent. As a
result, Pro forma Hotel EBITDA Margin for the six months ended June 30,
2012 increased 402 basis points to 25.4 percent as compared to the same
period last year.
- Adjusted EBITDA: The
Company’s Adjusted EBITDA increased 89.7 percent, or $22.2 million, to
$46.9 million from $24.7 million in the prior year period.
- Adjusted FFO: The Company’s
Adjusted FFO climbed 71.4 percent to $25.6 million from $14.9 million
in the prior year period.
Balance Sheet
As of June 30, 2012, the Company had $260.2 million in
consolidated debt and $277.8 million in unconsolidated, non-recourse
debt at weighted-average interest rates of 4.6 percent and 3.3 percent,
respectively. The Company had no outstanding balance on its $200.0
million senior unsecured credit facility. As of June 30, 2012, the
Company had $172.2 million of consolidated cash, cash equivalents and
restricted cash and $17.8 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, a joint venture
with affiliates of Denihan Hospitality Group that owns six upper
upscale hotels in Midtown Manhattan, New York. The weighted-average
number of fully diluted common shares and units outstanding for the
quarter ended June 30, 2012 was 53.9 million.
On June 30, 2012, as defined by the Company’s credit
agreement, the Company’s fixed charge coverage ratio was 1.9 times,
total net debt to trailing 12-month Corporate EBITDA was 3.7 times and
total debt to total assets ratio was 32 percent. Excluding the
Manhattan Collection, the Company’s fixed charge coverage ratio was 1.9
times, net debt to trailing 12 month Corporate EBITDA was 1.4 times and
total debt to total assets ratio was 21 percent.
Capital Markets
From May 2012 through July 2012, the Company completed several
capital transactions to help fund strategic growth and maintain its
strong balance sheet.
- On May 18, 2012, the Company
executed a $50.0 million non-recourse, secured loan at a fixed annual
interest rate of 3.9 percent and a term of five years. The loan is
collateralized by a first mortgage on the 306-room Hotel Sofitel
Philadelphia in Philadelphia, Pennsylvania.
- On June 22, 2012, the Company
completed an underwritten public offering of 5.2 million common shares
at a price per share of $22.10, resulting in net proceeds of $109.8
million.
- On July 13, 2012, the Company
amended and restated its senior unsecured revolving credit facility.
The amended credit facility was increased to $300 million and is
comprised of a $200 million unsecured revolving credit facility and a
$100 million unsecured term loan. The pricing on the amended credit
facility has been significantly reduced and the facility now matures in
July 2016 with an option to extend to July 2017. The new $100 million,
five-year term loan is expected to be drawn on August 13, 2012. The
Company entered into a swap agreement to fix the interest rate of the
term loan and based on the Company’s current leverage ratio (as defined
by the credit agreement), the interest rate on the term loan will be
2.4 percent once drawn.
- The Company issued 1,290,676 common
shares under its ATM offering program at an average price of $23.00 per
share, for total net proceeds of $29.2 million.
“We’re delighted with our continued ability to access the
capital markets,” commented Raymond D. Martz, Chief Financial Officer
of Pebblebrook Hotel Trust. “The support from our investors and banking
relationships has allowed us to further strengthen our balance sheet
and lower our overall cost of capital, all while providing us with
additional capacity for acquisitions.”
2012 Outlook
The Company is amending its 2012 Outlook to the following:
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2012
Outlook |
|
|
Low
|
|
High
|
|
|
($ in
millions except per share and RevPAR data) |
Net income (loss)
to common shareholders |
|
$6.5
|
|
$10.5
|
Net income (loss)
per diluted share |
|
$0.12
|
|
$0.19
|
|
|
|
|
|
Adjusted EBITDA |
|
$111.0
|
|
$115.0
|
|
|
|
|
|
Adjusted FFO |
|
$63.0
|
|
$67.0
|
Adjusted FFO per
diluted share |
|
$1.12
|
|
$1.19
|
|
|
|
|
|
This 2012 outlook is based on the
following estimates and assumptions:
|
|
|
|
|
|
U.S. GDP Growth |
|
1.75%
|
|
2.25%
|
U.S. Hotel
Industry RevPAR Growth |
|
6.5%
|
|
7.5%
|
|
|
|
|
|
Portfolio RevPAR |
|
$173
|
|
$176
|
Portfolio RevPAR
Growth |
|
8.0%
|
|
10.0%
|
|
|
|
|
|
Portfolio Hotel
EBITDA |
|
$125.0
|
|
$129.0
|
Portfolio Hotel
EBITDA Margin |
|
27.5%
|
|
28.0%
|
Portfolio Hotel
EBITDA Margin Growth |
|
250 bps |
|
300 bps |
|
|
|
|
|
Corporate cash
general and administrative expenses |
|
$12.0
|
|
$12.5
|
Corporate
non-cash general and administrative expenses |
|
$3.7
|
|
$3.7
|
|
|
|
|
|
Total capital
investments related to renovations, capital maintenance and return on
investment projects |
|
$55.0
|
|
$65.0
|
|
|
|
|
|
Weighted-average
fully diluted shares and units |
|
56.2
|
|
56.2
|
|
|
|
|
|
The Company’s 2012 outlook includes the effects of its 49
percent pro rata interest in the Manhattan Collection and assumes no
additional acquisitions beyond the hotels the Company owned as of
August 2, 2012.
The Company’s Outlook for the third quarter 2012 is as
follows:
|
|
Third
Quarter 2012 Outlook |
|
|
Low
|
|
High
|
|
|
($ in
millions except per share and RevPAR data) |
Portfolio RevPAR |
|
$187
|
|
$190
|
Portfolio RevPAR
Growth |
|
6.0%
|
|
8.0%
|
|
|
|
|
|
Portfolio Hotel
EBITDA |
|
$35.5
|
|
$37.5
|
Portfolio Hotel
EBITDA Margin |
|
30.0%
|
|
30.5%
|
Portfolio Hotel
EBITDA Margin Growth |
|
200 bps |
|
250 bps |
|
|
|
|
|
Adjusted EBITDA |
|
$31.0
|
|
$33.0
|
|
|
|
|
|
Adjusted FFO |
|
$18.0
|
|
$20.0
|
Earnings Call
The Company will conduct its quarterly analyst and investor
conference call on Friday, August 3, 2012, at 9:00 AM EDT. To
participate in the conference call, please dial (877) 704-5378
approximately ten minutes before the call begins. Additionally, a live
webcast of the conference call will be available through the Company’s
website. To access the webcast, log on to http://www.pebblebrookhotels.com ten minutes prior
to the conference call. A replay of the conference call webcast will be
archived and available online through the Investor Relations section of
http://www.pebblebrookhotels.com.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate
investment trust (“REIT”) organized to opportunistically acquire and
invest primarily in upper upscale, full service hotels located in urban
markets in major gateway cities. The Company owns 23 hotels, comprised
of 17 wholly owned hotels, with a total of 4,162 guest rooms and a 49
percent joint venture interest in six hotels with 1,733 guest rooms.
The Company owns, or has an ownership interest in, hotels located in
ten states and the District of Columbia, including 15 markets: San
Diego, California; San Francisco, California; Santa Monica, California;
West Hollywood, 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 www.pebblebrookhotels.com.
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; forecasts of hotel industry performance;
expectations about the Company’s financing activity; 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, 2011. 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 release is as of August 2, 2012.
The Company undertakes no duty to update the statements in
this release to conform the statements to actual results or changes in
the Company’s expectations.
|
|
|
|
Pebblebrook
Hotel Trust |
Consolidated
Balance Sheets |
(In
thousands, except share data) |
|
|
|
|
|
|
|
June 30, 2012 |
|
December 31, 2011 |
|
|
(Unaudited)
|
|
|
ASSETS |
|
|
|
|
Assets: |
|
|
|
|
Investment in
hotel properties, net |
|
$
|
1,165,080
|
|
|
$
|
1,127,484
|
|
Investment in
joint venture |
|
|
170,960
|
|
|
|
171,765
|
|
Ground lease
asset, net |
|
|
10,393
|
|
|
|
10,502
|
|
Cash and cash
equivalents |
|
|
163,898
|
|
|
|
65,684
|
|
Restricted cash |
|
|
8,334
|
|
|
|
9,469
|
|
Hotel receivables
(net of allowance for doubtful accounts of $59 and $71, respectively) |
|
|
15,937
|
|
|
|
11,312
|
|
Deferred
financing costs, net |
|
|
3,734
|
|
|
|
3,487
|
|
Prepaid
expenses and other assets |
|
|
21,044
|
|
|
|
16,929
|
|
Total
assets |
|
$
|
1,559,380
|
|
|
$
|
1,416,632
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Senior unsecured
revolving credit facility |
|
$
|
-
|
|
|
$
|
-
|
|
Mortgage debt |
|
|
260,215
|
|
|
|
251,539
|
|
Accounts payable
and accrued expenses |
|
|
36,083
|
|
|
|
33,333
|
|
Advance deposits |
|
|
5,999
|
|
|
|
4,380
|
|
Accrued interest |
|
|
1,075
|
|
|
|
1,000
|
|
Distribution
payable |
|
|
10,832
|
|
|
|
10,032
|
|
Total liabilities
|
|
|
314,204
|
|
|
|
300,284
|
|
Commitments and
contingencies |
|
|
|
|
Shareholders'
equity: |
|
|
|
|
Preferred shares of beneficial
interest, $.01 value (liquidation preference of $225,000 at June 30,
2012 and December 31, 2011), 100,000,000 shares authorized; 9,000,000
shares issued and outstanding at June 30, 2012 and at December 31, 2011
|
|
|
90
|
|
|
|
90
|
|
Common shares of beneficial
interest, $.01 par value, 500,000,000 shares authorized; 57,431,641
issued and outstanding at June 30, 2012 and 50,769,024 issued and
outstanding at December 31, 2011
|
|
|
574
|
|
|
|
508
|
|
Additional
paid-in capital |
|
|
1,286,022
|
|
|
|
1,142,905
|
|
Distributions
in excess of retained earnings |
|
|
(45,283
|
)
|
|
|
(30,252
|
)
|
Total
shareholders' equity |
|
|
1,241,403
|
|
|
|
1,113,251
|
|
Non-controlling
interests |
|
|
3,773
|
|
|
|
3,097
|
|
Total
equity |
|
|
1,245,176
|
|
|
|
1,116,348
|
|
Total
liabilities and equity |
|
$
|
1,559,380
|
|
|
$
|
1,416,632
|
|
|
|
Pebblebrook
Hotel Trust |
Consolidated
Statements of Operations |
(In
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Six
months ended |
|
|
June 30, |
|
June 30, |
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
REVENUES: |
|
|
|
|
|
|
|
|
Hotel operating
revenues: |
|
|
|
|
|
|
|
|
Room |
|
$
|
59,632
|
|
|
$
|
45,601
|
|
|
$
|
106,487
|
|
|
$
|
71,160
|
|
Food and beverage
|
|
|
28,870
|
|
|
|
23,166
|
|
|
|
54,394
|
|
|
|
37,953
|
|
Other
operating |
|
|
5,665
|
|
|
|
4,343
|
|
|
|
10,760
|
|
|
|
6,662
|
|
Total
revenues |
|
$
|
94,167
|
|
|
$
|
73,110
|
|
|
$
|
171,641
|
|
|
$
|
115,775
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
Hotel operating
expenses: |
|
|
|
|
|
|
|
|
Room |
|
$
|
14,983
|
|
|
$
|
11,866
|
|
|
$
|
28,476
|
|
|
$
|
19,507
|
|
Food and beverage
|
|
|
20,417
|
|
|
|
15,827
|
|
|
|
40,120
|
|
|
|
26,687
|
|
Other direct |
|
|
2,955
|
|
|
|
1,922
|
|
|
|
5,706
|
|
|
|
3,083
|
|
Other
indirect |
|
|
23,792
|
|
|
|
19,860
|
|
|
|
45,938
|
|
|
|
32,936
|
|
Total hotel
operating expenses |
|
|
62,147
|
|
|
|
49,475
|
|
|
|
120,240
|
|
|
|
82,213
|
|
Depreciation and
amortization |
|
|
9,998
|
|
|
|
7,592
|
|
|
|
19,687
|
|
|
|
12,389
|
|
Real estate
taxes, personal property taxes and property insurance |
|
|
4,032
|
|
|
|
3,158
|
|
|
|
8,039
|
|
|
|
5,081
|
|
Ground rent |
|
|
537
|
|
|
|
515
|
|
|
|
957
|
|
|
|
761
|
|
General and
administrative |
|
|
4,810
|
|
|
|
2,440
|
|
|
|
8,410
|
|
|
|
4,726
|
|
Hotel
acquisition costs |
|
|
588
|
|
|
|
1,715
|
|
|
|
826
|
|
|
|
3,441
|
|
Total operating
expenses |
|
|
82,112
|
|
|
|
64,895
|
|
|
|
158,159
|
|
|
|
108,611
|
|
Operating income
(loss) |
|
|
12,055
|
|
|
|
8,215
|
|
|
|
13,482
|
|
|
|
7,164
|
|
Interest income |
|
|
23
|
|
|
|
293
|
|
|
|
29
|
|
|
|
766
|
|
Interest expense |
|
|
(3,465
|
)
|
|
|
(3,446
|
)
|
|
|
(6,722
|
)
|
|
|
(6,302
|
)
|
Other |
|
|
-
|
|
|
|
47
|
|
|
|
-
|
|
|
|
47
|
|
Equity in
earnings (loss) of joint venture |
|
|
3,080
|
|
|
|
-
|
|
|
|
(516
|
)
|
|
|
-
|
|
Net income (loss)
before income taxes |
|
|
11,693
|
|
|
|
5,109
|
|
|
|
6,273
|
|
|
|
1,675
|
|
Income
tax (expense) benefit |
|
|
(1,666
|
)
|
|
|
(810
|
)
|
|
|
917
|
|
|
|
(420
|
)
|
Net income (loss)
|
|
|
10,027
|
|
|
|
4,299
|
|
|
|
7,190
|
|
|
|
1,255
|
|
Net
income (loss) attributable to non-controlling interests |
|
|
163
|
|
|
|
85
|
|
|
|
117
|
|
|
|
85
|
|
Net income (loss)
attributable to the Company |
|
|
9,864
|
|
|
|
4,214
|
|
|
|
7,073
|
|
|
|
1,170
|
|
Distributions
to preferred shareholders |
|
|
(4,457
|
)
|
|
|
(2,461
|
)
|
|
|
(8,913
|
)
|
|
|
(3,008
|
)
|
Net
income (loss) attributable to common shareholders |
|
$
|
5,407
|
|
|
$
|
1,753
|
|
|
$
|
(1,840
|
)
|
|
$
|
(1,838
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per-share available to common shareholders, basic and diluted |
|
$
|
0.10
|
|
|
$
|
0.03
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.05
|
)
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares, basic |
|
|
52,908,195
|
|
|
|
50,193,672
|
|
|
|
51,959,049
|
|
|
|
45,026,715
|
|
Weighted-average
number of common shares, diluted |
|
|
52,927,862
|
|
|
|
50,193,672
|
|
|
|
51,959,049
|
|
|
|
45,026,715
|
|
|
Pebblebrook
Hotel Trust |
Reconciliation
of Net Income (Loss) to FFO, EBITDA, Adjusted FFO and Adjusted EBITDA
|
(In
thousands, except share and per share data) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Six
months ended |
|
|
June 30, |
|
June 30, |
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
10,027
|
|
|
$
|
4,299
|
|
|
$
|
7,190
|
|
|
$
|
1,255
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
9,959
|
|
|
|
7,560
|
|
|
|
19,610
|
|
|
|
12,327
|
|
Depreciation
and amortization from joint venture |
|
|
2,437
|
|
|
|
-
|
|
|
|
4,864
|
|
|
|
-
|
|
FFO
|
|
$
|
22,423
|
|
|
$
|
11,859
|
|
|
$
|
31,664
|
|
|
$
|
13,582
|
|
Distribution
to preferred shareholders |
|
$
|
(4,457
|
)
|
|
$
|
(2,461
|
)
|
|
$
|
(8,913
|
)
|
|
$
|
(3,008
|
)
|
FFO
available to common share and unit holders |
|
$
|
17,966
|
|
|
$
|
9,398
|
|
|
$
|
22,751
|
|
|
$
|
10,574
|
|
Hotel acquisition
costs |
|
|
588
|
|
|
|
1,715
|
|
|
|
826
|
|
|
|
3,441
|
|
Ground lease
amortization |
|
|
54
|
|
|
|
55
|
|
|
|
110
|
|
|
|
110
|
|
Amortization of
LTIP units |
|
|
395
|
|
|
|
395
|
|
|
|
790
|
|
|
|
790
|
|
Management
contract termination costs |
|
|
1,085
|
|
|
|
-
|
|
|
|
1,085
|
|
|
|
-
|
|
Adjusted
FFO available to common share and unit holders |
|
$
|
20,088
|
|
|
$
|
11,563
|
|
|
$
|
25,562
|
|
|
$
|
14,915
|
|
|
|
|
|
|
|
|
|
|
FFO per common
share - basic |
|
$
|
0.33
|
|
|
$
|
0.18
|
|
|
$
|
0.43
|
|
|
$
|
0.23
|
|
FFO per common
share - diluted |
|
$
|
0.33
|
|
|
$
|
0.18
|
|
|
$
|
0.43
|
|
|
$
|
0.23
|
|
Adjusted FFO
per common share - basic |
|
$
|
0.37
|
|
|
$
|
0.23
|
|
|
$
|
0.48
|
|
|
$
|
0.32
|
|
Adjusted FFO
per common share - diluted |
|
$
|
0.37
|
|
|
$
|
0.23
|
|
|
$
|
0.48
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of basic common shares and units |
|
|
53,837,294
|
|
|
|
51,122,771
|
|
|
|
52,888,148
|
|
|
|
45,955,814
|
|
Weighted-average
number of fully diluted common shares and units |
|
|
53,856,961
|
|
|
|
51,134,797
|
|
|
|
52,960,751
|
|
|
|
46,000,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Six
months ended |
|
|
June 30, |
|
June 30, |
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
10,027
|
|
|
$
|
4,299
|
|
|
$
|
7,190
|
|
|
$
|
1,255
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
3,465
|
|
|
|
3,446
|
|
|
|
6,722
|
|
|
|
6,302
|
|
Interest expense
from joint venture |
|
|
3,198
|
|
|
|
-
|
|
|
|
6,511
|
|
|
|
-
|
|
Income tax
expense (benefit) |
|
|
1,666
|
|
|
|
810
|
|
|
|
(917
|
)
|
|
|
420
|
|
Depreciation and
amortization |
|
|
9,998
|
|
|
|
7,592
|
|
|
|
19,687
|
|
|
|
12,389
|
|
Depreciation
and amortization from joint venture |
|
|
2,437
|
|
|
|
-
|
|
|
|
4,864
|
|
|
|
-
|
|
EBITDA
|
|
$
|
30,791
|
|
|
$
|
16,147
|
|
|
$
|
44,057
|
|
|
$
|
20,366
|
|
Hotel acquisition
costs |
|
|
588
|
|
|
|
1,715
|
|
|
|
826
|
|
|
|
3,441
|
|
Ground lease
amortization |
|
|
54
|
|
|
|
55
|
|
|
|
110
|
|
|
|
110
|
|
Amortization of
LTIP units |
|
|
395
|
|
|
|
395
|
|
|
|
790
|
|
|
|
790
|
|
Management
contract termination costs |
|
|
1,085
|
|
|
|
-
|
|
|
|
1,085
|
|
|
|
-
|
|
Adjusted
EBITDA |
|
$
|
32,913
|
|
|
$
|
18,312
|
|
|
$
|
46,868
|
|
|
$
|
24,707
|
|
|
|
|
|
|
|
|
|
|
This press release includes certain non-GAAP financial
measures as defined under Securities and Exchange Commission (SEC)
Rules to supplement the Company’s consolidated financial statements
presented in accordance with U.S. generally accepted accounting
principles ("GAAP").
These measures are not in accordance with, or an alternative
to, measures prepared in accordance with GAAP and may be different from
similarly titled non-GAAP measures used by other companies. In
addition, these non-GAAP measures are not based on any comprehensive
set of accounting rules or principles. Non-GAAP measures have
limitations in that they do not reflect all of the amounts associated
with the Company’s results of operations determined in accordance with
GAAP.
Funds from Operations - Funds from operations (“FFO”)
represents net income (computed in accordance with GAAP), plus real
estate-related depreciation and amortization and after adjustments for
unconsolidated partnerships. The Company considers FFO a useful measure
of performance for an equity REIT because it facilitates an
understanding of the operating performance of its properties without
giving effect to real estate depreciation and amortization, which
assume that the value of real estate assets diminishes predictably over
time. Since real estate values have historically risen or fallen with
market conditions, the Company believes that FFO provides a meaningful
indication of its performance. The Company also considers FFO an
appropriate performance measure given its wide use by investors and
analysts. The Company computes FFO in accordance with standards
established by the Board of Governors of NAREIT in its March 1995 White
Paper (as amended in November 1999 and April 2002), which may differ
from the methodology for calculating FFO utilized by other equity REITs
and, accordingly, may not be comparable to that of other REITs.
Further, FFO does not represent amounts available for management’s
discretionary use because of needed capital replacement or expansion,
debt service obligations or other commitments and uncertainties, nor is
it indicative of funds available to fund the Company’s cash needs,
including its ability to make distributions. The Company presents FFO
per diluted share calculations that are based on the outstanding
dilutive common shares plus the outstanding Operating Partnership units
for the periods presented.
Earnings before Interest, Taxes, and Depreciation and
Amortization ("EBITDA") - The Company believes that EBITDA provides
investors a useful financial measure to evaluate its operating
performance, excluding the impact of our capital structure (primarily
interest expense) and our asset base (primarily depreciation and
amortization).
The Company’s presentation of FFO in accordance with the
NAREIT White Paper and EBITDA, or 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.
The Company also evaluates its performance by reviewing
Adjusted EBITDA and Adjusted FFO, because it believes that adjusting
EBITDA and FFO to exclude certain recurring and non-recurring items
described below provides useful supplemental information regarding the
Company's ongoing operating performance and that the presentation of
Adjusted EBITDA and Adjusted FFO, when combined with the primary GAAP
presentation of net income (loss), more completely describes the
Company's operating performance. The Company adjusts EBITDA and FFO for
the following items, which may occur in any period, and refers to these
measures as Adjusted EBITDA and Adjusted FFO:
- Non-Cash Ground Rent: The Company excludes the non-cash
amortization expense of the Company's ground lease asset.
- 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.
- Amortization of LTIP Units: The Company excludes the non-cash
amortization of LTIP Units expensed during the period.
- Management contract termination costs: The Company excludes one-time
management contract termination 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.
|
|
Pebblebrook
Hotel Trust |
Manhattan
Collection Statements of Operations |
(Represents
the Company's 49% ownership interest in the Manhattan Collection)
|
(In
thousands, except share and per-share data) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Six
months ended |
|
|
June 30, |
|
June 30, |
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
Hotel operating
revenues: |
|
|
|
|
|
|
|
|
Room |
|
$
|
20,291
|
|
|
$
|
-
|
|
|
$
|
33,811
|
|
|
$
|
-
|
Food and beverage
|
|
|
1,695
|
|
|
|
-
|
|
|
|
3,270
|
|
|
|
-
|
Other
operating |
|
|
667
|
|
|
|
-
|
|
|
|
1,350
|
|
|
|
-
|
Total
revenues |
|
|
22,653
|
|
|
|
-
|
|
|
|
38,431
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
Total hotel
expenses |
|
|
14,041
|
|
|
|
-
|
|
|
|
27,681
|
|
|
|
-
|
Depreciation
and amortization |
|
|
2,437
|
|
|
|
-
|
|
|
|
4,864
|
|
|
|
-
|
Total
operating expenses |
|
|
16,478
|
|
|
|
-
|
|
|
|
32,545
|
|
|
|
-
|
Operating income
(loss) |
|
|
6,175
|
|
|
|
-
|
|
|
|
5,886
|
|
|
|
-
|
Interest income |
|
|
32
|
|
|
|
-
|
|
|
|
67
|
|
|
|
-
|
Interest expense |
|
|
(3,198
|
)
|
|
|
-
|
|
|
|
(6,511
|
)
|
|
|
-
|
Other |
|
|
71
|
|
|
|
-
|
|
|
|
42
|
|
|
|
-
|
Equity
in earnings of joint venture |
|
$
|
3,080
|
|
|
$
|
-
|
|
|
$
|
(516
|
)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spread
over |
|
|
|
|
|
|
DEBT:
|
|
30-day LIBOR |
|
Loan Amount |
|
Maturity |
|
|
Mortgage and
mezzanine |
|
300
bps (a) |
|
$
|
277,790
|
|
|
February
2013 |
|
|
Cash and
cash equivalents |
|
|
|
|
(2,380
|
)
|
|
|
|
|
Net Debt |
|
|
|
|
275,410
|
|
|
|
|
|
Restricted
cash |
|
|
|
|
(15,405
|
)
|
|
|
|
|
Net
Debt including restricted cash |
|
|
|
$
|
260,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents the estimated
weighted-average spread of the mortgage and the mezzanine debt
outstanding.
|
|
Notes:
|
These hotel operating results
represent the Company's period of ownership for 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 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 has not been audited and has been presented only for
informational purposes. |
|
Pebblebrook
Hotel Trust |
Pro Forma Hotel Statistical Data
|
(Unaudited)
|
|
|
|
|
|
|
|
Three
months ended |
|
Six
months ended |
|
|
June 30, |
|
June 30, |
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
Total Portfolio
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
|
84.9
|
%
|
|
|
79.2
|
%
|
|
|
79.5
|
%
|
|
|
74.6
|
%
|
Increase/(Decrease)
|
|
|
7.1
|
%
|
|
|
|
|
6.5
|
%
|
|
|
Pro forma ADR |
|
$
|
219.57
|
|
|
$
|
208.32
|
|
|
$
|
206.67
|
|
|
$
|
198.63
|
|
Increase/(Decrease)
|
|
|
5.4
|
%
|
|
|
|
|
4.0
|
%
|
|
|
Pro forma
RevPAR |
|
$
|
186.32
|
|
|
$
|
165.06
|
|
|
$
|
164.33
|
|
|
$
|
148.23
|
|
Increase/(Decrease)
|
|
|
12.9
|
%
|
|
|
|
|
10.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
This schedule of hotel results for
the three- and six-month periods ended June 30, includes information
from all of the hotels the Company owned as of June 30, 2012, except
for the Hotel Milano for both 2012 and 2011. Results for the Manhattan
Collection reflect Pebblebrook's 49% ownership interest. These hotel
results for the respective periods may include information reflecting
operational performance prior to the Company's ownership of the hotels.
The Company expects to include historical hotel results for the Hotel
Milano after the Company has owned the hotel for one year. In addition,
the information above does not reflect the Company's corporate general
and administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses. Any
differences are a result of rounding.
|
|
The information
above has not been audited and has been presented only for comparison
purposes. |
|
|
Pebblebrook
Hotel Trust |
Manhattan
Collection Pro Forma Hotel Statistical Data |
(Unaudited)
|
|
|
|
|
|
|
|
Three
months ended |
|
Six
months ended |
|
|
June 30, |
|
June 30, |
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
Total Portfolio
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
|
93.2
|
%
|
|
|
84.5
|
%
|
|
|
90.0
|
%
|
|
|
82.9
|
%
|
Increase/(Decrease)
|
|
|
10.2
|
%
|
|
|
|
|
8.6
|
%
|
|
|
Pro forma ADR |
|
$
|
281.78
|
|
|
$
|
270.24
|
|
|
$
|
243.01
|
|
|
$
|
233.28
|
|
Increase/(Decrease)
|
|
|
4.3
|
%
|
|
|
|
|
4.2
|
%
|
|
|
Pro forma
RevPAR |
|
$
|
262.58
|
|
|
$
|
228.43
|
|
|
$
|
218.77
|
|
|
$
|
193.34
|
|
Increase/(Decrease)
|
|
|
14.9
|
%
|
|
|
|
|
13.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
This schedule of hotel results for
the three- and six-month periods ended June 30, includes information
for the six hotels that make up the Manhattan Collection as of June 30,
2012. 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 has been presented only for comparison
purposes. |
|
|
Pebblebrook
Hotel Trust |
Hotel
Operational Data |
Schedule
of Pro Forma Hotel Results |
(In
thousands) |
(Unaudited)
|
|
|
|
Three
months ended |
|
Six
months ended |
|
|
June 30, |
|
June 30, |
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Revenues: |
|
|
|
|
|
|
|
|
Rooms |
|
$
|
79,032
|
|
|
$
|
69,397
|
|
|
$
|
139,408
|
|
|
$
|
124,079
|
|
Food and beverage
|
|
|
30,565
|
|
|
|
30,474
|
|
|
|
57,663
|
|
|
|
57,536
|
|
Other |
|
|
6,230
|
|
|
|
5,892
|
|
|
|
12,008
|
|
|
|
11,279
|
|
Total
hotel revenues |
|
|
115,827
|
|
|
|
105,763
|
|
|
|
209,079
|
|
|
|
192,894
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
|
20,101
|
|
|
|
18,855
|
|
|
|
38,984
|
|
|
|
36,280
|
|
Food and beverage
|
|
|
22,029
|
|
|
|
21,714
|
|
|
|
43,341
|
|
|
|
42,316
|
|
Other direct |
|
|
3,025
|
|
|
|
2,782
|
|
|
|
5,885
|
|
|
|
5,294
|
|
General and
administrative |
|
|
9,616
|
|
|
|
9,756
|
|
|
|
18,865
|
|
|
|
19,022
|
|
Sales and
marketing |
|
|
8,094
|
|
|
|
7,453
|
|
|
|
15,533
|
|
|
|
14,516
|
|
Management fees |
|
|
3,293
|
|
|
|
3,088
|
|
|
|
5,791
|
|
|
|
5,833
|
|
Property
operations and maintenance |
|
|
3,541
|
|
|
|
3,518
|
|
|
|
7,063
|
|
|
|
7,064
|
|
Energy and
utilities |
|
|
2,941
|
|
|
|
3,408
|
|
|
|
6,100
|
|
|
|
6,969
|
|
Property taxes |
|
|
4,776
|
|
|
|
4,055
|
|
|
|
9,622
|
|
|
|
8,025
|
|
Other
fixed expenses |
|
|
2,468
|
|
|
|
3,196
|
|
|
|
4,806
|
|
|
|
6,351
|
|
Total
hotel expenses |
|
|
79,884
|
|
|
|
77,825
|
|
|
|
155,990
|
|
|
|
151,670
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Hotel EBITDA |
|
$
|
35,943
|
|
|
$
|
27,938
|
|
|
$
|
53,089
|
|
|
$
|
41,224
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Hotel
EBITDA Margin |
|
|
31.0
|
%
|
|
|
26.4
|
%
|
|
|
25.4
|
%
|
|
|
21.4
|
%
|
|
|
|
|
|
|
|
|
|
Notes:
|
This schedule of hotel results for
the three- and six-month periods ended June 30, includes information
from all of the hotels the Company owned as of June 30, 2012, except
for the Hotel Milano for both 2012 and 2011. 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.
The Company expects to include historical hotel results for the Hotel
Milano after the Company has owned the hotel for one year. In addition,
the information above does not reflect the Company's corporate general
and administrative expense, interest expense, property acquisition
costs, depreciation and amortization, taxes and other expenses. Any
differences are a result of rounding.
|
|
The information
above has not been audited and has been presented only for comparison
purposes. |
|
|
Pebblebrook
Hotel Trust |
Hotel
Operational Data |
Schedule
of Pro Forma Manhattan Collection Hotel Results |
(In
thousands) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
|
Six months ended
June 30,
|
|
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms |
|
|
$
|
20,291
|
|
|
|
$
|
16,705
|
|
|
|
$
|
33,811
|
|
|
|
$
|
28,121
|
|
Food and beverage
|
|
|
|
1,695
|
|
|
|
|
1,357
|
|
|
|
|
3,270
|
|
|
|
|
2,547
|
|
Other |
|
|
|
667
|
|
|
|
|
644
|
|
|
|
|
1,350
|
|
|
|
|
1,319
|
|
Total
hotel revenues |
|
|
|
22,653
|
|
|
|
|
18,706
|
|
|
|
|
38,431
|
|
|
|
|
31,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms |
|
|
|
5,476
|
|
|
|
|
4,944
|
|
|
|
|
10,866
|
|
|
|
|
9,595
|
|
Food and beverage
|
|
|
|
1,537
|
|
|
|
|
1,402
|
|
|
|
|
3,065
|
|
|
|
|
2,756
|
|
Other direct |
|
|
|
108
|
|
|
|
|
111
|
|
|
|
|
219
|
|
|
|
|
224
|
|
General and
administrative |
|
|
|
1,882
|
|
|
|
|
1,812
|
|
|
|
|
3,705
|
|
|
|
|
3,499
|
|
Sales and
marketing |
|
|
|
1,238
|
|
|
|
|
1,121
|
|
|
|
|
2,383
|
|
|
|
|
2,191
|
|
Management fees |
|
|
|
698
|
|
|
|
|
577
|
|
|
|
|
1,189
|
|
|
|
|
992
|
|
Property
operations and maintenance |
|
|
|
716
|
|
|
|
|
717
|
|
|
|
|
1,416
|
|
|
|
|
1,384
|
|
Energy and
utilities |
|
|
|
620
|
|
|
|
|
605
|
|
|
|
|
1,346
|
|
|
|
|
1,264
|
|
Property taxes |
|
|
|
1,662
|
|
|
|
|
1,493
|
|
|
|
|
3,292
|
|
|
|
|
2,946
|
|
Other
fixed expenses |
|
|
|
104
|
|
|
|
|
182
|
|
|
|
|
199
|
|
|
|
|
442
|
|
Total
hotel expenses |
|
|
|
14,041
|
|
|
|
|
12,964
|
|
|
|
|
27,680
|
|
|
|
|
25,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Hotel EBITDA |
|
|
$
|
8,612
|
|
|
|
$
|
5,742
|
|
|
|
$
|
10,751
|
|
|
|
$
|
6,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Hotel
EBITDA Margin |
|
|
|
38.0
|
%
|
|
|
|
30.7
|
%
|
|
|
|
28.0
|
%
|
|
|
|
20.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
This schedule of hotel results for
the three- and six-month periods ended June 30, reflects the Company's
49% pro rata interest and include information for the six hotels that
make up the Manhattan Collection as of March 31, 2012. These hotel
results may reflect the operational performance prior to the Company's
ownership of the hotels. In addition, the information above does not
reflect the Company's corporate general and administrative expense,
interest expense, property acquisition costs, depreciation and
amortization, taxes and other expenses. Any differences are a result of
rounding.
|
|
The information above has not been
audited and has been presented only for comparison purposes.
|
|
|
Pebblebrook
Hotel Trust |
Pro
Forma Property Inclusion Reference Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels
|
|
|
|
Q1
|
|
|
|
Q2
|
|
|
|
Q3
|
|
|
|
Q4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DoubleTree by
Hilton Bethesda |
|
|
|
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 |
Grand Hotel
Minneapolis |
|
|
|
X |
|
|
|
X |
|
|
|
X |
|
|
|
X |
Skamania Lodge |
|
|
|
X |
|
|
|
X |
|
|
|
X |
|
|
|
X |
Sheraton Delfina
Santa Monica |
|
|
|
X |
|
|
|
X |
|
|
|
X |
|
|
|
X |
Sofitel
Philadelphia |
|
|
|
X |
|
|
|
X |
|
|
|
X |
|
|
|
X |
Argonaut Hotel |
|
|
|
X |
|
|
|
X |
|
|
|
X |
|
|
|
X |
Hotel Monaco
Seattle |
|
|
|
X |
|
|
|
X |
|
|
|
X |
|
|
|
X |
Westin Gaslamp
Quarter San Diego |
|
|
|
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 Milano |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Vintage
Park Seattle |
|
|
|
|
|
|
|
|
|
|
|
X |
|
|
|
X |
Hotel Vintage
Plaza Portland |
|
|
|
|
|
|
|
|
|
|
|
X |
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
A property marked with an "X" in a
specific quarter denotes that the pro forma operating results of that
property are included in the Pro Forma Hotel Statistical Data, Schedule
of Pro Forma Hotel Results and the 2012 Outlook for the respective
calendar quarter in 2012 and 2011.
|
|
The Company’s second quarter Pro
forma RevPAR, RevPAR Growth, ADR, Occupancy, Hotel Revenues, Hotel
Expenses, Hotel EBITDA and Hotel EBITDA Margin include all of the
hotels the Company owned as of June 30, 2012, except for the Hotel
Milano. Results for the Manhattan Collection reflect the Company's 49%
ownership interest. The Company expects to include historical operating
results for the Hotel Milano after the Company has owned the hotel for
one year. Operating statistics and financial results include periods
prior to the Company’s ownership of the hotels.
|
|
The Company's estimates and
assumptions for Pro forma RevPAR, RevPAR Growth, ADR, Occupancy, Hotel
Revenues, Hotel Expenses, Hotel EBITDA and Hotel EBITDA Margin for the
Company's 2012 Outlook include the hotels owned as of August 2, 2012.
These operating statistics and financial results 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
2012 Outlook only reflect the Company's 49% ownership interest in the
hotels.
|
|
|
Pebblebrook
Hotel Trust |
Historical
Hotel Pro Forma Operating Data |
(In
thousands, except Occupancy, ADR and RevPAR) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical
Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter |
|
|
Full
Year |
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
|
70.4%
|
|
|
79.7%
|
|
|
84.7%
|
|
|
77.8%
|
|
|
78.2%
|
Pro forma ADR |
|
|
$184
|
|
|
$205
|
|
|
$208
|
|
|
$213
|
|
|
$203
|
Pro forma RevPAR |
|
|
$130
|
|
|
$163
|
|
|
$176
|
|
|
$166
|
|
|
$159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
Revenues |
|
|
$91.4
|
|
|
$111.0
|
|
|
$115.1
|
|
|
$114.9
|
|
|
$432.4
|
Pro forma Hotel
EBITDA |
|
|
$13.6
|
|
|
$29.0
|
|
|
$32.4
|
|
|
$32.1
|
|
|
$107.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
|
74.5%
|
|
|
85.2%
|
|
|
|
|
|
|
|
|
|
Pro forma ADR |
|
|
$189
|
|
|
$216
|
|
|
|
|
|
|
|
|
|
Pro forma RevPAR |
|
|
$141
|
|
|
$184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
Revenues |
|
|
$97.8
|
|
|
$121.2
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
EBITDA |
|
|
$17.5
|
|
|
$37.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
These historical hotel operating
results include information from the following hotels: DoubleTree by
Hilton Bethesda-Washington DC; Sir Francis Drake; InterContinental
Buckhead; Hotel Monaco Washington, DC; Grand Hotel Minneapolis;
Skamania Lodge; Sheraton Delfina; Sofitel Philadelphia; Argonaut Hotel;
the Westin Gaslamp Quarter San Diego; Hotel Monaco Seattle; Mondrian
Los Angeles; Viceroy Miami; W Boston; Hotel Vintage Park Seattle; Hotel
Vintage Plaza Portland; and the 6 hotel properties in the Manhattan
Collection. These operating results exclude those of the Hotel Milano.
The hotel operating results for the Manhattan Collection only includes
49% of the results for the 6 properties to reflect the Company's 49%
ownership interest in the hotels. These historical operating results
include periods prior to the Company's ownership of the hotels. The
Company expects to include historical operating results for Hotel
Milano after the Company has owned the hotel for one year. 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.
|
|
The information above has not been
audited and has been presented only for comparison purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook
Hotel Trust |
Historical
Manhattan Collection Pro Forma Operating Data |
(In
thousands, except Occupancy, ADR and RevPAR) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical
Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter |
|
|
Full
Year |
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
|
81.2%
|
|
|
84.5%
|
|
|
90.9%
|
|
|
92.5%
|
|
|
87.4%
|
Pro forma ADR |
|
|
$194
|
|
|
$270
|
|
|
$278
|
|
|
$310
|
|
|
$266
|
Pro forma RevPAR |
|
|
$158
|
|
|
$228
|
|
|
$253
|
|
|
$287
|
|
|
$233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
Revenues |
|
|
$13.3
|
|
|
$18.7
|
|
|
$20.5
|
|
|
$25.1
|
|
|
$77.6
|
Pro forma Hotel
EBITDA |
|
|
$1.0
|
|
|
$5.7
|
|
|
$6.8
|
|
|
$10.5
|
|
|
$24.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
|
86.9%
|
|
|
93.2%
|
|
|
|
|
|
|
|
|
|
Pro forma ADR |
|
|
$201
|
|
|
$282
|
|
|
|
|
|
|
|
|
|
Pro forma RevPAR |
|
|
$175
|
|
|
$263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
Revenues |
|
|
$15.8
|
|
|
$22.7
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
EBITDA |
|
|
$2.1
|
|
|
$8.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
These historical hotel operating
results include 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. 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.
|
|
The information above has not been
audited and has been presented only for comparison purposes.
|
|