BETHESDA, Md.--(February 21, 2013)--Pebblebrook Hotel Trust
(NYSE: PEB) (the “Company”) today reported results for the fourth
quarter and year ended December 31, 2012. The Company’s results include
the following:
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Fourth Quarter |
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Full Year |
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2012
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2011
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2012
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2011
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($
in millions except per share and RevPAR data) |
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Net income to
common shareholders |
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$2.6
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$3.5
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$8.3
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$4.4
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Net income per
diluted share |
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$0.04
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$0.07
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$0.14
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$0.08
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Pro forma RevPAR |
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$177.93
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$168.24
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$173.82
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$160.81
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Pro forma Hotel
EBITDA |
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$36.0
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$34.2
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$126.6
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$107.8
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Pro forma Hotel
EBITDA Margin |
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27.5%
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27.0%
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27.4%
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24.8%
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Adjusted EBITDA(1)
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$31.9
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$28.1
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$114.2
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$79.3
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Adjusted EBITDA
growth rate |
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13.4%
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43.9%
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Adjusted FFO(1)
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$18.5
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$16.5
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$66.1
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$48.9
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Adjusted FFO per
diluted share(1) |
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$0.30
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$0.32
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$1.17
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$1.00
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Adjusted FFO per
diluted share growth rate |
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(4.7%)
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17.5%
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(1) See tables later in this press
release for a description of pro forma information and reconciliations
from net income 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, Hotel EBITDA Margins and Hotel EBITDA Per Room for the fourth
quarter and full year ended December 31, 2012 appearing in the table
above and elsewhere in the press release, refer to the Pro Forma
Property Inclusion Reference Table later in this press release.
“We’re very pleased with our Company’s strong performance in
2012,” said Jon E. Bortz, Chairman, President and Chief Executive
Officer of Pebblebrook Hotel Trust. “This was a very good year for the
overall hotel industry and our hotels benefitted from the continued
resurgence in business transient, leisure and international inbound
travel. Despite the negative effects from Superstorm Sandy, as well as
the uncertainty surrounding the presidential election and the fiscal
cliff, hotel demand remained resilient in most of our markets. As a
result, our overall performance exceeded our expectations. Furthermore,
we were able to take advantage of opportunities to add five terrific
hotels to our portfolio in 2012, all located in major west coast
gateway markets.”
2012 Highlights
- Pro forma RevPAR: Pro forma
room revenue per available room (“Pro forma RevPAR”) for the year ended
December 31, 2012 increased by 8.1 percent over the same period of 2011
to $173.82. For 2012, Pro forma average daily rate (“Pro forma ADR”)
grew 3.8 percent from the comparable period of 2011 to $213.83 and Pro
forma Occupancy improved 4.2 percent to 81.3 percent.
- Pro forma Hotel EBITDA: The
Company’s hotels generated $126.6 million of Pro forma Hotel EBITDA for
the year ended December 31, 2012, an increase of 17.4 percent compared
with the same period of 2011. For 2012, Pro forma Hotel Revenues
climbed 6.2 percent, while Pro forma Hotel Expenses rose 2.5 percent.
As a result, Pro forma Hotel EBITDA Margin for the year ended December
31, 2012 increased 263 basis points to 27.4 percent as compared to the
same period last year.
- Pro forma Hotel EBITDA Per Room:
The Company’s Pro Forma Hotel EBITDA Per Room for the year ended
December 31, 2012 increased 16.7 percent from the comparable period of
2011 to $25,856.
- Adjusted EBITDA: The
Company’s Adjusted EBITDA for 2012 rose to $114.2 million from $79.3
million in 2011, an increase of 43.9 percent.
- Adjusted FFO: The Company’s
Adjusted FFO increased 35.3 percent to $66.1 million, compared with
$48.9 million for the prior year period.
- Dividends: During 2012, the
Company declared dividends of $0.48 per share on its common shares,
$1.96875 per share on its 7.875 percent Series A Cumulative Redeemable
Preferred Shares and $2.00 per share on its 8.0 percent Series B
Cumulative Redeemable Preferred Shares.
Based on the Company’s 2013 outlook and the continued
improvement in the operating performance of the Company’s hotels, the
Company expects to increase its quarterly dividend on its common shares
to $0.16 per share, commencing with the dividend for the first quarter
of 2013. This proposed increase represents a 33.3 percent increase over
the Company’s current quarterly dividend of $0.12.
“The hotel industry’s fundamentals continued to strengthen in
2012, as demand for hotel rooms in the U.S. climbed a very healthy 3.0
percent and supply growth remained muted at only 0.5 percent, allowing
for significant ADR improvement and resulting in hotel industry RevPAR
growth of 6.8 percent,” added Mr. Bortz. “Pebblebrook’s RevPAR growth
of 8.1 percent for 2012 exceeded the industry’s results, as we
benefitted from our strategy of investing primarily in stronger urban
markets in major gateway cities, and we continued to see positive
results from our property renovations and the asset management and best
practice initiatives we have implemented throughout our portfolio.
Travel demand was driven by growth in transient business and leisure
travel, as well as strong growth in inbound international travel,
despite the continued uncertainty surrounding the global economy,
particularly in Europe. Although a great deal of uncertainty remains
regarding the debt ceiling and the political process in Washington, we
believe that the industry and the Company will continue to benefit in
2013 from strong underlying fundamentals.”
Fourth Quarter Highlights
- Pro forma RevPAR: Pro forma
RevPAR in the fourth quarter of 2012 increased 5.8 percent over the
same period of 2011 to $177.93. Pro forma ADR grew 3.6 percent from the
fourth quarter of 2011 to $224.32. Pro forma Occupancy rose 2.1 percent
to a robust 79.3 percent.
- Pro forma Hotel EBITDA: The
Company’s hotels generated $36.0 million of Pro forma Hotel EBITDA for
the quarter ended December 31, 2012, climbing 5.3 percent compared with
the same period of 2011. Pro forma Hotel Revenues increased 3.8
percent, while Pro forma Hotel Expenses rose 3.2 percent. As a result,
Pro forma Hotel EBITDA Margin grew to 27.5 percent for the quarter
ended December 31, 2012, representing an increase of 42 basis points as
compared to the same period last year.
- Adjusted EBITDA: The
Company’s Adjusted EBITDA increased to $31.9 million from $28.1 million
in the prior year period, an increase of $3.8 million, or 13.4 percent.
- Adjusted FFO: The Company’s
Adjusted FFO climbed to $18.5 million from $16.5 million in the prior
year period, an increase of 12.5 percent.
- Dividends: On December 14,
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
percent Series A Cumulative Redeemable Preferred Shares and a $0.50 per
share quarterly dividend on its 8.0 percent Series B Cumulative
Redeemable Preferred Shares.
Capital Reinvestment and Asset
Management
During 2012, the Company made $58.6 million of capital
improvements throughout its portfolio, which includes the Company’s 49%
interest in the joint venture between Pebblebrook Hotel Trust and
Denihan Hospitality Group (the “Manhattan Collection”). The Company’s
capital improvements included $11.5 million at the Westin Gaslamp
Quarter, $6.2 million at Hotel Zetta (formerly Hotel Milano), $5.8
million at the Sheraton Delfina Santa Monica, $4.7 million at the
Mondrian Los Angeles and $4.4 million at the Sir Francis Drake.
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 the
guest rooms, corridors, public areas, meeting space, lobby, entry,
porte cochere, exterior and restaurant, as well as a re-concepting of
the restaurant and the addition of meeting space.
In May 2012, the Company completed a comprehensive $9.8
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 of the Hotel
Monaco Seattle, which included renovating the guest rooms, corridors,
lobby and meeting space.
In October 2012, the renovation, reconfiguration and expansion
of the meeting space and back of house at the Affinia Manhattan was
completed, creating 2,200 square feet of additional meeting space. The
renovations of the lobby and two entrances of the property are expected
to be complete in the second quarter of 2013. The Company expects to
fund its 49 percent pro rata interest of the total project costs with
available cash.
“The recently completed capital investment programs at the
Westin Gaslamp Quarter, Sheraton Delfina, Argonaut, Mondrian Los
Angeles and Hotel Monaco Seattle, along with the prior year’s
renovations of Affinia Manhattan, Sir Francis Drake, Minneapolis Grand
and InterContinental Buckhead, have provided us with a sizable
opportunity to generate higher room rates and increased RevPAR
penetration, which we expect will substantially increase profitability
and cash flow at each of these properties in 2013 and beyond,”
continued Mr. Bortz.
On November 1, 2012, the Company closed the Hotel Milano and
commenced a comprehensive renovation, repositioning and expansion of
the hotel, which included the creation of eight additional guest rooms,
as well as a re-concepting of the restaurant and all food and beverage
operations. The hotel will reopen any day now as Hotel Zetta and we
expect the renovation to be fully complete in March 2013.
In January 2013, the Company, along with its joint venture
partner, commenced an $18.0 to $20.0 million comprehensive renovation,
reconfiguration and expansion of the Affinia 50, which includes
renovating the guest rooms, corridors and public areas. The
reconfiguration of the hotel will increase the number of guest rooms
from 210 to 251. This project is expected to be substantially complete
by the fourth quarter of 2013. The Company expects to fund its 49
percent pro rata interest of the total project costs with available
cash.
In addition to its capital reinvestment programs, Pebblebrook
continues to implement a comprehensive array of asset management best
practices and initiatives throughout its portfolio to enhance hotel
revenues and improve operating efficiencies to promote expense controls
and strong margin growth. To date, the Company has identified
approximately $13.9 million of annualized best practices and asset
management opportunities throughout its portfolio.
“We’re extremely pleased with the progress we continue to make
implementing our asset management initiatives and best practices across
our hotels, as illustrated by the strong EBITDA margin growth of 263
basis points we achieved in 2012,” continued Mr. Bortz. “We greatly
appreciate the hard work and support of our hotel management teams, who
continue to work collaboratively with our asset managers to find new
opportunities to grow revenues, reduce expenses, improve operating
efficiencies and increase our cash flow. We expect to continue to
improve our performance in 2013 and 2014 as these efficiencies and
operating enhancements are fully implemented.”
Acquisitions
In 2012, the Company successfully acquired five high-quality,
upper upscale, full-service hotels for a total investment of $275.8
million, with a total of 804 guest rooms. The Company’s five completed
2012 acquisitions are all located in highly desirable major gateway
cities in the United States.
“We’re very excited about the acquisitions we’ve made in 2012,
investing in high barrier to entry, urban markets in major gateway
cities including San Francisco, Seattle, Los Angeles/Westwood and
Portland. We acquired these hotels because they’re in great long-term
markets and we believe they offer excellent opportunities for outsized
RevPAR growth, margin expansion and value creation through renovations
and the implementation of our asset management and best practice
initiatives,” commented Mr. Bortz.
Since its initial public offering in December 2009, the
Company has acquired 26 properties (six through a joint venture)
totaling $2.1 billion of invested capital.
Capital Markets
During 2012, the Company completed numerous attractive capital
market transactions to help fund strategic growth and maintain its
strong balance sheet. The Company raised $215.4 million in net proceeds
through common share offerings and its ATM program, and originated
$734.0 million of new debt.
- On January 11, 2012, the Company
completed a $46.0 million non-recourse, secured loan at a fixed annual
interest rate of 4.36 percent and a term of five years. The loan is
collateralized by a first mortgage on the 183-room Hotel Monaco
Washington, DC.
- On February 15, 2012, the Company
completed a $47.0 million non-recourse, secured loan at a fixed annual
interest rate of 4.25 percent and a term of five years. The loan is
collateralized by a first mortgage on the 252-room Argonaut Hotel in
San Francisco, California.
- On May 18, 2012, the Company
completed a $50.0 million non-recourse, secured loan at a fixed annual
interest rate of 3.90 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, which is
comprised of a $200 million unsecured revolving credit facility and a
five-year, $100 million unsecured term loan. The pricing under the
amended and restated credit facility was significantly reduced, and the
facility now matures in July 2016 with an option to extend to July
2017.
- On December 27, 2012, the Company
completed an $81.0 million non-recourse, secured loan at a fixed annual
interest rate of 3.69 percent and a term of seven years. The loan is
collateralized by a first mortgage on the 450-room Westin Gaslamp
Quarter in San Diego, California.
- On December 27, 2012, the Manhattan
Collection, which owns six upper upscale hotels in New York, New York,
successfully completed a new $410.0 million interest-only,
non-recourse, secured loan at a fixed annual interest rate of 3.67
percent and a term of five years. In addition to the successful
refinancing of the Manhattan Collection debt, the Company provided $50
million of preferred capital to the Manhattan Collection. This
preferred capital has a five and a half year term, an annual coupon
rate of 9.75 percent and is prepayable at any time by the Manhattan
Collection.
- During 2012, the Company issued and
sold 4,519,087 common shares under its ATM offering program at an
average price of $23.72 per share, for total net proceeds of $105.6
million.
“We are delighted with our continued ability to access the
debt and equity capital markets at attractive terms, and by the strong
support that our banks and investors have continued to show in our
investment strategy and management team,” commented Raymond D. Martz,
Chief Financial Officer of Pebblebrook Hotel Trust. “This has allowed
us to successfully refinance all of our debt maturities at very
attractive interest rates, further strengthen our balance sheet,
maintain our targeted conservative capital structure and lower our
overall cost of capital, while providing additional capital for
acquisitions.”
Balance Sheet
As of December 31, 2012, the Company had $466.0 million in
consolidated debt and $200.9 million in unconsolidated, non-recourse,
secured debt at weighted-average interest rates of 4.1 percent and 3.7
percent, respectively. The Company had $100.0 million outstanding in
the form of an unsecured term loan and complete availability of its
$200.0 million senior unsecured revolving credit facility, which had no
outstanding balance. As of December 31, 2012, the Company had $97.9
million of consolidated cash, cash equivalents and restricted cash and
$16.3 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. The diluted weighted-average number of common
shares and units outstanding for the quarter ended December 31, 2012
was 61.0 million.
On December 31, 2012, as defined in the Company’s credit
agreement, the Company’s fixed charge coverage ratio was 2.1 times and
total net debt to trailing 12-month corporate EBITDA was 4.6 times. The
Company’s total debt to total assets ratio was 32 percent. Excluding
its interest in the off-balance sheet Manhattan Collection, the
Company’s fixed charge coverage ratio was 2.2 times, net debt to
trailing 12-month corporate EBITDA was 4.0 times and total debt to
total assets ratio was 29 percent.
Subsequent Events
- On January 29, 2013, the Company
acquired the Embassy Suites San Diego Bay – Downtown for $112.5
million. The 337-room, full-service, upper upscale hotel is located in
downtown San Diego, California. This acquisition included the
assumption of a $66.8 million secured loan, with the balance of the
purchase price being funded by the Company with available cash.
2013 Outlook
The Company's outlook provided below for 2013 remains
unchanged from our 2013 outlook press release dated January 22, 2013.
Our outlook, which assumes continued improvement in economic activity,
positive business travel trends and other significant assumptions, is
as follows:
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2013 Outlook |
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Low
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High
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($ in millions except
per share and RevPAR data)
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Net income |
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$40.8
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$44.8
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Net income per
diluted share |
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$0.66
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$0.73
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Adjusted EBITDA |
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$145.0
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$149.0
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Adjusted FFO |
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$90.0
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$94.0
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Adjusted FFO per
diluted share |
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$1.46
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$1.53
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This 2013 outlook is based, in
part, on the following estimates and assumptions:
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U.S. GDP Growth |
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1.75%
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2.25%
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U.S. Hotel
Industry RevPAR Growth |
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4.5%
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6.5%
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Pro Forma
Portfolio RevPAR |
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$182.00
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$186.00
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Pro Forma
Portfolio RevPAR Growth |
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5.0%
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7.0%
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Pro Forma
Portfolio Hotel EBITDA |
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$157.0
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$162.0
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Pro Forma
Portfolio Hotel EBITDA Margin |
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28.0%
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28.5%
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Pro Forma
Portfolio Hotel EBITDA Margin Growth |
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75 bps |
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125 bps |
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Corporate cash
general and administrative expenses |
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$11.0
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$11.5
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Corporate
non-cash general and administrative expenses |
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$3.0
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$3.5
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Total capital
investments related to renovations, capital maintenance and return on
investment projects |
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$55.0
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$65.0
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Weighted-average
fully diluted shares and units |
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61.6
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61.6
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The Company’s outlook for the
first quarter of 2013 is as follows:
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First Quarter 2013 Outlook |
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Low
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High
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($ in millions except
per share and RevPAR data)
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Portfolio RevPAR |
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$156.00
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$158.50
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Portfolio RevPAR
Growth |
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6.0%
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7.5%
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Portfolio Hotel
EBITDA |
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$22.5
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$24.5
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Portfolio Hotel
EBITDA Margin |
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19.9%
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20.4%
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Portfolio Hotel
EBITDA Margin Growth |
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50 bps |
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100 bps |
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Adjusted EBITDA |
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$18.5
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$20.5
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Adjusted FFO |
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$9.0
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$11.0
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Adjusted FFO per
diluted share |
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$0.15
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$0.18
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Weighted-average
fully diluted shares and units |
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61.6
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61.6
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The Company’s 2013 and First Quarter Outlooks include the
effects of the Company’s 49 percent pro rata interest in the Manhattan
Collection.
The Company’s estimates and assumptions for pro forma
portfolio RevPAR, pro forma portfolio RevPAR growth, pro forma
portfolio EBITDA, pro forma portfolio EBITDA margin and pro forma hotel
EBITDA margin growth for 2013 include the hotels owned as of December
31, 2012, as well as the Embassy Suites San Diego Bay – Downtown, as if
they had been owned by the Company for the entire year of 2012, except
for Hotel Zetta, which the Company expects to include after it has
owned the hotel for one full year, starting in the second quarter of
2013.
Earnings Call
The Company will conduct its quarterly analyst and investor
conference call on Friday, February 22, 2013 at 9:00 AM EST. To
participate in the conference call, please dial (800) 289-0552
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 26 hotels, including
20 wholly owned hotels with a total of 4,960 guest rooms and a 49%
joint venture interest in six hotels with a total of 1,733 guest rooms.
The Company owns, or has an ownership interest in, hotels located in
ten states and the District of Columbia, across 16 markets: Los
Angeles, California; 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 and its share of future markets; forecasts of
hotel industry performance; and descriptions of assumptions underlying
or relating to any of the foregoing expectations including assumptions
regarding the timing of their occurrence. These forward-looking
statements are subject to various risks and uncertainties, many of
which are beyond the Company’s control, which could cause actual
results to differ materially from such statements. These risks
and uncertainties include, but are not limited to, the state of the
U.S. economy and the supply of hotel properties, and other factors as
are described in greater detail in the Company’s filings with the
Securities and Exchange Commission, including, without limitation, the
Company’s Annual Report on Form 10-K for the year ended December 31,
2012. Unless legally required, the Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
For further information about the Company’s business and
financial results, please refer to the “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and “Risk
Factors” sections of the Company’s SEC filings, including, but not
limited to, its Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q, copies of which may be obtained at the Investor Relations
section of the Company’s website at www.pebblebrookhotels.com.
All information in this press release is as of February 21,
2013. The Company undertakes no duty to update the statements
in this press release to conform the statements to actual results or
changes in the Company’s expectations.
For additional information or to receive
press releases via email, please visit our website at www.pebblebrookhotels.com
|
Pebblebrook
Hotel Trust |
Consolidated
Balance Sheets |
($
in thousands, except per share data) |
|
|
|
|
|
December 31, 2012 |
|
|
December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Investment in
hotel properties, net |
|
|
$
|
1,417,229
|
|
|
|
$
|
1,127,484
|
|
Investment in
joint venture |
|
|
|
283,011
|
|
|
|
|
171,765
|
|
Ground lease
asset, net |
|
|
|
10,283
|
|
|
|
|
10,502
|
|
Cash and cash
equivalents |
|
|
|
85,900
|
|
|
|
|
65,684
|
|
Restricted cash |
|
|
|
12,034
|
|
|
|
|
9,469
|
|
Hotel
receivables (net of allowance for doubtful accounts of $28 and $71,
respectively) |
|
|
|
13,463
|
|
|
|
|
11,312
|
|
Deferred
financing costs, net |
|
|
|
5,753
|
|
|
|
|
3,487
|
|
Prepaid
expenses and other assets |
|
|
|
18,489
|
|
|
|
|
16,929
|
|
Total
assets |
|
|
$
|
1,846,162
|
|
|
|
$
|
1,416,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Senior unsecured
revolving credit facility |
|
|
$
|
-
|
|
|
|
$
|
-
|
|
Term loan |
|
|
|
100,000
|
|
|
|
|
-
|
|
Mortgage debt
(including mortgage loan premium of $2,498 and $0, respectively) |
|
|
|
368,508
|
|
|
|
|
251,539
|
|
Accounts payable
and accrued expenses |
|
|
|
47,364
|
|
|
|
|
33,333
|
|
Advance deposits
|
|
|
|
4,596
|
|
|
|
|
4,380
|
|
Accrued interest
|
|
|
|
1,328
|
|
|
|
|
1,000
|
|
Distribution
payable |
|
|
|
11,274
|
|
|
|
|
10,032
|
|
Total
liabilities |
|
|
|
533,070
|
|
|
|
|
300,284
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
|
|
|
|
|
Preferred shares of beneficial
interest, $.01 par value (liquidation preference of $225,000 at
December 31, 2012 and December 31, 2011), 100,000,000 shares
authorized; 9,000,000 shares issued and outstanding at December 31,
2012 and at December 31, 2011
|
|
|
|
90
|
|
|
|
|
90
|
|
Common shares of beneficial
interest, $.01 par value, 500,000,000 shares authorized; 60,955,090
issued and outstanding at December 31, 2012 and 50,769,024 issued and
outstanding at December 31, 2011
|
|
|
|
610
|
|
|
|
|
508
|
|
Additional
paid-in capital |
|
|
|
1,362,349
|
|
|
|
|
1,142,905
|
|
Accumulated other
comprehensive income (loss) |
|
|
|
(300
|
)
|
|
|
|
-
|
|
Distributions
in excess of retained earnings |
|
|
|
(49,798
|
)
|
|
|
|
(30,252
|
)
|
Total
shareholders' equity |
|
|
|
1,312,951
|
|
|
|
|
1,113,251
|
|
Non-controlling
interests |
|
|
|
141
|
|
|
|
|
3,097
|
|
Total
equity |
|
|
|
1,313,092
|
|
|
|
|
1,116,348
|
|
Total
liabilities and equity |
|
|
$
|
1,846,162
|
|
|
|
$
|
1,416,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook
Hotel Trust |
Consolidated
Statements of Operations |
($
in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Year ended
December 31,
|
|
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
|
|
$
|
64,135
|
|
|
|
$
|
49,882
|
|
|
|
$
|
239,218
|
|
|
|
$
|
177,479
|
|
Food and
beverage |
|
|
|
34,122
|
|
|
|
|
29,318
|
|
|
|
|
117,752
|
|
|
|
|
92,898
|
|
Other
operating |
|
|
|
6,485
|
|
|
|
|
5,209
|
|
|
|
|
23,718
|
|
|
|
|
17,610
|
|
Total
revenues |
|
|
$
|
104,742
|
|
|
|
$
|
84,409
|
|
|
|
$
|
380,688
|
|
|
|
$
|
287,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
|
|
$
|
17,692
|
|
|
|
$
|
13,586
|
|
|
|
$
|
63,213
|
|
|
|
$
|
47,570
|
|
Food and
beverage |
|
|
|
24,533
|
|
|
|
|
20,360
|
|
|
|
|
86,369
|
|
|
|
|
65,783
|
|
Other direct |
|
|
|
3,301
|
|
|
|
|
2,523
|
|
|
|
|
12,236
|
|
|
|
|
8,353
|
|
Other
indirect |
|
|
|
27,767
|
|
|
|
|
23,061
|
|
|
|
|
99,766
|
|
|
|
|
79,648
|
|
Total hotel
operating expenses |
|
|
|
73,293
|
|
|
|
|
59,530
|
|
|
|
|
261,584
|
|
|
|
|
201,354
|
|
Depreciation and
amortization |
|
|
|
12,052
|
|
|
|
|
9,519
|
|
|
|
|
42,794
|
|
|
|
|
30,945
|
|
Real estate
taxes, personal property taxes and property insurance |
|
|
|
4,966
|
|
|
|
|
3,954
|
|
|
|
|
17,576
|
|
|
|
|
12,895
|
|
Ground rent |
|
|
|
1,003
|
|
|
|
|
464
|
|
|
|
|
2,611
|
|
|
|
|
1,814
|
|
General and
administrative |
|
|
|
4,481
|
|
|
|
|
3,207
|
|
|
|
|
16,777
|
|
|
|
|
11,460
|
|
Hotel
acquisition costs |
|
|
|
894
|
|
|
|
|
16
|
|
|
|
|
2,234
|
|
|
|
|
3,392
|
|
Total operating
expenses |
|
|
|
96,689
|
|
|
|
|
76,690
|
|
|
|
|
343,576
|
|
|
|
|
261,860
|
|
Operating income |
|
|
|
8,053
|
|
|
|
|
7,719
|
|
|
|
|
37,112
|
|
|
|
|
26,127
|
|
Interest income |
|
|
|
113
|
|
|
|
|
53
|
|
|
|
|
224
|
|
|
|
|
868
|
|
Interest expense
|
|
|
|
(4,261
|
)
|
|
|
|
(3,576
|
)
|
|
|
|
(14,932
|
)
|
|
|
|
(13,653
|
)
|
Other |
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
85
|
|
Equity
in earnings of joint venture |
|
|
|
4,334
|
|
|
|
|
4,135
|
|
|
|
|
5,970
|
|
|
|
|
2,336
|
|
Income before
income taxes |
|
|
|
8,239
|
|
|
|
|
8,331
|
|
|
|
|
28,374
|
|
|
|
|
15,763
|
|
Income
tax (expense) benefit |
|
|
|
(1,026
|
)
|
|
|
|
(225
|
)
|
|
|
|
(1,866
|
)
|
|
|
|
(564
|
)
|
Net income |
|
|
|
7,213
|
|
|
|
|
8,106
|
|
|
|
|
26,508
|
|
|
|
|
15,199
|
|
Net
income attributable to non-controlling interests |
|
|
|
125
|
|
|
|
|
144
|
|
|
|
|
429
|
|
|
|
|
343
|
|
Net income
attributable to the Company |
|
|
|
7,088
|
|
|
|
|
7,962
|
|
|
|
|
26,079
|
|
|
|
|
14,856
|
|
Distributions
to preferred shareholders |
|
|
|
(4,456
|
)
|
|
|
|
(4,506
|
)
|
|
|
|
(17,825
|
)
|
|
|
|
(10,413
|
)
|
Net
income attributable to common shareholders |
|
|
$
|
2,632
|
|
|
|
$
|
3,456
|
|
|
|
$
|
8,254
|
|
|
|
$
|
4,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share available to common shareholders, basic and diluted |
|
|
$
|
0.04
|
|
|
|
$
|
0.07
|
|
|
|
$
|
0.14
|
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares, basic |
|
|
|
60,510,386
|
|
|
|
|
50,765,629
|
|
|
|
|
55,806,543
|
|
|
|
|
47,921,200
|
|
Weighted-average
number of common shares, diluted |
|
|
|
60,619,996
|
|
|
|
|
50,781,408
|
|
|
|
|
55,955,497
|
|
|
|
|
47,966,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31,
|
|
|
Year ended
December 31,
|
|
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
$
|
7,213
|
|
|
|
$
|
8,106
|
|
|
|
$
|
26,508
|
|
|
|
$
|
15,199
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
|
12,012
|
|
|
|
|
9,482
|
|
|
|
|
42,638
|
|
|
|
|
30,807
|
|
Depreciation
and amortization from joint venture |
|
|
|
2,523
|
|
|
|
|
2,762
|
|
|
|
|
9,856
|
|
|
|
|
3,931
|
|
FFO
|
|
|
$
|
21,748
|
|
|
|
$
|
20,350
|
|
|
|
$
|
79,002
|
|
|
|
$
|
49,937
|
|
Distribution
to preferred shareholders |
|
|
$
|
(4,456
|
)
|
|
|
$
|
(4,506
|
)
|
|
|
$
|
(17,825
|
)
|
|
|
$
|
(10,413
|
)
|
FFO
available to common share and unit holders |
|
|
$
|
17,292
|
|
|
|
$
|
15,844
|
|
|
|
$
|
61,177
|
|
|
|
$
|
39,524
|
|
Hotel acquisition
costs |
|
|
|
894
|
|
|
|
|
16
|
|
|
|
|
2,234
|
|
|
|
|
3,392
|
|
Reorganization
costs from joint venture |
|
|
|
-
|
|
|
|
|
176
|
|
|
|
|
-
|
|
|
|
|
4,144
|
|
Ground lease
amortization |
|
|
|
55
|
|
|
|
|
55
|
|
|
|
|
219
|
|
|
|
|
219
|
|
Amortization of
LTIP units |
|
|
|
395
|
|
|
|
|
394
|
|
|
|
|
1,579
|
|
|
|
|
1,579
|
|
Management
contract termination costs |
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1,007
|
|
|
|
|
-
|
|
Interest
expense adjustment for above market loan |
|
|
|
(99
|
)
|
|
|
|
-
|
|
|
|
|
(99
|
)
|
|
|
|
-
|
|
Adjusted
FFO available to common share and unit holders |
|
|
$
|
18,537
|
|
|
|
$
|
16,485
|
|
|
|
$
|
66,117
|
|
|
|
$
|
48,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common
share - basic |
|
|
$
|
0.28
|
|
|
|
$
|
0.31
|
|
|
|
$
|
1.09
|
|
|
|
$
|
0.81
|
|
FFO per common
share - diluted |
|
|
$
|
0.28
|
|
|
|
$
|
0.31
|
|
|
|
$
|
1.09
|
|
|
|
$
|
0.81
|
|
Adjusted FFO
per common share - basic |
|
|
$
|
0.30
|
|
|
|
$
|
0.32
|
|
|
|
$
|
1.18
|
|
|
|
$
|
1.00
|
|
Adjusted FFO
per common share - diluted |
|
|
$
|
0.30
|
|
|
|
$
|
0.32
|
|
|
|
$
|
1.17
|
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of basic common shares and units |
|
|
|
60,891,495
|
|
|
|
|
51,694,728
|
|
|
|
|
56,187,652
|
|
|
|
|
48,850,299
|
|
Weighted-average
number of fully diluted common shares and units |
|
|
|
61,001,105
|
|
|
|
|
51,710,507
|
|
|
|
|
56,336,606
|
|
|
|
|
48,895,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Year ended
December 31,
|
|
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
$
|
7,213
|
|
|
|
$
|
8,106
|
|
|
|
$
|
26,508
|
|
|
|
$
|
15,199
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
4,261
|
|
|
|
|
3,576
|
|
|
|
|
14,932
|
|
|
|
|
13,653
|
|
Interest expense
from joint venture |
|
|
|
3,485
|
|
|
|
|
3,316
|
|
|
|
|
13,160
|
|
|
|
|
5,680
|
|
Income tax
expense (benefit) |
|
|
|
1,026
|
|
|
|
|
225
|
|
|
|
|
1,866
|
|
|
|
|
564
|
|
Depreciation and
amortization |
|
|
|
12,052
|
|
|
|
|
9,519
|
|
|
|
|
42,794
|
|
|
|
|
30,945
|
|
Depreciation
and amortization from joint venture |
|
|
|
2,523
|
|
|
|
|
2,762
|
|
|
|
|
9,856
|
|
|
|
|
3,931
|
|
EBITDA
|
|
|
$
|
30,560
|
|
|
|
$
|
27,504
|
|
|
|
$
|
109,116
|
|
|
|
$
|
69,972
|
|
Hotel acquisition
costs |
|
|
|
894
|
|
|
|
|
16
|
|
|
|
|
2,234
|
|
|
|
|
3,392
|
|
Reorganization
costs from joint venture |
|
|
|
-
|
|
|
|
|
176
|
|
|
|
|
-
|
|
|
|
|
4,144
|
|
Ground lease
amortization |
|
|
|
55
|
|
|
|
|
55
|
|
|
|
|
219
|
|
|
|
|
219
|
|
Amortization of
LTIP units |
|
|
|
395
|
|
|
|
|
394
|
|
|
|
|
1,579
|
|
|
|
|
1,579
|
|
Management
contract termination costs |
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1,007
|
|
|
|
|
-
|
|
Adjusted
EBITDA |
|
|
$
|
31,904
|
|
|
|
$
|
28,145
|
|
|
|
$
|
114,155
|
|
|
|
$
|
79,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To supplement the Company’s consolidated financial statements
presented in accordance with U.S. generally accepted accounting
principles ("GAAP"), this press release includes certain non-GAAP
financial measures as defined under Securities and Exchange Commission
(SEC) Rules.
These measures are not in accordance with, or an alternative
to, measures prepared in accordance with GAAP and may be different from
similarly titled non-GAAP measures used by other companies. In
addition, these non-GAAP measures are not based on any comprehensive
set of accounting rules or principles. Non-GAAP measures have
limitations in that they do not reflect all of the amounts associated
with the Company’s results of operations determined in accordance with
GAAP.
Funds from Operations - Funds from operations (“FFO”)
represents net income (computed in accordance with GAAP), plus real
estate-related depreciation and amortization and after adjustments for
unconsolidated partnerships. The Company considers FFO a useful measure
of performance for an equity REIT because it facilitates an
understanding of the operating performance of its properties without
giving effect to real estate depreciation and amortization, which
assume that the value of real estate assets diminishes predictably over
time. Since real estate values have historically risen or fallen with
market conditions, the Company believes that FFO provides a meaningful
indication of its performance. The Company also considers FFO an
appropriate performance measure given its wide use by investors and
analysts. The Company computes FFO in accordance with standards
established by the Board of Governors of NAREIT in its March 1995 White
Paper (as amended in November 1999 and April 2002), which may differ
from the methodology for calculating FFO utilized by other equity REITs
and, accordingly, may not be comparable to that of other REITs.
Further, FFO does not represent amounts available for management’s
discretionary use because of needed capital replacement or expansion,
debt service obligations or other commitments and uncertainties, nor is
it indicative of funds available to fund the Company’s cash needs,
including its ability to make distributions. The Company presents FFO
per diluted share calculations that are based on the outstanding
dilutive common shares plus the outstanding Operating Partnership units
for the periods presented.
Earnings before Interest, Taxes, and Depreciation and
Amortization ("EBITDA") - The Company believes that EBITDA provides
investors a useful financial measure to evaluate its operating
performance, excluding the impact of our capital structure (primarily
interest expense) and our asset base (primarily depreciation and
amortization).
The Company also evaluates its performance by reviewing
Adjusted EBITDA and Adjusted FFO, because it believes that adjusting
EBITDA and FFO to exclude certain recurring and non-recurring items
described below provides useful supplemental information regarding the
Company's ongoing operating performance and that the presentation of
Adjusted EBITDA and Adjusted FFO, when combined with the primary GAAP
presentation of net income (loss), more completely describes the
Company's operating performance. The Company adjusts EBITDA and FFO for
the following items, which may occur in any period, and refers to these
measures as Adjusted EBITDA and Adjusted FFO:
- Ground lease amortization: The
Company excludes the non-cash amortization expense of the Company's
ground lease asset.
- Hotel acquisition costs: The
Company excludes acquisition transaction costs expensed during the
period because it believes that including these costs in EBITDA and FFO
does not reflect the underlying financial performance of the Company
and its hotels.
- Reorganization costs from joint
venture: The Company excludes reorganization costs expensed during the
period because it believes that including these costs in EBITDA and FFO
does not reflect the underlying financial performance of the Company
and its hotels.
- Amortization of LTIP units: The
Company excludes the non-cash amortization of LTIP Units expensed
during the period.
- Management 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.
- Interest expense adjustment for
above-market loans: The Company excludes interest expense adjustment
for above-market loans assumed in connection with acquisitions, because
it believes that including these non-cash adjustments in FFO does not
reflect the underlying financial performance of the Company.
The Company’s presentation of FFO in accordance with the
NAREIT White Paper and EBITDA, and as adjusted by the Company, should
not be considered as an alternative to net income (computed in
accordance with GAAP) as an indicator of the Company’s financial
performance or to cash flow from operating activities (computed in
accordance with GAAP) as an indicator of its liquidity. The table above
is a reconciliation of the Company’s FFO and EBITDA calculations to net
income in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pebblebrook
Hotel Trust |
Manhattan
Collection Statements of Operations |
(Reflects
the Company's 49% ownership interest in the Manhattan Collection)
|
($
in thousands) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Year ended
December 31,
|
|
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
|
|
$
|
22,885
|
|
|
|
$
|
22,391
|
|
|
|
$
|
76,161
|
|
|
|
$
|
36,404
|
|
Food and
beverage |
|
|
|
2,033
|
|
|
|
|
1,794
|
|
|
|
|
6,705
|
|
|
|
|
2,629
|
|
Other
operating |
|
|
|
651
|
|
|
|
|
711
|
|
|
|
|
2,617
|
|
|
|
|
1,154
|
|
Total
revenues |
|
|
|
25,569
|
|
|
|
|
24,896
|
|
|
|
|
85,483
|
|
|
|
|
40,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
expenses |
|
|
|
15,266
|
|
|
|
|
14,544
|
|
|
|
|
56,586
|
|
|
|
|
24,150
|
|
Depreciation
and amortization |
|
|
|
2,523
|
|
|
|
|
2,762
|
|
|
|
|
9,856
|
|
|
|
|
3,931
|
|
Total operating expenses
|
|
|
|
17,789
|
|
|
|
|
17,306
|
|
|
|
|
66,442
|
|
|
|
|
28,081
|
|
Operating income
(loss) |
|
|
|
7,780
|
|
|
|
|
7,590
|
|
|
|
|
19,041
|
|
|
|
|
12,106
|
|
Interest income |
|
|
|
30
|
|
|
|
|
37
|
|
|
|
|
129
|
|
|
|
|
54
|
|
Interest expense |
|
|
|
(3,485
|
)
|
|
|
|
(3,316
|
)
|
|
|
|
(13,160
|
)
|
|
|
|
(5,680
|
)
|
Other |
|
|
|
9
|
|
|
|
|
(176
|
)
|
|
|
|
(40
|
)
|
|
|
|
(4,144
|
)
|
Equity
in earnings of joint venture |
|
|
$
|
4,334
|
|
|
|
$
|
4,135
|
|
|
|
$
|
5,970
|
|
|
|
$
|
2,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBT:
|
|
|
Fixed Interest Rate |
|
|
Loan Amount |
|
|
Maturity |
|
|
|
|
|
Mortgage(1)
|
|
|
3.67% |
|
|
$
|
200,900
|
|
|
|
January
2018 |
|
|
|
|
|
Cash and
cash equivalents |
|
|
|
|
|
|
|
|
(9,381
|
)
|
|
|
|
|
|
|
|
|
|
|
Net Debt |
|
|
|
|
|
|
|
|
191,519
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash |
|
|
|
|
|
|
|
|
(6,945
|
)
|
|
|
|
|
|
|
|
|
|
|
Net
Debt including restricted cash |
|
|
|
|
|
|
|
$
|
184,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Does not include
the Company's pro rata interest of the $50.0 million preferred capital
the Company made to the joint venture, in which Pebblebrook has a 49%
ownership interest. |
|
|
|
|
Notes:
|
These operating
results represent the Company's 49% ownership interest in the Manhattan
Collection. The Manhattan Collection consists of the following six
hotels: Affinia Manhattan, Affinia 50, Affinia Dumont, Affinia
Shelburne, Affinia Gardens and The Benjamin. The operating results for
the Manhattan Collection only include 49% of the results for the six
properties to reflect the Company's 49% ownership interest in the
hotels. |
|
The information
above has not been audited and has been presented only for
informational purposes. |
|
|
Pebblebrook
Hotel Trust |
Entire Portfolio - Pro Forma Hotel
Statistical Data |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Year ended
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
Total Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
|
79.3%
|
|
|
77.7%
|
|
|
81.3%
|
|
|
78.0%
|
Increase/(Decrease)
|
|
|
2.1%
|
|
|
|
|
|
4.2%
|
|
|
|
Pro forma ADR |
|
|
$224.32
|
|
|
$216.54
|
|
|
$213.83
|
|
|
$206.04
|
Increase/(Decrease)
|
|
|
3.6%
|
|
|
|
|
|
3.8%
|
|
|
|
Pro forma
RevPAR |
|
|
$177.93
|
|
|
$168.24
|
|
|
$173.82
|
|
|
$160.81
|
Increase/(Decrease)
|
|
|
5.8%
|
|
|
|
|
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
This schedule of hotel results for
the three months ended December 31, includes information from all of
the hotels the Company owned as of December 31, 2012, except for the
Hotel Zetta (formerly Hotel Milano) for both 2012 and 2011. Results for
the Manhattan Collection reflect Pebblebrook’s 49% ownership interest.
The schedule of hotel results for the full years ended December 31,
includes information from all of the hotels the Company owned as of
December 31, 2012, except for the Hotel Vintage Park Seattle and the
Hotel Vintage Plaza Portland for the first and second quarters of both
2012 and 2011; the W Los Angeles – Westwood and Hotel Palomar San
Francisco for the first, second and third quarters of both 2012 and
2011; and, the Hotel Zetta for all of 2012 and 2011. 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
Zetta 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 |
Wholly
Owned - Pro Forma Hotel Statistical Data |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Year ended
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
Total Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
|
76.8%
|
|
|
74.9%
|
|
|
79.1%
|
|
|
76.1%
|
Increase/(Decrease)
|
|
|
2.5%
|
|
|
|
|
|
4.0%
|
|
|
|
Pro forma ADR |
|
|
$203.54
|
|
|
$194.80
|
|
|
$200.73
|
|
|
$192.21
|
Increase/(Decrease)
|
|
|
4.5%
|
|
|
|
|
|
4.4%
|
|
|
|
Pro forma
RevPAR |
|
|
$156.26
|
|
|
$145.90
|
|
|
$158.88
|
|
|
$146.35
|
Increase/(Decrease)
|
|
|
7.1%
|
|
|
|
|
|
8.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
This schedule of hotel results for
the three months ended December 31, includes information from all of
the hotels the Company owned as of December 31, 2012, except for the
Hotel Zetta (formerly Hotel Milano) and Pebblebrook’s 49% ownership
interest in the Manhattan Collection for both 2012 and 2011. The
schedule of hotel results for the full years ended December 31,
includes information from all of the hotels the Company owned as of
December 31, 2012, except for the Hotel Vintage Park Seattle and the
Hotel Vintage Plaza Portland for the first and second quarters of both
2012 and 2011; the W Los Angeles – Westwood and Hotel Palomar San
Francisco for the first, second and third quarters of both 2012 and
2011; and, the Hotel Zetta and Pebblebrook’s 49% ownership interest in
the Manhattan Collection for all of 2012 and 2011. 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
Zetta 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 |
|
Year
ended |
|
|
December 31, |
|
December 31, |
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Total Portfolio
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
92.8%
|
|
92.5%
|
|
91.5%
|
|
87.5%
|
Increase/(Decrease)
|
|
0.3%
|
|
|
|
4.6%
|
|
|
Pro forma ADR |
|
$315.52
|
|
$309.95
|
|
$267.81
|
|
$265.88
|
Increase/(Decrease)
|
|
1.8%
|
|
|
|
0.7%
|
|
|
Pro forma
RevPAR |
|
$292.94
|
|
$286.77
|
|
$245.05
|
|
$232.66
|
Increase/(Decrease)
|
|
2.2%
|
|
|
|
5.3%
|
|
|
|
Notes:
|
This schedule of hotel results for
the three months and full years ended December 31, includes only
information for the six hotels that comprise the Manhattan Collection
as of December 31, 2012. These hotel results for the respective periods
may include information reflecting operational performance prior to the
Company's ownership of the hotels. Any differences are a result of
rounding.
|
|
The information above has not been
audited and has been presented only for comparison purposes.
|
|
|
Pebblebrook
Hotel Trust |
Hotel
Operational Data |
Entire
Portfolio - Schedule of Pro Forma Hotel Results |
($
in thousands, except per room data) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Year
ended |
|
|
December 31, |
|
December 31, |
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Revenues: |
|
|
|
|
|
|
|
|
Rooms |
|
$
|
87,678
|
|
|
$
|
82,888
|
|
|
$
|
311,510
|
|
|
$
|
285,677
|
|
Food and beverage
|
|
|
36,445
|
|
|
|
36,562
|
|
|
|
124,041
|
|
|
|
123,946
|
|
Other |
|
|
7,103
|
|
|
|
7,031
|
|
|
|
25,805
|
|
|
|
24,814
|
|
Total
hotel revenues |
|
|
131,226
|
|
|
|
126,481
|
|
|
|
461,356
|
|
|
|
434,437
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
$
|
23,622
|
|
|
$
|
22,436
|
|
|
$
|
84,030
|
|
|
$
|
79,304
|
|
Food and beverage
|
|
|
26,642
|
|
|
|
26,344
|
|
|
|
92,723
|
|
|
|
90,936
|
|
Other direct |
|
|
3,392
|
|
|
|
3,028
|
|
|
|
12,458
|
|
|
|
11,265
|
|
General and
administrative |
|
|
11,574
|
|
|
|
11,467
|
|
|
|
40,222
|
|
|
|
41,034
|
|
Sales and
marketing |
|
|
8,982
|
|
|
|
8,435
|
|
|
|
32,291
|
|
|
|
30,292
|
|
Management fees |
|
|
4,260
|
|
|
|
3,730
|
|
|
|
13,981
|
|
|
|
13,046
|
|
Property
operations and maintenance |
|
|
4,175
|
|
|
|
4,216
|
|
|
|
14,889
|
|
|
|
15,025
|
|
Energy and
utilities |
|
|
3,369
|
|
|
|
3,659
|
|
|
|
12,820
|
|
|
|
14,488
|
|
Property taxes |
|
|
5,720
|
|
|
|
5,299
|
|
|
|
20,394
|
|
|
|
18,117
|
|
Other
fixed expenses |
|
|
3,451
|
|
|
|
3,657
|
|
|
|
10,942
|
|
|
|
13,131
|
|
Total
hotel expenses |
|
|
95,187
|
|
|
|
92,271
|
|
|
|
334,750
|
|
|
|
326,638
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Hotel EBITDA |
|
$
|
36,039
|
|
|
$
|
34,210
|
|
|
$
|
126,606
|
|
|
$
|
107,799
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Hotel
EBITDA Margin |
|
|
27.5
|
%
|
|
|
27.0
|
%
|
|
|
27.4
|
%
|
|
|
24.8
|
%
|
|
|
|
|
|
|
|
|
|
Pro Forma Hotel
EBITDA Per Room |
|
$
|
6,728
|
|
|
$
|
6,388
|
|
|
$
|
25,856
|
|
|
$
|
22,148
|
|
|
|
Notes:
|
This schedule of hotel results for
the three months ended December 31, includes information from all of
the hotels the Company owned as of December 31, 2012, except for the
Hotel Zetta (formerly Hotel Milano) for both 2012 and 2011. Results for
the Manhattan Collection reflect Pebblebrook’s 49% ownership interest.
The schedule of hotel results for the full years ended December 31,
includes information from all of the hotels the Company owned as of
December 31, 2012, except for the Hotel Vintage Park Seattle and the
Hotel Vintage Plaza Portland for the first and second quarters of both
2012 and 2011; the W Los Angeles – Westwood and Hotel Palomar San
Francisco for the first, second and third quarters of both 2012 and
2011; and, the Hotel Zetta for all of 2012 and 2011. 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
Zetta 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 |
Wholly
Owned - Schedule of Pro Forma Hotel Results |
($
in thousands, except per room data) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Year
ended |
|
|
December 31, |
|
December 31, |
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Revenues: |
|
|
|
|
|
|
|
|
Rooms |
|
$
|
64,793
|
|
|
$
|
60,484
|
|
|
$
|
235,350
|
|
|
$
|
216,459
|
|
Food and beverage
|
|
|
34,412
|
|
|
|
34,768
|
|
|
|
117,336
|
|
|
|
118,439
|
|
Other |
|
|
6,452
|
|
|
|
6,148
|
|
|
|
23,188
|
|
|
|
21,969
|
|
Total
hotel revenues |
|
|
105,657
|
|
|
|
101,400
|
|
|
|
375,874
|
|
|
|
356,867
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
$
|
17,772
|
|
|
$
|
16,751
|
|
|
$
|
61,876
|
|
|
$
|
58,680
|
|
Food and beverage
|
|
|
24,836
|
|
|
|
24,734
|
|
|
|
86,439
|
|
|
|
85,333
|
|
Other direct |
|
|
3,291
|
|
|
|
2,924
|
|
|
|
12,022
|
|
|
|
10,824
|
|
General and
administrative |
|
|
9,512
|
|
|
|
9,468
|
|
|
|
32,808
|
|
|
|
33,694
|
|
Sales and
marketing |
|
|
7,636
|
|
|
|
7,189
|
|
|
|
27,393
|
|
|
|
25,665
|
|
Management fees |
|
|
3,486
|
|
|
|
2,951
|
|
|
|
11,323
|
|
|
|
10,642
|
|
Property
operations and maintenance |
|
|
3,409
|
|
|
|
3,475
|
|
|
|
11,987
|
|
|
|
12,171
|
|
Energy and
utilities |
|
|
2,709
|
|
|
|
3,077
|
|
|
|
10,149
|
|
|
|
11,949
|
|
Property taxes |
|
|
3,925
|
|
|
|
3,628
|
|
|
|
13,628
|
|
|
|
11,771
|
|
Other
fixed expenses |
|
|
3,345
|
|
|
|
3,533
|
|
|
|
10,539
|
|
|
|
12,358
|
|
Total
hotel expenses |
|
|
79,921
|
|
|
|
77,730
|
|
|
|
278,164
|
|
|
|
273,087
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Hotel EBITDA |
|
$
|
25,736
|
|
|
$
|
23,670
|
|
|
$
|
97,710
|
|
|
$
|
83,780
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Hotel
EBITDA Margin |
|
|
24.4
|
%
|
|
|
23.3
|
%
|
|
|
26.0
|
%
|
|
|
23.5
|
%
|
|
|
|
|
|
|
|
|
|
Pro Forma Hotel
EBITDA Per Room |
|
$
|
5,710
|
|
|
$
|
5,253
|
|
|
$
|
24,142
|
|
|
$
|
20,676
|
|
|
|
Notes:
|
This schedule of hotel results for
the three months ended December 31, includes information from all of
the hotels the Company owned as of December 31, 2012, except for the
Hotel Zetta (formerly Hotel Milano) and Pebblebrook’s 49% ownership
interest in the Manhattan Collection for both 2012 and 2011. The
schedule of hotel results for the full years ended December 31,
includes information from all of the hotels the Company owned as of
December 31, 2012, except for the Hotel Vintage Park Seattle and the
Hotel Vintage Plaza Portland for the first and second quarters of both
2012 and 2011; the W Los Angeles – Westwood and Hotel Palomar San
Francisco for the first, second and third quarters of both 2012 and
2011; and, the Hotel Zetta and Pebblebrook’s 49% ownership interest in
the Manhattan Collection for all of 2012 and 2011. 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
Zetta 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 |
Manhattan
Collection - Schedule of Pro Forma Hotel Results |
($
in thousands, except per room data) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
Year
ended |
|
|
December 31, |
|
December 31, |
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Revenues: |
|
|
|
|
|
|
|
|
Rooms |
|
$
|
22,885
|
|
|
$
|
22,404
|
|
|
$
|
76,161
|
|
|
$
|
69,217
|
|
Food and beverage
|
|
|
2,033
|
|
|
|
1,794
|
|
|
|
6,705
|
|
|
|
5,507
|
|
Other |
|
|
651
|
|
|
|
883
|
|
|
|
2,617
|
|
|
|
2,846
|
|
Total
hotel revenues |
|
|
25,569
|
|
|
|
25,081
|
|
|
|
85,483
|
|
|
|
77,570
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
Hotel Expenses: |
|
|
|
|
|
|
|
|
Rooms |
|
$
|
5,850
|
|
|
$
|
5,685
|
|
|
$
|
22,154
|
|
|
$
|
20,624
|
|
Food and beverage
|
|
|
1,805
|
|
|
|
1,610
|
|
|
|
6,285
|
|
|
|
5,604
|
|
Other direct |
|
|
102
|
|
|
|
106
|
|
|
|
436
|
|
|
|
437
|
|
General and
administrative |
|
|
2,062
|
|
|
|
1,999
|
|
|
|
7,414
|
|
|
|
7,340
|
|
Sales and
marketing |
|
|
1,346
|
|
|
|
1,246
|
|
|
|
4,898
|
|
|
|
4,628
|
|
Management fees |
|
|
774
|
|
|
|
779
|
|
|
|
2,658
|
|
|
|
2,404
|
|
Property
operations and maintenance |
|
|
766
|
|
|
|
740
|
|
|
|
2,901
|
|
|
|
2,854
|
|
Energy and
utilities |
|
|
660
|
|
|
|
581
|
|
|
|
2,671
|
|
|
|
2,539
|
|
Property taxes |
|
|
1,794
|
|
|
|
1,671
|
|
|
|
6,766
|
|
|
|
6,346
|
|
Other
fixed expenses |
|
|
107
|
|
|
|
124
|
|
|
|
403
|
|
|
|
774
|
|
Total
hotel expenses |
|
|
15,266
|
|
|
|
14,541
|
|
|
|
56,586
|
|
|
|
53,550
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Hotel EBITDA |
|
$
|
10,303
|
|
|
$
|
10,540
|
|
|
$
|
28,897
|
|
|
$
|
24,020
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Hotel
EBITDA Margin |
|
|
40.3
|
%
|
|
|
42.0
|
%
|
|
|
33.8
|
%
|
|
|
31.0
|
%
|
|
|
|
|
|
|
|
|
|
Pro Forma Hotel
EBITDA Per Room |
|
$
|
12,133
|
|
|
$
|
12,412
|
|
|
$
|
34,029
|
|
|
$
|
29,469
|
|
|
|
Notes:
|
This schedule of hotel results for
the three months and full years ended December 31, reflects only the
Company's 49% pro rata interest in the six hotels that comprise the
Manhattan Collection as of December 31, 2012. These hotel results may
reflect the operational performance prior to the Company's ownership
interest in 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
Zetta (formerly Hotel Milano) |
|
|
|
|
|
|
|
|
Hotel
Vintage Park Seattle |
|
|
|
|
|
X |
|
X |
Hotel
Vintage Plaza Portland |
|
|
|
|
|
X |
|
X |
W Los
Angeles - Westwood |
|
|
|
|
|
|
|
X |
Hotel
Palomar San Francisco |
|
|
|
|
|
|
|
X |
Embassy
Suites San Diego Bay |
|
|
|
|
|
|
|
|
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 and in the Schedule of Pro Forma Hotel Results. |
|
The Company’s fourth 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 December 31, 2012, except for the Hotel
Zetta (formerly Hotel Milano) for both 2012 and 2011. Results for the
Manhattan Collection reflect Pebblebrook's 49% ownership interest.
|
|
The Company’s full year 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 December 31, 2012, except for the Hotel Vintage
Park Seattle and the Hotel Vintage Plaza Portland for the first and
second quarters of both 2012 and 2011; the W Los Angeles – Westwood and
Hotel Palomar San Francisco for the first, second and third quarters of
both 2012 and 2011; and, the Hotel Zetta for all of 2012 and 2011.
Results for the Manhattan Collection reflect the Company's 49%
ownership interest. The Company expects to include historical operating
results for the Hotel Zetta 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 2013 Outlook include the hotels owned as of February 21,
2013, except for Hotel Zetta for the first quarter. These operating
statistics and financial results may include periods prior to the
Company’s ownership of the hotels. The hotel operating estimates and
assumptions for the Manhattan Collection included in the Company's 2013
Outlook only reflect the Company's 49% ownership interest in the
hotels.
|
|
|
Pebblebrook
Hotel Trust |
Entire
Portfolio - Historical Hotel Pro Forma Operating Data |
($
in thousands, except 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 |
|
72%
|
|
81%
|
|
85%
|
|
78%
|
|
79%
|
Pro forma ADR |
|
$189
|
|
$206
|
|
$210
|
|
$214
|
|
$205
|
Pro forma RevPAR |
|
$136
|
|
$166
|
|
$179
|
|
$167
|
|
$162
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
Revenues |
|
$107.9
|
|
$128.4
|
|
$133.9
|
|
$131.8
|
|
$502.1
|
Pro forma Hotel
EBITDA |
|
$18.0
|
|
$33.4
|
|
$37.9
|
|
$35.8
|
|
$125.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter |
|
Full
Year |
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
75%
|
|
85%
|
|
87%
|
|
79%
|
|
82%
|
Pro forma ADR |
|
$195
|
|
$218
|
|
$219
|
|
$222
|
|
$214
|
Pro forma RevPAR |
|
$147
|
|
$186
|
|
$190
|
|
$176
|
|
$175
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
Revenues |
|
$115.5
|
|
$139.7
|
|
$140.7
|
|
$136.8
|
|
$532.7
|
Pro forma Hotel
EBITDA |
|
$22.4
|
|
$42.2
|
|
$43.5
|
|
$38.0
|
|
$146.2
|
Notes:
|
These historical hotel operating
results include information for all of the hotels the Company owned as
of February 21, 2013, except for the operating results of Hotel Zetta
(formerly Hotel Milano). The hotel operating results for the Manhattan
Collection only includes 49% of the results for the 6 properties to
reflect the Company's 49% ownership interest in the hotels. These
historical operating results include periods prior to the Company's
ownership of the hotels. The Company expects to include historical
operating results for Hotel Zetta after the Company has owned the hotel
for one year. The information above does not reflect the Company's
corporate general and administrative expense, interest expense,
property acquisition costs, depreciation and amortization, taxes and
other expenses. Any differences are a result of rounding.
|
|
The information
above has not been audited and has been presented only for comparison
purposes. |
|
|
Pebblebrook
Hotel Trust |
Wholly
Owned - Historical Hotel Pro Forma Operating Data |
($
in thousands, except 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%
|
|
80%
|
|
84%
|
|
75%
|
|
77%
|
Pro forma ADR |
|
$188
|
|
$195
|
|
$198
|
|
$193
|
|
$194
|
Pro forma RevPAR |
|
$132
|
|
$156
|
|
$167
|
|
$146
|
|
$150
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
Revenues |
|
$94.6
|
|
$109.7
|
|
$113.4
|
|
$106.8
|
|
$424.5
|
Pro forma Hotel
EBITDA |
|
$17.0
|
|
$27.7
|
|
$31.1
|
|
$25.2
|
|
$101.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter |
|
Full
Year |
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
73%
|
|
84%
|
|
86%
|
|
77%
|
|
80%
|
Pro forma ADR |
|
$194
|
|
$206
|
|
$210
|
|
$202
|
|
$203
|
Pro forma RevPAR |
|
$143
|
|
$173
|
|
$180
|
|
$156
|
|
$163
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
Revenues |
|
$99.7
|
|
$117.0
|
|
$119.2
|
|
$111.2
|
|
$447.2
|
Pro forma Hotel
EBITDA |
|
$20.3
|
|
$33.6
|
|
$35.7
|
|
$27.7
|
|
$117.3
|
Notes:
|
These historical hotel operating
results include information for all of the hotels the Company owned as
of February 21, 2013, except for the operating results of Hotel Zetta
(formerly Hotel Milano) and Pebblebrook's 49% interest in the 6 hotel
Manhattan Collection. These historical operating results include
periods prior to the Company's ownership of the hotels. The Company
expects to include historical operating results for Hotel Zetta after
the Company has owned the hotel for one year. The information above
does not reflect the Company's corporate general and administrative
expense, interest expense, property acquisition costs, depreciation and
amortization, taxes and other expenses. Any differences are a result of
rounding.
|
|
The information
above has not been audited and has been presented only for comparison
purposes. |
|
|
Pebblebrook
Hotel Trust |
Manhattan
Collection - Historical Hotel Pro Forma Operating Data |
($
in thousands, except 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 |
|
82%
|
|
85%
|
|
91%
|
|
93%
|
|
88%
|
Pro forma ADR |
|
$193
|
|
$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 |
|
Third
Quarter |
|
Fourth
Quarter |
|
Full
Year |
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
Occupancy |
|
87%
|
|
93%
|
|
93%
|
|
93%
|
|
91%
|
Pro forma ADR |
|
$201
|
|
$282
|
|
$268
|
|
$316
|
|
$268
|
Pro forma RevPAR |
|
$175
|
|
$263
|
|
$249
|
|
$293
|
|
$245
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma Hotel
Revenues |
|
$15.8
|
|
$22.7
|
|
$21.5
|
|
$25.6
|
|
$85.5
|
Pro forma Hotel
EBITDA |
|
$2.1
|
|
$8.6
|
|
$7.8
|
|
$10.3
|
|
$28.9
|
Notes:
|
These historical hotel operating
results include only information from the 6 hotel properties in the
Manhattan Collection. The hotel operating results for the Manhattan
Collection only include 49% of the results for the 6 properties to
reflect the Company's 49% ownership interest in the hotels. These
historical operating results include periods prior to the Company's
ownership of the hotels. The information above does not reflect the
Company's corporate general and administrative expense, interest
expense, property acquisition costs, depreciation and amortization,
taxes and other expenses. Any differences are a result of rounding.
|
|
The information
above has not been audited and has been presented only for comparison
purposes. |
|
|
Pebblebrook
Hotel Trust |
Historical
Hotel Pro Forma EBITDA by Property |
($
in thousands) |
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Year ended |
|
|
December 31, |
Hotel
|
|
2012
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
DoubleTree by
Hilton Bethesda-Washington DC |
|
$5.1
|
|
$4.7
|
|
$4.7
|
Sir Francis Drake
|
|
8.4
|
|
5.0
|
|
3.4
|
InterContinental
Buckhead |
|
11.6
|
|
9.6
|
|
8.3
|
Hotel Monaco
Washington, DC |
|
7.6
|
|
6.9
|
|
5.5
|
The Grand Hotel
Minneapolis |
|
3.4
|
|
2.4
|
|
1.5
|
Skamania Lodge |
|
5.2
|
|
4.8
|
|
4.4
|
Sheraton Delfina |
|
6.9
|
|
6.8
|
|
5.3
|
Sofitel
Philadelphia |
|
6.7
|
|
6.0
|
|
4.3
|
Argonaut Hotel |
|
8.5
|
|
6.5
|
|
5.2
|
Westin Gaslamp
Quarter San Diego |
|
9.7
|
|
8.2
|
|
8.4
|
Hotel Monaco
Seattle |
|
3.4
|
|
2.9
|
|
2.2
|
Mondrian Los
Angeles |
|
7.4
|
|
8.9
|
|
7.9
|
Viceroy Miami |
|
2.8
|
|
1.8
|
|
(0.7)
|
W Boston |
|
5.8
|
|
4.4
|
|
3.8
|
Manhattan
Collection |
|
28.9
|
|
24.0
|
|
21.9
|
Hotel Zetta
(formerly Hotel Milano) |
|
N/A
|
|
N/A
|
|
N/A
|
Vintage Park
Hotel Seattle |
|
2.4
|
|
2.2
|
|
1.8
|
Vintage Plaza
Hotel Portland |
|
1.8
|
|
1.9
|
|
1.3
|
W Los Angeles -
Westwood |
|
8.0
|
|
6.9
|
|
5.6
|
Hotel Palomar San
Francisco |
|
3.8
|
|
3.0
|
|
1.3
|
Embassy
Suites San Diego Bay |
|
8.8
|
|
8.2
|
|
7.6
|
Total Hotel EBITDA
|
|
$146.2
|
|
$125.1
|
|
$103.7
|
Notes:
|
These historical Pro Forma Hotel
EBITDA results include information for all of the hotels the company
owned as of February 21, 2013, except for Hotel Zetta (formerly Hotel
Milano); the Company expects to include historical operating results
for Hotel Zetta after the Company has owned the hotel for one year. The
Hotel EBITDA results for the Manhattan Collection include 49% of the
actual results for the 6 properties to reflect the Company's 49%
ownership interest in these 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. |
|