Pebblebrook Hotel Trust Provides Operating Update, Preliminary Q4 2022 and Full Year 2022 Results, and Transaction Update

BETHESDA, Md.–(BUSINESS WIRE)–Pebblebrook Hotel Trust (NYSE: PEB) today provided an update on recent operating trends and information. 

Please visit https://investor.pebblebrookhotels.com/investor-presentations-1 to view the updated presentation the Company issued on its website.

Additionally, based upon an initial review of preliminary operating and financial results, the Company has provided preliminary fourth quarter and full year 2022 results as follows:

Preliminary Q4 2022 Results(1)
(As of 1/20/2023)

Prior Q4 2022 Outlook
(As of 12/20/2022)

Variance(2)

Low

High

Low

High

Low

High

($ and shares/units in millions, except per share and RevPAR data)

Net loss

($41)

($39)

($40)

($36)

($1)

($3)

Adjusted EBITDAre(3)

$56

$58

$52

$56

$4

$2

Adjusted FFO(3)

$24

$26

$17

$21

$7

$5

Adjusted FFO per diluted share(3)

$0.19

$0.20

$0.13

$0.16

$0.06

$0.04

Same Property RevPAR(3)

$174

$174

$173

$175

$1

($1)

Same Property RevPAR variance vs. 2019(3)

(7.8%)

(7.8%)

(8.0%)

(7.0%)

0.2%

(0.8%)

Same Property RevPAR variance vs. 2021(3)

25.6%

25.6%

25.2%

26.6%

0.4%

(1.0%)

Same Property EBITDA(3)

$63.2

$65.2

$61.0

$65.0

$2.2

$0.2

Same Property EBITDA variance vs. 2019(3)

(29.1%)

(26.9%)

(31.6%)

(27.1%)

2.5%

0.2%

Preliminary Full Year 2022 Results(1)
(As of 1/20/2023)

Prior Full Year 2022 Outlook
(As of 12/20/2022)

Variance(2)

Low

High

Low

High

Low

High

($ and shares/units in millions, except per share and RevPAR data)

Net loss

($87)

($85)

($85)

($81)

($2)

($4)

Adjusted EBITDAre(3)

$355

$357

$351

$355

$4

$2

Adjusted FFO(3)

$220

$222

$212

$216

$8

$6

Adjusted FFO per diluted share(3)

$1.68

$1.69

$1.61

$1.64

$0.07

$0.05

Same Property RevPAR(3)

$193

$193

$193

$193

Same Property RevPAR variance vs. 2019(3)

(8.0%)

(8.0%)

(8.0%)

(7.75%)

(0.3%)

Same Property RevPAR variance vs. 2021(3)

67.0%

67.0%

67.2%

67.2%

(0.2%)

(0.2%)

Same Property EBITDA(3)

$389.0

$391.0

$386.8

$390.8

$2.2

$0.2

Same Property EBITDA variance vs. 2019(3)

(16.0%)

(15.5%)

(16.4%)

(15.6%)

0.4%

0.1%

(1) Preliminary results may differ materially from actual results, which are not yet available.

(2) Any differences are a result of rounding.

(3) See tables later in this press release for a description of same-property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted EBITDAre, Adjusted Funds from Operations (“FFO”) and Adjusted FFO per share.

For the details as to which hotels are included in Same Property Revenue Per Available Room (“RevPAR”) and Same Property EBITDA appearing in the table, refer to the Same Property Inclusion Reference Table later in this press release.

Additionally, the Company announced that it had executed a contract to sell the 151-room The Heathman Hotel in Portland, Oregon for $45.0 million to a third party. The sale of The Heathman Hotel is subject to normal closing conditions, and the Company offers no assurances that this sale will be completed on these terms, or at all. The sale is targeted to be completed later in the first quarter of 2023.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 51 hotels and resorts, totaling approximately 12,800 guest rooms across 15 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.