ReutersReuters

Pebblebrook Hotel Trust Q2 net loss narrows

RefinitivLess than 1 min read

Overview

  • Pebblebrook Hotel Trust reports Q2 net income $19.3 mln

  • Same-Property Hotel EBITDA exceeds company's outlook

  • Adjusted EBITDAre of $117 mln, driven in part by Newport Harbor Island Resort's performance

  • Adjusted FFO per share $0.65, surpassing company outlook midpoint

Outlook

  • Pebblebrook expects full-year net loss between $26.5 mln and $12.0 mln

  • Company projects Q3 net income between $4.0 mln and $11.0 mln

  • Pebblebrook sees full-year Adjusted EBITDAre of $332.5 to $347.5 mln

  • Company anticipates 2025 Adjusted FFO per share of $1.47 to $1.59

Result Drivers

  • SAN FRANCISCO DEMAND - Strong demand in San Francisco led to significant RevPAR growth, contributing to better-than-expected Same-Property Hotel EBITDA

  • NEWPORT REDEVELOPMENT - Newport Harbor Island Resort's comprehensive redevelopment and luxury transformation drove its outperformance

  • EFFICIENCY PROGRAMS - Strategic productivity and efficiency initiatives helped contain operating expenses, increasing only 1.7% year-over-year

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Room Revenues

$251.30 mln

Q2 Net Income

$19.30 mln

Q2 Adjusted FFO

$77.40 mln

Q2 Adjusted FFO Per Share

$0.65

Q2 Same Property EBITDA

$115.80 mln

Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 8 "hold" and 2 "sell" or "strong sell"

  • The average consensus recommendation for the specialized reits peer group is "buy."

  • Wall Street's median 12-month price target for Pebblebrook Hotel Trust is $11.00, about 3.8% above its July 28 closing price of $10.58

Press Release:

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