Pebblebrook Hotel Trust Q2 net loss narrows
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: