Pebblebrook Hotel Trust Provides 2012 Outlook
The Company's outlook for 2012, which assumes continued improvement in economic activity, positive business travel trends and the other significant assumptions detailed below, is as follows:
Pebblebrook Hotel Trust (NYSE: PEB) provided its outlook for 2012. The Company's outlook for 2012, which assumes continued improvement in economic activity, positive business travel trends and the other significant assumptions detailed below, is as follows:
| 2012 Outlook | ||||
| Low | High | |||
| ($ in millions except per share and RevPAR data) | ||||
| Net income (loss) to common shareholders | $3.0 | $8.0 | ||
| Net income (loss) per diluted share | $0.05 | $0.15 | ||
| Adjusted EBITDA(1) | $110.0 | $115.0 | ||
| Adjusted FFO(1) | $62.0 | $67.0 | ||
| Adjusted FFO per diluted share(1) | $1.19 | $1.29 | ||
|
This 2012 outlook is based on the following estimates and assumptions: |
||||
| U.S. GDP Growth | 2.0% | 2.5% | ||
| U.S. Hotel Industry RevPAR Growth(2) | 6.0% | 8.0% | ||
| Portfolio RevPAR(2) | $173 | $176 | ||
| Portfolio RevPAR Growth(2) | 8.0% | 10.0% | ||
| Portfolio Hotel EBITDA | $121.0 | $126.0 | ||
| Portfolio Hotel EBITDA Margin | 27.5% | 28.0% | ||
| Portfolio Hotel EBITDA Margin Growth | 250 bps | 300 bps | ||
| Corporate cash general and administrative expenses | $9.0 | $9.5 | ||
| Corporate non-cash general and administrative expenses | $3.5 | $3.7 | ||
| Weighted average fully diluted shares and units | 52.0 | 52.0 | ||
“We continued to experience healthy demand growth in travel, from both business and leisure, throughout the fourth quarter, allowing Pebblebrook and the industry to increase occupancies and push pricing,” noted Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “We expect that 2012 will be a very good year for the overall hotel industry, with the continuation of these positive trends. We’re forecasting U.S. industry RevPAR to increase between 6% and 8% over 2011. Our portfolio, comprised of high quality hotels located in major gateway cities, should benefit from this strong recovery in travel and outperform the industry. For our portfolio, we’re forecasting RevPAR to increase 8.0% to 10.0%.”
The Company’s 2012 outlook includes the operating and financial performance from the hotels the Company owned as of January 23, 2012. The Company’s estimates and assumptions for portfolio RevPAR growth and EBITDA margin growth for 2012 include the hotels owned as of January 23, 2012 as if they were owned for the entire year of 2011. The Company’s outlook assumes no additional acquisitions during 2012; however, the Company intends to take advantage of acquisition opportunities as they become available in the marketplace.
If any of the foregoing estimates and assumptions prove to be inaccurate, actual results, including the 2012 outlook, may vary, and could vary significantly, from the amounts shown above.
The Company will report financial results for the fourth quarter and full year 2011 on Tuesday, February 21, 2012, after the market closes. The Company will conduct its quarterly conference call on Wednesday, February 22, 2012, at 9:00 AM EST. To participate in the conference call, dial (888) 481-2845 approximately ten minutes before the call begins (8:50 AM EST), tell the operator that you are calling for Pebblebrook Hotel Trust’s Fourth Quarter and Full Year 2011 Earnings Conference Call, and state your full name and company affiliation and you will be connected to the call.
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 20 hotels, comprised of 14 wholly owned hotels, with a total of 3,812 guest rooms and a 49% joint venture interest in six hotels with 1,733 guest rooms. The Company owns, or has an ownership interest in, hotels located in nine states and the District of Columbia, including 14 markets: Bethesda, Maryland; San Francisco, California; Buckhead, Georgia; Washington, DC; Minneapolis, Minnesota; Columbia River Gorge, Washington; Santa Monica, California; Philadelphia, Pennsylvania; San Diego, California; Seattle, Washington; West Hollywood, California; Miami, Florida; Boston, Massachusetts; and New York, New York.
Logos, product and company names mentioned are the property of their respective owners.
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