HOTEL OPERATING TRENDS |
§ Operating trends continued to accelerate throughout Q2 and into July due to robust leisure demand and increasing business transient travel
§ Achieved positive Same-Property Hotel EBITDA of $28.3 million in Q2, led by the Company's resorts and accelerating business transient demand at urban hotels
§ Same-Property RevPAR rose sequentially by 111% from Q1 2021 to Q2 2021
|
PORTFOLIO UPDATES & REPOSITIONINGS |
§ Acquired the 200-room upper-upscale Jekyll Island Club Resort for $94.0 million
§ Executed a contract to acquire the 369-room Margaritaville Hollywood Beach Resort for $270.0 million
§ Executed a contract to sell Villa Florence San Francisco for $87.5 million
§ In May, completed the redevelopment of L'Auberge Del Mar; in July, commenced a $25.0 million transformation of Hotel Vitale into 1 Hotel San Francisco and a $15.0 million comprehensive guestroom renovation at Southernmost Beach Resort in Key West, Florida
|
BALANCE SHEET & LIQUIDITY |
§ Generated positive Adjusted EBITDAre in Q2 and positive corporate cash flow in June; expect positive Adjusted Funds from Operations ('AFFO') in Q3
§ Completed offerings of its $230.0 million, new 6.375% Series G and $250.0 million, new 5.7% Series H Cumulative Redeemable Preferred Shares ('Preferred Equity'), generating $480.0 million of gross proceeds
§ Announced the redemptions of its 6.5% Series C and 6.375% Series D Preferred Equity totaling $250.0 million
§ As of June 30, 2021, total liquidity of $967.2 million, including $323.0 million of cash on hand and $644.2 million available on the $650.0 million credit facility
§ Net debt to depreciated book value at the end of Q2 2021: 37%
|
2021 OUTLOOK |
§ Given the uncertainties related to the COVID-19 pandemic, its impact on travel, and variable and unpredictable government restrictions, the Company is unable to provide an outlook for 2021 at this time
§ For Q3 2021, the Company expects both Same-Property Room Revenues(1) and Total Revenues(1) to be down between (38%) and (42%) compared to Q3 2019, much improved from Q1 2021 and Q2 2021
|
' |
Hotel demand was significantly stronger than expected during the second quarter, increasing substantially each month. This enabled us to generate significant positive Same-Property Hotel EBITDA of $28.3 million, the first quarter of positive Hotel EBITDA since the COVID-19 pandemic began. The return of travel and hotel demand has occurred more rapidly than we forecast just 90 days ago, led by very robust leisure travel. We also experienced steadily increasing business transient demand during the quarter. In addition, we have seen a significant increase in group leads, site visits, and group bookings for the fall and winter months, as well as for 2022. As a result of the accelerating recovery in travel and hotel demand, we achieved positive free cash flow in June, much earlier than we previously anticipated. We also made great progress reallocating capital from our recent property dispositions into new investment opportunities. The acquisition of Jekyll Island Club Resort and the expected acquisition of Margaritaville Hollywood Beach Resort should generate immediate positive cash flow with significant future property-related growth opportunities .'
- Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust
|
Second Quarter
| Six Months Ended June 30, | |||||||||||
Same-Property and Corporate Highlights | 2021 |
2020
('21 vs. '20
growth)
|
2019
('21 vs. '19
growth)
| 2021 |
2020
('21 vs. '20
growth)
|
2019
('21 vs. '19
growth)
| ||||||
($ in millions except per share and RevPAR data) | ||||||||||||
Net income (loss) | $1.4 | ($130.9) | $60.5 | ($120.0) | ($88.8) | $66.2 | ||||||
Same-Property Room Revenues(1)
| $108.1 | $10.6 | $264.2 | $161.3 | $178.4 | $486.9 | ||||||
Same-Property Room Revenues growth rate | 921.4% | (59.1%) | (9.6%) | (66.9%) | ||||||||
Same-Property Total Revenues(1)
| $162.5 | $22.0 | $384.8 | $245.6 | $274.8 | $713.8 | ||||||
Same-Property Total Revenues growth rate | 638.6% | (57.8%) | (10.6%) | (65.6%) | ||||||||
Same-Property Total Expenses(1)
| $134.2 | $60.4 | $244.3 | $233.5 | $273.5 | $483.9 | ||||||
Same-Property Total Expenses growth rate | 122.1% | (45.1%) | (14.6%) | (51.7%) | ||||||||
Same-Property EBITDA(1)
| $28.3 | ($38.4) | $140.5 | $12.1 | $1.3 | $229.9 | ||||||
Same-Property EBITDA growth rate | NM | (79.9%) | 833.1% | (94.7%) | ||||||||
Adjusted EBITDAre(1)
| $17.1 | ($50.2) | $151.6 | ($7.9) | ($14.3) | $242.1 | ||||||
Adjusted EBITDAre growth rate | NM | (88.7%) | NM | (103.3%) | ||||||||
Adjusted FFO(1)
| ($15.6) | ($76.6) | $111.6 | ($71.3) | ($59.3) | $172.3 | ||||||
Adjusted FFO per diluted share(1)
| ($0.12) | ($0.58) | $0.85 | ($0.54) | ($0.45) | $1.32 | ||||||
Adjusted FFO per diluted share growth rate | NM | (114.1%) | NM | (140.9%) | ||||||||
2021 Monthly Results | ||||||||||||
Total Portfolio Highlights(2)
| Jan | Feb | Mar | Apr | May | Jun | ||||||
($ in millions except ADR and RevPAR data)
| ||||||||||||
Total Portfolio Occupancy | 13 | % | 20 | % | 26 | % | 32 | % | 37 | % | 46 | % |
Total Portfolio ADR | $226 | $241 | $245 | $239 | $246 | $254 | ||||||
Total Portfolio RevPAR | $30 | $47 | $63 | $75 | $91 | $118 | ||||||
Total Portfolio Total Revenues | $19.4 | $26.0 | $38.1 | $43.1 | $53.7 | $66.4 | ||||||
Total Portfolio Total Revenues growth rate (2021 vs. 2019) | (80 | %) | (74 | %) | (68 | %) | (66 | %) | (59 | %) | (50 | %) |
Total Portfolio EBITDA | ($10.6) | ($5.4) | $1.8 | $3.4 | $8.4 | $15.8 | ||||||
NM = Not Meaningful
(1) See tables later in this press release for a description of same-property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ('EBITDA'), EBITDA for Real Estate ('EBITDAre'), Adjusted EBITDAre, Funds from Operations ('FFO'), FFO per share, Adjusted FFO and Adjusted FFO per share.
For the details as to which hotels are included in Same-Property Room Revenues, Total Revenues, Expenses and EBITDA appearing in the table above and elsewhere in this press release, refer to the Same-Property Statistical Data table footnotes later in this press release.
(2) Includes information for all of the hotels the Company owned as of June 30, 2021.
|
Pebblebrook Hotel Trust | ||||
Consolidated Balance Sheets | ||||
($ in thousands, except share and per-share data) | ||||
June 30, 2021 | December 31, 2020 | |||
(Unaudited) | ||||
ASSETS | ||||
Assets: | ||||
Investment in hotel properties, net | $ | 5,667,707 | $ | 5,882,022 |
Cash and cash equivalents | 312,064 | 124,274 | ||
Restricted cash | 10,946 | 12,026 | ||
Hotel receivables (net of allowance for doubtful accounts of $542 and $183, respectively) | 27,476 | 10,225 | ||
Prepaid expenses and other assets | 56,156 | 47,819 | ||
Total assets | $ | 6,074,349 | $ | 6,076,366 |
LIABILITIES AND EQUITY | ||||
Liabilities: | ||||
Unsecured revolving credit facilities | $ | - | $ | 40,000 |
Unsecured term loans, net of unamortized deferred financing costs | 1,480,178 | 1,766,545 | ||
Senior convertible notes, net of unamortized debt premium and discount and deferred financing costs | 744,940 | 374,333 | ||
Senior unsecured notes, net of unamortized deferred financing costs | 49,798 | 99,593 | ||
Accounts payable, accrued expenses and other liabilities | 243,812 | 226,446 | ||
Lease liabilities - operating leases | 254,569 | 255,106 | ||
Deferred revenues | 47,120 | 36,057 | ||
Accrued interest | 4,246 | 4,653 | ||
Distribution payable | 11,040 | 9,307 | ||
Total liabilities | 2,835,703 | 2,812,040 | ||
Commitments and contingencies | ||||
Shareholders' Equity: | ||||
Preferred shares of beneficial interest, $0.01 par value (liquidation preference $740,000 and $510,000 at June 30, 2021 and December 31, 2020, respectively), 100,000,000 shares authorized; 29,600,000 shares issued and outstanding at June 30, 2021 and 20,400,000 shares issued and outstanding at December 31, 2020 | 296 | 204 | ||
Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized; 130,813,750 shares issued and outstanding at June 30, 2021 and 130,673,300 shares issued and outstanding at December 31, 2020 | 1,308 | 1,307 | ||
Additional paid-in capital | 4,263,473 | 4,169,870 | ||
Accumulated other comprehensive income (loss) | (39,820) | (60,071) | ||
Distributions in excess of retained earnings | (993,654) | (853,973) | ||
Total shareholders' equity | 3,231,603 | 3,257,337 | ||
Non-controlling interests | 7,043 | 6,989 | ||
Total equity | 3,238,646 | 3,264,326 | ||
Total liabilities and equity | $ | 6,074,349 | $ | 6,076,366 |
Pebblebrook Hotel Trust | ||||||||
Consolidated Statements of Operations | ||||||||
($ in thousands, except share and per-share data) | ||||||||
(Unaudited) | ||||||||
Three months ended June 30, |
Six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenues: | ||||||||
Room | $ | 108,603 | $ | 10,801 | $ | 162,066 | $ | 187,942 |
Food and beverage | 31,514 | 3,089 | 46,323 | 70,181 | ||||
Other operating | 23,197 | 8,702 | 38,568 | 33,576 | ||||
Total revenues | $ | 163,314 | $ | 22,592 | $ | 246,957 | $ | 291,699 |
Expenses: | ||||||||
Hotel operating expenses: | ||||||||
Room | $ | 28,563 | $ | 5,430 | $ | 45,273 | $ | 59,555 |
Food and beverage | 22,453 | 3,707 | 33,196 | 55,566 | ||||
Other direct and indirect | 56,219 | 31,448 | 101,447 | 126,918 | ||||
Total hotel operating expenses | 107,235 | 40,585 | 179,916 | 242,039 | ||||
Depreciation and amortization | 54,701 | 55,520 | 110,144 | 111,348 | ||||
Real estate taxes, personal property taxes, property insurance, and ground rent | 29,436 | 27,460 | 58,026 | 57,226 | ||||
General and administrative | 9,724 | 8,216 | 17,370 | 30,793 | ||||
Transaction costs | 1 | 99 | 112 | 135 | ||||
Impairment loss | - | - | 14,856 | 20,570 | ||||
(Gain) loss on sale of hotel properties | (64,558) | - | (64,558) | (117,448) | ||||
(Gain) loss and other operating expenses | 520 | 1,403 | 971 | 2,836 | ||||
Total operating expenses | 137,059 | 133,283 | 316,837 | 347,499 | ||||
Operating income (loss) | 26,255 | (110,691) | (69,880) | (55,800) | ||||
Interest expense | (24,804) | (24,091) | (50,135) | (47,682) | ||||
Other | 29 | 303 | 58 | 327 | ||||
Income (loss) before income taxes | 1,480 | (134,479) | (119,957) | (103,155) | ||||
Income tax (expense) benefit | (52) | 3,565 | (55) | 14,309 | ||||
Net income (loss) | 1,428 | (130,914) | (120,012) | (88,846) | ||||
Net income (loss) attributable to non-controlling interests | (102) | (401) | (960) | (282) | ||||
Net income (loss) attributable to the Company | 1,530 | (130,513) | (119,052) | (88,564) | ||||
Distributions to preferred shareholders | (10,094) | (8,139) | (18,233) | (16,278) | ||||
Net income (loss) attributable to common shareholders | $ | (8,564) | $ | (138,652) | $ | (137,285) | $ | (104,842) |
Net income (loss) per share available to common shareholders, basic | $ | (0.07) | $ | (1.06) | $ | (1.05) | $ | (0.80) |
Net income (loss) per share available to common shareholders, diluted | $ | (0.07) | $ | (1.06) | $ | (1.05) | $ | (0.80) |
Weighted-average number of common shares, basic | 130,813,521 | 130,563,831 | 130,794,801 | 130,559,838 | ||||
Weighted-average number of common shares, diluted | 130,813,521 | 130,563,831 | 130,794,801 | 130,559,838 |
Pebblebrook Hotel Trust | ||||||||||||
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO | ||||||||||||
($ in thousands, except share and per-share data) | ||||||||||||
(Unaudited) | ||||||||||||
Three months ended June 30, |
Six months ended June 30, | |||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||
Net income (loss) | $ | 1,428 | $ | (130,914) | $ | 60,518 | $ | (120,012) | $ | (88,846) | $ | 66,173 |
Adjustments: | ||||||||||||
Depreciation and amortization | 54,589 | 55,412 | 53,239 | 109,922 | 111,129 | 107,483 | ||||||
(Gain) loss on sale of hotel properties | (64,558) | - | - | (64,558) | (117,448) | - | ||||||
Impairment loss | - | - | - | 14,856 | 20,570 | - | ||||||
FFO | $ | (8,541) | $ | (75,502) | $ | 113,757 | $ | (59,792) | $ | (74,595) | $ | 173,656 |
Distribution to preferred shareholders | (10,094) | (8,139) | (8,139) | (18,233) | (16,278) | (16,278) | ||||||
FFO available to common share and unit holders | $ | (18,635) | $ | (83,641) | $ | 105,618 | $ | (78,025) | $ | (90,873) | $ | 157,378 |
Transaction costs | 1 | 99 | 1,044 | 112 | 135 | 3,541 | ||||||
Non-cash ground rent | 906 | 940 | 984 | 1,786 | 1,899 | 1,956 | ||||||
Management/franchise contract transition costs | - | 171 | 801 | (44) | 482 | 3,973 | ||||||
Interest expense adjustment for acquired liabilities | 382 | 213 | 202 | 921 | 454 | 473 | ||||||
Finance lease adjustment | 789 | 801 | 693 | 1,601 | 1,600 | 1,383 | ||||||
Non-cash amortization of acquired intangibles | (254) | (339) | (298) | (507) | (639) | (735) | ||||||
Non-cash interest expense | 443 | 1,379 | 1,604 | 1,178 | 2,743 | 3,382 | ||||||
One-time operation suspension expenses | - | 3,811 | - | 132 | 8,860 | - | ||||||
Non-cash canceled share-based compensation | - | - | - | - | 16,001 | - | ||||||
Early extinguishment of debt | 778 | - | 972 | 1,534 | - | 972 | ||||||
Adjusted FFO available to common share and unit holders | $ | (15,590) | $ | (76,566) | $ | 111,620 | $ | (71,312) | $ | (59,338) | $ | 172,323 |
FFO per common share - basic | $ | (0.14) | $ | (0.64) | $ | 0.81 | $ | (0.59) | $ | (0.69) | $ | 1.20 |
FFO per common share - diluted | $ | (0.14) | $ | (0.64) | $ | 0.81 | $ | (0.59) | $ | (0.69) | $ | 1.20 |
Adjusted FFO per common share - basic | $ | (0.12) | $ | (0.58) | $ | 0.85 | $ | (0.54) | $ | (0.45) | $ | 1.32 |
Adjusted FFO per common share - diluted | $ | (0.12) | $ | (0.58) | $ | 0.85 | $ | (0.54) | $ | (0.45) | $ | 1.32 |
Weighted-average number of basic common shares and units | 131,674,334 | 130,933,787 | 130,854,912 | 131,655,614 | 130,929,794 | 130,828,120 | ||||||
Weighted-average number of fully diluted common shares and units | 131,674,334 | 130,933,787 | 130,965,810 | 131,655,614 | 130,929,794 | 131,032,363 |
This press release includes certain non-GAAP financial measures. 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 financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial 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 ('FFO') - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, 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 Company's operating performance 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. The Company also evaluates its performance by reviewing Adjusted FFO because it believes that adjusting 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 FFO, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO: - Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels. - Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease. - Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels. - Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities 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. - Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Non-cash interest expense, one-time operation suspension expenses, non-cash canceled share-based compensation and early extinguishment of debt: The Company excludes these items because the Company believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels. The Company's presentation of FFO in accordance with the Nareit White Paper, 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. |
Pebblebrook Hotel Trust | ||||||||||||
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre
| ||||||||||||
($ in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
Three months ended June 30, |
Six months ended June 30, | |||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||
Net income (loss) | $ | 1,428 | $ | (130,914) | $ | 60,518 | $ | (120,012) | $ | (88,846) | $ | 66,173 |
Adjustments: | ||||||||||||
Interest expense | 24,804 | 24,091 | 28,719 | 50,135 | 47,682 | 58,047 | ||||||
Income tax expense (benefit) | 52 | (3,565) | 6,579 | 55 | (14,309) | 1,542 | ||||||
Depreciation and amortization | 54,701 | 55,520 | 53,299 | 110,144 | 111,348 | 107,601 | ||||||
EBITDA | $ | 80,985 | $ | (54,868) | $ | 149,115 | $ | 40,322 | $ | 55,875 | $ | 233,363 |
(Gain) loss on sale of hotel properties | (64,558) | - | - | (64,558) | (117,448) | - | ||||||
Impairment loss | - | - | - | 14,856 | 20,570 | - | ||||||
EBITDAre
| $ | 16,427 | $ | (54,868) | $ | 149,115 | $ | (9,380) | $ | (41,003) | $ | 233,363 |
Transaction costs | 1 | 99 | 1,044 | 112 | 135 | 3,541 | ||||||
Non-cash ground rent | 906 | 940 | 984 | 1,786 | 1,899 | 1,956 | ||||||
Management/franchise contract transition costs | - | 171 | 801 | (44) | 482 | 3,973 | ||||||
Non-cash amortization of acquired intangibles | (254) | (339) | (298) | (507) | (639) | (735) | ||||||
One-time operation suspension expenses | - | 3,811 | - | 132 | 8,860 | - | ||||||
Non-cash canceled share-based compensation | - | - | - | - | 16,001 | - | ||||||
Adjusted EBITDAre
| $ | 17,080 | $ | (50,186) | $ | 151,646 | $ | (7,901) | $ | (14,265) | $ | 242,098 |
This press release includes certain non-GAAP financial measures. 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 financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial 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.
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).
Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ('EBITDAre') - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with Nareit guidelines, as defined in its September 2017 white paper 'Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate.' EBITDAre adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.
The Company also evaluates its performance by reviewing Adjusted EBITDAre because it believes that adjusting EBITDAre 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 EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre:
- Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.
- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- One-time operation suspension expenses and non-cash canceled share-based compensation: The Company excludes these items because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
The Company's presentation of EBITDAre, 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.
|
Pebblebrook Hotel Trust | ||||||||||||
Same-Property Statistical Data | ||||||||||||
(Unaudited) | ||||||||||||
Three months ended June 30, |
Six months ended June 30, | |||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||
Same-Property Occupancy | 38.6 | % | 3.5 | % | 86.8 | % | 28.5 | % | 30.7 | % | 81.0 | % |
2021 vs. 2020 Increase/(Decrease) | 988.9 | % | (7.1 | %) | ||||||||
2021 vs. 2019 Increase/(Decrease) | (55.5 | %) | (64.8 | %) | ||||||||
Same-Property ADR | $247.46 | $264.01 | $269.08 | $245.05 | $250.45 | $260.88 | ||||||
2021 vs. 2020 Increase/(Decrease) | (6.3 | %) | (2.2 | %) | ||||||||
2021 vs. 2019 Increase/(Decrease) | (8.0 | %) | (6.1 | %) | ||||||||
Same-Property RevPAR | $95.55 | $9.36 | $233.68 | $69.95 | $76.98 | $211.34 | ||||||
2021 vs. 2020 Increase/(Decrease) | 920.7 | % | (9.1 | %) | ||||||||
2021 vs. 2019 Increase/(Decrease) | (59.1 | %) | (66.9 | %) | ||||||||
Same-Property Total RevPAR | $143.59 | $19.45 | $340.31 | $106.54 | $118.61 | $309.79 | ||||||
2021 vs. 2020 Increase/(Decrease) | 638.1 | % | (10.2 | %) | ||||||||
2021 vs. 2019 Increase/(Decrease) | (57.8 | %) | (65.6 | %) | ||||||||
Notes: | ||||||||||||
While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended June 30 includes information from all of the hotels the Company owned as of June 30, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q2 in 2021, 2020 and 2019 because it was closed during the second quarter of 2020 for renovation and also excludes Sir Francis Drake and The Roger New York for Q2 in 2021, 2020 and 2019 due to their sales in the second quarter of 2021. This schedule of hotel results for the six months ended June 30 includes information from all of the hotels the Company owned as of June 30, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 and Q2 in 2021, 2020 and 2019 because it was closed during the first and second quarters of 2020 for renovation and also excludes Sir Francis Drake and The Roger New York for Q2 in 2021, 2020 and 2019 due to their sales in the second quarter of 2021. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | ||||
Same-Property Statistical Data - by Market | ||||
(Unaudited) | ||||
Three months ended June 30, |
Six months ended June 30, | |||
2021 vs. 2019 | 2021 vs. 2019 | |||
Same-Property RevPAR variance: | ||||
Southern Florida | 46.7 | % | 16.4 | % |
San Diego | (33.2 | %) | (51.6 | %) |
Other | (51.3 | %) | (59.3 | %) |
Los Angeles | (56.2 | %) | (68.3 | %) |
Portland | (57.5 | %) | (61.9 | %) |
Boston | (71.1 | %) | (73.1 | %) |
Seattle | (79.7 | %) | (85.1 | %) |
Washington DC | (81.5 | %) | (83.5 | %) |
Chicago | (87.4 | %) | (89.6 | %) |
San Francisco | (89.7 | %) | (94.8 | %) |
East Coast | (49.7 | %) | (50.9 | %) |
West Coast | (61.2 | %) | (73.3 | %) |
Notes: | ||||
While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended June 30 includes information from all of the hotels the Company owned as of June 30, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q2 in 2021 and 2019 because it was closed during the second quarter of 2020 for renovation and also excludes Sir Francis Drake and The Roger New York for Q2 in 2021 and 2019 due to their sales in the second quarter of 2021. This schedule of hotel results for the six months ended June 30 includes information from all of the hotels the Company owned as of June 30, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 and Q2 in 2021, 2020 and 2019 because it was closed during the first and second quarters of 2020 for renovation and also excludes Sir Francis Drake and The Roger New York for Q2 in 2021, 2020 and 2019 due to their sales in the second quarter of 2021. 'Other' includes Philadelphia, PA and Santa Cruz, CA. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | ||||||||||||
Hotel Operational Data | ||||||||||||
Schedule of Same-Property Results | ||||||||||||
($ in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
Three months ended June 30, |
Six months ended June 30, | |||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||
Same-Property Revenues: | ||||||||||||
Room | $ | 108,120 | $ | 10,585 | $ | 264,232 | $ | 161,275 | $ | 178,361 | $ | 486,923 |
Food and beverage | 31,315 | 3,025 | 85,487 | 46,074 | 63,842 | 162,836 | ||||||
Other | 23,046 | 8,389 | 35,090 | 38,294 | 32,633 | 63,992 | ||||||
Total hotel revenues | 162,481 | 21,999 | 384,809 | 245,643 | 274,836 | 713,751 | ||||||
Same-Property Expenses: | ||||||||||||
Room | $ | 28,530 | $ | 5,050 | $ | 60,007 | $ | 45,005 | $ | 56,602 | $ | 120,111 |
Food and beverage | 22,255 | 3,761 | 58,326 | 32,912 | 51,915 | 115,030 | ||||||
Other direct | 4,329 | 1,172 | 5,861 | 7,033 | 5,896 | 11,280 | ||||||
General and administrative | 15,900 | 8,230 | 27,991 | 29,125 | 32,929 | 55,176 | ||||||
Information and telecommunication systems | 3,221 | 2,677 | 4,888 | 6,417 | 8,084 | 10,207 | ||||||
Sales and marketing | 12,096 | 5,013 | 26,787 | 20,758 | 28,667 | 52,449 | ||||||
Management fees | 4,824 | (31) | 12,219 | 7,501 | 6,840 | 21,283 | ||||||
Property operations and maintenance | 8,139 | 4,344 | 11,195 | 14,698 | 15,723 | 22,701 | ||||||
Energy and utilities | 6,281 | 3,886 | 7,906 | 12,039 | 11,309 | 16,176 | ||||||
Property taxes | 19,054 | 18,022 | 17,737 | 38,285 | 37,403 | 36,513 | ||||||
Other fixed expenses | 9,602 | 8,303 | 11,417 | 19,753 | 18,169 | 22,959 | ||||||
Total hotel expenses | 134,231 | 60,427 | 244,334 | 233,526 | 273,537 | 483,885 | ||||||
Same-Property EBITDA | $ | 28,250 | $ | (38,428) | $ | 140,475 | $ | 12,117 | $ | 1,299 | $ | 229,866 |
Same-Property EBITDA Margin | 17.4 | % | (174.7 | %) | 36.5 | % | 4.9 | % | 0.5 | % | 32.2 | % |
Notes: | ||||||||||||
While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended June 30 includes information from all of the hotels the Company owned as of June 30, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q2 in 2021, 2020 and 2019 because it was closed during the second quarter of 2020 for renovation and also excludes Sir Francis Drake and The Roger New York for Q2 in 2021, 2020 and 2019 due to their sales in the second quarter of 2021. This schedule of hotel results for the six months ended June 30 includes information from all of the hotels the Company owned as of June 30, 2021 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 and Q2 in 2021, 2020 and 2019 because it was closed during the first and second quarters of 2020 for renovation and also excludes Sir Francis Drake and The Roger New York for Q2 in 2021, 2020 and 2019 due to their sales in the second quarter of 2021. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | ||||
2021 Same-Property Inclusion Reference Table | ||||
Hotels | Q1 | Q2 | Q3 | Q4 |
Sir Francis Drake | X | |||
Hotel Monaco Washington DC | X | X | X | X |
Skamania Lodge | X | X | X | X |
Le Méridien Delfina Santa Monica | X | X | X | X |
Sofitel Philadelphia at Rittenhouse Square | X | X | X | X |
Argonaut Hotel | X | X | X | X |
The Westin San Diego Gaslamp Quarter | X | X | X | X |
Hotel Monaco Seattle | X | X | X | X |
Mondrian Los Angeles | X | X | X | X |
W Boston | X | X | X | X |
Hotel Zetta San Francisco | X | X | X | X |
Hotel Vintage Seattle | X | X | X | X |
Hotel Vintage Portland | X | X | X | X |
W Los Angeles - West Beverly Hills | X | X | X | X |
Hotel Zelos San Francisco | X | X | X | X |
Embassy Suites San Diego Bay - Downtown | X | X | X | X |
The Hotel Zags | X | X | X | X |
Hotel Zephyr Fisherman's Wharf | X | X | X | X |
Hotel Zeppelin San Francisco | X | X | X | X |
The Nines, a Luxury Collection Hotel, Portland | X | X | X | X |
Hotel Colonnade Coral Gables, Autograph Collection | X | X | X | X |
Hotel Palomar Los Angeles Beverly Hills | X | X | X | X |
Revere Hotel Boston Common | X | X | X | X |
LaPlaya Beach Resort & Club | X | X | X | X |
Hotel Zoe Fisherman's Wharf | X | X | X | X |
Villa Florence San Francisco on Union Square | X | X | X | X |
Hotel Vitale | X | X | ||
The Marker San Francisco | X | X | X | X |
Hotel Spero | X | X | X | X |
Harbor Court Hotel San Francisco | X | X | X | X |
Chaminade Resort & Spa | X | X | X | X |
Viceroy Santa Monica Hotel | X | X | X | X |
Le Parc Suite Hotel | X | X | X | X |
Montrose West Hollywood | X | X | X | X |
Chamberlain West Hollywood Hotel | X | X | X | X |
Grafton on Sunset | X | X | X | X |
The Westin Copley Place, Boston | X | X | X | X |
The Liberty, a Luxury Collection Hotel, Boston | X | X | X | X |
Hyatt Regency Boston Harbor | X | X | X | X |
George Hotel | X | X | X | X |
Viceroy Washington DC | X | X | X | X |
Hotel Zena Washington DC | X | X | ||
Paradise Point Resort & Spa | X | X | X | X |
Hilton San Diego Gaslamp Quarter | X | X | X | X |
L'Auberge Del Mar | X | X | X | X |
San Diego Mission Bay Resort | X | X | X | X |
Solamar Hotel | X | X | X | X |
The Heathman Hotel | X | X | X | X |
Southernmost Beach Resort | X | X | X | X |
The Marker Key West Harbor Resort | X | X | X | X |
The Roger New York | X | |||
Hotel Chicago Downtown, Autograph Collection | X | X | X | X |
The Westin Michigan Avenue Chicago | X | X | X | X |
Jekyll Island Club Resort | X | X | ||
Notes: | ||||
A property marked with an 'X' in a specific quarter denotes that the same-property operating results of that property are included in the Same-Property Statistical Data and in the Schedule of Same-Property Results. The Company's second quarter Same-Property RevPAR, RevPAR Growth, Total RevPAR, Total RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin include all of the hotels the Company owned as of June 30, 2021 but exclude Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q2 in 2021, 2020 and 2019 because it was closed during the second quarter of 2020 for renovation and also excludes Sir Francis Drake and The Roger New York for Q2 in 2021, 2020 and 2019 due to their sales in the second quarter of 2021. Operating statistics and financial results may include periods prior to the Company's ownership of the hotels. |
Pebblebrook Hotel Trust | ||||||||||
Historical Operating Data | ||||||||||
($ in millions except ADR and RevPAR data) | ||||||||||
(Unaudited) | ||||||||||
Historical Operating Data: | ||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
2019 | 2019 | 2019 | 2019 | 2019 | ||||||
Occupancy | 75 | % | 87 | % | 87 | % | 78 | % | 82 | % |
ADR | $249 | $269 | $263 | $246 | $257 | |||||
RevPAR | $186 | $233 | $229 | $193 | $210 | |||||
Hotel Revenues | $318.6 | $397.3 | $388.4 | $343.1 | $1,447.4 | |||||
Hotel EBITDA | $85.6 | $145.1 | $134.1 | $98.8 | $463.5 | |||||
Hotel EBITDA Margin | 26.9 | % | 36.5 | % | 34.5 | % | 28.8 | % | 32.0 | % |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||
2020 | 2020 | 2020 | 2020 | 2020 | ||||||
Occupancy | 56 | % | 4 | % | 21 | % | 22 | % | 26 | % |
ADR | $247 | $266 | $219 | $197 | $231 | |||||
RevPAR | $138 | $10 | $46 | $43 | $59 | |||||
Hotel Revenues | $244.2 | $24.8 | $82.3 | $78.8 | $430.0 | |||||
Hotel EBITDA | $37.6 | ($38.4) | ($15.5) | ($16.6) | ($33.0) | |||||
Hotel EBITDA Margin | 15.4 | % | (155.2 | %) | (18.9 | %) | (21.1 | %) | (7.7 | %) |
First Quarter | Second Quarter | |||||||||
2021 | 2021 | |||||||||
Occupancy | 20 | % | 39 | % | ||||||
ADR | $239 | $249 | ||||||||
RevPAR | $48 | $97 | ||||||||
Hotel Revenues | $87.7 | $171.9 | ||||||||
Hotel EBITDA | ($13.5) | $31.0 | ||||||||
Hotel EBITDA Margin | (15.4 | %) | 18.1 | % | ||||||
Notes: | ||||||||||
These historical hotel operating results include information for all of the hotels the Company owned as of July 29, 2021, following the acquisition of Jekyll Island Club Resort, as if they were owned as of January 1, 2019. 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 is presented only for comparison purposes. |
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Pebblebrook Hotel Trust published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 21:29:47 UTC.