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Pebblebrook Replace on Latest Working Tendencies
P EBBLEBROOK UP DA TE ON RECEN T OP ERA TI N G TREN DS
Ahead-Wanting Statements
This presentation comprises forward-looking statements which can be topic to dangers and uncertainties. These forward-looking statements embody details about potential or assumed future outcomes of Pebblebrook Lodge Belief’s (the “Firm”) enterprise, monetary situation, liquidity, outcomes of operations, plans and aims. These forward-looking statements are primarily based on the Firm’s beliefs, assumptions, estimates and expectations of future efficiency, considering info presently out there to the Firm. These beliefs, assumptions, estimates and expectations can change on account of many potential occasions or elements, not all of that are identified to the Firm. If a change happens, the Firm’s enterprise, prospects, monetary situation, liquidity and outcomes of operations might range materially from these forward-looking statements. These dangers and uncertainties embody, however should not restricted to, the state of the U.S. financial system, provide and demand within the resort trade and different elements as are described in better element within the Firm’s filings with the Securities and Trade Fee, together with, with out limitation, the Firm’s Annual Report on Type 10-Ok for the yr ended December 31, 2021. You need to fastidiously contemplate these dangers whenever you make an funding resolution in regards to the Firm’s securities. You might be cautioned to not place undue reliance on any forward-looking statements. The Firm assumes no obligation to replace or revise any forward-looking statements, whether or not on account of new info, future occasions or in any other case.
This presentation doesn’t represent, and is probably not utilized in reference to, a suggestion or solicitation by anybody.
The Firm assumes no obligation to replace or revise any of the knowledge on this doc.
The next presentation consists of monetary projections and forward-looking statements. These projections and forward-looking statements are primarily based on assumptions and estimates developed by the Firm and precise outcomes might range from the projections and such variations could also be materials. This presentation consists of estimates and the Firm makes no illustration as to the accuracy of those estimates. Moreover, this presentation shouldn’t be relied upon or considered a illustration by the Firm, administration or its staff that the forward-looking statements, or beliefs, assumptions, estimates or expectations of future efficiency underlying them, will likely be achieved.
Investor Inquiries:
Raymond D. Martz
Chief Monetary Officer
- 507-1330[email protected]
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P EBBLEBROOK UP DA TE ON RECEN T OP ERA TI N G TREN DS
Updates on Portfolio and Working Tendencies
- Whereas November’s Identical-Property working outcomes considerably exceeded final yr’s efficiency, they have been beneath our outlook because of a damaging impression from Hurricane Nicole within the first half of November and weaker enterprise and leisure demand than anticipated in the course of the second half of the month. For November, Identical- Property occupancy was 59% vs. 78% for November 2019. Identical-Property RevPAR was down 12% to the comparable interval in 2019, with Identical-Property ADR up 16% and Identical-Property EBITDA down 38% vs. 2019.
- The weeks earlier than and after the Thanksgiving vacation have been softer than anticipated for each group and transient enterprise demand. As well as, the Firm’s resorts within the southeast skilled average disruptions, cancellations, and slower pickup because of Hurricane Nicole.
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Stream-throughto EBITDA in November was negatively impacted by success in staffing up and filling open positions and by higher-than-expected bonuses and incentive compensation on the property stage. Whereas the primary two weeks of December skilled a major optimistic snapback in demand, resort demand for the remaining days resulting in the vacations has additionally been slower than forecast primarily because of a softer pickup of enterprise journey, which we imagine might relate to new seasonal patterns round holidays because of hybrid work.
Nonetheless, the portfolio’s price premiums vs. 2019 stay robust, which is encouraging. - Pebblebrook continues to finish main restore and remediation work on the 189-room LaPlaya Seashore Resort & Membership in Naples, Florida. Parts of the resort and guestrooms are presently focused to be restored and reopened in Q1 2023, nonetheless, there are a lot of points outdoors of our management that would delay the re- opening. The resort is predicted to be remediated and restored later in 2023. The Firm has negotiated an installment of $25.0 million of insurance coverage proceeds for restoration work on the resort.
laplaya seashore resort & membership
P EBBLEBROOK UP DA TE ON RECEN T OP ERA TI N G TREN DS
Up to date Outlook
- On account of latest working tendencies, the Firm is adjusting its This fall outlook as follows:
|
This fall 2022 Outlook(1) |
Variance to Prior Outlook |
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as of 12/20/2022 |
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Low |
Excessive |
Low |
Excessive |
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Web Earnings (Loss) |
($39.9) |
($35.9) |
($7.7) |
($11.7) |
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Adjusted EBITDAre |
$52.0 |
$56.0 |
($11.8) |
($15.8) |
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Adjusted FFO |
$16.5 |
$20.5 |
($7.7) |
($11.7) |
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Adjusted FFO per diluted share |
$0.13 |
$0.16 |
($0.05) |
($0.08) |
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Identical Property RevPAR |
$173 |
$175 |
($10) |
($13) |
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Identical-Property RevPAR vs. 2019 |
(8.0%) |
(7.0%) |
(5.0%) |
(7.0%) |
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Identical-Property RevPAR vs. 2021 |
25.2% |
26.6% |
(6.9%) |
(9.6%) |
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Identical-Property EBITDA |
$61.0 |
$65.0 |
($14.0) |
($18.0) |
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Identical-Property EBITDA vs. 2019 |
(31.6%) |
(27.1%) |
(15.7%) |
(20.1%) |
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estancia la jolla resort & spa |
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Notice: {Dollars} in tens of millions, aside from ADR, RevPAR and Adjusted FFO per Diluted Share. |
4 |
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(1) See the Firm’s press launch dated December 20, 2022 for reconciliations of non-GAAP monetary measures to Web Earnings and particulars as to which accommodations are included in Identical-Property |
RevPAR and EBITDA.
P EBBLEBROOK UP DA TE ON RECEN T OP ERA TI N G TREN DS
Latest Working Tendencies
Quarter to this point by early December, our city markets proceed to considerably outperform final yr’s fourth quarter, although sequentially, November softened in comparison with This fall 2019. Stronger city efficiency in comparison with 2019 has been led by our properties in Boston, Los Angeles, San Diego, and Miami. Pebblebrook’s west coast resorts have continued to exhibit wholesome group and transient demand tendencies, outpacing the Firm’s southeast resorts. Lodge EBITDA in November was negatively impacted by success in staffing up and
filling beforehand vacant positions, and by increased than forecasted efficiency bonuses on the property stage.
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Variance to 2019 |
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2022 Identical-Property |
Occ |
ADR |
RevPAR |
Whole |
Lodge |
Whole |
RevPAR |
|
Portfolio(1) |
Income |
EBITDA |
Income |
||||
|
January |
34% |
$269 |
$91 |
$57.0 |
($3.1) |
(44%) |
(44%) |
|
February |
50% |
$308 |
$153 |
$84.9 |
$20.5 |
(21%) |
(20%) |
|
March |
62% |
$305 |
$188 |
$116.2 |
$38.8 |
(9%) |
(10%) |
|
Q1 2022 |
48% |
$297 |
$144 |
$258.0 |
$56.2 |
(23%) |
(23%) |
|
April |
68% |
$319 |
$218 |
$128.3 |
$46.6 |
(3%) |
(4%) |
|
Could |
67% |
$314 |
$210 |
$129.4 |
$42.9 |
(6%) |
(8%) |
|
June |
73% |
$323 |
$236 |
$138.1 |
$49.3 |
(1%) |
(3%) |
|
Q2 2022 |
69% |
$319 |
$221 |
$395.7 |
$138.8 |
(3%) |
(5%) |
|
July |
74% |
$334 |
$246 |
$142.3 |
$50.4 |
4% |
3% |
|
August |
71% |
$309 |
$219 |
$128.2 |
$37.4 |
(2%) |
(3%) |
|
September |
73% |
$318 |
$234 |
$133.4 |
$43.0 |
5% |
5% |
|
Q3 2022 |
73% |
$321 |
$233 |
$403.9 |
$130.9 |
2% |
1% |
|
October(F) |
73% |
$310 |
$226 |
$131.6 |
$41.2 |
(1%) |
(3%) |
|
November(F) |
59% |
$280 |
$166 |
$95.5 |
$17.4 |
(10%) |
(12%) |
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Notice: {Dollars} in tens of millions, aside from ADR and RevPAR. |
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(1) Consists of info for the entire accommodations the Firm owned as of December 20, 2022, besides 1 Lodge San Francisco (which is excluded from January-December given the property’s closure |
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for renovation), Inn on Fifth (which is excluded from January-March given the property’s acquisition on Could 11), and Newport Harbor Island Resort (which is excluded from January-June given |
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the property’s acquisition on June 23). Moreover, following their gross sales, The Marker San Francisco is excluded from April-December, Sofitel Philadelphia at Rittenhouse Sq. Lodge is excluded |
5 |
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from July-December, Lodge Spero is excluded from July-December, and Classic Portland is excluded from July-December. LaPlaya Seashore Resort & Membership is excluded from October-December |
given the property’s closure because of Hurricane Ian.
That is an excerpt of the unique content material. To proceed studying it, entry the unique doc right here.
Disclaimer
Pebblebrook Lodge Belief revealed this content material on 20 December 2022 and is solely chargeable for the knowledge contained therein. Distributed by Public, unedited and unaltered, on 20 December 2022 21:24:29 UTC.
Publicnow 2022
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Technical evaluation tendencies PEBBLEBROOK HOTEL TRUST
| Quick Time period | Mid-Time period | Lengthy Time period | |
| Tendencies | Bearish | Bearish | Bearish |
Earnings Assertion Evolution
|
Promote  Purchase |
|
| Imply consensus | HOLD |
| Variety of Analysts | 14 |
| Final Shut Worth | 13,20 $ |
| Common goal worth | 18,71 $ |
| Unfold / Common Goal | 41,8% |
