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Mar 31, 2024
Pebblebrook Q1 2024 Earnings Report
Pebblebrook's Q1 performance was marked by a net loss, but same-property RevPAR increased slightly, driven by urban hotel recovery, while resort RevPAR declined. Strategic reinvestment program nearing completion.
Key Takeaways
Pebblebrook Hotel Trust reported a net loss of $27.5 million for Q1 2024. However, same-property RevPAR increased by 1.7% compared to Q1 2023, driven by a 4.9% increase in urban RevPAR, while resort RevPAR decreased by 4.4%. Adjusted EBITDAre remained flat at $60.8 million, and adjusted FFO per diluted share increased to $0.21 from $0.18 in Q1 2023. The company's strategic reinvestment program is nearing completion, with several redeveloped hotels showing positive results.
Net loss was $27.5 million.
Same-Property RevPAR increased 1.7% year-over-year, with Urban RevPAR up 4.9% and Resort RevPAR down 4.4%.
Adjusted EBITDAre was $60.8 million, flat compared to the previous year.
Adjusted FFO per diluted share increased to $0.21, up from $0.18 in the prior year.
Revenue by Segment
Forward Guidance
The Company's Q2 2024 outlook includes net income between $18.8 and $23.8 million, Adjusted EBITDAre between $111.0 and $116.0 million, and Adjusted FFO per diluted share between $0.59 and $0.63.
Positive Outlook
- Net income is expected to be between $18.8 and $23.8 million.
- Adjusted EBITDAre is projected to be between $111.0 and $116.0 million.
- Adjusted FFO is forecasted to be between $71.3 and $76.3 million.
- Adjusted FFO per diluted share is anticipated to be between $0.59 and $0.63.
- Same-Property RevPAR variance vs. Q2 2023 is expected to be between 0.5% and 2.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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