Loading...
•
Jun 30, 2024
Pebblebrook Q2 2024 Earnings Report
Pebblebrook's Q2 2024 financial performance reflected a net income of $32.2 million and a Same-Property Total RevPAR increase of 2.5% compared to Q2 2023.
Key Takeaways
Pebblebrook Hotel Trust reported a net income of $32.2 million for Q2 2024. Same-Property Total RevPAR increased by 2.5% compared to Q2 2023. The company's bottom-line operating results exceeded expectations due to operating efficiency initiatives and savings from real estate tax reductions.
Net income was reported at $32.2 million.
Same-Property Total RevPAR increased by 2.5% compared to Q2 2023, with urban properties up 3.4% and resort properties up 0.6%.
Same-Property EBITDA reached $117.2 million, an increase of $9.6 million or 8.9% compared to Q2 2023.
Adjusted FFO per diluted share increased by 11.3% from Q2 2023, reaching $0.69.
Revenue by Segment
Forward Guidance
Pebblebrook has updated its 2024 outlook, lowering revenue growth expectations but raising projections for Hotel EBITDA, Adjusted EBITDAre, Adjusted FFO, and AFFO/share due to increasing geopolitical and economic uncertainties.
Positive Outlook
- Overall group and transient pace remains ahead for the balance of the year compared with 2023.
- Business group and transient segments remain healthy.
- Luxury and upscale travelers have remained resilient.
- Company is on track for a successful summer season across the portfolio.
- LaPlaya is expected to contribute $24 million of EBITDA for the entire year.
Challenges Ahead
- Increasing geopolitical and economic uncertainties are likely to impact industry performance and operating results.
- Leisure consumers have become increasingly price-conscious, particularly within the lower-priced segments, and this trend is beginning to impact some higher-end segments.
- Company now expects continued pressure on ADR throughout the remainder of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...