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Sep 30, 2024
Pebblebrook Q3 2024 Earnings Report
Reported third quarter results with net income of $45.1 million and Same-Property Total RevPAR growth of 2.7% compared to Q3 2023.
Key Takeaways
Pebblebrook Hotel Trust reported a net income of $45.1 million for the third quarter of 2024. The company's Same-Property Total RevPAR grew by 2.7% compared to the same quarter in the previous year. However, Same-Property Hotel EBITDA decreased by 1.0%, and Adjusted EBITDAre was down by 3.3%. The results were impacted by Hurricanes Debby and Helene, which reduced Same-Property Total Revenues and Hotel EBITDA by $1.2 million.
Net income was $45.1 million.
Same-Property Total RevPAR growth increased 2.7% compared to Q3 2023, with urban properties improving 2.7% and resort properties growing 2.5%.
Same-Property Hotel EBITDA was $110.8 million, down 1.0% compared to Q3 2023.
Adjusted FFO per diluted share decreased 3.3% from Q3 2023 to $0.59.
Revenue by Segment
Forward Guidance
The company provided its 2024 Outlook, incorporating planned capital investments and key assumptions, including an estimated $18.3 million in BI insurance proceeds and $18.7 million of Hotel EBITDA related to LaPlaya.
Positive Outlook
- US Hotel Industry RevPAR vs. ‘23: 1.0% to 1.5%
- Same-Property RevPAR vs. ‘23: 1.25% to 1.65%
- Same-Property Total Revenues vs. ‘23: 2.0% to 2.4%
- Same-Property Total Expenses vs. ‘23: 2.75% to 3.0%
- Same-Property Hotel EBITDA: $346.0 to $350.0 million
Challenges Ahead
- Net income (loss): ($19.4) to ($15.4) million
- Adjusted EBITDAre: $346.0 to $350.0 million
- Adjusted FFO: $190.0 to $194.0 million
- Adjusted FFO per diluted share: $1.57 to $1.60
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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