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Dec 31, 2023
Pebblebrook Q4 2023 Earnings Report
Pebblebrook's Q4 2023 earnings exceeded expectations, driven by urban demand and favorable short-term pickup.
Key Takeaways
Pebblebrook Hotel Trust reported a net loss of $74.3 million for 2023. However, Q4 results surpassed expectations, driven by healthy urban demand, with Same-Property Total RevPAR increasing 5.7% vs. 2022. The company completed seven property sales in 2023, generating $331 million in gross proceeds to reduce debt and repurchase shares.
Same-Property Total RevPAR increased 5.7% vs. 2022, exceeding outlook, with Urban RevPAR rising 8.8% and Resort RevPAR declining 0.4%.
Same-Property Hotel EBITDA was $66.6 million, Adjusted EBITDAre was $63.3 million, and Adjusted FFO per diluted share was $0.21, exceeding the Company’s Q4 Outlook by $0.07.
The Company sold 7 properties in 2023, generating approximately $331 million of gross proceeds used to reduce debt and repurchase common/preferred shares.
All material 2024 debt maturities were addressed by extending $357 million of its $460 million October 2024 maturity term loan to 2028, and paying down $157.6 million of existing debt.
Revenue by Segment
Forward Guidance
The Company's 2024 outlook incorporates planned capital investments and key assumptions, including an estimated $11.0 million in business interruption proceeds related to LaPlaya. This forecast assumes stable travel conditions, unaffected by pandemics, major weather events, federal shutdowns, or deteriorating macro-economic factors.
Positive Outlook
- US Hotel Industry RevPAR Growth Rate: 0.0% to 2.0%
- Same-Property RevPAR variance vs. 2023: 2.0% to 4.0%
- Same-Property Total Revenue variance vs. 2023: 3.1% to 4.6%
- Same-Property Hotel EBITDA: $345.0 to $360.0 million
- Same-Property Hotel EBITDA variance vs. 2023: (1.5%) to 2.8%
Challenges Ahead
- Net income (loss): ($62.0) to ($47.0) million
- Adjusted EBITDAre: $339.0 to $354.0 million
- Adjusted FFO: $180.5 to $195.5 million
- Adjusted FFO per diluted share: $1.49 to $1.61
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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