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Dec 31, 2024
Pebblebrook Q4 2024 Earnings Report
Pebblebrook Hotel Trust reported its Q4 2024 financial results, highlighting growth in Same-Property Total RevPAR and Adjusted FFO per diluted share, despite a net loss.
Key Takeaways
Pebblebrook Hotel Trust reported a net loss of $49.8 million for Q4 2024, but saw positive growth in Same-Property Total RevPAR by 1.8% and Adjusted FFO per diluted share by 5.0% compared to the previous year. The company's Q4 financial highlights exceeded midpoint outlooks, driven by higher Same-Property Total Revenues and Hotel EBITDA, and an unanticipated business interruption income.
Net loss for Q4 2024 was $49.8 million, compared to $41.9 million in Q4 2023.
Same-Property Total RevPAR grew by 1.8% in Q4 2024 compared to Q4 2023, driven by strong resort performance.
Adjusted FFO per diluted share was $0.20 in Q4 2024, surpassing the midpoint of the Q4 outlook by $0.10.
The company successfully finalized insurance claims related to Hurricane Ian, resulting in an additional $5.4 million in unforecasted business interruption income in Q4 2024.
Revenue by Segment
Forward Guidance
Pebblebrook Hotel Trust anticipates continued growth in 2025, driven by a resurgence in leisure demand and strengthening business travel, despite an estimated impact from the Los Angeles fires.
Positive Outlook
- Anticipated Same-Property Total RevPAR Growth Rate of 1.8% to 3.7% for 2025.
- Expected Adjusted EBITDAre between $341.5 million and $355.5 million for 2025.
- Projected Adjusted FFO per diluted share between $1.50 and $1.62 for 2025.
- Capital investments are expected to significantly decrease to $65 million to $75 million in 2025, marking a reduction from prior years.
- Healthy convention and event calendars in key markets like San Francisco, Washington D.C., San Diego, and Boston reinforce confidence in growth.
Challenges Ahead
- The 2025 outlook includes an estimated 115 basis point reduction in Same-Property RevPAR growth due to Los Angeles fires.
- Los Angeles fires are expected to impact Same-Property Hotel EBITDA and Adjusted EBITDAre by $9.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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