Company Results

Pebblebrook Hotel Trust First Quarter 2014 Revenues Up Almost 20 Percent

Same-Property RevPAR in the first quarter of 2014 increased 8.5 percent over the same period of 2013 to $168.98. Same-Property ADR grew 7.0 percent from the first quarter of 2013 to $209.98. Same-Property Occupancy rose 1.4 percent to a very healthy 80.5 percent.

Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) reported results for the first quarter ended March 31, 2014. The Company’s results include the following:

First Quarter Highlights

  • Same-Property RevPAR: Same-Property RevPAR in the first quarter of 2014 increased 8.5 percent over the same period of 2013 to $168.98. Same-Property ADR grew 7.0 percent from the first quarter of 2013 to $209.98. Same-Property Occupancy rose 1.4 percent to a very healthy 80.5 percent.
  • Same-Property EBITDA: The Company’s hotels generated $34.6 million of Same-Property EBITDA for the quarter ended March 31, 2014, climbing 19.9 percent compared with the same period of 2013. Same-Property Revenues increased 7.6 percent, while Same-Property Hotel Expenses rose 4.1 percent. As a result, Same-Property EBITDA Margin grew to 24.3 percent for the quarter ended March 31, 2014, representing an increase of 251 basis points as compared to the same period last year.
  • Adjusted EBITDA: The Company’s Adjusted EBITDA rose $7.6 million, or 34.4 percent, to $29.5 million from $22.0 million in the prior year period.
  • Adjusted FFO: The Company’s Adjusted FFO climbed 40.5 percent to $16.9 million from $12.0 million in the prior year period.
  • Dividends: On March 14, 2014, the Company declared a regular quarterly cash dividend of $0.23 per share on its common shares (an increase of 44 percent from the prior quarterly dividend of $0.16 per share), a regular quarterly cash dividend of $0.4921875 per share on its 7.875% Series A Cumulative Redeemable Preferred Shares, a regular quarterly cash dividend of $0.50 per share on its 8.00% Series B Cumulative Redeemable Preferred Shares and a regular quarterly cash dividend of $0.40625 per share on its 6.50% Series C Cumulative Redeemable Preferred Shares.
       
First Quarter
2014     2013

($ in millions, except per share

and RevPAR data)

 
Net income (loss) to common shareholders ($2.0) ($4.9)
Net income (loss) per diluted share ($0.03) ($0.08)
 
Same-Property RevPAR(1) $168.98 $155.78
Same-Property RevPAR growth rate 8.5%
 
Same-Property EBITDA(1) $34.6 $28.9
Same-Property EBITDA growth rate 19.9%
Same-Property EBITDA Margin(1) 24.3% 21.8%
 
Adjusted EBITDA(1) $29.5 $22.0
Adjusted EBITDA growth rate 34.4%
 
Adjusted FFO(1) $16.9 $12.0
Adjusted FFO per diluted share(1) $0.26 $0.20
Adjusted FFO per diluted share growth rate 33.5%
 

(1) See tables later in this press release for a description of same-property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Adjusted EBITDA, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share.

For the details as to which hotels are included in Same-Property Revenue Per Available Room (“RevPAR”), Average Daily Rate (“ADR”), Occupancy, Revenues, Expenses, EBITDA and EBITDA Margins appearing in the table above and elsewhere in this press release, refer to the Same-Property Inclusion Reference Table later in this press release.

“We’re very pleased with our portfolio’s strong operating performance in the first quarter, as revenue growth and profitability margin results exceeded both our outlook and the performance of the overall U.S. hotel industry,” said Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “Our hotels continued to benefit from strong underlying hotel industry fundamentals, despite weather related travel disruptions throughout the east coast in the first quarter. Industry demand significantly outpaced supply due to healthy increases in business transient, leisure and international inbound travel, as well as the first signs of meaningful improvement in group demand, all of which benefited our hotels, particularly those on the west coast. Significant revenue growth throughout our portfolio was widespread, though our hotels that were renovated in the last few years led the way, including Hotel Zetta, Sir Francis Drake, Sofitel Philadelphia, and Monaco Seattle – all properties where we’ve been successful at both improving and creating a unique customer experience. Our 2014 outlook remains very positive and we expect these favorable growth trends to continue throughout the year.”

“We had an excellent first quarter, with an increase in Same-Property RevPAR of 8.5 percent driving Same-Property EBITDA growth of 19.9 percent over the prior year,” added Mr. Bortz. “We continue to benefit from our focused strategy of acquiring high-quality hotels located in high barrier to entry coastal gateway cities, and then renovating and repositioning them to create a unique experience for our hotels’ guests. Our hotels are not meant to be commodities, and we’re experiencing extremely positive results following the property renovations and improvements that we completed from 2011 through 2013, as well as from successfully executing on operational changes, particularly in food and beverage. In addition, our asset managers and property management teams continue to work together implementing our asset management and best practice initiatives. We expect to see further improvement in our operating profitability throughout 2014 and beyond.”

Capital Reinvestment and Asset Management

During the first quarter, the Company invested $8.1 million in capital improvements throughout its portfolio, which includes the Company’s 49 percent interest in its six hotel joint venture with Denihan Hospitality Group (the “Manhattan Collection”). The Company’s capital improvements included $1.5 million at Hotel Palomar San Francisco, $1.0 million at Hotel Vintage Seattle, $0.7 million at Vintage Plaza Portland and $0.5 million at Le Méridien Delfina Santa Monica.

As of April 2014, the Company has substantially completed a comprehensive renovation and repositioning of the 125-room Hotel Vintage Park Seattle, which has been renamed Hotel Vintage Seattle. The Company has also largely completed the restaurant and lobby renovations at the 196-room Hotel Palomar San Francisco and plans to soon commence a rooms and corridor refresh as well as the addition of four guestrooms at the property.

During the fourth quarter of 2014, the Company plans to commence a comprehensive renovation and repositioning at the 355-room Radisson Hotel Fisherman’s Wharf, a guest rooms and public areas renovation of the 258-room W Los Angeles-Westwood, including the potential of adding 36 guest rooms, and the renovation of the lobby and atrium at the 337-room Embassy Suites San Diego Bay Downtown, including the addition of four guest rooms.

Balance Sheet

As of March 31, 2014, the Company had $546.1 million in consolidated debt and $225.4 million in unconsolidated, non-recourse, secured debt at weighted-average interest rates of 4.4 percent and 3.6 percent, respectively. The Company’s total combined consolidated and unconsolidated weighted-average interest rate on its debt is 4.2 percent. The Company had $100.0 million outstanding in the form of an unsecured term loan and no outstanding balance on its $200.0 million senior unsecured revolving credit facility. As of March 31, 2014, the Company had $58.7 million of consolidated cash, cash equivalents and restricted cash and $13.5 million of unconsolidated cash, cash equivalents and restricted cash. The unconsolidated debt, cash, cash equivalents and restricted cash amounts represent the Company’s 49 percent pro rata interest in the Manhattan Collection.

On March 31, 2014, as defined in the Company’s credit agreement, the Company’s fixed charge coverage ratio was 2.4 times and total net debt to trailing 12-month corporate EBITDA was 4.2 times. The Company’s total debt to total assets ratio was 32 percent. Excluding its interest in the off-balance sheet Manhattan Collection, the Company’s fixed charge coverage ratio was 2.2 times, total net debt to trailing 12-month corporate EBITDA was 3.4 times and total debt to total assets ratio was 29 percent.

2014 Outlook

The Company's outlook for 2014 incorporates the expected impact of the Company’s various capital investment projects and assumes continued improvement in economic activity, positive business travel trends and other significant assumptions. The Company’s outlook for 2014 is as follows:

       
2014 Outlook
Low     High

($ and shares/units in millions,

except per share and RevPAR data)

Net income

$63.9 $68.9
Net income per diluted share $0.99 $1.06
 
Adjusted EBITDA $177.5 $182.5
 
Adjusted FFO $115.4 $120.4
Adjusted FFO per diluted share $1.78 $1.86
 

This 2014 outlook is based, in part, on the following estimates and assumptions:

 
U.S. GDP growth rate 2.0% 2.5%
U.S. Hotel Industry RevPAR growth rate 5.0% 6.0%
 
Same-Property RevPAR $195 $197
Same-Property RevPAR growth rate 6.5% 7.5%
 
Same-Property EBITDA $196.0 $201.0
Same-Property EBITDA Margin 30.5% 31.0%
Same-Property EBITDA Margin growth rate 125 bps 175 bps
 
Corporate cash general and administrative expenses $13.5 $13.5
Corporate non-cash general and administrative expenses $7.5 $7.5
 
Total capital investments related to renovations, capital maintenance and return on investment projects $50.0 $60.0
 
Weighted-average fully diluted shares and units 64.8 64.8
 

The Company’s outlook for the second quarter of 2014 is as follows:

 
Second Quarter 2014 Outlook
Low     High

($ and shares/units in millions,

except per share and RevPAR data)

Same-Property RevPAR $206 $208
Same-Property RevPAR growth rate 7.0% 8.0%
 
Same-Property EBITDA $54.2 $56.2
Same-Property EBITDA Margin 32.6% 33.1%
Same-Property EBITDA Margin growth rate 75 bps 125 bps
 
Adjusted EBITDA $49.0 $51.0
 
Adjusted FFO $32.0 $34.0
Adjusted FFO per diluted share $0.49 $0.53
 
Weighted-average fully diluted shares and units 64.8 64.8
 

The Company’s outlook for 2014 and Second Quarter 2014 reflects the Company’s 49 percent pro rata interest in the Manhattan Collection.

The Company’s estimates and assumptions for Same-Property RevPAR, Same-Property RevPAR growth rate, Same-Property EBITDA, Same-Property EBITDA Margin and Same-Property EBITDA Margin growth rate for 2014 include the hotels owned as of March 31, 2014, as if they had been owned by the Company for the entire year of 2014 and 2013. The Company’s 2014 outlook assumes no additional acquisitions beyond the hotels the Company owned as of March 31, 2014.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities. The Company owns 29 hotels, including 23 wholly owned hotels with a total of 5,547 guest rooms and a 49% joint venture interest in six hotels with a total of 1,775 guest rooms. The Company owns, or has an ownership interest in, hotels located in ten states and the District of Columbia, in the following markets: Los Angeles, California (Hollywood, Santa Monica, West Hollywood and Westwood); San Diego, California; San Francisco, California; Miami, Florida; Buckhead, Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Portland, Oregon; Philadelphia, Pennsylvania; Columbia River Gorge, Washington; Seattle, Washington; and Washington, DC.

       
Pebblebrook Hotel Trust
Consolidated Balance Sheets
($ in thousands, except for per share data)
 
 
March 31, 2014 December 31, 2013
(Unaudited)
ASSETS
Assets:
Investment in hotel properties, net $ 1,712,545 $ 1,717,611
Investment in joint venture 255,584 260,304
Ground lease asset, net 19,158 19,217
Cash and cash equivalents 44,290 55,136
Restricted cash 14,384 16,482
Hotel receivables (net of allowance for doubtful accounts of $200 and $270, respectively) 19,794 16,850
Deferred financing costs, net 4,304 4,736
Prepaid expenses and other assets   35,601     26,595  
Total assets $ 2,105,660   $ 2,116,931  
 
 
LIABILITIES AND EQUITY
 
Liabilities:
Senior unsecured revolving credit facility $ - $ -
Term loan 100,000 100,000
Mortgage debt (including mortgage loan premium of $5,350 and $5,888, respectively) 451,410 454,247
Accounts payable and accrued expenses 61,963 61,428
Advance deposits 9,538 8,432
Accrued interest 1,932 1,945
Distribution payable   20,525     15,795  
Total liabilities 645,368 641,847
Commitments and contingencies
 
Equity:

Preferred shares of beneficial interest, $.01 par value (liquidation preference of $325,000 and $325,000 at March 31, 2014 and December 31, 2013), 100,000,000 shares authorized; 13,000,000 shares issued and outstanding at March 31, 2014 and 13,000,000 issued and outstanding at December 31, 2013

130 130

Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 63,764,929 issued and outstanding at March 31, 2014 and 63,709,628 issued and outstanding at December 31, 2013

638 637
Additional paid-in capital 1,542,796 1,541,138
Accumulated other comprehensive income (loss) 970 1,086
Distributions in excess of retained earnings   (86,560 )   (69,652 )
Total shareholders' equity   1,457,974     1,473,339  
Non-controlling interests   2,318     1,745  
Total equity   1,460,292     1,475,084  
Total liabilities and equity $ 2,105,660   $ 2,116,931  
 
       
Pebblebrook Hotel Trust
Consolidated Statement of Operations
($ in thousands, except for per share data)
(Unaudited)
 
Three months ended

March 31,

2014 2013
 
Revenues:
Hotel operating revenues:
Room $ 83,569 $ 67,139
Food and beverage 32,448 31,163
Other operating   9,695     6,612  
Total revenues $ 125,712   $ 104,914  
 
Expenses:
Hotel operating expenses:
Room $ 22,895 $ 18,858
Food and beverage 23,810 24,058
Other direct 3,471 3,276
Other indirect   34,416     28,852  
Total hotel operating expenses 84,592 75,044
Depreciation and amortization 15,888 13,211
Real estate taxes, personal property taxes and property insurance 6,723 5,591
Ground rent 1,585 922
General and administrative 6,147 4,339
Hotel acquisition costs   285     920  
Total operating expenses 115,220 100,027
Operating income (loss) 10,492 4,887
Interest income 614 634
Interest expense (6,075 ) (5,458 )
Equity in earnings (loss) of joint venture   (3,244 )   (2,907 )
Income (loss) before income taxes 1,787 (2,844 )
Income tax (expense) benefit   2,334     2,598  
Net income (loss) 4,121 (246 )
Net income (loss) attributable to non-controlling interests   43     2  
Net income (loss) attributable to the Company 4,078 (248 )
Distributions to preferred shareholders   (6,081 )   (4,668 )
Net income (loss) attributable to common shareholders $ (2,003 ) $ (4,916 )
 
 
Net income (loss) per share available to common shareholders, basic and diluted $ (0.03 ) $ (0.08 )
 
Weighted-average number of common shares, basic 63,762,930 60,996,196
Weighted-average number of common shares, diluted 63,762,930 60,996,196
 
       
Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to FFO, EBITDA, Adjusted FFO and Adjusted EBITDA
($ in thousands, except per share data)
(Unaudited)
 
 
Three months ended

March 31,

2014 2013
 
Net income (loss) $ 4,121 $ (246 )
Adjustments:
Depreciation and amortization 15,844 13,169
Depreciation and amortization from joint venture   2,211     2,606  
FFO $ 22,176   $ 15,529  
Distribution to preferred shareholders $ (6,081 ) $ (4,668 )
FFO available to common share and unit holders $ 16,095   $ 10,861  
Hotel acquisition costs 285 920
Non-cash ground rent 453 22
Amortization of Class A LTIP units 395 395
Management/franchise contract transition costs 99 197
Interest expense adjustment for above market loan (538 ) (382 )
Non-cash retail rent   84     -  
Adjusted FFO available to common share and unit holders $ 16,873   $ 12,013  
 
FFO per common share - basic $ 0.25 $ 0.18
FFO per common share - diluted $ 0.25 $ 0.18
Adjusted FFO per common share - basic $ 0.26 $ 0.20
Adjusted FFO per common share - diluted $ 0.26 $ 0.20
 
Weighted-average number of basic common shares and units 64,370,921 61,377,305
Weighted-average number of fully diluted common shares and units 64,715,883 61,507,435
 
Three months ended

March 31,

2014 2013
 
Net income (loss) $ 4,121 $ (246 )
Adjustments:
Interest expense 6,075 5,458
Interest expense from joint venture 2,264 2,021
Income tax expense (benefit) (2,334 ) (2,598 )
Depreciation and amortization 15,888 13,211
Depreciation and amortization from joint venture   2,211     2,606  
EBITDA $ 28,225   $ 20,452  
Hotel acquisition costs 285 920
Non-cash ground rent 453 22
Amortization of Class A LTIP units 395 395
Management/franchise contract transition costs 99 197
Non-cash retail rent   84     -  
Adjusted EBITDA $ 29,541   $ 21,986  
 

To supplement the Company’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) Rules.

These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented.

Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).

The Company also evaluates its performance by reviewing Adjusted EBITDA and Adjusted FFO, because it believes that adjusting EBITDA and FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted EBITDA and Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts EBITDA and FFO for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDA and Adjusted FFO:

- Hotel acquisition costs: The Company excludes acquisition transaction costs expensed during the period because it believes that including these costs in EBITDA and FFO does not reflect the underlying financial performance of the Company and its hotels.

- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.

- Amortization of Class A LTIP units: The Company excludes the non-cash amortization of LTIP Units expensed during the period.

- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in EBITDA and FFO does not reflect the underlying financial performance of the Company and its hotels.

- Interest expense adjustment for above-market loans: The Company excludes interest expense adjustment for above-market loans assumed in connection with acquisitions, because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company.

- Non-cash retail rent: The Company excludes the non-cash retail rent expense, which is primarily made up of the above/below market rental income adjustments.

The Company’s presentation of FFO in accordance with the NAREIT White Paper and EBITDA, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. The table above is a reconciliation of the Company’s FFO and EBITDA calculations to net income in accordance with GAAP.

   
Pebblebrook Hotel Trust
Manhattan Collection Statements of Operations
(Reflects the Company's 49% ownership interest in the Manhattan Collection)
($ in thousands)
(Unaudited)
 
Three months ended
March 31,
2014 2013
 
Revenues:
Hotel operating revenues:
Room $ 13,985 $ 14,001
Food and beverage 1,919 1,640
Other operating   721     639  
Total revenues   16,625     16,280  
 
Expenses:
Total hotel expenses 15,343 14,537
Depreciation and amortization   2,211     2,606  
Total operating expenses   17,554     17,143  
Operating income (loss) (929 ) (863 )
Interest income - 10
Interest expense (2,264 ) (2,021 )
Other   (51 )   (33 )
Equity in earnings of joint venture $ (3,244 ) $ (2,907 )
 
         
 
Debt: Fixed Interest Rate Loan Amount

Mortgage(1)

3.61 % $ 225,400
Cash and cash equivalents   (7,869 )
Net Debt 217,531
Restricted cash   (5,661 )
Net Debt including restricted cash $ 211,870  
 
 

Notes:

These operating results represent the Company's 49% ownership interest in the Manhattan Collection. The Manhattan Collection consists of the following six hotels: Affinia Manhattan, Affinia 50, Affinia Dumont, Affinia Shelburne, Affinia Gardens and The Benjamin. The operating results for the Manhattan Collection only include 49% of the results for the six properties to reflect the Company's 49% ownership interest in the hotels. Any differences are a result of rounding.

 

The information above has not been audited and is presented only for informational purposes.

 
 

Notes:

This schedule of hotel results for the three months ended March 31 includes information from all of the hotels the Company owned as of March 31, 2014 for both 2014 and 2013. Results for the Manhattan Collection reflect the Company's 49% ownership interest. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

 

The information above has not been audited and is presented only for comparison purposes.

 
 

Notes:

This schedule of hotel results for the three months ended March 31 includes information from all of the hotels the Company owned as of March 31, 2014, except for the Company's 49% ownership interest in the Manhattan Collection for both 2014 and 2013. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

 

The information above has not been audited and is presented only for comparison purposes.

 
 

Notes:

This schedule of hotel results for the three months ended March 31 includes only information for the six hotels that comprise the Manhattan Collection as of March 31, 2014. Any differences are a result of rounding.

 

The information above has not been audited and is presented only for comparison purposes.

 
 
Pebblebrook Hotel Trust
Hotel Operational Data
Schedule of Same-Property Results - Entire Portfolio
($ in thousands)
(Unaudited)
   
Three months ended
March 31,
  2014     2013  
 
Same-Property Revenues:
Rooms $ 97,554 $ 88,739
Food and beverage 34,367 34,552
Other   10,500     9,124  

Total hotel revenues

  142,421     132,415  
 
Same-Property Expenses:
Rooms $ 28,838 $ 26,973
Food and beverage 25,573 27,007
Other direct 3,596 3,573
General and administrative 13,422 12,528
Sales and marketing 11,132 10,493
Management fees 4,401 4,057
Property operations and maintenance 5,084 4,702
Energy and utilities 4,411 3,843
Property taxes 7,287 6,696
Other fixed expenses   4,044     3,668  
Total hotel expenses   107,788     103,540  
   
Same-Property EBITDA $ 34,633   $ 28,875  
 
Same-Property EBITDA Margin 24.3 % 21.8 %
 

Notes:

This schedule of hotel results for the three months ended March 31 includes information from all of the hotels the Company owned as of March 31, 2014 for both 2014 and 2013. Results for the Manhattan Collection reflect the Company's 49% ownership interest. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. In addition, the information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. Any differences are a result of rounding.

 

The information above has not been audited and is presented only for comparison purposes.

   
Pebblebrook Hotel Trust
Hotel Operational Data
Schedule of Same-Property Results - Wholly Owned
($ in thousands)
(Unaudited)
 
Three months ended
March 31,
  2014     2013  
 
Same-Property Revenues:
Rooms $ 83,569 $ 74,738
Food and beverage 32,448 32,912
Other   9,779     8,485  
Total hotel revenues   125,796     116,135  
 
Same-Property Expenses:



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