(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Exhibit No. | Description | |
Press release, issued November 25, 2019, regarding the sale of Topaz Hotel. |
PEBBLEBROOK HOTEL TRUST | |||
November 25, 2019 | By: | /s/ Raymond D. Martz | |
Name: | Raymond D. Martz | ||
Title: | Executive Vice President, Chief Financial Officer, Treasurer and Secretary |
Pebblebrook Hotel Trust | ||||
Topaz Hotel | ||||
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income | ||||
Trailing Twelve Months | ||||
(Unaudited, in millions) | ||||
Twelve months ended December 31, | ||||
2018 | ||||
Hotel net income | $ | 0.9 | ||
Adjustment: | ||||
Depreciation and amortization | 0.8 | |||
Hotel EBITDA | $ | 1.7 | ||
Adjustment: | ||||
Capital reserve | (0.2 | ) | ||
Hotel Net Operating Income | $ | 1.5 | ||
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 U.S. generally accepted accounting principles, or GAAP, and may be different from 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 hotel’s results of operations determined in accordance with GAAP. The Company has presented trailing twelve-month hotel EBITDA and trailing twelve-month hotel net operating income after capital reserves because it believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-GAAP measures do 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 are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company’s presentation of the hotel’s trailing twelve-month EBITDA and trailing twelve-month net operating income after capital reserves should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotel’s financial performance. The table above is a reconciliation of the hotel’s trailing twelve-month EBITDA and net operating income after capital reserves calculations to net income in accordance with GAAP. Any differences are a result of rounding. |
Pebblebrook Hotel Trust | ||||
Topaz Hotel | ||||
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income | ||||
Trailing Twelve Months | ||||
(Unaudited, in millions) | ||||
Twelve months ended September 30, | ||||
2019 | ||||
Hotel net income | $ | 1.0 | ||
Adjustment: | ||||
Depreciation and amortization | 0.9 | |||
Hotel EBITDA | $ | 1.9 | ||
Adjustment: | ||||
Capital reserve | (0.3 | ) | ||
Hotel Net Operating Income | $ | 1.6 | ||
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 U.S. generally accepted accounting principles, or GAAP, and may be different from 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 hotel’s results of operations determined in accordance with GAAP. The Company has presented trailing twelve-month hotel EBITDA and trailing twelve-month hotel net operating income after capital reserves because it believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-GAAP measures do 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 are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company’s presentation of the hotel’s trailing twelve-month EBITDA and trailing twelve-month net operating income after capital reserves should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotel’s financial performance. The table above is a reconciliation of the hotel’s trailing twelve-month EBITDA and net operating income after capital reserves calculations to net income in accordance with GAAP. Any differences are a result of rounding. |
Pebblebrook Hotel Trust | ||||||||||||||||||||
Historical Operating Data | ||||||||||||||||||||
($ in millions, except ADR and RevPAR data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Historical Operating Data: | ||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||||
Occupancy | 76 | % | 87 | % | 89 | % | 77 | % | 82 | % | ||||||||||
ADR | $ | 239 | $ | 263 | $ | 262 | $ | 248 | $ | 254 | ||||||||||
RevPAR | $ | 182 | $ | 229 | $ | 232 | $ | 192 | $ | 209 | ||||||||||
Hotel Revenues | $ | 338.9 | $ | 422.1 | $ | 423.3 | $ | 369.7 | $ | 1,554.0 | ||||||||||
Hotel EBITDA | $ | 95.5 | $ | 156.0 | $ | 154.8 | $ | 108.7 | $ | 515.1 | ||||||||||
Hotel EBITDA Margin | 28.2 | % | 37.0 | % | 36.6 | % | 29.4 | % | 33.1 | % | ||||||||||
First Quarter | Second Quarter | Third Quarter | ||||||||||||||||||
2019 | 2019 | 2019 | ||||||||||||||||||
Occupancy | 76 | % | 87 | % | 87 | % | ||||||||||||||
ADR | $ | 251 | $ | 268 | $ | 261 | ||||||||||||||
RevPAR | $ | 190 | $ | 233 | $ | 227 | ||||||||||||||
Hotel Revenues | $ | 354.6 | $ | 431.3 | $ | 419.1 | ||||||||||||||
Hotel EBITDA | $ | 98.2 | $ | 156.6 | $ | 144.7 | ||||||||||||||
Hotel EBITDA Margin | 27.7 | % | 36.3 | % | 34.5 | % | ||||||||||||||
These historical hotel operating results include information for all of the hotels the Company owned as of November 22, 2019. These historical operating results include periods prior to the Company's ownership of the hotels. 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 has been presented only for comparison purposes. |
Pebblebrook Hotel Trust | ||||||||||||||||
Strategic Disposition Program Summary | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Date of disposition | Sales price ($ in millions) | EBITDA multiple | Net operating capitalization rate | Sales price per key ($ in thousands) | ||||||||||||
Hotel dispositions: | ||||||||||||||||
Park Central San Francisco and Park Central New York / WestHouse New York | 11/30/2018 | $ | 715.0 | 16.5x | 5.1 | % | $ | 443 | ||||||||
Gild Hall, New York | 11/30/2018 | 38.8 | 15.8x | 5.3 | % | 298 | ||||||||||
Embassy Suites Philadelphia Center City | 11/30/2018 | 67.0 | 11.0x | 8.1 | % | 233 | ||||||||||
The Grand Hotel Minneapolis | 12/4/2018 | 30.0 | 8.5x | 10.4 | % | 214 | ||||||||||
The Liaison Capitol Hill | 2/14/2019 | 111.0 | 16.9x | 4.9 | % | 324 | ||||||||||
Hotel Palomar Washington, DC | 2/22/2019 | 141.5 | 14.9x | 5.9 | % | 422 | ||||||||||
Onyx Hotel | 5/29/2019 | 58.3 | 15.3x | 5.9 | % | 521 | ||||||||||
Hotel Amarano Burbank | 7/16/2019 | 72.9 | 15.8x | 5.7 | % | 552 | ||||||||||
Rouge Hotel | 9/12/2019 | 42.0 | 17.4x | 5.0 | % | 307 | ||||||||||
Hotel Madera | 9/26/2019 | 23.3 | 14.3x | 5.7 | % | 284 | ||||||||||
Topaz Hotel | 11/22/2019 | 33.1 | 19.5x | 4.4 | % | 334 | ||||||||||
Total / Average | $ | 1,333 | 15.6x | 5.52 | % | $ | 391 | |||||||||
Total / Average (Completed in 2019) | $ | 482.1 | 16.0x | 5.45 | % | $ | 389 | |||||||||
The EBITDA multiple and net operating capitalization rate are based on the applicable hotel's estimated trailing twelve-month operating performance for 2018. The net operating income capitalization rate is based on an assumed annual capital reserve of 4.0% of total hotel revenues. The EBITDA Multiple and net operating capitalization rate for Hotel Amarano Burbank reflect an estimated adjustment for the annualized impact of real estate taxes for California's Proposition 13 because the Company believes the adjusted hotel results for this period provide investors and analysts with an understanding of the hotel-level operating performance. 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. |
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