Pebblebrook Hotel Trust (NYSE: PEB) reported Q3 EPS of $0.38, $0.07 better than the analyst estimate of $0.31. Revenue for the quarter came in at $201.79 million versus the consensus estimate of $199.01 million.

Third Quarter Highlights

• Net Income: The Company’s net income was $30.6 million in the third quarter of 2017, increasing $66.1 million as compared to the same period of 2016, which was primarily a result of prior year impairment losses related to property dispositions.
• Same-Property RevPAR and Same-Property Total Revenue per Available Room: Same-Property RevPAR in the third quarter of 2017 declined 3.1 percent versus the same period of 2016 to $229.68. Excluding San Francisco, Same-Property RevPAR declined 2.2 percent from the prior year. Same-Property ADR declined 3.0 percent from the prior year quarter to $256.56, and Same-Property Occupancy decreased 0.2 percent to 89.5 percent. Same-Property Total Revenue per Available Room declined 0.4 percent from the same period of 2016. The Company’s Same-Property RevPAR excludes LaPlaya Beach Resort & Club (“LaPlaya”), as the hotel was closed for most of September as a result of Hurricane Irma.
• Same-Property EBITDA: The Company’s hotels generated $74.7 million of Same-Property EBITDA for the quarter ended September 30, 2017, declining 4.4 percent from the same period of 2016. Same-Property Revenues decreased by 0.3 percent, while Same-Property Expenses grew by 2.4 percent. As a result, Same-Property EBITDA Margin declined 164 basis points to 37.8 percent for the third quarter of 2017, as compared to the same period last year. These results exclude LaPlaya during the third quarter.
• Adjusted EBITDA: The Company’s Adjusted EBITDA declined to $70.1 million from $80.4 million in the prior year period, a decrease of $10.3 million, or 12.8 percent. The decline in Adjusted EBITDA was largely a result of the $8.4 million of EBITDA from properties disposed of in the last year.
• Adjusted FFO: The Company’s Adjusted FFO declined 8.4 percent to $55.8 million from $60.9 million in the prior year period. The Company’s Adjusted FFO per diluted share decreased 4.8 percent to $0.80 compared with the same period of 2016.
• Dividends: On September 15, 2017, the Company declared a regular quarterly cash dividend of $0.38 per share on its common shares, a regular quarterly cash dividend of $0.40625 per share on its 6.50% Series C Cumulative Redeemable Preferred Shares and a regular quarterly cash dividend of $0.39844 per share on its 6.375% Series D Cumulative Redeemable Preferred Shares.

For earnings history and earnings-related data on Pebblebrook Hotel Trust (PEB) click here.