Pebblebrook Hotel Trust (NYSE: PEB) reported Q4 EPS of $0.08, $0.03 better than the analyst estimate of $0.05. Revenue for the quarter came in at $379.41 million versus the consensus estimate of $370.93 million.

• Net income: $19.6 million
• Same-Property Total RevPAR1 +2.8% YOY and RevPAR1 +2.0% YOY
• Same-Property EBITDA1: $109.0 million, +1.4% YOY
• Adj. EBITDAre1: $100.1 million, +87.4% YOY
• Adj. FFO1 per diluted share: $0.54, +63.6% YOY
• Q4 Same-Property Total RevPAR, Adj. EBITDA, Adj. FFO and Adj. FFO/diluted share beat outlook due to better than expected demand, including in San Francisco and Los Angeles

“Our hotels performed well in 2019 despite the challenging operating environment, which included disruption from the U.S. government shutdown in early 2019, international trade tensions, a strong U.S. dollar resulting in softer international demand and new hotel supply,” commented Mr. Bortz. “Our recently renovated and repositioned properties continue to gain market share, driving overall market share growth for the entire portfolio for the year. This outperformance is expected to continue over the next several years.”

2020 OUTLOOK

"Our operating results for the fourth quarter of 2019 exceeded our outlook primarily due to unexpected increases in hotel demand during November and December throughout many of our markets, including San Francisco, Los Angeles, South Florida and Boston. We also made great progress in transforming the Company for stronger growth in future years. We completed $1.3 billion in hotel sales, with another $331.0 million of sales expected in the near term, 12 successful operator or brand transitions, including 2 in early 2020, and we completed or commenced 8 major redevelopment and repositioning projects. Up until the emergence of the coronavirus in China, we were encouraged with the improvements in near term business and leisure booking trends that we experienced from November through January. However, we are concerned about the potential negative impact of coronavirus on travel. While we expect some reduced demand outside of what we’ve already experienced and incorporated, our outlook does not reflect any impact since it is not knowable or able to be forecasted due to the unique evolving nature of the situation."

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