Pebblebrook Hotel Trust ( NYSE: PEB ) on Friday reported preliminary Q4 and 2022 results, with adj. FFO topping Street estimates, reflecting improved demand towards the end of the year.
Shares of the REIT +1.7% in morning trade.
Pebblebrook ( PEB ) said December was slightly better than November, but winter storms at the end of the year impacted results due to airline disruptions and cancellations.
The REIT expects Q4 adj. FFO per share $0.19-$0.20 vs. prior outlook of $0.13-$0.16. Consensus estimate is $0.17. The raised guidance is due to savings in corporate G&A, interest, and preferred dividend payments.
Same Property RevPAR is expected to be $174 vs. earlier guidance of $173-$175 (down 7.8% vs. 2019, up 25.6% Y/Y).
Pebblebrook ( PEB ) expects 2022 adj. FFO per share of $1.68-$1.69 vs. prior outlook of $1.61-$1.64. Consensus estimate is $1.63.
The REIT maintained its guidance for same Property RevPAR at $193 (down 8% vs. 2019, up 67% Y/Y).
The company also said it will sell The Heathman Hotel in Portland, Oregon for $45M to a third party. The sale is expected to close later in Q1.
Pebblebrook ( PEB ) earlier cut its outlook to reflect Hurricane Nicole impact, and weak business and leisure demand in November .
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Pebblebrook Hotel Trust raises guidance to reflect improved demand in Dec