Updates Q2 2022 Outlook to Replicate Acquisition
Pebblebrook Resort Agree with (NYSE: PEB) as of late introduced that it bought the AAA 4 Diamond 119-room Inn on 5th in Naples, Florida for $156.0 million on Would possibly 11, 2022. As up to now introduced, the Corporate retained Noble Space Accommodations & Motels to regulate this distinctive impartial luxurious lodge belongings on the heart of Downtown Naples.
The purchase of Inn on 5th brings the overall selection of houses within the Corporate’s portfolio to 54, together with 12 distinctive drive-to, impartial way of life lodges and six houses in South Florida.
The Corporate funded the purchase with roughly $78.0 million of money and roughly $77.6 million of perpetual most well-liked working partnership gadgets (3.104 million gadgets at $25.00 in keeping with unit) with an annual distribution fee of 6.0% and roughly $0.4 million of commonplace gadgets.
The Corporate has revised its Q2 2022 outlook to take the purchase under consideration. The Corporate’s revised outlook for Q2 2022 is as follows:
New Q2 2022 Outlook As of Would possibly 12, 2022 | Variance to Previous Outlook As of April 26, 2022 | |||||||
Low | Prime | Low | Prime | |||||
($ and stocks/gadgets in thousands and thousands, apart from in keeping with percentage and RevPAR information) | ||||||||
Web source of revenue | $19.1 | $29.1 | $0.6 | $0.6 | ||||
Adjusted EBITDAre | $108.5 | $118.5 | $1.0 | $1.0 | ||||
Adjusted FFO | $73.5 | $83.5 | $0.0 | $0.0 | ||||
Adjusted FFO in keeping with diluted percentage | $0.56 | $0.63 | $0.00 | $0.00 | ||||
This revised Q2 2022 outlook is founded, partially, at the following estimates and assumptions: | ||||||||
Identical-Assets RevPAR | $209 | $214 | $0 | $0 | ||||
Identical-Assets RevPAR vs. 2019 | (10.0%) | (8.0%) | 0.0% | 0.0% | ||||
Identical-Assets RevPAR vs. 2021 | 92.8% | 97.0% | (4.0%) | (4.2%) | ||||
Identical-Assets EBITDA | $121.0 | $131.0 | $1.0 | $1.0 | ||||
Identical-Assets EBITDA vs. 2019 | (18.3%) | (11.6%) | 0.2% | 0.1% | ||||
Pebblebrook Resort Agree with (NYSE: PEB) is a publicly traded actual property funding agree with (“REIT”) and the most important proprietor of city and lodge way of life resorts and lodges in america. The Corporate owns 54 resorts and lodges, totaling roughly 13,400 visitor rooms throughout 15 city and lodge markets.
Pebblebrook Resort Agree with | ||||||||
Reconciliation of Revised Q2 2022 Outlook Web Source of revenue (Loss) to FFO and Adjusted FFO | ||||||||
($ in thousands and thousands, apart from in keeping with percentage information) | ||||||||
(Unaudited) | ||||||||
3 months finishing June 30, 2022 | ||||||||
Low | Prime | |||||||
| Web source of revenue (loss) | $ | 19 | $ | 29 | ||||
| Changes: | ||||||||
| Actual property depreciation and amortization | 60 | 60 | ||||||
| (Achieve) loss on sale of resort houses | – | – | ||||||
| FFO | $ | 79 | $ | 89 | ||||
| Distribution to most well-liked shareholders | (12 | ) | (12 | ) | ||||
| FFO to be had to commonplace percentage and unit holders | $ | 67 | $ | 77 | ||||
| Non-cash flooring hire | 2 | 2 | ||||||
| Non-cash hobby expense | – | – | ||||||
| Amortization of share-based repayment expense | 3 | 3 | ||||||
| Different | 2 | 2 | ||||||
| Adjusted FFO to be had to commonplace percentage and unit holders | $ | 74 | $ | 84 | ||||
| FFO in keeping with commonplace percentage – diluted | $ | 0.51 | $ | 0.58 | ||||
| Adjusted FFO in keeping with commonplace percentage – diluted | $ | 0.56 | $ | 0.63 | ||||
| Weighted-average selection of totally diluted commonplace stocks and gadgets | 131.9 | 131.9 | ||||||
Pebblebrook Resort Agree with | ||||||
Reconciliation of Revised Q2 2022 Outlook Web Source of revenue (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre | ||||||
($ in thousands and thousands) | ||||||
(Unaudited) | ||||||
3 months finishing June 30, 2022 | ||||||
Low | Prime | |||||
| Web source of revenue (loss) | $ | 19 | $ | 29 | ||
| Changes: | ||||||
| Pastime expense and source of revenue tax expense | 24 | 24 | ||||
| Depreciation and amortization | 60 | 60 | ||||
| EBITDA | $ | 103 | $ | 113 | ||
| (Achieve) loss on sale of resort houses | – | – | ||||
| EBITDAre | $ | 103 | $ | 113 | ||
| Non-cash flooring hire | 2 | 2 | ||||
| Amortization of share-based repayment expense | 3 | 3 | ||||
| Different | 1 | 1 | ||||
| Adjusted EBITDAre | $ | 109 | $ | 119 | ||
Pebblebrook Resort Agree with | |||
Inn on 5th | |||
Reconciliation of Resort Web Source of revenue to Resort EBITDA and Resort Web Running Source of revenue | |||
March 2022 Trailing Twelve Months | |||
(Unaudited, in thousands and thousands) | |||
Trailing Twelve Months | |||
Ended March 31, 2022 | |||
| Resort internet source of revenue | $8.9 | ||
| Adjustment: | |||
| Depreciation and amortization(1) | 3.7 | ||
| Resort EBITDA | $12.6 | ||
| Adjustment: | |||
| Capital reserve | (0.9 | ) | |
| Resort Web Running Source of revenue | $11.7 | ||
(1) Depreciation and amortization had been estimated in keeping with a initial acquire value allocation. A metamorphosis, if any, within the allocation will have an effect on the quantity of depreciation and amortization and the ensuing trade is also subject matter.
| Pebblebrook Resort Agree with | ||||||||||
| Historic Running Information – Complete Portfolio | ||||||||||
| ($ in thousands and thousands, apart from ADR and RevPAR) | ||||||||||
| (Unaudited) | ||||||||||
| Historic Running Information: | ||||||||||
First Quarter | 2d Quarter | 3rd Quarter | Fourth Quarter | Complete 12 months | ||||||
2019 | 2019 | 2019 | 2019 | 2019 | ||||||
| Occupancy | 75% | 87% | 87% | 78% | 82% | |||||
| ADR | $254 | $269 | $262 | $246 | $258 | |||||
| RevPAR | $192 | $234 | $227 | $193 | $211 | |||||
| Resort Revenues | $349.7 | $423.5 | $409.0 | $365.3 | $1,547.5 | |||||
| Resort EBITDA | $96.5 | $150.6 | $137.1 | $101.0 | $485.1 | |||||
| Resort EBITDA Margin | 27.6% | 35.6% | 33.5% | 27.6% | 31.4% | |||||
First Quarter | 2d Quarter | 3rd Quarter | Fourth Quarter | Complete 12 months | ||||||
2021 | 2021 | 2021 | 2021 | 2021 | ||||||
| Occupancy | 22% | 41% | 52% | 52% | 42% | |||||
| ADR | $260 | $258 | $277 | $260 | $265 | |||||
| RevPAR | $58 | $107 | $146 | $134 | $111 | |||||
| Resort Revenues | $110.2 | $201.7 | $269.2 | $257.9 | $839.0 | |||||
| Resort EBITDA | ($4.9) | $42.1 | $74.3 | $56.9 | $168.5 | |||||
| Resort EBITDA Margin | (4.4%) | 20.9% | 27.6% | 22.1% | 20.1% | |||||
First Quarter | ||||||||||
2022 | ||||||||||
| Occupancy | 48% | |||||||||
| ADR | $307 | |||||||||
| RevPAR | $147 | |||||||||
| Resort Revenues | $267.2 | |||||||||
| Resort EBITDA | $61.3 | |||||||||
| Resort EBITDA Margin | 23.0% | |||||||||
The tips above has no longer been audited and has been offered just for comparability functions.
