Key Developments: Pebblebrook Hotel Trust (PEB)
27.09USD
23 May 2013
$-0.44 (-1.60%)
$27.53
$27.27
$27.57
$26.79
252,764
329,672
$28.35
$19.17
Latest Key Developments (Source: Significant Developments)
Pebblebrook Hotel Trust Lowers FY 2013 Net Income Guidance; Raises Low End Of Prior FY 2013 EBITDA Guidance; Lowers FY 2013 FFO Guidance
Pebblebrook Hotel Trust announced that for fiscal 2013, the Company expects net income to be in the range of $40.3-$43.3 million, net income per diluted share to be in the range of $0.66-$0.70, adjusted EBITDA to be in the range of $146.0 $149.0 million, adjusted FFO to be in the range of $85.5-$89.5 million and adjusted FFO per diluted share to be in the range of $1.39-$1.44. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO per share of $1.51 for fiscal 2013. Full Article
Pebblebrook Hotel Trust Announces Exercise Of Underwriters' Overallotment Option
Pebblebrook Hotel Trust announced the full exercise of the underwriters' overallotment option and the sale of an additional 400,000 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest of the Company (Series C Preferred Shares). The overallotment option was granted in connection with the Company's underwritten public offering of 3,600,000 Series C Preferred Shares which priced on March 11, 2013 and closed on March 18, 2013. The Series C Preferred Shares are listed on the New York Stock Exchange under the symbol PEBPrC. The aggregate of 4,000,000 Series C Preferred Shares were sold at a public offering price of $25.00 per share. Total net proceeds, after deducting the underwriting discount and estimated offering-related costs were approximately $97.0 million. The Company will contribute the net proceeds from the sale of the shares to operating partnership. The operating partnership will use the proceeds for general corporate purposes, which may include acquiring and investing in hotel properties in accordance with the Company's investment strategy and reducing the Company's debt. Raymond James and Citigroup were the joint book-running managers of the offering. Baird and Stifel acted as co-managers. Full Article
Pebblebrook Hotel Trust and Denihan Hospitality Group Joint Venture Complete $50.0 Million, 3.14%, Secured Debt Financing
Pebblebrook Hotel Trust announced that the joint venture between Pebblebrook Hotel Trust and Denihan Hospitality Group, which owns six upper upscale hotels (the Manhattan Collection) in New York, New York, has successfully executed a new $50.0 million non-recourse, secured loan with PNC Bank, N.A. at a fixed annual interest rate of 3.14%. The interest-only loan has a term of five years and is secured by a first mortgage on the upper upscale, 242-room Affinia Dumont. Proceeds from the loan will be used for general business purposes. Full Article
Pebblebrook Hotel Trust Declares Dividend
Pebblebrook Hotel Trust announced that Board of Trustees has authorized, and the Company has declared, a quarterly cash dividend of $0.16 per common share of beneficial interest, to be paid on April 15, 2013 to shareholders of record as of April 1, 2013 (the Record Date). Full Article
Pebblebrook Hotel Trust Prices Public Offering of 6.50% Series C Cumulative Redeemable Preferred Shares
Pebblebrook Hotel Trust announced that it has priced an underwritten public offering of 3,600,000 shares of its 6.50% Series C Cumulative Redeemable Preferred Shares at a public offering price of $25.00 per share, for net proceeds of approximately $87.0 million, after deducting the underwriting discount and other estimated offering costs. The offering is expected to close on March 18, 2013. The underwriters have a 30-day option to purchase up to an additional 400,000 shares to cover overallotments, if any. All the shares are being sold by the Company. The Company will contribute the net proceeds from the sale of the shares to its operating partnership. The operating partnership will use the proceeds for general corporate purposes, which may include acquiring and investing in hotel properties in accordance with the Company`s investment strategy and reducing the Company`s debt. Raymond James and Citigroup are the joint book-running managers of the offering. Baird and Stifel are acting as co-managers. Full Article
Pebblebrook Hotel Trust Reaffirms FY 2013 Guidance
Pebblebrook Hotel Trust announced that its outlook provided for fiscal 2013 remains unchanged from its fiscal 2013 outlook press release dated January 22, 2013. For fiscal 2013, the Company expects net income (loss) to be in the range of $40.8-$44.8 million, net income (loss) per diluted share to be in the range of $0.66-$0.73, adjusted EBITDA to be in the range of $145.0 $149.0 million, adjusted FFO to be in the range of $90.0-$94.0 million and adjusted FFO per diluted share to be in the range of $1.46-$1.53. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $145.0 million and FFO per share of $1.51 for fiscal 2013. Full Article
Pebblebrook Hotel Trust Proposes Quarterly Dividend
Pebblebrook Hotel Trust announced that the Company expects to increase quarterly dividend on common shares to $0.16 per share, commencing with the dividend for the first quarter of 2013. This proposed increase represents a 33.3% increase over the Company’s current quarterly dividend of $0.12. Full Article
Pebblebrook Hotel Trust Announces Acquisition Of Embassy Suites San Diego Bay - Downtown
Pebblebrook Hotel Trust announced that it has acquired the Embassy Suites San Diego Bay - Downtown for $112.5 million. The 337-suite, urban, upper upscale, full service hotel is located in downtown San Diego, California. The property will be managed by HEI Hotels and Resorts (HEI). As a part of this transaction, the Company is assuming a $66.8 million secured, non-recourse loan, with the balance of the purchase price being funded by the Company with available cash. In connection with the acquisition, the Company is assuming a $66.8 million secured, non-recourse loan. The loan matures in June 2016. In conjunction with the Company's acquisition of the Embassy Suites San Diego Bay - Downtown, the Company has selected HEI as manager for the hotel. Full Article
Pebblebrook Hotel Trust Issues FY 2013 FFO Guidance In Line With Analysts' Estimates; Issues FY 2013 Net Income And EBITDA Guidance Above Analysts' Estimates
Pebblebrook Hotel Trust announced that for fiscal 2013, it expects net income (loss) to be in the range of $40.8-$44.8 million, net income (loss) per diluted share to be in the range of $0.66-$0.73, adjusted EBITDA to be in the range of $145.0 $149.0 million, adjusted FFO to be in the range of $90.0-$94.0 million and adjusted FFO per diluted share to be in the range of $1.46-$1.53. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of 37.9 million, EBITDA of $142.8 million and FFO of $1.52 for fiscal 2013. Full Article
Pebblebrook Hotel Trust Declares Dividends For Fourth Quarter 2012
Pebblebrook Hotel Trust announced that the Board of Trustees has declared a quarterly cash dividend of $0.12 per common share of beneficial interest, to be paid on January 15, 2013 to shareholders of record as of December 31, 2012. Full Article
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