Pebblebrook Hotel (PEB) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the Pebble Brook Hotel Trust fourth quarter earnings call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Raymond Martz, co-president and chief financial officer. Thank you. You may begin. Thank you, Donna, and good morning, everyone. Welcome to our fourth quarter and full year 2024 earnings call. Joining me today is John Bortz, our Chairman and Chief Executive Officer, and Tom Fisher, our Co-President and Chief Investment Officer. Before we begin, I'd like to remind everyone that today's comments are effective only for today, February 27, 2025, and our comments may include forward-looking statements which are subject to risk and uncertainties. please refer to our SEC filings for a thorough discussion of these risk factors and visit our website for detailed reconciliations of any non-GAAP financial measures discussed during the call. We have a lot to cover this morning, so let's dive right into our financial results. We are pleased to report that our fourth quarter and year-end 2024 results significantly outperformed our outlook, driven by strong performance from our resort portfolio and continued momentum at our recently redeveloped properties. For the full year, same property total rep bar increased 2.1%, driven by gains across both urban and resort properties, along with stronger out-of-room spending. Adjusted EBITDA rose 0.8% to $359.2 million, exceeding the midpoint of our outlook by $11.2 million. Adjusted FFO per diluted share grew 5% to $1.68, surpassing ...