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Pebblebrook Hotel Trust has a market cap of $1.27 billion; its shares were traded at around $22 with a P/E ratio of 22.3 and P/S ratio of 4.4. The dividend yield of Pebblebrook Hotel Trust stocks is 2.1%.
Highlight of Business Operations:The U.S. lodging industry has continued to exhibit positive fundamentals during the first six months of 2012. While there continue to be concerns about a slow-moving national economy and the increased global volatility and risk related to the European debt crisis, corporate profits and employment have continued to improve in the United States though at a slower pace than in 2011.
Revenues — Total hotel revenues for the three and six months ended June 30, 2012 increased by $21.1 million and $55.9 million, respectively, from 2011. For the three months ended June 30, 2012, the nine hotels we owned throughout both periods contributed to $6.1 million of the increase, which was a result of increases in occupancy and ADR from the same period in 2011. The increase in occupancy occurred across all of the hotels but was notable at four of the hotels that had renovation activity in 2011. The increase in ADR was primarily at our San Francisco and Santa Monica hotels. The remaining $15.0 million of the increase in revenue for the three months ended June 30, 2012 was generated from the hotels which were not owned throughout both periods. For the six months ended June 30, 2012, the eight hotels we owned throughout both periods contributed to $8.6 million of the increase, which was a result of the increase in occupancy primarily at four of the hotels that had renovation activity in 2011 as well as a significant increase in ADR and RevPAR at the Sir Francis Drake in San Francisco. The remaining $47.3 million of the increase was generated from the hotels that were not owned throughout both periods.
Equity in earnings (losses) of joint venture — We purchased an equity interest in a joint venture in July 2011 and recognized income (loss) for our portion of the joint venture's income(loss) beginning on the acquisition date in July 2011 and therefore, there were no earnings or losses from the joint venture for the three and six months ended June 30, 2011.
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