Pebblebrook Q3 net income $45.1M; cuts FY2024 outlook on hurricane impact

Pebblebrook Hotel Trust

2024-Q3 EPS reported $0.12 revenue$1,115,709,000

Q3 net income $45.1M; Adjusted FFO per share $0.59, down 3.3% YoY; Same-Property RevPAR up 2.7%.
Hurricanes Debby/Helene reduced Q3 revenue $1.2M, EBITDA $1.5M; RevPAR growth trimmed 30 bps.
Issued $400M senior notes at 6.375% due 2029; used $353M to repay term loans; extended $787M credit facilities to Dec 2026.
FY2024 outlook: net loss ($19.4M)-($15.4M); Adjusted EBITDAre midpoint cut $7.5M to $346-350M; hurricane Milton impact $11.5M.
Rebranded Hyatt Centric Delfina Santa Monica; $16M property refresh began Nov 2024.

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