Pebblebrook Hotel Trust (PEB) has reported a 19.89 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $18.36 million, or $0.20 a share in the quarter, compared with $22.92 million, or $0.23 a share for the same period last year. Revenue during the quarter went up marginally by 2.85 percent to $198.94 million from $193.42 million in the previous year period.
Cost of revenue went up marginally by 1.76 percent or $2.36 million during the quarter to $136.02 million. Gross margin for the quarter expanded 73 basis points over the previous year period to 31.63 percent.
Total expenses were $170.30 million for the quarter, up 3.28 percent or $5.41 million from year-ago period. Operating margin for the quarter contracted 36 basis points over the previous year period to 14.40 percent.
Operating income for the quarter was $28.64 million, compared with $28.54 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $57.66 million compared with $64.37 million in the prior year period. At the same time, adjusted EBITDA margin contracted 430 basis points in the quarter to 28.98 percent from 33.28 percent in the last year period.
Pebblebrook Hotel Trust forecasts net income to be in the range of $8.20 million to $11.20 million for the first-quarter. For fiscal year 2017, Pebblebrook Hotel Trust forecasts net income to be in the range of $68.40 million to $79.70 million.
Occupancy revenue was $136.32 million for the quarter, up 8.04 percent or $10.14 million. Food and beverage revenue was $48.92 million during the quarter, down 8.33 percent or $4.45 million from year-ago period. Revenue from other hotel operating activities was $13.70 million for the quarter, down 1.31 percent or $0.18 million from year-ago period.
"We are very pleased with our 2016 results and the continued improvements we made throughout our portfolio in 2016, both operationally and from value-enhancing renovations," said Jon E. Bortz, Chairman, president and chief executive officer of Pebblebrook Hotel Trust. "In addition, we had significant success with our strategic disposition plan, completing numerous property and asset dispositions totaling $463.8 million.
Receivables move up
Net receivables were at $27.69 million as on Dec. 31, 2016, up 10.47 percent or $2.62 million from year-ago. Total assets declined 8.15 percent or $249.21million to $2,809.26 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,200.14 million as on Dec. 31, 2016, down 7.51 percent or $97.49 million from year-ago.
Return on assets moved down 3 basis points to 1.05 percent in the quarter. At the same time, return on equity moved down 4 basis points to 0.89 percent in the quarter.
Debt comes down
Total debt was at $996.25 million as on Dec. 31, 2016, down 9.89 percent or $109.34 million from year-ago. Shareholders equity stood at $1,609.12 million as on Dec. 31.
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