Pebblebrook Hotel Trust Revised Q4, FY22 Outlook

(RTTNews) - Pebblebrook Hotel Trust (PEB) revised its fourth-quarter and full year 2022 outlook.

For the fourth quarter, the company expects adjusted FFO per share of $0.13 to $0.16, and net loss of $39.9 million to $35.9 million. Previously, the company expected adjusted FFO per share of $0.18 to $0.24 and net loss of $32.2 million to $24.2 million.

For the full year 2022, the company expects adjusted FFO per share of $1.61 to $1.64 and net loss of $85.1 million to $81.1 million. Previously, the company expected adjusted FFO per share of $1.66 to $1.72 and net loss of $77.4 million to $69.4 million.

The company said that November's Same-Property operating results significantly exceeded last year's performance, but they were still below the previously provided outlook due to a negative impact from Hurricane Nicole and weaker business and leisure demand during the second half of the month, which may relate to new seasonal patterns around holidays due to hybrid work.

PEB closed Tuesday's trading at $14.43, down $0.19 or 1.30%, on the NYSE. The stock further slipped $1.21 or 8.39% in the after-hours trading.