Pebblebrook Hotel Trust reported its financial and operating results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, Same-Property RevPAR increased by 0.9% to $192, and Same-Property Total Revenues rose by 1.9% to $321.6 million, while Adjusted FFO per diluted share was $0.20, a 4.8% decrease from Q4 2023.
For the full year 2024, Same-Property RevPAR increased by 1.6% to $212, Same-Property Total Revenues grew by 2.4% to $1,383.2 million, and Adjusted FFO per diluted share was $1.68, a 5.0% increase over 2023. The Company repurchased 1.1 million common shares in 2024 at an average price of $13.29 per share, contributing to a cumulative repurchase of over 12 million shares since October 2022.
The Company provided its outlook for 2025, projecting Adjusted FFO per diluted share to be between $1.50 and $1.62, and Same-Property RevPAR growth between 1.0% and 3.0% compared to 2024. The outlook incorporates an estimated negative impact from the Los Angeles fires of $9.0 million on Adjusted FFO and $0.07 per share for the full year, and an estimated $6 million in business interruption income related to Hurricanes Helene and Milton.
Capital investments are expected to be significantly lower in 2025, ranging from $65 million to $75 million, following the substantial completion of its multi-year $525 million strategic redevelopment program. LaPlaya Beach Resort & Club's upper floors (59 rooms) of its Beach House building reopened on January 16, 2025, with remaining ground-floor rooms expected to be completed in Q2 2025.
The Company's balance sheet remains robust, with $217.6 million in cash and cash equivalents as of December 31, 2024, plus $642.6 million of undrawn availability on its revolving credit facility. Pebblebrook successfully completed $1.6 billion in debt financings and extensions in 2024, resulting in no significant maturities until December 2026 and a weighted-average interest cost of 4.2% with 91% fixed.
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