Tue, Jul. 26, 10:06 AM
- FelCor Lodging (FCH -2.9%) missed estimates and cut full-year guidance, noting softness in corporate travel for the rest of the year. Pebblebrook Hotel (PEB -5.7%) posted an earnings beat, but wasn't optimistic about the rest of the year. The company cut RevPAR growth guidance for both itself, and the industry.
- SunStone Hotel (SHO -1.5%), LaSalle Hotel (LHO -3.4%), Chesapeake Lodging (CHSP -1.4%), RLJ Lodging (RLJ -1.5%), Host Hotels (HST -2.9%), Hersha Hospitality (HT -1.6%), DiamondRock Hospitality (DRH -1.2%).
Mon, Jul. 25, 4:23 PM
- Q2 adjusted FFO of $58.9M or $0.81 per share vs. $52M and $0.72 one year ago.
- Same-property RevPAR of $223.96 up from $218.51 a year ago, or 2.5% growth.
- Same-property EBTIDA of $83.8M vs. $82.3M, or 1.9% growth; margin of 36.6% down 20 basis points. Adjusted EBITDA growth rate of 6.7%.
- CEO Jon Bortz: "Outlook for the remainder of the year remains cautious."
- Full-year adjusted FFO guidance is narrowed by $0.03 at both ends to $2.63-$2.73. Industry RevPAR growth rate is cut to 2.2%-3%. Company RevPAR growth rate is cut to 2-3% from 2-4%.
- Conference call at 9 ET
- Previously: Pebblebrook Hotel beats by $0.06, beats on revenue (July 25)
- PEB flat after hours
Mon, Jul. 25, 4:09 PM
Sun, Jul. 24, 5:35 PM
Wed, Jul. 20, 7:34 AM
- Pebblebrook Hotel (NYSE:PEB) and Host Hotels (NYSE:HST) are cut to Hold from Buy, and Hyatt Hotels (NYSE:H) to Sell from Hold.
- Noted by analyst Rich Hightower is recent share outperformance amid a deteriorating fundamental outlook.
- All three stocks have had decent runs this year, but the moves are just bounces off of a very rough 2015.
Fri, Jul. 15, 3:46 PM
- The 10-year Treasury yield has shot up another six basis points to 1.60% - its highest level since the Brexit vote - but equity REITs instead may be focusing on improving economic conditions as noted by perky retail sales and inflation reports this morning.
- With the major averages flat, a number of REIT sectors are on the move higher. In roughed-up lodging: Sunstone Hotel (SHO +4.2%), Pebblebrook (PEB +3.6%), Summit (INN +1.8%). Senior living: Omega Healthcare (OHI +2.6%), Ventas (VTR +1.5%). Industrial: Stag (STAG +2.6%), Gramercy Property (GPT +1.2%).
Mon, Jun. 27, 3:20 PM
- There's plenty of green in the REIT space today, with the IYR off just 0.25% (vs. the S&P 500's 2% decline). Helping is the continuing plunge in interest rates, with the 10-year yield at 1.46% within seven basis points of an all-time low.
- Among the gainers are Realty Income (O +1.7%), National Retail Properties (NNN +1%), Senior Housing (SNH +2.2%), Omega Healthcare (OHI +0.9%), AvalonBay (AVB +1.1%), Kimco (KIM +1.3%), Tanger Factory (SKT +1.9%), and Public Storage (PSA +3.8%).
- Lodging REITs, however, are dependent on a steady stream of overseas tourist money, and the dollar's continued surge vs. everything not named the yen promises to crimp foreign visits. Ashford (AHT -6.6%), Sunstone (SHO -4.8%), LaSalle (LHO -4.1%), Pebblebrook (PEB -4.2%), Chesapeake (CHSP -3.3%), Host (HT -6.7%), DiamondRock (DRH -4.8%), Apple (APLE -2.9%), FelCor (FCH -5.4%).
Fri, Jun. 24, 10:30 AM
- A sharp drop in long-term rates and vanquished expectations for even one rate hike this year has income players bidding up the prices of utility stocks (XLU +0.7%) and certain REITs even as the major average fall more than 2% post-Brexit.
- A check of Fed Funds futures finds traders not fully pricing in a 25 basis point rate hike until 2018!
- The mortgage REIT sector (REM +0.5%) welcomes the news, with players like Annaly (NLY +1.7%), American Capital Agency (AGNC +1.1%), Two Harbors (TWO +1.7%), and Chimera (CIM +1.3%) leading the way. Western Asset Mortgage (WMC -0.8%) is a laggard after slashing its dividend by more than 30% last night.
- Equity REITs are decidedly mixed. Retail names like Realty Income (O +2.4%), National Retail (NNN +2%), and Vereit (VER +0.9%) are higher, as are healthcare players like HCP (HCP +1.2%) and Medical Properties Trust (MPW +0.1). Apartment REITs are mostly lower, as are mall operators like Simon Property (SPG -0.8%) and General Growth (GGP -0.7%).
- The dollar is surging post-Brexit, however, and that's taking a chunk out of the hotel REITs: Hospitality Properties (HPT -1.5%), Sunstone Hotel (SHO -2.7%), LaSalle (LHO -3.8%), Pebblebrook (PEB -2.4%), RLJ Lodging (RLJ -2.5%).
- ETFs: XLU, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU, PUI, SDP, PSCU, FUGAX, UTLF, JHMU, VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI
Wed, Jun. 15, 10:01 AM
- The San Francisco Board of Supervisors last week passed a bill requiring home-sharing services like Airbnb (Private:AIRB) to remove listings of units that have not been registered with the San Francisco Office of Short-Term Rentals.
- The team at Canaccord expects a near-term reduction of Airbnb listings of 80%, and nearly 50% on a stabilized basis. This should be a "marginal tailwind," and help San Francisco relative to other major hotel markets in coming months. Other cities are likely to follow suit.
- Buy rated stocks remain: Apple Hospitality (APLE +0.6%), DiamondRock (DRH +2%), Summit Hotel (INN +0.6%), Marriott (MAR +0.9%), and RLJ Lodging (RLJ +1.6%).
- Meanwhile, the lodging sector as a whole has its tail in the air as not only this news, but Airbnb's agreement to begin collecting occupancy tax in Pennsylvania filters through.
- Ashford (AHP +1.6%), (AHT +1.2%), Starwood (HOT +0.8%), Hospitality Properties (HPT +0.8%), Host Hotels (HST +1.5%), LaSalle (LHO +2.2%), Sunstone Hotel (SHO +1.1%), Pebblebrook (PEB +2.2%), Chesapeake (CHSP +1.3%), Chatham (CLDT +1.2%), Hersha (HT +1.4%)
Wed, Jun. 15, 7:02 AM
Thu, Jun. 9, 11:52 AM
- The team hosted meetings with 29 companies over two days across six subsectors. Some highlights:
- Lodging: Business travel remains soft and most are operating defensively by grouping up and reducing leverage. NYC is flooded with hotels available for sale which should pressure pricing.
- Apartments: The slowdown in NoCal is concentrated in Soma and San Jose, but expected to be temporary. The NYC slowdown is expected to endure through 2017. Merchant builders in Houston with deliveries in 2017 are in trouble - an opportunity for Camden Property Trust (NYSE:CPT) to pick up assets on the cheap.
- Malls: Concerns over department stores are overblown. Simon Property (NYSE:SPG) expects spreads to top mid-teens in the next five years. Omni-channel retail strategy is growing increasingly important as the WSJ reports 80% of online sales touch brick and mortar in some way.
- CS's Ian Weissman is ranked #1,134 out of #3,990 analysts on TipRanks.com.
- Tickers of interest: HPT, SHO, LHO, PEB, CHSP, INN, RLJ, EQR, AVB, ESS, PPS, UDR, AIV, GGP, BRX, KIM, WRI, MAC
Tue, Jun. 7, 8:14 AM
- Following the sales of the Viceroy Miami, and The Redbury Hotel and land parcel at Revere Hotel Boston Common, PEB sees full-year adjusted FFO per share of $2.60-$2.76, down $0.07 at the bottom end and $0.08 at the top end, respectively, of previous guidance.
- Also at work was May RevPAR growth of 4-4.5%, slightly weaker than hoped. The company expects this weakness to continue into June, which is why the top end of the FFO forecast was cut more than the low end.
- The property sales will help lift safe-property EBITDA margin to 34.2%-34.7%, up 60 basis points on both ends from previous guidance.
- Source: Press Release
Thu, Jun. 2, 1:00 PM
Wed, Jun. 1, 4:13 PM
- Sold in separate deals were the Viceroy Miami for $64.5M, the Redbury Hotel in Los Angeles for $40.9M, and an excess piece of land adjacent to the Revere Hotel Boston Common for $6M.
- Pebblebrook (NYSE:PEB) acquired the Viceroy in 2011 for $36.5M. The sale price is a 4.2% cap rate. The company acquired the Redbury in 2013 for $34M, and the sale price is at a 5.2% cap.
- CEO Jon Bortz notes the sales prices point to the disparity between private market values for the company hotels and the public value assigned by stock market investors.
- Source: Press Release
Wed, May 18, 2:42 PM
- The yield on these income-producers may be about to face some more competition as the FOMC minutes suggest a June rate hike is on the way. The IYR is now lower by 2.2%.
- Individual names: Realty Income (O -3.2%), Welltower (HCN -4.1%), Omega Healthcare (OHI -3.3%), HCP (HCP -3.5%), Medical Properties (MPW -3.3%), Vereit (VER -3.5%), Equity Residential (EQR -1.2%), AvalonBay (AVB -1.8%), SilverBay Realty (SBY -1%), Public Storage (PSA -2.2%), Boston Properties (BXP -3.1%), Hospitality Properties (HPT -2.2%), Pebblebrook Hotel (PEB -3.8%), Stag Industrial (STAG -2.2%)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, FRI, DRA, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
- Previously: Mortgage REITs dive on FOMC surprise (May 18)
Fri, Apr. 29, 9:01 AM
- Q1 adjusted FFO of $40.6M or $0.56 per share vs. $24.4M and $0.34 one year ago.
- Same-property RevPAR of $195.01 up 8% Y/Y.
- Same-property EBITDA of $62M up 15.2%.
- CEO Jon Bortz: "We remain cautious about 2016 due to weakening business transient demand growth, a lack of visibility and continued global economic headwinds and uncertainties."
- Full-year adjusted FFO per share guidance of $2.67-$2.84 is unchanged. Q2 outlook of $0.74-$0.78.
- Earnings call at 9 ET
- Previously: Pebblebrook Hotel beats by $0.10, beats on revenue (April 27)
- PEB flat premarket
Pebblebrook Hotel Trust operates as a real estate investment trust. It invests, manages, and operates motels, hotels, and resorts. The company was founded by Jon E. Bortz on October 2, 2009 and is headquartered in Bethesda, MD.
Industry: REIT - Hotel/Motel
Country: United States