WASHINGTON (dpa-AFX) - Pebblebrook Hotel Trust (PEB) Thursday reported first-quarter funds from operations or FFO available to common share and unit holders of $10.9 million or $0.18 per share, compared to $4.8 million or $0.09 per share in the same quarter last year.
Adjusted funds from operations available to common share and unit holders for the quarter was $12.0 million or $0.20 per share, compared to $5.5 million or $0.11 per share in the the year-ago quarter. On average, nine analysts polled by Thomson Reuters expected the company to earn $0.18 per share. Analysts' estimates typically excludes special items.
Net loss to common shareholders for the quarter narrowed to $4.9 million or $0.08 per share, from $7.2 million or $0.14 per share in the year-ago period.
Total revenues for the quarter rose to $104.91 million from $77.47 million in the comparable quarter last year, while nine analysts estimated revenues of $105.52 million for the quarter.
Looking ahead to the second quarter, the company expects adjusted FFO of $0.38 per share to $0.41 per share. Analysts currently expect earnings of $0.45 per share for the second quarter.
For fiscal 2013, the company expects earnings of $0.66 to $0.70 per share and adjusted FFO in the range of $1.39 to $1.44 per share.
Earlier, the company expected earnings in the range of $0.66 to $0.73 per share and adjusted FFO of $1.46 to $1.53 per share for fiscal 2013.
Analysts currently estimate FFO of $1.51 per share for the year 2013.
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