WASHINGTON (dpa-AFX) - Pebblebrook Hotel Trust (PEB) Thursday reported first-quarter funds from operations, or FFO, of $22.2 million or $0.25 per share, up from $15.5 million or $0.18 per share in the same period last year.
Adjusted FFO available to common share and unit holders for the quarter were $16.9 million or $0.26 per share, compared with $12.0 million or $0.20 per share in the prior year quarter. On average, nine analysts polled by Thomson Reuters expected FFO of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Net loss to common shareholders for the quarter narrowed to $2.0 million or $0.03 per share from $4.9 million or $0.08 per share in the same period last year.
Revenues increased to $125.71 million from $104.91 million last year, while nine analysts expected revenues of $124.88 million. Same-Property RevPAR increased to $168.98 million from $155.78 million last year.
Looking ahead to the second quarter, the company has forecast adjusted FFO in a range of $0.49 to $0.53 per share. Analysts currently expect second-quarter FFO of $0.53 per share.
For the fiscal year 2014, the company continues to project adjusted FFO in a range of $1.78 to $1.86 per share and earnings of $0.99 per share to $1.06 per share. Analysts currently expect full-year FFO of $1.84 per share.
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