Pebblebrook Hotel Trust (NYSE: PEB) reported Q1 AFFO of $0.54, versus $0.56 reported last year.

• Net income: The Company’s net income was $14.1 million in the first quarter of 2017, declining $2.5 million as compared to the same period of 2016.
• Same-Property RevPAR and Room Revenue: Same-Property RevPAR in the first quarter of 2017 declined 2.9 percent to $192.92 compared with the same period of 2016. Same-Property Room Revenue decreased 4.0 percent. There was one day less in the first quarter of 2017 versus last year. Same-Property ADR grew 0.5 percent from the prior year quarter to $239.22. Same-Property Occupancy decreased 3.4 percent to 80.6 percent, primarily due to the negative impact of the major redevelopment projects.
• Same-Property EBITDA: The Company’s hotels generated $53.5 million of Same-Property EBITDA for the quarter ended March 31, 2017, declining 10.2 percent from the same period of 2016. Same-Property Revenues decreased 4.2 percent, while Same-Property Expenses were reduced by 1.4 percent. As a result, Same-Property EBITDA Margin declined 199 basis points to 30.0 percent for the first quarter of 2017, as compared to the same period last year.
• Adjusted EBITDA: The Company’s Adjusted EBITDA declined to $49.0 million from $56.2 million in the prior year period, a decrease of $7.2 million, or 12.8 percent. The decline in Adjusted EBITDA was partly attributable to the property dispositions completed in 2016.
• Adjusted FFO: The Company’s Adjusted FFO declined 4.6 percent to $38.7 million from $40.6 million in the prior year period. The Company’s Adjusted FFO per diluted share decreased 3.6 percent to $0.54 compared with the same period of 2016.
• Dividends: On March 15, 2017, the Company declared a regular quarterly cash dividend of $0.38 per share on its common shares, a regular quarterly cash dividend of $0.40625 per share on its 6.50% Series C Cumulative Redeemable Preferred Shares and a regular quarterly cash dividend of $0.39844 per share on its 6.375% Series D Cumulative Redeemable Preferred Shares.

For earnings history and earnings-related data on Pebblebrook Hotel Trust (PEB) click here.