Pebblebrook Hotel Trust (PEB) 2015年年度报告「NYSE」.pdf

1、 TO?OUR?FELLOW?SHAREHOLDERS?2015,?our?sixth?year?as?a?public?company,?was?a?year?of?significant?accomplishments?as?well?as?some?disappointments.?On?the?positive?side,?our?overall?financial?performance?was?pretty?good.?We?grew?Corporate?Adjusted?EBITDA?(Earnings?before?Interest,?Taxes,?Depreciation?a

2、nd?Amortization)?by?31.5%,?Adjusted?FFO?(Funds?from?Operations),?the?REIT?industrys?version?of?earnings,?by?39.5%,?Adjusted?FFO?per?share?by?27.6%?and?the?common?dividend?by?34.8%.?Obviously,?these?numbers?portray?very?strong?growth.?We?also?completed?several?transformative?renovations?across?our?po

3、rtfolio?and?continued?to?make?significant?progress?identifying?and?implementing?operational?improvements?and?instituting?our?best?practices?and?asset?management?initiatives?throughout?our?portfolio?of?hotels.?We?also?made?two?attractive?acquisitions?in?2015.?We?purchased?LaPlaya?Beach?Resort?&?Club?

4、in?Naples,?Florida?and?The?Tuscan?Fishermans?Wharf,?a?Best?Western?Plus?hotel,?in?San?Francisco.?These?two?high?quality,?well?located?hotels?represent?$307.5?million?of?invested?capital,?and?we?are?encouraged?about?the?opportunity?to?benefit?from?the?significant?operating?improvements?and?physical?e

5、nhancements?we?have?already?identified?at?both?of?these?hotels.?Even?though?our?revenues?fell?short?of?our?expectations?for?our?portfolio,?we?were?able?to?grow?Pebblebrooks?bottom?line?in?a?meaningful?way.?Our?same?property?EBITDA?increased?by?8.3%,?as?we?were?able?to?successfully?implement?many?ope

6、rating?changes?and?best?practice?initiatives,?especially?at?our?recently?acquired?hotels.?As?a?result?of?our?healthy?increases?in?cash?flow?at?the?hotel?level?during?2015,?and?the?acquisitions?we?made?in?late?2014?and?in?2015,?we?generated?robust?growth?in?Corporate?Adjusted?EBITDA,?Adjusted?FFO?and