Pebblebrook Hotel Trust (NYSE:PEB) Q1 2023 Results Conference Call April 27, 2023 10:00 AM ET
Company Participants
Raymond Martz - Chief Financial Officer
Jon Bortz - Chairman and Chief Executive Officer
Tom Fisher - Chief Investment Officer and Co-President
Conference Call Participants
Smedes Rose - Citi
Shaun Kelley - Bank of America
Bill Crow - Raymond James
Floris Van Dijkum - Compass Point
Michael Bellisario - Baird
Dori Kesten - Wells Fargo
Gregory Miller - Truist Securities
Ari Klein - BMO Capital Markets
Anthony Powell - Barclays
Operator
Greetings and welcome to the Pebblebrook Hotel Trust First Quarter Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Raymond Martz, Co-President and Chief Financial Officer. Thank you. Please go ahead.
Raymond Martz
Thank you, Donna, and good morning everyone. Welcome to our first quarter 2023 earnings call and webcast. Joining me today are Jon Bortz, our Chairman and Chief Executive Officer, and Tom Fisher our Chief Investment Officer and Co-President.
But before we start, a quick reminder that many of our comments today are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties, as described in our SEC filings and Future results could differ materially from those implied by our comments today. Forward-looking statements that we make today are effective only today, April 27, 2023, and we undertake no duty to update them later. We will discuss non-GAAP financial measures on today's call, and we provide reconciliations of these non-GAAP financial measures on our website, at pebblebrookhotels.com.
Our financial results exceeded our outlook for the first quarter. Adjusted EBITDA finished at $60.8 million increasing 30.9% from a year ago. Adjusted FFO was at $22.4 million with adjusted FFO per share of $0.18, a 67.3% improvement, and represented very significant progress from a year ago and a great start to the year, especially in many of our urban markets.
We're pleased with our financial results despite cancellations and disruption from numerous winter storms, excessive rain, coming from areas rivers, and flooding that negatively impacted demand in many of our hotels and resorts during the quarter and knocked out approximately 80 guestrooms in Los Angeles when most of them not to back into service until mid to late May.