Pebblebrook Hotel Trust (NYSE:PEB) Q4 2022 Results Conference Call February 22, 2023 9:00 AM ET
Company Participants
Raymond Martz - Chief Financial Officer
Jon Bortz - Chairman and Chief Executive Officer
Conference Call Participants
Shaun Kelley - Bank of America
Duane Pfennigwerth - Evercore ISI
Bill Crow - Raymond James
Gregory Miller - Truist Securities
Smedes Rose - Citi
Ari Klein - BMO Capital Markets
Anthony Powell - Barclays
Jay Kornreich - SMBC
Chris Darling - Green Street
Operator
Greetings and welcome to the Pebblebrook Hotel Trust Fourth Quarter and Full Year 2022 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, Chief Financial Officer. Thank you. Please go ahead.
Raymond Martz
Thank you, Donna, and good morning everyone. Welcome to our fourth quarter 2022 earnings call and webcast. Joining me today are Jon Bortz, our Chairman and Chief Executive Officer.
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. Future results could differ materially from those implied by our comments. Forward-looking statements that we make today are effective only today, February 22, 2023, and we undertake no duty to update them later. We'll discuss non-GAAP financial measures during today's call, and we provide reconciliations of these non-GAAP financial measures on our Web site, at pebblebrookhotels.com.
Okay. In 2022, we made significant progress on our road to a full recovery. We want to thank our hotel teams and operating partners for their hard work, sacrifices and creativity. Our portfolio continues to benefit from their tremendous effort, as we continue on the path of recovery and growth following the pandemic. Our adjusted EBITDA finished at $356.7 million compared with $99.8 million in 2021, a very significant progress from a year ago. And while we still have much work to do, we believe, we have considerable upside ahead.
Adjusted FFO per share ended 2022 at $1.69, a substantial improvement from 2021 at a negative $0.23 per share. On the investment side, we were very active. We acquired two leisure-focused resorts for $330 million and sold four urban hotels for $261 million. Since 2020, we have acquired six leisure-focused resorts for over $820 million while selling 11 hotels in slower to recover urban markets for a total of $957 million. Between acquisitions and dispositions, since 2020, we have recycled almost 30% of our portfolio, representing a dramatic transformation of our company.