Shares of Pebblebrook Hotel Trust (PEB) slipped over 8% on Wednesday morning after real estate investment trust lowered its outlook for the fourth quarter and full year.
PEB is currently trading at $13.24, down $1.19 or 8.24%, on the NYSE. The stock opened its trading at $13.58 after closing Tuesday's trading at $14.43. The stock has traded between $13.05 and $26.14 in the past 52-week period.
Looking forward to the fourth quarter, the company expects adjusted FFO per share of $0.13 to $0.16, and net loss of $39.9 million to $35.9 million. Previously, the company expected adjusted FFO per share of $0.18 to $0.24 and net loss of $32.2 million to $24.2 million.
For the full year 2022, the company expects adjusted FFO per share of $1.61 to $1.64 and net loss of $85.1 million to $81.1 million. Previously, the company expected adjusted FFO per share of $1.66 to $1.72 and net loss of $77.4 million to $69.4 million.
The company said that November's Same-Property operating results significantly exceeded last year's performance, but they were still below the previously provided outlook due to a negative impact from Hurricane Nicole and weaker business and leisure demand during the second half of the month, which may relate to new seasonal patterns around holidays due to hybrid work.
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