(By Balachander) Pebblebrook Hotel Trust (NYSE: PEB) slashed its earnings outlook for the fourth quarter and 2012, citing estimated impact from Superstorm Sandy and the nor'easter last week.
"The negative impact on our business was felt at our hotels throughout the United States as cancellations, no-shows and limited new bookings combined to produce enough lost revenue and additional expenses to warrant this revision to our outlook," the real estate investment trust (REIT) said.
The Bethesda, Maryland-based company now expects adjusted Funds from Operations (FFO) per share in the range of $0.24 to $0.28 from prior expectations of $0.27 to $0.31 for the fourth quarter.
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For 2012, Pebblebrook Hotel Trust currently projects adjusted FFO between $1.09 and $1.12 from $1.12 and $1.15 estimated earlier.
Wall Street analysts, on average, expected FFO per share of $0.31 for the fourth quarter and $1.16 for the full year.
The REIT also reduced its forecast for growth in RevPAR, margin and EBITDA.
Pebblebrook Hotel Trust acquires and invests primarily in hotel properties located in the United States.
The stock, which has been trading in the 52-week range of $16.75 to $25.36, closed at $20.38 on Friday.