Pebblebrook Hotel Trust (PEB)

Pebblebrook Hotel Trust Reports First Quarter 2026 ResultsApril 28, 2026 4:05 PM
Business Wire
Pebblebrook Hotel Trust (NYSE: PEB):




Q1




FINANCIAL




RESULTS






 







Net loss: ($18.4) million



Same-Property Hotel EBITDA: $82.2 million, $8.2 million above the high end of the Company’s outlook



Adjusted EBITDAre: $73.3 million, $9.3 million above the outlook’s high end



Adjusted FFO per diluted share: $0.32, exceeding the outlook’s high end by $0.09








 






 






 








Q1 HOTEL




OPERATING RESULTS &




TRENDS






 







Exceptional Operating Outperformance: Same-Property Hotel EBITDA +27.6% to $82.2 million; Adjusted EBITDAre +29.5% to $73.3 million; Adjusted FFO per diluted share doubled to $0.32.



Significant Margin Expansion and Strong Flow-Through: Same-Property Total Revenue +10.2%, while Same-Property Total Expenses rose just +5.6%, driving 327 bps of Same-Property Hotel EBITDA margin expansion.



Broad-Based Operating Strength Across Urban and Resort Markets: Same-Property RevPAR +11.8% and Total RevPAR +10.1%, led by San Francisco (RevPAR +44.5%), Los Angeles (+31.5%), San Diego Urban (+8.7%) and Resorts (+7.5%).








 






 






 








PROPERTY TRANSITIONS, INVESTMENTS & BALANCE




SHEET






 







The Valorian Los Angeles, Curio Collection by Hilton: Completed the April 1 brand transition from Mondrian Los Angeles with no meaningful out-of-pocket costs; now managed by Pivot, the lifestyle operator of Davidson Hospitality Group.



Capital Investments: $11.9 million in Q1; on track for $65 to $75 million for the full year.



Balance Sheet: Net debt to trailing 12-month corporate EBITDA reduced to 5.5x from 5.9x at year-end 2025; ended Q1 with approximately $204.6 million in cash and restricted cash; weighted-average interest rate remained a sector-low 4.1%.








 






 






 








2026




OUTLOOK






 







Net income (loss): ($6.0) to $6.0 million



Same-Property Total RevPAR Growth Rate: 3.0% to 5.0%; midpoint increased by 75 bps



Adjusted EBITDAre: $336.0 to $348.0 million; midpoint increased by $10.0 million



Adjusted FFO per diluted share: $1.60 to $1.70; midpoint increased by $0.09









Note:






See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures used in the table above and elsewhere in this press release. The sector-low weighted average interest rate is based on Pebblebrook’s analysis of EDGAR filings to date for all listed lodging REITs.









 






 






 








“






Our first-quarter results significantly exceeded our outlook, a result of broad-based demand strength across the portfolio paired with disciplined expense management and continued success implementing strategic operating efficiencies. San Francisco had an exceptional quarter, Los Angeles recovered sharply, and San Diego and our resorts meaningfully outperformed. Leisure was robust, business travel continued its recovery, and group remained resilient. This drove significant year-over-year growth in Hotel EBITDA, Adjusted EBITDAre, and Adjusted FFO per diluted share.
“The quarter reinforced our core investment themes. The urban recovery continues to strengthen, our redeveloped resorts are contributing more as they ramp, and our strategic operating initiatives are converting top-line growth into stronger profitability and margin expansion.
“Looking ahead, current booking trends across both business and leisure remain encouraging, though visibility has shortened somewhat since late March and recent geopolitical events have increased economic risks and uncertainties. While we are raising our full-year outlook to reflect our significantly stronger-than-expected first-quarter results, we remain appropriately cautious towards the remainder of the year given an increasingly uncertain macroeconomic environment.”
-Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust






 







First Quarter Highlights




 






First Quarter








Same-Property and




Corporate Highlights






2026






 






2025






 






Var








 






($ in millions except per share and RevPAR data)








Net loss






($18.4)






 






($32.2)






 






NM








Same-Property RevPAR(1,2)






$216






 






$193






 






11.8%








Same-Property Total RevPAR(1,2)






$346






 






$314






 






10.1%








Same-Property Room Revenues(1,2)






$214.5






 






$191.9






 






11.8%








Same-Property Total Revenues(1,2)






$343.8






 






$312.1






 






10.2%








Same-Property Total Expenses(1,2)






$261.6






 






$247.7






 






5.6%








Same-Property Hotel EBITDA(1,2)






$82.2






 






$64.4






 






27.6%








Adjusted EBITDAre(1)






$73.3






 






$56.6






 






29.5%








Adjusted FFO(1)






$37.0






 






$18.7






 






97.5%








Adjusted FFO per diluted share(1)






$0.32






 






$0.16






 






100.0%









 






NM = Not Meaningful




 








(1)






See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Same-Property Hotel EBITDA, EBITDA for Real Estate (“EBITDAre”), Adjusted EBITDAre, Funds from Operations (“FFO”), FFO per diluted share, Adjusted FFO, and Adjusted FFO per diluted share.




 








(2)






Includes information for all hotels the Company owned as of March 31, 2026.







“The first quarter’s exceptional strength was broad-based across our urban and resort markets and extended well beyond San Francisco and Los Angeles,” noted Mr. Bortz. “San Diego urban hotels delivered RevPAR growth of 8.7%, and Chicago increased 5.6%. Our resorts delivered another strong quarter, with RevPAR growing a robust 7.5%, Total RevPAR increasing 6.7%, and EBITDA improving 13.9%. Top resort performers included Newport Harbor Island Resort, Skamania Lodge, and LaPlaya Beach Resort & Club, while San Diego Mission Bay Resort, Paradise Point Resort & Spa, and Estancia La Jolla Hotel & Spa also posted impressive gains. These results reflect growing strength in leisure demand, healthy ancillary spend, and, importantly, the ongoing performance ramp-up from our completed multi-year strategic reinvestment program, which is generating strong revenue and cash flow growth across the portfolio.”


The Company’s strategic operating initiatives once again delivered positive results. While Same-Property Total Revenues increased 10.2%, well above the high end of the outlook, Same-Property Total Expenses rose just 5.6%, held within the outlook range, driving a 327-basis-point expansion in Same-Property Hotel EBITDA margins. More than half of the incremental Same-Property Revenue flowed to Same-Property Hotel EBITDA, highlighting the strength of the quarter’s flow-through. On a per-occupied-room basis, total expenses declined 2.8% and expenses before fixed costs declined 3.2%, reflecting stronger operating leverage than a year ago. Expense growth remained well controlled across key areas, including food and beverage and sales and marketing, while energy costs declined 2.8%, underscoring the sustained benefits of Pebblebrook’s operating initiatives.


Mondrian Los Angeles Rebranded as The Valorian Los Angeles


On April 1, 2026, Pebblebrook completed the rebranding of Mondrian Los Angeles as The Valorian Los Angeles, Curio Collection by Hilton. The rooftop venue, formerly Skybar, has been transformed into White Rabbit Sky Lounge. Pivot, the lifestyle operating division of Davidson Hospitality Group, now manages the hotel. The repositioning pairs an iconic Sunset Strip property with a new identity and Hilton’s global distribution platform, broadening demand channels and enhancing long-term earnings potential, while preserving its distinctive lifestyle character. Pebblebrook incurred no meaningful out-of-pocket transition costs, as franchise-related key money funded the changeover.


“We are very excited about the transition to The Valorian,” commented Mr. Bortz. “The hotel is now better aligned with where the Sunset Strip and West Hollywood market are heading, pairing an experienced lifestyle operator in Pivot with Hilton's platform — and with favorable economics and flexibility for Pebblebrook.”


Capital Investments


During the first quarter, the Company invested $11.9 million in capital improvements across its portfolio, including guestroom renovations at Chaminade Resort & Spa and Revere Hotel Boston Common, both of which have been substantially completed.


For 2026, the Company anticipates investing $65 to $75 million, primarily for routine capital maintenance, property refreshes, and select revenue-enhancing and operating cost reduction improvements. This significantly lower, normalized capital run-rate is an important tailwind in 2026, supporting higher discretionary free cash flow for debt reduction and opportunistic share repurchases.


Balance Sheet and Share Repurchases


The Company continued to strengthen its balance sheet, with net debt to trailing 12-month corporate EBITDA declining to 5.5x as of March 31, 2026, from 5.9x at year-end 2025, reflecting both strong EBITDA growth and lower net debt. As of March 31, 2026, the Company held $204.6 million in cash, cash equivalents, and restricted cash, with $641 million of available capacity on its $650 million senior unsecured revolving credit facility. Combined with the Company’s lower normalized capital investments, this stronger balance sheet position enhances financial flexibility for debt reduction and opportunistic share repurchases.


The Company’s consolidated debt and convertible notes carry an estimated weighted-average interest rate of 4.1% and a weighted-average debt maturity of 3.0 years, with 98% effectively fixed and approximately 98% unsecured. Year to date, the Company repurchased 0.4 million common shares at an average price of $12.11 per share. Since October 2022, the Company has repurchased over 18.8 million common shares—approximately 14% of outstanding shares—at an average price of $13.34, representing a 43% discount to the midpoint of the Company’s most recently published NAV per share.


Common and Preferred Dividends


On March 16, 2026, the Company declared a quarterly cash dividend of $0.01 per share on its common shares and a regular quarterly cash dividend for the following preferred shares of beneficial interest:



$0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share;



$0.39375 per 6.3% Series F Cumulative Redeemable Preferred Share;



$0.39844 per 6.375% Series G Cumulative Redeemable Preferred Share; and



$0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.



2026 Outlook


The first-quarter performance reinforces the view that several of Pebblebrook’s key 2026 earnings drivers are gaining traction, including the continued recovery in San Francisco and Los Angeles, the ramp-up of recently redeveloped resorts, and the sustained benefits of the Company’s strategic operating initiatives. The quarter also demonstrated stronger revenue quality, with healthy out-of-room spending and improved weekday demand supporting higher profitability as occupancies rebuild.


The Company has raised its 2026 Outlook to reflect the exceptionally strong first-quarter results. The updated Outlook also reflects a prudent posture for the balance of the year, given reduced visibility, recent Middle East-related uncertainty, higher fuel prices, and broader macroeconomic risks that could increase volatility in travel demand and booking patterns. This Outlook assumes no acquisitions or dispositions and is based on current booking trends, macroeconomic conditions, and associated uncertainties.


All properties owned as of March 31, 2026 are included in the Same-Property portfolio for both 2026 and 2025.




 






The Company’s 2026 Outlook is as follows:






 






 






 






 






 








 






 






2026 Outlook






 






Variance to Prior Outlook






 








 






 






As of 4/28/26






 






Var to 2/25/26






 








 






 






($ in millions, except per share data)






 








 






 






Low






 






High






 






Low






 






High






 








 






Net income (loss)






($6.0)






 






$6.0






 






$4.4






 






$2.4






 








 






Adjusted EBITDAre






$336.0






 






$348.0






 






$11.0






 






$9.0






 








 






Adjusted FFO






$184.0






 






$196.0






 






$10.5






 






$8.5






 








 






Adjusted FFO per diluted share






$1.60






 






$1.70






 






$0.10






 






$0.08






 








 






Free Cash Flow (Adjusted FFO less capital investments & common dividends)






$114.5






 






$116.5






 






$10.5






 






$8.5






 








 






 






 






 






 






 






 






 






 






 








 






This 2026 Outlook is based, in part, on the following estimates and assumptions:






 






 






 






 






 








 






 






($ in millions)






 








 






 






Low






 






High






 






Low






 






High






 








 






U.S. Hotel Industry RevPAR Growth Rate






0.0%






 






2.0%






 






—






 






—






 








 






Same-Property RevPAR variance vs. 2025






2.75%






 






4.75%






 






0.75%






 






0.75%






 








 






Same-Property Total RevPAR variance vs. 2025






3.0%






 






5.0%






 






0.75%






 






0.75%






 








 






 






 






 






 






 






 






 






 






 








 






Same-Property Total Revenue variance vs. 2025






3.1%






 






5.0%






 






0.8%






 






0.7%






 








 






Same-Property Total Expense variance vs. 2025






2.4%






 






3.8%






 






0.1%






 






0.1%






 








 






 






 






 






 






 






 






 






 






 








 






Same-Property Hotel EBITDA






$369.0






 






$381.0






 






$11.0






 






$9.0






 








 






Same-Property Hotel EBITDA variance vs. 2025






5.2%






 






8.6%






 






3.1%






 






2.6%






 









 






The Company’s Q2 2026 Outlook is as follows:






 






 






 






 








 






 






Q2 2026 Outlook






 








 






 






As of 4/28/26






 








 






 






($ in millions, except per share data)






 








 






 






Low






 






High






 








 






Net income






$19.5






 






$23.5






 








 






Adjusted EBITDAre






$106.0






 






$110.0






 








 






Adjusted FFO






$67.0






 






$71.0






 








 






Adjusted FFO per diluted share






$0.58






 






$0.62






 








 






 






 






 






 






 








 






This Q2 2026 Outlook is based, in part, on the following estimates and assumptions:








 






 






($ in millions, except RevPAR data)






 








 






 






Low






 






High






 








 






Same-Property RevPAR






$245






 






$250






 








 






Same-Property RevPAR variance vs. 2025






1.0%






 






3.0%






 








 






Same-Property Total RevPAR variance vs. 2025






1.0%






 






3.0%






 








 






 






 






 






 






 








 






Same-Property Total Revenue variance vs. 2025






1.0%






 






3.0%






 








 






Same-Property Total Expense variance vs. 2025






2.3%






 






3.8%






 








 






 






 






 






 






 








 






Same-Property Hotel EBITDA






$113.5






 






$117.5






 








 






Same-Property Hotel EBITDA variance vs. 2025






(2.1%)






 






1.3%






 







First Quarter 2026 Earnings Call


The Company will conduct its quarterly analyst and investor conference call on Wednesday, April 29, 2026, beginning at 9:00 AM ET. Please dial (877) 407-3982 approximately ten minutes before the call begins to participate. A live webcast of the conference call will also be available through the Investor Relations section of www.pebblebrookhotels.com. To access the webcast, click on https://investor.pebblebrookhotels.com/news-and-events/webcasts/default.aspx ten minutes before the conference call. A replay of the conference call webcast will be archived and available online.


About Pebblebrook Hotel Trust


Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 44 hotels and resorts, totaling approximately 11,000 guest rooms across 13 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow @PebblebrookPEB on X.


This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook,” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts, and other forward-looking information and estimates. Examples of forward-looking statements include the following: descriptions of the Company’s plans or objectives for future capital investment projects, operations, or services; forecasts of the Company’s future economic performance; forecasts of hotel industry performance; and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.


For further information about the Company’s business and financial results, please refer to the "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.


All information in this press release is as of April 28, 2026. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.


For additional information or to receive press releases via email, please visit www.pebblebrookhotels.com




Pebblebrook Hotel Trust








Consolidated Balance Sheets








($ in thousands, except share and per-share data)








 






 






 






 








 






March 31, 2026






 






December 31, 2025








 






(Unaudited)






 






 








ASSETS








Assets:






 






 






 








Investment in hotel properties, net






$






4,974,733






 






 






$






5,023,457






 








Cash and cash equivalents






 






196,207






 






 






 






184,185






 








Restricted cash






 






8,396






 






 






 






12,018






 








Hotel receivables (net of allowance for doubtful accounts of $225 and $241, respectively)






 






39,697






 






 






 






34,184






 








Prepaid expenses and other assets






 






85,137






 






 






 






94,330






 








Total assets






$






5,304,170






 






 






$






5,348,174






 








 






 






 






 








LIABILITIES AND EQUITY








Liabilities:






 






 






 








Unsecured revolving credit facilities






$






—






 






 






$






—






 








Unsecured term loans, net of unamortized deferred financing costs






 






892,148






 






 






 






897,708






 








Convertible senior notes, net of unamortized debt premium and deferred financing costs






 






740,516






 






 






 






739,809






 








Unsecured senior notes, net of unamortized deferred financing costs






 






394,154






 






 






 






393,670






 








Mortgage loans, net of unamortized deferred financing costs






 






52,516






 






 






 






92,905






 








Accounts payable, accrued expenses and other liabilities






 






215,680






 






 






 






199,631






 








Lease liabilities - operating leases






 






333,030






 






 






 






333,068






 








Deferred revenues






 






113,800






 






 






 






104,900






 








Accrued interest






 






19,188






 






 






 






12,106






 








Distribution payable






 






11,611






 






 






 






11,639






 








Total liabilities






 






2,772,643






 






 






 






2,785,436






 








Commitments and contingencies






 






 






 








Shareholders' Equity:






 






 






 








Preferred shares of beneficial interest, $.01 par value (liquidation preference $676,724 at March 31, 2026 and December 31, 2025), 100,000,000 shares authorized; 27,068,962 shares issued and outstanding at March 31, 2026 and December 31, 2025






 






271






 






 






 






271






 








Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 112,985,227 and 113,188,134 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively






 






1,130






 






 






 






1,132






 








Additional paid-in capital






 






3,966,623






 






 






 






3,969,875






 








Accumulated other comprehensive income (loss)






 






3,268






 






 






 






605






 








Distributions and retained deficit






 






(1,534,069






)






 






 






(1,503,262






)








Total shareholders' equity






 






2,437,223






 






 






 






2,468,621






 








Non-controlling interests






 






94,304






 






 






 






94,117






 








Total equity






 






2,531,527






 






 






 






2,562,738






 








Total liabilities and equity






$






5,304,170






 






 






$






5,348,174






 









Pebblebrook Hotel Trust








Consolidated Statements of Operations








($ in thousands, except share and per-share data)








(Unaudited)








 






 






 






 








 






For the three months ended March 31,








 






2026






 






2025








Revenues:






 






 






 








Room






$






214,525






 






 






$






197,010






 








Food and beverage






 






91,143






 






 






 






86,310






 








Other operating






 






39,988






 






 






 






36,946






 








Total revenues






$






345,656






 






 






$






320,266






 








Expenses:






 






 






 








Hotel operating expenses:






 






 






 








Room






$






59,515






 






 






$






58,523






 








Food and beverage






 






65,459






 






 






 






64,568






 








Other direct and indirect






 






107,114






 






 






 






104,123






 








Total hotel operating expenses






 






232,088






 






 






 






227,214






 








Depreciation and amortization






 






51,979






 






 






 






57,543






 








Real estate taxes, personal property taxes, property insurance, and ground rent






 






32,791






 






 






 






33,273






 








General and administrative






 






12,041






 






 






 






13,226






 








Impairment






 






7,688






 






 






 






—






 








Business interruption insurance income






 






—






 






 






 






(4,303






)








Other operating expenses






 






1,018






 






 






 






550






 








Total operating expenses






 






337,605






 






 






 






327,503






 








Operating income (loss)






 






8,051






 






 






 






(7,237






)








Interest expense






 






(26,314






)






 






 






(27,133






)








Other, net






 






(190






)






 






 






(972






)








Income (loss) before income taxes






 






(18,453






)






 






 






(35,342






)








Income tax (expense) benefit






 






17






 






 






 






3,162






 








Net income (loss)






 






(18,436






)






 






 






(32,180






)








Net income (loss) attributable to non-controlling interests






 






838






 






 






 






767






 








Net income (loss) attributable to the Company






 






(19,274






)






 






 






(32,947






)








Distributions to preferred shareholders






 






(10,427






)






 






 






(10,631






)








Net income (loss) attributable to common shareholders






$






(29,701






)






 






$






(43,578






)








 






 






 






 








Net income (loss) per share available to common shareholders, basic and diluted






$






(0.26






)






 






$






(0.37






)








Weighted-average number of common shares, basic and diluted






 






113,331,501






 






 






 






119,204,243






 









Considerations Regarding Non-GAAP Financial Measures








This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.




 




Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented.




 




Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).




 




EBITDA for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with Nareit guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre adjusts EBITDA for the following items, which may occur in any period: (1) gains or losses on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.




 




Same-Property Hotel EBITDA - The Company believes that Same-Property Hotel EBITDA provides investors an additional useful financial measure to evaluate hotel-level operating performance of hotels that were owned and fully operating any time during the period presented. Same-Property Hotel EBITDA is calculated by excluding from Hotel EBITDA the Hotel EBITDA attributed to hotels that were neither owned nor fully operating (whether due to significant redevelopment or disruption) any time during the period presented.




 




The Company also evaluates its performance by reviewing Adjusted FFO and Adjusted EBITDAre because it believes that adjusting FFO and EBITDAre to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO and Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders and EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted FFO and Adjusted EBITDAre:




 




- Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in Adjusted FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company and its hotels.




- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.




- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in Adjusted FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company and its hotels.




- Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities assumed in connection with acquisitions, because it believes that including these non-cash adjustments in Adjusted FFO does not reflect the underlying financial performance of the Company.




- Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in Adjusted FFO does not reflect the underlying financial performance of the Company.




- Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in Adjusted FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company.




- Early extinguishment of debt and deferred tax benefit: The Company excludes these items because the Company believes that including these adjustments in Adjusted FFO does not reflect the underlying financial performance of the Company and its hotels.




- Gain on insurance settlement, amortization of share-based compensation expense, hurricane-related costs and unrealized loss on investment: The Company excludes these items because it believes that including these costs in Adjusted FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company and its hotels.




 




The Company presents weighted-average number of basic and fully diluted common shares and units by excluding the dilutive effect of shares issuable upon conversion of convertible debt.




 




The Company’s presentation of FFO and Adjusted FFO should not be considered as alternatives to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. The Company’s presentation of EBITDAre, Adjusted EBITDAre, and Same-Property Hotel EBITDA should not be considered as alternatives to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.









Pebblebrook Hotel Trust








Reconciliation of Net Income (Loss) to FFO and Adjusted FFO








($ in thousands, except share and per-share data)








(Unaudited)








 






 






 






 








 






For the three months ended March 31,








 






2026






 






2025








Net income (loss)






$






(18,436






)






 






$






(32,180






)








Adjustments:






 






 






 








Real estate depreciation and amortization






 






51,923






 






 






 






57,487






 








Impairment






 






7,688






 






 






 






—






 








FFO






$






41,175






 






 






$






25,307






 








Distribution to preferred shareholders and unit holders






 






(11,591






)






 






 






(11,795






)








FFO available to common share and unit holders






$






29,584






 






 






$






13,512






 








Transaction costs






 






50






 






 






 






2






 








Non-cash ground rent on operating and finance leases






 






1,715






 






 






 






1,839






 








Management/franchise contract transition costs






 






80






 






 






 






5






 








Interest expense adjustment for acquired liabilities






 






319






 






 






 






324






 








Finance lease adjustment






 






765






 






 






 






755






 








Non-cash amortization of acquired intangibles






 






(52






)






 






 






(472






)








Early extinguishment of debt






 






627






 






 






 






—






 








Amortization of share-based compensation expense






 






2,306






 






 






 






3,219






 








Deferred tax provision (benefit)






 






(17






)






 






 






(3,105






)








Unrealized loss on investment






 






1,639






 






 






 






2,662






 








Adjusted FFO available to common share and unit holders






$






37,016






 






 






$






18,741






 








 






 






 






 








FFO per common share - basic






$






0.26






 






 






$






0.11






 








FFO per common share - diluted






$






0.26






 






 






$






0.11






 








Adjusted FFO per common share - basic






$






0.32






 






 






$






0.16






 








Adjusted FFO per common share - diluted






$






0.32






 






 






$






0.16






 








 






 






 






 








Weighted-average number of basic common shares and units






 






114,685,810






 






 






 






120,374,965






 








Weighted-average number of fully diluted common shares and units






 






115,268,553






 






 






 






120,833,056






 








 






 






 






 








See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.









Pebblebrook Hotel Trust








Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Same-Property Hotel EBITDA








($ in thousands)








(Unaudited)








 






 






 






 








 






For the three months ended March 31,








 






2026






 






2025








Net income (loss)






$






(18,436






)






 






$






(32,180






)








Adjustments:






 






 






 








Interest expense






 






26,314






 






 






 






27,133






 








Income tax expense (benefit)






 






(17






)






 






 






(3,162






)








Depreciation and amortization






 






51,979






 






 






 






57,543






 








EBITDA






$






59,840






 






 






$






49,334






 








Impairment






 






7,688






 






 






 






—






 








EBITDAre






$






67,528






 






 






$






49,334






 








Transaction costs






 






50






 






 






 






2






 








Non-cash ground rent on operating and finance leases






 






1,715






 






 






 






1,839






 








Management/franchise contract transition costs






 






80






 






 






 






5






 








Non-cash amortization of acquired intangibles






 






(52






)






 






 






(472






)








Amortization of share-based compensation expense






 






2,306






 






 






 






3,219






 








Unrealized loss on investment






 






1,639






 






 






 






2,662






 








Adjusted EBITDAre






$






73,266






 






 






$






56,589






 








Business interruption insurance income






 






—






 






 






 






(4,303






)








Corporate general and administrative and other expenses






 






8,933






 






 






 






8,541






 








Hotel EBITDA from non-same-property hotels






 






35






 






 






 






3,602






 








Same-Property Hotel EBITDA






$






82,234






 






 






$






64,429






 








 






 






 






 








See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.









Pebblebrook Hotel Trust








Reconciliation of Q2 2026 and Full Year 2026 Outlook Net Income (Loss) to FFO and Adjusted FFO








(in millions, except per share data)








(Unaudited)








 






 






 






 






 






 






 






 








 






For the three months ending




June 30, 2026






 






For the year ending




December 31, 2026








 






Low






 






High






 






Low






 






High








 






 






 






 






 






 






 






 








Net income (loss)






$






20






 






 






$






24






 






 






$






(6






)






 






$






6






 








Adjustments:






 






 






 






 






 






 






 








Real estate depreciation and amortization






 






49






 






 






 






49






 






 






 






196






 






 






 






196






 








Impairment






 






—






 






 






 






—






 






 






 






8






 






 






 






8






 








FFO






$






69






 






 






$






73






 






 






$






198






 






 






$






210






 








Distribution to preferred shareholders and unit holders






 






(12






)






 






 






(12






)






 






 






(46






)






 






 






(46






)








Repurchase of preferred shares






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








FFO available to common share and unit holders






$






57






 






 






$






61






 






 






$






152






 






 






$






164






 








Non-cash ground rent on operating and finance leases






 






2






 






 






 






2






 






 






 






7






 






 






 






7






 








Amortization of share-based compensation expense






 






3






 






 






 






3






 






 






 






10






 






 






 






10






 








Other






 






5






 






 






 






5






 






 






 






15






 






 






 






15






 








Adjusted FFO available to common share and unit holders






$






67






 






 






$






71






 






 






$






184






 






 






$






196






 








 






.






 






 






 






 






 






 








FFO per common share - diluted






$






0.50






 






 






$






0.53






 






 






$






1.32






 






 






$






1.42






 








Adjusted FFO per common share - diluted






$






0.58






 






 






$






0.62






 






 






$






1.60






 






 






$






1.70






 








 






 






 






 






 






 






 






 








Weighted-average number of fully diluted common shares and units






 






115.1






 






 






 






115.1






 






 






 






115.2






 






 






 






115.2






 








 






 






 






 






 






 






 






 








See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.









Pebblebrook Hotel Trust








Reconciliation of Q2 2026 and Full Year 2026 Outlook Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre








($ in millions)








(Unaudited)








 






 






 






 






 






 






 






 








 






For the three months ending




June 30, 2026






 






For the year ending




December 31, 2026








 






Low






 






High






 






Low






 






High








 






 






 






 






 






 






 






 








Net income (loss)






$






20






 






 






$






24






 






 






$






(6






)






 






$






6








Adjustments:






 






 






 






 






 






 






 








Interest expense and income tax expense






 






33






 






 






 






33






 






 






 






119






 






 






 






119








Depreciation and amortization






 






49






 






 






 






49






 






 






 






196






 






 






 






196








EBITDA






$






102






 






 






$






106






 






 






$






309






 






 






$






321








Impairment






 






—






 






 






 






—






 






 






 






8






 






 






 






8








EBITDAre






$






102






 






 






$






106






 






 






$






317






 






 






$






329








Non-cash ground rent on operating and finance leases






 






2






 






 






 






2






 






 






 






7






 






 






 






7








Amortization of share-based compensation expense






 






3






 






 






 






3






 






 






 






10






 






 






 






10








Other






 






(1






)






 






 






(1






)






 






 






2






 






 






 






2








Adjusted EBITDAre






$






106






 






 






$






110






 






 






$






336






 






 






$






348








 






 






 






 






 






 






 






 








See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.




 









Pebblebrook Hotel Trust








Same-Property Statistical Data








(Unaudited)








 






 






 






 






 








 






 






For the three months ended March 31,








 






 






2026






 






2025








 






 






 






 






 








Same-Property Occupancy






68.5%






 






63.0%








 






2026 vs. 2025 Increase






8.7%






 






 








 






 






 






 






 








Same-Property ADR






$315.18






 






$306.51








 






2026 vs. 2025 Increase






2.8%






 






 








 






 






 






 






 








Same-Property RevPAR






$215.78






 






$193.08








 






2026 vs. 2025 Increase






11.8%






 






 








 






 






 






 






 








Same-Property Total RevPAR






$345.82






 






$314.01








 






2026 vs. 2025 Increase






10.1%






 






 








 






 






 






 






 








Notes:








For the three months ended March 31, 2026, the above table of hotel operating statistics includes information from all hotels owned as of March 31, 2026.




 




These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.




 




The information above has not been audited and is presented only for comparison purposes.




 









Pebblebrook Hotel Trust








Same-Property Statistical Data - by Market








(Unaudited)








 






 








 






For the three months ended March 31,








 






2026








Same-Property RevPAR variance to 2025:






 








San Francisco






44.5%








Los Angeles






31.5%








San Diego






9.0%








Southern Florida/Georgia






7.5%








Chicago






5.6%








Portland






0.4%








Other Resort Markets






(0.8%)








Boston






(3.0%)








Washington, DC






(24.1%)








 






 








Urban






14.3%








Resorts






7.5%








Notes:






 








For the three months ended March 31, 2026, the above table of hotel operating statistics includes information from all hotels owned as of March 31, 2026.




 




"Other Resort Markets" includes:




Columbia River Gorge, WA, Santa Cruz, CA, and Newport, RI.




 




These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.




 




The information above has not been audited and is presented only for comparison purposes.




 









Pebblebrook Hotel Trust








Hotel Operational Data








Schedule of Same-Property Results








($ in thousands)








(Unaudited)








 






 






 






 






 








 






For the three months ended March 31,






 








 






2026






 






2025






 








 






 






 






 






 








Same-Property Revenues:






 






 






 






 








Room






$






214,536






 






 






$






191,898






 






 








Food and beverage






 






90,384






 






 






 






84,170






 






 








Other






 






38,907






 






 






 






36,014






 






 








Total hotel revenues






 






343,827






 






 






 






312,082






 






 








 






 






 






 






 








Same-Property Expenses:






 






 






 






 








Room






$






59,529






 






 






$






55,284






 






 








Food and beverage






 






64,336






 






 






 






62,029






 






 








Other direct






 






9,655






 






 






 






9,170






 






 








General and administrative






 






28,674






 






 






 






27,306






 






 








Information and telecommunication systems






 






6,223






 






 






 






5,636






 






 








Sales and marketing






 






25,903






 






 






 






24,730






 






 








Management fees






 






8,334






 






 






 






7,703






 






 








Property operations and maintenance






 






13,246






 






 






 






12,401






 






 








Energy and utilities






 






11,328






 






 






 






11,652






 






 








Property taxes






 






17,052






 






 






 






16,157






 






 








Other fixed expenses






 






17,313






 






 






 






15,585






 






 








Total hotel expenses






 






261,593






 






 






 






247,653






 






 








 






 






 






 






 








Same-Property Hotel EBITDA






$






82,234






 






 






$






64,429






 






 








 






 






 






 






 








Same-Property Hotel EBITDA Margin






 






23.9






%






 






 






20.6






%






 








 






 






 






 






 








Notes:






 






 






 






 








For the three months ended March 31, 2026, the above table of hotel operating statistics includes information from all hotels owned as of March 31, 2026.




 




These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.




 




The information above has not been audited and is presented only for comparison purposes.




 




 




 









Pebblebrook Hotel Trust








Historical Operating Data








($ in millions except ADR and RevPAR data)








(Unaudited)








 






 






 






 






 






 






 






 






 






 






 








Historical Operating Data:








 






 






 






 






 






 






 






 






 






 






 








 






 






First Quarter






 






Second Quarter






 






Third Quarter






 






Fourth Quarter






 






Full Year








 






 






2025






 






2025






 






2025






 






2025






 






2025








 






 






 






 






 






 






 






 






 






 






 








Occupancy






 






63%






 






78%






 






80%






 






69%






 






72%








ADR






 






$307






 






$311






 






$297






 






$289






 






$301








RevPAR






 






$193






 






$243






 






$237






 






$199






 






$218








 






 






 






 






 






 






 






 






 






 






 








Hotel Revenues






 






$312.1






 






$387.6






 






$377.4






 






$336.0






 






$1,413.1








Hotel EBITDA






 






$64.4






 






$116.0






 






$100.9






 






$69.6






 






$350.8








Hotel EBITDA Margin






 






20.6%






 






29.9%






 






26.7%






 






20.7%






 






24.8%








 






 






 






 






 






 






 






 






 






 






 








 






 






First Quarter






 






 






 






 






 






 






 






 








 






 






2026






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 








Occupancy






 






68%






 






 






 






 






 






 






 






 








ADR






 






$315






 






 






 






 






 






 






 






 








RevPAR






 






$216






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 








Hotel Revenues






 






$343.8






 






 






 






 






 






 






 






 








Hotel EBITDA






 






$82.2






 






 






 






 






 






 






 






 








Hotel EBITDA Margin






 






23.9%






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 








Notes:






 






 






 






 






 






 






 






 






 






 








These historical hotel operating results include information for all of the hotels the Company owned as of March 31, 2026. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses.




 




These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.




 




The information above has not been audited and is presented only for comparison purposes.




 




 









Pebblebrook Hotel Trust








2026 Same-Property Inclusions








 






 






 






 






 






 






 






 






 








Notes:






 






 






 






 






 






 






 






 








The Company’s estimates and assumptions for 2026 Same-Property RevPAR, RevPAR Growth, Total Revenue Growth, Total Expense Growth, Hotel EBITDA, and Hotel EBITDA Growth include all hotels owned as of March 31, 2026, with no exclusions.




 




Operating statistics and financial results may include periods prior to the Company's ownership of the hotels.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428252725/en/
Raymond D. Martz, Co-President and Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330




Original: Pebblebrook Hotel Trust Reports First Quarter 2026 Results