US Market News
2月前
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
US Market News
4月前
Pebblebrook Hotel Trust Reports 2025 Results and Provides 2026 OutlookFebruary 25, 2026 4:06 PM
Business Wire
Pebblebrook Hotel Trust (NYSE: PEB):
2025
FINANCIAL
RESULTS
Net loss: ($62.2) million, which includes $48.9 million of impairment charges from hotel dispositions
Same-Property Hotel EBITDA: $348.2 million, $2.2 million over the midpoint of the Company’s outlook
Adjusted EBITDAre: $342.5 million, $6.0 million above the outlook’s midpoint
Adjusted FFO per diluted share: $1.58, $0.05 above the outlook’s midpoint
Q4 HOTEL
OPERATING RESULTS &
TRENDS
Operating outperformance vs. Q4 2024: Same-Property Hotel EBITDA +3.9% to $64.6 million; Adjusted EBITDAre +11.1% to $69.7 million; Adjusted FFO per diluted share +35.0% to $0.27, partly benefiting from a reduced share count from share buybacks.
Total Revenue Outpaced RevPAR: Same-Property Total RevPAR of +2.9% exceeded expectations, with RevPAR +1.2%, driven by occupancy gains, healthy weekend demand growth, especially at urban hotels, and continued strong out-of-room revenue growth of +5.5%.
Resorts Resilient; Urban Markets Balanced Despite Government-Related Disruption: Resort Total RevPAR +4.9%, reflecting solid demand and stronger food & beverage performance; Urban Total RevPAR +1.7%, despite the government shutdown.
CAPITAL INVESTMENTS, PORTFOLIO UPDATES, &
BALANCE
SHEET
Capital Investments: $22.7 million in Q4; $74.6 million for the full year.
Dispositions: Completed two hotel sales in Q4, totaling $116.3 million of proceeds; $100 million of net proceeds used to reduce outstanding debt.
Refinanced and Extended Near-Term Maturities: Closed a new $450.0 million unsecured term loan, with a maturity of 2031, repaying $360.0 million 2027 term loan; also repaid the Margaritaville Hollywood Beach Resort mortgage.
Balance Sheet: Following recent debt paydowns, approximately $150 million in cash and restricted cash on hand, a sector-low 4.1% weighted-average interest rate, and net debt to trailing 12-month corporate EBITDA declined to 5.9x.
2026
OUTLOOK
Net income/(loss): ($10.4) to $3.6 million
Same-Property Total RevPAR Growth Rate: 2.25% to 4.25%
Adjusted EBITDAre: $325.0 to $339.0 million
Adjusted FFO per diluted share: $1.50 to $1.62
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.
“In 2025, our portfolio benefited from a continuing recovery in several urban markets and resilient leisure demand throughout the portfolio. At the same time, it was a volatile and uneven year—shaped by significant headwinds, including macro uncertainty, policy-related disruption, a government shutdown, and market-specific events that reduced performance and, in several markets, limited pricing power.
‘Despite these challenges, our teams responded with focus and discipline. We prioritized building occupancy, increasing group mix in many markets and continuing to grow out-of-room revenues. Just as importantly, we limited expense growth to an exceptionally low level through our strategic operating efficiency initiatives, positioning us to expand margins and grow profitability as hotel demand recovers and the economy strengthens.
‘Performance across the portfolio was mixed, but the direction improved. San Francisco, Chicago, and Portland led the recovery, while San Diego and Washington, DC were challenged by government disruptions and weaker convention and government-related demand. Los Angeles was our most challenging market in 2025 due to the impact of early-year wildfires and other significant local disruptions.
‘Looking ahead to 2026, we are cautiously optimistic. The year sets up as extremely promising, with forecasts of healthy economic growth, a very constructive holiday calendar, a uniquely favorable schedule of major leisure events across many of our markets, and easy comparisons in Los Angeles and Washington, DC. Yet we remain mindful of macroeconomic and policy uncertainty that could negatively affect demand, as it did in 2025. We believe hotel demand will re-correlate with economic growth, aligning with its long-term historical relationship, and supply growth is extremely limited and a non-factor. We remain focused on operational execution, efficiency initiatives, selective additional property dispositions and using these proceeds and substantial free cash flow to reduce leverage and repurchase our shares at significant discounts to NAV.”
-Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust
Fourth Quarter and Year-to-Date Highlights
Fourth Quarter
Twelve months ended
December 31,
Same-Property and
Corporate Highlights
2025
2024
Var
2025
2024
Var
($ in millions except per share and RevPAR data)
Net income/(loss)
($17.0
)
($49.8
)
NM
($62.2
)
$0.0
NM
Same-Property RevPAR(1,2)
$197
$195
1.2%
$213
$214
(0.4%)
Excluding LA properties(1,3)
$216
$214
0.8%
Same-Property Total RevPAR(1,2)
$321
$312
2.9%
$339
$336
1.1%
Excluding LA properties(1,3)
$347
$340
2.2%
Same-Property Room Revenues(1,2)
$196.8
$194.4
1.2%
$898.7
$905.0
(0.7%)
Same-Property Total Revenues(1,2)
$321.0
$312.0
2.9%
$1,429.1
$1,417.6
0.8%
Same-Property Total Expenses(1,2)
$256.4
$249.9
2.6%
$1,081.0
$1,049.8
3.0%
Excluding RE Tax Credits Q2 ’24(1,2)
$1,081.0
$1,057.8
2.2%
Same-Property Hotel EBITDA(1,2)
$64.6
$62.2
3.9%
$348.2
$367.8
(5.3%)
Adjusted EBITDAre(1)
$69.7
$62.7
11.1%
$342.5
$359.2
(4.7%)
Adjusted FFO(1)
$31.1
$23.9
30.2%
$187.4
$204.3
(8.3%)
Adjusted FFO per diluted share(1)
$0.27
$0.20
35.0%
$1.58
$1.68
(6.0%)
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”), 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 December 31, 2025, except for the following:
¦ Newport Harbor Island Resort is excluded from Q1 and Q2.
¦ LaPlaya Beach Resort & Club is excluded from Q4.
¦ Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.
¦ The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.
(3)
Includes information for all hotels the Company owned as of December 31, 2025, except for the following:
¦ Newport Harbor Island Resort is excluded from Q1 and Q2.
¦ LaPlaya Beach Resort & Club is excluded from Q4.
¦ Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.
¦ The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.
LA Properties for Q1 and Q2: Chamberlain West Hollywood Hotel, Hotel Palomar Los Angeles Beverly Hills, Hotel Ziggy, Hyatt Centric Delfina Santa Monica, Le Parc at Melrose, Mondrian Los Angeles, Montrose at Beverly Hills, Viceroy Santa Monica Hotel, and W Los Angeles – West Beverly Hills.
“Fourth quarter Same-Property Total Revenues grew 2.9% while expenses increased 2.6%, supporting modest margin expansion for the first time in 2025—an encouraging trend as demand continues to recover heading into 2026,” said Mr. Bortz. “Leisure transient customers outperformed our expectations, with fourth quarter weekend occupancies up 3.6% for the portfolio, and rising nearly 4.0% for the urban hotels, versus the prior year. This outperformance reflects both the strength of our upscale and luxury customer base, which has remained resilient amid economic uncertainty, and the leisure customers’ return to the cities.”
The Company’s fourth quarter results were further bolstered by an exceptionally strong rebound in San Francisco, which experienced strengthening in all demand segments, including business transient, group, convention, and leisure. The market is quickly regaining momentum and confidence, with pricing power just beginning to re-emerge.
“For the full year, our San Francisco hotels increased RevPAR by 17.5% and grew Hotel EBITDA by 58.5%, with fourth quarter RevPAR climbing by an impressive 37.9%,” continued Mr. Bortz. “We believe the recovery in San Francisco has a long runway, supported by limited new supply and robust economic growth, and we expect our hotels to be an increasingly meaningful contributor over the next several years, particularly given favorable convention bookings and pace, continued strength in AI-and tech-driven transient and group demand, and an ongoing recovery in leisure demand.”
Across the portfolio, the Company expects a stronger major-events calendar and improving demand in its urban markets to drive revenue and profitability growth in 2026. As revenues rebuild, Pebblebrook remains focused on expanding margins through continued disciplined cost control and a broad set of efficiency initiatives at both the property level and the corporate platform—supporting improved profitability and free cash flow. Same-Property EBITDA margins are forecasted to expand in 2026, as reflected in the Company’s Outlook. While Los Angeles and Washington, DC experienced market-specific disruptions that weighed on reported results in 2025, the underlying trend across the Company’s urban portfolio improved as the year progressed, and the resorts remained resilient.
“We’re bringing the same operating efficiency discipline we’ve applied at the property level to our corporate platform,” said Raymond D. Martz, Co-President and Chief Financial Officer. “Through a streamlined organizational structure, lower run-rate operating costs, and targeted process improvements supported by automation, we expect 2026 corporate cash general and administrative expenses to be modestly lower versus 2025. These actions reflect a more scalable platform—including an approximately 10% reduction in corporate staffing levels—and should increase free cash flow available for high-return capital allocation.”
Update on LaPlaya Recovery from Named Storms
The full restoration of LaPlaya Beach Resort & Club (“LaPlaya”), a 193-room luxury waterfront resort in Naples, Florida, was completed late in the second quarter following damage sustained from Hurricanes Helene and Milton in late 2024. In the third and fourth quarters, the Company undertook and completed significant targeted physical improvements to further strengthen the resort’s resilience against future weather events.
LaPlaya is included in Same-Property results for the first three quarters of 2025 and excluded from the fourth quarter for both 2025 and 2024 due to the impact of the 2024 storms. The Company recognized $3.1 million of business interruption (“BI”) insurance income in the fourth quarter, $1.1 million above its $2.0 million outlook, bringing the full-year BI insurance recovery to $12.7 million. This income contributes to Adjusted EBITDAre and Adjusted FFO, but is excluded from Same-Property Hotel EBITDA.
LaPlaya generated $24.5 million of Hotel EBITDA in 2025 despite significant construction disruption. Combined with the BI insurance income, the resort produced $37.2 million in Adjusted EBITDAre for the year. With the 2024 property and BI insurance hurricane claims now fully settled, no further BI insurance income is expected in 2026. Based on the Company’s 2026 Outlook, LaPlaya is forecasted to generate $28.0 to $30.0 million of Same-Property Hotel EBITDA and will be included in Same-Property results for all four quarters.
Update on Strategic Dispositions
The Company successfully completed two hotel sales in 2025, generating $116.3 million of gross proceeds, despite a challenging environment that limited industry transaction activity. These dispositions reduced exposure to Chicago and Los Angeles, lowered future capital requirements, and enabled the Company to redeploy proceeds toward debt reduction and accretive common and preferred share repurchases.
Proceeds from the dispositions were used to reduce outstanding debt by $100 million, repurchase $5 million of liquidation preference preferred securities outstanding, and support broader balance sheet strengthening and shareholder value initiatives.
Capital Investments and Strategic Property Redevelopments
During the fourth quarter, the Company invested $22.7 million in capital improvements across its portfolio, and in 2025, it invested $74.6 million. With the bulk of its multi-year $525 million strategic redevelopment program now complete, Pebblebrook has transitioned into a lower, more normalized level of annual capital investments. For 2026, the Company anticipates investing $65 to $75 million into the portfolio. This lower, normalized capital run-rate is an important tailwind in 2026, supporting higher discretionary free cash flow for debt reduction and opportunistic share repurchases.
Newport Harbor Island Resort continued its post-redevelopment ramp in 2025, its first full year of operations, with Total RevPAR increasing 38.5% and Hotel EBITDA growing $9.3 million to $17.7 million versus the pre-renovation period of the 12 months ending September 2023—illustrating the growth towards stabilization the Company expects to continue in 2026. In addition, other recently redeveloped properties, including Estancia La Jolla Hotel & Spa and Jekyll Island Club Resort among others, are also gaining share and improving profitability.
Balance Sheet and Share Repurchases
As of December 31, 2025, the Company held $196.2 million in cash, cash equivalents, and restricted cash, with $642 million of available capacity on its $650 million senior unsecured revolving credit facility. Additionally, net debt to trailing 12-month corporate EBITDA was 5.9x, and the fixed charge ratio was 1.8x.
On February 11, 2026, the Company closed on a new $450 million term loan, maturing in February 2031, with $360 million borrowed and $90 million available to be drawn through December 15, 2026. Concurrently, the Company paid off its $360 million term loan maturing October 2027 and the remaining $40 million mortgage related to the Margaritaville Hollywood Beach Resort. The $90 million delayed draw term loan, along with anticipated cash on hand at maturity, is intended to fund the remaining balance of the Company’s 1.75% Convertible Notes due December 2026. Outside of the December 2026 convertible notes, the Company has no significant debt maturities until 2028.
Currently, the Company’s consolidated debt and convertible notes bear an estimated 4.1% weighted-average interest rate and a weighted-average debt maturity of 3.1 years, with 98% effectively fixed at 4.1% and approximately 98% unsecured.
Throughout 2025, the Company repurchased 6.3 million common shares at an average price of $11.37 per share. Since October 2022, the Company has repurchased nearly 18.5 million common shares—approximately 14% of outstanding shares—at an average price of $13.37, representing a 43% discount to the midpoint of the Company’s most recently published NAV per share.
During the year, the Company also repurchased 0.5 million preferred shares at an attractive 24.3% average discount to liquidation preference, reducing total outstanding preferred equity securities to $754.3 million.
Common and Preferred Dividends
On December 15, 2025, 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
$0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.
Update on Curator Hotel & Resort Collection
Curator Hotel & Resort Collection (“Curator”) is a global alliance of experiential, independent lifestyle hotels and resorts, founded by Pebblebrook in partnership with leading independent operators. As of December 31, 2025, Curator included 91 member properties and 121 preferred vendor agreements, providing members with advantageous pricing, enhanced contract terms, and early access to innovative technologies, including AI and robotics. These benefits also extend across Pebblebrook’s portfolio. Curator’s mission is to strengthen independent hotels through best-in-class agreements, shared services, and technology that enhances performance and elevates the guest experience.
2026 Outlook
The Company’s 2026 Outlook assumes no acquisitions or dispositions and reflects a base-case operating environment. The Outlook excludes the impact of macroeconomic deterioration, significant policy shocks, major weather events (except for Winter Storm Fern), and federal government shutdowns. Preliminary January Same-Property RevPAR growth is estimated at 4.6%, reflecting favorable demand, despite the negative year-over-year loss of the Inauguration and the winter storm impact. February Same-Property RevPAR growth is trending significantly higher than January’s growth. All properties owned as of December 31, 2025, are incorporated into the Same-Property portfolio for 2026 and 2025.
The Company’s 2026 Outlook is as follows:
2026 Outlook
As of 2/25/26
($ in millions, except per share data)
Low
High
Net income/(loss)
($10.4)
$3.6
Adjusted EBITDAre
$325.0
$339.0
Adjusted FFO
$173.5
$187.5
Adjusted FFO per diluted share
$1.50
$1.62
Free Cash Flow (Adjusted FFO less capital investments & common dividends)
$104.0
$108.0
This 2026 Outlook is based, in part, on the following estimates and assumptions:
2026 Outlook
As of 2/25/26
($ in millions)
Low
High
U.S. Hotel Industry RevPAR Growth Rate
0.0%
2.0%
Same-Property RevPAR variance vs. 2025
2.0%
4.0%
Same-Property Total RevPAR variance vs. 2025
2.25%
4.25%
Same-Property Total Revenue variance vs. 2025
2.3%
4.3%
Same-Property Total Expense variance vs. 2025
2.3%
3.7%
Same-Property Hotel EBITDA
$358.0
$372.0
Same-Property Hotel EBITDA variance vs. 2025
2.1%
6.0%
The Company’s Q1 2026 Outlook is as follows:
Q1 2026 Outlook
As of 2/25/26
($ in millions, except per share data)
Low
High
Net income/(loss)
($20.3)
($16.3)
Adjusted EBITDAre
$60.0
$64.0
Adjusted FFO
$22.5
$26.5
Adjusted FFO per diluted share
$0.19
$0.23
This Q1 2026 Outlook is based, in part, on the following estimates and assumptions:
Q1 2026 Outlook
As of 2/25/26
($ in millions, except RevPAR data)
Low
High
Same-Property RevPAR
$208
$210
Same-Property RevPAR variance vs. 2025
7.5%
9.0%
Same-Property Total RevPAR variance vs. 2025
6.0%
7.5%
Same-Property Total Revenue variance vs. 2025
6.0%
7.5%
Same-Property Total Expense variance vs. 2025
5.3%
5.6%
Same-Property Hotel EBITDA
$70.0
$74.0
Same-Property Hotel EBITDA variance vs. 2025
8.7%
14.9%
Fourth Quarter 2025 Earnings Call
The Company will conduct its quarterly analyst and investor conference call on Thursday, February 26, 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.
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 February 25, 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)
December 31, 2025
December 31, 2024
ASSETS
Assets:
Investment in hotel properties, net
$
5,023,457
$
5,319,029
Cash and cash equivalents
184,185
206,650
Restricted cash
12,018
10,941
Hotel receivables (net of allowance for doubtful accounts of $241 and $439, respectively)
34,184
39,125
Prepaid expenses and other assets
94,330
117,593
Total assets
$
5,348,174
$
5,693,338
LIABILITIES AND EQUITY
Liabilities:
Unsecured revolving credit facilities
$
—
$
—
Unsecured term loans, net of unamortized deferred financing costs
897,708
910,596
Convertible senior notes, net of unamortized debt premium and deferred financing costs
739,809
748,176
Unsecured senior notes, net of unamortized deferred financing costs
393,670
394,424
Mortgage loans, net of unamortized deferred financing costs
92,905
193,536
Accounts payable, accrued expenses and other liabilities
199,631
222,230
Lease liabilities - operating leases
333,068
320,741
Deferred revenues
104,900
92,347
Accrued interest
12,106
11,549
Distribution payable
11,639
11,865
Total liabilities
2,785,436
2,905,464
Commitments and contingencies
Shareholders' Equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $676,724 and $690,000 at December 31, 2025 and December 31, 2024, respectively), 100,000,000 shares authorized; 27,068,962 and 27,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
271
276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 113,188,134 and 119,285,394 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
1,132
1,193
Additional paid-in capital
3,969,875
4,072,265
Accumulated other comprehensive income (loss)
605
16,550
Distributions and retained deficit
(1,503,262
)
(1,392,860
)
Total shareholders' equity
2,468,621
2,697,424
Non-controlling interests
94,117
90,450
Total equity
2,562,738
2,787,874
Total liabilities and equity
$
5,348,174
$
5,693,338
Pebblebrook Hotel Trust
Consolidated Statements of Operations
($ in thousands, except share and per-share data)
Three months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024
(Unaudited)
Revenues:
Room
$
210,943
$
207,715
$
920,166
$
922,348
Food and beverage
99,832
93,756
388,375
372,369
Other operating
38,243
36,129
167,003
158,592
Total revenues
$
349,018
$
337,600
$
1,475,544
$
1,453,309
Expenses:
Hotel operating expenses:
Room
$
63,174
$
62,128
$
259,863
$
250,875
Food and beverage
72,142
70,450
280,379
273,731
Other direct and indirect
110,224
107,692
445,350
436,397
Total hotel operating expenses
245,540
240,270
985,592
961,003
Depreciation and amortization
54,869
57,480
227,659
229,531
Real estate taxes, personal property taxes, property insurance, and ground rent
30,709
33,502
133,364
126,183
General and administrative
11,682
12,144
49,474
48,081
Impairment
2,374
46,238
48,871
48,146
Business interruption insurance income and gain on insurance settlement
(6,003
)
(30,234
)
(17,422
)
(48,574
)
Other operating expenses
992
830
4,208
4,913
Total operating expenses
340,163
360,230
1,431,746
1,369,283
Operating income (loss)
8,855
(22,630
)
43,798
84,026
Interest expense
(28,738
)
(30,147
)
(103,333
)
(112,432
)
Other
1,540
1,458
3,596
2,794
Income (loss) before income taxes
(18,343
)
(51,319
)
(55,939
)
(25,612
)
Income tax (expense) benefit
1,361
1,471
(6,291
)
25,628
Net income (loss)
(16,982
)
(49,848
)
(62,230
)
16
Net income (loss) attributable to non-controlling interests
871
637
3,581
4,258
Net income (loss) attributable to the Company
(17,853
)
(50,485
)
(65,811
)
(4,242
)
Distributions to preferred shareholders
(10,442
)
(10,631
)
(42,316
)
(42,525
)
Repurchase of preferred shares
2,092
—
2,404
—
Net income (loss) attributable to common shareholders
$
(26,203
)
$
(61,116
)
$
(105,723
)
$
(46,767
)
Net income (loss) per share available to common shareholders, basic
$
(0.23
)
$
(0.51
)
$
(0.90
)
$
(0.39
)
Net income (loss) per share available to common shareholders, diluted
$
(0.23
)
$
(0.51
)
$
(0.90
)
$
(0.39
)
Weighted-average number of common shares, basic
113,237,850
119,285,394
117,027,594
119,774,655
Weighted-average number of common shares, diluted
113,237,850
119,285,394
117,027,594
119,774,655
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.
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 and Adjusted EBITDAre 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)
Three months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024
Net income (loss)
$
(16,982
)
$
(49,848
)
$
(62,230
)
$
16
Adjustments:
Real estate depreciation and amortization
54,812
57,423
227,427
229,230
Impairment
2,374
46,238
48,871
48,146
FFO
$
40,204
$
53,813
$
214,068
$
277,392
Distribution to preferred shareholders and unit holders
(11,606
)
(11,796
)
(46,973
)
(47,182
)
Repurchase of preferred shares
2,092
—
2,404
—
FFO available to common share and unit holders
$
30,690
$
42,017
$
169,499
$
230,210
Transaction costs
106
—
200
44
Non-cash ground rent on operating and finance leases
1,741
1,863
7,191
7,476
Management/franchise contract transition costs
7
91
12
163
Interest expense adjustment for acquired liabilities
314
220
1,031
1,110
Finance lease adjustment
763
753
3,036
2,995
Non-cash amortization of acquired intangibles
(321
)
(482
)
(1,711
)
(1,927
)
Gain on insurance settlement
(2,927
)
(24,824
)
(4,747
)
(24,824
)
Early extinguishment of debt
913
2,247
(6,472
)
3,781
Amortization of share-based compensation expense
3,455
3,519
13,717
13,602
Repurchase of preferred shares
(2,092
)
—
(2,404
)
—
Hurricane-related costs
—
—
—
183
Deferred tax provision (benefit)
(1,543
)
(1,507
)
4,197
(28,483
)
Unrealized loss on investment
—
—
3,900
—
Adjusted FFO available to common share and unit holders
$
31,106
$
23,897
$
187,449
$
204,330
FFO per common share - basic
$
0.27
$
0.35
$
1.43
$
1.91
FFO per common share - diluted
$
0.27
$
0.35
$
1.43
$
1.90
Adjusted FFO per common share - basic
$
0.27
$
0.20
$
1.59
$
1.69
Adjusted FFO per common share - diluted
$
0.27
$
0.20
$
1.58
$
1.68
Weighted-average number of basic common shares and units
114,408,572
120,296,522
118,198,316
120,785,783
Weighted-average number of fully diluted common shares and units
114,998,044
120,709,955
118,780,855
121,274,346
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)
Three months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024
Net income (loss)
$
(16,982
)
$
(49,848
)
$
(62,230
)
$
16
Adjustments:
Interest expense
28,738
30,147
103,333
112,432
Income tax expense (benefit)
(1,361
)
(1,471
)
6,291
(25,628
)
Depreciation and amortization
54,869
57,480
227,659
229,531
EBITDA
$
65,264
$
36,308
$
275,053
$
316,351
Impairment
2,374
46,238
48,871
48,146
EBITDAre
$
67,638
$
82,546
$
323,924
$
364,497
Transaction costs
106
—
200
44
Non-cash ground rent on operating and finance leases
1,741
1,863
7,191
7,476
Management/franchise contract transition costs
7
91
12
163
Non-cash amortization of acquired intangibles
(321
)
(482
)
(1,711
)
(1,927
)
Gain on insurance settlement
(2,927
)
(24,824
)
(4,747
)
(24,824
)
Amortization of share-based compensation expense
3,455
3,519
13,717
13,602
Hurricane-related costs
—
—
—
183
Unrealized loss on investment
—
—
3,900
—
Adjusted EBITDAre
$
69,699
$
62,713
$
342,486
$
359,214
Business interruption insurance income
(3,076
)
(5,411
)
(12,675
)
(23,751
)
Corporate general and administrative and other expenses
7,366
7,522
31,372
35,087
Hotel EBITDA from non-same-property hotels
(9,385
)
(2,650
)
(13,026
)
(2,753
)
Same-Property Hotel EBITDA
$
64,604
$
62,174
$
348,157
$
367,797
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 Q1 2026 and Full Year 2026 Outlook Net Income (Loss) to FFO and Adjusted FFO
($ in millions, except per share data)
(Unaudited)
Three months ending
March 31, 2026
Year ending
December 31, 2026
Low
High
Low
High
Net income (loss)
$
(20
)
$
(16
)
$
(10
)
$
4
Adjustments:
Real estate depreciation and amortization
52
52
204
204
Impairment
—
—
—
—
FFO
$
32
$
36
$
194
$
208
Distribution to preferred shareholders and unit holders
(12
)
(12
)
(46
)
(46
)
Repurchase of preferred shares
—
—
—
—
FFO available to common share and unit holders
$
20
$
24
$
148
$
162
Non-cash ground rent on operating and finance leases
2
2
7
7
Amortization of share-based compensation expense
2
2
10
10
Other
(1
)
(1
)
9
9
Adjusted FFO available to common share and unit holders
$
23
$
27
$
174
$
188
FFO per common share - diluted
$
0.17
$
0.21
$
1.28
$
1.40
Adjusted FFO per common share - diluted
$
0.19
$
0.23
$
1.50
$
1.62
Weighted-average number of fully diluted common shares and units
115.7
115.7
115.8
115.8
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 Q1 2026 and Full Year 2026 Outlook Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre
($ in millions)
(Unaudited)
Three months ending
March 31, 2026
Year ending
December 31, 2026
Low
High
Low
High
Net income (loss)
$
(20
)
$
(16
)
$
(10
)
$
4
Adjustments:
Interest expense and income tax expense
24
24
114
114
Depreciation and amortization
52
52
204
204
EBITDA
$
56
$
60
$
308
$
322
Impairment
—
—
—
—
EBITDAre
$
56
$
60
$
308
$
322
Non-cash ground rent on operating and finance leases
2
2
7
7
Amortization of share-based compensation expense
2
2
10
10
Other
—
—
—
—
Adjusted EBITDAre
$
60
$
64
$
325
$
339
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)
Three months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024
Same-Property Occupancy
69.0%
67.1%
72.4%
70.7%
2025 vs. 2024 Increase/(Decrease)
2.8%
2.3%
Same-Property ADR
$285.73
$290.25
$294.96
$303.14
2025 vs. 2024 Increase/(Decrease)
(1.6%)
(2.7%)
Same-Property RevPAR
$197.06
$194.66
$213.49
$214.42
2025 vs. 2024 Increase/(Decrease)
1.2%
(0.4%)
Same-Property Total RevPAR
$321.37
$312.43
$339.48
$335.88
2025 vs. 2024 Increase/(Decrease)
2.9%
1.1%
Notes:
For the three months ended December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:
• LaPlaya Beach Resort & Club is excluded from Q4.
For the twelve months ended December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:
• Newport Harbor Island Resort is excluded from Q1 and Q2.
• LaPlaya Beach Resort & Club is excluded from Q4.
• Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.
• The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.
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)
Three months ended
December 31,
Twelve months ended
December 31,
2025
2025
Same-Property RevPAR variance to 2024:
San Francisco
37.9
%
17.5
%
Other Resort Markets
8.7
%
4.2
%
Portland
6.6
%
4.5
%
Southern Florida/Georgia
3.2
%
1.7
%
Chicago
2.9
%
3.3
%
Los Angeles
0.8
%
(10.7
%)
Boston
(0.7
%)
(1.4
%)
San Diego
(11.2
%)
(3.1
%)
Washington DC
(16.1
%)
(5.5
%)
Urban
1.4
%
(1.0
%)
Resorts
0.7
%
0.8
%
Notes:
For the three months ended December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:
• LaPlaya Beach Resort & Club is excluded from Q4.
For the twelve months December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:
• Newport Harbor Island Resort is excluded from Q1 and Q2.
• LaPlaya Beach Resort & Club is excluded from Q4.
• Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.
• The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.
"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)
Three months ended
December 31,
Twelve months ended
December 31,
2025
2024
2025
2024
Same-Property Revenues:
Room
$
196,811
$
194,413
$
898,716
$
904,965
Food and beverage
91,185
86,699
373,489
362,461
Other
32,960
30,923
156,903
150,134
Total hotel revenues
320,956
312,035
1,429,108
1,417,560
Same-Property Expenses:
Room
$
59,224
$
57,736
$
253,863
$
245,189
Food and beverage
66,032
65,208
270,718
266,570
Other direct
7,911
7,513
34,964
34,297
General and administrative
27,971
26,745
117,381
116,287
Information and telecommunication systems
5,217
5,012
21,732
21,035
Sales and marketing
25,728
24,546
107,908
106,276
Management fees
8,581
8,244
39,620
40,227
Property operations and maintenance
13,586
12,733
55,811
53,315
Energy and utilities
10,133
9,855
43,732
42,844
Property taxes
16,003
15,761
69,685
59,502
Other fixed expenses
15,966
16,508
65,537
64,221
Total hotel expenses
256,352
249,861
1,080,951
1,049,763
Same-Property EBITDA
$
64,604
$
62,174
$
348,157
$
367,797
Same-Property EBITDA Margin
20.1
%
19.9
%
24.4
%
25.9
%
Notes:
For the three months ended December 31, 2025, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:
• LaPlaya Beach Resort & Club is excluded from Q4.
For the twelve months ended December 31, 2025 and 2024, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2025, except for the following:
• Newport Harbor Island Resort is excluded from Q1 and Q2.
• LaPlaya Beach Resort & Club is excluded from Q4.
• Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.
• The Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.
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
2019
2019
2019
2019
2019
Occupancy
76%
87%
86%
77%
82%
ADR
$256
$279
$277
$254
$267
RevPAR
$195
$241
$239
$196
$218
Hotel Revenues
$286.2
$357.0
$353.8
$303.5
$1,300.5
Hotel EBITDA
$75.9
$127.0
$120.5
$82.1
$405.5
Hotel EBITDA Margin
26.5%
35.6%
34.1%
27.1%
31.2%
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year
2024
2024
2024
2024
2024
Occupancy
62%
76%
78%
67%
71%
ADR
$305
$313
$313
$290
$306
RevPAR
$189
$238
$245
$195
$217
Hotel Revenues
$287.8
$361.8
$373.7
$312.0
$1,335.3
Hotel EBITDA
$61.9
$114.1
$105.5
$62.2
$343.6
Hotel EBITDA Margin
21.5%
31.5%
28.2%
19.9%
25.7%
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Full Year
2025
2025
2025
2025
2025
Occupancy
63%
78%
80%
69%
73%
ADR
$299
$309
$296
$286
$297
RevPAR
$188
$242
$237
$197
$216
Hotel Revenues
$290.2
$371.2
$367.6
$321.0
$1,349.9
Hotel EBITDA
$53.6
$109.6
$98.6
$64.6
$326.3
Hotel EBITDA Margin
18.5%
29.5%
26.8%
20.1%
24.2%
Notes:
These historical hotel operating results include information for all of the hotels the Company owned as of December 31, 2025, as if they were owned as of January 1, 2019, except for LaPlaya Beach Resort & Club which is excluded from all time periods due to its closure following Hurricane Ian. These historical operating results include periods prior to the Company's ownership of the hotels. 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
2025 Same-Property Inclusion Reference Table
Hotels
Q1
Q2
Q3
Q4
LaPlaya Beach Resort & Club
X
X
X
Newport Harbor Island Resort
X
X
Montrose at Beverly Hills
X
X
X
The Westin Michigan Avenue Chicago
X
X
X
Notes:
A property marked with an "X" in a specific quarter denotes that the same-property operating results of that property are included in the Same-Property Statistical Data and in the Schedule of Same-Property Results.
The Company's 2025 results for Same-Property RevPAR, RevPAR Growth, Total Revenue Growth, Total Expense Growth, Hotel EBITDA, and Hotel EBITDA Growth include all of the hotels the Company owned as of December 31, 2025, except for the following:
• Newport Harbor Island Resort is excluded from Q1 and Q2.
• LaPlaya Beach Resort & Club is excluded from Q4.
• Montrose at Beverly Hills is included in Q1, Q2, and Q3, only, due to its subsequent sale.
• Westin Michigan Avenue Chicago is included in Q1, Q2, and Q3, only, due to its subsequent sale.
Operating statistics and financial results may include periods prior to the Company's ownership of the hotels.
2026 Same-Property Inclusion
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 of the hotels the Company owned as of December 31, 2025, with no exclusions.
Operating statistics and financial results may include periods prior to the Company's ownership of the hotels.
Pebblebrook Hotel Trust
Historical Hotel EBITDA by Property
(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)
(Unaudited)
2025
Hotel
EBITDA
per Key
Hotel EBITDA
Market / Hotel
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Unique Lifestyle Resorts
LaPlaya Beach Resort & Club
$5.7
$7.6
$8.7
$10.7
$12.4
$15.7
$16.2
$11.8
$16.5
$17.7
$14.0
$27.4
$24.8
($0.6)
$19.0
$24.5
$126.9
L'Auberge Del Mar
4.6
5.4
5.6
7.7
8.1
9.9
9.3
9.4
9.5
7.3
2.7
8.5
9.0
8.7
9.6
9.2
76.0
Southernmost Beach Resort
9.0
10.4
10.8
14.1
17.6
19.9
21.1
17.9
19.3
21.4
13.1
24.4
24.2
21.3
20.3
22.4
75.7
Inn on Fifth
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5.1
4.2
9.7
11.9
10.8
9.8
8.8
73.9
The Marker Key West Harbor Resort
N/A
N/A
N/A
N/A
N/A
4.8
5.8
4.6
5.6
6.0
3.1
7.9
7.9
7.0
6.4
7.0
72.9
Newport Harbor Island Resort
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
7.4
4.2
13.9
13.1
9.3
10.3
17.7
68.6
Margaritaville Hollywood Beach Resort
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
17.8
0.4
22.1
24.5
21.2
19.1
19.9
53.9
Estancia La Jolla Hotel & Spa
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8.1
(0.3)
4.6
10.6
7.5
8.8
11.0
52.4
Skamania Lodge
4.4
4.8
5.2
6.0
6.8
7.7
8.1
9.0
9.5
10.3
1.2
7.7
12.3
12.6
13.1
12.3
45.4
Paradise Point Resort & Spa
8.3
11.8
13.7
14.8
16.1
16.7
14.7
16.8
17.5
15.3
4.6
14.1
20.5
21.1
24.4
17.4
37.7
Chaminade Resort & Spa
3.3
3.6
3.7
4.3
4.7
5.0
4.8
5.2
5.4
4.4
(1.1)
3.3
7.3
5.1
4.8
5.3
34.0
Jekyll Island Club Resort
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5.0
2.7
8.7
7.4
5.3
4.8
6.0
30.0
San Diego Mission Bay Resort
4.4
4.7
5.2
5.5
7.0
7.9
8.3
8.8
8.1
5.5
(4.2)
6.9
9.5
10.8
7.8
5.8
16.2
Unique Lifestyle Resorts Total
$39.7
$48.3
$52.9
$63.1
$72.7
$87.6
$88.3
$83.5
$91.4
$131.1
$44.6
$159.2
$183.0
$140.1
$158.1
$167.3
$53.8
Boston Urban
The Liberty, a Luxury Collection Hotel, Boston
$6.1
$9.6
$13.3
$15.8
$17.2
$18.2
$18.5
$19.0
$21.4
$21.2
$0.3
$10.5
$21.1
$18.5
$20.0
$16.7
$56.0
The Westin Copley Place, Boston
21.3
23.5
24.4
25.8
28.7
32.7
33.3
31.5
28.5
32.9
(4.4)
3.0
30.7
33.7
35.1
34.0
42.3
Revere Hotel Boston Common
3.3
6.1
5.7
9.2
11.7
13.3
12.2
12.6
12.4
11.8
(6.1)
2.8
15.7
13.9
15.9
13.0
36.5
W Boston
3.8
4.4
5.8
6.2
8.1
9.6
9.3
9.2
7.9
8.1
(2.6)
2.4
7.2
7.9
6.5
6.7
28.2
Hyatt Regency Boston Harbor
6.2
6.7
7.3
7.7
9.3
11.1
10.8
10.8
10.7
10.1
(2.2)
1.6
5.6
6.1
8.0
5.7
21.1
Boston Total
$40.7
$50.3
$56.5
$64.7
$75.0
$84.9
$84.1
$83.1
$80.9
$84.2
($15.0)
$20.3
$80.3
$80.1
$85.5
$76.1
$38.7
Pebblebrook Hotel Trust
Historical Hotel EBITDA by Property - Continued
(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)
(Unaudited)
2025
Hotel
EBITDA
per Key
Hotel EBITDA
Market / Hotel
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
San Diego Urban
Hilton San Diego Gaslamp Quarter
$7.6
$8.5
$8.8
$8.9
$9.5
$10.5
$10.9
$11.1
$11.6
$10.5
($0.4)
$0.6
$7.1
$7.6
$11.7
$9.7
$33.9
The Westin San Diego Gaslamp Quarter
8.4
8.2
9.7
11.2
12.7
14.6
16.9
16.0
14.4
14.2
(1.3)
2.2
12.7
14.2
14.4
13.6
30.2
Embassy Suites San Diego Bay - Downtown
7.6
8.2
8.8
8.9
9.5
11.3
11.3
11.1
11.7
10.4
(0.2)
4.5
9.1
9.7
11.2
9.0
26.4
Margaritaville Hotel San Diego Gaslamp Quarter
5.2
6.3
6.5
6.3
6.5
7.4
7.7
7.3
7.3
7.0
(0.4)
2.1
6.2
0.8
7.7
5.1
21.7
San Diego Total
$28.8
$31.2
$33.8
$35.3
$38.2
$43.8
$46.8
$45.5
$45.0
$42.0
($2.3)
$9.4
$35.1
$32.3
$45.0
$37.4
$28.5
Chicago Urban
Hotel Chicago Downtown, Autograph Collection
$5.5
$5.3
$7.3
$8.4
$8.5
$10.4
$12.4
$12.3
$9.0
$9.2
($2.4)
$0.6
$6.9
$7.4
$7.0
$8.2
$23.2
Chicago Total
$5.5
$5.3
$7.3
$8.4
$8.5
$10.4
$12.4
$12.3
$9.0
$9.2
($2.4)
$0.6
$6.9
$7.4
$7.0
$8.2
$23.2
Washington DC Urban
Hotel Monaco Washington DC
$5.5
$6.9
$7.6
$7.9
$7.9
$8.1
$8.1
$9.9
$8.6
$7.9
($1.4)
($0.5)
$4.7
$6.5
$6.8
$5.3
$28.8
George Hotel
4.2
4.6
4.1
4.1
4.3
5.2
5.7
6.3
5.7
5.3
(0.5)
0.0
3.7
3.9
3.9
3.5
25.2
Hotel Zena Washington DC
4.0
4.6
3.8
4.3
5.2
5.8
6.1
6.4
5.1
3.8
(2.3)
(2.7)
0.6
1.3
3.1
2.0
10.5
Viceroy Washington DC
3.3
3.6
3.4
3.2
3.2
3.0
3.6
5.8
5.5
4.9
(2.3)
(1.3)
1.1
0.9
2.7
1.6
9.0
Washington DC Total
$17.0
$19.7
$18.9
$19.5
$20.6
$22.1
$23.5
$28.4
$24.9
$22.0
($6.5)
($4.5)
$10.1
$12.6
$16.5
$12.4
$17.9
Pebblebrook Hotel Trust
Historical Hotel EBITDA by Property - Continued
(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)
(Unaudited)
2025
Hotel
EBITDA
per Key
Hotel EBITDA
Market / Hotel
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
San Francisco Urban
1 Hotel San Francisco
$4.0
$6.0
$7.4
$7.3
$8.6
$11.0
$10.3
$9.8
$8.0
$7.5
($4.0)
($4.9)
($2.9)
$4.7
$3.0
$6.5
$32.5
Harbor Court Hotel San Francisco
2.7
4.0
3.7
4.9
5.8
6.1
5.6
3.9
4.3
5.6
(0.3)
(1.0)
2.0
2.9
2.7
3.9
29.8
Argonaut Hotel
5.2
6.5
8.5
10.2
11.8
13.0
13.0
11.7
12.9
14.6
(1.5)
1.5
7.1
7.5
6.0
7.5
29.8
Hotel Zetta San Francisco
N/A
N/A
N/A
2.8
5.4
6.2
5.6
5.5
6.0
6.0
(0.3)
(1.4)
1.4
1.3
0.7
1.4
12.1
Hotel Zephyr Fisherman's Wharf
7.3
8.7
11.2
12.1
12.1
12.6
16.2
13.1
13.7
16.8
(1.1)
0.5
4.9
5.8
4.6
4.3
11.9
Hotel Zelos San Francisco
1.3
3.0
3.8
4.6
6.2
7.3
5.9
7.2
6.9
8.4
(2.5)
(4.6)
(0.1)
1.6
(0.4)
2.0
9.9
Hotel Zeppelin San Francisco
N/A
2.3
2.7
3.4
4.0
4.0
3.3
6.3
7.5
7.7
(1.2)
(1.6)
(1.2)
0.0
(0.7)
(0.3)
(1.5)
San Francisco Total
$20.5
$30.5
$37.3
$45.3
$53.9
$60.2
$59.9
$57.5
$59.3
$66.5
($10.9)
($11.5)
$11.2
$23.8
$15.9
$25.2
$17.3
Los Angeles Urban
Le Parc at Melrose
$4.2
$4.5
$4.7
$5.3
$5.6
$6.1
$7.0
$6.1
$6.1
$5.8
($0.1)
$2.8
$5.5
$4.4
$4.3
$4.1
$26.6
Chamberlain West Hollywood Hotel
1.0
3.4
3.8
4.1
4.8
4.8
5.2
4.4
3.1
3.7
(0.2)
1.2
3.5
2.9
3.1
2.6
22.6
Hotel Palomar Los Angeles Beverly Hills
2.3
2.9
3.9
3.8
4.5
4.2
6.2
4.0
7.4
5.7
(4.2)
(1.2)
3.6
4.0
4.2
4.0
15.2
Hotel Ziggy
1.9
2.2
2.2
2.0
1.5
0.9
2.8
2.8
2.8
2.8
0.0
1.1
1.1
1.7
1.8
1.4
13.0
W Los Angeles - West Beverly Hills
5.6
6.9
8.0
8.7
8.9
9.5
12.3
11.5
10.2
8.4
(2.0)
0.7
6.8
7.8
8.3
3.8
12.8
Mondrian Los Angeles
7.9
8.9
7.4
8.2
11.0
12.2
12.6
11.8
8.6
7.6
(2.0)
2.1
5.0
4.3
3.1
2.9
12.3
Viceroy Santa Monica Hotel
3.0
5.8
6.9
7.6
8.2
8.4
7.8
7.0
6.6
6.2
(2.9)
1.8
5.4
4.4
3.1
1.4
8.3
Hyatt Centric Delfina Santa Monica
5.3
6.8
6.9
8.0
9.9
11.7
13.8
13.4
12.7
11.2
(0.8)
2.2
7.0
7.7
1.9
(1.4)
(4.4)
Los Angeles Total
$31.2
$41.4
$43.8
$47.7
$54.4
$57.8
$67.7
$61.0
$57.5
$51.5
($12.2)
$10.7
$37.9
$37.2
$29.8
$18.7
$11.3
Pebblebrook Hotel Trust
Historical Hotel EBITDA by Property - Continued
(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)
(Unaudited)
2025
Hotel
EBITDA
per Key
Hotel EBITDA
Market / Hotel
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Portland Urban
The Nines, a Luxury Collection Hotel, Portland
$6.2
$8.0
$8.9
$10.8
$12.8
$15.2
$15.6
$15.8
$15.6
$13.0
($0.6)
$3.8
$8.0
$5.3
$5.2
$6.0
$18.1
The Hotel Zags
2.7
3.3
3.9
4.5
5.6
6.5
6.7
5.4
3.8
3.3
(1.0)
(0.6)
0.4
(0.2)
(0.4)
(0.4)
(2.3)
Portland Total
$8.9
$11.3
$12.8
$15.3
$18.4
$21.7
$22.3
$21.2
$19.4
$16.3
($1.6)
$3.2
$8.4
$5.1
$4.8
$5.6
$11.0
Urban Total
$152.6
$189.7
$210.4
$236.2
$269.0
$300.9
$316.7
$309.0
$296.0
$291.8
($50.9)
$28.2
$189.9
$198.5
$204.5
$183.6
$23.1
Total Hotel EBITDA
$192.3
$238.0
$263.3
$299.3
$341.7
$388.5
$405.0
$392.5
$387.4
$422.9
($6.3)
$187.4
$372.9
$338.6
$362.6
$350.8
$31.7
Notes:
These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of December 31, 2025. These historical operating results include periods prior to the Company's ownership of the hotels. 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.
The parking garage at Revere Hotel Boston Common was sold on June 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact of excluding the parking-related income.
The retail space and two parking facilities at Hotel Chicago Downtown, Autograph Collection were sold on December 21, 2023. Historical results beginning from the year 2018, onward, for Hotel Chicago Downtown, Autograph Collection have been adjusted to reflect the estimated impact of excluding the retail and parking-related income.
Border indicates Hotel EBITDA for the year in which the hotel was acquired by the Company. The information above has not been audited and is presented only for comparison purposes. Any differences are a result of rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225805783/en/
Raymond D. Martz, Co-President and Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330
Original: Pebblebrook Hotel Trust Reports 2025 Results and Provides 2026 Outlook
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