Pebblebrook Hotel Trust Reports 2025 Results and Provides 2026 Outlook

Key Terms

revpar financial

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

ebitda financial

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

ebitdare financial

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

funds from operations financial

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

adjusted ffo financial

Adjusted funds from operations (FFO) is a measure of how much cash a real estate investment generates from its regular business activities, excluding certain adjustments like accounting items or non-recurring expenses. It provides a clearer picture of the company's ongoing financial health, helping investors understand its true cash-generating ability. Think of it as measuring how much money a store makes from sales, after removing one-time costs or gains, to see its steady income flow.

business interruption financial

An interruption to a company's normal operations that reduces or stops its ability to generate revenue, for example due to physical damage, supply-chain breakdowns, regulatory actions, or IT outages. Investors care because lost sales and extra costs during the downtime can hurt cash flow, earnings and stock value, and the speed of recovery or insurance reimbursement determines how quickly the business returns to normal — like a store forced to close until repairs are done.

convertible notes financial

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

non-gaap financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

BETHESDA, Md.--(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

Source: Pebblebrook Hotel Trust