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Pebblebrook Hotel Trust (NYSE: PEB) beats Q2 goals, raises 2026 view

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Pebblebrook Hotel Trust reported strong Q2 2026 results, with net income of $24.9 million and Same-Property Hotel EBITDA of $123.3 million, 7.1% above Q2 2025 and $6.6 million above the high end of its outlook. Same-Property RevPAR rose 6.5% on higher room rates and modest occupancy gains, driving Same-Property Hotel EBITDA margin to 30.6%, up 67 basis points. Adjusted EBITDA re was $116.2 million and Adjusted FFO per diluted share was $0.68, $0.06 over the high end of guidance.

Resorts and San Francisco led growth, while Washington, DC and urban San Diego faced demand headwinds. The balance sheet strengthened, with net debt to trailing 12‑month corporate EBITDA at 5.3x and cash and restricted cash of $270.4 million; the remaining $350 million of December 2026 convertible notes are fully funded and no other maturities occur until 2028. The company sold the Chamberlain West Hollywood Hotel for $43.5 million and retired preferred shares at a 23% discount, repurchased 0.5 million common and 1.5 million preferred shares in Q2, and authorized a new preferred share repurchase program of up to $50.0 million. Pebblebrook raised its 2026 outlook, targeting Adjusted EBITDA re of $345.0–$353.0 million and Adjusted FFO per diluted share of $1.69–$1.76.

Positive

  • Q2 2026 outperformance and margin expansion: Net income reached $24.9 million, Same-Property RevPAR grew 6.5%, Same-Property Hotel EBITDA rose 7.1%, and margins expanded 67 bps, with Adjusted FFO per diluted share of $0.68 coming in $0.06 above the high end of the company’s outlook.
  • Strengthened balance sheet and accretive capital allocation: Net debt/TTM EBITDA declined to 5.3x, cash and restricted cash increased to $270.4 million, and the company completed asset sales and preferred share repurchases at a 23% discount plus authorized a new $50.0 million preferred share buyback.

Negative

  • None.

Filing Explained

On July 24, 2026, the board authorized up to $50.0 million of additional preferred-share repurchases, but the program cannot begin until the current program’s $45.6 million remaining capacity is completed; no purchases are required, and the new program has no expiration date.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net income $24.9 million Three months ended June 30, 2026
Same-Property RevPAR Q2 2026 $259.41 Up 6.5% from $243.52 in Q2 2025
Same-Property Hotel EBITDA Q2 2026 $123.3 million 7.1% higher than $115.1 million in Q2 2025
Adjusted FFO per diluted share Q2 2026 $0.68 Versus $0.65 in Q2 2025; $0.06 over high end of outlook
Net debt/TTM corporate EBITDA 5.3x As of June 30, 2026
Cash and restricted cash $270.4 million As of June 30, 2026
New preferred share repurchase program $50.0 million Authorized July 24, 2026, to follow current $100.0 million program
2026 Adjusted EBITDA re outlook range $345.0–$353.0 million Full-year 2026 guidance as of July 29, 2026
Adjusted FFO financial
"Adjusted FFO is defined as FFO, as adjusted for transaction costs, non-cash ground rent..."
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.
RevPAR financial
"Same-Property RevPAR +6.5%, driven by ADR +4.7% and Occupancy +1.7%..."
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 re financial
"The Company calculates EBITDA re in accordance with standards established by Nareit."
EBITDA re (often written EBITDAre) is a company’s earnings before interest, taxes, depreciation and amortization that have been adjusted to remove one-off, unusual or non-recurring items so you see the business’s recurring operating profit. It matters to investors because it aims to show the company’s steady, repeatable cash-earning power—like judging a household’s regular paycheck after removing a one-time bonus or accident expense—helping compare performance over time and between firms.
Same-Property Hotel EBITDA financial
"The Company believes that Same-Property Hotel EBITDA provides investors an additional useful..."
NOI capitalization rate financial
"totaling nearly $160.0 million, representing an aggregate 15.4x EBITDA multiple and a 4.6% NOI capitalization rate..."
Net Operating Income (NOI) capitalization rate is a measure used to estimate the value of income-producing property by comparing its annual income to its market value. Think of it as a way to see how much return an investment property can generate relative to its price, helping investors determine if a property is a good investment or compare different properties quickly.
Q2 2026 net income $24.9 million Up from $19.3 million in Q2 2025, a 29.2% increase
Q2 2026 Same-Property RevPAR $259.41 Increased 6.5% from $243.52 in Q2 2025
Q2 2026 Same-Property Hotel EBITDA $123.3 million Rose 7.1% from $115.1 million in Q2 2025; margin expanded 67 bps to 30.6%
Q2 2026 Adjusted FFO per diluted share $0.68 Up 4.6% from $0.65 in Q2 2025 and $0.06 above the high end of outlook
Guidance

For 2026, the company targets net income (loss) of ($1.7) to $6.3 million, Adjusted EBITDA re of $345.0–$353.0 million, Adjusted FFO of $194.0–$202.0 million, and Adjusted FFO per diluted share of $1.69–$1.76, reflecting an increased outlook versus May 28, 2026.

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FAQ

How did Pebblebrook Hotel Trust (PEB) perform in Q2 2026?
Pebblebrook Hotel Trust (PEB) generated Q2 2026 net income of $24.9 million and Same-Property Hotel EBITDA of $123.3 million. Same-Property RevPAR rose 6.5% and EBITDA margin expanded 67 basis points to 30.6%, with Adjusted FFO per diluted share of $0.68, above company guidance.

How has Pebblebrook Hotel Trust (PEB) updated its 2026 outlook?
Pebblebrook (PEB) raised its 2026 outlook, targeting Adjusted EBITDA re of $345.0–$353.0 million and Adjusted FFO per diluted share of $1.69–$1.76. The outlook implies Same-Property Total RevPAR growth of 4.1%–5.3% and Same-Property Hotel EBITDA growth of 8.2%–10.5% versus 2025.

What is the financial position of Pebblebrook Hotel Trust (PEB) as of June 30, 2026?
As of June 30, 2026, Pebblebrook (PEB) reported net debt/TTM corporate EBITDA of 5.3x and cash, cash equivalents, and restricted cash of $270.4 million. The remaining $350 million of 2026 convertible notes are fully funded, with no other debt maturities until 2028.

What capital allocation actions did Pebblebrook Hotel Trust (PEB) take in Q2 2026?
In Q2 2026, Pebblebrook (PEB) sold the Chamberlain West Hollywood Hotel for $43.5 million, retired preferred shares at a 23% discount to liquidation preference, repurchased 0.5 million common shares and 1.5 million preferred shares, and its board authorized a new $50.0 million preferred share repurchase program.

How are Pebblebrook Hotel Trust (PEB)’s dividends structured in 2026?
On June 15, 2026, Pebblebrook (PEB) declared a quarterly common dividend of $0.01 per share and regular quarterly dividends on its preferred series, including $0.39844 per Series E and G share, $0.39375 per Series F, and $0.35625 per Series H preferred share.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 24, 2026

PEBBLEBROOK HOTEL TRUST
(Exact name of registrant as specified in its charter)

Maryland 001-34571 27-1055421
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)

4747 Bethesda Avenue, Suite 1100, Bethesda, Maryland
20814
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (240) 507-1300

Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $0.01 par value per sharePEBNew York Stock Exchange
Series E Cumulative Redeemable Preferred Shares, $0.01 par valuePEB-PENew York Stock Exchange
Series F Cumulative Redeemable Preferred Shares, $0.01 par valuePEB-PFNew York Stock Exchange
Series G Cumulative Redeemable Preferred Shares, $0.01 par valuePEB-PGNew York Stock Exchange
Series H Cumulative Redeemable Preferred Shares, $0.01 par valuePEB-PHNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐ 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On July 29, 2026, Pebblebrook Hotel Trust (the "Company") issued a press release announcing the Company's results of operations for the three and six months ended June 30, 2026.
A copy of the press release is furnished as Exhibit 99.1 to this report.
Item 8.01. Other Events.
On July 24, 2026, the board of trustees of the Company authorized a new preferred share repurchase program of up to $50.0 million which will commence upon the completion of the Company's current $100.0 million preferred share repurchase program authorized on February 17, 2023, under which $45.6 million remains available for repurchase of preferred shares. Under the terms of the new program, the Company may repurchase up to an aggregate of $50.0 million of its 6.375% Series E Cumulative Redeemable Preferred Shares, 6.30% Series F Cumulative Redeemable Preferred Shares, 6.375% Series G Cumulative Redeemable Preferred Shares and 5.70% Series H Cumulative Redeemable Preferred Shares from time to time in transactions on the open market or by private agreement. As of July 24, 2026, the aggregate liquidation value of the preferred shares that may be repurchased pursuant to the preferred share repurchase programs was $639.5 million.
The timing, manner, price and amount of any repurchases under the new program will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, and market conditions. The new program does not require the Company to repurchase any specific number of preferred shares. The new program does not have an expiration date and may be suspended, modified or discontinued at any time.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1
Press release, issued July 29, 2026, providing the results of operations for the three and six months ended June 30, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 PEBBLEBROOK HOTEL TRUST 
 
July 29, 2026By:  /s/ Raymond D. Martz
 Name:  Raymond D. Martz
  Title:  Co-President, Chief Financial Officer, Treasurer and Secretary


Exhibit 99.1
peblogowpb.jpg
PEBBLEBROOK HOTEL TRUST REPORTS SECOND QUARTER 2026 RESULTS
Q2
FINANCIAL
RESULTS
▪Net income: $24.9 million.
▪Same-Property Hotel EBITDA: $123.3 million, $6.6 million above the high end of the Company’s outlook and 7.1% higher than Q2 2025.
▪Adjusted EBITDAre: $116.2 million, $6.2 million above the high end of the outlook.
▪Adjusted FFO per diluted share: $0.68, $0.06 over the high end of the outlook.
Q2 HOTEL
OPERATING RESULTS &
TRENDS
▪Healthy Business Transient and Leisure Demand with Improving Pricing Power: Same-Property RevPAR +6.5%, driven by ADR +4.7% and Occupancy +1.7%; Same-Property Total RevPAR +4.7%.
▪Resorts and San Francisco Led Q2 Growth: Resort RevPAR +12.0%, Total RevPAR +10.9%, and Hotel EBITDA +18.5% on broad-based leisure transient and group demand and continued growth in out-of-room spend; San Francisco RevPAR +16.0% and Hotel EBITDA +24.6% on robust citywide convention activity and strong growth in business transient and leisure demand.
▪Market Specific Headwinds: Washington, DC RevPAR declined 9.9%, reflecting continued weakness in government-related demand, and RevPAR at the Company’s four urban San Diego hotels declined 9.1%, as expected, due to a weaker convention calendar. Excluding the four San Diego hotels, Same-Property RevPAR increased 8.6% and Same-Property Total RevPAR grew 6.3%.
▪Solid Expense Control and Flow-Through: Same-Property Total Revenue grew 4.8% while Same-Property Total Expenses rose just 3.8%, driving a 7.1% increase in Same-Property Hotel EBITDA and 67 basis points of EBITDA margin expansion.
CAPITAL ALLOCATION & BALANCE
SHEET
▪Dispositions: Sold the Chamberlain West Hollywood Hotel for $43.5 million; as partial consideration, the Company accepted Pebblebrook preferred shares at an agreed value of $26.1 million, retiring them at a 23% discount to their $33.7 million liquidation preference.
▪Capital Investments: $12.5 million in Q2; $65 to $75 million expected for 2026.
▪Balance Sheet: Net debt/TTM corporate EBITDA declined to 5.3x; cash and restricted cash increased to $270 million at quarter end; weighted-average interest rate remained a sector-low 4.1%; the remaining $350 million of December 2026 maturing convertible notes are fully funded, with no other maturities until 2028.
2026
OUTLOOK
▪Net income (loss): ($1.7) to $6.3 million.
▪Same-Property Total RevPAR Growth Rate: +4.1% to +5.3%; midpoint +70 basis points.
▪Adjusted EBITDAre: $345.0 to $353.0 million; midpoint +$8.5 million.
▪Adjusted FFO per diluted share: $1.69 to $1.76; midpoint +$0.08.
▪Free Cash Flow per diluted share: $1.04 to $1.11; midpoint +$0.08.
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 quarterly results significantly exceeded our outlook for the second time this year. Both business and leisure demand continued to grow, our premium portfolio, which attracts a higher-income guest base, supported improved pricing power, and our strategic operating efficiency initiatives converted stronger revenues into higher profitability.
“Our resorts were once again a standout, with Total RevPAR increasing 10.9% from last year, led by LaPlaya Beach Resort & Club, Estancia La Jolla Hotel & Spa, Paradise Point Resort & Spa, and Newport Harbor Island Resort. San Francisco’s recovery continued to gain momentum as robust corporate and leisure demand, coupled with an active citywide convention calendar, drove RevPAR 16.0% higher year-over-year. Chicago, Los Angeles, and Boston also benefited from healthy year-over-year rate lift.
“We are raising our full-year outlook to reflect our significantly stronger-than-expected second-quarter results while maintaining our prior assumptions for the second half of the year. While current booking trends across both business and leisure remain encouraging, we continue to take the year one quarter at a time and remain appropriately cautious given ongoing geopolitical, policy, and broader economic uncertainty.”
-Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust


Second Quarter and Year-to-Date Highlights
Second Quarter
Six months ended
June 30,
Same-Property and
Corporate Highlights		20262025Var20262025Var
($ in millions except per share and RevPAR data)
Net income/(loss)
$24.9
$19.3
29.2%
$6.5
($12.9)
NM
Same-Property RevPAR(1,2)
$259
$244
6.5%
$238
$218
8.8%
Same-Property Total RevPAR(1,2)
$405
$387
4.7%
$376
$350
7.1%
Same-Property Room Revenues(1,2)
$258.2
$242.3
6.6%
$472.7
$434.2
8.9%
Same-Property Total Revenues(1,2)
$403.3
$385.0
4.8%
$747.2
$697.1
7.2%
Same-Property Total Expenses(1,2)
$280.0
$269.8
3.8%
$541.6
$517.5
4.7%
Same-Property Hotel EBITDA(1,2)
$123.3
$115.1
7.1%
$205.6
$179.6
14.5%
Adjusted EBITDAre(1)
$116.2
$117.0
(0.7%)
$189.5
$173.5
9.2%
Adjusted FFO(1)
$77.5
$77.4
—%
$114.5
$96.2
19.0%
Adjusted FFO per diluted share(1)
$0.68
$0.65
4.6%
$0.99
$0.80
23.8%
Free Cash Flow per diluted share(3)
$0.56 $0.45 24.4%$0.76 $0.45 68.9%
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 June 30, 2026, except for the following:
•Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent sale.
(3) Free Cash Flow is calculated as Adjusted FFO less capital investments and common dividends paid.
“The second quarter’s broad-based outperformance demonstrates the improving earnings power of our portfolio,” noted Mr. Bortz. “Demand across our resorts remained very strong, driven by healthy growth in leisure transient and business group, which allowed the resorts to achieve a significant 7.5% increase in average prices. We also experienced ongoing strength across many of our urban markets, where business transient demand delivered healthy growth and leisure demand continued to recover.

“San Francisco was a highlight for the quarter, with the city’s recovery spanning multiple demand segments. Growth accelerated through the second quarter, driven by strength from corporate and technology-related conventions, improving business transient demand consistent with the market’s record-setting office leasing trends, and continued leisure momentum as tourism returns to the city. San Francisco’s positive trajectory is one of the many reasons we believe the favorable lodging cycle currently unfolding supports a multi-year recovery, driven by improving hotel demand, a continued rebound in both group and business transient travel, and historically low new supply growth expected to persist for several years. Together with a robust calendar of major events across our markets through 2028, these dynamics reinforce our belief in a sustained period of favorable lodging fundamentals.”

The quarter was led by higher-rated transient demand, with transient revenue increasing nearly 10% on 7% ADR growth. Group revenue declined slightly, reflecting weaker convention calendars in San Diego and Boston, rather than a pullback in corporate demand. This mix shift caused Total RevPAR to trail RevPAR, as urban banquet and catering revenue declined 20%, concentrated where citywide calendars were the weakest and in cities with World Cup matches. This was partly offset by strong spending at the Company’s resorts, including nearly 11% growth in Same-Property resort food & beverage revenue.

“While World Cup-related demand provided a modest rate benefit around match dates at our Boston and San Francisco hotels, as we expected, it was not a meaningful driver of incremental demand in our markets during the second quarter, as it generally displaced other normally recurring demand,” advised Mr. Bortz.

The Company estimates that World Cup-related demand contributed approximately 60 to 100 basis points of incremental RevPAR growth and $0.5 to $1.0 million of Hotel EBITDA during the second quarter.
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The Company’s strategic operating efficiency initiatives and continued expense discipline again converted healthy revenue growth into stronger profitability. Same-Property Total Revenues increased 4.8%, well above the high end of the Company’s Outlook, while Same-Property Total Expenses rose just 3.8%. This drove Same-Property Hotel EBITDA margins to 30.6%, an expansion of 67 basis points.

On a per-occupied-room basis, total expenses were held to a 2.0% increase, while expenses before fixed costs grew just 2.2%. This demonstrates improving operating leverage, as both fixed and semi-fixed costs are spread across more occupied rooms, while productivity, cost-control, technology, and other efficiency initiatives limit variable expense growth.

The Company also completed its property insurance renewal on June 1, 2026, securing a 27% premium reduction, or $6.1 million in annual savings, versus the prior year’s program—a result that was better than anticipated. The renewal outcome reflected favorable insurance-market conditions, disciplined program design, and recent asset-hardening investments completed last year at weather-exposed properties. The lower premiums provide a visible expense reduction tailwind through May of next year.

For the first half of 2026, Same-Property Total Revenues climbed 7.2%, while Same-Property Total Expenses grew just 4.7%, driving 175 basis points of EBITDA margin expansion and 14.5% growth in Same-Property Hotel EBITDA. These results demonstrate the compounding benefit of improving demand, stronger pricing, disciplined expense controls, and widespread efficiency initiatives across the Company’s portfolio.

Year-to-date, Adjusted FFO per diluted share increased 23.8% and Free Cash Flow per diluted share grew 68.9%, as strong hotel operating growth, lower capital investments, debt reduction, and common and preferred share repurchases more than offset the combined impact of the lost Hotel EBITDA from the three asset sales completed since Q4 2025 and the non-recurring business interruption income proceeds received in the first half of 2025.
Update on Strategic Dispositions
On May 27, 2026, Pebblebrook completed the sale of the 115-room Chamberlain West Hollywood Hotel in Los Angeles, California for $43.5 million, of which the Company accepted $33.7 million of preferred share liquidation preference at $26.1 million of agreed-upon value, thereby retiring these shares at a 23% discount. Over the past eight months, the Company has completed three property sales at attractive private-market valuations totaling nearly $160.0 million, representing an aggregate 15.4x EBITDA multiple and a 4.6% NOI capitalization rate, assuming a 4.0% capital reserve on total hotel revenues. These transactions underscore the Company’s disciplined execution at valuations consistent with its private-market NAV and well above its public-market valuation, highlighting the portfolio’s embedded value.
Capital Investments
During the second quarter, the Company invested $12.5 million in capital improvements across its portfolio, including the substantial completion of guestroom renovations at Chaminade Resort & Spa and Revere Hotel Boston Common. Year-to-date, capital investments across the portfolio totaled $24.4 million.
For 2026, the Company anticipates investing a total of $65 to $75 million, primarily for routine capital maintenance, select property refreshes, and a number of 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 that can be utilized for debt reduction and opportunistic share repurchases.
Balance Sheet and Share Repurchases
The Company’s deleveraging trend continued in the second quarter, with net debt-to-trailing 12-month corporate EBITDA declining to 5.3x as of June 30, 2026, driven by continued EBITDA growth and disciplined net debt reductions.
As of June 30, 2026, cash, cash equivalents, and restricted cash had grown to $270.4 million, with an additional $641 million of available capacity on the Company’s $650 million senior unsecured revolving credit facility and $90 million of available capacity on its senior unsecured 2031 term loan. Combined with the Company’s lower normalized capital investments, this enhanced balance sheet position increases financial flexibility for capital allocation decisions. 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 2.7 years, with 98% of the debt effectively fixed and 98% unsecured.
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The remaining $350 million of 2026 convertible notes that mature December 2026 are fully funded through existing cash, expected free cash flow, and available term loan capacity, with no other maturities until 2028.
During the second quarter of 2026, the Company repurchased 0.5 million common shares for $8.0 million, at an average share price of $14.77, bringing first half 2026 repurchases to 0.9 million shares at an average price of $13.62 per share. The Company also repurchased 1.5 million preferred shares for $28.6 million, including the preferred shares retired as part of the Chamberlain West Hollywood Hotel disposition, at an attractive 23% average discount to liquidation preference, reducing total outstanding preferred equity securities to $717.2 million.
Common and Preferred Dividends
On June 15, 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
▪$0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.
2026 Outlook
The second-quarter performance reinforced Pebblebrook’s key 2026 earnings drivers: continued strength and ramp-up across the resort portfolio, a broadening urban recovery led by San Francisco and Los Angeles, and the sustained benefits of the Company’s strategic operating initiatives.
The Company has raised its 2026 Outlook to reflect the stronger-than-expected second-quarter results while maintaining its prior and prudent assumptions for the second half given short booking windows and broader macroeconomic, policy, and geopolitical uncertainty. The Outlook assumes no additional acquisitions or dispositions.
The Company’s 2026 Outlook is as follows:
2026 Outlook
Variance to Prior Outlook
As of 7/29/26Var to 5/28/26
($ in millions, except per share data)
LowHighLowHigh
Net income/(loss)($1.7)$6.3$6.5$2.5
Adjusted EBITDAre
$345.0$353.0$10.5$6.5
Adjusted FFO$194.0$202.0$10.0$6.0
Adjusted FFO per diluted share$1.69$1.76$0.09$0.06
Free Cash Flow (Adj. FFO less capital investments midpoint & common divs.)
$119.5$127.5$5.0$11.0
This 2026 Outlook is based, in part, on the following estimates and assumptions:
($ in millions)
LowHighLowHigh
U.S. Hotel Industry RevPAR Growth Rate3.5%4.5%3.5%2.5%
Same-Property RevPAR variance vs. 2025
4.5%5.5%1.75%0.75%
Same-Property Total RevPAR variance vs. 2025
4.1%5.3%1.1%0.3%
Same-Property Total Revenue variance vs. 2025
4.1%5.3%1.0%0.3%
Same-Property Total Expense variance vs. 2025
2.8%3.6%0.4%(0.2%)
Same-Property Hotel EBITDA$377.0$385.0$10.5$6.5
Same-Property Hotel EBITDA variance vs. 2025
8.2%10.5%3.0%1.9%
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The Company’s Q3 2026 Outlook is as follows:
Q3 2026 Outlook
As of 7/29/26
($ in millions, except per share data)
LowHigh
Net income$9.0$13.0
Adjusted EBITDAre
$92.5$96.5
Adjusted FFO$55.0$59.0
Adjusted FFO per diluted share$0.48$0.52
This Q3 2026 Outlook is based, in part, on the following estimates and assumptions:
($ in millions, except RevPAR data)
LowHigh
Same-Property RevPAR$239$244
Same-Property RevPAR variance vs. 2025
1.0%3.0%
Same-Property Total RevPAR variance vs. 2025
1.4%3.0%
Same-Property Total Revenue variance vs. 2025
1.4%3.0%
Same-Property Total Expense variance vs. 2025
1.7%2.5%
Same-Property Hotel EBITDA$100.5$104.5
Same-Property Hotel EBITDA variance vs. 2025
0.4%4.4%
Second Quarter 2026 Earnings Call
The Company will conduct its quarterly analyst and investor conference call on Thursday, July 30, 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 43 hotels and resorts, totaling approximately 10,900 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 Litigation 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.
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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 July 29, 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.

###
Contact:
Raymond D. Martz, Co-President and Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330
For additional information or to receive press releases via email, please visit www.pebblebrookhotels.com

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Pebblebrook Hotel Trust
Consolidated Balance Sheets
($ in thousands, except share and per-share data)
June 30, 2026December 31, 2025
(Unaudited)
ASSETS
Assets:
Investment in hotel properties, net$4,891,792 $5,023,457 
Cash and cash equivalents261,010 184,185 
Restricted cash9,400 12,018 
Hotel receivables (net of allowance for doubtful accounts of $246 and $241, respectively)
44,286 34,184 
Prepaid expenses and other assets75,138 94,330 
Total assets$5,281,626 $5,348,174 
LIABILITIES AND EQUITY
Liabilities:
Unsecured revolving credit facilities$— $— 
Unsecured term loans, net of unamortized deferred financing costs892,877 897,708 
Convertible senior notes, net of unamortized debt premium and deferred financing costs741,233 739,809 
Unsecured senior notes, net of unamortized deferred financing costs394,639 393,670 
Mortgage loans, net of unamortized deferred financing costs51,951 92,905 
Accounts payable, accrued expenses and other liabilities221,655 199,631 
Lease liabilities - operating leases335,883 333,068 
Deferred revenues105,901 104,900 
Accrued interest12,978 12,106 
Distribution payable11,107 11,639 
Total liabilities2,768,224 2,785,436 
Commitments and contingencies
Shareholders' Equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $639,548 and $676,724 at June 30, 2026 and December 31, 2025, respectively), 100,000,000 shares authorized; 25,581,924 and 27,068,962 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
256 271 
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 112,451,844 and 113,188,134 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
1,125 1,132 
Additional paid-in capital3,925,438 3,969,875 
Accumulated other comprehensive income (loss)6,098 605 
Distributions and retained deficit(1,514,549)(1,503,262)
Total shareholders' equity2,418,368 2,468,621 
Non-controlling interests95,034 94,117 
Total equity2,513,402 2,562,738 
Total liabilities and equity$5,281,626 $5,348,174 
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Pebblebrook Hotel Trust
Consolidated Statements of Operations
($ in thousands, except share and per-share data)
(Unaudited)
 For the three months ended June 30,For the six months ended June 30,
 2026202520262025
Revenues:
Room$259,713 $257,600 $474,238 $454,610 
Food and beverage102,574 105,994 193,717 192,304 
Other operating44,855 43,943 84,843 80,889 
Total revenues$407,142 $407,537 $752,798 $727,803 
Expenses:
Hotel operating expenses:
Room$64,836 $67,732 $124,351 $126,255 
Food and beverage72,386 72,658 137,845 137,226 
Other direct and indirect115,315 113,396 222,429 217,519 
Total hotel operating expenses252,537 253,786 484,625 481,000 
Depreciation and amortization52,099 57,645 104,078 115,188 
Real estate taxes, personal property taxes, property insurance and ground rent32,248 33,978 65,039 67,251 
General and administrative11,898 12,504 23,939 25,730 
Impairment1,112 — 8,800 — 
Business interruption insurance income— (3,242)— (7,545)
Other operating expenses7 478 1,025 1,028 
Total operating expenses349,901 355,149 687,506 682,652 
Operating income (loss)57,241 52,388 65,292 45,151 
Interest expense(26,056)(27,282)(52,370)(54,415)
Other, net1,444 1,991 1,254 1,019 
Income (loss) before income taxes32,629 27,097 14,176 (8,245)
Income tax (expense) benefit(7,716)(7,812)(7,699)(4,650)
Net income (loss)24,913 19,285 6,477 (12,895)
Net income (loss) attributable to non-controlling interests1,334 1,229 2,172 1,996 
Net income (loss) attributable to the Company23,579 18,056 4,305 (14,891)
Distributions to preferred shareholders(9,919)(10,632)(20,346)(21,263)
Repurchase of preferred shares6,999 — 6,999 — 
Net income (loss) attributable to common shareholders$20,659 $7,424 $(9,042)$(36,154)
Net income (loss) per share available to common shareholders, basic$0.18 $0.06 $(0.08)$(0.30)
Net income (loss) per share available to common shareholders, diluted$0.17 $0.06 $(0.08)$(0.30)
Weighted-average number of common shares, basic112,741,241 118,172,417 113,034,743 118,685,483 
Weighted-average number of common shares, diluted127,105,098 118,383,446 113,034,743 118,685,483 
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Considerations Regarding Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures. Non-GAAP financial measures are measures of the Company’s historical or future financial performance that are different from measures calculated and presented in accordance with U.S. GAAP. The Company reports FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, which are non-GAAP financial measures that it believes are useful to investors as key measures of its operating performance.

Adjusted FFO is defined as FFO, as adjusted for transaction costs, non-cash ground rent on operating and finance lease liabilities, management/franchise contract transition costs, interest expense adjustment for acquired liabilities, finance lease adjustment, non-cash amortization of acquired intangibles, gain on insurance settlement, early extinguishment of debt, amortization of share-based compensation expense, issuance costs of redeemed preferred shares, hurricane-related costs, noncash interest expense, unrealized loss on investment, and deferred tax asset provision (benefit). The Company believes Adjusted FFO provides useful supplemental information regarding its ongoing operating performance.

EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. The Company calculates EBITDAre in accordance with standards established by Nareit. EBITDAre is defined as EBITDA as adjusted for gain on sale of hotel properties and impairment loss. Adjusted EBITDAre is defined as EBITDAre, as adjusted for transaction costs, non-cash ground rent on operating and finance lease liabilities, management/franchise contract transition costs, non-cash amortization of acquired intangibles, gain on insurance settlement, amortization of share-based compensation expense, unrealized loss on investment, and hurricane-related costs. Hotel EBITDA is defined as Adjusted EBITDAre plus corporate general and administrative expenses less interest income, business interruption insurance income, and other. The Company believes that EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA provide investors useful financial measures to evaluate its operating performance, excluding the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization).

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) at any time during the period presented.

FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA do not represent cash generated from operating activities as determined by U.S. GAAP and should not be considered as alternatives to U.S. GAAP net income (loss), as indications of the Company’s financial performance, or to U.S. GAAP cash flow from operating activities, as measures of liquidity. In addition, FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA are not indicative of funds available to fund cash needs, including the ability to make cash distributions.

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.
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Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to FFO, FFO Available to Common Share and Unit
Holders, and Adjusted FFO Available to Common Share and Unit Holders
($ in thousands, except share and per-share data)
(Unaudited)
 For the three months ended June 30,For the six months ended June 30,
2026202520262025
Net income (loss)$24,913 $19,285 $6,477 $(12,895)
Adjustments:
Real estate depreciation and amortization52,043 57,584 103,966 115,071 
Impairment1,112 — 8,800 — 
FFO$78,068 $76,869 $119,243 $102,176 
Distribution to preferred shareholders and unit holders(11,083)(11,796)(22,674)(23,591)
Repurchase of preferred shares6,999 — 6,999 — 
FFO available to common share and unit holders$73,984 $65,073 $103,568 $78,585 
Transaction costs10 55 60 57 
Non-cash ground rent on operating and finance leases1,716 1,823 3,431 3,662 
Management/franchise contract transition costs50 — 130 5 
Interest expense adjustment for acquired liabilities190 237 509 561 
Finance lease adjustment768 758 1,533 1,513 
Non-cash amortization of acquired intangibles(49)(465)(101)(937)
Early extinguishment of debt— — 627 — 
Amortization of share-based compensation expense2,563 3,522 4,869 6,741 
Repurchase of preferred shares(6,999)— (6,999)— 
Deferred tax provision (benefit)5,241 6,439 5,224 3,334 
Unrealized loss on investment— — 1,639 2,662 
Adjusted FFO available to common share and unit holders$77,474 $77,442 $114,490 $96,183 
FFO per common share - basic$0.65 $0.55 $0.91 $0.66 
FFO per common share - diluted$0.64 $0.54 $0.90 $0.65 
Adjusted FFO per common share - basic$0.68 $0.65 $1.00 $0.80 
Adjusted FFO per common share - diluted$0.68 $0.65 $0.99 $0.80 
Weighted-average number of basic common shares and units114,095,550 119,343,139 114,389,052 119,856,205 
Weighted-average number of fully diluted common shares and units114,720,192 119,554,168 115,144,200 120,309,767 
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.
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Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre,
Adjusted EBITDAre, Hotel EBITDA, and Same-Property Hotel EBITDA
($ in thousands)
(Unaudited)
For the three months ended June 30,For the six months ended June 30,
2026202520262025
Net income (loss)$24,913 $19,285 $6,477 $(12,895)
Adjustments:
Interest expense26,056 27,282 52,370 54,415 
Income tax expense (benefit)7,716 7,812 7,699 4,650 
Depreciation and amortization52,099 57,645 104,078 115,188 
EBITDA$110,784 $112,024 $170,624 $161,358 
Impairment1,112 — 8,800 — 
EBITDAre
$111,896 $112,024 $179,424 $161,358 
Transaction costs10 55 60 57 
Non-cash ground rent on operating and finance leases1,716 1,823 3,431 3,662 
Management/franchise contract transition costs50 — 130 5 
Non-cash amortization of acquired intangibles(49)(465)(101)(937)
Amortization of share-based compensation expense2,563 3,522 4,869 6,741 
Unrealized loss on investment— — 1,639 2,662 
Adjusted EBITDAre
$116,186 $116,959 $189,452 $173,548 
Business interruption insurance income
— (3,242)— (7,545)
Corporate general and administrative and other7,636 7,262 16,569 15,803 
Hotel EBITDA$123,822 $120,979 $206,021 $181,806 
Hotel EBITDA from non-same-property hotels(481)(5,831)(446)(2,230)
Same-Property Hotel EBITDA$123,341 $115,148 $205,575 $179,576 
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.
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Pebblebrook Hotel Trust
Reconciliation of Q3 2026 and Full Year 2026 Outlook Net Income (Loss) to FFO, FFO Available to Common Share and Unit Holders, and Adjusted FFO Available to Common Share and Unit Holders
(in millions, except per share data)
(Unaudited)
For the three months ending
September 30, 2026
For the year ending
December 31, 2026
LowHighLowHigh
Net income (loss)$9 $13 $(2)$6 
Adjustments:
Real estate depreciation and amortization48 48 199 199 
Impairment — — 9 9 
FFO$57 $61 $206 $214 
Distribution to preferred shareholders and unit holders(11)(11)(45)(45)
Repurchase of preferred shares— — 7 7 
FFO available to common share and unit holders$46 $50 $168 $176 
Non-cash ground rent on operating and finance leases2 2 7 7 
Amortization of share-based compensation expense3 3 10 10 
Other4 4 9 9 
Adjusted FFO available to common share and unit holders$55 $59 $194 $202 
.
FFO per common share - diluted$0.40 $0.44 $1.46 $1.53 
Adjusted FFO per common share - diluted$0.48 $0.52 $1.69 $1.76 
Weighted-average number of fully diluted common shares and units114.5 114.5 114.7 114.7 
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.
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Pebblebrook Hotel Trust
Reconciliation of Q3 2026 and Full Year 2026 Outlook Net Income (Loss) to EBITDA, EBITDAre, and Adjusted EBITDAre
($ in millions)
(Unaudited)
For the three months ending
September 30, 2026
For the year ending
December 31, 2026
LowHighLowHigh
Net income (loss)$9 $13 $(2)$6 
Adjustments:
Interest expense and income tax expense31 31 119 119 
Depreciation and amortization48 48 199 199 
EBITDA$88 $92 $316 $324 
Impairment— — 9 9 
EBITDAre
$88 $92 $325 $333 
Non-cash ground rent on operating and finance leases2 2 7 7 
Amortization of share-based compensation expense3 3 10 10 
Other— — 3 3 
Adjusted EBITDAre
$93 $97 $345 $353 
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.
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Pebblebrook Hotel Trust
Same-Property Statistical Data
(Unaudited)
For the three months ended June 30,For the six months ended June 30,
2026202520262025
Same-Property Occupancy79.4%78.1%73.9%70.6%
2026 vs. 2025 Increase
1.7%4.8%
Same-Property ADR$326.60$311.80$321.31$309.44
2026 vs. 2025 Increase
4.7%3.8%
Same-Property RevPAR$259.41$243.52$237.61$218.31
2026 vs. 2025 Increase
6.5%8.8%
Same-Property Total RevPAR$405.24$386.93$375.55$350.49
2026 vs. 2025 Increase
4.7%7.1%
Notes:
For the three months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026.

For the six months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026, except for the following:
  • Chamberlain West Hollywood Hotel is included in Q1 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.

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Pebblebrook Hotel Trust
Same-Property Statistical Data - by Market
(Unaudited)
For the three months ended June 30,For the six months ended June 30,
20262026
Same-Property RevPAR variance to 2025:
San Francisco16.0%29.6%
Chicago13.7%11.3%
Los Angeles8.6%18.8%
Boston6.3%3.1%
Portland(4.4%)(2.4%)
San Diego Downtown(9.1%)(1.2%)
Washington, DC(9.9%)(16.0%)
Resorts12.0%9.8%
Urban4.1%8.3%
Notes:
For the three months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026.

For the six months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026, except for the following:
  • Chamberlain West Hollywood Hotel is included in Q1 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.

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Pebblebrook Hotel Trust
Hotel Operational Data
Schedule of Same-Property Results
($ in thousands)
(Unaudited)
For the three months ended June 30,For the six months ended June 30,
2026202520262025
Same-Property Revenues:
Room$258,178$242,289$472,714$434,187
Food and beverage101,537100,460191,921184,630
Other43,60942,23082,51678,244
Total hotel revenues403,324384,979747,151697,061
Same-Property Expenses:
Room$64,298$62,335$123,827$117,618
Food and beverage71,13968,854135,475130,883
Other direct10,4649,87520,12119,047
General and administrative30,46129,30459,13456,610
Information and telecommunication systems6,0635,79912,28611,435
Sales and marketing29,44627,49855,34952,228
Management fees11,01510,89619,34918,599
Property operations and maintenance13,53512,63826,78125,039
Energy and utilities11,22310,93022,55122,582
Property taxes15,85416,19032,90532,347
Other fixed expenses16,48515,51233,79831,097
Total hotel expenses279,983269,831541,576517,485
Same-Property Hotel EBITDA$123,341$115,148$205,575$179,576
Same-Property Hotel EBITDA Margin30.6%29.9%27.5%25.8%
Notes:
For the three months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026.

For the six months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026, except for the following:
  • Chamberlain West Hollywood Hotel is included in Q1 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.



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Pebblebrook Hotel Trust
Historical Operating Data
($ in millions except ADR and RevPAR data)
(Unaudited)
Historical Operating Data:
First QuarterSecond QuarterThird QuarterFourth QuarterFull Year
20252025202520252025
Occupancy63%78%80%69%72%
ADR$307$312$298$289$302
RevPAR$193$244$237$199$218
Hotel Revenues$309.9$385.0$374.6$333.4$1,402.8
Hotel EBITDA$64.1$115.1$100.1$68.9$348.2
Hotel EBITDA Margin20.7%29.9%26.7%20.7%24.8%
First QuarterSecond Quarter
20262026
Occupancy68%79%
ADR$315$327
RevPAR$216$259
Hotel Revenues$340.9$403.3
Hotel EBITDA$81.4$123.3
Hotel EBITDA Margin23.9%30.6%
Notes:
These historical hotel operating results include information for all of the hotels the Company owned as of June 30, 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.



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Pebblebrook Hotel Trust
2026 Same-Property Inclusions
HotelsQ1Q2Q3Q4
Chamberlain West Hollywood HotelX
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 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 June 30, 2026, except for the following:
•Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent sale.

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

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Source: View Original Filing on SEC EDGAR

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