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Pebblebrook Hotel Trust Q3 loss widens to $54.6M

Same-property Hotel EBITDA rose 15.1%, and the 2026 Adjusted EBITDA re midpoint increased by $16.3 million.

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Form Type
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Rhea-AI Filing Summary

Pebblebrook Hotel Trust reported a third-quarter net loss of $54.6 million, versus $32.4 million a year earlier, and recorded $77.3 million of non-cash impairment charges. Same-property Hotel EBITDA was $115.2 million, up 15.1%; Adjusted EBITDA re was $107.9 million, up 8.7%; and Adjusted FFO per diluted share was $0.63, up 23.5%. Same-property revenue increased 6.9%, expenses rose 4.0%, and RevPAR increased 8.3%.

Pebblebrook raised its 2026 outlook to Adjusted EBITDA re of $363.3 million to $367.3 million, a $16.3 million increase at the midpoint, and Adjusted FFO per diluted share of $1.88 to $1.92. It sold the 174-room Hotel Zags in Portland for $10.0 million on October 8, 2026. Third-quarter repurchases included 1.2 million common shares for $20.9 million and 0.4 million preferred shares for $7.2 million. At September 30, 2026, net debt to trailing-12-month corporate EBITDA was 5.1x and cash, cash equivalents and restricted cash totaled $298 million. It expects repayment of the $350 million of convertible notes maturing in December 2026 to be fully funded by existing cash, expected free cash flow and available term-loan capacity.

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Positive

  • Moderate pointSame-property Hotel EBITDA increased 15.1% to $115.2 million in Q3.

Negative

  • Moderate pointQ3 net loss increased to $54.6 million from $32.4 million.

Filing Explained

The plan shifts some spending into 2027; September 30 borrowing capacity was $641 million on the revolver and $90 million on the term loan.

Pebblebrook revises its 2026 capital-investment outlook to $60–$70 million from $65–$75 million, a $5 million midpoint reduction, and says some planned spending will shift into 2027.

At September 30, 2026, the company reported $641 million of available capacity on its $650 million revolving credit facility and $90 million of capacity on its 2031 term loan.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net loss ($54.6) million Three months ended September 30, 2026; compared with ($32.4) million in 2025
Same-Property Hotel EBITDA $115.2 million Third quarter 2026; up 15.1% from Q3 2025
Adjusted EBITDA re $107.9 million Third quarter 2026; up 8.7% from Q3 2025
Adjusted FFO per diluted share $0.63 Third quarter 2026; up 23.5% from Q3 2025
Same-Property RevPAR $256.66 per available room Third quarter 2026; up 8.3% from Q3 2025
2026 Adjusted EBITDA re outlook $363.3 million to $367.3 million Midpoint increased $16.3 million from prior outlook
2026 Adjusted FFO per diluted share outlook $1.88 to $1.92 Midpoint increased $0.17; 20.3% above 2025
Cash, cash equivalents and restricted cash $298 million As of September 30, 2026
RevPAR financial
"Same-Property RevPAR +8.3%"
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.
Adjusted FFO financial
"Adjusted FFO per diluted share: $0.63"
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.
EBITDA re financial
"Adjusted EBITDA re $107.9 million"
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.
liquidation preference financial
"23% average discount to liquidation preference"
A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.
Net loss ($54.6) million Compared with ($32.4) million in Q3 2025
Same-Property Hotel EBITDA $115.2 million +15.1% year over year
Adjusted EBITDA re $107.9 million +8.7% year over year
Adjusted FFO per diluted share $0.63 +23.5% versus Q3 2025
Guidance

2026 Adjusted EBITDA re: $363.3 million to $367.3 million; Adjusted FFO per diluted share: $1.88 to $1.92.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did PEB perform in Q3 2026?
PEB's same-property RevPAR was $256.66, up 8.3% from Q3 2025. Same-property ADR was $318.52 and occupancy was 80.6%; same-property Total RevPAR was $398.11, up 6.9%.

What is PEB's 2026 earnings outlook?
Pebblebrook's 2026 Adjusted EBITDA re outlook is $363.3 million to $367.3 million, with Adjusted FFO per diluted share of $1.88 to $1.92. The company said the Adjusted EBITDA re midpoint increased $16.3 million and the Adjusted FFO per-share midpoint increased $0.17.

What hotel did PEB sell after Q3?
Pebblebrook completed the sale of The Hotel Zags, a 174-room hotel in Portland, Oregon, on October 8, 2026, for $10.0 million. The property generated negative EBITDA of $0.6 million for the trailing twelve months ending August 31, 2026.

What dividends did PEB declare?
On September 15, 2026, Pebblebrook declared a quarterly cash dividend of $0.01 per common share. It also declared per-share dividends of $0.39844 for Series E, $0.39375 for Series F, $0.39844 for Series G and $0.35625 for Series H preferred shares.

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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): October 29, 2026

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

Maryland001-3457127-1055421
(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 October 29, 2026, Pebblebrook Hotel Trust (the "Company") issued a press release announcing the Company's results of operations for the three and nine months ended September 30, 2026.
A copy of the press release is furnished as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
99.1
Press release, issued October 29, 2026, providing the results of operations for the three and nine months ended September 30, 2026.
104Cover 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 
October 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 THIRD QUARTER 2026 RESULTS
Q3
FINANCIAL
RESULTS
▪Net loss: ($54.6) million.
▪Same-Property Hotel EBITDA: $115.2 million, a strong $10.7 million above the high end of the Company’s outlook and 15.1% higher than Q3 2025.
▪Adjusted EBITDAre: $107.9 million, $11.4 million above the high end of the outlook, and +8.7% year-over-year.
▪Adjusted FFO per diluted share: $0.63, $0.11 more than the high end of the outlook, and a robust +23.5% versus Q3 2025.
Q3 HOTEL
OPERATING RESULTS &
TRENDS
▪Rate-Led Revenue Growth: Same-Property RevPAR +8.3%, driven by ADR +7.0% and Occupancy +1.2%; Same-Property Total RevPAR +6.9%.
▪Momentum Beyond Summer Events: Healthy business and leisure demand continued through September, with RevPAR growth reaccelerating well after the World Cup and America 250 events early in the quarter.
▪Broad-Based Resort and Urban Growth: Resort RevPAR +8.4% and Urban RevPAR +8.3%; San Francisco +14.5%, Chicago +12.7%, Los Angeles +10.7%, Boston +10.6%, and Washington, DC +9.1%.
▪Strong Operating Leverage and Flow-Through: Same-Property Total Revenue +6.9% versus expense growth of just 4.0%, driving 58% EBITDA flow-through and 205 basis points of EBITDA margin expansion.
DISPOSITIONS, CAPITAL ALLOCATION, & BALANCE
SHEET
▪Dispositions: Sold The Hotel Zags Portland for $10.0 million after quarter-end, eliminating the hotel’s drag on Hotel EBITDA and bringing 2026 property sales to $53.5 million.
▪Share repurchases: Repurchased 1.2 million common shares for $20.9 million (average $18.12 per share) and 0.4 million preferred shares for $7.2 million at a 23% average discount to liquidation preference.
▪Capital investments: 2026 outlook reduced to $60 to $70 million, primarily reflecting project timing.
▪Balance sheet: Net debt/TTM corporate EBITDA declined to 5.1x; cash and restricted cash totaled $298 million at September 30, which does not reflect disposition proceeds received after quarter-end.
2026
OUTLOOK
▪Net loss: ($60.5) to ($56.5) million.
▪Same-Property RevPAR Growth Rate: +7.6% to +8.0%; midpoint +280 basis points from prior Outlook.
▪Same-Property Total RevPAR Growth Rate: +6.1% to +6.5%; midpoint +160 basis points.
▪Adjusted EBITDAre: $363.3 to $367.3 million; midpoint +$16.3 million.
▪Adjusted FFO per diluted share: $1.88 to $1.92; midpoint +$0.17 and +20.3% vs. 2025.
▪Free Cash Flow: $146.0 to $150.0 million; midpoint +$24.5 million.
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.
“
“Our third-quarter results far exceeded the high end of our outlook for the third consecutive quarter. Healthy business and leisure travel drove broad-based growth across our portfolio, with momentum continuing through September, well beyond the summer’s major events. Our premium portfolio continued to demonstrate significant pricing power, with Same-Property ADR increasing 7.0%, well above our expectations.
“Our resorts delivered outstanding results, demonstrating guests’ willingness to spend on distinctive lifestyle experiences. Resort RevPAR increased 8.4%, food and beverage revenues jumped 11.2%, and eight of our 13 resorts achieved Hotel EBITDA growth of 20% or more. Our urban hotels also performed very well, with RevPAR climbing 8.3%, driven by double-digit RevPAR gains in San Francisco, Chicago, Los Angeles, and Boston.
“We are raising our full-year outlook again to reflect both our significant third-quarter outperformance and our increasing confidence in fourth-quarter demand trends. Despite ongoing geopolitical and economic uncertainty, travel demand remains resilient. With new hotel supply extremely limited, stronger pricing power and disciplined cost control are driving higher RevPAR, total revenues, and margins.
“We see substantial upside ahead. Our redeveloped resorts are still ramping up, our urban markets are recovering, pricing power is growing, and 2027 brings stronger convention calendars in our two largest markets, San Diego and Boston, along with the Super Bowl in Los Angeles. Strong free cash flow and selective hotel sales at attractive private-market valuations provide significant capital to reduce debt and repurchase common and preferred shares at meaningful discounts. Combined, these strong factors should continue to grow cash flow and Adjusted FFO per diluted share.”
-Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust


Third Quarter and Year-to-Date Highlights
Third Quarter
Nine months ended
September 30,
Same-Property and
Corporate Highlights		20262025Var20262025Var
($ in millions except per share and RevPAR data)
Net income/(loss)
($54.6)
($32.4)
NM
($48.1)
($45.2)
NM
Same-Property RevPAR(1,2)
$257
$237
8.3%
$244
$225
8.7%
Same-Property Total RevPAR(1,2)
$398
$372
6.9%
$383
$358
7.1%
Same-Property Room Revenues(1,2)
$258.3
$238.4
8.3%
$731.0
$672.6
8.7%
Same-Property Total Revenues(1,2)
$400.6
$374.6
6.9%
$1,147.7
$1,071.6
7.1%
Same-Property Total Expenses(1,2)
$285.3
$274.5
4.0%
$826.9
$792.0
4.4%
Same-Property Hotel EBITDA(1,2)
$115.2
$100.1
15.1%
$320.8
$279.7
14.7%
Adjusted EBITDAre(1)
$107.9
$99.2
8.7%
$297.3
$272.8
9.0%
Adjusted FFO(1)
$71.6
$60.2
18.9%
$186.1
$156.3
19.0%
Adjusted FFO per diluted share(1)
$0.63
$0.51
23.5%
$1.62
$1.30
24.6%
Free Cash Flow(3)
$55.6 $44.7 24.4%$143.4 $98.8 45.1%
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 September 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.
“One of the most encouraging developments in the third quarter was the continued improvement in pricing power across our portfolio,” noted Mr. Bortz. “Healthy business and leisure transient demand supported an 8.5% increase in transient ADR, while group ADR also increased despite softer convention calendars in several markets. Importantly, demand remained strong throughout the third quarter, reaccelerating in September. Together, these trends reinforce the broad strength of underlying travel demand beyond the early-quarter major events.”

Pebblebrook’s hotel operators and asset management team continued to convert stronger revenues into greater profitability through disciplined expense control and comprehensive operating efficiency initiatives. Same-Property Total Revenues increased 6.9%, well above the high end of the Company’s outlook, while Same-Property Total Expenses rose just 4.0%, or 2.7% on a per-occupied-room basis. This drove a robust 15.1% increase in Same-Property Hotel EBITDA and 205 basis points of margin expansion. The improvement reflects stronger pricing from increased confidence and more compression days, better demand mix, less discounting, healthy on-property spending, and continued productivity gains across the portfolio.

Year-to-date, Same-Property RevPAR climbed 8.7% and Total Revenues increased 7.1%, compared with expense growth of just 4.4%, driving 14.7% growth in Same-Property Hotel EBITDA and approximately 190 basis points of margin expansion. These year-to-date results demonstrate that the sustained benefits of improving demand, stronger rate realization, and the Company’s strategic operating efficiency initiatives extend well beyond any single quarter.


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Update on Strategic Dispositions
On October 8, 2026, Pebblebrook completed the sale of The Hotel Zags, a 174-room hotel in Portland, Oregon, for $10.0 million. The property generated negative EBITDA of $0.6 million for the trailing-twelve-months ending August 31, 2026. The sale reduces the Company’s exposure to Portland to just one hotel and provides additional liquidity for debt reduction and opportunistic common and preferred share repurchases.
In connection with The Hotel Zags sale and the Company’s ongoing evaluation of additional dispositions, $77.3 million of non-cash impairment charges were recorded in the third quarter.
Over the past year, the Company has completed nearly $170 million of property dispositions at an aggregate 17.4x EBITDA multiple and a 3.9% net operating income capitalization rate based on trailing-twelve-month performance prior to each respective sale and a capital reserve of 4.0% of total hotel revenues. These sales provide transaction-based support for the portfolio’s underlying private-market valuation and enable the Company to recycle capital into debt reduction and share repurchases at attractive prices. The valuation metrics do not include additional capital investments that buyers may undertake following acquisition.
The Company has also increased its estimated net asset value (“NAV”) per common share by $1.00, to a range of $23.50 to $27.50, reflecting improved property performance, recent transaction evidence, and the benefits of common and preferred share repurchases.
Capital Investments
During the third quarter, the Company invested $14.8 million in capital improvements across its portfolio. Year-to-date, capital investments across the portfolio totaled $39.3 million.
For the full year, the Company anticipates investing $60 to $70 million, a $5 million reduction at the midpoint from its prior outlook of $65 to $75 million, primarily reflecting project timing, with a portion of planned spending shifting into 2027. With the Company’s multi-year redevelopment program largely completed, capital investing has settled at a lower, more normalized level that supports higher discretionary free cash flow for debt reduction and opportunistic repurchases of common and preferred shares. The Company expects this lower level of capital investment to continue into 2027.
Balance Sheet and Share Repurchases
The Company’s deleveraging trend continued in the third quarter, driven by stronger operating results and lower net debt. Net debt-to-trailing 12-month corporate EBITDA declined to 5.1x as of September 30, 2026, from 5.9x at December 31, 2025.
As of September 30, 2026, cash, cash equivalents, and restricted cash had grown to $298 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 currently carry an estimated weighted-average interest rate of 4.2% and a weighted-average debt maturity of 2.5 years, with 89% of the debt effectively fixed and 98% unsecured.
Repayment of the Company’s $350 million of convertible notes maturing in December 2026 is expected to be fully funded by existing cash, expected free cash flow, and available term loan capacity. There are no other debt maturities until 2028.
During the third quarter of 2026, the Company repurchased 1.2 million common shares for $20.9 million, at an average share price of $18.12, bringing year-to-date 2026 repurchases to 2.1 million shares at an average price of $16.09 per share. Since October 2022, the Company has repurchased 20.6 million common shares, approximately 16% of outstanding shares, at an average price of $13.64, representing a 47% discount to the midpoint of the Company’s updated NAV range. The reduced share count is visible in per-share results: third-quarter Adjusted FFO per diluted share increased 23.5%, compared with 18.9% growth in Adjusted FFO.
The Company also repurchased 0.4 million preferred shares during the third quarter for $7.2 million at an attractive 23% average discount to liquidation preference, reducing total outstanding preferred equity securities to $707.8 million, bringing 2026 total repurchases through the third quarter up to 1.9 million preferred shares.


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Common and Preferred Dividends
On September 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
Third-quarter results reinforced Pebblebrook’s key 2026 earnings drivers: healthy premium business and leisure travel, strengthening pricing power, resilient guest spending beyond the room, well-controlled expense growth, and continued recovery across urban markets led by San Francisco, Los Angeles, and Boston. The sustained momentum through September, beyond early-quarter major events and the ongoing benefits of the Company’s strategic operating initiatives, further supports the portfolio’s earnings growth outlook.
The Company raised its 2026 Outlook to reflect both stronger-than-expected third-quarter results and improved expectations for the fourth quarter. Of the $16.3 million increase in the Adjusted EBITDAre midpoint, $13.4 million reflects third-quarter results above the prior third-quarter outlook midpoint, and $2.9 million reflects higher fourth-quarter expectations. The change in the full-year GAAP net loss outlook primarily reflects the third-quarter non-cash impairment charges, partially offset by the improved operating outlook.
Current demand and booking trends remain constructive, supported by resilient business and leisure travel activity, while the Company remains mindful of shorter booking windows and macroeconomic, policy, and geopolitical uncertainties. The updated Outlook reflects the sale of The Hotel Zags Portland and assumes no acquisitions and no additional dispositions.
The Company’s 2026 Outlook is as follows:
2026 Outlook
Variance to Prior Outlook
As of 10/29/26Var to 7/29/26
($ in millions, except per share data)
LowHighLowHigh
Net loss($60.5)($56.5)($58.8)($62.8)
Adjusted EBITDAre
$363.3$367.3$18.3$14.3
Adjusted FFO$215.5$219.5$21.5$17.5
Adjusted FFO per diluted share$1.88$1.92$0.19$0.16
Free Cash Flow (Adj. FFO less capital investments midpoint & common divs.)
$146.0$150.0$26.5$22.5
This 2026 Outlook is based, in part, on the following estimates and assumptions:
($ in millions)
LowHighLowHigh
U.S. hotel industry RevPAR growth rate5.5%6.0%2.0%1.5%
Same-Property RevPAR growth rate7.6%8.0%3.1%2.5%
Same-Property Total RevPAR growth rate6.1%6.5%2.0%1.2%
Same-Property Total Revenue growth rate6.1%6.5%2.0%1.2%
Same-Property Total Expense growth rate3.8%4.0%1.0%0.4%
Same-Property Hotel EBITDA$393.8$397.8$16.8$12.8
Same-Property Hotel EBITDA growth rate12.9%14.1%4.7%3.6%
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The Company’s Q4 2026 Outlook is as follows:
Q4 2026 Outlook
As of 10/29/26
($ in millions, except per share data)
LowHigh
Net loss($12.5)($8.5)
Adjusted EBITDAre
$66.0$70.0
Adjusted FFO$29.5$33.5
Adjusted FFO per diluted share$0.26$0.30
This Q4 2026 Outlook is based, in part, on the following estimates and assumptions:
($ in millions, except RevPAR data)
LowHigh
Same-Property RevPAR$209$213
Same-Property RevPAR growth rate4.0%6.0%
Same-Property Total RevPAR growth rate2.8%4.8%
Same-Property Total Revenue growth rate2.8%4.8%
Same-Property Total Expense growth rate2.1%3.1%
Same-Property Hotel EBITDA$73.0$77.0
Same-Property Hotel EBITDA growth rate5.7%11.5%
Third Quarter 2026 Earnings Call
The Company will conduct its quarterly analyst and investor conference call on Friday, October 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 42 hotels and resorts, totaling approximately 10,800 guest rooms across 14 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 October 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)
September 30, 2026December 31, 2025
(Unaudited)
ASSETS
Assets:
Investment in hotel properties, net$4,767,037 $5,023,457 
Hotel held for sale9,907 — 
Cash and cash equivalents287,510 184,185 
Restricted cash10,355 12,018 
Hotel receivables (net of allowance for doubtful accounts of $303 and $241, respectively)
43,134 34,184 
Prepaid expenses and other assets85,569 94,330 
Total assets$5,203,512 $5,348,174 
LIABILITIES AND EQUITY
Liabilities:
Unsecured revolving credit facilities$— $— 
Unsecured term loans, net of unamortized deferred financing costs893,606 897,708 
Convertible senior notes, net of unamortized debt premium and deferred financing costs741,944 739,809 
Unsecured senior notes, net of unamortized deferred financing costs394,856 393,670 
Mortgage loans, net of unamortized deferred financing costs51,363 92,905 
Accounts payable, accrued expenses and other liabilities228,197 199,631 
Lease liabilities - operating leases335,726 333,068 
Deferred revenues102,770 104,900 
Accrued interest19,325 12,106 
Liabilities related to hotel held for sale638 — 
Distribution payable10,977 11,639 
Total liabilities2,779,402 2,785,436 
Commitments and contingencies
Shareholders' Equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $630,147 and $676,724 at September 30, 2026 and December 31, 2025, respectively), 100,000,000 shares authorized; 25,205,860 and 27,068,962 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively
252 271 
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 111,300,549 and 113,188,134 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively
1,113 1,132 
Additional paid-in capital3,897,785 3,969,875 
Accumulated other comprehensive income (loss)9,233 605 
Distributions and retained deficit(1,578,758)(1,503,262)
Total shareholders' equity2,329,625 2,468,621 
Non-controlling interests94,485 94,117 
Total equity2,424,110 2,562,738 
Total liabilities and equity$5,203,512 $5,348,174 
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Pebblebrook Hotel Trust
Consolidated Statements of Operations
($ in thousands, except share and per-share data)
(Unaudited)
For the three months ended September 30,For the nine months ended September 30,
2026202520262025
Revenues:
Room$258,253 $254,613 $732,491 $709,223 
Food and beverage96,252 96,239 289,969 288,543 
Other operating48,240 47,871 133,083 128,760 
Total revenues$402,745 $398,723 $1,155,543 $1,126,526 
Expenses:
Hotel operating expenses:
Room$68,344 $70,434 $192,695 $196,689 
Food and beverage70,632 71,011 208,477 208,237 
Other direct and indirect117,743 117,607 340,172 335,126 
Total hotel operating expenses256,719 259,052 741,344 740,052 
Depreciation and amortization51,717 57,602 155,795 172,790 
Real estate taxes, personal property taxes, property insurance and ground rent32,181 35,404 97,220 102,655 
General and administrative11,712 12,062 35,651 37,792 
Impairment77,329 46,497 86,129 46,497 
Business interruption insurance income and gain on insurance settlement— (3,874)— (11,419)
Other operating expenses705 2,188 1,730 3,216 
Total operating expenses430,363 408,931 1,117,869 1,091,583 
Operating income (loss)(27,618)(10,208)37,674 34,943 
Interest expense(25,949)(20,180)(78,319)(74,595)
Other, net2,154 1,037 3,408 2,056 
Income (loss) before income taxes(51,413)(29,351)(37,237)(37,596)
Income tax (expense) benefit(3,173)(3,002)(10,872)(7,652)
Net income (loss)(54,586)(32,353)(48,109)(45,248)
Net income (loss) attributable to non-controlling interests387 714 2,559 2,710 
Net income (loss) attributable to the Company(54,973)(33,067)(50,668)(47,958)
Distributions to preferred shareholders(9,725)(10,611)(30,071)(31,874)
Repurchase of preferred shares1,617 312 8,616 312 
Net income (loss) attributable to common shareholders$(63,081)$(43,366)$(72,123)$(79,520)
Net income (loss) per share available to common shareholders, basic and diluted$(0.56)$(0.37)$(0.64)$(0.67)
Weighted-average number of common shares, basic and diluted112,170,743 117,555,628 112,743,575 118,304,722 
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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 at 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 September 30,For the nine months ended September 30,
2026202520262025
Net income (loss)$(54,586)$(32,353)$(48,109)$(45,248)
Adjustments:
Real estate depreciation and amortization51,662 57,544 155,628 172,615 
Impairment77,329 46,497 86,129 46,497 
FFO$74,405 $71,688 $193,648 $173,864 
Distribution to preferred shareholders and unit holders(10,889)(11,776)(33,563)(35,367)
Repurchase of preferred shares1,617 312 8,616 312 
FFO available to common share and unit holders$65,133 $60,224 $168,701 $138,809 
Transaction costs53 37 113 94 
Non-cash ground rent on operating and finance leases1,709 1,788 5,140 5,450 
Management/franchise contract transition costs— — 130 5 
Interest expense adjustment for acquired liabilities165 156 674 717 
Finance lease adjustment767 760 2,300 2,273 
Non-cash amortization of acquired intangibles(45)(453)(146)(1,390)
Gain on insurance settlement— (1,820)— (1,820)
Early extinguishment of debt— (7,385)627 (7,385)
Amortization of share-based compensation expense2,563 3,521 7,432 10,262 
Repurchase of preferred shares(1,617)(312)(8,616)(312)
Deferred tax provision (benefit)2,832 2,406 8,056 5,740 
Unrealized loss on investment— 1,238 1,639 3,900 
Adjusted FFO available to common share and unit holders$71,560 $60,160 $186,050 $156,343 
FFO per common share - basic$0.57 $0.51 $1.48 $1.16 
FFO per common share - diluted$0.57 $0.51 $1.47 $1.16 
Adjusted FFO per common share - basic$0.63 $0.51 $1.63 $1.31 
Adjusted FFO per common share - diluted$0.63 $0.51 $1.62 $1.30 
Weighted-average number of basic common shares and units113,508,761 118,726,350 114,081,593 119,475,444 
Weighted-average number of fully diluted common shares and units114,379,048 119,093,161 114,973,362 119,987,469 
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.
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Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre,
Adjusted EBITDAre, Hotel EBITDA, and Same-Property Hotel EBITDA
($ in thousands)
(Unaudited)
For the three months ended September 30,For the nine months ended September 30,
2026202520262025
Net income (loss)$(54,586)$(32,353)$(48,109)$(45,248)
Adjustments:
Interest expense25,949 20,180 78,319 74,595 
Income tax expense (benefit)3,173 3,002 10,872 7,652 
Depreciation and amortization51,717 57,602 155,795 172,790 
EBITDA$26,253 $48,431 $196,877 $209,789 
Impairment77,329 46,497 86,129 46,497 
EBITDAre
$103,582 $94,928 $283,006 $256,286 
Transaction costs53 37 113 94 
Non-cash ground rent on operating and finance leases1,709 1,788 5,140 5,450 
Management/franchise contract transition costs— — 130 5 
Non-cash amortization of acquired intangibles(45)(453)(146)(1,390)
Gain on insurance settlement— (1,820)— (1,820)
Amortization of share-based compensation expense2,563 3,521 7,432 10,262 
Unrealized loss on investment— 1,238 1,639 3,900 
Adjusted EBITDAre
$107,862 $99,239 $297,314 $272,787 
Business interruption insurance income
— (2,054)— (9,599)
Corporate general and administrative and other7,379 8,203 23,948 24,006 
Hotel EBITDA$115,241 $105,388 $321,262 $287,194 
Hotel EBITDA from non-same-property hotels— (5,301)(446)(7,531)
Same-Property Hotel EBITDA$115,241 $100,087 $320,816 $279,663 
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.
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Pebblebrook Hotel Trust
Reconciliation of Q4 2026 and Full Year 2026 Outlook Net Income (Loss) to FFO, FFO Available to Common Share and Unit Holders, and Adjusted FFO Available to Common Share and Unit Holders
(in millions, except per share data)
(Unaudited)
For the three months ending
December 31, 2026
For the year ending
December 31, 2026
LowHighLowHigh
Net income (loss)$(13)$(9)$(61)$(57)
Adjustments:
Real estate depreciation and amortization47 47 203 203 
Impairment — — 86 86 
FFO$34 $38 $228 $232 
Distribution to preferred shareholders and unit holders(11)(11)(45)(45)
Repurchase of preferred shares— — 9 9 
FFO available to common share and unit holders$23 $27 $192 $196 
Non-cash ground rent on operating and finance leases2 2 7 7 
Amortization of share-based compensation expense3 3 10 10 
Other2 2 7 7 
Adjusted FFO available to common share and unit holders$30 $34 $216 $220 
.
FFO per common share - diluted$0.20 $0.24 $1.68 $1.71 
Adjusted FFO per common share - diluted$0.26 $0.30 $1.88 $1.92 
Weighted-average number of fully diluted common shares and units113.5 113.5 114.5 114.5 
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.
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Pebblebrook Hotel Trust
Reconciliation of Q4 2026 and Full Year 2026 Outlook Net Income (Loss) to EBITDA, EBITDAre, and Adjusted EBITDAre
($ in millions)
(Unaudited)
For the three months ending
December 31, 2026
For the year ending
December 31, 2026
LowHighLowHigh
Net income (loss)$(13)$(9)$(61)$(57)
Adjustments:
Interest expense and income tax expense27 27 116 116 
Depreciation and amortization47 47 203 203 
EBITDA$61 $65 $258 $262 
Impairment— — 86 86 
EBITDAre
$61 $65 $344 $348 
Non-cash ground rent on operating and finance leases2 2 7 7 
Amortization of share-based compensation expense3 3 10 10 
Other— — 2 2 
Adjusted EBITDAre
$66 $70 $363 $367 
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 September 30,For the nine months ended September 30,
2026202520262025
Same-Property Occupancy80.6%79.6%76.2%73.6%
2026 vs. 2025 Increase
1.2%3.5%
Same-Property ADR$318.52$297.56$320.32$305.12
2026 vs. 2025 Increase
7.0%5.0%
Same-Property RevPAR$256.66$236.96$244.01$224.58
2026 vs. 2025 Increase
8.3%8.7%
Same-Property Total RevPAR$398.11$372.25$383.13$357.80
2026 vs. 2025 Increase
6.9%7.1%
Notes:
For the three months ended September 30, 2026, the above table of hotel operating statistics includes information from all hotels owned as of September 30, 2026.

For the nine months ended September 30, 2026, the above table of hotel operating statistics includes information from all hotels owned as of September 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 September 30,For the nine months ended September 30,
20262026
Same-Property RevPAR variance to 2025:
San Francisco14.5%24.2%
Chicago12.7%11.9%
Los Angeles10.7%16.0%
Boston10.6%6.0%
Washington, DC9.1%(9.5%)
Portland0.1%(1.4%)
San Diego Downtown(4.5%)(2.4%)
Resorts8.4%9.3%
Urban8.3%8.3%
Notes:
For the three months ended September 30, 2026, the above table includes information from all hotels owned as of September 30, 2026.

For the nine months ended September 30, 2026, the above table includes information from all hotels owned as of September 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 September 30,For the nine months ended September 30,
2026202520262025
Same-Property Revenues:
Room$258,253$238,430$730,967$672,617
Food and beverage95,27890,501287,199275,132
Other47,04945,630129,565123,873
Total hotel revenues400,580374,5611,147,7311,071,622
Same-Property Expenses:
Room$68,330$64,650$192,157$182,268
Food and beverage69,23666,958204,711197,842
Other direct10,93810,63231,06029,680
General and administrative30,55528,92889,68985,538
Information and telecommunication systems6,0315,71518,31817,150
Sales and marketing28,93526,99184,28379,218
Management fees10,92210,39030,27028,989
Property operations and maintenance13,80212,78640,58337,825
Energy and utilities13,11312,28935,66434,871
Property taxes16,20217,19049,10749,537
Other fixed expenses17,27517,94551,07349,041
Total hotel expenses285,339274,474826,915791,959
Same-Property Hotel EBITDA$115,241$100,087$320,816$279,663
Same-Property Hotel EBITDA Margin28.8%26.7%28.0%26.1%
Notes:
For the three months ended September 30, 2026, the above table includes information from all hotels owned as of September 30, 2026.

For the nine months ended September 30, 2026, the above table includes information from all hotels owned as of September 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%73%
ADR$309$314$300$292$304
RevPAR$196$247$240$201$221
Hotel Revenues$309.0$383.6$373.0$332.3$1,397.9
Hotel EBITDA$64.4$115.1$100.1$69.1$348.7
Hotel EBITDA Margin20.8%30.0%26.8%20.8%24.9%
First QuarterSecond QuarterThird Quarter
202620262026
Occupancy69%80%81%
ADR$318$329$321
RevPAR$219$263$260
Hotel Revenues$339.9$401.9$399.0
Hotel EBITDA$81.7$123.3$115.2
Hotel EBITDA Margin24.0%30.7%28.9%
Notes:
These historical hotel operating results include information for all of the hotels the Company owned as of October 29, 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
The Hotel ZagsXXX
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 October 29, 2026, except for the following:
•Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent sale.
•The Hotel Zags 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.

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Source: View Original Filing on SEC EDGAR

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