Pebblebrook Hotel Trust

Listed Company

PEB-PHCIK 0001474098NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.48B

Net Income

$-65.81M

Total Assets

$5.35B

Equity

$2.47B

Shares Out

113.37M

Op. Cash Flow

$249.73M

Business

Pebblebrook Hotel Trust is an internally managed hotel investment company that acquires, owns and invests in full-service upper-upscale and upscale hotel and resort properties. It offers hotel and resort ownership, asset management, property redevelopment and repositioning services, and operates a hospitality platform through leasing to a taxable REIT subsidiary that engages third-party managers, as well as majority ownership of the Curator Hotel & Resort Collection. Key organizational components include Pebblebrook Hotel, L.P. (Operating Partnership), Pebblebrook Hotel Lessee, Inc. (TRS) and Curator. The company’s properties are located primarily in major U.S. urban gateway and coastal markets and select resort and leisure destinations, including Boston, Chicago, Los Angeles, San Francisco, Washington, D.C., and southern Florida and California.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,476	1,453	1,420	1,392	733
Total hotel operating expenses	986	961	941	883	497
Depreciation and amortization	228	230	241	240	224
Real estate taxes, personal property taxes, property insurance, and ground rent	133	126	125	126	—
General and administrative	49	48	45	39	38
Impairment	49	48	82	90	15
Gain on sale of hotel properties	0	0	−30	−6	−65
Business interruption insurance income and gain on insurance settlement	−17	−49	−33	0	0
Other operating expenses	4	5	13	5	2
Total operating expenses	1,432	1,369	1,382	1,377	823
Operating income (loss)	44	84	38	15	−90
Interest expense	−103	−112	−116	−100	—
Other	4	3	4	562,000	113,000
Income (loss) before income taxes	−56	−26	−74	−85	−186
Income tax (expense) benefit	−6	26	−655,000	−277,000	−61,000
Net income (loss)	−62	16,000	−74	−85	−186
Net income (loss) attributable to non-controlling interests	4	4	4	2	−2
Net income (loss) attributable to the Company	−66	−4	−78	−87	−185
Distributions to preferred shareholders	−42	−43	−44	−45	−42
Repurchase of preferred shares	2	0	8	8	−8
Net income (loss) attributable to common shareholders	−106	−47	−113	−124	−235
Net income (loss) per share available to common shareholders, basic (in usd per share)	−0.9	−0.39	−0.93	−0.95	−1.8
Net income (loss) per share available to common shareholders, diluted (in usd per share)	−0.9	−0.39	−0.93	−0.95	−1.8
Weighted-average number of common shares, basic (in shares)	117	120	122	130	131
Weighted-average number of common shares, diluted (in shares)	117	120	122	130	131

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment in hotel properties, net	5,023	5,319	5,491	5,875	6,079
Cash and cash equivalents	184	207	184	41	59
Restricted cash	12	11	10	11	34
Hotel receivables (net of allowance for doubtful accounts of $241 and $439, respectively)	34	39	44	45	37
Prepaid expenses and other assets	94	118	97	116	53
Total assets	5,348	5,693	5,825	6,134	6,261
Debt	2,124	2,247	2,320	2,387	2,442
Accounts payable, accrued expenses and other liabilities	200	222	239	251	251
Lease liabilities - operating leases	333	321	321	320	319
Deferred revenues	105	92	77	74	69
Accrued interest	12	12	7	5	5
Distribution payable	12	12	12	12	12
Total liabilities	2,785	2,905	2,975	3,049	3,097
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred shares of beneficial interest, $.01 par value (liquidation preference $676,724 and $690,000 at December 31, 2025 and December 31, 2024, respectively), 100,000,000 shares authorized; 27,068,962 and 27,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	271,000	276,000	276,000	286,000	296,000
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 113,188,134 and 119,285,394 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1	1	1	1	1
Additional paid-in capital	3,970	4,072	4,079	4,182	4,268
Accumulated other comprehensive income (loss)	605,000	17	24	36	−19
Distributions and retained deficit	−1,503	−1,393	—	—	—
Total shareholders' equity	2,469	2,697	2,764	2,997	3,156
Non-controlling interests	94	90	87	88	8
Total equity	2,563	2,788	2,850	3,085	3,164
Total liabilities and equity	5,348	5,693	5,825	6,134	6,261

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision (benefit) for deferred income taxes	4	−28	0	0	—
Share-based compensation	14	14	13	11	11
Gain on insurance settlement	−5	−25	0	0	—
Amortization of deferred financing costs, non-cash interest and other amortization	13	14	12	13	17
Gain on extinguishment of debt	−6	0	0	—	—
Non-cash ground rent	10	10	10	—	—
Other adjustments	−831,000	−5	−8	−5	−2
Hotel receivables	4	5	1	−8	−28
Prepaid expenses and other assets	−6	9	−11	−10	−428,000
Accounts payable and accrued expenses	−9	−14	−6	25	52
Deferred revenues	18	19	8	4	26
Net cash provided by (used in) operating activities	250	275	236	279	71
Improvements and additions to hotel properties	−97	−129	−201	—	—
Proceeds from sales of hotel properties	103	0	315	249	256
Property insurance proceeds	6	37	30	6	0
Other investing activities	−481,000	−885,000	−2	−25,000	−128,000
Net cash provided by (used in) investing activities	10	−93	142	−109	−82
Payment of deferred financing costs	−11	−22	−3	−12	−15
Borrowings under revolving credit facilities	0	0	10	190	0
Repayments under revolving credit facilities	0	0	−10	−190	−40
Proceeds from debt	400	400	140	1,380	269
Repayments of debt	−511	−465	−211	−1,435	−392
Purchases of capped calls for convertible senior notes	−27	0	0	0	−21
Repurchases of common shares	−73	−17	−93	−71	−720,000
Repurchases of preferred shares	−6	0	−16	−16	−250
Distributions common shares/units	−5	−5	−5	−5	−5
Distributions preferred shares/units	−47	−47	−49	−47	−39
Other financing activities	−1	−2	−928,000	−3	−3
Net cash provided by (used in) financing activities	−281	−158	−237	−209	−33
Net change in cash and cash equivalents and restricted cash	−21	24	141	−40	−44

Filings

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