peb-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM			10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 001-34571




PEBBLEBROOK HOTEL TRUST
			(Exact Name of Registrant as Specified in Its Charter)


Maryland						27-1055421
(State of Incorporation or Organization)						(I.R.S. Employer Identification No.)

4747 Bethesda Avenue, Suite 1100, Bethesda, Maryland						20814
(Address of Principal Executive Offices)						(Zip Code)


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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, $0.01 par value per share

PEB

New York Stock Exchange

Series E Cumulative Redeemable Preferred Shares, $0.01 par value

PEB-PE

New York Stock Exchange

Series F Cumulative Redeemable Preferred Shares, $0.01 par value

PEB-PF

New York Stock Exchange

Series G Cumulative Redeemable Preferred Shares, $0.01 par value

PEB-PG

New York Stock Exchange

Series H Cumulative Redeemable Preferred Shares, $0.01 par value

PEB-PH

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at April 25, 2025
Common shares of beneficial interest ($0.01 par value per share)						118,685,166


Pebblebrook Hotel Trust TABLE OF CONTENTS



		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements.	3
	Consolidated Balance Sheets - March 31, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations and Comprehensive Income (unaudited) - Three months ended March 31, 2025 and 2024	4
	Consolidated Statements of Equity (unaudited) - Three months ended March 31, 2025 and 2024	6
	Consolidated Statements of Cash Flows (unaudited) - Three months ended March 31, 2025 and 2024	7
	Notes to the Consolidated Financial Statements (unaudited)	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	29
Item 4.	Controls and Procedures.	29
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings.	30
Item 1A.	Risk Factors.	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	30
Item 3.	Defaults Upon Senior Securities.	30
Item 4.	Mine Safety Disclosures.	30
Item 5.	Other Information.	31
Item 6.	Exhibits.	32

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.


Pebblebrook Hotel Trust Consolidated Balance Sheets (in thousands, except share and per-share data)

	March 31, 2025		December 31, 2024
	(Unaudited)
ASSETS
Investment in hotel properties, net	$	5,281,599	$	5,319,029

Cash and cash equivalents	208,070		206,650
Restricted cash	10,116		10,941
Hotel receivables (net of allowance for doubtful accounts of $357 and $439, respectively)	43,173		39,125
Prepaid expenses and other assets	107,663		117,593
Total assets	$	5,650,621	$	5,693,338
LIABILITIES AND EQUITY
Debt	$	2,247,438	$	2,246,732
Accounts payable, accrued expenses and other liabilities	219,003		222,230
Lease liabilities - operating leases	320,752		320,741
Deferred revenues	104,308		92,347
Accrued interest	20,857		11,549

Distribution payable	11,847		11,865
Total liabilities	2,924,205		2,905,464
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $690,000 at March 31, 2025 and December 31, 2024), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at March 31, 2025 and December 31, 2024	276		276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 118,278,405 and 119,285,394 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	1,183		1,193
Additional paid-in capital	4,060,426		4,072,265
Accumulated other comprehensive income (loss)	10,892		16,550
Distributions in excess of retained earnings	(1,437,622)		(1,392,860)
Total shareholders’ equity	2,635,155		2,697,424
Non-controlling interests	91,261		90,450
Total equity	2,726,416		2,787,874
Total liabilities and equity	$	5,650,621	$	5,693,338

The accompanying notes are an integral part of these financial statements.

Table of Contents


Pebblebrook Hotel Trust Consolidated Statements of Operations and Comprehensive Income (in thousands, except share and per-share data)
(Unaudited)

	For the three months ended March 31,
		2025		2024
Revenues:
Room		$	197,010	$	198,100
Food and beverage		86,310		81,095
Other operating		36,946		34,874
Total revenues		320,266		314,069
Expenses:
Hotel operating expenses:
Room		58,523		55,023
Food and beverage		64,568		61,014
Other direct and indirect		104,123		100,019
Total hotel operating expenses		227,214		216,056
Depreciation and amortization		57,543		57,209
Real estate taxes, personal property taxes, property insurance, and ground rent		33,273		32,405
General and administrative		13,226		12,177



Business interruption insurance income		(4,303)		(3,980)
Other operating expenses		550		1,581
Total operating expenses		327,503		315,448
Operating income (loss)		(7,237)		(1,379)
Interest expense		(27,133)		(26,421)
Other		(972)		326
Income (loss) before income taxes		(35,342)		(27,474)
Income tax (expense) benefit		3,162		(46)
Net income (loss)		(32,180)		(27,520)
Net income (loss) attributable to non-controlling interests		767		830
Net income (loss) attributable to the Company		(32,947)		(28,350)
Distributions to preferred shareholders		(10,631)		(10,631)

Net income (loss) attributable to common shareholders		$	(43,578)	$	(38,981)

Net income (loss) per share available to common shareholders, basic		$	(0.37)	$	(0.32)
Net income (loss) per share available to common shareholders, diluted		$	(0.37)	$	(0.32)
Weighted-average number of common shares, basic		119,204,243		120,085,226
Weighted-average number of common shares, diluted		119,204,243		120,085,226

Table of Contents


Pebblebrook Hotel Trust Consolidated Statements of Operations and Comprehensive Income - Continued (in thousands, except share and per-share data)
(Unaudited)

	For the three months ended March 31,
		2025		2024
Comprehensive Income:
Net income (loss)		$	(32,180)	$	(27,520)
Other comprehensive income (loss):
Change in fair value of derivative instruments		(1,840)		13,076
Amounts reclassified from other comprehensive income		(3,800)		(6,335)
Comprehensive income (loss)		(37,820)		(20,779)
Comprehensive income (loss) attributable to non-controlling interests		821		878
Comprehensive income (loss) attributable to the Company		$	(38,641)	$	(21,657)

The accompanying notes are an integral part of these financial statements.

Table of Contents


Pebblebrook Hotel Trust Consolidated Statements of Equity (in thousands, except share data)
(Unaudited)

	For the three months ended March 31, 2025
	Preferred Shares			Common Shares			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Distributions in Excess of Retained Earnings		Total Shareholders' Equity		Non-Controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2024	27,600,000	$	276	119,285,394	$	1,193	$	4,072,265	$	16,550	$	(1,392,860)	$	2,697,424	$	90,450	$	2,787,874



Issuance of common shares for Board of Trustees compensation	—	—		54,451	1		744		—		—		745		—		745
Repurchase of common shares	—	—		(1,282,621)	(13)		(14,599)		—		—		(14,612)		—		(14,612)
Share-based compensation	—	—		221,181	2		2,052		—		—		2,054		1,166		3,220
Distributions on common shares/units	—	—		—	—		—		—		(1,184)		(1,184)		(12)		(1,196)
Distributions on preferred shares/units	—	—		—	—		—		—		(10,631)		(10,631)		(1,164)		(11,795)

Other comprehensive income (loss):
Change in fair value of derivative instruments	—	—		—	—		(36)		(1,858)		—		(1,894)		54		(1,840)
Amounts reclassified from other comprehensive income	—	—		—	—		—		(3,800)		—		(3,800)		—		(3,800)
Net income (loss)	—	—		—	—		—		—		(32,947)		(32,947)		767		(32,180)
Balance at March 31, 2025	27,600,000	$	276	118,278,405	$	1,183	$	4,060,426	$	10,892	$	(1,437,622)	$	2,635,155	$	91,261	$	2,726,416





	For the three months ended March 31, 2024
	Preferred Shares			Common Shares			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Distributions in Excess of Retained Earnings		Total Shareholders' Equity		Non-Controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2023	27,600,000	$	276	120,191,349	$	1,202	$	4,078,912	$	24,374	$	(1,341,264)	$	2,763,500	$	86,845	$	2,850,345



Issuance of common shares for Board of Trustees compensation	—	—		47,497	1		744		—		—		745		—		745
Repurchase of common shares	—	—		(387,651)	(4)		(6,847)		—		—		(6,851)		—		(6,851)
Share-based compensation	—	—		243,185	2		2,089		—		—		2,091		969		3,060
Distributions on common shares/units	—	—		—	—		—		—		(1,205)		(1,205)		(11)		(1,216)
Distributions on preferred shares/units	—	—		—	—		—		—

SEC Form 10-Q filed by Pebblebrook Hotel Trust