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PEB-PE

Pebblebrook Hotel Trust

PEB-PE

Pebblebrook Hotel Trust • NYSE
$18.52 ▼ -2.63% (-0.50)
Market Cap $1.12 B
52w High $22.49
52w Low $16.27
Dividend Yield 1.59%
P/E -11.09
Volume 11.57K
Outstanding Shares 60.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $398.723M ▼ $114.475M ▲ $-33.067M ▼ -8.293% ▼ $-0.37 ▼ $53.635M ▼
Q2-2025 $407.537M ▲ $67.385M ▲ $18.056M ▲ 4.431% ▲ $0.062 ▲ $106.791M ▲
Q1-2025 $320.266M ▼ $67.016M ▼ $-32.947M ▲ -10.287% ▲ $-0.37 ▲ $47.424M ▲
Q4-2024 $337.6M ▼ $86.458M ▲ $-50.485M ▼ -14.954% ▼ $-0.51 ▼ $31.153M ▼
Q3-2024 $404.53M $65.172M $43.657M 10.792% $0.3 $99.459M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $223.157M ▼ $5.554B ▼ $2.947B ▲ $2.514B ▼
Q2-2025 $256.13M ▲ $5.653B ▲ $2.922B ▼ $2.639B ▲
Q1-2025 $208.07M ▲ $5.651B ▼ $2.924B ▲ $2.635B ▼
Q4-2024 $206.65M ▲ $5.693B ▼ $2.905B ▲ $2.697B ▼
Q3-2024 $133.965M $5.723B $2.881B $2.752B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-32.353M ▼ $77.568M ▼ $-18.446M ▲ $-94.145M ▼ $-35.023M ▼ $77.568M ▼
Q2-2025 $19.285M ▲ $90.542M ▲ $-26.64M ▼ $-14.95M ▲ $48.952M ▲ $90.542M ▲
Q1-2025 $-32.18M ▲ $50.341M ▼ $-20.864M ▼ $-28.882M ▼ $595K ▼ $50.341M ▼
Q4-2024 $-47.712M ▼ $69.252M ▼ $-12.966M ▲ $17.048M ▲ $73.334M ▲ $151.924M ▲
Q3-2024 $45.145M $76.079M $-18.164M $-24.836M $33.079M $76.079M

Revenue by Products

Product Q4-2023Q1-2024Q3-2024Q4-2024
Food and Beverage
Food and Beverage
 $260.00M ▲$80.00M ▼$100.00M ▲$200.00M ▲
Hotel Other
Hotel Other
 $110.00M ▲$30.00M ▼$50.00M ▲$80.00M ▲
Occupancy
Occupancy
 $660.00M ▲$200.00M ▼$260.00M ▲$460.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has recovered well from the pandemic years and has been edging higher, showing a more stable demand picture for the hotel portfolio. Profitability has improved: operating results have moved from meaningful losses to modest profits, and cash-style earnings (like EBITDA) are now solidly positive. However, bottom-line net income is still hovering around break-even and earnings per share remain negative, meaning the business is not yet fully back to robust, consistent profitability. The overall trend is positive but still in a late-stage recovery rather than a mature, high-margin phase.

Balance Sheet

Balance Sheet The balance sheet shows a large portfolio of hotel assets supported by a significant, but slowly declining, debt load. Cash levels have improved from earlier years, giving the company more flexibility and a better liquidity cushion than it had right after the pandemic shock. Shareholders’ equity has drifted down from its peak, reflecting past losses and asset sales, but remains substantial relative to debt. Overall, leverage is meaningful but appears to be moving in the right direction as the company gradually trims debt and reshapes its portfolio.

Cash Flow

Cash Flow Cash generation from day-to-day operations has strengthened, shifting from cash burn during the pandemic to solid positive inflows in recent years. Free cash flow has turned positive and stayed that way, helped by better operating performance and more disciplined spending. Investment in the properties, while still present, has become more measured and is now being funded out of internally generated cash rather than heavy borrowing. This pattern suggests a more self-sustaining business model, though it still relies on a healthy travel environment to maintain these cash flows.

Competitive Edge

Competitive Edge Pebblebrook competes as an owner of upscale, often independent, lifestyle hotels in high-demand urban and resort markets. Its strategy focuses on buying underperforming but well-located assets, then upgrading and repositioning them to stand out in their local markets. Concentration in major gateway cities and attractive leisure destinations provides access to diverse demand sources—business, leisure, and group travel—though it also ties results closely to travel cycles and economic conditions in those markets. Active, hands-on asset management and the use of independent and “collection” branding give Pebblebrook some differentiation versus more standardized hotel REITs, but competition from large hotel chains and other owners remains intense.

Innovation and R&D

Innovation and R&D Innovation is more about how Pebblebrook runs and positions its hotels than about traditional research and development. The company emphasizes unique, experiential properties—such as its independent lifestyle “Z” hotels—and has shown a track record of transforming tired assets into more distinctive and higher-earning hotels. It is steadily adopting technology like AI tools, digital check-in, and automation to improve efficiency and guest service, aiming to keep revenue growth ahead of cost growth. Pebblebrook is also leaning into sustainability initiatives and co-founded the Curator Hotel & Resort Collection to give independent hotels access to better contracts and technology, which can strengthen its ecosystem and long-term competitive edge.

Summary

Pebblebrook’s financial story is one of recovery and gradual normalization after a severe pandemic shock: revenue and operating profits are improving, cash flow is now solid, and debt is slowly being managed down, though net income is still not consistently strong. The balance sheet carries meaningful leverage but is supported by a sizable, high-quality asset base in desirable hotel markets. The company’s edge comes from its focus on lifestyle and independent hotels, active asset recycling, and value-adding renovations, supported by increasing use of technology and sustainability initiatives. For a preferred shareholder, the key variables to watch are the durability of cash flows through travel cycles, continued progress on debt reduction, and evidence that its redevelopment and technology investments are translating into more stable, higher-margin operations over time.