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PEB-PF

Pebblebrook Hotel Trust

PEB-PF

Pebblebrook Hotel Trust • NYSE
$18.63 ▼ -1.04% (-0.20)
Market Cap $1.12 B
52w High $22.76
52w Low $16.85
Dividend Yield 1.57%
P/E -11.15
Volume 1.04K
Outstanding Shares 59.90M

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 Q1-2024Q3-2024Q4-2024Q2-2025
Food and Beverage
Food and Beverage
 $80.00M ▲$100.00M ▲$200.00M ▲$110.00M ▼
Hotel Other
Hotel Other
 $30.00M ▲$50.00M ▲$80.00M ▲$40.00M ▼
Occupancy
Occupancy
 $200.00M ▲$260.00M ▲$460.00M ▲$260.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Pebblebrook’s revenue has steadily recovered from the pandemic shock and is now well above 2020–2021 levels, but growth has started to level off in the last couple of years. Profitability has improved meaningfully: operations have moved from sizable losses to modest operating profits, and hotel-level earnings look solid. However, bottom-line net income is still only around break-even and earnings per share remain negative, reflecting ongoing pressure from interest costs, depreciation, and a still-normalizing travel mix. Overall, the business now looks much more stable than during the pandemic, but not yet consistently profitable on a net basis.

Balance Sheet

Balance Sheet The balance sheet shows a large, mostly stable asset base of hotels, with only small shifts over the last few years as the portfolio has been reshaped. Debt levels have stayed fairly steady, suggesting leverage is meaningful but not dramatically rising; this is important for a hotel REIT that is sensitive to interest rates and economic cycles. Cash on hand has improved from the lows of the pandemic period, giving the company more breathing room, though it still operates with a lean cash cushion. Equity has edged down from pre-pandemic highs, reflecting cumulative losses and portfolio changes, but there is still a substantial equity buffer supporting creditors and preferred investors.

Cash Flow

Cash Flow Cash flow has strengthened considerably since the worst of the pandemic. Operating cash flow has been consistently positive for several years, showing that the hotels are generating real cash even if accounting profits remain thin. Free cash flow has turned solidly positive as a major wave of redevelopment and renovation spending has wound down, with much lower capital spending in the most recent year. This shift suggests more flexibility to service obligations, support the balance sheet, and potentially fund selective investments rather than heavy, broad-based renovations.

Competitive Edge

Competitive Edge Pebblebrook positions itself as a specialist in urban and resort lifestyle hotels, focusing on distinctive, experience-driven properties rather than generic rooms. Its portfolio tilts toward high-quality, well-located assets in strong leisure and group markets, which can be more resilient and command higher rates when travel is healthy. The company differentiates through curated collections, active asset management, and a mix of independent hotels plus affiliations with major brands, giving it both uniqueness and distribution scale. Key vulnerabilities remain: the business is cyclical, exposed to travel demand, and sensitive to local market dynamics in gateway cities, as well as to interest-rate and financing conditions typical for REITs.

Innovation and R&D

Innovation and R&D Innovation at Pebblebrook is less about lab-style R&D and more about reimagining properties, guest experiences, and operations. The company invests in themed, experiential hotels (such as the “Unofficial Z Collection”) and is using design, branding, and partnerships to stand out in lifestyle and resort segments. It participates in the Curator Hotel & Resort Collection, which gives it access to modern technology platforms, purchasing advantages, and tools to enhance efficiency and guest engagement, including early use of AI-enhanced solutions. Redevelopment projects and brand conversions, such as turning existing resorts into stronger lifestyle concepts, are central to its value-creation strategy, though management signals that the most capital-intensive phase of this program is now behind them.

Summary

Pebblebrook has largely rebuilt its business since the severe disruption of 2020, with revenue and hotel-level earnings recovering, though net profits are still fragile. The balance sheet carries meaningful but stable debt and an improved cash position, supported by a sizable equity base, which is important for all capital providers, including preferred stockholders. Stronger and more consistent cash generation in recent years, combined with lower capital spending, leaves the company in a more flexible financial position than during its heavy redevelopment phase. Strategically, Pebblebrook competes on differentiated, experience-focused hotels in attractive leisure and group markets, using active asset management and partnerships rather than pure scale. Its long-term story depends on maintaining occupancy and pricing power in these lifestyle assets while managing leverage and interest-rate exposure in a cyclical, rate-sensitive real estate environment.