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PEB-PG

Pebblebrook Hotel Trust

PEB-PG

Pebblebrook Hotel Trust • NYSE
$18.90 ▲ 1.29% (+0.24)
Market Cap $2.24 B
52w High $22.54
52w Low $16.60
Dividend Yield 1.59%
P/E -11.32
Volume 537
Outstanding Shares 63.60M

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 Q1-2024Q2-2024Q3-2024Q4-2024
Food and Beverage
Food and Beverage
 $80.00M ▲$100.00M ▲$100.00M ▲$90.00M ▼
Hotel Other
Hotel Other
 $30.00M ▲$40.00M ▲$50.00M ▲$40.00M ▼
Occupancy
Occupancy
 $200.00M ▲$250.00M ▲$260.00M ▲$210.00M ▼

Five-Year Company Overview

Income Statement

Income Statement The business has clearly recovered from the depths of the pandemic, with revenue steadily rising and operating performance improving each year. Margins have moved from deeply negative to modestly positive, and cash-style earnings (before interest and non‑cash items) now look solid for a hotel REIT. That said, bottom‑line profits for common shareholders are still thin and somewhat choppy, suggesting the business is not yet in a comfortable, steady profit zone. Profitability is heading in the right direction, but remains sensitive to travel demand, pricing power, and cost control.

Balance Sheet

Balance Sheet The balance sheet shows a large, relatively stable asset base funded by a mix of debt and equity, typical for a hotel REIT. Debt levels have not exploded, but leverage is clearly meaningful, so the company depends on steady cash generation and access to capital markets. Cash on hand is modest but better than in the recent past, providing a bit more cushion. Equity has drifted down over time, reflecting past losses and portfolio reshaping, but not a collapse. Overall, the balance sheet looks serviceable, though not conservative, and remains exposed to interest rate and property value swings.

Cash Flow

Cash Flow Cash flow tells a more encouraging story than accounting earnings. Operating cash flow has turned consistently positive after the pandemic shock and has been improving, indicating the hotels are generating real cash after day‑to‑day expenses. Free cash flow has also moved into positive territory, helped by more moderate spending on renovations and development. The flip side is that lower investment can’t continue forever in a hotel portfolio; at some point, spending will need to normalize to keep properties competitive. In short, cash generation has improved meaningfully, but it still relies heavily on a healthy travel cycle.

Competitive Edge

Competitive Edge Pebblebrook competes through a curated portfolio of upscale, often independent or “lifestyle” hotels in high‑barrier, desirable locations. Its focus on leisure‑oriented resorts and experiential, unique properties creates differentiation versus more standardized chains. The Curator Hotel & Resort Collection adds another layer of advantage by giving independent hotels access to better technology, purchasing power, and operating know‑how. However, the company still faces intense competition from large global hotel brands, online travel platforms, and alternative lodging. Its moat rests more on location quality, property uniqueness, and platform benefits than on sheer scale.

Innovation and R&D

Innovation and R&D For a REIT, Pebblebrook is relatively active on the innovation front. The Curator platform is its main strategic innovation, using shared technology, data tools, and vendor relationships to help independent hotels lower costs and boost revenue. The company is experimenting with AI, virtual agents, self‑service tools, and robotics to manage labor and improve efficiency, while trying to preserve a high‑touch guest experience. It is also investing in sustainability and broader ESG initiatives, which can appeal to both guests and capital providers. Overall, innovation is focused on smarter operations and differentiated guest experiences rather than traditional “R&D” in a lab sense.

Summary

Pebblebrook Hotel Trust, which underlies the PEB‑PG preferred shares, has moved from crisis‑mode during the pandemic to a more stable, improving footing. Revenues and operating margins have recovered, cash flows are healthier, and the portfolio has been reshaped toward leisure‑driven, higher‑quality assets. At the same time, true profitability is still fragile, leverage is meaningful, and the business remains cyclical and interest‑rate sensitive. The strategic edge comes from prime locations, distinctive properties, and the Curator platform, plus a willingness to use technology and active asset management. The key watchpoints are the durability of travel demand, the company’s discipline on capital spending and debt, and how effectively it continues to blend high‑tech tools with the high‑touch service that guests expect in upscale hotels.