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PEB-PH

Pebblebrook Hotel Trust

PEB-PH

Pebblebrook Hotel Trust • NYSE
$17.11 ▼ -0.47% (-0.08)
Market Cap $2.03 B
52w High $19.97
52w Low $15.51
Dividend Yield 1.43%
P/E -10.25
Volume 22.10K
Outstanding Shares 69.49M

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 Q3-2024Q4-2024Q1-2025Q2-2025
Food and Beverage
Food and Beverage
 $100.00M ▲$90.00M ▼$90.00M ▲$110.00M ▲
Hotel Other
Hotel Other
 $50.00M ▲$40.00M ▼$40.00M ▲$40.00M ▲
Occupancy
Occupancy
 $260.00M ▲$210.00M ▼$200.00M ▼$260.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The business has clearly climbed out of the deep downturn of the early pandemic years. Revenue has grown steadily each year, and profits at the operating level have turned positive and improved in the most recent period. Cash-style profitability (as seen in EBITDA) looks much healthier than it did a few years ago. However, after interest, depreciation, and other costs, bottom‑line net income is still hovering around break‑even and remains slightly negative per share. In short, the core hotel operations appear to be recovering well, but the trust has not yet translated that fully into consistent accounting profits for shareholders.

Balance Sheet

Balance Sheet The balance sheet shows a large base of hotel real estate with only modest change in total assets over the past several years. Debt levels have stayed relatively high but fairly stable, which is typical for hotel REITs that rely on leverage to own expensive properties. Equity has edged down from earlier levels, reflecting cumulative past losses and asset sales, but not in a dramatic way. Cash on hand is better than in the middle of the recovery but still represents a small cushion relative to the size of the portfolio. Overall, the trust looks asset‑rich but meaningfully leveraged, with limited room for major shocks without taking actions such as asset sales or refinancing.

Cash Flow

Cash Flow Cash generation has improved meaningfully. Operating cash flow has turned solidly positive and has been growing, a strong contrast to the cash drain seen during the worst of the pandemic. Free cash flow has also moved into positive territory and strengthened, especially as heavy renovation and redevelopment spending appears to have eased in the most recent period. This suggests that, on a cash basis, the portfolio is now producing enough to cover its ongoing needs and leave some flexibility, though the business still remains sensitive to travel demand and financing costs.

Competitive Edge

Competitive Edge Pebblebrook positions itself as an owner of distinctive, upscale lifestyle hotels and resorts in high‑barrier, desirable locations. Its edge comes less from technology and more from owning hard‑to‑replicate properties in top urban and leisure markets, and from actively upgrading and repositioning those assets. The shift toward more resort and leisure properties has aligned the portfolio with demand for experiential travel, and awards for several hotels support the brand and reputation. At the same time, the trust operates in a cyclical, highly competitive industry that faces pressure from branded chains, independents, and alternative lodging, and its concentration in major cities and high‑end travel makes it sensitive to economic slowdowns and changes in travel patterns.

Innovation and R&D

Innovation and R&D As a hotel REIT, Pebblebrook does not focus on formal research and development in the way a tech or pharma company would. Its “innovation” is centered on design, redevelopment, and guest experience: reimagining properties, adding unique features like distinctive amenities and themed resorts, and selectively using technology to improve operations and personalize stays. Recent redevelopment projects and concept upgrades illustrate this value‑add approach and have historically produced attractive returns. The main risk is execution: these projects require capital, time, and careful positioning, and success depends on management’s ability to foresee trends in leisure and business travel and deliver concepts that resonate with guests.

Summary

Pebblebrook Hotel Trust shows a story of recovery and repositioning. Financially, revenue and operating performance have improved steadily from the pandemic lows, cash flows are now solidly positive, and the portfolio appears to be generating healthier underlying economics even though reported net income is still only around break‑even. The balance sheet is typical for an asset‑heavy, leveraged REIT: substantial real estate backed by notable debt and only a modest cash buffer, leaving the trust exposed to interest rate and refinancing conditions. Strategically, its strength lies in a curated portfolio of lifestyle and resort hotels in prime locations, supported by active asset management and redevelopment rather than cutting‑edge technology. Future outcomes will hinge on travel demand, interest rates, and the effectiveness of its ongoing repositioning projects and urban market recovery, as well as its ability to keep properties differentiated in an increasingly experience‑driven hospitality market.