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Pebblebrook Hotel Trust (PEB) investor relations material
Pebblebrook Hotel Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Third-quarter results were consistent with expectations, with San Francisco and Chicago outperforming due to strong convention and leisure demand, while some properties faced demand softness and timing impacts from holidays.
Largest owner of urban and resort lifestyle hotels in the U.S., with a portfolio realigned toward leisure and group-focused properties over the past six years.
Portfolio repositioning included $802M in resort acquisitions and $1.2B in urban property sales since 2019, increasing resort EBITDA contribution from 17% to 47%.
Trading at an estimated 55% discount to private market NAV, presenting a significant investment opportunity.
The company remains cautious amid economic uncertainty, policy risks, and expects temporary softness in travel demand due to the recent federal government shutdown.
Financial highlights
Q3 2025 total revenues were $398.7M, down from $404.5M in Q3 2024; net loss attributable to common shareholders was $(43.4)M for Q3 2025, compared to net income of $33.0M in Q3 2024.
Same-property hotel EBITDA was $105.4M, with adjusted EBITDAre at $99.2M, $2.2M above midpoint; adjusted FFO per share was $0.51, $0.03 above midpoint.
Q3 same-property total RevPAR decreased 1.5% year-over-year, with occupancy up 190 bps to 79.9% and ADR down 5.4%.
Impairment losses of $46.5M were recognized in Q3 2025 for three hotels.
Business interruption insurance income and gain on insurance settlement totaled $11.4M for the nine months ended September 30, 2025.
Outlook and guidance
2025 full-year net loss expected between $67.5M and $58.5M; adjusted EBITDAre guidance narrowed to $332.5–$341.5M.
Adjusted FFO per diluted share for 2025 forecasted at $1.50–$1.57; Q4 guidance for Adjusted FFO per diluted share is $0.18–$0.26.
2025 same-property total RevPAR growth rate expected between -0.1% and 1.1% year-over-year.
Expects $71M in Hotel EBITDA upside and $0.48/share AFFO upside over the next 3–4 years, driven by urban demand recovery, ROI investments, and LaPlaya reopening.
Guidance reflects modest reductions due to the federal government shutdown's impact on travel demand, especially in Washington, D.C. and San Diego.
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Net income reached TRY 29.5 billion, with strong dividends and a robust net cash position.
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