分组1 - Pebblebrook Hotel reported quarterly funds from operations (FFO) of $0.20 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, but down from $0.21 per share a year ago, representing an FFO surprise of 66.67% [1] - The company achieved revenues of $337.6 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.25%, compared to $334.09 million in the same quarter last year [2] - Pebblebrook Hotel has outperformed consensus FFO estimates in all four quarters over the past year and has topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has underperformed the market, losing approximately 14.9% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The current consensus FFO estimate for the upcoming quarter is $0.15 on revenues of $316.22 million, and for the current fiscal year, it is $1.58 on revenues of $1.5 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the bottom 46% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Financial Performance - Net income for 2024 was $0.0 million, with Same-Property Total RevPAR growth of 2.1% compared to 2023[1] - Adjusted FFO per diluted share increased by 5.0% to $1.68 in 2024, up from $1.60 in 2023[1] - Same-Property Hotel EBITDA for 2024 was $350.4 million, reflecting a 0.9% increase from 2023[1] - Total revenues for Q4 2024 were $337.6 million, a slight increase of 0.5% compared to $334.1 million in Q4 2023[41] - Net income attributable to common shareholders for Q4 2024 was a loss of $61.1 million, compared to a loss of $45.0 million in Q4 2023[41] - Funds from Operations (FFO) for Q4 2024 were $53.8 million, up 84.3% from $29.2 million in Q4 2023[53] - Adjusted FFO available to common share and unit holders for Q4 2024 was $23.9 million, a decrease of 4.0% from $24.9 million in Q4 2023[53] - The company reported a net loss of $49.8 million for Q4 2024, compared to a net loss of $41.9 million in Q4 2023[53] - The company’s net income (loss) per share available to common shareholders, basic, was $(0.51) for Q4 2024, compared to $(0.37) for Q4 2023[41] - EBITDA for the three months ended December 31, 2024, was $36,308 thousand, down from $46,583 thousand in 2023, indicating a decrease of 22%[55] Capital Investments and Financing - Capital investments in 2024 totaled approximately $91 million, completing a $525 million multi-year capital reinvestment program[1] - In 2024, Pebblebrook completed $1.6 billion in debt financings, enhancing balance sheet flexibility and eliminating significant maturities until December 2026[22] - As of December 31, 2024, the Company had approximately $217.6 million in cash and $642.6 million of undrawn availability on its $650 million senior unsecured revolving credit facilities[23] - In 2025, capital investments are expected to be between $65 million and $75 million, significantly lower than previous years[1] Outlook and Projections - The 2025 outlook projects Same-Property Total RevPAR growth rate between 1.8% and 3.7%[1] - The Company declared a quarterly cash dividend of $0.01 per share on its common shares as of December 16, 2024[24] - The 2025 Outlook estimates a net loss ranging from $15.5 million to $1.5 million, with Adjusted EBITDAre projected between $341.5 million and $355.5 million[28] - The Q1 2025 outlook includes a net loss estimate between $33.9 million and $29.9 million, with Adjusted FFO per diluted share projected between $0.09 and $0.13[29] Market and Operational Statistics - The company owns 46 hotels and resorts, totaling approximately 12,000 guest rooms across 13 urban and resort markets[31] - Approximately 91% of the Company's $2.3 billion in consolidated debt is effectively fixed at a 4.0% interest rate[22] - The weighted-average maturity of the Company's debt is approximately 3.1 years, with a weighted-average interest rate of 4.2%[22] - Same-Property Occupancy increased to 67.4% for the three months ended December 31, 2024, from 64.3% in 2023, representing a 4.8% increase[62] - Same-Property Total RevPAR for the three months ended December 31, 2024, was $304.43, up 1.8% from $299.08 in 2023[62] - Same-Property Revenues for the three months ended December 31, 2024, totaled $321,605 thousand, compared to $315,747 thousand in 2023, showing an increase of 1.1%[70] Impact of External Events - The company anticipates a $9.0 million impact on Same-Property Hotel EBITDA due to the Los Angeles fires, reducing Adjusted FFO by $0.07 per diluted share[1] - The impact of the LA fires is estimated to reduce Same-Property RevPAR growth by 330 to 430 basis points in Q1 2025 and 100 to 130 basis points for the full year[28] Historical Performance - In 2023, the full-year hotel revenues were $1,365.7 million, slightly down from $1,361.0 million in 2019, indicating a recovery trend post-pandemic[73] - The average daily rate (ADR) in 2023 was $306, up from $263 in 2019, reflecting a 16.3% increase[73] - The occupancy rate for 2023 was 68%, compared to 81% in 2019, showing a recovery but still below pre-pandemic levels[73] - The hotel EBITDA margin for 2023 was 25.6%, down from 30.7% in 2019, indicating pressure on profitability[73] - The company has excluded LaPlaya Beach Resort & Club from its operating results due to its closure following Hurricane Ian, affecting comparability[74] Regional Performance - The total EBITDA for Boston hotels in 2023 was $85.5 million, showing a recovery from a loss of $15.0 million in 2022, indicating a significant turnaround[84] - The San Diego hotel market reported a total EBITDA of $45.0 million in 2023, down from $46.8 million in 2022, reflecting a decrease of about 3.8%[84] - The overall EBITDA for the San Diego Urban market in 2023 was $34.3 million, a decrease from $38.2 million in 2022, reflecting a decline of about 10.2%[84] Future Strategies - The company plans to continue expanding its market presence and exploring new acquisition opportunities in the upcoming quarters[87] - Future guidance indicates a focus on enhancing operational efficiency and increasing profitability across all hotel segments[87]

Company Overview - As of December 31, 2024, Pebblebrook Hotel Trust owned interests in 46 hotels with a total of 11,933 guest rooms[21]. - The company focuses on acquiring hotel properties in major U.S. cities and resort areas, emphasizing upper-upscale full-service hotels[23]. - The company aims for favorable risk-adjusted returns by targeting upper-upscale hotels in markets with barriers-to-entry and strong demand growth characteristics[24]. - The company seeks to enter flexible management contracts with third-party hotel management companies to maximize return on investment[26]. - The company has developed strategic capital investment plans to enhance hotel profitability through expansions, renovations, and technology upgrades[30]. Financial Strategy and Performance - The company anticipates using net proceeds from equity and debt offerings for future acquisitions and property redevelopments[33]. - The hotel industry is highly competitive, affecting occupancy, ADR, and RevPAR, which can impact financial results[37]. - The company is required to distribute at least 90% of its REIT taxable income to maintain its REIT status, limiting its ability to retain earnings for growth[65]. - Increased hotel operating expenses, including wage and benefit costs, could adversely impact the company's financial condition and ability to make distributions[71]. - The company has placed mortgages on hotel properties to secure debt, and failure to meet debt obligations may lead to foreclosure or unfavorable sale terms[83]. Risks and Challenges - A downturn in the lodging industry, particularly in major gateway markets, could materially affect the company's financial condition and ability to distribute dividends[63]. - The company faces risks associated with franchise agreements, including potential loss of brand recognition and associated revenues if a franchise license is canceled[74]. - The company maintains cash in a limited number of financial institutions, which may not be fully insured, posing a risk to cash recovery[78]. - Conflicts of interest may arise despite the company's policy to address them, potentially affecting decision-making[80]. - The company may engage in joint ventures for hotel investments, which could limit decision-making authority and expose it to risks from co-venturers' financial conditions[81]. Debt and Capital Management - Debt service obligations could adversely affect operating results and may require the company to sell hotel properties, jeopardizing its REIT qualification and ability to distribute to shareholders[82]. - Higher interest rates could increase debt service requirements and reduce available funds for shareholder distributions and operations[84]. - Existing debt covenants may restrict the company's operations and ability to make distributions, potentially leading to defaults if violated[86]. - Cash trap provisions in mortgage agreements could limit distributions to shareholders if hotel performance declines[87]. - The cyclical nature of the lodging industry may lead to fluctuations in revenues, potentially requiring short-term borrowings to fund distributions[99]. Market and Competitive Landscape - Competition for acquisitions may limit the number of properties the company can acquire, affecting growth opportunities[98]. - The company faces risks from increased competition due to the rise of Internet travel intermediaries and alternative lodging marketplaces, which may reduce revenues and profitability[104]. - The reliance on technology for virtual meetings could decrease business travel demand, adversely affecting hotel room occupancy and financial performance[105]. Compliance and Regulatory Issues - The company is committed to maintaining compliance with environmental regulations and ADA requirements across its properties[41]. - The company may incur substantial costs related to compliance with the Americans with Disabilities Act (ADA) and other governmental regulations[125]. - The presence of hazardous substances on properties could result in significant remediation costs, affecting cash available for distributions[140]. - The company is subject to operational risks from compliance with environmental regulations, which may require additional capital investments and increase operating costs[112]. Shareholder and Equity Matters - The board of trustees has the authority to issue up to 500 million common shares and 100 million preferred shares, potentially delaying changes in control[141]. - Future equity issuances may dilute current shareholders' interests as the company raises capital for acquisitions and improvements[153]. - The company has issued eight series of preferred shares, with four remaining outstanding, and three series of senior unsecured notes, with two remaining outstanding[154]. - Holders of preferred shares are entitled to cumulative dividends before any dividends can be declared on common shares, and upon liquidation, they receive a liquidation preference of $25.00 per share plus any accrued and unpaid distributions[155]. - The company must ensure that at least 75% of its assets consist of cash, government securities, and qualified real estate assets to maintain REIT status[167]. Cybersecurity and Technology - Cybersecurity risks are significant, with potential financial losses from security breaches despite maintaining cyber insurance[107]. - The company has identified cybersecurity risk as a key enterprise risk and has implemented controls to mitigate this risk[192]. - The company maintains cybersecurity insurance coverage to mitigate financial exposure to incidents[193]. - The company has established a cybersecurity incident response plan in collaboration with the MSP, detailing roles and responsibilities for managing cybersecurity incidents[195]. - The company conducts surveys of hotel managers and franchisors to assess their cybersecurity risk management programs, identifying gaps and requesting remediation[198]. Share Repurchase and Dividends - The board of trustees authorized a share repurchase program of up to $150.0 million, which commenced in June 2023, with $131.0 million remaining available for repurchase as of December 31, 2024[220]. - Distributions are subject to the discretion of the board of trustees and depend on cash flow, financial condition, and capital expenditure requirements[217]. - The company may suspend or discontinue its share repurchase program at any time[220]. - The average price paid for shares acquired to cover taxes was $16.03 per share[219].

Core Insights - Analysts project Pebblebrook Hotel (PEB) will report quarterly earnings of $0.12 per share, a decline of 42.9% year over year, with revenues expected to reach $330.16 million, down 1.2% from the same quarter last year [1] Earnings Projections - The consensus EPS estimate for the quarter has been adjusted downward by 2% over the past 30 days, indicating a reassessment by covering analysts [2] - Revisions to earnings projections are critical for predicting investor behavior and are strongly linked to short-term stock price performance [3] Revenue Estimates - The consensus estimate for 'Revenue- Food and beverage' is $89.04 million, reflecting a decline of 1.8% from the previous year - 'Revenue- Other operating' is projected at $35.53 million, indicating a decrease of 1.3% year over year - 'Revenue- Room' is estimated at $205.58 million, showing a year-over-year change of -0.9% [5] Key Metrics - Analysts estimate a 'Same-Property RevPAR growth rate' of -0.7%, compared to 5% from the previous year - The projected 'Total Guest Rooms' is 11,702, down from 11,924 year over year - 'Depreciation and amortization' is expected to be $56.72 million, compared to $61.05 million in the same quarter last year [6] Stock Performance - Over the past month, Pebblebrook Hotel shares have declined by 12.3%, while the Zacks S&P 500 composite has increased by 2.2% - Based on its Zacks Rank 4 (Sell), PEB is expected to underperform the overall market in the upcoming period [7]

Group 1 - Some hospitality REITs have issued preferred shares that may present attractive investment opportunities due to well-covered preferred dividends [1] - The investment group European Small Cap Ideas focuses on high-quality small-cap investment opportunities in Europe, emphasizing capital gains and dividend income [1] - The group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1]

Financial Data and Key Metrics Changes - Same-property RevPAR increased by 2.2%, which would have exceeded 2.4% without the impact of hurricanes [7] - Total RevPAR rose by 2.7%, driven by increased occupancy and a 3.8% growth in out-of-room spending [8] - Adjusted EBITDA exceeded the midpoint of Q3 outlook by $8.7 million, and adjusted FFO beat the midpoint by $9.7 million or $0.08 per share [9] Business Line Data and Key Metrics Changes - Urban properties saw a 3.7% year-over-year occupancy increase, with urban weekend occupancy exceeding 85% [12] - Resort same-property occupancy declined by 5.9% year-over-year, reaching 74.3%, but weekday occupancy improved by 6.7% [14] - Same-property resort total RevPAR increased by 2.5%, significantly higher than the 0.8% increase in same-property resort RevPAR alone [18] Market Data and Key Metrics Changes - Strongest urban markets included Chicago, San Diego, and Boston, benefiting from active convention calendars and improved weekday business travel [11] - Combined RevPAR for San Francisco, Los Angeles, and Portland declined by 5.7% in Q3, with a forecasted decline of 5.6% for the full year [49] - Urban properties in Boston, San Diego, and Chicago grew combined RevPAR by 9.6% in Q3, forecasted to achieve 8.1% growth for the full year [50] Company Strategy and Development Direction - The company is focused on capital reinvestments to enhance property appeal and gain market share [15] - Major capital investment program is largely complete, with expectations for significantly lower CapEx over the next few years [26] - The company plans to continue leveraging its redeveloped properties to drive significant RevPAR growth and EBITDA gains [56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, expecting demand growth to align with GDP growth, leading to higher occupancies [42] - The company anticipates headwinds in urban markets turning into tailwinds, with significant growth from ongoing share gains in redeveloped properties [59] - Management noted that the normalization of leisure demand and the return of international inbound travel could further benefit urban markets [60] Other Important Information - The company has strengthened its financial position by extending debt maturities and reducing bank term loans [35] - The decision to discontinue monthly operating updates signals confidence in the improved stability of the industry and portfolio [36] - The company expects a combined impact of hurricanes to reduce Q4 same-property RevPAR by approximately 100 basis points [31] Q&A Session Summary Question: Will LaPlaya exceed this year's original $24 million EBITDA expectation next year? - Management believes it is reasonable to expect LaPlaya to return to its original EBITDA expectations due to increased group bookings and club growth [63] Question: What are the expectations for leisure customers and pushing rates at resorts in 2025? - Management indicated that while average rates are stabilizing, they expect to push rates higher as occupancy increases, particularly with group bookings [66] Question: What are the expectations for wages and benefit growth next year? - Management anticipates average wage increases to be slightly lower than last year, with union markets potentially seeing larger increases [68] Question: How do you rank San Francisco, Portland, and LA for long-term prospects? - Management is optimistic about the underlying fundamentals of these markets and believes they will recover, although it may take time [72] Question: What is the update on Curator's progress and goals? - Curator has around 100 members and is expected to grow, providing significant cost savings and value creation for properties [83] Question: What are the expectations for CapEx spending in 2025? - Management expects a run rate of $65 million to $75 million for CapEx in 2025, significantly lower than previous years [90]

For the quarter ended September 2024, Pebblebrook Hotel (PEB) reported revenue of $404.53 million, up 2.2% over the same period last year. EPS came in at $0.59, compared to -$0.57 in the year-ago quarter.The reported revenue represents a surprise of +0.74% over the Zacks Consensus Estimate of $401.57 million. With the consensus EPS estimate being $0.53, the EPS surprise was +11.32%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wal ...

Pebblebrook Hotel (PEB) came out with quarterly funds from operations (FFO) of $0.59 per share, beating the Zacks Consensus Estimate of $0.53 per share. This compares to FFO of $0.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 11.32%. A quarter ago, it was expected that this hotel investment company would post FFO of $0.60 per share when it actually produced FFO of $0.69, delivering a surprise of 15%.Over the last four quarters ...

Exhibit 99.1 | --- | --- | |-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-34571 PEBBLEBROOK HOTEL TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 27-1055421 | --- | --- | --- | |-------- ...