[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) This section presents Pebblebrook Hotel Trust's unaudited consolidated financial statements, highlighting significant revenue growth and a return to net income in Q2 2022 driven by hotel industry recovery Consolidated Balance Sheet Highlights (Unaudited) | Account | June 30, 2022 ($ in thousands) | December 31, 2021 ($ in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$6,388,925** | **$6,261,190** | | Investment in hotel properties, net | $6,039,477 | $6,079,333 | | Hotels held for sale | $146,805 | $— | | Cash and cash equivalents | $32,046 | $58,518 | | **Total Liabilities** | **$3,196,249** | **$3,097,285** | | Debt | $2,517,751 | $2,441,888 | | **Total Equity** | **$3,192,676** | **$3,163,905** | Consolidated Statement of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2022 ($ in thousands) | Three Months Ended June 30, 2021 ($ in thousands) | Six Months Ended June 30, 2022 ($ in thousands) | Six Months Ended June 30, 2021 ($ in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$397,524** | **$163,314** | **$655,592** | **$246,957** | | Operating Income (Loss) | $51,944 | $26,255 | $(25,719) | $(69,880) | | Net Income (Loss) | $28,797 | $1,428 | $(71,419) | $(120,012) | | Net Income (Loss) Attributable to Common Shareholders | $16,646 | $(8,564) | $(94,228) | $(137,285) | | **Diluted EPS** | **$0.12** | **$(0.07)** | **$(0.72)** | **$(1.05)** | Consolidated Statement of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2022 ($ in thousands) | Six Months Ended June 30, 2021 ($ in thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $142,629 | $(2,283) | | Net cash provided by (used in) investing activities | $(216,691) | $127,792 | | Net cash provided by (used in) financing activities | $44,605 | $61,201 | | **Net change in cash** | **$(29,457)** | **$186,710** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes support the financial statements, covering the company's 54-hotel portfolio, recent acquisitions, total debt, impairment losses, and compliance with debt covenants - As of June 30, 2022, the Company owned **54 hotels** with **13,415 guest rooms**, with results improving through the first six months of 2022 and the Company exiting its debt covenant waiver period[33](index=33&type=chunk)[35](index=35&type=chunk) - During the six months ended June 30, 2022, the company acquired two properties for a total of **$330.0 million** and sold one property for **$77.0 million**[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) - For the six months ended June 30, 2022, the Company recognized an impairment loss of **$73.3 million** related to two hotels, determined using Level 2 fair value measurements based on marketing efforts[51](index=51&type=chunk) Total Debt Outstanding as of June 30, 2022 | Debt Type | Balance Outstanding ($ in thousands) | | :--- | :--- | | Revolving credit facilities | $100,000 | | Unsecured term loans | $1,402,760 | | Convertible senior notes | $745,868 | | Senior unsecured notes | $49,879 | | Mortgage loans | $219,244 | | **Total Debt** | **$2,517,751** | Revenue by Geographic Location (Six Months Ended June 30) | Location | 2022 Revenue ($ in thousands) | 2021 Revenue ($ in thousands) | | :--- | :--- | :--- | | Southern Florida/Georgia | $165,525 | $73,973 | | San Diego, CA | $137,459 | $56,144 | | Boston, MA | $107,653 | $33,212 | | Los Angeles, CA | $81,113 | $29,781 | | San Francisco, CA | $46,317 | $12,129 | | **Total** | **$655,592** | **$246,957** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) This section details the company's significant operational and financial recovery in H1 2022, driven by strong leisure travel demand and improved key performance metrics, while acknowledging ongoing uncertainties - Overall performance has been led by the recovery of leisure travel, driving resort revenue to pre-pandemic levels, with corporate and group business recovery increasing substantially, and the company exiting its debt covenant waiver period at the end of Q2 2022[129](index=129&type=chunk)[130](index=130&type=chunk) Same-Property Hotel Operating Statistics | Metric | For the six months ended June 30, 2022 | For the six months ended June 30, 2021 | | :--- | :--- | :--- | | Same-Property Occupancy | 58.9% | 32.4% | | Same-Property ADR | $309.86 | $255.57 | | Same-Property RevPAR | $182.41 | $82.70 | Reconciliation to FFO and EBITDAre (Six Months Ended June 30) | Metric ($ in thousands) | 2022 | 2021 | | :--- | :--- | | Net Income (Loss) | $(71,419) | $(120,012) | | FFO | $121,030 | $(59,792) | | EBITDAre | $166,942 | $(9,380) | - Total hotel revenues for the six months ended June 30, 2022, increased by **$408.6 million** compared to the same period in 2021, driven by acquisitions and increased travel demand[147](index=147&type=chunk) - The company plans to invest a total of **$100.0 million to $120.0 million** in capital investments in 2022 for redevelopment and repositioning projects at several key properties[177](index=177&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section outlines the company's market risk exposure, primarily from interest rate fluctuations on variable-rate debt, which is mitigated through interest rate swap agreements - The company is exposed to market risk from changes in interest rates, with **$628.2 million** (**24.8%** of total indebtedness) subject to variable interest rates as of June 30, 2022[185](index=185&type=chunk) - A **0.1 percent (10 basis point)** change in interest rates on variable rate debt would result in an approximate **$0.6 million** change in annual interest expense[185](index=185&type=chunk) - To manage interest rate risk, the company has entered into interest rate swap agreements with an aggregate notional amount of **$1.0 billion** to hedge variable interest rates on its unsecured term loans[184](index=184&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are **effective** as of the end of the period covered by the report[186](index=186&type=chunk) - There have been **no material changes** to the company's internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[187](index=187&type=chunk) [PART II. OTHER INFORMATION](index=37&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings.) The company is not currently involved in any material litigation, facing only routine claims not expected to materially affect its financial condition - The Company is **not presently subject to any material litigation**, nor is any material litigation threatened against it, other than routine actions arising in the ordinary course of business[190](index=190&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for FY2021 - There have been **no material changes** from the risk factors disclosed in the 'Risk Factors' section of the Annual Report on Form 10-K for the year ended December 31, 2021[191](index=191&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) This section details the company's common share repurchase programs, noting no repurchases in Q2 2022 and remaining availability under existing and future programs - **No common shares were repurchased** by the Company during the quarter[192](index=192&type=chunk) - As of June 30, 2022, approximately **$56.6 million** remained available for repurchase under the company's **$150.0 million** share repurchase program[192](index=192&type=chunk) [Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon its senior securities during the period - **None**[193](index=193&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - **Not applicable**[194](index=194&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20Information.) The company reported no information for this item - **None**[195](index=195&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO and XBRL data files - The exhibits filed with this report include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, and Inline XBRL documents[197](index=197&type=chunk)

Pebblebrook Hotel Trust (NYSE:PEB) Q1 2022 Earnings Conference Call April 27, 2022 9:00 AM ET Company Participants Jon Bortz - Chairman and CEO Raymond Martz - CFO Conference Call Participants Neil Malkin - Capital One Securities Shaun Kelley - Bank of America Dori Kesten - Wells Fargo Bill Crow - Raymond James Aryeh Klein - BMO Capital Markets Michael Bellisario - Baird Floris Van Dijkum - Compass Point Anthony Powell - Barclays Jay Kornreich - SMBC Operator Greetings and welcome to the Pebblebrook Hotel T ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) Q1 2022 saw revenues of $258.1 million, a reduced net loss, and positive operating cash flow, driven by travel demand recovery [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased slightly to $6.18 billion as of March 31, 2022, primarily due to reduced hotel property investments, while cash increased Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Investment in hotel properties, net | $5,975,857 | $6,079,333 | | Cash and cash equivalents | $69,446 | $58,518 | | **Total assets** | **$6,179,373** | **$6,261,190** | | **Liabilities & Equity** | | | | Debt | $2,443,090 | $2,441,888 | | Total liabilities | $3,094,439 | $3,097,285 | | Total equity | $3,084,934 | $3,163,905 | | **Total liabilities and equity** | **$6,179,373** | **$6,261,190** | [Consolidated Statements of Operations and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q1 2022 total revenues surged to $258.1 million, with an improved operating loss of $77.7 million despite a $61.0 million impairment loss Consolidated Statements of Operations (in thousands, except per-share data) | Metric | Three months ended March 31, 2022 | Three months ended March 31, 2021 | | :--- | :--- | :--- | | Total revenues | $258,068 | $83,643 | | Total operating expenses | $335,731 | $179,778 | | Impairment loss | $60,983 | $14,856 | | Operating income (loss) | $(77,663) | $(96,135) | | Net income (loss) | $(100,216) | $(121,440) | | Net income (loss) attributable to common shareholders | $(110,874) | $(128,721) | | Net income (loss) per share, diluted | $(0.85) | $(0.98) | [Consolidated Statements of Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Equity) Total equity decreased to $3.08 billion due to a net loss and shareholder distributions, partially offset by other comprehensive income - Total equity decreased to **$3.08 billion** at March 31, 2022, from **$3.16 billion** at December 31, 2021[24](index=24&type=chunk) - The decrease in equity was mainly due to a net loss of **$99.5 million** attributable to the company and distributions of **$11.3 million** to preferred shareholders and **$1.1 million** to common shareholders[24](index=24&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2022 saw net cash provided by operating activities of $38.8 million, a turnaround from the prior year, resulting in a net cash increase Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three months ended March 31, 2022 | Three months ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $38,832 | $(7,136) | | Net cash provided by (used in) investing activities | $(19,953) | $(9,670) | | Net cash provided by (used in) financing activities | $(15,173) | $5,138 | | **Net change in cash and cash equivalents and restricted cash** | **$3,706** | **$(11,668)** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(unaudited)) Notes detail accounting policies, hotel portfolio, COVID-19 impact, a $61.0 million impairment loss, liquidity, and a subsequent hotel acquisition contract - As of March 31, 2022, the Company owned **53 hotels** with **13,247 guest rooms**[31](index=31&type=chunk) - The COVID-19 pandemic has had a significant negative impact, but results improved in Q1 2022 due to strong leisure travel. The company believes it has sufficient liquidity of **$694.4 million** to meet obligations for the next 12 months[35](index=35&type=chunk)[36](index=36&type=chunk) - In Q1 2022, the company recognized a **$61.0 million** impairment loss related to two hotels, determined using Level 2 fair value inputs based on marketing efforts[48](index=48&type=chunk) - Subsequent to the quarter end, on April 21, 2022, the company executed a contract to acquire the Inn on Fifth in Naples, Florida, with the purchase expected to be completed by the end of Q2 2022[109](index=109&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses significant Q1 2022 operational improvements driven by travel recovery, strong liquidity, planned capital investments, and debt covenant compliance - The demand recovery has been led by strong leisure travel, with a slower recovery in business and group travel. Resort properties are operating at or above pre-pandemic levels[117](index=117&type=chunk) Same-Property Hotel Operating Statistics (Q1 2022 vs Q1 2021) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Same-Property Occupancy | 48.3% | 22.1% | | Same-Property ADR | $297.29 | $250.47 | | Same-Property RevPAR | $143.61 | $55.33 | | Same-Property Total RevPAR | $219.75 | $89.02 | Non-GAAP Financial Measures Reconciliation (in thousands) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net income (loss) | $(100,216) | $(121,440) | | FFO | $19,777 | $(51,251) | | EBITDAre | $42,439 | $(25,807) | - The company expects to invest a total of **$100.0 million to $120.0 million** in capital investments in 2022, including significant redevelopment and repositioning projects[156](index=156&type=chunk) - As of March 31, 2022, the company had total liquidity of **$694.4 million**, consisting of cash, restricted cash, and available borrowings on its senior unsecured revolving credit facility[135](index=135&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company faces interest rate risk from $454.6 million in variable-rate debt, mitigated by interest rate swaps, with a 0.1% rate change impacting annual expense by $0.5 million - As of March 31, 2022, **$454.6 million** (**18.5%**) of the company's total debt was subject to variable interest rates[164](index=164&type=chunk) - A **0.1%** change in interest rates on variable-rate debt would impact annual interest expense by approximately **$0.5 million**[164](index=164&type=chunk) - The company utilizes interest rate swap agreements to hedge against interest rate fluctuations on its unsecured term loans[163](index=163&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective as of the end of the period covered by the report[165](index=165&type=chunk) - No material changes to internal control over financial reporting occurred during the most recent fiscal quarter[166](index=166&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings.) The company is not currently subject to any material litigation, nor is any material litigation threatened against it - The Company is not presently subject to any material litigation nor, to the Company's knowledge, is any material litigation threatened against the Company[169](index=169&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors.) No material changes have occurred from the risk factors previously disclosed in the Annual Report on Form 10-K for 2021 - There have been no material changes from the risk factors disclosed in the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2021[170](index=170&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) No common shares were repurchased in Q1 2022, with $56.6 million remaining available under the existing $150.0 million share repurchase program - No shares were repurchased during the period from January 1, 2022, to March 31, 2022[171](index=171&type=chunk) - As of March 31, 2022, approximately **$56.6 million** remained available for repurchase under the company's **$150.0 million** share repurchase program authorized in 2016[171](index=171&type=chunk) [Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) None - None[172](index=172&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) Not applicable - Not applicable[173](index=173&type=chunk) [Other Information](index=32&type=section&id=Item%205.%20Other%20Information.) None - None[174](index=174&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - The report includes CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[176](index=176&type=chunk) - Interactive Data Files (XBRL) are submitted as part of the filing[176](index=176&type=chunk)[177](index=177&type=chunk)

Pebblebrook Hotel Trust (NYSE:PEB) Q4 2021 Earnings Conference Call February 23, 2022 9:00 AM ET Company Participants Jon Bortz – Chairman & Chief Executive Officer Raymond Martz – Chief Financial Officer Conference Call Participants Gregory Miller – Truist Securities Bill Crow – Raymond James Smedes Rose – Citi Michael Bellisario – Baird Floris Van Dijkum – Compass Point Shaun Kelley – Bank of America Rich Hightower – Evercore Chris Darling – Green Street Operator Greetings and welcome to the Pebblebrook H ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 (State of Incorporation or Organizatio ...

Pebblebrook Hotel Trust (NYSE:PEB) Q3 2021 Earnings Conference Call October 29, 2021 9:00 AM ET Company Participants Raymond Martz - CFO Jon Bortz - Chairman & CEO Conference Call Participants Dori Kesten - Wells Fargo Smedes Rose - Citi Rich Hightower - Evercore Shaun Kelley - Bank of America Gregory Miller - Truist Securities Michael Bellisario - Baird Bill Crow - Raymond James Ari Klein - BMO Capital Markets Anthony Powell - Barclays Floris Van Dijkum - Compass Point Chris Darling - Green Street Operator ...

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, 2021 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 4747 Bethesda Avenue, Suite 1 ...

Pebblebrook Hotel Trust (NYSE:PEB) Q2 2021 Results Conference Call July 30, 2021 9:00 AM ET Company Participants Raymond Martz - Chief Financial Officer Jon Bortz - Chairman and Chief Executive Officer Conference Call Participants Dori Kesten - Wells Fargo Gregory Miller - Truist Securities Rich Hightower - Evercore ISI Michael Bellisario - Baird Shaun Kelley - Bank of America Bill Crow - Raymond James Anthony Powell - Barclays Aryeh Klein - BMO Capital Markets Floris Van Dijkum - Compass Point Stephen Gram ...

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 June 30, 2021 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Trading Symbol(s) | registered | | Common Shares, ...

Pebblebrook Hotel Trust (NYSE:PEB) Q1 2021 Earnings Conference Call April 30, 2021 9:00 AM ET Company Participants Raymond Martz - EVP, CFO, Treasurer & Secretary Jon Bortz - Chairman, President & CEO Conference Call Participants Neil Malkin - Capital One Securities Smedes Rose - Citigroup Richard Hightower - Evercore ISI Aryeh Klein - BMO Capital Markets Michael Bellisario - Robert W. Baird & Co. Shaun Kelley - Bank of America Merrill Lynch William Crow - Raymond James & Associates James Sullivan - BTIG Gr ...