[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) The financial statements for the three months ended March 31, 2021, reflect a significant negative impact from the COVID-19 pandemic, with total revenues dropping to **$83.6 million** from **$269.1 million** year-over-year, resulting in a net loss of **$121.4 million** compared to a net income of **$42.1 million** in the prior year. The balance sheet shows an increase in total debt to **$2.43 billion** and a decrease in total equity. Cash flow from operations was negative at **-$7.1 million**, a stark contrast to the positive **$1.5 million** in the same period of 2020 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets were **$6.01 billion**, a slight decrease from **$6.08 billion** at year-end 2020. Total liabilities increased to **$2.99 billion** from **$2.81 billion**, primarily due to a rise in debt from **$2.28 billion** to **$2.43 billion**. Consequently, total equity decreased from **$3.26 billion** to **$3.02 billion** | | March 31, 2021 (Unaudited) (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | $6,008,909 | $6,076,366 | | **Total Liabilities** | $2,989,753 | $2,812,040 | | Debt | $2,433,980 | $2,280,471 | | **Total Equity** | $3,019,156 | $3,264,326 | [Consolidated Statements of Operations and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) For the first quarter of 2021, the company reported a significant decline in performance compared to the same period in 2020. Total revenues fell by **69%** to **$83.6 million**. This led to an operating loss of **$96.1 million**, compared to an operating income of **$54.9 million** in Q1 2020. The net loss attributable to common shareholders was **$128.7 million**, or **($0.98)** per share, a sharp reversal from the net income of **$33.8 million**, or **$0.26** per share, in the prior-year period | Metric | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :--- | :--- | :--- | | **Total Revenues** | $83,643 | $269,107 | | **Operating Income (Loss)** | $(96,135) | $54,891 | | **Net Income (Loss) attributable to common shareholders** | $(128,721) | $33,810 | | **Net Income (Loss) per share, diluted** | $(0.98) | $0.26 | - The company recorded an impairment loss of **$14.9 million** in Q1 2021, compared to **$20.6 million** in Q1 2020. In Q1 2020, there was a significant gain on the sale of hotel properties of **$117.4 million**, which was absent in Q1 2021[14](index=14&type=chunk) [Consolidated Statements of Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Equity) Total equity decreased from **$3.26 billion** at the end of 2020 to **$3.02 billion** as of March 31, 2021. The decline was primarily driven by the net loss of **$121.4 million** for the quarter and a cumulative effect adjustment of **$113.1 million** from adopting a new accounting standard for convertible debt. This was partially offset by changes in the fair value of derivative instruments - A cumulative effect adjustment of **($113.1 million)** was made to Additional Paid-In Capital due to the early adoption of ASU 2020-06, which changed the accounting for convertible senior notes[21](index=21&type=chunk) - The net loss for the quarter reduced 'Distributions in Excess of Retained Earnings' by **$120.6 million**[21](index=21&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first quarter of 2021, net cash used in operating activities was **$7.1 million**, a significant downturn from the **$1.5 million** provided by operations in Q1 2020. Investing activities used **$9.7 million**, mainly for property improvements. Financing activities provided a net cash inflow of **$5.1 million**, resulting from new debt proceeds of **$263.8 million**, which were largely used for debt repayments (**$217.0 million**) and the purchase of capped calls (**$21.0 million**) | Cash Flow Activity | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $(7,136) | $1,492 | | **Net cash provided by (used in) investing activities** | $(9,670) | $269,937 | | **Net cash provided by (used in) financing activities** | $5,138 | $418,464 | | **Net change in cash and cash equivalents** | $(11,668) | $689,893 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the significant impact of COVID-19, leading to the temporary suspension of **13** out of **53** hotels as of March 31, 2021. The company undertook significant financing activities, including issuing an additional **$250.0 million** of convertible notes and amending credit facilities to waive financial covenants through Q1 2022. An impairment loss of **$14.9 million** was recognized on one hotel. The company also details its various debt instruments, equity structure, share-based compensation plans, and lease commitments - As of March 31, 2021, the company owned **53 hotels**, with operations at **13 hotels** temporarily suspended due to the COVID-19 pandemic[28](index=28&type=chunk)[30](index=30&type=chunk) - In February 2021, the company issued an additional **$250.0 million** of convertible notes and amended its credit agreements to waive financial covenants through the end of Q1 2022[33](index=33&type=chunk)[34](index=34&type=chunk) - The company recognized a **$14.9 million** impairment loss on one hotel during Q1 2021 due to the ongoing effects of the COVID-19 pandemic[62](index=62&type=chunk) - The company early adopted ASU 2020-06 on January 1, 2021, simplifying the accounting for its convertible debt by reclassifying the equity component to liability[57](index=57&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes the significant decline in financial performance directly to the COVID-19 pandemic, which dramatically reduced hotel demand. Same-Property RevPAR plummeted to **$45.28** in Q1 2021 from **$141.43** in Q1 2020. In response, the company suspended operations at numerous hotels, implemented cost controls, and secured its liquidity by issuing convertible notes and amending debt covenants. As of March 31, 2021, liquidity stood at **$767.8 million**, which management believes is sufficient to meet obligations for the next twelve months. The company invested **$9.6 million** in capital improvements and plans to invest an additional **$60.0 million** to **$80.0 million** in 2021 Same-Property Hotel Operating Statistics (Q1 YoY) | | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Same-Property Occupancy** | 18.8 % | 56.7 % | | **Same-Property ADR** | $240.27 | $249.64 | | **Same-Property RevPAR** | $45.28 | $141.43 | Non-GAAP Financial Measures Reconciliation (in thousands) | | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :--- | :--- | :--- | | **Net income (loss)** | $(121,440) | $42,068 | | **FFO available to common share and unit holders** | $(59,390) | $(7,232) | | **EBITDAre** | $(25,807) | $13,865 | - As of March 31, 2021, the company had liquidity of **$767.8 million**, including cash and available credit. This was further improved by the **$157.6 million** net proceeds from the sale of the Sir Francis Drake Hotel on April 1, 2021[170](index=170&type=chunk) - The company plans to invest an additional **$60.0 million** to **$80.0 million** in capital investments during the remainder of 2021[192](index=192&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company is primarily exposed to market risk from changes in interest rates on its variable-rate debt. As of March 31, 2021, **$168.0 million** (**6.9%** of total debt) was subject to variable rates. To mitigate this risk, the company uses interest rate swap agreements, with an aggregate notional amount of **$1.4 billion**, to hedge its unsecured term loans. A **0.1%** change in interest rates would impact annual interest expense by approximately **$0.2 million** - As of March 31, 2021, **$168.0 million** of the company's debt was subject to variable interest rates[199](index=199&type=chunk) - A **10 basis point (0.1%)** change in interest rates on variable rate debt would result in an approximate **$0.2 million** change in annual interest expense[199](index=199&type=chunk) - The company utilizes interest rate swap agreements with a notional value of **$1.4 billion** to hedge against interest rate fluctuations on its unsecured term loans[198](index=198&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of the end of the quarter. There were no changes to the internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective[200](index=200&type=chunk) - No material changes were made to the internal control over financial reporting during the most recent fiscal quarter[201](index=201&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings.) The company is not currently subject to any material litigation, nor is any material litigation known to be threatened against it, beyond routine claims arising in the ordinary course of business which are not expected to have a material adverse effect - The company is not presently subject to any material litigation[203](index=203&type=chunk) [Risk Factors](index=40&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 the year ended December 31, 2020 - No material changes from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020 were reported[205](index=205&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During the first quarter of 2021, the company purchased **38,310** of its own shares at an average price of **$18.80** per share. These purchases were not part of a publicly announced plan. As of March 31, 2021, approximately **$56.6 million** remained available for repurchase under the company's existing **$150.0 million** share repurchase program | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Jan 1 - Jan 31, 2021 | 38,310 | $18.80 | | Feb 1 - Feb 28, 2021 | — | — | | Mar 1 - Mar 31, 2021 | — | — | | **Total** | **38,310** | **$18.80** | - As of the end of the quarter, **$56.6 million** remained available for repurchase under the **$150.0 million** share repurchase program authorized in February 2016[206](index=206&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q, including amendments to credit agreements, forms of executive compensation agreements, CEO and CFO certifications, and XBRL data files - Exhibits filed include amendments to various credit and note purchase agreements, CEO/CFO certifications, and XBRL interactive data files[211](index=211&type=chunk)

Investment Highlights - Pebblebrook focuses on unique, experiential, lifestyle urban hotels and resorts[10, 21, 23] - The company has a diversified portfolio in key gateway cities and resort markets[10, 63] - Pebblebrook has a relentless approach to avant-garde design, asset management and capital allocation[10, 74] - The company is positioned for superior growth and has a proven track record of delivering superior returns to shareholders[10, 103] Portfolio Composition (Based on 2019 Operating Results) - Urban Lifestyle hotels comprise 39 hotels with 8,431 rooms, contributing 64% of EBITDA[27, 29] - Unique Lifestyle Resorts consist of 8 resorts with 1,901 rooms, contributing 18% of EBITDA[30] - Urban Major Brand hotels include 6 hotels with 2,902 rooms, contributing 18% of EBITDA[30] Financial Performance (2019) - The Total Pebblebrook Portfolio (53 properties / 13,234 rooms) achieved an ADR of $258, RevPAR of $211, Total RevPAR of $309, EBITDA Margin of 31.9%, and EBITDA per Room of $36,000[33] - Urban Iconic hotels achieved an EBITDA per Room of $40,000[43] - "The Unofficial Z Collection" achieved an EBITDA Margin of 39.6%[50] Capital Allocation - Pebblebrook completed 16 dispositions in 2018-2020 for $1.7 billion of gross proceeds[89]

Pebblebrook Hotel Trust (NYSE:PEB) Q4 2020 Earnings Conference Call February 24, 2021 9:00 AM ET Company Participants Raymond Martz - Chief Financial Officer Jon Bortz - Chairman and Chief Executive Officer Conference Call Participants Rich Hightower - Evercore ISI Smedes Rose - Citi Shaun Kelley - Bank of America Michael Bellisario - Baird Bill Crow - Raymond James Anthony Powell - Barclays Aryeh Klein - BMO Capital Markets Gregory Miller - Truth Securities Floris Van Dicam - Compass Point Operator Greetin ...

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, 2020 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) (State of Incorporation or Organization) 4747 Bethesda Ave ...

' Pebblebrook Hotel Trust (NYSE:PEB) Q3 2020 Results Earnings Conference Call October 30, 2020, 9:00 AM ET Company Participants Raymond Martz - Chief Financial Officer Jon Bortz - Chairman and CEO Conference Call Participants Smedes Rose - Citi Rich Hightower - Evercore Neil Malkin - Capital One Dany Asad - Bank of America Dori Kesten - Wells Fargo Michael Bellisario - Baird Bill Crow - Raymond James Lukas Hartwich - Green Street Gregory Miller - Truist Securities Anthony Powell - Barclays Jim Sullivan - BT ...

Pebblebrook Hotel Trust (NYSE:PEB) Q2 2020 Earnings Conference Call July 31, 2020 9:00 AM ET Company Participants Jon Bortz - Chairman, President & Chief Executive Officer Raymond Martz - Executive Vice President, Chief Financial Officer, Treasurer & Secretary Conference Call Participants Richard Hightower - Evercore ISI Smedes Rose - Citigroup Neil Malkin - Capital One Securities Shaun Kelley - Bank of America Merrill Lynch Michael Bellisario - Robert W. Baird & Co. Anthony Powell - Barclays Bank Lukas Har ...

Investor Presentation June 2020 Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of Pebblebrook Hotel Trust's (the "Company") business, financial condition, liquidity, results of operations, plans and objectives. These forward-looking statements are based on the Company's beliefs, assumptions, estimates and expectations of future performan ...

Pebblebrook Hotel Trust (NYSE:PEB) Q1 2020 Earnings Conference Call May 8, 2020 9:00 AM ET Company Participants Raymond Martz - CFO Jon Bortz - Chairman & CEO Conference Call Participants Rich Hightower - Evercore Neil Malkin - Capital One Securities Smedes Rose - Citi Ari Klein - BMO Capital Markets Shaun Kelley - Bank of America Bill Crow - Raymond James Wes Golladay - RBC Capital Markets Michael Bellisario - Baird James Sullivan - BTIG Gregory Miller - SunTrust Robinson Humphrey Operator Thank you for st ...

Pebblebrook Hotel Trust (NYSE:PEB) Q4 2019 Earnings Conference Call February 21, 2020 9:00 AM ET Company Participants Ray Martz - Chief Financial Officer Jon Bortz - Chairman & Chief Executive Officer Conference Call Participants Rich Hightower - Evercore ISI Smedes Rose - Citi Aryeh Klein - BMO Capital Markets Anthony Powell - Barclays Shaun Kelley - Bank of America Merrill Lynch Bill Crow - Raymond James. Michael Bellisario - Robert W. Baird Jim Sullivan - BTIG Neil Malkin - Capital One Securities Gregory ...

Investor Presentation February 2020 Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of Pebblebrook Hotel Trust's (the "Company") business, financial condition, liquidity, results of operations, plans and objectives. These forward-looking statements are based on the Company's beliefs, assumptions, estimates and expectations of future perfo ...