Pebblebrook Hotel Trust Reports 2023 Results and Provides 2024 Outlook

Share Name	Share Symbol	Market	Type
Pebblebrook Hotel Trust	NYSE:PEB	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	13.80				0	12:00:00

Pebblebrook Hotel (NYSE:PEB)
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Pebblebrook Hotel Trust (NYSE: PEB):

2023

FINANCIAL RESULTS

Net loss: $74.3 million
Same-Property Total RevPAR(1) increased 5.9% vs. 2022
Same-Property Hotel EBITDA(1) of $350.9 million, 2.6% below 2022
Adjusted EBITDAre(1) of $356.4 million, vs. $356.7 million in 2022
Adjusted FFO(1) per diluted share of $1.60 vs. $1.69 in 2022

Q4 FINANCIAL

HIGHLIGHTS

Same-Property Total RevPAR increased 5.7% vs. 2022, exceeding our outlook, with Same-Property Urban Total RevPAR rising 8.8% and Same-Property Resort Total RevPAR declining 0.4%
Same-Property Hotel EBITDA of $66.6 million, Adjusted EBITDAre of $63.3 million, and Adjusted FFO per diluted share of $0.21, exceeding the top end of the Company’s Q4 Outlook by $0.07

PORTFOLIO

UPDATES, BALANCE SHEET &

CAPITAL REINVESTMENTS

In 2023, the Company sold 7 properties, generating approximately $331 million of gross proceeds that were used to reduce the Company’s outstanding debt and repurchase common/preferred shares at substantial discounts to the Company’s estimated NAV and liquidation values
Addressed all material 2024 debt maturities by extending $357 million of its $460 million October 2024 maturity term loan to 2028, and paying down $157.6 million of existing debt, including $110.0 million of 2024 and 2025 maturities; pricing on all the Company’s term loans remained unchanged
Completed $152.3 million of capital investments throughout the portfolio in 2023, capping off a multi-year comprehensive $540 million-plus capital reinvestment and redevelopment program

2024 OUTLOOK

Net loss: $62.0 to $47.0 million
Same-Property Total RevPAR vs. 2023: 2.8% to 4.3%; Same-Property RevPAR vs. 2023: 2.0% to 4.0%; Same-Property Hotel EBITDA: $345.0 to $360.0 million
Adjusted EBITDAre $339.0 to $354.0 million; Adjusted FFO per diluted share $1.49 to $1.61
Targeting capital investments of $85 to $90 million, down significantly from prior-year levels

(1)

See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures used in the table above and elsewhere in this press release.

"In 2023, we benefited from a significant resurgence in urban demand across our portfolio, particularly in San Francisco, Washington, D.C., and Chicago. A steady recovery in business transient and group travel, combined with increased weekend leisure demand, fueled this upward trend in our urban markets. Our resorts continued to gain occupancy due to increased business group demand, partially offsetting the moderation in average daily room rates as leisure travel normalized.

“We remain cautiously optimistic regarding our prospects for 2024. While overall industry demand has been softening in the lower to middle segments, likely as a result of the Federal Reserve’s initiatives to diminish inflation, the ongoing recovery in our urban markets, and in the upper upscale segment, which includes most of our hotels and resorts, remains favorable. We anticipate positive benefits from strong convention calendars in many of our key urban markets, including Boston, San Diego, Washington, D.C., and Chicago, and we expect business group and transient travel to continue to recover. International inbound travel is also continuing to recover, aiding our urban properties in particular, just as outbound international travel should moderate from 2023’s revenge travel abroad. Additionally, since 2018, we’ve invested over $540 million in our multi-year major capital reinvestment and redevelopment program, of which $300 million has been focused on transforming and repositioning our portfolio. These substantial investments are already starting to deliver significant market share and cash flow increases, with most of the upside to come in the next two to three years. These strategic investments, coupled with the continued momentum in the recovery of our urban markets, position us well for strong performance in future years, once the macro-economic outlook stabilizes."

-Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust

Fourth Quarter and Year-to-Date Highlights

Fourth Quarter

Twelve Months Ended December 31,

Same-Property and Corporate Highlights

2023

2022

Variance

2023

2022

Variance

($ in millions except per share and RevPAR data)

Net income (loss)

($41.9)

($39.9)

($74.3)

($85.0)

Same-Property Room Revenues(1)

$200.6

$190.9

5.1%

$884.6

$848.5

4.3%

Same-Property Total Revenues(1)

$315.7

$298.4

5.8%

$1,362.1

$1,285.4

6.0%

Same Property Total Expenses(1)

$249.2

$235.5

5.8%

$1,011.2

$925.0

9.3%

Same Property EBITDA(1)

$66.6

$63.0

5.8%

$350.9

$360.4

(2.6%)

Adjusted EBITDAre(1)

$63.3

$57.4

10.3%

$356.4

$356.7

(0.1%)

Adjusted FFO(1)

$24.9

$25.9

(3.8%)

$197.1

$221.6

(11.0%)

Adjusted FFO per diluted share(1)

$0.21

$0.20

5.0%

$1.60

$1.69

(5.3%)

2023 Monthly Results

Same-Property Portfolio Highlights(2)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

($ in millions except per share and RevPAR data)

Occupancy

47%

60%

67%

71%

72%

77%

74%

75%

64%

54%

ADR

$287

$293

$303

$308

$303

$312

$320

$298

$314

$321

$291

$266

RevPAR

$136

$175

$202

$219

$216

$241

$246

$219

$237

$241

$185

$145

Total Revenues

$80.8

$93.0

$115.9

$116.9

$122.2

$128.4

$135.6

$121.7

$131.9

$130.5

$98.1

$87.2

Total Revenues

Growth Rate ('23 vs. '22)

59%

20%

10%

(1%)

Hotel EBITDA

$6.0

$18.7

$34.6

$37.3

$38.8

$41.5

$34.7

$38.1

$39.2

$18.7

$8.7

NM = Not Meaningful

(1)

See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share.

(2)

Includes information for all the hotels the Company owned as of December 31, 2023, except for the following:

LaPlaya Beach Resort & Club is excluded from all months due to its closure following Hurricane Ian.
1 Hotel San Francisco is excluded from Jan-Jun since it was closed in the first half of 2022 for redevelopment and reflagging.
Newport Harbor Island Resort is excluded from Oct-Dec as it is closed due to its ongoing redevelopment.
Hotel Monaco Seattle is included in Jan-Mar only due to its subsequent sale.
Hotel Vintage Seattle is included in Jan-Mar only due to its subsequent sale.
Westin Michigan Avenue Retail Parcel is included in Jan-Mar only due to its March sale.
Hotel Zoe Fisherman’s Wharf is included in Jan-Sep only due to its subsequent sale.
Marina City Retail Parcel is included in Jan-Sep only due to its subsequent sale.

"Our fourth quarter results surpassed expectations, driven by healthy urban demand and favorable short-term pickup, notably at our San Francisco, Boston, Los Angeles, and Washington, D.C. hotels,” noted Mr. Bortz. “This momentum underscores strong urban recovery trends, which we anticipate will continue in 2024, barring any major negative movement in the economy. Group bookings for our portfolio for 2024 are also quite positive, currently showing an encouraging 15% revenue increase year-over-year, though we expect this year-over-year increase will moderate as the year unfolds, mirroring normal pre-pandemic booking trends. Additionally, we observed a consistent moderation in the growth rate of operating expenses throughout 2023, including wage and benefits costs, which we expect will continue to ease over the course of 2024."

Update on Impact from Hurricane Ian

The Company has made great progress restoring and reopening the 189-room LaPlaya Beach Resort & Club (“LaPlaya”) in Naples, Florida. The Company expects to substantially complete the last of LaPlaya’s post-hurricane rebuilding by the end of this month. This includes the resort’s pool complex and the Beach House, which includes 79 rooms and a full-service spa and fitness center. No business interruption proceeds were recorded in Q4 2023. However, the Company anticipates recognizing $11 million in business interruption proceeds in 2024, which is reflected in the Company’s full-year outlook. The business interruption income will impact Adjusted EBITDAre and FFO, but it is not included in Same-Property Hotel EBITDA.

Capital Investments and Strategic Property Redevelopments

In 2023, the Company invested $152.3 million in capital improvements, not including the LaPlaya hurricane restoration, with the majority related to several major redevelopment and repositioning projects including Margaritaville Hotel San Diego Gaslamp Quarter (conversion from Solamar), Hilton San Diego Gaslamp Quarter, Jekyll Island Club Resort, Estancia La Jolla Hotel & Spa, and the four guesthouses at Southernmost Beach Resort.

For 2024, the Company expects to invest $85 to $90 million in the portfolio, with highlights including:

The completion of Newport Harbor Island Resort's $49 million comprehensive redevelopment and transformation into a luxury island resort by early Q2 2024;
The finalization of Estancia La Jolla Hotel & Spa's $26 million redevelopment and repositioning, including fully renovated public areas, and adding a lobby bar, outdoor meeting venues, an outdoor pool bar and grill, upgraded and additional cabanas, including cabana rooms, and upgrades to the main ballroom, the Mustangs and Burros restaurant, and extensive public area landscaping, all by early Q2 2024; and
The progression of Skamania Lodge's $20 million phase 1 of its much larger master plan to introduce alternative lodging accommodations, including adding private cabins, villas, luxury glamping units, and other enhancements of resort amenities including a new multi-million-dollar outdoor meeting and event venue, and road and utility infrastructure for existing and future alternative accommodations, with completion of this phase targeted in Q2 2024.

Upon completing these investments in 2024, virtually all of the Company's properties will have undergone recent major renovations or redevelopments. This will mark a transition to a period of significantly reduced capital investments planned for the next few years.

Since 2018, the Company has reinvested approximately $540 million in transforming its hotels and resorts, with over $300 million directed towards Return on Investment (“ROI”)-generating investments, as part of the Company’s broader strategic redevelopment program. These investments have predominantly involved major overhauls and strategic repositionings, elevating the Company's properties to superior standards, and adding amenities and other revenue and profit-generating facilities, including remerchandising existing indoor and outdoor facilities. These ROI-focused projects are anticipated to yield substantial returns, aligning with the outcomes of past redevelopment and repositioning initiatives completed by the Company.

Update on Strategic Dispositions

The Company successfully completed seven property sales, generating $330.8 million of gross proceeds in 2023, despite a challenging financing market that significantly limited overall industry transaction activity. The aggregate sales proceeds reflect a combined 20.2x EBITDA multiple and a 4.2% net operating income capitalization rate (assuming a capital reserve of 4.0% of total hotel revenues) based on the trailing twelve-month performance before the completion of each respective sale. These numbers do not include anticipated capital requirements on the part of the buyers despite properties requiring significant future investments.

Net proceeds from the Company’s dispositions are being used for general corporate purposes, including reducing the Company’s debt, increasing the Company’s cash position, and repurchasing common and preferred shares to further strengthen the Company’s balance sheet and enhance shareholder value.

Common and Preferred Share Repurchases

In January 2024, the Company repurchased approximately 318,000 common shares at an average price of $15.69 per share. On a cumulative basis since October 2022, the Company has repurchased over 11 million common shares, or approximately 9% of the Company’s outstanding common shares, at an average price of $14.54 per share, representing an approximate 51% discount to the midpoint of the Company’s most recently published Net Asset Value (“NAV”) per share.

During the fourth quarter, in two unsolicited transactions, the Company repurchased a total of 1.0 million shares of its Series H preferred shares for $15.79 per share, a 37% discount to the $25.00 liquidation value per share. On a cumulative basis since December 2022, the Company has repurchased 2.0 million shares of its Series H preferred shares for an average price of $15.90, a 36% discount to the $25.00 liquidation value per share.

Balance Sheet and Liquidity

As of December 31, 2023, the Company had $830.0 million in liquidity, consisting of $193.6 million in cash, cash equivalents, and restricted cash, plus $636.4 million of undrawn availability on its senior unsecured revolving credit facility.

The Company's current $2.2 billion of consolidated debt and convertible notes is well-structured, with an effective weighted-average interest rate of 4.6%. 75% of the combined debt and convertible notes is currently fixed at an effective weighted-average interest rate of 3.6%. The remaining 25% of the Company’s debt and convertible notes is currently floating at a weighted-average interest rate of 7.7%. In addition, approximately 91% of the Company’s outstanding debt is unsecured, and the weighted-average maturity of the Company’s debt is 3.2 years. The Company has no meaningful debt maturities until Q4 2025.

Common and Preferred Dividends

On December 15, 2023, the Company declared a quarterly cash dividend of $0.01 per share on its common shares and a regular quarterly cash dividend for the following preferred shares of beneficial interest:

$0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share;
$0.39375 per 6.3% Series F Cumulative Redeemable Preferred Share;
$0.39844 per 6.375% Series G Cumulative Redeemable Preferred Share; and
$0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.

Update on Curator Hotel & Resort Collection

Curator Hotel & Resort Collection (“Curator”) is a curated collection of experientially focused small brands and independent lifestyle hotels and resorts worldwide founded by Pebblebrook and several industry-leading independent lifestyle hotel operators. Curator has 106 member hotels and resorts and 118 master service agreements with preferred vendor partners. Curator added 30 new member properties in 2023, up from 23 in 2022. The master service agreements provide Curator member hotels with preferred pricing, enhanced operating terms, and early access to curated new technologies. Curator's mission is to support lifestyle hotels and resorts through its best-in-class operating agreements, services, and technology while helping properties amplify their independent brands and what makes them unique.

2024 Outlook

The Company's 2024 outlook, which does not assume any acquisitions or dispositions, incorporates planned capital investments and key assumptions, including an estimated $11.0 million in business interruption proceeds related to LaPlaya. This forecast assumes stable travel conditions, unaffected by pandemics, major weather events, federal shutdowns, or deteriorating macro-economic factors.

2024 Outlook

Low

High

($ and shares/units in millions, except per share and RevPAR data)

Net income (loss)

($62.0)

($47.0)

Adjusted EBITDAre

$339.0

$354.0

Adjusted FFO

$180.5

$195.5

Adjusted FFO per diluted share

$1.49

$1.61

This 2024 Outlook is based, in part, on the following estimates and assumptions:

US Hotel Industry RevPAR Growth Rate

0.0%

2.0%

Same-Property RevPAR variance vs. 2023

2.0%

4.0%

Same-Property Total Revenue variance vs. 2023

3.1%

4.6%

Same-Property Total Expense variance vs. 2023

4.7%

5.3%

Same-Property Hotel EBITDA

$345.0

$360.0

Same-Property Hotel EBITDA variance vs. 2023

(1.5%)

2.8%

The Company’s Q1 2024 Outlook is as follows:

Q1 2024 Outlook

Low

High

($ and shares/units in millions, except per share and RevPAR data)

Net income (loss)

($44.3)

($40.8)

Adjusted EBITDAre

$52.0

$55.5

Adjusted FFO

$16.0

$19.5

Adjusted FFO per diluted share

$0.13

$0.16

This Q1 2024 Outlook is based, in part, on the following estimates and assumptions:

Same-Property RevPAR

$180

$184

Same-Property RevPAR variance vs. 2023

0.0%

2.0%

Same-Property Total Revenue variance vs. 2023

0.8%

2.8%

Same-Property Total Expense variance vs. 2023

4.4%

5.4%

Same-Property Hotel EBITDA

$53.5

$57.0

Same-Property Hotel EBITDA variance vs. 2023

(12.6%)

(6.8%)

The Q1 2024 outlook includes an estimated $4.0 million from an initial business interruption settlement related to LaPlaya for Q3 2023 lost income. While this does not affect Same-Property Hotel EBITDA, it does impact the Company's Adjusted EBITDAre, Adjusted FFO, and net loss.

Year End 2023 Earnings and 2024 Outlook Call

The Company will conduct its quarterly analyst and investor conference call on Thursday, February 22, 2024, at 11:00 AM ET. To participate, please dial (877) 407-3982 approximately ten minutes before the call begins. A live webcast of the conference call will also be available through the Investor Relations section of www.pebblebrookhotels.com. To access the webcast, click on https://investor.pebblebrookhotels.com/news-and-events/webcasts/default.aspx ten minutes before the conference call. A replay of the conference call webcast will be archived and available online.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 46 hotels and resorts, totaling approximately 12,000 guest rooms across 13 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow @PebblebrookPEB.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. Examples of forward-looking statements include the following: descriptions of the Company’s plans or objectives for future capital investment projects, operations or services; forecasts of the Company’s future economic performance; forecasts of hotel industry performance; statements regarding expectations of hotel dispositions and use of proceeds; and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the US economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information about the Company’s business and financial results, please refer to the "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the US Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of February 21, 2024. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.

For additional information or to receive press releases via email, please visit www.pebblebrookhotels.com

Pebblebrook Hotel Trust Consolidated Balance Sheets ($ in thousands, except share and per-share data)

December 31, 2023 December 31, 2022 ASSETS Assets: Investment in hotel properties, net

5,490,776

5,874,876

Hotels held for sale

44,861

Cash and cash equivalents

183,747

41,040

Restricted cash

9,894

11,229

Hotel receivables (net of allowance for doubtful accounts of $689 and $431, respectively)

43,912

45,258

Prepaid expenses and other assets

96,644

116,276

Total assets

5,824,973

6,133,540

LIABILITIES AND EQUITY Liabilities: Unsecured revolving credit facilities

Unsecured term loans, net of unamortized deferred financing costs

1,375,004

1,372,057

Convertible senior notes, net of unamortized debt premium and discount and deferred financing costs

747,262

746,326

Senior unsecured notes, net of unamortized deferred financing costs

2,395

49,920

Mortgage loans, net of unamortized debt discount and deferred financing costs

195,140

218,990

Accounts payable, accrued expenses and other liabilities

238,644

250,518

Lease liabilities - operating leases

320,617

320,402

Deferred revenues

76,874

73,603

Accrued interest

6,830

4,535

Liabilities related to hotels held for sale

428

Distribution payable

11,862

12,218

Total liabilities

2,974,628

3,048,997

Commitments and contingencies Shareholders' Equity: Preferred shares of beneficial interest, $0.01 par value (liquidation preference $690,000 and $715,000 at December 31, 2023 and December 31, 2022, respectively), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at December 31, 2023 and 28,600,000 shares issued and outstanding at December 31, 2022

276

286

Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized; 120,191,349 shares issued and outstanding at December 31, 2023 and 126,345,293 shares issued and outstanding at December 31, 2022

1,202

1,263

Additional paid-in capital

4,078,912

4,182,359

Accumulated other comprehensive income (loss)

24,374

35,724

Distributions in excess of retained earnings

(1,341,264

)

(1,223,117

)

Total shareholders' equity

2,763,500

2,996,515

Non-controlling interests

86,845

88,028

Total equity

2,850,345

3,084,543

Total liabilities and equity

5,824,973

6,133,540

Pebblebrook Hotel Trust Consolidated Statements of Operations ($ in thousands, except share and per-share data)

Three months endedDecember 31, Twelve months endedDecember 31,

2023

2022

2023

2022

(Unaudited)

Revenues: Room

207,404

202,939

914,109

910,936

Food and beverage

90,680

85,474

351,852

346,702

Other operating

36,004

31,193

153,988

134,253

Total revenues

334,088

319,606

1,419,949

1,391,891

Expenses: Hotel operating expenses: Room

58,841

58,890

248,020

225,992

Food and beverage

67,415

63,684

264,163

243,543

Other direct and indirect

104,733

106,622

428,897

413,939

Total hotel operating expenses

230,989

229,196

941,080

883,474

Depreciation and amortization

61,047

59,837

240,645

239,583

Real estate taxes, personal property taxes, property insurance, and ground rent

33,215

28,016

124,595

126,134

General and administrative

12,050

9,512

44,789

39,187

Impairment

10,372

3,514

81,788

89,633

(Gain) loss on sale of hotel properties

(156

)

(30,375

)

(6,194

)

Business interruption insurance income

(32,985

)

Other operating expenses

2,726

1,307

12,602

5,352

Total operating expenses

350,243

331,382

1,382,139

1,377,169

Operating income (loss)

(16,155

)

(11,776

)

37,810

14,722

Interest expense

(27,664

)

(29,235

)

(115,660

)

(99,988

)

Other

1,691

406

4,229

562

Income (loss) before income taxes

(42,128

)

(40,605

)

(73,621

)

(84,704

)

Income tax (expense) benefit

198

738

(655

)

(277

)

Net income (loss)

(41,930

)

(39,867

)

(74,276

)

(84,981

)

Net income (loss) attributable to non-controlling interests

742

831

3,741

2,190

Net income (loss) attributable to the Company

(42,672

)

(40,698

)

(78,017

)

(87,171

)

Distributions to preferred shareholders

(10,686

)

(11,043

)

(43,649

)

(45,074

)

Redemption of preferred shares

8,396

8,186

8,396

8,186

Net income (loss) attributable to common shareholders

(44,962

)

(43,555

)

(113,270

)

(124,059

)

Net income (loss) per share available to common shareholders, basic

(0.37

)

(0.34

)

(0.93

)

(0.95

)

Net income (loss) per share available to common shareholders, diluted

(0.37

)

(0.34

)

(0.93

)

(0.95

)

Weighted-average number of common shares, basic

120,088,241

129,116,171

121,813,042

130,453,944

Weighted-average number of common shares, diluted

120,088,241

129,116,171

121,813,042

130,453,944

Considerations Regarding Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented.

Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).

Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with Nareit guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

The Company also evaluates its performance by reviewing Adjusted FFO and Adjusted EBITDAre because it believes that adjusting FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO and Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO and Adjusted EBITDAre:

- Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels.

- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.

- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company and its hotels.

- Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities assumed in connection with acquisitions, because it believes that including these non-cash adjustments in FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company.

- Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company.

- Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company.

- Non-cash interest expense, one-time operation suspension expenses, early extinguishment of debt, amortization of share-based compensation expense, issuance costs of redeemed preferred shares, and hurricane-related repairs costs: The Company excludes these items because the Company believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels.

- One-time operation suspension expenses, amortization of share-based compensation expense, and hurricane-related costs: The Company excludes these items because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.

The Company presents weighted-average number of basic and fully diluted common shares and units by excluding the dilutive effect of shares issuable upon conversion of convertible debt.

The Company’s presentation of FFO and Adjusted EBITDAre as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. The Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.

Pebblebrook Hotel Trust Reconciliation of Net Income (Loss) to FFO and Adjusted FFO ($ in thousands, except share and per-share data) (Unaudited)

Three months endedDecember 31, Twelve months endedDecember 31,

2023

2022

2023

2022

Net income (loss)

(41,930

)

(39,867

)

(74,276

)

(84,981

)

Adjustments: Real estate depreciation and amortization

60,963

59,751

240,304

239,231

Gain on sale of hotel properties

(156

)

(30,375

)

(6,194

)

Impairment loss

10,372

3,514

81,788

89,633

FFO

29,249

23,398

217,441

237,689

Distribution to preferred shareholders and unit holders

(11,851

)

(12,207

)

(48,306

)

(48,049

)

Issuance costs of redeemed preferred shares

8,396

8,186

8,396

8,186

FFO available to common share and unit holders

25,794

19,377

177,531

197,826

Transaction costs

105

688

430

Non-cash ground rent

1,896

1,929

7,608

7,737

Management/franchise contract transition costs

149

471

359

817

Interest expense adjustment for acquired liabilities

185

542

1,672

2,549

Finance lease adjustment

742

731

2,952

2,906

Non-cash amortization of acquired intangibles

(481

)

(529

)

(5,494

)

(2,149

)

Non-cash interest expense

Early extinguishment of debt

7,995

1,035

7,995

Amortization of share-based compensation expense

3,313

3,195

12,545

11,349

Issuance costs of redeemed preferred shares

(8,396

)

(8,186

)

(8,396

)

(8,186

)

Hurricane-related costs

1,540

249

6,598

249

Adjusted FFO available to common share and unit holders

24,878

25,873

197,098

221,572

FFO per common share - basic

0.21

0.15

1.45

1.51

FFO per common share - diluted

0.21

0.15

1.44

1.51

Adjusted FFO per common share - basic

0.21

0.20

1.61

1.69

Adjusted FFO per common share - diluted

0.21

0.20

1.60

1.69

Weighted-average number of basic common shares and units

120,963,016

129,993,275

122,687,817

131,331,048

Weighted-average number of fully diluted common shares and units

121,204,126

129,993,275

123,039,851

131,331,048

See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding our use of non-GAAP financial measures. Any differences are a result of rounding.

Pebblebrook Hotel Trust Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre ($ in thousands) (Unaudited)

Three months endedDecember 31, Twelve months endedDecember 31,

2023

2022

2023

2022

Net income (loss)

(41,930

)

(39,867

)

(74,276

)

(84,981

)

Adjustments: Interest expense

27,664

29,235

115,660

99,988

Income tax expense (benefit)

(198

)

(738

)

655

277

Depreciation and amortization

61,047

59,837

240,645

239,583

EBITDA

46,583

48,467

282,684

254,867

Gain on sale of hotel properties

(156

)

(30,375

)

(6,194

)

Impairment loss

10,372

3,514

81,788

89,633

EBITDAre

56,799

51,981

334,097

338,306

Transaction costs

105

688

430

Non-cash ground rent

1,896

1,929

7,608

7,737

Management/franchise contract transition costs

149

471

359

817

Non-cash amortization of acquired intangibles

(481

)

(529

)

(5,494

)

(2,149

)

Amortization of share-based compensation expense

3,313

3,195

12,545

11,349

Hurricane-related costs

1,540

249

6,598

249

Adjusted EBITDAre

63,321

57,395

356,401

356,739

Pebblebrook Hotel Trust Reconciliation of Q1 2024 and Full Year 2024 Outlook Net Income (Loss) to FFO and Adjusted FFO (in millions, except per share data) (Unaudited)

Three months endingMarch 31, 2024 Year endingDecember 31, 2024 Low High Low High Net income (loss)

(44

)

(41

)

(62

)

(47

)

Adjustments: Real estate depreciation and amortization

263

(Gain) loss on sale of hotel properties

Impairment loss

FFO

201

216

Distribution to preferred shareholders and unit holders

(12

)

(12

)

(47

)

(47

)

FFO available to common share and unit holders

154

169

Non-cash ground rent

Amortization of share-based compensation expense

Other

Adjusted FFO available to common share and unit holders

181

196

FFO per common share - diluted

0.07

0.10

1.27

1.39

Adjusted FFO per common share - diluted

0.13

0.16

1.49

1.61

Weighted-average number of fully diluted common shares and units

121.2

Pebblebrook Hotel Trust Reconciliation of Q1 2024 and Full Year 2024 Outlook Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre ($ in millions) (Unaudited)

Three months endingMarch 31, 2024 Year endingDecember 31, 2024 Low High Low High Net income (loss)

(44

)

(41

)

(62

)

(47

)

Adjustments: Interest expense and income tax expense

117

Depreciation and amortization

263

EBITDA

318

333

(Gain) loss on sale of hotel properties

Impairment loss

EBITDAre

318

333

Non-cash ground rent

Amortization of share-based compensation expense

Other

)

Adjusted EBITDAre

339

354

Pebblebrook Hotel Trust Same-Property Statistical Data (Unaudited)

Three months endedDecember 31, Twelve months endedDecember 31,

2023

2022

2023

2022

Same-Property Occupancy

64.3

61.0

67.7

63.1

2023 vs. 2022 Increase/(Decrease)

5.4

7.3

Same-Property ADR

295.54

296.49

302.96

312.01

2023 vs. 2022 Increase/(Decrease)

(0.3

(2.9

Same-Property RevPAR

190.06

180.96

205.24

196.96

2023 vs. 2022 Increase/(Decrease)

5.0

4.2

Same-Property Total RevPAR

299.08

282.86

316.02

298.38

2023 vs. 2022 Increase/(Decrease)

5.7

5.9

Notes: For the three months ended December 31, 2023 and 2022, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2023, except for the following: • LaPlaya Beach Resort & Club is excluded due to its closure following Hurricane Ian. • Newport Harbor Island Resort is excluded due to its ongoing redevelopment. For the twelve months ended December 31, 2023 and 2022, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2023, except for the following: • LaPlaya Beach Resort & Club is excluded from all months due to its closure following Hurricane Ian. • 1 Hotel San Francisco is excluded from Jan-Jun due to its closure for redevelopment. • Newport Harbor Island Resort is excluded from Oct-Dec due to its ongoing redevelopment. • Hotel Monaco Seattle is included in Jan-Mar only due to its sale. • Hotel Vintage Seattle is included in Jan-Mar only due to its sale. • Westin Michigan Avenue Retail Parcel is included in Jan-Mar only due to its sale. • Hotel Zoe Fisherman's Wharf is included in Jan-Sep only due to its sale. • Marina City Retail Parcel is included in Jan-Sep only due to its sale. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust

Same-Property Statistical Data - by Market (Unaudited)

Three months ended December 31,

Twelve months ended December 31,

2023

Same-Property RevPAR variance to 2022: San Francisco

17.3

23.1

Washington DC

12.4

31.9

Boston

11.3

5.2

Los Angeles

6.1

8.4

San Diego

1.4

(1.2

Chicago

(1.8

7.6

Southern Florida/Georgia

(2.1

(8.3

Other

(3.3

(14.0

Portland

(10.6

0.9

Urban

7.3

9.3

Resorts

(0.9

(6.5

Notes: For the three months ended December 31, 2023, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2023, except for the following:• LaPlaya Beach Resort & Club is excluded due to its closure following Hurricane Ian.• Newport Harbor Island Resort is excluded due to its ongoing redevelopment.For the twelve months ended December 31, 2023, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2023, except for the following:• LaPlaya Beach Resort & Club is excluded from all months due to its closure following Hurricane Ian.• 1 Hotel San Francisco is excluded from Jan-Jun due to its closure for redevelopment.• Newport Harbor Island Resort is excluded from Oct-Dec due to its ongoing redevelopment.• Hotel Monaco Seattle is included in Jan-Mar only due to its sale.• Hotel Vintage Seattle is included in Jan-Mar only due to its sale.• Westin Michigan Avenue Retail Parcel is included in Jan-Mar only due to its sale.• Hotel Zoe Fisherman's Wharf is included in Jan-Sep only due to its sale.• Marina City Retail Parcel is included in Jan-Sep only due to its sale."Other" includes Newport, RI and Santa Cruz, CA.These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust

Hotel Operational Data Schedule of Same-Property Results ($ in thousands) (Unaudited)

Three months ended December 31,

Twelve months ended December 31,

2023

2022

2023

2022

Same-Property Revenues: Room

200,645

190,911

884,601

848,521

Food and beverage

84,062

80,470

335,726

319,028

Other

31,040

27,023

141,759

117,872

Total hotel revenues

315,747

298,404

1,362,086

1,285,421

Same-Property Expenses: Room

57,093

54,796

239,626

210,805

Food and beverage

62,586

59,229

248,692

224,326

Other direct

7,695

7,503

32,261

29,533

General and administrative

28,529

28,066

115,059

107,054

Information and telecommunication systems

5,133

4,751

20,380

17,839

Sales and marketing

25,523

24,426

103,561

91,123

Management fees

9,252

7,970

39,419

38,152

Property operations and maintenance

13,265

12,766

52,829

47,708

Energy and utilities

9,782

8,616

41,567

36,873

Property taxes

16,645

14,010

61,289

68,686

Other fixed expenses

13,654

13,320

56,491

52,904

Total hotel expenses

249,157

235,453

1,011,174

925,003

Same-Property EBITDA

66,590

62,951

350,912

360,418

Same-Property EBITDA Margin

21.1

25.8

28.0

Notes: For the three months ended December 31, 2023 and 2022, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2023, except for the following:• LaPlaya Beach Resort & Club is excluded due to its closure following Hurricane Ian.• Newport Harbor Island Resort is excluded due to its ongoing redevelopment.For the twelve months ended December 31, 2023 and 2022, the above table of hotel operating statistics includes information from all hotels owned as of December 31, 2023, except for the following:• LaPlaya Beach Resort & Club is excluded from all months due to its closure following Hurricane Ian.• 1 Hotel San Francisco is excluded from Jan-Jun due to its closure for redevelopment.• Newport Harbor Island Resort is excluded from Oct-Dec due to its ongoing redevelopment.• Hotel Monaco Seattle is included in Jan-Mar only due to its sale.• Hotel Vintage Seattle is included in Jan-Mar only due to its sale.• Westin Michigan Avenue Retail Parcel is included in Jan-Mar only due to its sale.• Hotel Zoe Fisherman's Wharf is included in Jan-Sep only due to its sale.• Marina City Retail Parcel is included in Jan-Sep only due to its sale.These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust

Historical Operating Data ($ in millions except ADR and RevPAR data) (Unaudited) Historical Operating Data:

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2019

Occupancy

74%

86%

77%

81%

ADR

$251

$275

$272

$250

$263

RevPAR

$186

$236

$234

$192

$212

Hotel Revenues

$294.3

$375.5

$372.5

$318.8

$1,361.0

Hotel EBITDA

$74.2

$132.7

$126.5

$84.9

$418.3

Hotel EBITDA Margin

25.2%

35.3%

34.0%

26.6%

30.7%

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2022

Occupancy

49%

69%

73%

61%

63%

ADR

$301

$324

$326

$297

$314

RevPAR

$146

$224

$238

$180

$197

Hotel Revenues

$229.3

$361.8

$382.8

$304.5

$1,278.4

Hotel EBITDA

$46.7

$124.5

$121.9

$63.1

$356.3

Hotel EBITDA Margin

20.4%

34.4%

31.8%

20.7%

27.9%

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2023

Occupancy

59%

73%

75%

64%

68%

ADR

$303

$312

$296

$306

RevPAR

$177

$229

$235

$188

$208

Hotel Revenues

$290.2

$372.1

$383.0

$320.3

$1,365.7

Hotel EBITDA

$59.1

$110.5

$111.9

$67.7

$349.1

Hotel EBITDA Margin

20.4%

29.7%

29.2%

21.1%

25.6%

Notes: These historical hotel operating results include information for all of the hotels the Company owned as of December 31, 2023, as if they were owned as of January 1, 2019, except for LaPlaya Beach Resort & Club which is excluded from all time periods due to its closure following Hurricane Ian. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses.These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust

2023 Same-Property Inclusion Reference Table Hotels Q1 Q2 Q3 Q4 Hotel Monaco Seattle X Hotel Vintage Seattle X LaPlaya Beach Resort & Club 1 Hotel San Francisco X X The Westin Michigan Avenue Chicago - Retail Parcel X Newport Harbor Island Resort X X X Hotel Zoe Fisherman's Wharf X X X Marina City Retail Parcel X X X Notes: A property marked with an "X" in a specific quarter denotes that the same-property operating results of that property are included in the Same-Property Statistical Data and in the Schedule of Same-Property Results.The Company's fourth quarter Same-Property RevPAR, RevPAR Growth, Total RevPAR, Total RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin include all of the hotels the Company owned as of December 31, 2023, except for the following:• LaPlaya Beach Resort & Club is excluded due to its closure following Hurricane Ian.• Newport Harbor Island Resort is excluded due to its ongoing redevelopment.The Company's estimates and assumptions for Same-Property RevPAR, RevPAR Growth, Total RevPAR, Total RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin for the first quarter of 2024 include all of the hotels the Company owned as of December 31, 2023, except for the following:• LaPlaya Beach Resort & Club is excluded due to its closure following Hurricane Ian.• Newport Harbor Island Resort is excluded due to its ongoing redevelopment.Operating statistics and financial results may include periods prior to the Company's ownership of the hotels.

Pebblebrook Hotel Trust

Historical Hotel Same-Property Hotel EBITDA by Property (Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands) (Unaudited)

Hotel EBITDA

2023 Hotel EBITDA per Key

Market / Hotel

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Unique Lifestyle Resorts Inn on Fifth

N/A

$5.1

$4.2

$9.7

$11.9

$10.8

$90.8

The Marker Key West Harbor Resort

N/A

4.8

5.8

4.6

5.6

6.0

3.1

7.9

7.0

72.9

Southernmost Beach Resort

9.0

10.4

10.8

14.1

17.6

19.9

21.1

17.9

19.3

21.4

13.1

24.4

24.2

21.3

72.0

L'Auberge Del Mar

4.6

5.4

5.6

7.7

8.1

9.9

9.3

9.4

9.5

7.3

2.7

8.5

9.0

8.7

71.9

Margaritaville Hollywood Beach Resort

N/A

17.8

0.4

22.1

24.5

21.2

57.5

Skamania Lodge

4.4

4.8

5.2

6.0

6.8

7.7

8.1

9.0

9.5

10.3

1.2

7.7

12.3

12.6

47.9

Paradise Point Resort & Spa

8.3

11.8

13.7

14.8

16.1

16.7

14.7

16.8

17.5

15.3

4.6

14.1

20.5

21.1

45.7

Newport Harbor Island Resort

N/A

7.4

4.2

13.9

13.1

9.3

36.2

Estancia La Jolla Hotel & Spa

N/A

8.1

(0.3

)

4.6

10.6

7.5

35.7

Chaminade Resort & Spa

3.3

3.6

3.7

4.3

4.7

5.0

4.8

5.2

5.4

4.4

(1.1

)

3.3

7.3

5.1

32.7

San Diego Mission Bay Resort

4.4

4.7

5.2

5.5

7.0

7.9

8.3

8.8

8.1

5.5

(4.2

)

6.9

9.5

10.8

30.3

Jekyll Island Club Resort

N/A

5.0

2.7

8.7

7.4

5.3

26.5

LaPlaya Beach Resort & Club

5.7

7.6

8.7

10.7

12.4

15.7

16.2

11.8

16.5

17.7

14.0

27.4

24.8

(0.6

)

(3.2

)

Unique Lifestyle Resorts Total

$39.7

$48.3

$52.9

$63.1

$72.7

$87.6

$88.3

$83.5

$91.4

$131.3

$44.6

$159.2

$183.0

$140.1

$45.3

Boston Urban The Liberty, a Luxury Collection Hotel, Boston

$6.1

$9.6

$13.3

$15.8

$17.2

$18.2

$18.5

$19.0

$21.4

$21.2

$0.3

$10.5

$21.1

$18.5

$62.1

The Westin Copley Place, Boston

21.3

23.5

24.4

25.8

28.7

32.7

33.3

31.5

28.5

32.9

(4.4

)

3.0

30.7

33.7

42.0

Revere Hotel Boston Common

3.3

6.1

5.7

9.2

11.7

13.3

12.2

12.6

12.4

11.8

(6.1

)

2.8

15.7

13.9

39.0

W Boston

3.8

4.4

5.8

6.2

8.1

9.6

9.3

9.2

7.9

8.1

(2.6

)

2.4

7.2

7.9

33.2

Hyatt Regency Boston Harbor

6.2

6.7

7.3

7.7

9.3

11.1

10.8

10.7

10.1

(2.2

)

1.6

5.6

6.1

22.6

Boston Total

$40.7

$50.3

$56.5

$64.7

$75.0

$84.9

$84.1

$83.1

$80.9

$84.1

($15.0

)

$20.3

$80.3

$80.1

$40.8

San Diego Urban The Westin San Diego Gaslamp Quarter

$8.4

$8.2

$9.7

$11.2

$12.7

$14.6

$16.9

$16.0

$14.4

$14.2

($1.3

)

$2.2

$12.7

$14.2

$31.6

Embassy Suites San Diego Bay - Downtown

7.6

8.2

8.8

8.9

9.5

11.3

11.1

11.7

10.4

(0.2

)

4.5

9.1

9.7

28.4

Hilton San Diego Gaslamp Quarter

7.6

8.5

8.8

8.9

9.5

10.5

10.9

11.1

11.6

10.5

(0.4

)

0.6

7.1

7.6

26.6

Margaritaville Hotel San Diego Gaslamp Quarter

5.2

6.3

6.5

6.3

6.5

7.4

7.7

7.3

7.0

(0.4

)

2.1

6.2

0.8

3.4

San Diego Total

$28.8

$31.2

$33.8

$35.3

$38.2

$43.8

$46.8

$45.5

$45.0

$42.1

($2.3

)

$9.4

$35.1

$32.3

$24.6

Los Angeles Urban Montrose at Beverly Hills

$3.9

$4.3

$4.2

$5.5

$5.9

$6.5

$5.9

$3.9

$4.7

$0.3

$1.0

$3.6

$4.3

$32.3

Le Parc at Melrose

4.2

4.5

4.7

5.3

5.6

6.1

7.0

6.1

5.8

(0.1

)

2.8

5.5

4.4

28.6

W Los Angeles - West Beverly Hills

5.6

6.9

8.0

8.7

8.9

9.5

12.3

11.5

10.2

8.4

(2.0

)

0.7

6.8

7.8

26.3

Viceroy Santa Monica Hotel

3.0

5.8

6.9

7.6

8.2

8.4

7.8

7.0

6.6

6.2

(2.9

)

1.8

5.4

4.4

26.0

Chamberlain West Hollywood Hotel

1.0

3.4

3.8

4.1

4.8

5.2

4.4

3.1

3.7

(0.2

)

1.2

3.5

2.9

25.2

Le Méridien Delfina Santa Monica

5.3

6.8

6.9

8.0

9.9

11.7

13.8

13.4

12.7

11.2

(0.8

)

2.2

7.0

7.7

24.4

Mondrian Los Angeles

7.9

8.9

7.4

8.2

11.0

12.2

12.6

11.8

8.6

7.6

(2.0

)

2.1

5.0

4.3

18.2

Hotel Ziggy

1.9

2.2

2.0

1.5

0.9

2.8

0.0

1.1

1.7

15.7

Hotel Palomar Los Angeles Beverly Hills

2.3

2.9

3.9

3.8

4.5

4.2

6.2

4.0

7.4

5.7

(4.2

)

(1.2

)

3.6

4.0

15.2

Los Angeles Total

$35.1

$45.7

$48.0

$53.2

$60.3

$63.7

$74.2

$66.9

$61.4

$56.1

($11.9

)

$11.7

$41.5

$23.2

Washington DC Urban Hotel Monaco Washington DC

$5.5

$6.9

$7.6

$7.9

$8.1

$9.9

$8.6

$7.9

($1.4

)

($0.5

)

$4.7

$6.5

$35.3

George Hotel

4.2

4.6

4.1

4.3

5.2

5.7

6.3

5.7

5.3

(0.5

)

0.0

3.7

3.9

28.1

Hotel Zena Washington DC

4.0

4.6

3.8

4.3

5.2

5.8

6.1

6.4

5.1

3.8

(2.3

)

(2.7

)

0.6

1.3

6.8

Viceroy Washington DC

3.3

3.6

3.4

3.2

3.0

3.6

5.8

5.5

4.9

(2.3

)

(1.3

)

1.1

0.9

5.1

Washington DC Total

$17.0

$19.7

$18.9

$19.5

$20.6

$22.1

$23.5

$28.4

$24.9

$21.9

($6.5

)

($4.5

)

$10.1

$12.6

$18.2

San Francisco Urban Argonaut Hotel

$5.2

$6.5

$8.5

$10.2

$11.8

$13.0

$11.7

$12.9

$14.6

($1.5

)

$1.5

$7.1

$7.5

$29.8

1 Hotel San Francisco

4.0

6.0

7.4

7.3

8.6

11.0

10.3

9.8

8.0

7.5

(4.0

)

(4.9

)

(2.9

)

4.7

23.5

Harbor Court Hotel San Francisco

2.7

4.0

3.7

4.9

5.8

6.1

5.6

3.9

4.3

5.6

(0.3

)

(1.0

)

2.0

2.9

22.1

Hotel Zephyr Fisherman's Wharf

7.3

8.7

11.2

12.1

12.6

16.2

13.1

13.7

16.8

(1.1

)

0.5

4.9

5.8

16.1

Hotel Zetta San Francisco

N/A

2.8

5.4

6.2

5.6

5.5

6.0

(0.3

)

(1.4

)

1.4

1.3

11.2

Hotel Zelos San Francisco

1.3

3.0

3.8

4.6

6.2

7.3

5.9

7.2

6.9

8.4

(2.5

)

(4.6

)

(0.1

)

1.6

7.9

Hotel Zeppelin San Francisco

N/A

2.3

2.7

3.4

4.0

3.3

6.3

7.5

7.7

(1.2

)

(1.6

)

(1.2

)

0.0

San Francisco Total

$20.5

$30.5

$37.3

$45.3

$53.9

$60.2

$59.9

$57.5

$59.3

$66.6

($10.9

)

($11.5

)

$11.2

$23.8

$16.3

Chicago Urban Hotel Chicago Downtown, Autograph Collection

$5.5

$5.3

$7.3

$8.4

$8.5

$10.4

$12.4

$12.3

$9.0

$9.2

($2.4

)

$0.6

$6.9

$7.4

$20.9

The Westin Michigan Avenue Chicago

14.7

15.8

16.7

16.0

18.0

19.4

17.9

13.1

10.5

8.1

(11.1

)

(5.2

)

4.4

5.4

7.2

Chicago Total

$20.2

$21.1

$24.0

$24.4

$26.5

$29.8

$30.3

$25.4

$19.5

$17.3

($13.5

)

($4.6

)

$11.3

$12.8

$11.6

Portland Urban The Nines, a Luxury Collection Hotel, Portland

$6.2

$8.0

$8.9

$10.8

$12.8

$15.2

$15.6

$15.8

$15.6

$13.0

($0.6

)

$3.8

$8.0

$5.3

$16.0

The Hotel Zags

2.7

3.3

3.9

4.5

5.6

6.5

6.7

5.4

3.8

3.3

(1.0

)

(0.6

)

0.4

(0.2

)

(1.1

)

Portland Total

$8.9

$11.3

$12.8

$15.3

$18.4

$21.7

$22.3

$21.2

$19.4

$16.3

($1.6

)

$3.2

$8.4

$5.1

$10.1

Urban Total

$171.2

$209.8

$231.3

$257.7

$292.9

$326.2

$341.1

$328.0

$310.4

$304.4

($61.7

)

$24.0

$197.9

$208.2

$23.6

Total Hotel EBITDA

$210.9

$258.1

$284.2

$320.8

$365.6

$413.8

$429.4

$411.5

$401.8

$435.7

($17.1

)

$183.2

$380.9

$348.3

$29.2

Notes: These historical Same-Property Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of December 31, 2023. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses.The parking garage at Revere Hotel Boston Common was sold on June 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact of excluding the parking-related income.The high-street retail parcel at Westin Michigan Avenue was sold on March 20, 2023. Historical results beginning with the year 2018, onward, for Westin Michigan Avenue have been adjusted to reflect the estimated impact of excluding the retail-related income.The retail space and two parking facilities at Hotel Chicago Downtown, Autograph Collection were sold on December 21, 2023. Historical results beginning from the year 2018, onward, for Hotel Chicago Downtown, Autograph Collection have been adjusted to reflect the estimated impact of excluding the retail and parking-related income.Border indicates Hotel EBITDA for the year in which the hotel was acquired by the Company. The information above has not been audited and is presented only for comparison purposes. Any differences are a result of rounding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221980576/en/

Raymond D. Martz Co-President and Chief Financial Officer, Pebblebrook Hotel Trust (240) 507-1330

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