peb-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM			10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			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 Organization)						(I.R.S. Employer Identification No.)

4747 Bethesda Avenue, Suite 1100, Bethesda, Maryland						20814
(Address of Principal Executive Offices)						(Zip Code)


(240)			507-1300
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, $0.01 par value per share

PEB

New York Stock Exchange

Series E Cumulative Redeemable Preferred Shares, $0.01 par value

PEB-PE

New York Stock Exchange

Series F Cumulative Redeemable Preferred Shares, $0.01 par value

PEB-PF

New York Stock Exchange

Series G Cumulative Redeemable Preferred Shares, $0.01 par value

PEB-PG

New York Stock Exchange

Series H Cumulative Redeemable Preferred Shares, $0.01 par value

PEB-PH

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.


Class						Outstanding at April 24, 2026
Common shares of beneficial interest ($0.01 par value per share)						113,369,235


Pebblebrook Hotel Trust TABLE OF CONTENTS



		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements.	3
	Consolidated Balance Sheets - March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations and Comprehensive Income (unaudited) - Three months ended March 31, 2026 and 2025	4
	Consolidated Statements of Equity (unaudited) - Three months ended March 31, 2026 and 2025	6
	Consolidated Statements of Cash Flows (unaudited) - Three months ended March 31, 2026 and 2025	8
	Notes to the Consolidated Financial Statements (unaudited)	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	31
Item 4.	Controls and Procedures.	31
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings.	32
Item 1A.	Risk Factors.	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	32
Item 3.	Defaults Upon Senior Securities.	32
Item 4.	Mine Safety Disclosures.	32
Item 5.	Other Information.	33
Item 6.	Exhibits.	34

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.


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

	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Investment in hotel properties, net	$	4,974,733	$	5,023,457

Cash and cash equivalents	196,207		184,185
Restricted cash	8,396		12,018
Hotel receivables (net of allowance for doubtful accounts of $225 and $241, respectively)	39,697		34,184
Prepaid expenses and other assets	85,137		94,330
Total assets	$	5,304,170	$	5,348,174
LIABILITIES AND EQUITY
Debt, net	$	2,079,334	$	2,124,092
Accounts payable, accrued expenses and other liabilities	215,680		199,631
Lease liabilities - operating leases	333,030		333,068
Deferred revenues	113,800		104,900
Accrued interest	19,188		12,106

Distribution payable	11,611		11,639
Total liabilities	2,772,643		2,785,436
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $676,724 at March 31, 2026 and December 31, 2025), 100,000,000 shares authorized; 27,068,962 shares issued and outstanding at March 31, 2026 and December 31, 2025	271		271
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 112,985,227 and 113,188,134 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	1,130		1,132
Additional paid-in capital	3,966,623		3,969,875
Accumulated other comprehensive income (loss)	3,268		605
Distributions and retained deficit	(1,534,069)		(1,503,262)
Total shareholders' equity	2,437,223		2,468,621
Non-controlling interests	94,304		94,117
Total equity	2,531,527		2,562,738
Total liabilities and equity	$	5,304,170	$	5,348,174

The accompanying notes are an integral part of these financial statements.

Table of Contents


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

	For the three months ended March 31,
		2026		2025
Revenues:
Room		$	214,525	$	197,010
Food and beverage		91,143		86,310
Other operating		39,988		36,946
Total revenues		345,656		320,266
Expenses:
Hotel operating expenses:
Room		59,515		58,523
Food and beverage		65,459		64,568
Other direct and indirect		107,114		104,123
Total hotel operating expenses		232,088		227,214
Depreciation and amortization		51,979		57,543
Real estate taxes, personal property taxes, property insurance, and ground rent		32,791		33,273
General and administrative		12,041		13,226

Impairment		7,688		—

Business interruption insurance income		—		(4,303)
Other operating expenses		1,018		550
Total operating expenses		337,605		327,503
Operating income (loss)		8,051		(7,237)
Interest expense		(26,314)		(27,133)
Other, net		(190)		(972)
Income (loss) before income taxes		(18,453)		(35,342)
Income tax (expense) benefit		17		3,162
Net income (loss)		(18,436)		(32,180)
Net income (loss) attributable to non-controlling interests		838		767
Net income (loss) attributable to the Company		(19,274)		(32,947)
Distributions to preferred shareholders		(10,427)		(10,631)

Net income (loss) attributable to common shareholders		$	(29,701)	$	(43,578)

Net income (loss) per share available to common shareholders, basic and diluted		$	(0.26)	$	(0.37)

Weighted-average number of common shares, basic and diluted		113,331,501		119,204,243

Table of Contents


Pebblebrook Hotel Trust Consolidated Statements of Operations and Comprehensive Income - Continued (in thousands, except share and per-share data)
(Unaudited)

	For the three months ended March 31,
		2026		2025
Comprehensive Income:
Net income (loss)		$	(18,436)	$	(32,180)
Other comprehensive income (loss):
Change in fair value of derivative instruments		1,940		(1,840)
Amounts reclassified from other comprehensive income		765		(3,800)
Comprehensive income (loss)		(15,731)		(37,820)
Comprehensive income (loss) attributable to non-controlling interests		880		821
Comprehensive income (loss) attributable to the Company		$	(16,611)	$	(38,641)

The accompanying notes are an integral part of these financial statements.

Table of Contents


Pebblebrook Hotel Trust Consolidated Statements of Equity (in thousands, except share data)
(Unaudited)

	For the three months ended March 31, 2026
	Preferred Shares			Common Shares			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Distributions and retained deficit		Total Shareholders' Equity		Non-Controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2025	27,068,962	$	271	113,188,134	$	1,132	$	3,969,875	$	605	$	(1,503,262)	$	2,468,621	$	94,117	$	2,562,738



Issuance of common shares for Board of Trustees compensation	—	—		71,958	1		824		—		—		825		—		825
Repurchase of common shares	—	—		(492,314)	(5)		(5,895)		—		—		(5,900)		—		(5,900)
Share-based compensation	—	—		217,449	2		1,819		—		—		1,821		485		2,306
Distributions on common shares/units	—	—		—	—		—		—		(1,106)		(1,106)		(14)		(1,120)
Distributions on preferred shares/units	—	—		—	—		—		—		(10,427)		(10,427)		(1,164)		(11,591)

Other comprehensive income (loss):
Change in fair value of derivative instruments	—	—		—	—		—		1,898		—		1,898		42		1,940
Amounts reclassified from other comprehensive income	—	—		—	—		—		765		—		765		—		765
Net income (loss)	—	—		—	—		—		—		(19,274)		(19,274)		838		(18,436)
Balance at March 31, 2026	27,068,962	$	271	112,985,227	$	1,130	$	3,966,623	$	3,268	$	(1,534,069)	$	2,437,223	$	94,304	$	2,531,527

Table of Contents


Pebblebrook Hotel Trust Consolidated Statements of Equity - Continued (in thousands, except share data)
(Unaudited)

	For the three months ended March 31, 2025
	Preferred Shares			Common Shares			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Distributions and retained deficit		Total Shareholders' Equity		Non-Controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2024	27,600,000	$	276	119,285,394	$	1,193	$	4,072,265	$	16,550	$	(1,392,860)	$	2,697,424	$	90,450	$	2,787,874



Issuance of common shares for Board of Trustees compensation	—	—		54,451	1		744		—		—		745		—		745
Repurchase of common shares	—	—		(1,282,621)	(13)		(14,599)		—		—		(14,612)		—		(14,612)
Share-based compensation	—	—		221,181	2		2,052		—		—		2,054		1,166		3,220
Distributions on common shares/units	—	—

SEC Form 10-Q filed by Pebblebrook Hotel Trust