Pebblebrook Hotel Trust
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
PEB$21.12+1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0001474098-25-000119
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001474098-25-000138
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 104 previous paragraphs and 110 current paragraphs.
63 unchanged; 32 reworded; 13 added; 7 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Our third quarter operating results were consistent with our outlook. San Francisco led the portfolio as a result of robust citywide conventions, healthy business and leisure transient demand growth and elevated out-of-room spending. Chicago also exceeded expectations with broad-based strength across group, corporate and leisure customers. The quarter's results were negatively impacted by the year-over-year timing shift of the Jewish holidays and ongoing softness in group attendance. Newport Harbor Island Resort, Jekyll Island Club Resort and Estancia La Jolla Hotel & Spa each delivered solid gains as they continue to capture market share and expand profitability. We remain cautious given the broader economic backdrop and evolving trade and policy risks. We will remain disciplined and adaptable amid an uncertain macro environment, including the recent federal government shutdown, which we expect will temporarily soften travel demand.
Current report
•We issued $400.0 million of our 1.625% Convertible Senior Notes due January 2030 and used net proceeds and cash on hand to repurchase $400.0 million of 1.75% Convertible Senior Notes due December 2026 at a discount, for $392.0 million, which resulted in a gain on debt extinguishment of $7.4 million.
Current report
•We repurchased 57,843 preferred shares for an aggregate purchase price of $1.1 million, or an average of approximately $18.38 per share, under our preferred share repurchase program.
Current report
•We finalized a settlement agreement for our Hurricane Helene insurance claim. We continue to work with our insurance providers on our remaining claim for Hurricane Milton.
Current report
Revenues —Total revenues decreased by $5.8 million primarily due to demand decreases at Paradise Point Resort & Spa, W Los Angeles - West Beverly Hills, Hotel Monaco Washington DC, The Westin San Diego Gaslamp Quarter and George Hotel. This decrease was partially offset by demand increases at 1 Hotel San Francisco and Newport Harbor Island Resort.
Current report
Impairment — We recognized an impairment loss of $46.5 million in 2025 related to three hotels. We recognized an impairment loss of $1.9 million in 2024 due to damage caused by Hurricane Helene at LaPlaya Beach Resort & Club.
Current report
Business interruption insurance income and gain on insurance settlement — We recognized business interruption insurance income and gain on insurance settlement in 2025 and 2024 related to the settlement or partial settlements of property damage, business interruption and other costs sustained at LaPlaya Beach Resort & Club resulting from Hurricane Helene and Hurricane Milton in 2025 and Hurricane Ian in 2024.
Current report
Interest expense — Interest expense decreased by $7.7 million primarily due to the repurchase of $400.0 million aggregate principal amount of our 1.75% Convertible Senior Notes due December 2026, which resulted in a gain on debt extinguishment of $7.4 million.
Current report
Impairment — We recognized an impairment loss of $46.5 million in 2025 related to three hotels. We recognized an impairment loss of $1.9 million in 2024 due to damage caused by Hurricane Helene at LaPlaya Beach Resort & Club.
Current report
Business interruption insurance income and gain on insurance settlement — We recognized business interruption insurance income and gain on insurance settlement in 2025 and 2024 related to the settlement or partial settlements of property damage, business interruption and other costs sustained at LaPlaya Beach Resort & Club resulting from Hurricane Helene and Hurricane Milton in 2025 and Hurricane Ian in 2024.
Current report
Interest expense — Interest expense decreased by $7.7 million primarily due to the repurchase of $400.0 million aggregate principal amount of our 1.75% Convertible Senior Notes due December 2026, which resulted in a gain on debt extinguishment of $7.4 million.
Current report
Income tax (expense) benefit — Income tax (expense) benefit increased by $31.8 million as a result of the deferred tax benefit recorded in 2024 upon the release of a portion of the valuation allowance.
Current report
Common Share Repurchase Program
Removed paragraphs (7)
Previous report
Our second quarter operating results exceeded our outlook, led by a strong rebound in San Francisco. In addition, our recently redeveloped properties are gaining momentum and market share, with Newport Harbor Island Resort delivering results well above our expectations in its first full year of operations following the comprehensive transformation completed last spring. Our Los Angeles properties continued to be challenged as the city recovered from the wildfires in early 2025 and the ramp-up of Hyatt Centric Delfina Santa Monica following its renovation and brand conversion. Our Washington D.C. properties benefited from the inauguration in the first quarter and San Francisco generated strong results driven by a positive convention calendar and rising business demand. We remain cautious given the broader economic backdrop and evolving trade and policy risks. We will continue to operate with discipline, and we remain focused on proactive revenue-generation efforts and expense management.
Previous report
Business interruption insurance income — We recognized business interruption insurance income in 2025 and 2024 related to partial settlements with our insurance carriers for lost income at LaPlaya Beach Resort & Club.
Previous report
Other, net — Other, net increased by $1.8 million due to interest income earned on excess cash balances.
Previous report
Business interruption insurance income — We recognized business interruption insurance income in 2025 and 2024 related to partial settlements with our insurance carriers for lost income at LaPlaya Beach Resort & Club.
Previous report
Other operating expenses — Other operating expenses decreased by $2.1 million primarily due to a decrease in preopening expenses.
Previous report
Income tax (expense) benefit — Income tax (expense) benefit increased by $3.6 million due to an increase in taxable income of Pebblebrook Hotel Lessee, Inc. In the second quarter of 2024, the deferred income tax of Pebblebrook Hotel Lessee, Inc. partially reduced the valuation allowance.
Previous report
Common Share Repurchase Programs
Reworded paragraphs (32)
Previous wording
During the six months ended June 30, 2025, we had the following transactions and events:
Current wording
During the nine months ended September 30, 2025, we had the following transactions and events:
Previous wording
•We repurchased 1,298,396 common shares for an aggregate purchase price of $14.3 million, or an average of $11.04 per share, under our existing common share repurchase program.
Current wording
•We repurchased 5,623,656 common shares for an aggregate purchase price of $64.3 million, or an average of $11.44 per share, under our common share repurchase program.
Previous wording
The following table represents the key same-property hotel operating statistics for our hotels for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table represents the key same-property hotel operating statistics for our hotels for the three and nine months ended September 30, 2025 and 2024:
Previous wording
For the three and six months ended June 30, 2025 and 2024, the above table of hotel operating statistics includes information from all hotels owned as of June 30, 2025, except for Newport Harbor Island Resort due to its redevelopment.
Current wording
For the nine months ended September 30, 2025 and 2024, the above table of hotel operating statistics includes information from all hotels owned as of September 30, 2025, except for Newport Harbor Island Resort which was excluded for the first and second quarters due to its redevelopment.
Previous wording
Adjusted FFO is defined as FFO, as adjusted for transaction costs, non-cash ground rent on operating and capital leases, management/franchise contract transition costs, interest expense adjustment for acquired liabilities, finance lease adjustment, non-cash amortization of acquired intangibles, gain on insurance settlement, early extinguishment of debt, amortization of share-based compensation expense, issuance costs of redeemed preferred shares, hurricane-related costs, non-cash interest expense and deferred tax asset provision (benefit). We believe Adjusted FFO provides useful supplemental information regarding our ongoing operating performance.
Current wording
Adjusted FFO is defined as FFO, as adjusted for transaction costs, non-cash ground rent on operating and capital leases, management/franchise contract transition costs, interest expense adjustment for acquired liabilities, finance lease adjustment, non-cash amortization of acquired intangibles, gain on insurance settlement, early extinguishment of debt, amortization of share-based compensation expense, issuance costs of redeemed preferred shares, repurchase of preferred shares, hurricane-related costs, non-cash interest expense and deferred tax asset provision (benefit). We believe Adjusted FFO provides useful supplemental information regarding our ongoing operating performance.
Previous wording
The following table reconciles net income (loss) to FFO, FFO available to common share and unit holders and Adjusted FFO available to common share and unit holders for the three and six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table reconciles net income (loss) to FFO, FFO available to common share and unit holders and Adjusted FFO available to common share and unit holders for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
The following table reconciles net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Hotel EBITDA for the three and six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table reconciles net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Hotel EBITDA for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
At June 30, 2025 and 2024, our consolidated financial statements included the operations of 46 hotel properties, which have been included in our results of operations during the respective periods since their dates of acquisition or through their dates of disposition. Based on when a property was acquired or disposed of, operating results for certain properties are not comparable for the three and six months ended June 30, 2025 and 2024. As there were no properties acquired or disposed in 2025 or 2024, there were no "non-comparable properties" for the periods indicated.
Current wording
At September 30, 2025 and 2024, our consolidated financial statements included the operations of 46 hotel properties, which have been included in our results of operations during the respective periods since their dates of acquisition or through their dates of disposition. Based on when a property was acquired or disposed of, operating results for certain properties are not comparable for the three and nine months ended September 30, 2025 and 2024. As there were no properties acquired or disposed in 2025 or 2024, there were no "non-comparable properties" for the periods indicated.
Previous wording
Hotel operating expenses —Total hotel operating expenses increased by $6.1 million primarily due to increased operations at Newport Harbor Island Resort, and an increase in wage rates and benefits at many of our properties.
Current wording
Hotel operating expenses —Total hotel operating expenses increased by $2.0 million primarily due to increased operations at Newport Harbor Island Resort and an increase in wages and benefits at many of our properties.
Previous wording
Other operating expenses — Other operating expenses decreased by $1.1 million primarily due to a decrease in preopening expenses.
Current wording
Other operating expenses — Other operating expenses increased by $1.2 million primarily due to an increase in preopening expenses.
Previous wording
Income tax (expense) benefit — Income tax (expense) benefit increased by $6.8 million in 2025 as a result of taxable income of Pebblebrook Hotel Lessee, Inc. in the second quarter of 2025. In the second quarter of 2024, the deferred income tax of Pebblebrook Hotel Lessee, Inc. partially reduced the valuation allowance.
Current wording
Income tax (expense) benefit — The income tax expense in 2025 was the result of taxable income of Pebblebrook Hotel Lessee, Inc. The income tax benefit in 2024 was a result of the partial release of the valuation allowance offset by income tax expense.
Previous wording
Comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024
Current wording
Comparison of the nine months ended September 30, 2025 to the nine months ended September 30, 2024
Previous wording
Revenues —Total revenues increased by $16.6 million primarily due to increases at Newport Harbor Island Resort, which was closed for renovation for part of 2024; LaPlaya Beach Resort & Club, where the Beach House was closed in 2024 due to hurricane damage and substantially reopened in 2025; Estancia La Jolla Hotel & Spa, which was under renovation in 2024; and demand increases at 1 Hotel San Francisco and The Westin Copley Place, Boston. This increase was partially offset by lower revenue at Hyatt Centric Delfina Santa Monica, which continued to ramp up from its room renovation and conversion to the Hyatt brand.
Current wording
Revenues —Total revenues increased by $10.8 million primarily due to increases at Newport Harbor Island Resort, which was closed for renovation for part of 2024; LaPlaya Beach Resort & Club, where the Beach House was closed in 2024 due to hurricane damage and substantially reopened in 2025; and demand increases at 1 Hotel San Francisco and The Westin Copley Place, Boston. This increase was partially offset by lower revenue at Hyatt Centric Delfina Santa Monica, which continued to ramp up from its room renovation and conversion to the Hyatt brand; and demand decreases at W Los Angeles - West Beverly Hills and Viceroy Santa Monica Hotel.
Previous wording
Hotel operating expenses —Total hotel operating expenses increased by $17.3 million primarily due to increased operations at Newport Harbor Island Resort, The Westin Copley Place, Boston, and LaPlaya Beach Resort & Club, as well as an increase in wage rates and benefits at many of our properties.
Current wording
Hotel operating expenses —Total hotel operating expenses increased by $19.3 million primarily due to increased operations at Newport Harbor Island Resort, The Westin Copley Place, Boston, 1 Hotel San Francisco and LaPlaya Beach Resort & Club, as well as an increase in wages and benefits at many of our properties.
Previous wording
Real estate taxes, personal property taxes, property insurance and ground rent —Real estate taxes, personal property taxes, property insurance and ground rent increased by $9.0 million primarily due to an increase in real estate tax assessments in 2025. In 2024, several California properties had lower property taxes as a result of the settlement of appeals from previous years.
Current wording
Real estate taxes, personal property taxes, property insurance and ground rent —Real estate taxes, personal property taxes, property insurance and ground rent increased by $10.0 million primarily due to an increase in real estate tax assessments in 2025 and lower property taxes in 2024 on several California properties as a result of the successful settlement of appeals from previous years.
Previous wording
General and administrative —General and administrative expenses increased by $1.6 million primarily due to an increase in legal costs in 2025. General and administrative expenses consist of employee compensation costs, legal and professional fees, insurance and other expenses.
Current wording
General and administrative —General and administrative expenses increased by $1.9 million primarily due to an increase in legal costs in 2025. General and administrative expenses consist of employee compensation costs, legal and professional fees, insurance and other expenses.
Previous wording
Our primary sources of liquidity are cash provided by our operations, borrowings under our credit facilities, net proceeds from equity and debt offerings, and net proceeds from property sales. Our primary cash requirements in the short term (i.e., those requiring cash on or before June 30, 2026) will be to fund property lease obligations, interest and current principal on debt, capital improvements, dividends on common and preferred shares, and working capital of our property operations. We believe our cash and cash equivalents, restricted cash and the amount available on our senior unsecured revolving credit facility, which totaled $909.2 million as of June 30, 2025, along with cash generated from ongoing operations will be sufficient to satisfy our short-term cash requirements. As of June 30, 2025, we had no off-balance sheet arrangements.
Current wording
Our primary sources of liquidity are cash provided by our operations, borrowings under our credit facilities, net proceeds from equity and debt offerings, and net proceeds from property sales. Our primary cash requirements in the short term (i.e., those requiring cash on or before September 30, 2026) will be to fund property lease obligations, interest and current principal on debt, capital improvements, dividends on common and preferred shares, and working capital of our property operations. We believe our cash and cash equivalents, restricted cash and the amount available on our senior unsecured revolving credit facility, which totaled $874.2 million as of September 30, 2025, along with cash generated from ongoing operations will be sufficient to satisfy our short-term cash requirements. As of September 30, 2025, we had no off-balance sheet arrangements.
Previous wording
We have the option to extend certain of our current debt maturities with the payment of extension fees. Assuming we exercise all extension options available in our debt agreements, we expect that future principal and interest payments associated with our remaining debt obligations outstanding as of June 30, 2025 will be $2.6 billion through their maturity, with $19.2 million of principal and $99.3 million of interest payable on or before June 30, 2026. We intend to pay amounts due with available cash, borrowings under our revolving credit facility, proceeds from property sales and/or to refinance amounts due with long-term debt.
Current wording
We have the option to extend certain of our current debt maturities with the payment of extension fees. Assuming we exercise all extension options available in our debt agreements, we expect that future principal and interest payments associated with our remaining debt obligations outstanding as of September 30, 2025 will be $2.6 billion through their maturity, with $19.3 million of principal and $99.9 million of interest payable on or before September 30, 2026. We intend to pay amounts due with available cash, borrowings under our revolving credit facility, proceeds from property sales and/or to refinance amounts due with long-term debt.
Previous wording
Future fixed minimum payments associated with our long-term operating and finance leases total $1.8 billion as of June 30, 2025, with $23.5 million payable on or before June 30, 2026.
Current wording
Future fixed minimum payments associated with our long-term operating and finance leases total $1.8 billion as of September 30, 2025, with $23.3 million payable on or before September 30, 2026.
Previous wording
As of June 30, 2025, we had $1.3 million of outstanding purchase commitments, all of which will be paid on or before June 30, 2026. These purchase commitments represent outstanding purchase orders and contracts that have been executed for capital and renovation projects at our properties. See Capital Investments for discussion on planned capital investments.
Current wording
As of September 30, 2025, we had $1.8 million of outstanding purchase commitments, all of which will be paid on or before September 30, 2026. These purchase commitments represent outstanding purchase orders and contracts that have been executed for capital and renovation projects at our properties. See Capital Investments for discussion on planned capital investments.
Previous wording
We expect to pay aggregate annual dividends and distributions of approximately $47.2 million on our outstanding Series E, Series F, Series G and Series H Cumulative Redeemable Preferred Shares and Series Z Cumulative Perpetual Preferred Units on or before June 30, 2026 and in future years until the shares/units are redeemed. For further discussion on our preferred shares and preferred units, see Note 7. Equity to our consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current wording
We expect to pay aggregate annual dividends and distributions of approximately $47.1 million on our outstanding Series E, Series F, Series G and Series H Cumulative Redeemable Preferred Shares and Series Z Cumulative Perpetual Preferred Units on or before September 30, 2026 and in future years until the shares/units are redeemed. For further discussion on our preferred shares and preferred units, see Note 7. Equity to our consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Previous wording
Operating Activities. Our net cash provided by operating activities was $140.9 million for the six months ended June 30, 2025 and $129.7 million for the six months ended June 30, 2024. Fluctuations in our net cash provided by (used in) operating activities are primarily the result of changes in hotel revenues, operating cash requirements and corporate expenses.
Current wording
Operating Activities. Our net cash provided by operating activities was $218.5 million for the nine months ended September 30, 2025 and $205.8 million for the nine months ended September 30, 2024. Fluctuations in our net cash provided by (used in) operating activities are primarily the result of changes in hotel revenues, operating cash requirements and corporate expenses.
Previous wording
Investing Activities. Our net cash used in investing activities was $47.5 million for the six months ended June 30, 2025 and $61.7 million for the six months ended June 30, 2024. Fluctuations in our net cash provided by (used in) investing activities are primarily the result of capital improvements and additions to our properties.
Current wording
Investing Activities. Our net cash used in investing activities was $66.0 million for the nine months ended September 30, 2025 and $79.9 million for the nine months ended September 30, 2024. Fluctuations in our net cash provided by (used in) investing activities are primarily the result of capital improvements and additions to our properties.
Previous wording
•During the six months ended June 30, 2024, we invested $82.7 million in improvements to our hotel properties and received $21.5 million in property insurance proceeds.
Current wording
•During the nine months ended September 30, 2025, we invested $70.7 million in improvements to our hotel properties and received $5.3 million in property insurance proceeds.
Previous wording
•During the six months ended June 30, 2025, we invested $49.5 million in improvements to our hotel properties.
Current wording
•During the nine months ended September 30, 2024, we invested $100.9 million in improvements to our hotel properties and received $21.7 million in property insurance proceeds.
Previous wording
Financing Activities. Our net cash used in financing activities was $43.8 million for the six months ended June 30, 2025 and $150.4 million for the six months ended June 30, 2024. Fluctuations in our net cash provided by (used in) financing activities are primarily the result of our issuance and repurchase of debt and equity securities and distributions paid on our preferred and common shares.
Current wording
Financing Activities. Our net cash used in financing activities was $138.0 million for the nine months ended September 30, 2025 and $175.3 million for the nine months ended September 30, 2024. Fluctuations in our net cash provided by (used in) financing activities are primarily the result of our issuance and repurchase of debt and equity securities and distributions paid on our preferred and common shares.
Previous wording
•During the six months ended June 30, 2025, we repurchased $15.6 million of common shares through our common share repurchase program and for tax withholding purposes in connection with vestings of share-based equity awards and paid $26.0 million in preferred and common distributions.
Current wording
•During the nine months ended September 30, 2025, we issued $400.0 million of debt, repaid $393.6 million of debt, purchased $27.2 million of capped calls, repurchased $65.6 million of common shares through our common share repurchase program and for tax withholding purposes in connection with vestings of share-based equity awards, paid $10.3 million in deferred financing costs and paid $39.0 million in preferred and common distributions.
Previous wording
•During the six months ended June 30, 2024, we repaid $110.9 million in debt, repurchased $6.9 million of common shares through our common share repurchase program and for tax withholding purposes in connection with vestings of share-based equity awards, paid $5.5 million in deferred financing costs and paid $26.0 million in preferred and common distributions.
Current wording
•During the nine months ended September 30, 2024, we repaid $111.4 million of debt, repurchased $16.9 million of common shares through our common share repurchase program and for tax withholding purposes in connection with vestings of share-based equity awards, paid $6.4 million in deferred financing costs and paid $39.0 million in preferred and common distributions.
Previous wording
For the six months ended June 30, 2025, we invested $49.5 million in capital investments (or $41.1 million excluding the repair and remediation of LaPlaya Beach Resort & Club) to reposition and improve our properties, including the renovations of Hyatt Centric Delfina Santa Monica, Skamania Lodge, Argonaut Hotel, The Westin Copley Place, Boston and Paradise Point Resort & Spa.
Current wording
For the nine months ended September 30, 2025, we invested $70.7 million in capital investments (or $56.6 million excluding the repair and remediation of LaPlaya Beach Resort & Club) to reposition and improve our properties, including the renovations of Hyatt Centric Delfina Santa Monica, Skamania Lodge, Argonaut Hotel, The Westin Copley Place, Boston and Paradise Point Resort & Spa.
Previous wording
Depending on market conditions, and in some instances subject to approval from governmental authorities, we expect to invest a total of $65.0 million to $75.0 million in capital investments in 2025, which includes normal hotel capital refurbishments and repositioning projects at Hyatt Centric Delfina Santa Monica, Paradise Point Resort & Spa, Chaminade Resort & Spa and Argonaut Hotel and excludes capital expenditures related to the repair and remediation of LaPlaya Beach Resort & Club.
Current wording
Depending on market conditions, and in some instances subject to approval from governmental authorities, we expect to invest a total of $65.0 million to $75.0 million in capital investments in 2025, which includes normal hotel capital refurbishments and repositioning projects at Hyatt Centric Delfina Santa Monica, Paradise Point Resort & Spa, Chaminade Resort & Spa and The Westin Copley Place, Boston and excludes capital expenditures related to the repair and remediation of LaPlaya Beach Resort & Club.
Previous wording
During the six months ended June 30, 2025, we repurchased 1,298,396 common shares for an aggregate purchase price of $14.3 million, or an average of approximately $11.04 per share. As of June 30, 2025, $116.6 million of common shares remained available for repurchase under this program.
Current wording
During the nine months ended September 30, 2025, we repurchased 5,623,656 common shares for an aggregate purchase price of $64.3 million, or an average of approximately $11.44 per share. As of September 30, 2025, $66.6 million of common shares remained available for repurchase under the program.
Previous wording
During the six months ended June 30, 2025, no preferred shares were repurchased under this program. As of June 30, 2025, $84.2 million of preferred shares remained available for repurchase under this program.
Current wording
During the nine months ended September 30, 2025, we repurchased 57,843 preferred shares an aggregate purchase price of $1.1 million, or an average of approximately $18.38 per share. As of September 30, 2025, $83.1 million of preferred shares remained available for repurchase under the program.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the three months ended September 30, 2025 and 2024, the above table of hotel operating statistics includes information from all hotels owned as of September 30, 2025.
Current report — wording carried from elsewhere
In October 2025, our Board of Trustees terminated its February 2023 Common Share Repurchase Program and authorized a new common share repurchase program of up to $150.0 million of common shares. Under this program, we may repurchase common shares from time to time in transactions on the open market or by private agreement. We may suspend or discontinue this program at any time. Repurchased common shares cease to be outstanding and become authorized but unissued common shares.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Revenues —Total revenues increased by $10.4 million primarily due to an increase at Newport Harbor Island Resort which was closed for renovation in 2024, and demand increases at Hotel Zelos San Francisco, 1 Hotel San Francisco, and Jekyll Island Club Resort. This increase was partially offset by lower revenue at Hyatt Centric Delfina Santa Monica, which continued to ramp up from its room renovation and conversion to the Hyatt brand.
Previous report — wording carried elsewhere
Real estate taxes, personal property taxes, property insurance and ground rent —Real estate taxes, personal property taxes, property insurance and ground rent increased by $9.8 million primarily due to an increase in real estate tax assessments in 2025. In 2024, several California properties had lower property taxes as a result of the settlement of appeals from previous years.