Pebblebrook Hotel Trust

Previous wording

During the six months ended June 30, 2026, we had the following transactions and events:

Current wording

During the nine months ended September 30, 2026, we had the following transactions and events:

Previous wording

•We amended our senior unsecured revolving credit facility and unsecured term loan facilities to extend the $360.0 million Term Loan 2027 to mature in February 2031 and to provide for a delayed draw option to borrow an additional $90.0 million by December 15, 2026 (which we now refer to the extended loan as Term Loan 2031). We also extended the maturity date of the $48.0 million unextended portion of the senior unsecured revolving credit facility to October 2028.

Current wording

•We amended our senior unsecured revolving credit facility and unsecured term loan facilities to extend the $360.0 million Term Loan 2027 to mature in February 2031, which loan we now refer to as Term Loan 2031. Term Loan 2031 provides for a delayed draw option to borrow an additional $90.0 million by December 15, 2026. We also extended the maturity date of the $48.0 million unextended portion of the senior unsecured revolving credit facility to October 2028.

Previous wording

•We repurchased 944,452 common shares for an aggregate purchase price of $12.9 million, or an average of approximately $13.63 per share, under our common share repurchase program.

Current wording

•We repurchased 2,095,747 common shares for an aggregate purchase price of $33.7 million, or an average of approximately $16.10 per share, under our common share repurchase program.

Previous wording

•We repurchased 1,487,038 preferred shares for an aggregate purchase price of $28.6 million, or an average of approximately $19.22 per share, under our preferred share repurchase program.

Current wording

•We repurchased 1,863,102 preferred shares for an aggregate purchase price of $35.8 million, or an average of approximately $19.23 per share, under our preferred 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, 2026 and 2025:

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, 2026 and 2025:

Previous wording

For the three and six months ended June 30, 2026 and 2025, the above table of hotel operating statistics includes information from all hotels owned as of June 30, 2026 and includes Chamberlain West Hollywood Hotel for the first quarter only due to its sale in May 2026.

Current wording

For the three and nine months ended September 30, 2026 and 2025, the above table of hotel operating statistics includes information from all hotels owned as of September 30, 2026 and includes Chamberlain West Hollywood Hotel for the first quarter only due to its sale in May 2026.

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, 2026 and 2025 (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, 2026 and 2025 (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, 2026 and 2025 (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, 2026 and 2025 (in thousands):

Previous wording

At June 30, 2026 and 2025, our consolidated financial statements included the operations of 43 and 46 hotel properties, respectively, 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, 2026 and 2025. The properties listed in the table below are hereinafter referred to as "non-comparable properties" and all other properties are referred to as "comparable properties".

Current wording

At September 30, 2026 and 2025, our consolidated financial statements included the operations of 43 and 46 hotel properties, respectively, 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, 2026 and 2025. The properties listed in the table below are hereinafter referred to as "non-comparable properties" and all other properties are referred to as "comparable properties".

Previous wording

Revenues —Total revenues decreased by $0.4 million primarily due to the loss of $19.7 million in revenues from the sales of the non-comparable properties, offset by an increase in revenues at many of the resort properties, including Paradise Point Resort & Spa, Estancia La Jolla Hotel & Spa, LaPlaya Beach Resort & Club and Newport Harbor Island Resort, as well as an increase in revenues at our Los Angeles and San Francisco properties due to their continued recovery.

Current wording

Revenues —Total revenues increased by $4.0 million primarily due to an increase in revenues as a result of continued corporate and leisure demand at our properties. The increased demand resulted in a strong increase in ADR. Revenue was strong in several of our urban markets including Boston, Los Angeles and San Francisco in addition to Paradise Point Resort & Spa, Estancia La Jolla Hotel & Spa and Newport Harbor Island Resort. These increases were offset by a $23.1 million decrease in revenues from our non-comparable properties.

Previous wording

Hotel operating expenses —Total hotel operating expenses decreased by $1.2 million primarily as a result of the sales of non-comparable properties, partially offset by an increase in costs at our comparable properties associated with higher revenues.

Current wording

Hotel operating expenses —Total hotel operating expenses decreased by $2.3 million primarily as a result of the sales of our non-comparable properties, partially offset by an increase in costs at our comparable properties associated with higher revenues.

Previous wording

Depreciation and amortization —Depreciation and amortization expense decreased by $5.5 million primarily due to the sales of non-comparable properties and lower capital expenditures in 2025 and 2026.

Current wording

Depreciation and amortization —Depreciation and amortization expense decreased by $5.9 million primarily due to the sales of our non-comparable properties and lower capital expenditures in 2025 and 2026.

Previous wording

Real estate taxes, personal property taxes, property insurance and ground rent —Real estate taxes, personal property taxes, property insurance and ground rent decreased by $1.7 million primarily due to a decrease in real estate taxes at the non-comparable properties and reductions resulting from assessment appeals and a decrease in property insurance costs, partially offset by higher percentage ground rent resulting from higher revenues at properties subject to ground leases.

Current wording

Real estate taxes, personal property taxes, property insurance and ground rent —Real estate taxes, personal property taxes, property insurance and ground rent decreased by $3.2 million primarily due to a decrease in real estate taxes at our non-comparable properties and reductions resulting from assessment appeals and a decrease in property insurance costs, partially offset by higher percentage ground rent resulting from higher revenues at properties subject to ground leases.

Previous wording

Impairment — We recognized an impairment loss of $8.8 million in 2026 related to one hotel. No impairment loss was recognized in 2025.

Current wording

Impairment — We recognized an impairment loss of $77.3 million in 2026 related to three hotels. We recognized an impairment loss of $46.5 million in 2025 related to three hotels.

Previous wording

Business interruption insurance income and gain on insurance settlement — We recognized business interruption insurance income in 2025 related to partial settlements with our insurance carriers for lost income at LaPlaya Beach Resort & Club resulting from Hurricanes Helene and Milton. There was no business interruption insurance income in 2026.

Current wording

Business interruption insurance income and gain on insurance settlement — We recognized business interruption insurance income and gain on insurance settlement in 2025 related to the settlement or partial settlements of property damage, business interruption and other costs sustained at LaPlaya Beach Resort & Club resulting from Hurricanes Helene and Milton. There was no business interruption insurance income or gain on insurance settlement in 2026.

Previous wording

Non-controlling interests — Non-controlling interests represents the allocation of income or loss of the Operating Partnership to third-party OP unit holders and preferred OP unit holders.

Current wording

Non-controlling interests — Non-controlling interests represent the allocation of income or loss of the Operating Partnership to third-party OP unit holders and preferred OP unit holders.

Previous wording

Repurchase of preferred shares — Repurchase of preferred shares represents the preferred share issuance costs offset by the repurchase discount. In 2026, we repurchased 1,487,038 preferred shares under our preferred share repurchase program at a discount to the redemption value. The discount, net of the issuance costs associated with the preferred shares repurchased, is included in the determination of net income (loss) attributable to common shareholders.

Current wording

Repurchase of preferred shares — Repurchase of preferred shares represents the preferred share issuance costs offset by the repurchase discount. In 2026, we repurchased 376,064 preferred shares under our preferred share repurchase program at a discount to the redemption value. The discount, net of the issuance costs associated with the preferred shares repurchased, is included in the determination of net income (loss) attributable to common shareholders.

Previous wording

Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025

Current wording

Comparison of the nine months ended September 30, 2026 to the nine months ended September 30, 2025

Previous wording

Revenues —Total revenues increased by $25.0 million primarily due to an increase in revenues at our Los Angeles properties, which were negatively impacted in 2025 by the wildfires, and an increase in revenues at our San Francisco properties due to the continued recovery of business travel as well as the Super Bowl. In addition, many of the resort properties had increases in revenues, primarily Paradise Point Resort & Spa, Estancia La Jolla Hotel & Spa and LaPlaya Beach Resort & Club. These increases were partially offset by decreases in revenues from non-comparable properties, a decline in revenues at the Washington, D.C. properties resulting from the presidential inauguration occurring only in 2025 and a decrease in revenues at Revere Hotel Boston Common as a result of a room refreshment.

Current wording

Revenues —Total revenues increased by $29.0 million primarily due to an increase in revenues as a result of continued corporate and leisure demand at our properties. The increased demand resulted in a strong increase in ADR. In addition, revenues increased at our Los Angeles properties, which were negatively impacted in 2025 by the wildfires, and an increase in revenues at our San Francisco properties due to the continued recovery of business travel as well as the Super Bowl. Many of our resort properties had increases in revenues, primarily Paradise Point Resort & Spa, Estancia La Jolla Hotel & Spa, LaPlaya Beach Resort & Club and Newport Harbor Island Resort. These increases were partially offset by a $49.1 million decrease in revenues from our non-comparable properties and a decline in revenues at the Washington, D.C. properties resulting from the presidential inauguration occurring only in 2025.

Previous wording

Hotel operating expenses —Total hotel operating expenses increased by $3.6 million primarily as a result of higher revenues as described above, which was offset by a decrease in hotel operating expenses associated with non-comparable properties.

Current wording

Hotel operating expenses —Total hotel operating expenses increased by $1.3 million primarily as a result of higher revenues as described above, which was offset by a decrease in hotel operating expenses associated with our non-comparable properties.

Previous wording

Depreciation and amortization —Depreciation and amortization expense decreased by $11.1 million primarily due to the sales of the non-comparable properties and lower capital expenditures in 2025 and 2026.

Current wording

Depreciation and amortization —Depreciation and amortization expense decreased by $17.0 million primarily due to the sales of our non-comparable properties and lower capital expenditures in 2025 and 2026.

Previous wording

Real estate taxes, personal property taxes, property insurance and ground rent —Real estate taxes, personal property taxes, property insurance and ground rent decreased by $2.2 million primarily due to a decrease in real estate taxes at non-comparable properties, partially offset by higher percentage ground rent resulting from higher revenues at properties subject to ground leases.

Current wording

Real estate taxes, personal property taxes, property insurance and ground rent —Real estate taxes, personal property taxes, property insurance and ground rent decreased by $5.4 million primarily due to a decrease in real estate taxes at our non-comparable properties and reductions resulting from assessment appeals and a decrease in property insurance costs, partially offset by higher percentage ground rent resulting from higher revenues at properties subject to ground leases.

Previous wording

General and administrative —General and administrative expenses decreased by $1.8 million primarily due to a decrease in non-cash compensation expense. 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 decreased by $2.1 million primarily due to a decrease in non-cash compensation expense. General and administrative expenses consist of employee compensation costs, legal and professional fees, insurance and other expenses.

Previous wording

Impairment — We recognized an impairment loss of $1.1 million in 2026 related to one hotel. No impairment loss was recognized in the second quarter of 2025.

Current wording

Impairment — We recognized an impairment loss of $86.1 million in 2026 related to four hotels. We recognized an impairment loss of $46.5 million in 2025 related to three hotels.

Previous wording

Business interruption insurance income — We recognized business interruption insurance income in 2025 related to partial settlements with our insurance carriers for lost income at LaPlaya Beach Resort & Club resulting from Hurricanes Helene and Milton. There was no business interruption insurance income in 2026.

Current wording

Business interruption insurance income and gain on insurance settlement — We recognized business interruption insurance income and gain on insurance settlement in 2025 related to the settlement or partial settlements of property damage, business interruption and other costs sustained at LaPlaya Beach Resort & Club resulting from Hurricanes Helene and Milton. There was no business interruption insurance income or gain on insurance settlement in 2026.

Previous wording

Income tax (expense) benefit — Income tax expense increased by $3.0 million primarily due to an increase in the taxable income of our TRS compared to the same period in the prior year.

Current wording

Income tax (expense) benefit — Income tax expense increased by $3.2 million primarily due to an increase in the taxable income of our TRS compared to the same period in the prior year.

Previous wording

Non-controlling interests — Non-controlling interests represents the allocation of income or loss of the Operating Partnership to third-party OP unit holders and preferred OP unit holders.

Current wording

Non-controlling interests — Non-controlling interests represent the allocation of income or loss of the Operating Partnership to third-party OP unit holders and preferred OP unit holders.

Previous wording

Repurchase of preferred shares — Repurchase of preferred shares represents the preferred share issuance costs offset by the repurchase discount. In 2026, we repurchased 1,487,038 preferred shares under our preferred share repurchase program at a discount to the redemption value. The discount, net of the issuance costs associated with the preferred shares repurchased, is included in the determination of net income (loss) attributable to common shareholders.

Current wording

Repurchase of preferred shares — Repurchase of preferred shares represents the preferred share issuance costs offset by the repurchase discount. In 2026, we repurchased 1,863,102 preferred shares under our preferred share repurchase program at a discount to the redemption value. The discount, net of the issuance costs associated with the preferred shares repurchased, is included in the determination of net income (loss) attributable to common shareholders.

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, 2027) 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 $911.6 million as of June 30, 2026, along with cash generated from ongoing operations will be sufficient to satisfy our short-term cash requirements. As of June 30, 2026, 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, 2027) 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 $939.1 million as of September 30, 2026, along with cash generated from ongoing operations will be sufficient to satisfy our short-term cash requirements. As of September 30, 2026, we had no off-balance sheet arrangements.

Previous wording

We expect that future principal and interest payments associated with our remaining debt obligations outstanding as of June 30, 2026 will be $2.4 billion through their maturity, with $352.2 million of principal and $85.4 million of interest payable on or before June 30, 2027. We intend to pay amounts due with available cash, borrowings under our revolving credit facility or proceeds from property sales or to refinance amounts due with long-term debt.

Current wording

We expect that future principal and interest payments associated with our remaining debt obligations outstanding as of September 30, 2026 will be $2.4 billion through their maturity, with $352.4 million of principal and $85.5 million of interest payable on or before September 30, 2027. We intend to pay amounts due with available cash, borrowings under our revolving credit facility or proceeds from property sales or to refinance amounts due with long-term debt.

Previous wording

Our properties that are subject to hotel, ground or finance leases, as noted in Note 11. Commitments and Contingencies to our consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, may require minimum fixed rent payments, percentage rent payments based on a percentage of revenues in excess of certain thresholds or rent payments equal to the greater of a minimum fixed rent or percentage rent. Minimum fixed rent may be adjusted annually by increases in consumer price index ("CPI") and may be subject to minimum and maximum increases.

Current wording

Our properties that are subject to hotel, ground or finance leases, as noted in Note 11. Commitments and Contingencies to our consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, may require minimum fixed rent payments, percentage rent payments based on a percentage of revenues in excess of certain thresholds or rent payments equal to the greater of a minimum fixed rent or percentage rent. Minimum fixed rent may be adjusted annually by increases in the consumer price index and may be subject to minimum and maximum increases.

Previous wording

As of June 30, 2026, we had $3.4 million of outstanding purchase commitments, all of which will be paid on or before June 30, 2027. These purchase commitments represent outstanding purchase orders and contracts that have been executed for capital and renovation projects at our properties. See Capital Investments (below) for discussion on planned capital investments.

Current wording

As of September 30, 2026, we had $3.2 million of outstanding purchase commitments, all of which will be paid on or before September 30, 2027. These purchase commitments represent outstanding purchase orders and contracts that have been executed for capital and renovation projects at our properties. See Capital Investments (below) for discussion on planned capital investments.

Previous wording

We expect to pay aggregate annual dividends and distributions of approximately $44.1 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 June 30, 2027 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 $43.5 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, 2027 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 $170.4 million for the six months ended June 30, 2026 and $140.9 million for the six months ended June 30, 2025. 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 $255.3 million for the nine months ended September 30, 2026 and $218.5 million for the nine months ended September 30, 2025. 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 $5.4 million for the six months ended June 30, 2026 and $47.5 million for the six months ended June 30, 2025. Fluctuations in our net cash provided by (used in) investing activities are primarily the result of disposition activities, as well as capital improvements and additions to our properties.

Current wording

Investing Activities. Our net cash used in investing activities was $21.2 million for the nine months ended September 30, 2026 and $66.0 million for the nine months ended September 30, 2025. Fluctuations in our net cash provided by (used in) investing activities are primarily the result of disposition activities, as well as capital improvements and additions to our properties.

Previous wording

•During the six months ended June 30, 2026, we invested $24.4 million in improvements to our hotel properties, received $16.1 million from the sale of Chamberlain West Hollywood Hotel and received $3.2 million in property insurance proceeds.

Current wording

•During the nine months ended September 30, 2026, we invested $40.2 million in improvements to our hotel properties, received $16.1 million in proceeds from the sale of Chamberlain West Hollywood Hotel and received $3.2 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 and received $2.4 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

Financing Activities. Our net cash used in financing activities was $90.8 million for the six months ended June 30, 2026 and $43.8 million for the six months ended June 30, 2025. 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 $132.4 million for the nine months ended September 30, 2026 and $138.0 million for the nine months ended September 30, 2025. 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, 2026, we borrowed $360.0 million and repaid $401.3 million of debt, repurchased $13.9 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 $6.6 million in deferred financing costs and paid $25.5 million in preferred and common distributions.

Current wording

•During the nine months ended September 30, 2026, we borrowed $360.0 million and repaid $401.9 million of debt, repurchased $34.7 million of common shares through our common share repurchase program and for tax withholding purposes in connection with vestings of share-based equity awards, repurchased $9.7 million of preferred shares through our preferred share repurchase program, paid $7.0 million in deferred financing costs and paid $37.6 million in preferred and common distributions.

Previous wording

•During the six months ended June 30, 2025, we repaid $1.1 million of debt, 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, repurchased $1.1 million of preferred shares through our preferred share repurchase program, paid $10.3 million in deferred financing costs and paid $39.0 million in preferred and common distributions.