Pebblebrook Hotel Trust (Form: 8-K, Received: 07/29/2026 16:45:57)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 24, 2026

PEBBLEBROOK HOTEL TRUST

(Exact name of registrant as specified in its charter)

Maryland

001-34571

27-1055421

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number)

Identification No.)



4747 Bethesda Avenue, Suite 1100, Bethesda, Maryland									20814
(Address of principal executive offices)									(Zip Code)

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


Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 29, 2026, Pebblebrook Hotel Trust (the "Company") issued a press release announcing the Company's results of operations for the three and six months ended June 30, 2026.

A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 8.01. Other Events.

On July 24, 2026, the board of trustees of the Company authorized a new preferred share repurchase program of up to $50.0 million which will commence upon the completion of the Company's current $100.0 million preferred share repurchase program authorized on February 17, 2023, under which $45.6 million remains available for repurchase of preferred shares. Under the terms of the new program, the Company may repurchase up to an aggregate of $50.0 million of its 6.375% Series E Cumulative Redeemable Preferred Shares, 6.30% Series F Cumulative Redeemable Preferred Shares, 6.375% Series G Cumulative Redeemable Preferred Shares and 5.70% Series H Cumulative Redeemable Preferred Shares from time to time in transactions on the open market or by private agreement. As of July 24, 2026, the aggregate liquidation value of the preferred shares that may be repurchased pursuant to the preferred share repurchase programs was $639.5 million.

The timing, manner, price and amount of any repurchases under the new program will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, and market conditions. The new program does not require the Company to repurchase any specific number of preferred shares. The new program does not have an expiration date and may be suspended, modified or discontinued at any time.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Press release, issued July 29, 2026, providing the results of operations for the three and six months ended June 30, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	PEBBLEBROOK HOTEL TRUST

July 29, 2026	By:	/s/ Raymond D. Martz
		Name:	Raymond D. Martz
		Title:	Co-President, Chief Financial Officer, Treasurer and Secretary

Exhibit 99.1

PEBBLEBROOK HOTEL TRUST REPORTS SECOND QUARTER 2026 RESULTS


Q2 FINANCIAL RESULTS						▪Net income: $24.9 million. ▪Same-Property Hotel EBITDA: $123.3 million, $6.6 million above the high end of the Company’s outlook and 7.1% higher than Q2 2025. ▪Adjusted EBITDAre: $116.2 million, $6.2 million above the high end of the outlook. ▪Adjusted FFO per diluted share: $0.68, $0.06 over the high end of the outlook.

Q2 HOTEL OPERATING RESULTS & TRENDS						▪Healthy Business Transient and Leisure Demand with Improving Pricing Power: Same-Property RevPAR +6.5%, driven by ADR +4.7% and Occupancy +1.7%; Same-Property Total RevPAR +4.7%. ▪Resorts and San Francisco Led Q2 Growth: Resort RevPAR +12.0%, Total RevPAR +10.9%, and Hotel EBITDA +18.5% on broad-based leisure transient and group demand and continued growth in out-of-room spend; San Francisco RevPAR +16.0% and Hotel EBITDA +24.6% on robust citywide convention activity and strong growth in business transient and leisure demand. ▪Market Specific Headwinds: Washington, DC RevPAR declined 9.9%, reflecting continued weakness in government-related demand, and RevPAR at the Company’s four urban San Diego hotels declined 9.1%, as expected, due to a weaker convention calendar. Excluding the four San Diego hotels, Same-Property RevPAR increased 8.6% and Same-Property Total RevPAR grew 6.3%. ▪Solid Expense Control and Flow-Through: Same-Property Total Revenue grew 4.8% while Same-Property Total Expenses rose just 3.8%, driving a 7.1% increase in Same-Property Hotel EBITDA and 67 basis points of EBITDA margin expansion.

CAPITAL ALLOCATION & BALANCE SHEET						▪Dispositions: Sold the Chamberlain West Hollywood Hotel for $43.5 million; as partial consideration, the Company accepted Pebblebrook preferred shares at an agreed value of $26.1 million, retiring them at a 23% discount to their $33.7 million liquidation preference. ▪Capital Investments: $12.5 million in Q2; $65 to $75 million expected for 2026. ▪Balance Sheet: Net debt/TTM corporate EBITDA declined to 5.3x; cash and restricted cash increased to $270 million at quarter end; weighted-average interest rate remained a sector-low 4.1%; the remaining $350 million of December 2026 maturing convertible notes are fully funded, with no other maturities until 2028.

2026 OUTLOOK						▪Net income (loss): ($1.7) to $6.3 million. ▪Same-Property Total RevPAR Growth Rate: +4.1% to +5.3%; midpoint +70 basis points. ▪Adjusted EBITDAre: $345.0 to $353.0 million; midpoint +$8.5 million. ▪Adjusted FFO per diluted share: $1.69 to $1.76; midpoint +$0.08. ▪Free Cash Flow per diluted share: $1.04 to $1.11; midpoint +$0.08.

Note: 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. The sector-low weighted average interest rate is based on Pebblebrook’s analysis of EDGAR filings to date for all listed lodging REITs.



“			Our quarterly results significantly exceeded our outlook for the second time this year. Both business and leisure demand continued to grow, our premium portfolio, which attracts a higher-income guest base, supported improved pricing power, and our strategic operating efficiency initiatives converted stronger revenues into higher profitability. “Our resorts were once again a standout, with Total RevPAR increasing 10.9% from last year, led by LaPlaya Beach Resort & Club, Estancia La Jolla Hotel & Spa, Paradise Point Resort & Spa, and Newport Harbor Island Resort. San Francisco’s recovery continued to gain momentum as robust corporate and leisure demand, coupled with an active citywide convention calendar, drove RevPAR 16.0% higher year-over-year. Chicago, Los Angeles, and Boston also benefited from healthy year-over-year rate lift. “We are raising our full-year outlook to reflect our significantly stronger-than-expected second-quarter results while maintaining our prior assumptions for the second half of the year. While current booking trends across both business and leisure remain encouraging, we continue to take the year one quarter at a time and remain appropriately cautious given ongoing geopolitical, policy, and broader economic uncertainty.” -Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust

Second Quarter and Year-to-Date Highlights


	Second Quarter				Six months ended June 30,
Same-Property and Corporate Highlights	2026	2025	Var		2026	2025	Var
	($ in millions except per share and RevPAR data)
Net income/(loss)	$24.9	$19.3	29.2	%	$6.5	($12.9)	NM
Same-Property RevPAR(1,2)	$259	$244	6.5	%	$238	$218	8.8	%
Same-Property Total RevPAR(1,2)	$405	$387	4.7	%	$376	$350	7.1	%
Same-Property Room Revenues(1,2)	$258.2	$242.3	6.6	%	$472.7	$434.2	8.9	%
Same-Property Total Revenues(1,2)	$403.3	$385.0	4.8	%	$747.2	$697.1	7.2	%
Same-Property Total Expenses(1,2)	$280.0	$269.8	3.8	%	$541.6	$517.5	4.7	%
Same-Property Hotel EBITDA(1,2)	$123.3	$115.1	7.1	%	$205.6	$179.6	14.5	%
Adjusted EBITDAre(1)	$116.2	$117.0	(0.7	%)	$189.5	$173.5	9.2	%
Adjusted FFO(1)	$77.5	$77.4	—	%	$114.5	$96.2	19.0	%
Adjusted FFO per diluted share(1)	$0.68	$0.65	4.6	%	$0.99	$0.80	23.8	%
Free Cash Flow per diluted share(3)	$0.56	$0.45	24.4	%	$0.76	$0.45	68.9	%

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”), Same-Property Hotel EBITDA, EBITDA for Real Estate (“EBITDAre”), Adjusted EBITDAre, Funds from Operations (“FFO”), FFO per diluted share, Adjusted FFO, and Adjusted FFO per diluted share.

(2)Includes information for all hotels the Company owned as of June 30, 2026, except for the following:

•Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent sale.

(3) Free Cash Flow is calculated as Adjusted FFO less capital investments and common dividends paid.

“The second quarter’s broad-based outperformance demonstrates the improving earnings power of our portfolio,” noted Mr. Bortz. “Demand across our resorts remained very strong, driven by healthy growth in leisure transient and business group, which allowed the resorts to achieve a significant 7.5% increase in average prices. We also experienced ongoing strength across many of our urban markets, where business transient demand delivered healthy growth and leisure demand continued to recover.

“San Francisco was a highlight for the quarter, with the city’s recovery spanning multiple demand segments. Growth accelerated through the second quarter, driven by strength from corporate and technology-related conventions, improving business transient demand consistent with the market’s record-setting office leasing trends, and continued leisure momentum as tourism returns to the city. San Francisco’s positive trajectory is one of the many reasons we believe the favorable lodging cycle currently unfolding supports a multi-year recovery, driven by improving hotel demand, a continued rebound in both group and business transient travel, and historically low new supply growth expected to persist for several years. Together with a robust calendar of major events across our markets through 2028, these dynamics reinforce our belief in a sustained period of favorable lodging fundamentals.”

The quarter was led by higher-rated transient demand, with transient revenue increasing nearly 10% on 7% ADR growth. Group revenue declined slightly, reflecting weaker convention calendars in San Diego and Boston, rather than a pullback in corporate demand. This mix shift caused Total RevPAR to trail RevPAR, as urban banquet and catering revenue declined 20%, concentrated where citywide calendars were the weakest and in cities with World Cup matches. This was partly offset by strong spending at the Company’s resorts, including nearly 11% growth in Same-Property resort food & beverage revenue.

“While World Cup-related demand provided a modest rate benefit around match dates at our Boston and San Francisco hotels, as we expected, it was not a meaningful driver of incremental demand in our markets during the second quarter, as it generally displaced other normally recurring demand,” advised Mr. Bortz.

The Company estimates that World Cup-related demand contributed approximately 60 to 100 basis points of incremental RevPAR growth and $0.5 to $1.0 million of Hotel EBITDA during the second quarter.

Page 2

The Company’s strategic operating efficiency initiatives and continued expense discipline again converted healthy revenue growth into stronger profitability. Same-Property Total Revenues increased 4.8%, well above the high end of the Company’s Outlook, while Same-Property Total Expenses rose just 3.8%. This drove Same-Property Hotel EBITDA margins to 30.6%, an expansion of 67 basis points.

On a per-occupied-room basis, total expenses were held to a 2.0% increase, while expenses before fixed costs grew just 2.2%. This demonstrates improving operating leverage, as both fixed and semi-fixed costs are spread across more occupied rooms, while productivity, cost-control, technology, and other efficiency initiatives limit variable expense growth.

The Company also completed its property insurance renewal on June 1, 2026, securing a 27% premium reduction, or $6.1 million in annual savings, versus the prior year’s program—a result that was better than anticipated. The renewal outcome reflected favorable insurance-market conditions, disciplined program design, and recent asset-hardening investments completed last year at weather-exposed properties. The lower premiums provide a visible expense reduction tailwind through May of next year.

For the first half of 2026, Same-Property Total Revenues climbed 7.2%, while Same-Property Total Expenses grew just 4.7%, driving 175 basis points of EBITDA margin expansion and 14.5% growth in Same-Property Hotel EBITDA. These results demonstrate the compounding benefit of improving demand, stronger pricing, disciplined expense controls, and widespread efficiency initiatives across the Company’s portfolio.

Year-to-date, Adjusted FFO per diluted share increased 23.8% and Free Cash Flow per diluted share grew 68.9%, as strong hotel operating growth, lower capital investments, debt reduction, and common and preferred share repurchases more than offset the combined impact of the lost Hotel EBITDA from the three asset sales completed since Q4 2025 and the non-recurring business interruption income proceeds received in the first half of 2025.

Update on Strategic Dispositions

On May 27, 2026, Pebblebrook completed the sale of the 115-room Chamberlain West Hollywood Hotel in Los Angeles, California for $43.5 million, of which the Company accepted $33.7 million of preferred share liquidation preference at $26.1 million of agreed-upon value, thereby retiring these shares at a 23% discount. Over the past eight months, the Company has completed three property sales at attractive private-market valuations totaling nearly $160.0 million, representing an aggregate 15.4x EBITDA multiple and a 4.6% NOI capitalization rate, assuming a 4.0% capital reserve on total hotel revenues. These transactions underscore the Company’s disciplined execution at valuations consistent with its private-market NAV and well above its public-market valuation, highlighting the portfolio’s embedded value.

Capital Investments

During the second quarter, the Company invested $12.5 million in capital improvements across its portfolio, including the substantial completion of guestroom renovations at Chaminade Resort & Spa and Revere Hotel Boston Common. Year-to-date, capital investments across the portfolio totaled $24.4 million.

For 2026, the Company anticipates investing a total of $65 to $75 million, primarily for routine capital maintenance, select property refreshes, and a number of revenue-enhancing and operating cost reduction improvements. This significantly lower, normalized capital run-rate is an important tailwind in 2026, supporting higher discretionary free cash flow that can be utilized for debt reduction and opportunistic share repurchases.

Balance Sheet and Share Repurchases

The Company’s deleveraging trend continued in the second quarter, with net debt-to-trailing 12-month corporate EBITDA declining to 5.3x as of June 30, 2026, driven by continued EBITDA growth and disciplined net debt reductions.

As of June 30, 2026, cash, cash equivalents, and restricted cash had grown to $270.4 million, with an additional $641 million of available capacity on the Company’s $650 million senior unsecured revolving credit facility and $90 million of available capacity on its senior unsecured 2031 term loan. Combined with the Company’s lower normalized capital investments, this enhanced balance sheet position increases financial flexibility for capital allocation decisions. The Company’s consolidated debt and convertible notes carry an estimated weighted-average interest rate of 4.1% and a weighted-average debt maturity of 2.7 years, with 98% of the debt effectively fixed and 98% unsecured.

Page 3

The remaining $350 million of 2026 convertible notes that mature December 2026 are fully funded through existing cash, expected free cash flow, and available term loan capacity, with no other maturities until 2028.

During the second quarter of 2026, the Company repurchased 0.5 million common shares for $8.0 million, at an average share price of $14.77, bringing first half 2026 repurchases to 0.9 million shares at an average price of $13.62 per share. The Company also repurchased 1.5 million preferred shares for $28.6 million, including the preferred shares retired as part of the Chamberlain West Hollywood Hotel disposition, at an attractive 23% average discount to liquidation preference, reducing total outstanding preferred equity securities to $717.2 million.

Common and Preferred Dividends

On June 15, 2026, 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.

2026 Outlook

The second-quarter performance reinforced Pebblebrook’s key 2026 earnings drivers: continued strength and ramp-up across the resort portfolio, a broadening urban recovery led by San Francisco and Los Angeles, and the sustained benefits of the Company’s strategic operating initiatives.

The Company has raised its 2026 Outlook to reflect the stronger-than-expected second-quarter results while maintaining its prior and prudent assumptions for the second half given short booking windows and broader macroeconomic, policy, and geopolitical uncertainty. The Outlook assumes no additional acquisitions or dispositions.


The Company’s 2026 Outlook is as follows:

	2026 Outlook				Variance to Prior Outlook
	As of 7/29/26				Var to 5/28/26
	($ in millions, except per share data)
	Low		High		Low		High
Net income/(loss)	($1.7)		$6.3		$6.5		$2.5

Adjusted EBITDAre	$345.0		$353.0		$10.5		$6.5

Adjusted FFO	$194.0		$202.0		$10.0		$6.0
Adjusted FFO per diluted share	$1.69		$1.76		$0.09		$0.06
Free Cash Flow (Adj. FFO less capital investments midpoint & common divs.)	$119.5		$127.5		$5.0		$11.0

This 2026 Outlook is based, in part, on the following estimates and assumptions:


	($ in millions)
	Low		High		Low		High
U.S. Hotel Industry RevPAR Growth Rate	3.5	%	4.5	%	3.5	%	2.5%
Same-Property RevPAR variance vs. 2025	4.5	%	5.5	%	1.75	%	0.75	%
Same-Property Total RevPAR variance vs. 2025	4.1	%	5.3	%	1.1	%	0.3	%

Same-Property Total Revenue variance vs. 2025	4.1	%	5.3	%	1.0	%	0.3	%
Same-Property Total Expense variance vs. 2025	2.8	%	3.6	%	0.4	%	(0.2	%)

Same-Property Hotel EBITDA	$377.0		$385.0		$10.5		$6.5
Same-Property Hotel EBITDA variance vs. 2025	8.2	%	10.5	%	3.0	%	1.9	%

Page 4


The Company’s Q3 2026 Outlook is as follows:

	Q3 2026 Outlook
	As of 7/29/26
	($ in millions, except per share data)
	Low		High
Net income	$9.0		$13.0

Adjusted EBITDAre	$92.5		$96.5

Adjusted FFO	$55.0		$59.0
Adjusted FFO per diluted share	$0.48		$0.52

This Q3 2026 Outlook is based, in part, on the following estimates and assumptions:


	($ in millions, except RevPAR data)
	Low		High
Same-Property RevPAR	$239		$244
Same-Property RevPAR variance vs. 2025	1.0	%	3.0	%
Same-Property Total RevPAR variance vs. 2025	1.4	%	3.0	%

Same-Property Total Revenue variance vs. 2025	1.4	%	3.0	%
Same-Property Total Expense variance vs. 2025	1.7	%	2.5	%

Same-Property Hotel EBITDA	$100.5		$104.5
Same-Property Hotel EBITDA variance vs. 2025	0.4	%	4.4	%

Second Quarter 2026 Earnings Call

The Company will conduct its quarterly analyst and investor conference call on Thursday, July 30, 2026, beginning at 9:00 AM ET. Please dial (877) 407-3982 approximately ten minutes before the call begins to participate. 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 43 hotels and resorts, totaling approximately 10,900 guest rooms across 13 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow @PebblebrookPEB on X.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation 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; 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 U.S. 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, 2025. 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.

Page 5

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 U.S. 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 July 29, 2026. 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.

###

Contact:

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

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

Page 6


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

	June 30, 2026		December 31, 2025
	(Unaudited)
ASSETS
Assets:
Investment in hotel properties, net	$	4,891,792	$	5,023,457

Cash and cash equivalents	261,010		184,185
Restricted cash	9,400		12,018
Hotel receivables (net of allowance for doubtful accounts of $246 and $241, respectively)	44,286		34,184
Prepaid expenses and other assets	75,138		94,330
Total assets	$	5,281,626	$	5,348,174

LIABILITIES AND EQUITY
Liabilities:
Unsecured revolving credit facilities	$	—	$	—
Unsecured term loans, net of unamortized deferred financing costs	892,877		897,708
Convertible senior notes, net of unamortized debt premium and deferred financing costs	741,233		739,809
Unsecured senior notes, net of unamortized deferred financing costs	394,639		393,670
Mortgage loans, net of unamortized deferred financing costs	51,951		92,905
Accounts payable, accrued expenses and other liabilities	221,655		199,631
Lease liabilities - operating leases	335,883		333,068
Deferred revenues	105,901		104,900
Accrued interest	12,978		12,106

Distribution payable	11,107		11,639
Total liabilities	2,768,224		2,785,436
Commitments and contingencies
Shareholders' Equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $639,548 and $676,724 at June 30, 2026 and December 31, 2025, respectively), 100,000,000 shares authorized; 25,581,924 and 27,068,962 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	256		271
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 112,451,844 and 113,188,134 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1,125		1,132
Additional paid-in capital	3,925,438		3,969,875
Accumulated other comprehensive income (loss)	6,098		605
Distributions and retained deficit	(1,514,549)		(1,503,262)
Total shareholders' equity	2,418,368		2,468,621
Non-controlling interests	95,034		94,117
Total equity	2,513,402		2,562,738
Total liabilities and equity	$	5,281,626	$	5,348,174

Page 7


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

	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Revenues:
Room	$	259,713	$	257,600	$	474,238	$	454,610
Food and beverage	102,574		105,994		193,717		192,304
Other operating	44,855		43,943		84,843		80,889
Total revenues	$	407,142	$	407,537	$	752,798	$	727,803
Expenses:
Hotel operating expenses:
Room	$	64,836	$	67,732	$	124,351	$	126,255
Food and beverage	72,386		72,658		137,845		137,226
Other direct and indirect	115,315		113,396		222,429		217,519
Total hotel operating expenses	252,537		253,786		484,625		481,000
Depreciation and amortization	52,099		57,645		104,078		115,188
Real estate taxes, personal property taxes, property insurance and ground rent	32,248		33,978		65,039		67,251
General and administrative	11,898		12,504		23,939		25,730

Impairment	1,112		—		8,800		—

Business interruption insurance income	—		(3,242)		—		(7,545)
Other operating expenses	7		478		1,025		1,028
Total operating expenses	349,901		355,149		687,506		682,652
Operating income (loss)	57,241		52,388		65,292		45,151
Interest expense	(26,056)		(27,282)		(52,370)		(54,415)
Other, net	1,444		1,991		1,254		1,019
Income (loss) before income taxes	32,629		27,097		14,176		(8,245)
Income tax (expense) benefit	(7,716)		(7,812)		(7,699)		(4,650)
Net income (loss)	24,913		19,285		6,477		(12,895)
Net income (loss) attributable to non-controlling interests	1,334		1,229		2,172		1,996
Net income (loss) attributable to the Company	23,579		18,056		4,305		(14,891)
Distributions to preferred shareholders	(9,919)		(10,632)		(20,346)		(21,263)
Repurchase of preferred shares	6,999		—		6,999		—
Net income (loss) attributable to common shareholders	$	20,659	$	7,424	$	(9,042)	$	(36,154)

Net income (loss) per share available to common shareholders, basic	$	0.18	$	0.06	$	(0.08)	$	(0.30)
Net income (loss) per share available to common shareholders, diluted	$	0.17	$	0.06	$	(0.08)	$	(0.30)
Weighted-average number of common shares, basic	112,741,241		118,172,417		113,034,743		118,685,483
Weighted-average number of common shares, diluted	127,105,098		118,383,446		113,034,743		118,685,483

Page 8

Considerations Regarding Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. Non-GAAP financial measures are measures of the Company’s historical or future financial performance that are different from measures calculated and presented in accordance with U.S. GAAP. The Company reports FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, which are non-GAAP financial measures that it believes are useful to investors as key measures of its operating performance.

Adjusted FFO is defined as FFO, as adjusted for transaction costs, non-cash ground rent on operating and finance lease liabilities, 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, noncash interest expense, unrealized loss on investment, and deferred tax asset provision (benefit). The Company believes Adjusted FFO provides useful supplemental information regarding its ongoing operating performance.

EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. The Company calculates EBITDAre in accordance with standards established by Nareit. EBITDAre is defined as EBITDA as adjusted for gain on sale of hotel properties and impairment loss. Adjusted EBITDAre is defined as EBITDAre, as adjusted for transaction costs, non-cash ground rent on operating and finance lease liabilities, management/franchise contract transition costs, non-cash amortization of acquired intangibles, gain on insurance settlement, amortization of share-based compensation expense, unrealized loss on investment, and hurricane-related costs. Hotel EBITDA is defined as Adjusted EBITDAre plus corporate general and administrative expenses less interest income, business interruption insurance income, and other. The Company believes that EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA provide investors useful financial measures to evaluate its operating performance, excluding the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization).

The Company believes that Same-Property Hotel EBITDA provides investors an additional useful financial measure to evaluate hotel-level operating performance of hotels that were owned and fully operating any time during the period presented. Same-Property Hotel EBITDA is calculated by excluding from Hotel EBITDA the Hotel EBITDA attributed to hotels that were neither owned nor fully operating (whether due to significant redevelopment or disruption) at any time during the period presented.

FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA do not represent cash generated from operating activities as determined by U.S. GAAP and should not be considered as alternatives to U.S. GAAP net income (loss), as indications of the Company’s financial performance, or to U.S. GAAP cash flow from operating activities, as measures of liquidity. In addition, FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA are not indicative of funds available to fund cash needs, including the ability to make cash distributions.

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.

Page 9


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

	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Net income (loss)	$	24,913	$	19,285	$	6,477	$	(12,895)
Adjustments:
Real estate depreciation and amortization	52,043		57,584		103,966		115,071

Impairment	1,112		—		8,800		—
FFO	$	78,068	$	76,869	$	119,243	$	102,176
Distribution to preferred shareholders and unit holders	(11,083)		(11,796)		(22,674)		(23,591)
Repurchase of preferred shares	6,999		—		6,999		—
FFO available to common share and unit holders	$	73,984	$	65,073	$	103,568	$	78,585
Transaction costs	10		55		60		57
Non-cash ground rent on operating and finance leases	1,716		1,823		3,431		3,662
Management/franchise contract transition costs	50		—		130		5
Interest expense adjustment for acquired liabilities	190		237		509		561
Finance lease adjustment	768		758		1,533		1,513
Non-cash amortization of acquired intangibles	(49)		(465)		(101)		(937)

Early extinguishment of debt	—		—		627		—
Amortization of share-based compensation expense	2,563		3,522		4,869		6,741
Repurchase of preferred shares	(6,999)		—		(6,999)		—


Deferred tax provision (benefit)	5,241		6,439		5,224		3,334
Unrealized loss on investment	—		—		1,639		2,662
Adjusted FFO available to common share and unit holders	$	77,474	$	77,442	$	114,490	$	96,183

FFO per common share - basic	$	0.65	$	0.55	$	0.91	$	0.66
FFO per common share - diluted	$	0.64	$	0.54	$	0.90	$	0.65
Adjusted FFO per common share - basic	$	0.68	$	0.65	$	1.00	$	0.80
Adjusted FFO per common share - diluted	$	0.68	$	0.65	$	0.99	$	0.80

Weighted-average number of basic common shares and units	114,095,550		119,343,139		114,389,052		119,856,205
Weighted-average number of fully diluted common shares and units	114,720,192		119,554,168		115,144,200		120,309,767

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

Page 10


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

	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Net income (loss)	$	24,913	$	19,285	$	6,477	$	(12,895)
Adjustments:
Interest expense	26,056		27,282		52,370		54,415
Income tax expense (benefit)	7,716		7,812		7,699		4,650
Depreciation and amortization	52,099		57,645		104,078		115,188
EBITDA	$	110,784	$	112,024	$	170,624	$	161,358

Impairment	1,112		—		8,800		—
EBITDAre	$	111,896	$	112,024	$	179,424	$	161,358
Transaction costs	10		55		60		57
Non-cash ground rent on operating and finance leases	1,716		1,823		3,431		3,662
Management/franchise contract transition costs	50		—		130		5
Non-cash amortization of acquired intangibles	(49)		(465)		(101)		(937)

Amortization of share-based compensation expense	2,563		3,522		4,869		6,741

Unrealized loss on investment	—		—		1,639		2,662
Adjusted EBITDAre	$	116,186	$	116,959	$	189,452	$	173,548
Business interruption insurance income	—		(3,242)		—		(7,545)
Corporate general and administrative and other	7,636		7,262		16,569		15,803
Hotel EBITDA	$	123,822	$	120,979	$	206,021	$	181,806
Hotel EBITDA from non-same-property hotels	(481)		(5,831)		(446)		(2,230)
Same-Property Hotel EBITDA	$	123,341	$	115,148	$	205,575	$	179,576

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

Page 11


Pebblebrook Hotel Trust
Reconciliation of Q3 2026 and Full Year 2026 Outlook Net Income (Loss) to FFO, FFO Available to Common Share and Unit Holders, and Adjusted FFO Available to Common Share and Unit Holders
(in millions, except per share data)
(Unaudited)

	For the three months ending September 30, 2026				For the year ending December 31, 2026
	Low		High		Low		High

Net income (loss)	$	9	$	13	$	(2)	$	6
Adjustments:
Real estate depreciation and amortization	48		48		199		199

Impairment	—		—		9		9
FFO	$	57	$	61	$	206	$	214
Distribution to preferred shareholders and unit holders	(11)		(11)		(45)		(45)
Repurchase of preferred shares	—		—		7		7
FFO available to common share and unit holders	$	46	$	50	$	168	$	176
Non-cash ground rent on operating and finance leases	2		2		7		7
Amortization of share-based compensation expense	3		3		10		10
Other	4		4		9		9
Adjusted FFO available to common share and unit holders	$	55	$	59	$	194	$	202
	.
FFO per common share - diluted	$	0.40	$	0.44	$	1.46	$	1.53
Adjusted FFO per common share - diluted	$	0.48	$	0.52	$	1.69	$	1.76

Weighted-average number of fully diluted common shares and units	114.5		114.5		114.7		114.7

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

Page 12


Pebblebrook Hotel Trust
Reconciliation of Q3 2026 and Full Year 2026 Outlook Net Income (Loss) to EBITDA, EBITDAre, and Adjusted EBITDAre
($ in millions)
(Unaudited)

	For the three months ending September 30, 2026				For the year ending December 31, 2026
	Low		High		Low		High

Net income (loss)	$	9	$	13	$	(2)	$	6
Adjustments:
Interest expense and income tax expense	31		31		119		119
Depreciation and amortization	48		48		199		199
EBITDA	$	88	$	92	$	316	$	324

Impairment	—		—		9		9
EBITDAre	$	88	$	92	$	325	$	333
Non-cash ground rent on operating and finance leases	2		2		7		7
Amortization of share-based compensation expense	3		3		10		10
Other	—		—		3		3
Adjusted EBITDAre	$	93	$	97	$	345	$	353

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

Page 13


Pebblebrook Hotel Trust
Same-Property Statistical Data
(Unaudited)

		For the three months ended June 30,				For the six months ended June 30,
		2026		2025		2026		2025

Same-Property Occupancy		79.4	%	78.1	%	73.9	%	70.6	%
	2026 vs. 2025 Increase	1.7	%			4.8	%

Same-Property ADR		$326.60		$311.80		$321.31		$309.44
	2026 vs. 2025 Increase	4.7	%			3.8	%

Same-Property RevPAR		$259.41		$243.52		$237.61		$218.31
	2026 vs. 2025 Increase	6.5	%			8.8	%

Same-Property Total RevPAR		$405.24		$386.93		$375.55		$350.49
	2026 vs. 2025 Increase	4.7	%			7.1	%

Notes:
For the three months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026. For the six months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026, except for the following: • Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent 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.

Page 14


Pebblebrook Hotel Trust
Same-Property Statistical Data - by Market
(Unaudited)

	For the three months ended June 30,		For the six months ended June 30,
	2026		2026
Same-Property RevPAR variance to 2025:
San Francisco	16.0	%	29.6	%
Chicago	13.7	%	11.3	%
Los Angeles	8.6	%	18.8	%
Boston	6.3	%	3.1	%
Portland	(4.4	%)	(2.4	%)
San Diego Downtown	(9.1	%)	(1.2	%)
Washington, DC	(9.9	%)	(16.0	%)

Resorts	12.0	%	9.8	%
Urban	4.1	%	8.3	%
Notes:
For the three months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026. For the six months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026, except for the following: • Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent 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.

Page 15


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

	For the three months ended June 30,						For the six months ended June 30,
	2026			2025			2026			2025

Same-Property Revenues:
Room	$	258,178		$	242,289		$	472,714		$	434,187
Food and beverage	101,537			100,460			191,921			184,630
Other	43,609			42,230			82,516			78,244
Total hotel revenues	403,324			384,979			747,151			697,061

Same-Property Expenses:
Room	$	64,298		$	62,335		$	123,827		$	117,618
Food and beverage	71,139			68,854			135,475			130,883
Other direct	10,464			9,875			20,121			19,047
General and administrative	30,461			29,304			59,134			56,610
Information and telecommunication systems	6,063			5,799			12,286			11,435
Sales and marketing	29,446			27,498			55,349			52,228
Management fees	11,015			10,896			19,349			18,599
Property operations and maintenance	13,535			12,638			26,781			25,039
Energy and utilities	11,223			10,930			22,551			22,582
Property taxes	15,854			16,190			32,905			32,347
Other fixed expenses	16,485			15,512			33,798			31,097
Total hotel expenses	279,983			269,831			541,576			517,485

Same-Property Hotel EBITDA	$	123,341		$	115,148		$	205,575		$	179,576

Same-Property Hotel EBITDA Margin	30.6		%	29.9		%	27.5		%	25.8		%

Notes:
For the three months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026. For the six months ended June 30, 2026, the above table includes information from all hotels owned as of June 30, 2026, except for the following: • Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent 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.

Page 16


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
	2025		2025		2025		2025		2025

Occupancy	63	%	78	%	80	%	69	%	72	%
ADR	$307		$312		$298		$289		$302
RevPAR	$193		$244		$237		$199		$218

Hotel Revenues	$309.9		$385.0		$374.6		$333.4		$1,402.8
Hotel EBITDA	$64.1		$115.1		$100.1		$68.9		$348.2
Hotel EBITDA Margin	20.7	%	29.9	%	26.7	%	20.7	%	24.8	%

	First Quarter		Second Quarter
	2026		2026

Occupancy	68	%	79	%
ADR	$315		$327
RevPAR	$216		$259

Hotel Revenues	$340.9		$403.3
Hotel EBITDA	$81.4		$123.3
Hotel EBITDA Margin	23.9	%	30.6	%

Notes:
These historical hotel operating results include information for all of the hotels the Company owned as of June 30, 2026. 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.

Page 17

Pebblebrook Hotel Trust

2026 Same-Property Inclusions

Hotels

Chamberlain West Hollywood Hotel

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 estimates and assumptions for 2026 Same-Property RevPAR, RevPAR growth, Total Revenue growth, Total Expense growth, Hotel EBITDA, and Hotel EBITDA growth include all of the hotels the Company owned as of June 30, 2026, except for the following:

•Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent sale.

Operating statistics and financial results may include periods prior to the Company's ownership of the hotels.

Page 18