Form 8-K

8-K — Pebblebrook Hotel Trust

Accession: 0001474098-26-000056

Filed: 2026-07-29

Period: 2026-07-24

CIK: 0001474098

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — peb-20260724.htm (Primary)

EX-99.1 (a8kq2-2026erex991.htm)

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8-K

8-K (Primary)

Filename: peb-20260724.htm · Sequence: 1

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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

EX-99.1

Filename: a8kq2-2026erex991.htm · Sequence: 2

Document

Exhibit 99.1

PEBBLEBROOK HOTEL TRUST REPORTS SECOND QUARTER 2026 RESULTS

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)

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

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

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

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 Q1 Q2 Q3 Q4

Chamberlain West Hollywood Hotel X

Notes:

A property marked with an "X" in a specific quarter denotes that the same-property operating results of that property are included in the Same-Property Statistical Data and in the Schedule of Same-Property Results.

The Company’s 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

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesEPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesHPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type: