Bank of America Global Real Estate Conference: September 10, 2025 PDF Free Download
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Senior Notes Convertible Notes
Mortgage Loans Bank Group Term Loans
Note: Hotel EBITDA (“EBITDA”) refers to non-GAAP Hotel EBITDA.
(1) Refer to the Company's investor presentation dated July 29, 2025 for notes related to balance sheet matters.
(2) Dollars in millions, except per share data; see the Company’s Q2 2025 Earnings Release dated July 29, 2025 for reconciliations of non-GAAP financial measures to Net income (loss).
(3) Free cash flow calculated based on Adjusted FFO less Capital Investments and Common Dividends.
(4) Based on 2024 operating results; includes all hotels owned by the Company as of June 30, 2025.
(5) Reflects the remaining $16 million of Hotel EBITDA upside from LaPlaya, based on an estimated stabilized Hotel EBITDA of $35 million, with $19 million already achieved in 2024.
2024A Urban Markets
Recovery
ROI from
Redevelopment
Projects
LaPlaya EBITDA Growth
Opportunity
Recent Operating Highlights:
Q3 operating fundamentals continue to be in line with
expectations.
Labor Day Weekend occupancy increased ~185 bps
year-over-year, driven by healthy resort and urban
performance.
Redeveloped hotels continue to gain market share and
increase EBITDA.
2H 2025 Outlook:
Q3/Q4 outlook remains cautious amid macro
uncertainty; booking windows remain short.
No notable change in operating fundamentals since
Q2 earnings call; travel demand relatively stable
despite softer consumer and CEO sentiment.
Focused on driving occupancy and revenue growth,
enhancing cost efficiencies, and sustaining operational
agility and flexibility.
As of 6/30/25, $267M of cash on hand;
Debt/EBITDA Ratio: 5.8x; Debt/Gross
Value: 37%
96% of debt is currently at fixed rates
with 91% unsecured; Wtd. Avg. Debt:
4.2%, one of the lowest in the peer group
2025 Overview NAV Estimate Balance Sheet(1)
Pebblebrook’s recent share price
of $11.50 represents a ~50%
discount to its NAV estimate
midpoint of $23.00/share
1
Low
High
NAV Per
Share
Recent Share Price
$11.50
$11.50
NAV Estimate
$21.00
$25.00
Discount
(45%)
(54%)
Per Key
Value
Recent Share Price
$347K
$347K
NAV Estimate
Net Debt
$438K
$232K
$485K
$232K
Est. Replacement
Cost
$700K
$800K
Q3 2025
Low High
Net income $4.0 $11.0
Same-Property RevPAR vs. 2024 (4.0%) (1.0%)
Same-Property Total Rev. vs. 2024 (3.2%) (0.5%)
Same-Property Total Exp. vs. 2024 (0.5%) 0.8%
Same-Property Hotel EBITDA $102.0 $109.0
Adjusted EBITDAre
$93.5
$100.5
Adjusted FFO per Diluted Share $0.45
$0.51
$17M
$360M
$750M
$551M $585M
2025 Outlook(2)
2025 Outlook anticipates:
Free cash flow in excess of $100 million.(3)
Business interruption insurance (“BI”) proceeds of $11.5 million.
Capital investments per share of $0.54 – $0.63.
Significant Growth Opportunity
Hotel EBITDA Upside of ~$71M
$0.46/Share of AFFO Upside
$442M
$16M
$10M
$0.08/Share
$45M
$0.38/Share
$371M
(4)
Bank of America Global Real Estate Conference:
September 10, 2025
newport harbor island resort
(5)
argonaut hotel
$200M+ cash
on hand
FY 2025
Low High
Net income (loss) ($26.5) ($12.0)
Same-Property RevPAR vs. 2024 (1.0%) 1.0%
Same-Property Total Rev. vs. 2024 (0.3%) 1.4%
Same-Property Total Exp. vs. 2024 2.0% 3.0%
Same-Property Hotel EBITDA $343.0 $358.0
Same-Property Hotel EBITDA vs. 2024 (7.1%) (3.1%)
Adjusted EBITDAre
$332.5
$347.5
Adjusted FFO per Diluted Share $1.47
$1.59
Reasons to Invest in PEB
~$10M EBITDA remaining upside from $278M of high-ROI
redevelopment projects.
~$45M EBITDA growth potential from urban recovery, with
occupancy still well below pre-pandemic levels and minimal new
supply risk for next several years.
Shares trade at ~50% discount to estimated private market NAV,
offering a compelling entry point with asymmetric risk/reward.
2
Note: Dollars in millions, except for ADR and RevPAR.
(i) Includes information for all urban hotels the Company owned as of June 30, 2025.
(ii) Reflects estimated annualized cash gains realized since project completion, derived from property-specific financial data where available and, for other properties,
estimated based on actual RevPAR market share gains as of December 31, 2024.
(iii)Reflects 2024 EBITDA for all hotels owned by the Company as of June 30, 2025, except for LaPlaya Beach Resort & Club, which uses its pre-hurricane 2022 forecast.
Top Markets by EBITDA Contribution(iii)
ROI Redevelopment Projects
Urban Market Occupancy(i)
2019 2023 2024 LTM ’25 Vs. Prior
Year
San Francisco 87% 61% 64% 69% 575 bps
Chicago 72% 61% 63% 64% 100 bps
San Diego 85% 72% 79% 80% 100 bps
Washington, DC 77% 64% 66% 66% 30 bps
Boston 88% 78% 80% 80% 20 bps
Los Angeles 83% 73% 73% 70% (345 bps)
Total Urban 83% 69% 71% 72% 80 bps
Urban Recovery Potential
laplaya beach resort & club
LaPlaya Beach Resort and Club
Substantially completed redevelopment in Q2 2025. Further
hardening projects underway to strengthen the resort and mitigate
future weather impacts.
2025 Outlook: Forecasting full-year hotel EBITDA of $23 - $25 million.
Estimating $11.5 million in total BI proceeds for 2025, totaling
approximately $34.5 - $36.5 million in Adjusted EBITDAre.
The urban recovery remains underway, with improving
fundamentals across key markets, being led by San Francisco.
Pebblebrook anticipates a potential $45+ million increase in its
urban hotel EBITDA over the next 3 to 4 years, supported by a
favorable long-term outlook.
This scenario is based on an urban occupancy rebound to 80%
which remains below 2019 levels (83%) and prior peak (86%). This
projection assumes ADR grows modestly by 3%, reflecting both
market-driven rate improvements and inflationary trends.
The $278M of ROI capital invested is estimated to generate annual
stabilized EBITDA gains of $29 to $33 million.
With $21 to $22 million in annualized ROI realized through 2024, the
Company conservatively anticipates achieving an additional $8 to
$11 million in EBITDA upon stabilization over the next few years.
Urban
Recovery
Scenario
Var. vs. 2024 Var. vs. 2019
2019 2024 (#) (%) (#) (%)
Occupancy
83%
71%
80%
9%
12% (3%) (4%)
ADR $260
$280
$287
$7
3% $27 10%
RevPAR
$216
$200
$230
$30
15% $14 6%
Total Revenue
$953
$911
$1,049
$138
15% $96 10%
Total Expenses
$650
$698
$791
$94
13% $142 22%
Hotel EBITDA
$303
$213
$257
$45 21% ($46) (15%)
Hotel EBITDA
Margins 32% 23% 25% 1% 5% (7%) (23%)
ROI
Investment
Estimated
Cash Gains
Cash-on-
Cash Return
2018-2022 Projects(ii) $170M $18M 11%
2023-2024 Projects $108M $11M - $15M 10% - 14%
ROI Realized(ii) $3M - $4M
ROI Remaining $8M - $11M
2018-2024 Total Projects
(ROI Realized + Remaining) $278M $29M - $33M 10% - 12%
5%
7%
9%
12%
22%
25%
Hollywood/Miami
Key West
West LA/Santa Monica
Naples
Boston
San Diego
EBITDA Contribution %
# of Hotels
8
5
2
9
2
1
l’auberge del mar
Key Added Demand Drivers in 2026
San Francisco: Super Bowl LX, FIFA World Cup
Los Angeles: NBA All-Star game, Genesis Invitational, U.S. Women’s
Open, FIFA World Cup; Easy comparisons to Q1/Q2 fire-impacted
results.
San Diego: NCAA Tournament First and Second Rounds
Washington, DC: NCAA East Regional, 250th Anniversary of the USA
Boston: World Cup, Tall Ships – Sail Boston, 250th Anniversary of the
USA, Navy vs Notre Dame
Chicago: NCAA Midwest Regional, UNESCO International Jazz Day
South Florida: FIFA World Cup, IPW US Travel Association
Portland: NCAA Tournament First and Second Rounds
hotel zephyr fisherman’s wharf
