Pebblebrook Hotel Trust (PEB) financial statements: income statement, balance sheet and cash flow
Pebblebrook Hotel Trust's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Pebblebrook Hotel Trust reported revenue of $1.5B (+1.5% year on year) and net income of ($105.7M) (-126.1% year on year).
Income statement
Pebblebrook Hotel Trust income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$1.5B
$1.5B
$1.4B
$1.4B
Total hotel operating expenses
$985.6M
$961.0M
$941.1M
$883.5M
Depreciation and amortization
$227.7M
$229.5M
$240.6M
$239.6M
Real estate taxes, personal property taxes, property insurance, and ground rent
$133.4M
$126.2M
$124.6M
$126.1M
General and administrative
$49.5M
$48.1M
$44.8M
$39.2M
Impairment
$48.9M
$48.1M
$81.8M
$89.9M
Gain on sale of hotel properties
$0
$0
($30.4M)
($6.2M)
Business interruption insurance income and gain on insurance settlement
($17.4M)
($48.6M)
($33.0M)
—
Other operating expenses
$4.2M
$4.9M
$12.6M
$4.7M
Total operating expenses
$1.4B
$1.4B
$1.4B
$1.4B
Operating income (loss)
$43.8M
$84.0M
$37.8M
$14.7M
Interest expense
($103.3M)
($112.4M)
($115.7M)
($100.0M)
Other
$3.6M
$2.8M
$4.2M
$562.0K
Income (loss) before income taxes
($55.9M)
($25.6M)
($73.6M)
($84.7M)
Income tax (expense) benefit
($6.3M)
$25.6M
($655.0K)
($277.0K)
Net income (loss)
($62.2M)
$16.0K
($74.3M)
($85.0M)
Net income (loss) attributable to non-controlling interests
$3.6M
$4.3M
$3.7M
$2.2M
Net income (loss) attributable to the Company
($65.8M)
($4.2M)
($78.0M)
($87.2M)
Distributions to preferred shareholders
($42.3M)
($42.5M)
($43.6M)
($45.1M)
Repurchase of preferred shares
2.4M
0
8.4M
8.2M
Net income (loss) attributable to common shareholders
($105.7M)
($46.8M)
($113.3M)
($124.1M)
Net income (loss) per share available to common shareholders, basic (in usd per share)
-$0.90
-$0.39
-$0.93
-$0.95
Net income (loss) per share available to common shareholders, diluted (in usd per share)
-$0.90
-$0.39
-$0.93
-$0.95
Weighted-average number of common shares, basic (in shares)
117.0M
119.8M
121.8M
130.5M
Weighted-average number of common shares, diluted (in shares)
117.0M
119.8M
121.8M
130.5M
Pebblebrook Hotel Trust income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenues
$407.1M
$345.7M
$398.7M
$407.5M
Total hotel operating expenses
$252.5M
$232.1M
$259.1M
$253.8M
Depreciation and amortization
$52.1M
$52.0M
$57.6M
$57.6M
Real estate taxes, personal property taxes, property insurance and ground rent
$32.2M
$32.8M
$35.4M
$34.0M
General and administrative
$11.9M
$12.0M
$12.1M
$12.5M
Impairment
$1.1M
$7.7M
$46.5M
—
Business interruption insurance income
$0
$0
($3.9M)
($3.2M)
Other operating expenses
$7.0K
$1.0M
$2.2M
$478.0K
Total operating expenses
$349.9M
$337.6M
$408.9M
$355.1M
Operating income (loss)
$57.2M
$8.1M
($10.2M)
$52.4M
Interest expense
($26.1M)
($26.3M)
($20.2M)
($27.3M)
Other, net
$1.4M
($190.0K)
$1.0M
$2.0M
Income (loss) before income taxes
$32.6M
($18.5M)
($29.4M)
$27.1M
Income tax (expense) benefit
($7.7M)
$17.0K
($3.0M)
($7.8M)
Net income (loss)
$24.9M
($18.4M)
($32.4M)
$19.3M
Net income (loss) attributable to non-controlling interests
$1.3M
$838.0K
$714.0K
$1.2M
Net income (loss) attributable to the Company
$23.6M
($19.3M)
($33.1M)
$18.1M
Distributions to preferred shareholders
($9.9M)
($10.4M)
($10.6M)
($10.6M)
Repurchase of preferred shares
7.0M
—
312.0K
—
Net income (loss) attributable to common shareholders
$20.7M
($29.7M)
($43.4M)
$7.4M
Net income (loss) per share available to common shareholders, basic (in usd per share)
$0.18
-$0.26
-$0.37
$0.06
Net income (loss) per share available to common shareholders, diluted (in usd per share)
$0.17
-$0.26
-$0.37
$0.06
Weighted-average number of common shares, basic (in shares)
112.7M
113.3M
117.6M
118.2M
Weighted-average number of common shares, diluted (in shares)
127.1M
113.3M
117.6M
118.4M
Balance sheet
Pebblebrook Hotel Trust balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Investment in hotel properties, net
$5.0B
$5.3B
$5.5B
$5.9B
Cash and cash equivalents
$184.2M
$206.7M
$183.7M
$41.0M
Restricted cash
$12.0M
$10.9M
$9.9M
$11.2M
Hotel receivables (net of allowance for doubtful accounts of $241 and $439, respectively)
$34.2M
$39.1M
$43.9M
$45.3M
Prepaid expenses and other assets
$94.3M
$117.6M
$96.6M
$116.3M
Total assets
$5.3B
$5.7B
$5.8B
$6.1B
Debt
$2.1B
$2.2B
$2.3B
$2.4B
Accounts payable, accrued expenses and other liabilities
$199.6M
$222.2M
$238.6M
$250.5M
Lease liabilities - operating leases
$333.1M
$320.7M
$320.6M
$320.4M
Deferred revenues
$104.9M
$92.3M
$76.9M
$73.6M
Accrued interest
$12.1M
$11.5M
$6.8M
$4.5M
Distribution payable
$11.6M
$11.9M
$11.9M
$12.2M
Total liabilities
$2.8B
$2.9B
$3.0B
$3.0B
Preferred shares of beneficial interest, $.01 par value (liquidation preference $676,724 and $690,000 at December 31, 2025 and December 31, 2024, respectively), 100,000,000 shares authorized; 27,068,962 and 27,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
271.0K
276.0K
276.0K
286.0K
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 113,188,134 and 119,285,394 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
1.1M
1.2M
1.2M
1.3M
Additional paid-in capital
$4.0B
$4.1B
$4.1B
$4.2B
Accumulated other comprehensive income (loss)
$605.0K
$16.6M
$24.4M
$35.7M
Distributions and retained deficit
($1.5B)
—
—
—
Total shareholders' equity
$2.5B
$2.7B
$2.8B
$3.0B
Non-controlling interests
$94.1M
$90.5M
$86.8M
$88.0M
Total equity
$2.6B
$2.8B
$2.9B
$3.1B
Total liabilities and equity
$5.3B
$5.7B
$5.8B
$6.1B
Pebblebrook Hotel Trust balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Investment in hotel properties, net
$4.9B
$5.0B
$5.1B
$5.2B
Cash and cash equivalents
$261.0M
$196.2M
$223.2M
$256.1M
Restricted cash
$9.4M
$8.4M
$9.0M
$11.0M
Hotel receivables (net of allowance for doubtful accounts of $246 and $241, respectively)
$44.3M
$39.7M
$45.7M
$49.7M
Prepaid expenses and other assets
$75.1M
$85.1M
$92.4M
$87.0M
Total assets
$5.3B
$5.3B
$5.6B
$5.7B
Debt, net
$2.1B
$2.1B
$2.2B
$2.2B
Accounts payable, accrued expenses and other liabilities
$221.7M
$215.7M
$228.1M
$232.1M
Lease liabilities - operating leases
$335.9M
$333.0M
$333.1M
$320.7M
Deferred revenues
$105.9M
$113.8M
$98.0M
$99.1M
Accrued interest
$13.0M
$19.2M
$18.0M
$10.2M
Distribution payable
$11.1M
$11.6M
$11.8M
$11.9M
Total liabilities
$2.8B
$2.8B
$2.9B
$2.9B
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
256.0K
271.0K
275.0K
276.0K
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
1.1M
1.1M
1.1M
1.2M
Additional paid-in capital
$3.9B
$4.0B
$4.0B
$4.1B
Accumulated other comprehensive income (loss)
$6.1M
$3.3M
$3.5M
$6.9M
Distributions and retained deficit
($1.5B)
($1.5B)
—
—
Total shareholders' equity
$2.4B
$2.4B
$2.5B
$2.6B
Non-controlling interests
$95.0M
$94.3M
$93.2M
$92.5M
Total equity
$2.5B
$2.5B
$2.6B
$2.7B
Total liabilities and equity
$5.3B
$5.3B
$5.6B
$5.7B
Cash flow statement
Pebblebrook Hotel Trust cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
($62.2M)
$16.0K
($74.3M)
($85.0M)
Depreciation and amortization
$227.7M
$229.5M
$240.6M
$239.6M
Provision (benefit) for deferred income taxes
$4.2M
($28.5M)
—
—
Share-based compensation
$13.7M
$13.6M
$12.5M
$11.3M
Gain on insurance settlement
($4.7M)
($24.8M)
—
—
Amortization of deferred financing costs, non-cash interest and other amortization
$12.5M
$14.3M
$12.1M
$13.5M
Gain on sale of hotel properties
$0
$0
($30.4M)
($6.2M)
Gain on extinguishment of debt
($6.5M)
—
—
—
Impairment
$48.9M
$48.1M
$81.8M
—
Non-cash ground rent
$9.6M
$9.8M
$9.9M
$10.0M
Other adjustments
($831.0K)
($5.3M)
($7.8M)
($5.0M)
Hotel receivables
$4.0M
$5.0M
$1.2M
($8.0M)
Prepaid expenses and other assets
($5.9M)
$8.9M
($11.2M)
($10.0M)
Accounts payable and accrued expenses
($8.5M)
($14.5M)
($5.9M)
$24.8M
Deferred revenues
$17.9M
$18.7M
$7.5M
$3.8M
Net cash provided by (used in) operating activities
$249.7M
$275.0M
$236.2M
$278.7M
Improvements and additions to hotel properties
($97.4M)
($128.8M)
($200.6M)
($116.7M)
Proceeds from sales of hotel properties
$102.6M
$0
$314.9M
$248.9M
Property insurance proceeds
$5.6M
$36.8M
$30.2M
$5.6M
Other investing activities
($481.0K)
($885.0K)
($2.5M)
($25.0K)
Net cash provided by (used in) investing activities
$10.3M
($92.8M)
$142.0M
($109.4M)
Payment of deferred financing costs
($11.0M)
($22.1M)
($2.7M)
($12.4M)
Borrowings under revolving credit facilities
$0
$0
$10.0M
$190.2M
Repayments under revolving credit facilities
$0
$0
($10.0M)
($190.2M)
Proceeds from debt
$400.0M
$400.0M
$140.0M
$1.4B
Repayments of debt
($511.2M)
($465.4M)
($211.1M)
($1.4B)
Purchases of capped calls for convertible senior notes
($27.2M)
—
$0
$0
Repurchases of common shares
-72.6M
-16.9M
-92.8M
-70.7M
Repurchases of preferred shares
-6.1M
0
-15.8M
-16.0M
Distributions — common shares/units
-4.8M
-4.9M
-5.0M
-5.3M
Distributions — preferred shares/units
-47.2M
-47.2M
-48.6M
-47.4M
Other financing activities
($1.4M)
($1.8M)
($928.0K)
—
Net cash provided by (used in) financing activities
($281.4M)
($158.2M)
($236.8M)
($209.3M)
Net change in cash and cash equivalents and restricted cash
($21.4M)
$23.9M
$141.4M
($40.0M)
Cash and cash equivalents and restricted cash, beginning of year
$217.6M
$193.6M
$52.3M
$92.2M
Cash and cash equivalents and restricted cash, end of year
$196.2M
$217.6M
$193.6M
$52.3M
Pebblebrook Hotel Trust cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$6.5M
($18.4M)
($45.2M)
($12.9M)
Depreciation and amortization
$104.1M
$52.0M
$172.8M
$115.2M
Provision (benefit) for deferred income taxes
$5.2M
($17.0K)
$5.7M
$3.3M
Share-based compensation
$4.9M
$2.3M
$10.3M
$6.7M
Amortization of deferred financing costs, non-cash interest and other amortization
$7.8M
$4.3M
$9.0M
$5.9M
Impairment
$8.8M
$7.7M
$46.5M
—
Non-cash ground rent
$4.7M
$2.3M
$7.3M
$4.9M
Other adjustments
($1.4M)
($212.0K)
($331.0K)
($230.0K)
Hotel receivables
($10.2M)
($5.5M)
($10.7M)
($10.4M)
Prepaid expenses and other assets
$13.1M
$6.5M
($6.8M)
$10.6M
Accounts payable and accrued expenses
$23.2M
$23.2M
$29.7M
$9.2M
Deferred revenues
$3.6M
$9.9M
$9.4M
$8.6M
Net cash provided by (used in) operating activities
$170.4M
$84.1M
$218.5M
$140.9M
Improvements and additions to hotel properties
($24.4M)
($11.9M)
($70.7M)
($49.5M)
Proceeds from sales of hotel properties
$16.1M
—
—
—
Property insurance proceeds
$3.2M
$3.2M
$5.3M
$2.4M
Other investing activities
($233.0K)
($189.0K)
($480.0K)
($382.0K)
Net cash provided by (used in) investing activities
($5.4M)
($9.0M)
($66.0M)
($47.5M)
Payment of deferred financing costs
($6.6M)
($6.6M)
($10.3M)
($78.0K)
Proceeds from debt
$360.0M
$360.0M
$400.0M
—
Repayments of debt
($401.3M)
($400.8M)
($393.6M)
($1.1M)
Repurchases of common shares
-13.9M
-5.9M
-65.6M
-15.6M
Repurchases of preferred shares
-2.5M
—
-1.1M
—
Distributions — common shares/units
-2.3M
-1.1M
-3.6M
-2.4M
Distributions — preferred shares/units
-23.2M
-11.6M
-35.4M
-23.6M
Other financing activities
($995.0K)
($641.0K)
($1.1M)
($1.0M)
Net cash provided by (used in) financing activities
($90.8M)
($66.7M)
($138.0M)
($43.8M)
Net change in cash and cash equivalents and restricted cash
$74.2M
$8.4M
$14.5M
$49.5M
Cash and cash equivalents and restricted cash, beginning of year
$196.2M
$196.2M
$217.6M
$217.6M
Cash and cash equivalents and restricted cash, end of period