Pebblebrook Hotel Trust : Investor Presentation April 2026 HIGH RESOLUTION

Published: 2026-04-28 17:14:26 ET PEB

Published on 04/28/2026 at 05:14 pm EDT

the valorian los angeles, curio collection by hilton

Hotel EBITDA Growth Opportunity (AFFO Upside)

$86M+

($0.66/share)

2018-2024

ROI Investments

$274M+

Business/Leisure Customer Mix

50/50

Closing the NAV discount through Hotel EBITDA ramping to stabilization, targeted dispositions, disciplined deleveraging, and accretive common and preferred share repurchases

$23.50 NAV/Share(1)

vs. $13.50 share price

(≈45% Discount)

2025 Hotel EBITDA in Luxury/Upper-Upscale Segments

99%

Urban and Resort Markets

Hotels and Resorts

hotel zeppelin san francisco

paradise point resort & spa

inn on fifth

newport harbor island resort

Note: Includes information for all hotels the Company owned as of March 31, 2026. 2

(1) Reflects management's current midpoint estimate for Net Asset Value Per Share, detailed on page 5.

Resorts are now 48% of Hotel EBITDA contribution; East Coast is now 56%.

Hotel EBITDA Contribution

2025(1) 2019(2) Var.

San Diego

23%

14%

Boston

22%

17%

Naples

Key West

San Francisco

23%

(16%)

Top 5 Markets

69%

62%

East Coast

56%

38%

18%

West Coast

42%

56%

(14%)

Since 2019, Pebblebrook has repositioned its portfolio toward higher-quality leisure and group demand, increased resort and East Coast concentration, and reduced West Coast urban exposure-creating a more durable earnings profile with enhanced upside potential as pandemic- and event-impacted urban markets recover.

Guest Segmentation

25%

Business Transient

45%

Leisure Transient

25%

Business Group

Leisure Group

Key West

Jekyll Island

Fort Lauderdale/

Naples Hollywood

San Diego

Washington, DC

Chicago

Newport

San Francisco

Santa Cruz Los Angeles

Santa Monica

Boston

Portland

Columbia River Gorge

= Urban Location

= Resort Location

Total RevPAR(3)

+$20 / +6.3%

higher than peer average of $319.(4)

$339

Resort

48%

17%

31%

Urban

52%

83%

(31%)

Note: Any differences are due to rounding.

Includes information for all hotels the Company owned as of December 31, 2025.

Includes information for all hotels the Company owned as of December 31, 2019.

Based on full-year 2025 information as reported in company filings.

Peer set average reflects same-property information reported by nine comparable lodging REITs.

Acquiring PEB shares at ~45% below estimated private-market NAV is a compelling value opportunity.

Pebblebrook intends to close the gap through Hotel EBITDA ramping to stabilization and accretive share buybacks funded by selective dispositions at private-market values well above today's trading levels.

Redevelopment ramp-up drives incremental EBITDA upside (+$6M) as renovated assets grow RevPAR and gain share.

Pebblebrook's $274M of ROI-focused capital deployed from 2018-2024 is expected to drive incremental EBITDA through market share gains, stronger rate realization, and higher ancillary revenue from expanded and upgraded venues and event spaces.

Urban demand recovery is expected to drive meaningful EBITDA upside (+$70M).

With demand and occupancy still well below pre-pandemic levels, urban recovery-led by San Francisco and Los Angeles-coupled with constrained new supply should drive substantial portfolio growth.

Images (top to bottom): Hyatt Centric Delfina Santa Monica, Estancia La Jolla Hotel & Spa, and Viceroy Washington DC. 4

The Company regularly evaluates its property values and NAV using transaction data, current financing conditions, and underlying market fundamentals. Estimates are underwritten utilizing market comps, forward-looking cash flows, and buyer sentiment, while incorporating the impact of redevelopments, temporary performance disruptions, and market-specific recovery trends.

($105K)

(22%)

Public Discount to Private Per-Key Value ($)

Public Discount to Private Per-Key Value (%)(7)

Total Implied Public Value $380K

Private-Market Valuation

Low

High

Mid

Enterprise Value Net Debt(1) Convertible Notes(2)

Preferred Equity

$5.1

(1.2)

(0.75)

$5.7

(1.2)

(0.75)

$5.4

(1.2)

(0.75)

NAV

$2.5B

$3.0B

$2.7B

$23.50

NAV Per Share(3)

$21.50

$25.50

Estimated Private-Market Values

Low

High

Mid

Mid/Key

Resorts(4)

$2.4

$2.6

$2.5

$792

Boston

1.0

1.1

1.0

523

San Diego

0.5

0.6

0.5

416

Washington, DC

0.2

0.3

0.2

350

Los Angeles

0.5

0.6

0.5

319

San Francisco(5)

0.4

265

Other Markets(6)

0.2

201

Total Private Value

$5.1B

$5.7B

$5.4B

$485K

Importantly, Pebblebrook's portfolio of recently redeveloped, high-quality assets is largely unencumbered by longterm management/brand agreements or restrictive ground leases, supporting premium private-market valuations. At ~$13.50 per share, the public market implies an approximate 45% discount to that private-market value.

Public Discount to Private Valuation

Low

High

Mid

NAV Per Share ($)

($8.00)

($12.00)

($10.00)

NAV Per Share (%)

(37%)

(47%)

(43%)

Public-Market Valuation

Mid

Enterprise Value

Net Debt, Converts, & Pfd Equity(1,2)

$4.2

(2.7)

Equity Market Cap

$1.5B

$13.50

Recent Share Price

Note: Dollars in billions, except per key values (in thousands) and per-share data. Share-based metrics assume 114.3M estimated shares outstanding. Includes hotels owned as of March 31, 2026.

Net Debt is net of cash, cash equivalents, and liquid securities, as of March 31, 2026.

Assumes convertible notes are settled with cash.

NAV Per Share is calculated before transaction costs (approximately 3% on average, ranging from 1.0% to 7.25% depending on market and asset characteristics) and excludes the value of net operating losses (NOLs) that may be available to a potential buyer in a strategic transaction.

Includes the private club at LaPlaya Beach Resort & Club ("LaPlaya").

Includes the Zephyr Walk retail space at Hotel Zephyr Fisherman's Wharf.

Includes properties in Chicago, IL and Portland, OR.

Per-Key Value discount compares the public implied enterprise value per key to the estimated private-market enterprise value per key (gross asset value). The NAV Per Share discount compares the recent common share price to estimated equity NAV per share, net of debt, convertible notes, and preferred equity. The difference between the two discounts reflects leverage and preferred equity in the capital structure.

1. High-Quality, Well-Maintained Portfolio

Nearly all of Pebblebrook's hotels have undergone major renovations or redevelopments, thereby:

Enhancing the physical assets;

Positioning the portfolio to capture market share and drive operational outperformance; and

Reducing near-term capital requirements.

2. Largely Unencumbered Portfolio (80% of Hotels)(1)

Unencumbered hotels have historically commanded 10-20% valuation premiums, driven by:

Broader buyer universe: Absence of restrictive long-term brand or management agreements attracts strategic, operating, and financial buyers, and does not limit any buyer groups.

Complete branding and management flexibility: Assets can be rebranded, repositioned, or operated under a buyer's preferred flag and business plan.

Key money and capital support: Brand/operator incentives can support valuation and enhance underwriting returns for reflagging opportunities.

Operating and concepting optionality: Flexibility to optimize management structure, operating model, and capital plan to unlock incremental upside.

argonaut hotel

laplaya beach resort & club

chamberlain west hollywood hotel

Pebblebrook's portfolio drives premium valuations through high-quality, recently redeveloped assets, operationally flexible unencumbered hotels, and predominantly fee simple or preferred ground lease ownership.

3. Beneficial Ownership Structure (91% of Portfolio = Fee Simple or Preferred Ground Lease)

Ownership structure impacts valuation:

Fee Simple (61% of Portfolio): Full ownership control; generally commands the highest valuations due to flexibility.

Government/Non-Profit Ground Lease (30% of Portfolio): Lower renewal and consent risk; typically trades near fee simple valuations.

Limited Private-Party Ground Lease exposure: Higher counterparty and renewal risk; generally valued at a discount.

Note: Percentages are based on hotels owned by the Company as of March 31, 2026. For further details on portfolio unencumbrance and ownership/lease structure, please refer to the

Appendix on page 20. 6

(1) "Unencumbered" means the hotel is not subject to non-terminable management, brand, soft-brand, or franchise agreements that would restrict a sale. Soft-brand affiliations (e.g.,

Autograph, Luxury Collection) can similarly constrain a sale and may affect value comparable to traditional hard-brand encumbrances.

Pebblebrook has a strong track record of investing capital to elevate and remerchandise properties, enhance the guest experience, and revitalize underutilized venues and open spaces. Major redevelopments completed in recent years are expected to drive further cash flow improvements over the next two years.

$274M Invested | $39M Annualized ROI Realized | $4-8M Incremental Annualized ROI Remaining

2018-24 Total Projects

(ROI Realized + Remaining)

$274M

$43-47M

16-17%

+$555-610M

ROI

Capital

Estimated Annualized ROI Gains

Stabilized Annualized Cash ROI %

Implied Value Creation(2)

2018-22 Projects(1)

$166M

$19M

11%

+$245M

2023-24 Projects

$108M

$24-28M

22-26%

+$310-365M

ROI Realized(1)

$20M

ROI Remaining

$4-8M

# Hotels Annualized ROI

2018/19

$6M

2020

$4M

2021/22

$9M

2023/24

$24-28M

($20M realized,

$4-8M remaining)

Skamania Lodge (Treehouse Phase IV + Master Plan) Solamar Margaritaville Hotel San Diego Gaslamp Hilton Gaslamp San Diego

Jekyll Island Club Resort

Estancia La Jolla Hotel & Spa Phases I & II Southernmost Key West Guesthouses Viceroy Santa Monica Guest Rooms Newport Harbor Island Resort

Potential 2026/27/28

Paradise Point Resort & Spa(3)

southernmost beach resort

Note: Includes information for all hotels the Company owned as of March 31, 2026. Any differences are due to rounding.

Reflects estimated annualized ROI 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 and non-room revenue growth as of December 31, 2025.

Implied value creation assuming a 13x EBITDA multiple on the estimated annualized ROI gains.

The potential renovation and redevelopment of Paradise Point Resort & Spa is in planning following recent coastal permit application approval.

1 Hotel San Francisco $28.0M Total Capital, $19.6M ROI-Focused

In 2022, Pebblebrook completed its transformational redevelopment converting Hotel Vitale into the eco-luxury 1 Hotel San Francisco. The relaunch delivered dramatically upscaled guestrooms, luxurious public and meeting spaces, and enhanced spa and F&B offerings anchored by a comprehensive wellness program.

ROI RevPAR Penetration vs. Sub-Market Annualized Annualized Implied

Capital Before After % Chg EBITDA Gain(1) Cash ROI % Cre Value

(2019) (2025) ation(2)

$19.6

143

267

86%

$7.7

39%

+$100M

The $19.6M invested is generating a stabilized 39% cash-on-cash return, positioning the hotel to sustain market-leading performance and capture upside from its expanded offerings.

Hilton San Diego Gaslamp Quarter $25.0M Total Capital, $10.0M ROI-Focused

In 2023, the Company completed its comprehensive redevelopment and renovation of the Hilton San Diego Gaslamp Quarter, with highlights including upgraded guestrooms, a reimagined restaurant, and expanded outdoor bar, dining, and event spaces.

ROI RevPAR Penetration vs. Sub-Market Annualized Annualized Implied

Capital Before After % Chg EBITDA Gain(1) Cash ROI % Cre Value

(Jun '22 TTM) (2025) ation(2)

$10.0

115

34%

$3.6

36%

+$47M

The $10.0M invested has delivered a 36% cash-on-cash return to date, with additional upside expected over the next 1-2 years.

Note: Dollars in millions.

Annualized EBITDA gain reflects average annual cash profit post-renovation, calculated using actual RevPAR market-share gains on pre-renovation room revenue, actual non-room 8

revenue growth, and management flow-through assumptions for each revenue category.

Implied value creation assuming a 13x EBITDA multiple on the annualized EBITDA gains.

Estancia La Jolla Hotel & Spa $26.0M Total Capital, $18.2M ROI-Focused

In 2023-2024, Estancia La Jolla Hotel & Spa completed a two-phase comprehensive redevelopment and upscaling. The repositioning featured upgraded guestrooms, a reimagined lobby featuring a new bar, enhanced indoor and outdoor event spaces, a revamped spa and pool area, and expanded amenities and F&B offerings.

ROI RevPAR Penetration vs. Sub-Market Annualized Annualized Implied

Capital Before After % Chg EBITDA Gain(1) Cash ROI % Cre Value

(Sep '22 TTM) (2025) ation(2)

$18.2

117

140

19%

$4.1

23%

+$53M

The $18.2M of ROI capital invested has generated a 23% cash-on-cash return to date, with additional upside expected as the property ramps over the next 2-3 years.

Newport Harbor Island Resort $50.0M Total Capital, $25.0M ROI-Focused

In 2024, the Company completed its comprehensive redevelopment and repositioning of the luxury Newport Harbor Island Resort, transforming the previously branded property into an independent lifestyle resort with upgraded guestrooms, elevated public areas and meeting spaces, enhanced guest amenities, and improved F&B venues.

ROI RevPAR Penetration vs. Sub-Market Annualized Annualized Implied

Capital Before After % Chg EBITDA Gain(1) Cash ROI % Cre Value

(Sep '23 TTM) (2025) ation(2)

$25.0

127

141

11%

$4.7

19%

+$61M

The $25.0M invested to reimagine the resort has delivered a 19% cash-on-cash return to date, with additional upside expected over the next 2-3 years.

Note: Dollars in millions.

Annualized EBITDA gain reflects average annual cash profit post-renovation, calculated using actual RevPAR market-share gains on pre-renovation room revenue, actual non-room 9

revenue growth, and management flow-through assumptions for each revenue category.

Implied value creation assuming a 13x EBITDA multiple on the annualized EBITDA gains.

0.5% 0.5% 0.5%

0.4%

0.9%

0.8%

1.2%

1.1%

1.4%

1.5%

1.7%

1.8%

US Urban Supply Growth 2010-2019, 2023-2028(4)

2.7% 2.8% 2.9% 2.9%

2015-2019 Avg: 2.4%

Across Pebblebrook's key markets, tight construction financing should keep new supply limited for several years. Even as financing improves, urban projects typically take three to four years to deliver, extending supply protection and supporting occupancy and pricing power. Combined with improving business travel, convention demand, and recovering leisure travel, the setup for Pebblebrook's urban markets in 2026 and beyond remains favorable.

PEB Urban Market Supply Growth

Urban Market

Pre-Pandemic Average(1)

3Y Supply Forecast(2)

Boston

3.4%

0.4%

Washington, DC

3.0%

1.1%

Santa Monica

2.0%

0.1%

Hollywood/Beverly Hills

1.8%

0.9%

San Diego

1.8%

2.4%

San Francisco

0.4%

0.3%

Wtd. Average(3)

2.4%

0.8%

hilton san diego gaslamp quarter

Convention / Citywide Room Nights On-the-Books(5)

Market

Pre-Pandemic Average(1)

2025

2026

2027

San Francisco

840

645

630

570

San Diego

770

800

715

805

Washington, DC

520

455

490

505

Boston

440

475

470

Total

2,570

2,375

2,310

2,350

3-year supply forecast of 0.8% vs.

2015-2019 average of 2.4%

Average from 2015-2019.

3-Year ("3Y") supply forecast is the average of management's supply forecast for 2026-2028.

Weighted average calculated by number of rooms for all urban hotels owned as of March 31, 2026.

2010-2025 data is based on U.S. Urban STR performance; 2026-2028 data is based on management's estimates.

Room Nights On-the-Books are shown in thousands. This is not pace.

In 2025, Pebblebrook's urban occupancy remained 10 percentage points below 2019, creating meaningful upside as demand recovers amid constrained new supply. San Francisco offers the greatest recovery runway, Los Angeles benefits from much easier comparisons following 2025 fire-related disruption headwinds and a favorable multi-year events calendar, and Washington, DC benefits from much easier comparisons following government policy headwinds and the lengthy government shutdown.

ADR 2019 2024 2025 '25 v '24 '25 v '19

Occupancy 2019 2024 2025 '25 v '24 '25 v '19

Pebblebrook's Top Urban Markets by EBITDA Contribution

Boston

88%

80%

(1%)

(10%)

San Diego

85%

79%

80%

(6%)

San Francisco

87%

64%

72%

13%

(18%)

Los Angeles

83%

74%

72%

(3%)

(13%)

Washington, DC

77%

66%

65%

(2%)

(16%)

Total Urban(1)

84%

72%

74%

(13%)

Boston

$287

$329

$326

(1%)

14%

San Diego

$220

$277

$262

(5%)

19%

San Francisco

$299

$265

$275

(8%)

Los Angeles

$280

$291

$267

(8%)

(5%)

Washington, DC

$235

$276

$265

(4%)

13%

Total Urban(1)

$265

$286

$277

(3%)

Boston

$254

$263

$259

(1%)

San Diego

$187

$218

$209

(4%)

12%

San Francisco

$262

$168

$198

17%

(25%)

Los Angeles(2)

$231

$214

$191

(11%)

(17%)

Washington, DC

$181

$171

(6%)

Total Urban(1)

$224

$206

$204

(1%)

(9%)

Boston

$84.2

$85.5

$76.1

(11%)

(10%)

San Diego

$42.0

$45.0

$37.4

(17%)

(11%)

San Francisco

$66.5

$15.9

$25.2

59%

(62%)

Los Angeles(2)

$51.5

$29.8

$18.7

(37%)

(64%)

Washington, DC

$22.0

$16.5

$12.4

(25%)

(44%)

Total Urban(1)

$291.8

$204.5

$183.6

(10%)

(37%)

Hotel EBITDA(3) 2019 2024 2025 '25 v '24 '25 v '19

RevPAR 2019 2024 2025 '25 v '24 '25 v '19

Includes information for all urban hotels the Company owned as of March 31, 2026. Any differences are due to rounding.

Los Angeles was impacted by the brand conversion disruption at Hyatt Centric Delfina Santa Monica (Q4 2024-Q2 2025) and the LA wildfires (Q1-Q2 2025). These events negatively impacted RevPAR by approximately 640 bps in 2025 (vs. 2024), and reduced Hotel EBITDA by approximately $1.8 million in 2024 and $8.5 million in 2025.

Hotel EBITDA shown in millions.

Urban Recovery Scenario Key Assumptions:

Demand:

Occupancy ramps to ~80%, still below 2019 (84%) and the prior peak (86%), supported by improving business travel, strong convention/group demand, major citywides, recovering leisure, and incremental international inbound-especially in SF.

Market-Specific Approach:

City-level revenue and expense assumptions reflect local factors such as LA wildfire recovery, scheduled wage increases, and event-driven demand from the World Cup, Super Bowls, and the Olympics.

Timing:

Recovery scenario incorporates assumptions based on 2026-28 market events and projected growth over the next three years, with some markets expected to recover more quickly than others.

TOTAL URBAN

2019

2025

Recovery

Scenario

Var. vs. 2025

(#) (%)

Var. vs. 2019

(#) (%)

Occupancy

84%

74%

80%

(4%)

(5%)

ADR

$265

$277

$303

$26

$38

14%

RevPAR

$224

$204

$243

$38

19%

$18

Total Revenue

$892

$843

$998

$156

18%

$106

12%

Total Expenses

$600

$659

$745

$86

13%

$145

24%

Hotel EBITDA

$292

$184

$254

$70

38%

($38)

(13%)

Hotel EBITDA Margin

33%

22%

25%

17%

(7%)

(22%)

The urban recovery remains in progress, with fundamentals improving across key markets. Pebblebrook anticipates up to $70 million of incremental Urban Hotel EBITDA over the next three years as demand recovers, operating leverage builds, and new supply remains muted.

PEB Urban Market

Actual

Occupancy %

2019 2025

Recovery Scenario

Occ % Range

Implied EBITDA Recovery

(vs. 2025)

Los Angeles

83%

72%

75-80%

$22

San Francisco

87%

72%

80-85%

$18

Boston

88%

80%

80-85%

$14

San Diego

85%

80%

80-85%

Washington, DC

77%

65%

70-75%

Other(1)

TOTAL URBAN

~80%

$70

Note: Dollars in millions, except for ADR and RevPAR. Figures include all urban hotels owned by the Company as of March 31, 2026. Any differences are due to rounding. 12

Other urban markets include Portland, OR and Chicago, IL.

Over the next three years, the Company expects to deliver approximately $86M of incremental Hotel EBITDA, driven by the remaining ROI upside from recent major redevelopments, LaPlaya's post-hurricane ramp to stabilization, and the ongoing recovery in urban markets following impacts from the pandemic, fires, and other events.

AFFO Upside of $0.66/Share(1)

$70M

$437M

$10M

$351M

$6M

Hotel EBITDA Upside of ~$86M

2025A Hotel EBITDA(2)

ROI from Redevelopments

~2 years

LaPlaya Ramp-Up(3)

~2 years

Recovery in Urban Markets

~3 years

Stabilized Hotel EBITDA Opportunity

Note: Any differences are due to rounding.

While LaPlaya's ramp-up is expected to benefit Hotel EBITDA, it would not add incremental AFFO/share upside, as lost EBITDA was offset by BI proceeds in 2025 (which are included in AFFO but excluded from Hotel EBITDA).

Includes all hotels owned by the Company as of March 31, 2026.

Reflects the remaining $10.5 million of Hotel EBITDA upside from LaPlaya, based on an estimated stabilized Hotel EBITDA of $35.0 million, with $24.5 million achieved in 2025.

margaritaville hollywood beach resort

Q3 2025: 2030 1.625% Convertible Notes Financing

On September 18, 2025, Pebblebrook issued $400 million of 1.625% Convertible Notes due 2030 and used proceeds to retire an equal amount of its 1.75% Convertible Notes due 2026 at a 2% discount to par. In connection with the transaction, the Company:

Entered into capped call transactions (≈75% coverage), providing dilution protection up to $20.23/share; and

Repurchased ~4.3 million common shares at $11.56/share, increasing the effective all-in conversion price to $24.43/share(1) and driving immediate per-share accretion.

Q1 2026: Term Loan Extension and Debt Paydown

On February 11, 2026, the Company raised $450 million, of which:

$350 million of 1.75% 2026 Convertible Notes.

Additionally, the Company used cash on hand to fully retire the outstanding $40 million balance on its Margaritaville Hollywood Beach Resort mortgage, originally due September 2026.

Effective All-In Equity Conversion Price reflects the total number of shares issuable upon conversion of the Convertible Notes, net of (i) shares expected to be received by Pebblebrook from

the capped call transaction and (ii) shares repurchased concurrently with the pricing of the offering. With a capped call cap price of $20.23, the equity value underlying the $400M 15

principal amount is approximately $509M. Dividing this by the 20.8M shares underlying the convertible (after repurchasing 4.3M shares) results in an Effective All-In Equity Conversion Price of

$24.43 per share. The share repurchase increases the effective conversion price by spreading the capped call protection over fewer shares, enhancing the economics of the transaction.

In 2025, Pebblebrook paid down $100M of upcoming debt maturities and extended $400M of convertible notes by five years at a lower rate.

In 2026, Pebblebrook closed a $450M delayed draw 2031 term loan, deploying $360M to retire its 2027 debt maturity and retaining $90M for incremental flexibility to address the 2026 convertible notes alongside cash on hand. Concurrently, the Company paid off the remaining $40M balance on its Margaritaville mortgage loan.

Pebblebrook has the lowest weighted-average cost of debt among lodging REIT peers.(5,6)

A 120-bps cost advantage translates to approximately $25M+ in annual interest expense savings-representing over $100M in cumulative savings versus peers since the pandemic.

Notably, lower cost of debt and no meaningful near-term maturities support more free cash flow for accretive share repurchases.

Company Stated Wtd. Avg. Cost of Debt(5)

Interest Cost / Adj. EBITDA(5)

Pebblebrook

4.1%(4)

30.2%

Peer Set Avg.(6)

5.3%

33.4%

PEB vs. Peer Avg.

(120 bps)

(320 bps)

As of March 31, 2026, consolidated debt and convertible notes carry a 4.1% weighted-average interest rate and 3.0-year weighted-average maturity, with approximately 98% effectively fixed and 98% unsecured.

Debt Maturities as of March 31, 2026

$585

$409

$400(3)

$90M delayed-draw term loan capacity

~$200M cash on hand

+ 2026 free cash flow(2)

$350(1)

$360

2026

2027

2028

2029

2030

2031

Bank Group Term Loans Mortgage Loan Convertible Notes Senior Notes

Debt Composition

Amount

Wtd. Avg. Interest Rate(4)

% of Total Debt

Unsecured Bank Group Term Loans

$902

5.1%

42.9%

Unsecured Convertible Notes

$750

1.7%

35.6%

Unsecured Senior Notes

$400

6.4%

19.0%

Secured Mortgage Loan

$53

5.1%

2.5%

Total / Wtd. Avg

$2,105

4.1%

100.0%

Note: Dollars in millions;. Any differences are due to rounding.

The 2026 Convertible Notes have an initial conversion rate of 39.2549 per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $25.47 per common share of Pebblebrook and a conversion premium of approximately 35.0% based on the closing price of $18.87 per common share on December 10, 2020).

As of April 28, 2026, the Company's 2026 Outlook for Free Cash Flow (AFFO less actual capital investments and actual common dividends) is $114.5M to $116.5M.

The 2030 Convertible Notes have an initial conversion rate of 62.9129 per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $15.90 per common share of

Pebblebrook and a conversion premium of approximately 37.5% based on the closing price of $11.56 per common share on September 16, 2025).

Takes into account effect of swap agreements.

Based on full-year 2025 information as reported in company filings.

Peer set average reflects information reported by nine comparable lodging REITs.

Debt to Asset Value Comparison

$5.4B

$485K/Key

$4.6B

Estimated Gross Asset Value(1)

Net Book Value(2) Public Enterprise Debt, Pfd Equity

Value(3) and Converts

A snapshot of Pebblebrook's credit metrics indicates a strong balance sheet and reasonable leverage level given its size and profile. As of March 31, 2026, net debt to trailing 12-month corporate EBITDA improved to 5.5x, driven by both EBITDA growth and reduced net debt versus year-end 2025.

$418K/Key

$4.2B

$380K/Key $2.9B

$259K/Key

Preferred Equity

$0.75B

Convertible Notes

$0.75B

Debt

$1.35B

Financial Ratios

YE 2025

Q1 2026

Net Debt/EBITDA Ratio

5.9x

5.5x

Net Debt/EBITDA Ratio

(Assuming 2030 Convertible Notes Settled w/ Equity)

4.7x

4.4x

Fixed Charge Ratio

1.8x

1.9x

Net Debt/Net Book Value

42%

41%

Net Debt to Gross Asset Value %

37%

36%

Secured Property Debt % of Total Debt

Preferred Equity(4)

Amount

Yield

Redeemable

Starting

Series E

$106.6

6.375%

Redeemable

Series F

$147.3

6.300%

Redeemable

Series G

$227.1

6.375%

May 2026

Series H

$195.7

5.700%

July 2026

Series Z

$77.6

6.000%

May 2027

Total / Wtd. Avg

$754.3

6.147%

Based on $23.50 per share and assumptions detailed on page 5. 17

Reflects GAAP-defined investment in hotel properties, net of accumulated depreciation and amortized right-of-use assets.

Based on $13.50 per share and assumptions detailed on page 5.

hotel zelos san francisco

Operating Efficiency Highlights

In 2024-2025, 10 properties completed operational engineering audits, which identified

$2 to $3 million of annual savings in energy expenses (with no capital investments required).

In 2025, several properties initiated the testing and implementation of efficiency-focused and AI-based programs designed to enhance guest satisfaction and increase productivity.

From 2013 to 2024, greenhouse gas emission intensity decreased by over 40%.

Water Highlights(1)

In 89% of properties, at least 75% of toilets are low flow.

In 93% of properties, at least 75% of faucets are low flow.

In 93% of properties, over 75% of showers are low flow.

82% of properties use native or drought tolerant landscaping to reduce irrigation needs.

72% of properties utilize water-efficient drip or sprinkler systems with advanced controls, such as rain or soil moisture sensors, to prevent overwatering.

Energy Highlights(1)

Since 2013, portfolio-wide energy intensity has declined by 26%.

In 98% of properties, more than 75% of light bulbs are LED.

Across Pebblebrook's portfolio, recent operational audits are reducing annual energy costs by $2-3M while also lowering resource intensity (water, energy, and waste) and strengthening resilience.

w los angeles - west beverly hills

Waste Highlights(1)

Since 2018, portfolio-wide waste intensity has been reduced by 69%.

100% of properties have implemented food waste prevention strategies.

89% of properties have eliminated at least one single-use plastic item or replaced it with a sustainable alternative.

87% of properties have effective back-of-house recycling programs.

At 98% of properties, at least one material-cardboard, aluminum, glass, electronics, or mixed paper-is recycled.

(1) All metrics represent year-end 2024 figures.

Structural flexibility supports private value.

Of Pebblebrook's 44 properties:

80% of hotels are completely unencumbered by non-terminable management, brand, and franchise agreements.

93% of management agreements are terminable.

91% of assets are owned fee simple (61%) or on government/non-profit ground leases (30%).

Management & Brand/Franchise Type

Ownership/Lease Structure

Property

Completely

Unencumbered

Non-Terminable

Management

Non-Terminable

Brand/Franchise

Fee Simple

Gov't/Non-Profit

Ground Lessor

Private-Party

Ground Lessor

Resorts

Newport Harbor

✓

Chaminade

✓

Skamania

✓

Marker KW

✓

Southernmost

✓

Inn on Fifth

✓

LaPlaya

✓

Margaritaville FL(1)

✓

Jekyll Island

✓

L'Auberge

✓

Estancia

✓

Paradise Point

✓

SD Mission Bay

✓

Boston

Hyatt Boston

✓

Liberty

✓

Revere

✓

W Boston

✓

Westin Copley(2)

✓

Hotel Chicago

✓

Los Angeles

Chamberlain

✓

Hotel Ziggy

✓

Hyatt Delfina

✓

Le Parc

✓

Valorian LA

✓

Palomar LA

✓

Viceroy San. Mon.

✓

W LA

✓

Port.

Nines

✓

Zags

✓

San Diego

Embassy Suites SD(3)

✓

Hilton Gaslamp

✓

Margaritaville SD

✓

Westin Gaslamp

✓

San Francisco

1 Hotel SF

✓

Argonaut

✓

Harbor Court

✓

Zelos

✓

Zephyr

✓

Zeppelin(4)

✓

Zetta

✓

Wash DC

Hotel George

✓

Monaco DC

✓

Viceroy DC

✓

Zena

✓

# Hotels (% of total)

35 (80%)

3 (7%)

9 (20%)

27 (61%)

13 (30%)

4 (9%)

Margaritaville Hollywood Beach Resort's management agreement becomes terminable at will beginning in September 2026.

The Westin Copley Place, Boston's management agreement expires in December 2028.

Embassy Suites San Diego Bay - Downtown's franchise agreement expires in January 2028.

Hotel Zeppelin San Francisco's ground lease applies to only 41% of its rooms, while the remaining 59% is owned fee simple.

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Disclaimer

Pebblebrook Hotel Trust published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:01 UTC.