Pebblebrook Hotel Trust : June 2025 Nareit Conference Summary Sheet
PEB
Published on 06/03/2025 at 06:12
1
2025 Overview
Redeveloped hotels continue to gain market share and increase EBITDA.
No notable change in operating fundamentals since Q2 earnings call; travel demand relatively stable despite softer consumer and CEO sentiment.
Focused on driving occupancy growth, enhancing cost efficiencies, and sustaining operational agility and flexibility.
FY 2025
Var. to Prior Mid
Low
High
1H '25
2H '25
Net income (loss)
($30.2)
($9.7)
($2.2)
($9.4)
Same-Property RevPAR vs. 2024
(1.5%)
1.5%
(1.1%)
(2.7%)
Same-Property Total Rev. vs. 2024
(0.8%)
2.0%
(0.8%)
(2.9%)
Same-Property Total Exp. vs. 2024
1.9%
3.7%
(1.7%)
(1.1%)
Same-Property Hotel EBITDA
$338.0
$359.0
$2.8
($15.3)
Same-Property Hotel EBITDA vs. 2024
(8.5%)
(2.8%)
1.5%
(8.6%)
Adjusted EBITDAre
$327.5
$348.5
$0.6
($11.1)
Adjusted FFO per Diluted Share
$1.42
$1.59
$0.03
($0.08)
$2
ebblebrook's recent
$9.00 represents a ~ its NAV estimate mi 5.00/share
share p 65% dis dpoint of
Low
ice count
High
NAV Per Share
Recent Share Price
$9
$9
NAV Estimate
$23
$27
Discount
(61%)
(67%)
Recent Share Price
$326K
$326K
Per Key Value
NAV Estimate Net Debt
$466K
$236K
$515K
$236K
Est. Replacement Cost
$700K
$800K
P of to
r
Balance Sheet(1)
Approximately $218M of cash on hand; Debt/EBITDA Ratio: 5.8x; Debt/Gross Value: 35%
$200M+ cash on hand
$750M
$552M $585M
$360M
$17M
2025 2026 2027 2028 2029
Senior Notes Convertible Notes Mortgage Loans Bank Group Term Loans
newport harbor island resort
2025 Outlook anticipates free cash flow of over $105 million and business interruption insurance ("BI") proceeds of $8.5 million.(3)
Capital investments per share of $0.54-$0.63.
$0.46/Share of AFFO Upside
Q2 2025
Low
High
Net income
$14.4
$18.4
Same-Property RevPAR vs. '24
0.0%
2.0%
Same-Property Total Rev. vs. '24
0.3%
2.6%
Same-Property Total Exp. vs. '24
5.0%
7.0%
Same-Property Total Exp. Excl. Tax Credits vs. '24
1.9%
3.9%
Same-Property Hotel EBITDA
$112.0
$116.0
Adjusted EBITDAre
$108.5
$112.5
Adjusted FFO per Diluted Share
$0.57
$0.61
$371M
2024A(4)
$45M
$0.38/Share
Urban Markets Recovery
$10M
$0.08/Share
ROI from Redevelopment Projects
$16M
LaPlaya (5)
EBITDA Growth Opportunity
~$10M EBITDA 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 ~65% discount to estimated private market NAV, offering a compelling entry point with asymmetric risk/reward.
1 hotel san francisco
Note: Hotel EBITDA ("EBITDA") refers to non-GAAP Hotel EBITDA.
Refer to the Company's investor presentation dated May 1, 2025, for notes related to balance sheet matters.
Hotel EBITDA and Adj. EBITDAre shown in millions; see the Company's Q1 2025 Earnings Release dated May 1, 2025 for reconciliations of non-GAAP financial measures to Net income (loss).
Free cash flow calculated based on Adjusted FFO less Capital Investments and Common Dividends.
Based on 2024 operating results; includes all hotels owned by the Company as of March 31, 2025.
Reflects the remaining $16 million of Hotel EBITDA upside from LaPlaya, based on an estimated stabilized Hotel EBITDA of $35 million.
2
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
$8.5 million in total BI proceeds for 2025, totaling $32.5-34.5 million in Adjusted EBITDAre.
laplaya beach resort & club
2019 2023 2024 Q1 '25
Vs. Prior
Year
San Francisco
87%
61%
64%
61%
980 bps
Boston
88%
78%
80%
67%
360 bps
Chicago
72%
61%
63%
37%
10 bps
San Diego
85%
72%
79%
73%
(220 bps)
Washington, DC
77%
64%
66%
58%
(290 bps)
Los Angeles
83%
73%
73%
59%
(1,300 bps)
Total Urban
83%
69%
71%
60%
(30 bps)
The $278M of ROI capital invested is estimated to generate annual stabilized EBITDA gains of $29 to $33 million.
San Diego
Boston Naples
West LA/Santa Monica
Key West Hollywood/Miami
22%
12%
9%
7%
5%
25% 8
5
2
9
2
1
The urban recovery remains underway, with improving fundamentals across key markets. 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.
With approximately $21 to $22 million in annualized ROI realized through 2024, the Company anticipates achieving an additional $8 to $11 million in returns upon stabilization over the next few years.
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%
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%)
Note: Dollars in millions, except for ADR and RevPAR.
Includes information for all urban hotels the Company owned as of March 31, 2025.
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.
Reflects 2024 EBITDA for all hotels owned by the Company as of March 31, 2025, except for LaPlaya Beach Resort & Club, which uses its pre-hurricane 2022 forecast.
hilton san diego gaslamp quarter
hotel ziggy
Disclaimer
Pebblebrook Hotel Trust published this content on June 03, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 03, 2025 at 10:11 UTC.