Pebblebrook Hotel Trust (PEB) FY2025 10-K Annual Report
Pebblebrook Hotel Trust (PEB) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Pebblebrook Hotel Trust FY2025 10-K Analysis
Business Overview
- • Core business: Internally managed hotel investment REIT focused on acquiring upper-upscale full-service hotels and resorts in major U.S. gateway coastal and leisure markets
- • No new products or segments introduced; emphasis on strategic locations with barriers-to-entry and flexible third-party hotel management contracts to maximize ROI
- • Strategic focus on opportunistic acquisitions, redevelopments, and co-investments to enhance portfolio diversification and risk-adjusted returns
- • Portfolio includes 44 hotels with 11,052 guest rooms as of Dec 31, 2025; employs 52 full-time staff, reflecting shape as an asset manager rather than operator
- • Majority-owned Curator Hotel & Resort Collection consolidated this year, offering an owner-centric lifestyle hotel platform distinct from prior filings
Management Discussion & Analysis
- • Revenue $533M, up $22.2M YoY; growth driven by reopened resorts, demand recovery at SF, offset by $3.1M decrease from 2 sold properties
- • Operating expenses rose $24.6M; includes higher wages and operations costs, partially offset by $2.4M savings from sold properties; depreciation down $1.9M
- • Impairment losses $48.9M in 2025 vs $48.1M in 2024; interest expense down $9.1M due to $7.4M extinguishment gain
- • Net cash from ops $249.7M vs $275.0M; invested $97.4M capex, received $102.6M from property sales; repurchased $71.4M common shares, $10.1M preferred shares; paid $51.9M dividends
- • Management forecasts $65M-$75M capex in 2026; $150M common share repurchase program authorized; key risks include ongoing renovation impacts and lease obligations totaling $1.8B
Risk Factors
- • Risks related to compliance with REIT qualification under U.S. federal income tax laws potentially impacting distributions and operations
- • Exposure to regional lodging industry downturns in major urban and resort markets adversely affecting financial condition
- • Reliance on third-party hotel management companies with risk of operational inefficiencies and costly contract termination fees
- • Competitive pressure in upper-upscale hotel sector from firms with greater resources reducing occupancy and RevPAR
- • Debt service obligations with balloon payments and restrictive covenants risking asset foreclosure and limiting distributions to shareholders
Pebblebrook Hotel Trust FY2025 Key Financial MetricsXBRL
Revenue
$1.5B
▲ +1.5% YoY
Net Income
-$66M
▼ -1451.4% YoY
Operating Margin
3.0%
▼ -281bp YoY
Net Margin
-4.5%
▼ -417bp YoY
ROE
-2.7%
▼ -251bp YoY
Total Assets
$5.3B
▼ -6.1% YoY
EPS (Diluted)
$-0.90
▼ -130.8% YoY
Operating Cash Flow
$250M
▼ -9.2% YoY
Source: XBRL data from Pebblebrook Hotel Trust FY2025 10-K filing on SEC EDGAR. All figures in USD.
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