Short answer
Pebblebrook Hotel Trust (PEB) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $1.5B (+1.5% year over year) and net income of −$66M.
- Top risk flagged: Risks related to compliance with REIT qualification under U.S. federal income tax laws potentially impacting distributions and operations
FY2025 key financial metrics · XBRL
- Revenue
- $1.5B
- +1.5% YoY
- Net income
- −$66M
- −1451.4% YoY
- Operating margin
- 3.0%
- −2.8 pp YoY
- EPS (diluted)
- −$0.90
- −130.8% YoY
- ROE
- -2.7%
- −2.5 pp YoY
- Operating cash flow
- $250M
- −9.2% YoY
Source: XBRL data from the Pebblebrook Hotel Trust (PEB) FY2025 10-K on SEC EDGAR. USD.
Pebblebrook Hotel Trust FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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