Pebblebrook Hotel Trust | 8-K: FY2026 Q2 Revenue: USD 407.14 M

Revenue: As of FY2026 Q2, the actual value is USD 407.14 M.

EPS: As of FY2026 Q2, the actual value is USD 0.17, beating the estimate of USD 0.122.

EBIT: As of FY2026 Q2, the actual value is USD 58.69 M.

Q2 2026 Financial Performance

Net Income

Pebblebrook Hotel Trust reported net income of $24.9 million for Q2 2026, an increase from $19.3 million in Q2 2025.

Same-Property Hotel EBITDA

This metric reached $123.3 million, which is 7.1% higher than Q2 2025. The Same-Property Hotel EBITDA Margin expanded by 67 basis points to 30.6%.

Adjusted EBITDAre

The Company recorded $116.2 million.

Adjusted FFO

Adjusted FFO was $77.5 million, with Adjusted FFO per diluted share standing at $0.68.

Free Cash Flow

Free Cash Flow per diluted share was $0.56.

Same-Property Revenue and Expenses

Same-Property RevPAR increased by 6.5%, driven by a 4.7% increase in ADR and a 1.7% increase in Occupancy. Same-Property Total RevPAR grew by 4.7%. Same-Property Total Revenues increased by 4.8% to $403.3 million, while Same-Property Total Expenses rose by 3.8% to $280.0 million.

Consolidated Operational Figures

Total revenues were $407,142 thousand, with total hotel operating expenses at $252,537 thousand and total operating expenses at $349,901 thousand. Operating income was $57,241 thousand.

Year-to-Date (Six Months Ended June 30, 2026) Financial Performance

Net Income

The Company’s net income for the six months ended June 30, 2026, was $6.5 million, compared to a net loss of - $12.9 million in the prior year period.

Same-Property Hotel EBITDA

This grew by 14.5% to $205.6 million. The Same-Property Hotel EBITDA Margin expanded by 175 basis points to 27.5%.

Adjusted EBITDAre

Adjusted EBITDAre increased by 9.2% to $189.5 million.

Adjusted FFO

Adjusted FFO grew by 19.0% to $114.5 million, with Adjusted FFO per diluted share increasing by 23.8% to $0.99.

Free Cash Flow

Free Cash Flow per diluted share grew by 68.9% to $0.76.

Same-Property Revenue and Expenses

Same-Property Total Revenues climbed 7.2% to $747.2 million, while Same-Property Total Expenses grew 4.7% to $541.6 million.

Consolidated Operational Figures

Total revenues were $752,798 thousand, with total hotel operating expenses at $484,625 thousand and total operating expenses at $687,506 thousand. Operating income was $65,292 thousand.

Capital Allocation & Balance Sheet

Dispositions

Pebblebrook Hotel Trust sold the Chamberlain West Hollywood Hotel for $43.5 million. The Company completed three property sales totaling nearly $160.0 million over the past eight months.

Capital Investments

$12.5 million was invested in Q2 2026, bringing year-to-date capital investments to $24.4 million. The Company expects to invest $65 to $75 million for the full year 2026.

Balance Sheet

Net debt/TTM corporate EBITDA declined to 5.3x. Cash and restricted cash increased to $270.4 million at quarter end. The weighted-average interest rate remained at 4.1%, with 98% of debt effectively fixed and 98% unsecured. The remaining - $350 million of December 2026 maturing convertible notes are fully funded.

Share Repurchases

In Q2 2026, Pebblebrook Hotel Trust repurchased 0.5 million common shares for $8.0 million at an average price of $14.77. Year-to-date, 0.9 million common shares were repurchased at an average price of $13.62 per share. Additionally, 1.5 million preferred shares were repurchased for $28.6 million.

Share Repurchase Program

Pebblebrook Hotel Trust’s board of trustees authorized a new preferred share repurchase program of up to $50.0 million on July 24, 2026. This new program will commence upon the completion of the company’s existing $100.0 million preferred share repurchase program, under which $45.6 million remains available for repurchase. The aggregate liquidation value of the preferred shares that may be repurchased pursuant to all preferred share repurchase programs was $639.5 million as of July 24, 2026.

Outlook

Pebblebrook Hotel Trust has raised its full-year 2026 outlook, reflecting stronger-than-expected Q2 results while maintaining conservative assumptions for the second half of the year due to macroeconomic uncertainties. The Company anticipates full-year 2026 net income (loss) between - $1.7 million and $6.3 million, with Adjusted EBITDAre projected to be $345.0 million to $353.0 million. For Q3 2026, the Company forecasts net income between $9.0 million and $13.0 million, and Adjusted EBITDAre is projected to be $92.5 million to $96.5 million.