PEB earnings analysis
What we found in PEB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Pebblebrook reported a stronger Q1 driven by recovery in San Francisco and Los Angeles and ramped resort performance: same‑property RevPAR rose to $215.78 (from $193.08) and Hotel EBITDA increased to $82,199 (in thousands). Cash generation improved materially (net cash provided by operating activities $84.1 million) and FFO rose to $41,175 (in thousands), but the company remains loss-making on a GAAP basis (net loss $(18,436) (in thousands)) and carries sizable debt ($2,104,503 (in thousands) face value). Management extended key term debt, repurchased common shares and reiterated caution on macro outlook while providing 2026 capex and preferred‑dividend expectations.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Same‑property RevPAR recovery
- Same‑property RevPAR rose to $215.78 in Q1 2026 from $193.08 in Q1 2025 (an increase of ~11.8%), with same‑property Total RevPAR up to $345.82 from $314.01 (+10.1%).
- FFO and Adjusted FFO growth
- FFO increased to $41,175 (in thousands) from $25,307 (in thousands) and Adjusted FFO available to common share and unit holders rose to $37,016 (in thousands) from $18,741 (in thousands).
- Stronger cash from operations
- Net cash provided by operating activities was $84.1 million in Q1 2026 versus $50.3 million in Q1 2025.
- Improved GAAP result (smaller loss)
- Net loss narrowed to $(18,436) (in thousands) in Q1 2026 from $(32,180) (in thousands) in Q1 2025 (improvement of $13,744 (in thousands)).
- Hotel EBITDA expansion
- Hotel EBITDA increased to $82,199 (in thousands) in Q1 2026 from $60,827 (in thousands) in Q1 2025.
- Active balance‑sheet moves
- Company extended Term Loan to 2031 with a $90.0 million delayed draw option and repaid the $40.0 million mortgage loan on Margaritaville Hollywood Beach Resort; it repurchased 405,821 common shares for $4.9 million (average $12.12 per share).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High absolute leverage
- Total debt at face value was reported as $2,104,503 (in thousands) as of March 31, 2026.
- Material near‑term maturities
- Future principal and interest payments associated with remaining debt were expected to be $2.4 billion through maturity, with $352.2 million of principal and $88.1 million of interest payable on or before March 31, 2027.
- Preferred dividend cash commitment
- Company expects to pay aggregate annual dividends and distributions of approximately $46.4 million on outstanding preferred shares/units on or before March 31, 2027.
- Impairment and remaining GAAP loss
- The company recognized an impairment loss of $7,688 (in thousands) in Q1 2026 and still reported a GAAP net loss of $(18,436) (in thousands).
- Concentration of operating recovery
- Operational strength was concentrated in San Francisco and Los Angeles (company noted these markets drove the $25.4 million increase in total revenues), while Washington, D.C. and Revere Hotel Boston Common saw declines.
- Liquidity reliant on credit and capital markets
- Management states cash, restricted cash and the amount available on the senior unsecured revolving credit facility totaled $845.8 million as of March 31, 2026, and the company expects to use borrowings or property sales to meet obligations.
What they reported.
What the company itself reported, taken out of the document.
- Segment
- Same‑property Occupancy: 68.5% (Q1 2026) vs 63.0% (Q1 2025) — +5.5 percentage points.
- Segment
- Same‑property ADR: $315.18 (Q1 2026) vs $306.51 (Q1 2025) — +$8.67 (+2.8%).
- Segment
- Same‑property RevPAR: $215.78 (Q1 2026) vs $193.08 (Q1 2025) — +11.8%.
- Segment
- Same‑property Total RevPAR: $345.82 (Q1 2026) vs $314.01 (Q1 2025) — +10.1%.
- Segment
- Regional callouts from MD&A: Los Angeles and San Francisco drove the $25.4 million increase in total revenues; San Diego urban hotels and Chicago delivered healthy RevPAR growth; Washington, D.C. and Revere Hotel Boston Common saw revenue declines.
What they said about what is next.
No company revenue or EPS guidance provided in the 10‑Q. MD&A provides quantitative guidance for capital spending (expects to invest $65.0 million to $75.0 million in 2026) and preferred dividend expectations (approximately $46.4 million annual aggregate through March 31, 2027). Management says it is 'cautious towards the remainder of the year' given an 'increasingly uncertain macroeconomic environment.'
The filing reads about the same as the one before it.
What came before.
- 10-K · February 25, 2026
- Pebblebrook describes a focused strategy of owning upper‑upscale, full‑service hotels concentrated in major U.S. gateway and leisure markets and highlights selective asset sales, active balance‑sheet management and…
- 10-Q · November 5, 2025
- Pebblebrook reported Q3 2025 revenue of $398.723M, down modestly from $404.530M in Q3 2024, and generated an operating loss of $10.208M (versus operating income of $47.064M a year ago). The company recorded a…
- 10-Q · July 29, 2025
- Pebblebrook reported Q2 2025 revenue of $407.537M, up $10.427M (≈2.6%) vs. Q2 2024, with gross margin roughly unchanged at ~37.7% but operating margin compressed to 12.9% as operating income fell to $52.388M. Diluted…
- 10-Q · May 1, 2025
- Pebblebrook reported total revenues of $320,266,000 for the quarter ended March 31, 2025, up from $314,069,000 a year earlier, but generated an operating loss of $(7,237,000) and a net loss of $(32,180,000) (net loss…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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