Pebblebrook Hotel Trust (PEB) Investor presentation summary

Investment highlights and market positioning

• Multi-year recovery supported by improving hotel demand, limited new supply, and a robust event calendar through 2028.

• Estimated $90M Hotel EBITDA upside driven by urban recovery, redevelopment ROI, and management agreement savings.

• Retained free cash flow of ~$115M in 2026 enables self-funded debt reduction and share repurchases.

• Shares trade at a 21% discount to private-market NAV, implying 27% upside.

• Portfolio repositioned toward resorts and East Coast, reducing urban concentration and enhancing earnings durability.

Operational and financial performance

• Urban occupancy and EBITDA remain below 2019, with significant upside as demand normalizes and supply stays limited.

• Urban recovery scenario projects ~$70M incremental Hotel EBITDA as occupancy improves to ~80%.

• Major redevelopments and repositionings have delivered strong ROI, with $270M invested and $40M annualized ROI realized.

• Balance sheet strengthened by asset sales, debt reduction, preferred equity retirement, and share repurchases since 2025.

• Estimated 2026 retained free cash flow of $115M supports further debt reduction and investments.

Portfolio quality and flexibility

• Nearly all hotels have undergone major renovations, improving asset quality and reducing near-term capital needs.

• 81% of properties are unencumbered by non-terminable management or brand agreements, providing flexibility.

• 90% of assets are owned fee simple or on government/non-profit ground leases, supporting liquidity and value.

• Portfolio includes 43 hotels, with 35 unencumbered properties across 13 urban and resort markets.