Key Highlights

  • Pebblebrook's $0.01 quarterly common Dividend trades ex-date September 30, 2026, payable October 15, unchanged from recent quarters, alongside quarterly preferred dividends on its Series E, F, G and H shares.
  • Second-quarter Net Income was $24.9 million, with Adjusted EBITDAre of $116.2 million, $6.2 million above the high end of outlook, and Adjusted FFO of $0.68 per diluted share, $0.06 above the outlook's high end.
  • Same-Property RevPAR grew 6.5%, driven by ADR growth of 4.7% and occupancy up 1.7%, with resorts up 12.0% RevPAR and San Francisco up 16.0%.
  • The company raised full-year 2026 Adjusted EBITDAre guidance to $345-$353 million and Adjusted FFO guidance to $1.69-$1.76 per diluted share.

Overview

Pebblebrook Hotel Trust's (NYSE:PEB) $0.01 quarterly common dividend was declared alongside second-quarter results that exceeded the high end of the company's outlook across every key Earnings metric for the second consecutive quarter, with Adjusted FFO of $0.68 per diluted share beating guidance by $0.06. Resorts and San Francisco hotels led the quarter's growth, prompting a raised full-year outlook.

Dividend Program and Shareholder Returns

Pebblebrook's board authorized and declared a quarterly Cash Dividend of $0.01 per common share of beneficial interest on September 15, 2026, payable October 15 to shareholders of record September 30. The board also declared regular quarterly dividends on the company's Series E, F, G and H Cumulative Redeemable Preferred Shares for the same period, distinct obligations from the nominal common dividend, which reflects the company's continued capital-preservation posture following the pandemic-era hotel-sector downturn.

About the Company

Pebblebrook Hotel Trust is a REIT that owns primarily upper-upscale, full-service hotels and resorts concentrated in major urban markets and West Coast gateway cities, including San Francisco, Los Angeles and Boston, alongside a portfolio of resort properties.

Financial Performance Behind the Payout

Pebblebrook reported second-quarter net income of $24.9 million, up from $19.3 million a year earlier. Adjusted EBITDAre was $116.2 million, $6.2 million above the high end of the company's outlook. Adjusted FFO per diluted share was $0.68, $0.06 over the high end of outlook. Same-Property RevPAR increased 6.5%, driven by ADR growth of 4.7% and occupancy up 1.7%, with Same-Property Total RevPAR up 4.7%. Resorts led growth with RevPAR up 12.0%, Total RevPAR up 10.9% and Hotel EBITDA up 18.5%, while San Francisco hotels posted RevPAR up 16.0% and Hotel EBITDA up 24.6% on robust convention activity.

Broad-Based Outperformance Drives a Raised Outlook Independent of the World Cup

Management estimated that World Cup-related Demand contributed only approximately 60 to 100 basis points of incremental RevPAR growth and $0.5 to $1.0 million of Hotel EBITDA during the quarter, stating explicitly that the event was not a meaningful driver of incremental demand and generally displaced other normally recurring demand in the company's markets. Same-Property Hotel EBITDA margins expanded 67 basis points to 30.6%, reflecting continued expense discipline converting Revenue growth into profitability, a structural improvement distinct from any single demand catalyst. The company also completed three property sales over the past eight months for nearly $160.0 million at an aggregate 15.4x EBITDA multiple and a 4.6% NOI capitalization rate, a portfolio-optimization program separate from the quarter's operating outperformance.

Outlook

Pebblebrook raised full-year 2026 Adjusted EBITDAre guidance to $345-$353 million and Adjusted FFO guidance to $1.69-$1.76 per diluted share. Second-half room revenue is pacing 5.5% ahead of last year, with continued Same-Property RevPAR growth relative to the raised 4.1%-5.3% full-year guidance range and Margin trends relative to the 67-basis-point expansion this quarter as the relevant considerations.