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November 2025 Investor Presentation hotel zephyr fisherman’s wharf
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2 This presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of Pebblebrook Hotel Trust's (the “Company” or “Pebblebrook”) business, financial condition, liquidity, results of operations, plans and objectives. These forward-looking statements are based on the Company's beliefs, assumptions, estimates and expectations of future performance, taking into account information currently available to the Company. These beliefs, assumptions, estimates and expectations can change as a result of many possible events or factors, not all of which are known to the Company. If a change occurs, the Company's business, prospects, financial condition, liquidity and results of operations may vary materially from these forward-looking statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2024. You should carefully consider these risks when you make an investment decision concerning the Company's securities. You are cautioned not to place undue reliance on any forward-looking statements. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation does not constitute, and may not be used in connection with, an offer or solicitation by anyone. The Company assumes no obligation to update or revise any of the information in this document. The following presentation includes financial projections and forward-looking statements. These projections and forward-looking statements are based on assumptions and estimates developed by the Company and actual results may vary from the projections and such variations may be material. This presentation includes estimates and the Company makes no representation as to the accuracy of these estimates. Additionally, this presentation should not be relied upon or regarded as a representation by the Company, management or its employees that the forward-looking statements, or beliefs, assumptions, estimates or expectations of future performance underlying them, will be achieved. Investor Inquiries: Raymond D. Martz Co-President and Chief Financial Officer (240) 507-1330 rmartz@pebblebrookhotels.com Forward-Looking Statements inn on fifth INVESTOR PRESENTATION NOVEMBER 2025 the nines, a luxury collection hotel, portland
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3 The Premier Lifestyle Lodging REIT INVESTOR PRESENTATION NOVEMBER 2025 Pebblebrook Overview Hotels and Resorts 46 Urban and Resort Markets Hotel EBITDA Opportunity (AFFO Upside) 13 $71M+ jekyll ocean club viceroy santa monica hotel viceroy washington dc the hotel zags harbor court hotel san francisco NAV per Share Midpoint Estimate(1) $23.50 2018-2024 ROI Investments $278M+ Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. Business/Leisure Customer Mix 50/50 hilton san diego gaslamp ($0.48/share) trading at ~55% discount (1) Reflects management's current estimate for Net Asset Value per Share vs. the Company’s recent share price of approximately $10.50.
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4 INVESTOR PRESENTATION NOVEMBER 2025 Refining Portfolio for Growth: Expanding Leisure & Group Santa Monica Fort Lauderdale/ Hollywood Key West Portland Columbia River Gorge San Francisco Santa Cruz Los Angeles San Diego Chicago Washington, DC Jekyll Island Boston Newport Naples = Resort Location = Urban Location 45% 5% 25% 25% Guest Segmentation Leisure Transient Business Transient Business Group Leisure Group Over the past six years, Pebblebrook has realigned its portfolio by selling lower-quality urban hotels and acquiring larger, leisure-focused resorts with growth potential. This strategy has increased group and leisure demand while reducing dependence on business transient travel, raising group mix to 30% and leisure mix to 50%. Strategic enhancements—such as new event spaces, renovated guestrooms, and added amenities—have boosted year-round appeal, diversified revenue, and strengthened market presence.
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5 0% 5% 10% 15% 20% 25% Market Repositioning: Reducing West Coast Urban Footprint, Enhancing Leisure-Oriented Presence Pebblebrook has shifted its focus to leisure-oriented group focused properties, reducing exposure to urban and corporate transient markets. Since 2019: • Acquired 5 upper upscale and luxury resorts for $802M and sold 15 lower-quality urban properties for $1.2B. • Resort EBITDA contribution rose from 17% to 47%; Urban EBITDA contribution decreased from 83% to 53%. • Southeast markets’ EBITDA contribution increased by 18%; East Coast properties now contribute 56% (up from 38%). • San Francisco’s EBITDA contribution declined by 18%; West Coast properties now contribute 40% of EBITDA (down from 56%). INVESTOR PRESENTATION NOVEMBER 2025 (1) Q3 ‘25 LTM EBITDA assumes LaPlaya Beach Resort & Club’s pre-hurricane forecast for 2022. Hotel EBITDA Contribution Market Q3 ’25 LTM YE ‘19 Var. San Diego 23% 14% 9% Boston 21% 17% 4% Naples(1) 12% 3% 9% Key West 8% 5% 3% West LA/Santa Monica 6% 11% (5%) San Francisco 5% 23% (18%) Hollywood/Miami 5% 1% 4% Newport, RI 5% 0% 5% Washington, DC 4% 6% (2%) Chicago 4% 4% 0% Columbia River Gorge 3% 1% 2% Jekyll Island 2% 0% 2% Portland 1% 5% (4%) Santa Cruz 1% 1% 0% Buckhead 0% 3% (3%) Seattle 0% 2% (2%) Philadelphia 0% 2% (2%) Nashville 0% 1% (1%) New York 0% 1% (1%) Resort 47% 17% 30% Urban 53% 83% (30%) East Coast 56% 38% 18% West Coast 40% 56% (16%) Central 4% 6% (2%) Portfolio Hotel EBITDA by Market – 2019 to Q3 2025 LTM 2019 Q3 2025 LTM Top 5 Markets – 70%Exited Markets San Francisco Hollywood/Miami Newport, RI Washington, DC Chicago Columbia River Gorge Jekyll Island Portland Santa Cruz Buckhead Seattle Philadelphia Nashville New York San Diego Boston Naples(1) Key West West LA/Santa Monica
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6 Reasons to Invest in Pebblebrook INVESTOR PRESENTATION NOVEMBER 2025 Strong RevPAR growth and market share gains from approximately $278M of ROI-related redevelopments and repositionings will drive significant, organic EBITDA growth across the Company’s portfolio over the next several years. Continued urban market demand recovery, led by San Francisco, is expected to fuel robust EBITDA growth, given that occupancy levels remain well below pre-pandemic benchmarks. Acquiring shares in the Company at an approximately 55% discount to estimated private market NAV provides an exceptional investment opportunity. Images (top to bottom): Estancia La Jolla Hotel & Spa, Viceroy Washington DC, Hyatt Centric Delfina Santa Monica
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7 2024A Urban Markets Recovery ROI from Redevelopment Projects LaPlaya EBITDA Growth Opportunity Significant Growth Opportunity INVESTOR PRESENTATION NOVEMBER 2025 Within the next three to four years, the Company expects to achieve significant upside in Hotel EBITDA and Adjusted FFO through organic growth resulting from continued urban demand recovery, recent and current major ROI capital investments, and the restoration and full reopening of LaPlaya Beach Resort & Club (“LaPlaya”). Hotel EBITDA Upside of ~$71M $0.48/Share of AFFO Upside (1) $16M $371M $10M $0.09/Share$45M $0.39/Share $442M Note: Differences are due to rounding. (1) Includes all hotels owned by the Company as of September 30, 2025. (2) Reflects the remaining $16 million of Hotel EBITDA upside from LaPlaya, based on an estimated stabilized Hotel EBITDA of $35 million, with $19 million already achieved in 2024. (2)
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8 embassy suites san diego bay - downtown Urban Hotel Demand Rebound Set to Drive Significant EBITDA Growth with Minimal Supply Risk
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9 Encouraging Fundamentals for Urban Markets INVESTOR PRESENTATION NOVEMBER 2025 Limited construction financing is expected to restrict new supply growth in Pebblebrook's urban and resort markets for many years. Once financing resumes, new projects take at least two to three years to complete, providing ongoing supply protection in urban and resort markets. This creates a favorable operating environment for Pebblebrook in the intermediate term, as business travel recovers and domestic leisure, group/convention, and international inbound travel return to cities. PEB Urban Market Supply Growth Market Pre-Pandemic Average(1) 3Y Supply Forecast(2) Portland 4.9% 0.4% Chicago 3.7% 0.3% Boston 3.4% 0.2% Washington, DC 3.0% 0.7% Santa Monica 2.0% (0.1%) Hollywood/Beverly Hills 1.8% 0.3% San Diego CBD 1.8% 1.1% San Francisco 0.4% (0.1%) Wtd. Average 2.5% 0.4% Convention Calendar Room Nights On-the-Books(4) Market Pre-Pandemic Average(1) 2024 2025 2026 2027 Chicago 1,140 1,220 1,140 1,060 1,100 San Francisco 840 385 645 660 560 San Diego 770 885 800 725 820 Washington, DC 520 470 455 480 500 Boston 440 470 475 460 490 Total 3,710 3,430 3,515 3,385 3,470 US Urban Supply Growth 2010-2019, 2023-2027(3) 2010-2019 Avg: 1.9% the liberty, a luxury collection hotel, boston 1.8% 2.7% 2.8% 2.9% 2.9% 1.4% 0.9% 0.5%0.4% 1.1% 0.8% 1.7% 1.5% (1) Average from 2015-2019. (2) 3 Year (“3Y”) supply forecast is the average of management’s supply forecast for 2025-2027. (3) 2010-2024 data is based on U.S. Urban STR performance; 2025-2027 data is based on management’s estimates. (4) Room Nights On-the-Books are shown in thousands. This is not pace. // 0.5% 0.5%
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10 ADR 2019 2024 Q3 ‘25 LTM ‘25 v ’24 ‘25 v ‘19 Boston $287 $329 $325 (1%) 13% San Diego $220 $277 $271 (2%) 23% Los Angeles $277 $289 $269 (7%) (3%) San Francisco $299 $265 $263 (1%) (12%) Washington, DC $235 $276 $270 (2%) 15% Chicago $198 $217 $216 (1%) 9% Total Urban(1) $260 $280 $272 (3%) 5% Urban Hotel Demand Recovery INVESTOR PRESENTATION NOVEMBER 2025 Urban hotel performance is still substantially below 2019 levels, but this presents a significant growth opportunity as business and leisure demand continue to climb back toward pre-pandemic levels, and these markets benefit from extremely restricted new supply for many years to come. Pebblebrook’s Top Urban Markets by EBITDA Contribution Occupancy 2019 2024 Q3 ’25 LTM ‘25 v ‘24 ‘25 v ‘19 Boston 88% 80% 80% (0%) (10%) San Diego 85% 79% 80% 2% (6%) Los Angeles 83% 73% 70% (4%) (15%) San Francisco 87% 64% 70% 10% (20%) Washington, DC 77% 66% 66% 0% (15%) Chicago 72% 63% 65% 3% (10%) Total Urban(1) 83% 71% 72% 1% (13%) RevPAR 2019 2024 Q3 ’25 LTM ‘25 v ’24 ‘25 v ‘19 Boston $254 $263 $260 (1%) 2% San Diego $187 $218 $217 (0%) 16% Los Angeles(2) $229 $212 $189 (11%) (17%) San Francisco $262 $168 $184 9% (30%) Washington, DC $181 $181 $178 (2%) (2%) Chicago $143 $138 $141 2% (1%) Total Urban(1) $216 $200 $197 (1%) (9%) Hotel EBITDA(3) 2019 2024 Q3 ‘25 LTM ‘25 v ’24 ‘25 v ‘19 Boston $84.2 $85.5 $77.4 (9%) (8%) San Diego $42.0 $45.0 $42.0 (7%) (0%) Los Angeles(2) $56.1 $33.3 $20.4 (39%) (64%) San Francisco $66.5 $15.9 $20.1 26% (70%) Washington, DC $22.0 $16.5 $14.2 (14%) (35%) Chicago $17.6 $11.6 $12.9 11% (27%) Total Urban(1) $304.9 $212.7 $192.4 (10%) (37%) (1) Includes information for all urban hotels the Company owned as of September 30, 2025. Any differences are due to rounding. (2) Los Angeles was impacted by the brand conversion disruption at Hyatt Centric Delfina Santa Monica (Q4 2024–Q2 2025) and the LA wildfires (Q1–Q2 2025). These events negatively impacted RevPAR by approximately 150 bps in 2024 and 800 bps in Q3 2025 LTM, and reduced Hotel EBITDA by approximately $1.8 million in 2024 and $11.2 million in Q3 2025 LTM. (3) Hotel EBITDA shown in millions.
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11 Anticipated Upside from Continued Urban Recovery INVESTOR PRESENTATION NOVEMBER 2025 The urban recovery remains underway, with improving fundamentals across key markets. Pebblebrook anticipates a potential $45+ million increase in its Urban Hotel EBITDA over the next three to four years, supported by a favorable long-term outlook. Note: Dollars in millions, except for ADR and RevPAR. Figures include all urban hotels owned by the Company as of September 30, 2025. Urban Recovery Scenario Variance vs. 2024 Variance vs. 2019 2019 2024 (#) (%) (#) (%) Occupancy 83% 71% 80% 9% 12% (3%) (4%) ADR $260 $280 $287 $7 3% $27 10% RevPAR $216 $200 $230 $30 15% $14 6% Total Revenue $953 $911 $1,049 $138 15% $96 10% Total Expenses $650 $698 $791 $94 13% $142 22% Hotel EBITDA $303 $213 $257 $45 21% ($46) (15%) Hotel EBITDA Margins 32% 23% 25% 1% 5% (7%) (23%) w boston The Company anticipates that occupancy in its urban hotels will approach—but not fully return to—pre-pandemic levels, with modest gains in ADR expected over the next few years. While this year’s events, including the Los Angeles wildfires, geopolitical tensions, and broader macroeconomic uncertainty, have temporarily impacted performance in certain markets, the underlying momentum remains strong, supported by healthy convention calendars, robust group bookings, and major upcoming events (e.g., the Olympics, Super Bowls, World Cup). Additionally, a rebound in international inbound travel and the ongoing AI-driven economic expansion— particularly in markets such as San Francisco—could provide additional upside for urban performance. Urban Recovery Scenario Key Assumptions: • Occupancy: Rises to 80%, remaining below 2019 levels (83%) and prior peak (86%). • ADR: Grows modestly by 3%, reflecting both market-driven rate improvements and inflationary trends. • EBITDA Growth: Meaningful upside from strong convention calendars and group business, with potential further support from the return of international inbound travel; assumes departmental expenses will scale with demand recovery, alongside moderate growth in undistributed and fixed expenses. • Market-Specific Approach: Each urban market is modeled with unique factors in mind (e.g., event - driven demand in cities like Los Angeles and San Francisco).
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12 newport harbor island resort Completion of Strategic Multi-Year Portfolio Redevelopment Program Expected to Generate Significant EBITDA Growth
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13 Pebblebrook has a strong track record of investing capital to elevate and remerchandise properties, enhance the guest experience, and revitalize underutilized venues and open spaces. Major redevelopments completed in the last few years are expected to drive substantial cash flow improvements over the next two to three years. Successful Track Record with Redevelopment Projects ROI Investment Estimated Cash Gains Cash-on- Cash Return 2018-2022 Projects(1) $170M $18M 11% 2023-2024 Projects $108M $11M - $15M 10% - 14% ROI Realized(1) $3M - $4M ROI Remaining $8M - $11M 2018-2024 Total Projects (ROI Realized + Remaining) $278M $29M - $33M 10% - 12% INVESTOR PRESENTATION NOVEMBER 2025 2018-2019 San Diego Mission Bay Resort Westin Copley Boston Paradise Point Resort & Spa Mondrian Los Angeles Montrose West Hollywood Chamberlain Los Angeles W Boston Harbor Court Hotel Hotel Modera Hotel Zags Hotel Zelos 2020 Donovan Hotel Zena Embassy Suites San Diego Westin Gaslamp Quarter San Diego Le Parc Suites at Melrose Viceroy Santa Monica Public Areas Chaminade Resort & Spa Mason & Rook Viceroy DC Marker Key West Skamania Lodge (Treehouses “TH” Phase III) 2021-2022 L’Auberge Del Mar Southernmost Key West Hotel Vitale 1 Hotel SF Grafton on Sunset Hotel Ziggy 2023-2024 Skamania Lodge (TH Phase IV + Master Plan) Solamar Margaritaville San Diego Hilton Gaslamp San Diego Jekyll Island Club Resort Estancia La Jolla Hotel & Spa Phases I & II Southernmost Key West Guesthouses Viceroy Santa Monica Guest Rooms Newport Harbor Island Resort Potential 2026+ Paradise Point Resort Margaritaville Island(2) The $278M of ROI capital invested is estimated to generate annual stabilized EBITDA gains of $29 to $33 million. With approximately $21 to $22 million in annualized ROI realized through 2024, the Company anticipates achieving at least an additional $8 to $11 million in returns upon stabilization over the next few years. Note: Differences are due to rounding. (1) Reflects estimated annualized cash gains realized since project completion, derived from property-specific financial data where available and, for other properties, estimated based on actual RevPAR market share gains as of December 31, 2024. (2) The potential conversion of Paradise Point Resort & Spa to Margaritaville Island is subject to government approvals that are in process. margaritaville hotel san diego gaslamp quarter
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14 laplaya beach resort & club LaPlaya Beach Resort & Club: Recovery and Reinvestment Update
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15 LaPlaya: Recovery and Reinvestment Update INVESTOR PRESENTATION NOVEMBER 2025 • Q2 2025: Completed all restoration activities and the resort’s extensive guest facilities and amenities are all open and operating as normal. • Nov 2025: Expected to substantially complete additional physical improvements to further strengthen the resort’s resilience against future weather events. laplaya beach resort & club laplaya beach resort & club laplaya beach resort & club • 2024 Performance: Generated $19 million of hotel EBITDA and received $23.8 million in business interruption insurance (“BI”) proceeds, totaling $42.8 million in Adjusted EBITDAre impact. • Q3 2025 YTD Performance: Achieved $19.5 million in hotel EBITDA and received $9.6 million in BI proceeds. • 2025 Outlook: Forecasting an additional $5.5 million in hotel EBITDA for the fourth quarter, bringing the full- year outlook to $25.0 million. Estimating $2.0 million in BI proceeds for the fourth quarter, resulting in total forecasted 2025 BI proceeds of $11.6 million and contributing to a full-year Adjusted EBITDAre impact of $36.6 million.
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16 hyatt centric delfina santa monica Trading at a Significant Discount to NAV
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17 Trading at a Significant Discount to NAV Private Valuation Low High Mid Enterprise Value $5,228 $5,785 $5,485 Net Debt(2) (1,281) (1,281) (1,281) Convertible Notes(3) (750) (750) (750) Preferred Equity (766) (766) (766) NAV $2,431 $2,988 $2,688 Shares Outstanding 115.0 115.0 115.0 NAV Per Share $21.50 $25.50 $23.50 Public Valuation Mid Enterprise Value $4,004 Net Debt(2) (1,281) Convertible Notes(3) (750) Preferred Equity (766) Equity Market Cap $1,208 Shares Outstanding 115.0 Recent Share Price $10.50 Public Discount to Private Valuation Low High Mid (51%) (59%) (55%) ($11.00) ($15.00) ($13.00) Note: Dollars in millions, except estimated value per key, which is in thousands; differences due to rounding; includes all hotels owned by the Company as of September 30, 2025. (1) Includes the private club at LaPlaya Beach Resort & Club and the Zephyr Walk retail space at Hotel Zephyr Fisherman’s Wharf. (2) Net Debt is net of cash, cash equivalents and liquid securities as of September 30, 2025. (3) Assumes convertible notes are settled with cash. The Company’s NAV and individual property values are continually re-evaluated as transaction and capital markets change. At $10.50 per share, Pebblebrook’s recent public market valuation reflects an approximate 55% discount to its recently calculated private market valuation. This private market valuation by property is not based on capitalization rates. It is based on relevant market comparables and transaction-based individual valuations for each property, taking into account renovation disruption and depressed markets. INVESTOR PRESENTATION NOVEMBER 2025 Estimated Value Mid/Key Low Mid High Resorts $755 $2,254 $2,346 $2,446 Boston 523 989 1,027 1,070 San Diego 416 525 546 569 Washington DC 350 230 242 254 Los Angeles 322 535 576 630 San Francisco 254 337 371 421 Portland 200 94 101 108 Chicago 133 141 147 153 Club/Retail Space(1) N/A 123 129 134 Total Portfolio $459K $5,228M $5,485M $5,785M chaminade resort & spa
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18 margaritaville hollywood beach resort Balance Sheet and Recent Financing Highlights
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19 2030 1.625% Convertible Notes Financing Highlights On September 18, 2025, Pebblebrook completed a $400 million private offering of 2030 1.625% Convertible Notes, with proceeds used to retire an equal amount of its 2026 1.75% Convertible Notes at a 2% discount to par. As part of the issuance of the 2030 Convertible Notes, the Company also: • Entered into privately negotiated capped calls at +75%, providing dilution protection up to $20.23/share. • Repurchased approximately 4.3 million common shares at $11.56/share in privately negotiated transactions, increasing the effective all-in equity conversion price to $24.43/share, driving immediate NAV per share accretion and FFO per share benefit. This financing extended the maturity of a significant portion of the Company’s debt at a very attractive cost of capital, while enhancing shareholder value through buybacks at a discount to estimated NAV per share and preserving long-term equity protection. Note: Differences are due to rounding. (1) Effective All-In Equity Conversion Price reflects the total number of shares issuable upon conversion of the Convertible Notes, net of (i) shares expected to be received by Pebblebrook from the capped call transaction and (ii) shares repurchased concurrently with the pricing of the offering. With a capped call cap price of $20.23, the equity value underlying the $400M principal amount is approximately $509M. Dividing this by the 20.8M shares underlying the convertible (after repurchasing 4.3M shares) results in an Effective All-In Equity Conversion Price of $24.43 per share. The share repurchase increases the effective conversion price by spreading the capped call protection over fewer shares, enhancing the economics of the transaction. (2) Reflects $391K cash premium related to the unwind of 2026 convertible notes, executed in October 2025. INVESTOR PRESENTATION NOVEMBER 2025 Key Terms for 2030 1.625% Convertible Notes & Share Repurchases Offering Amount $400M Coupon Rate 1.625% Term 4.3 years, Non-Call 2.8 years Conversion Premium Reference Price Base Conversion Price 37.5% $11.56 $15.90 Capped Call Premium Capped Call Cap Price 75% $20.23 Common Shares Repurchased ($ / #) $50M / 4.3M Effective All-In Equity Conversion Price (1) $24.43 Sources & Uses Gross Proceeds from 2030 Notes $400.0M Cash(2) $81.0M Total Sources $481.0M Repurchase of 2026 Notes (Principal) $392.0M Repurchase of 2026 Notes (Accrued Interest) $1.8M Capped Call & Transaction-Related Costs & Fees(2) $37.1M Common Shares Repurchased (4.3M) $50.0M Total Uses $481.0M
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20 Amount Weighted Avg. Interest Rate % of Total Debt Fixed Debt(5) $1,411.2 5.3% 62.4% Convertible Notes 750.0 1.7% 33.1% Floating Debt 101.7 6.1% 4.5% Total / Wtd. Avg. $2,262.8 4.1% 100.0% Amount % of Total Debt Unsecured Bank Group Term Loans $916.7 40.5% Unsecured Convertible Notes 750.0 33.1% Senior Unsecured Notes 402.4 17.8% Secured Mortgage Loans 193.8 8.6% Balance Sheet INVESTOR PRESENTATION NOVEMBER 2025 • Following the Company's recent financing, remaining 2026 net debt maturities are reduced to ~$50M, assuming $200M in cash on hand and an additional $100M in free cash flow through year-end 2026(1) are applied to the late-maturing 2026 convertible notes, excluding cash proceeds from any property sales. • The Company’s weighted-average debt maturity has extended to 2.9 years, with a low 4.1% weighted- average interest rate. • As of September 30, 2025, the Company had $232.1 million in cash, plus $642.1 million of undrawn availability on its $650 million senior unsecured revolving credit facility. Debt Maturities and Weighted Average Interest Rates by Maturity Year Note: Dollars in millions; differences are due to rounding; reflects estimated debt balances and interest rates as of September 30, 2025. (1) Free Cash Flow (“FCF”) is defined as Adjusted FFO less capital expenditures and common dividends. Based on the midpoint of the Company’s 2025 Outlook of $182.0 million for Adjusted FFO, with ~$70 million of capex and ~$4.7 million of common dividends, estimated 2025 FCF is approximately $107 million. Assuming 2026 Adjusted FFO is at least equal to 2025’s, FCF in 2026 is expected to exceed $100 million. (2) The 2026 Convertible Notes have an initial conversion rate of 39.2549 per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $25.47 per common share of Pebblebrook and a conversion premium of approximately 35.0% based on the closing price of $18.87 per common share on December 10, 2020). (3) Assumes two one-year options are exercised to extend the debt maturity of Margaritaville Hollywood Beach Resort’s mortgage loan. (4) The 2030 Convertible Notes have an initial conversion rate of 62.9129 per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $15.90 per common share of Pebblebrook and a conversion premium of approximately 37.5% based on the closing price of $11.56 per common share on September 16, 2025). (5) Takes into account effect of swap agreements as of September 30, 2025. As of June 30, 2025 As of September 30, 2025 $17.2 2025 2026 2027 2028 2029 2030 Bank Group Term Loans Mortgage Loans Convertible Notes Senior Notes 2025 2026 2027 2028 2029 2030 Bank Group Term Loans Mortgage Loans Convertible Notes Senior Notes Debt Composition $17.2 $750.0(2) $360.0 $551.0 $585.2 $200M+ cash on hand $350.0(2) $360.0 $550.4 $585.2 $400.0(4) $200M+ cash on hand (3) (3)
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21 Balance Sheet, Continued INVESTOR PRESENTATION NOVEMBER 2025 (1) Based on $23.50 per share and assumptions detailed on slide 17. (2) Reflects GAAP-defined investment in hotel properties, net of accumulated depreciation and amortized right-of-use assets. (3) Based on $10.50 per share and assumptions detailed on slide 17. (4) Takes into account effect of swap agreements as of October 13, 2025. 2024 Q3 2025 Net Debt/EBITDA Ratio 5.8x 6.1x Net Debt/EBITDA Ratio (Assuming Convertible Notes Settled With Equity) 3.7x 3.9x Fixed Charge Ratio 1.9x 1.8x Net Debt/Net Book Value 42% 42% Net Debt to Gross Asset Value % 35% 37% Secured Property Debt % of Total Debt 9% 9% A snapshot of the Company's credit statistics demonstrates a strong balance sheet and a reasonable leverage level given its size and profile. Estimated Gross Asset Value Net Book Value Public Enterprise Value Debt, Pfd Equity and Converts Debt to Asset Value Comparison (1) $4.0B $335K/Key $5.5B $459K/Key $4.9B $408K/ Key (2) (3) Convertible Notes $0.75B Preferred Equity $0.77B Debt $1.51B $3.0B $254K/Key Year-End Floating Rate Debt Fixed Rate Debt % Fixed of Total at Year-End(4) 2025 104 2,159 95% 2026 944 1,319 58% 2027 1,309 954 42% 2028 1,463 800 35% 2029 1,863 400 18% 2030 2,263 - - Preferred Equity Amount Yield Redeemable Starting Series E $109.5 6.375% Redeemable Series F $150.0 6.300% Redeemable Series G $230.0 6.375% May 2026 Series H $199.1 5.700% July 2026 Series Z $77.6 6.000% May 2027 Total / Wtd. Avg $766.2 6.147%
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22 Corporate Sustainability Highlights 1 hotel san francisco
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23 Reductions in Water, Energy and Waste Intensity (1) All metrics represent year-end 2023 figures. Energy Highlights(1) In 91% of properties, more than 50% of light bulbs are LED. 76% of properties have undertaken at least one energy efficiency measure in the past three years. Water Highlights(1) In 89% of properties, at least 75% of toilets use no more than 1.6 gallons per flush, and 75% of faucets consume no more than 1.5 gallons per minute. In 89% of properties, over 75% of showers consume no more than 2 gallons per minute. Native or drought-tolerant landscaping is used in 78% of properties to reduce irrigation needs. 48% utilize water-efficient drip or sprinkler systems with advanced controls, such as rain or soil moisture sensors, to prevent overwatering. Waste Highlights(1) At 100% of properties, at least one material—cardboard, aluminum, glass, electronics, or mixed paper—is recycled. 98% of properties have eliminated at least one single-use plastic item (e.g., Styrofoam, bioplastics) or replaced it with a sustainable alternative. Effective back-of-house recycling programs operate in 87% of properties, collecting most recyclable items. 77% of properties have implemented food waste prevention strategies, such as staff training on waste awareness and adjusting portion sizes to reduce plate waste. INVESTOR PRESENTATION NOVEMBER 2025 Pebblebrook made significant strides in its sixth year of corporate sustainability programming. The Company focused on benchmarking its environmental footprint, identifying resource efficiency opportunities, and investing in water, waste, and energy efficiency projects. The Company also refined its sustainability best practices program, which re-launched in 2024. skamania lodge
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24 24 Appendix estancia la jolla hotel & spa
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25 Historical Hotel EBITDA Portfolio / Hotel 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2024 per Key Unique Lifestyle Resorts LaPlaya Naples(1) $5.7 $7.6 $8.7 $10.7 $12.4 $15.7 $16.2 $11.8 $16.5 $17.7 $14.0 $27.4 $24.8 ($0.6) $19.0 $100.5 Inn on Fifth N/A N/A N/A N/A N/A N/A N/A N/A N/A 5.1 4.2 9.7 11.9 10.8 9.8 82.4 L'Auberge Del Mar 4.6 5.4 5.6 7.7 8.1 9.9 9.3 9.4 9.5 7.3 2.7 8.5 9.0 8.7 9.6 79.3 Southernmost KW 9.0 10.4 10.8 14.1 17.6 19.9 21.1 17.9 19.3 21.4 13.1 24.4 24.2 21.3 20.3 68.6 Marker Key West N/A N/A N/A N/A N/A 4.8 5.8 4.6 5.6 6.0 3.1 7.9 7.9 7.0 6.4 66.7 Paradise Point 8.3 11.8 13.7 14.8 16.1 16.7 14.7 16.8 17.5 15.3 4.6 14.1 20.5 21.1 24.4 52.8 Margaritaville Hollywood N/A N/A N/A N/A N/A N/A N/A N/A N/A 17.8 0.4 22.1 24.5 21.2 19.1 51.8 Skamania Lodge 4.4 4.8 5.2 6.0 6.8 7.7 8.1 9.0 9.5 10.3 1.2 7.7 12.3 12.6 13.1 48.3 Estancia La Jolla N/A N/A N/A N/A N/A N/A N/A N/A N/A 8.1 (0.3) 4.6 10.6 7.5 8.8 41.9 Newport Island Resort N/A N/A N/A N/A N/A N/A N/A N/A N/A 7.4 4.2 13.9 13.1 9.3 10.3 39.9 Chaminade 3.3 3.6 3.7 4.3 4.7 5.0 4.8 5.2 5.4 4.4 (1.1) 3.3 7.3 5.1 4.8 30.8 Jekyll Island Club Resort N/A N/A N/A N/A N/A N/A N/A N/A N/A 5.0 2.7 8.7 7.4 5.3 4.8 24.0 Mission Bay Resort 4.4 4.7 5.2 5.5 7.0 7.9 8.3 8.8 8.1 5.5 (4.2) 6.9 9.5 10.8 7.8 21.8 Resorts Total $39.7 $48.3 $52.9 $63.1 $72.7 $87.6 $88.3 $83.5 $91.4 $131.3 $44.6 $159.2 $183.0 $140.1 $158.1 $50.9 Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of September 30, 2025. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. (1) LaPlaya Beach Resort & Club’s Hotel EBITDA for 2022 and 2023 reflects actual results, which were impacted by Hurricane Ian in late September 2022. LaPlaya Beach Resort & Club’s Hotel EBITDA for 2024 reflects actual results, which were impacted by Hurricanes Helene and Milton in late September and early October 2024. INVESTOR PRESENTATION NOVEMBER 2025
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26 Historical Hotel EBITDA, Continued Portfolio / Hotel 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2024 per Key Boston Urban Liberty $6.1 $9.6 $13.3 $15.8 $17.2 $18.2 $18.5 $19.0 $21.4 $21.2 $0.3 $10.5 $21.1 $18.5 $20.0 $67.1 Revere(1) 3.3 6.1 5.7 9.2 11.7 13.3 12.2 12.6 12.4 11.8 (6.1) 2.8 15.7 13.9 15.9 44.7 Westin Copley 21.3 23.5 24.4 25.8 28.7 32.7 33.3 31.5 28.5 32.9 (4.4) 3.0 30.7 33.7 35.1 43.7 Hyatt Regency 6.2 6.7 7.3 7.7 9.3 11.1 10.8 10.8 10.7 10.1 (2.2) 1.6 5.6 6.1 8.0 29.6 W Boston 3.8 4.4 5.8 6.2 8.1 9.6 9.3 9.2 7.9 8.1 (2.6) 2.4 7.2 7.9 6.5 27.3 Boston Total $40.7 $50.3 $56.5 $64.7 $75.0 $84.9 $84.1 $83.1 $80.9 $84.1 ($15.0) $20.3 $80.3 $80.1 $85.5 $43.5 San Diego Urban Hilton Gaslamp $7.6 $8.5 $8.8 $8.9 $9.5 $10.5 $10.9 $11.1 $11.6 $10.5 ($0.4) $0.6 $7.1 $7.6 $11.7 $40.9 Embassy Suites 7.6 8.2 8.8 8.9 9.5 11.3 11.3 11.1 11.7 10.4 (0.2) 4.5 9.1 9.7 11.2 32.8 Margaritaville SD 5.2 6.3 6.5 6.3 6.5 7.4 7.7 7.3 7.3 7.0 (0.4) 2.1 6.2 0.8 7.7 32.8 Westin Gaslamp 8.4 8.2 9.7 11.2 12.7 14.6 16.9 16.0 14.4 14.2 (1.3) 2.2 12.7 14.2 14.4 32.0 San Diego Total $28.8 $31.2 $33.8 $35.3 $38.2 $43.8 $46.8 $45.5 $45.0 $42.1 ($2.3) $9.4 $35.1 $32.3 $45.0 $34.3 Los Angeles Urban W Los Angeles $5.6 $6.9 $8.0 $8.7 $8.9 $9.5 $12.3 $11.5 $10.2 $8.4 ($2.0) $0.7 $6.8 $7.8 $8.3 $27.9 Le Parc 4.2 4.5 4.7 5.3 5.6 6.1 7.0 6.1 6.1 5.8 (0.1) 2.8 5.5 4.4 4.3 27.9 Chamberlain 1.0 3.4 3.8 4.1 4.8 4.8 5.2 4.4 3.1 3.7 (0.2) 1.2 3.5 2.9 3.1 27.0 Montrose 3.9 4.3 4.2 5.5 5.9 5.9 6.5 5.9 3.9 4.7 0.3 1.0 3.6 4.3 3.5 26.3 Viceroy SM 3.0 5.8 6.9 7.6 8.2 8.4 7.8 7.0 6.6 6.2 (2.9) 1.8 5.4 4.4 3.1 18.3 Hotel Ziggy 1.9 2.2 2.2 2.0 1.5 0.9 2.8 2.8 2.8 2.8 0.0 1.1 1.1 1.7 1.8 16.7 Hotel Palomar LA 2.3 2.9 3.9 3.8 4.5 4.2 6.2 4.0 7.4 5.7 (4.2) (1.2) 3.6 4.0 4.2 15.9 Mondrian LA 7.9 8.9 7.4 8.2 11.0 12.2 12.6 11.8 8.6 7.6 (2.0) 2.1 5.0 4.3 3.1 13.1 Hyatt Delfina 5.3 6.8 6.9 8.0 9.9 11.7 13.8 13.4 12.7 11.2 (0.8) 2.2 7.0 7.7 1.9 6.0 Los Angeles Total $35.1 $45.7 $48.0 $53.2 $60.3 $63.7 $74.2 $66.9 $61.4 $56.1 ($11.9) $11.7 $41.5 $41.5 $33.3 $18.6 Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of September 30, 2025. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. (1) The parking garage at Revere Hotel Boston Common was sold on September 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact of excluding the parking-related income. INVESTOR PRESENTATION NOVEMBER 2025
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27 Historical Hotel EBITDA, Continued Portfolio / Hotel 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2024 per Key Washington, DC Urban Hotel Monaco $5.5 $6.9 $7.6 $7.9 $7.9 $8.1 $8.1 $9.9 $8.6 $7.9 ($1.4) ($0.5) $4.7 $6.5 $6.8 $37.0 George Hotel 4.2 4.6 4.1 4.1 4.3 5.2 5.7 6.3 5.7 5.3 (0.5) 0.0 3.7 3.9 3.9 28.1 Hotel Zena 4.0 4.6 3.8 4.3 5.2 5.8 6.1 6.4 5.1 3.8 (2.3) (2.7) 0.6 1.3 3.1 16.2 Viceroy DC 3.3 3.6 3.4 3.2 3.2 3.0 3.6 5.8 5.5 4.9 (2.3) (1.3) 1.1 0.9 2.7 15.2 Wash DC Total $17.0 $19.7 $18.9 $19.5 $20.6 $22.1 $23.5 $28.4 $24.9 $21.9 ($6.5) ($4.5) $10.1 $12.6 $16.5 $23.8 San Francisco Urban Argonaut Hotel $5.2 $6.5 $8.5 $10.2 $11.8 $13.0 $13.0 $11.7 $12.9 $14.6 ($1.5) $1.5 $7.1 $7.5 $6.0 $23.8 Harbor Court 2.7 4.0 3.7 4.9 5.8 6.1 5.6 3.9 4.3 5.6 (0.3) (1.0) 2.0 2.9 2.7 20.6 1 Hotel SF 4.0 6.0 7.4 7.3 8.6 11.0 10.3 9.8 8.0 7.5 (4.0) (4.9) (2.9) 4.7 3.0 15.0 Hotel Zephyr 7.3 8.7 11.2 12.1 12.1 12.6 16.2 13.1 13.7 16.8 (1.1) 0.5 4.9 5.8 4.6 12.7 Hotel Zetta N/A N/A N/A 2.8 5.4 6.2 5.6 5.5 6.0 6.0 (0.3) (1.4) 1.4 1.3 0.7 6.0 Hotel Zelos 1.3 3.0 3.8 4.6 6.2 7.3 5.9 7.2 6.9 8.4 (2.5) (4.6) (0.1) 1.6 (0.4) (2.0) Hotel Zeppelin N/A 2.3 2.7 3.4 4.0 4.0 3.3 6.3 7.5 7.7 (1.2) (1.6) (1.2) 0.0 (0.7) (3.6) San Fran Total $20.5 $30.5 $37.3 $45.3 $53.9 $60.2 $59.9 $57.5 $59.3 $66.6 ($10.9) ($11.5) $11.2 $23.8 $15.9 $10.9 Chicago Urban Hotel Chicago(1) $5.5 $5.3 $7.3 $8.4 $8.5 $10.4 $12.4 $12.3 $9.0 $9.2 ($2.4) $0.6 $6.9 $7.4 $7.0 $19.8 Westin Mich Ave(2) 14.7 15.8 16.7 16.0 18.0 19.4 17.9 13.1 10.5 8.1 (11.1) (5.2) 4.4 5.4 4.6 6.1 Chicago Total $20.2 $21.1 $24.0 $24.4 $26.5 $29.8 $30.3 $25.4 $19.5 $17.3 ($13.5) ($4.6) $11.3 $12.8 $11.6 $10.5 Portland Urban The Nines $6.2 $8.0 $8.9 $10.8 $12.8 $15.2 $15.6 $15.8 $15.6 $13.0 ($0.6) $3.8 $8.0 $5.3 $5.2 $15.7 Hotel Zags 2.7 3.3 3.9 4.5 5.6 6.5 6.7 5.4 3.8 3.3 (1.0) (0.6) 0.4 (0.2) (0.4) (2.3) Portland Total $8.9 $11.3 $12.8 $15.3 $18.4 $21.7 $22.3 $21.2 $19.4 $16.3 ($1.6) $3.2 $8.4 $5.1 $4.8 $9.5 Urban Total $171.2 $209.8 $231.3 $257.7 $292.9 $326.2 $341.1 $328.0 $310.4 $304.4 ($61.7) $24.0 $197.9 $208.2 $212.7 $24.1 Total Portfolio $210.9 $258.1 $284.2 $320.8 $365.6 $413.8 $429.4 $411.5 $401.8 $435.7 ($17.1) $183.2 $380.9 $348.3 $370.8 $31.1 Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of September 30, 2025. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. (1) The retail space and two parking facilities at Hotel Chicago Downtown, Autograph Collection were sold on December 21, 2023. Historical results beginning from the year 2018, onward, for Hotel Chicago Downtown, Autograph Collection have been adjusted to reflect the estimated impact of excluding the retail and parking-related income. (2) The retail parcel at The Westin Michigan Avenue Chicago was sold on March 20, 2023. Historical results beginning from the year 2018, onward, for The Westin Michigan Avenue Chicago have been adjusted to reflect the estimated impact of excluding the retail-related income. INVESTOR PRESENTATION NOVEMBER 2025
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jekyll island club resort