The third consecutive quarter of significant outperformance and a second upward guidance revision signal strong underlying demand and pricing power. Monitor the Q4 earnings call for commentary on 2027 convention calendars and the pace of share repurchases, as the company has $350M of convertible notes maturing in December 2026 that it expects to fully fund from cash and free cash flow.
Price Chart
Executive Summary
Pebblebrook Hotel Trust reported Q3 2026 Adjusted FFO per diluted share of $0.63, well above the consensus estimate of $0.53 and the high end of its own outlook by $0.11. Same-Property Hotel EBITDA of $115.2M exceeded the outlook high end by $10.7M and grew 15.1% YoY. The company raised its full-year 2026 Adjusted FFO per share guidance to $1.88-$1.92 (midpoint $1.90, up $0.17 from prior), reflecting strong operating momentum across urban and resort markets.
Key Financial Metrics
Key Facts
- Q3 2026 Adjusted FFO per diluted share of $0.63, +23.5% YoY, $0.11 above the high end of the company's outlook and $0.10 above the $0.53 consensus estimate.
- Same-Property Hotel EBITDA of $115.2M, +15.1% YoY and $10.7M above the high end of the outlook.
- Full-year 2026 Adjusted FFO per diluted share guidance raised to $1.88-$1.92 (midpoint $1.90), up $0.17 from the prior midpoint and +20.3% vs 2025.
- Full-year 2026 Adjusted EBITDAre guidance raised to $363.3M-$367.3M (midpoint $365.3M), up $16.3M from prior midpoint.
- Same-Property RevPAR +8.3% YoY in Q3, driven by ADR +7.0% and occupancy +1.2%.
- Same-Property Hotel EBITDA margin expanded 205 bps to 28.8%.
- Net debt to trailing 12-month corporate EBITDA improved to 5.1x from 5.9x at year-end 2025.
- Recorded $77.3M of non-cash impairment charges related to The Hotel Zags sale and ongoing disposition evaluation.
- Repurchased 1.2M common shares for $20.9M in Q3 and 0.4M preferred shares for $7.2M.
- Sold The Hotel Zags Portland for $10.0M after quarter-end.
Financial Impact
Q3 Adjusted FFO per share of $0.63 beat consensus of $0.53 by 18.9%. Full-year guidance raised by $0.17 per share midpoint, implying ~$19.5M incremental Adjusted FFO at the midpoint.
Risk Factors
- Geopolitical and macroeconomic uncertainty could slow travel demand and booking patterns.
- Shorter booking windows reduce forward visibility.
- $77.3M non-cash impairment charges reflect ongoing portfolio rationalization and potential further asset sales.
- $350M convertible notes mature in December 2026, requiring significant cash deployment.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001474098-26-000074 |
| Document: peb-20261029.htm | 0001474098-26-000074 |
| Document: 0001474098-26-000074-index-headers.html | 0001474098-26-000074 |
| Document: 0001474098-26-000074-index.html | 0001474098-26-000074 |
| Document: 0001474098-26-000074.txt | 0001474098-26-000074 |
| 8-K Data (Synthetic) | 0001474098-26-000074 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $21.90 | awaiting T+5 | awaiting T+5 | $21.54 (−1.64%) |
Oct 9, 2026 23d ago | 8-K | $19.21 $20.10 | ▲ +4.63% | ▲ +6.13% | $21.54 (+12.13%) |
Oct 7, 2026 25d ago | 3 | $18.98 $19.36 | ▲ +2.00% | ▲ +2.28% | $21.54 (+13.49%) |
Jun 15, 2026 19w ago | Insider Buy | $19.38 $18.36 | ▼ −5.26% | ▼ −3.03% | $21.54 (+11.15%) |
Jun 15, 2026 19w ago | 8-K | $18.50 $18.72 | ▲ +1.19% | ▲ +2.57% | $21.54 (+16.43%) |
Jun 12, 2026 20w ago | Insider Buy | $18.50 $18.72 | ▲ +1.19% | ▲ +2.57% | $21.54 (+16.43%) |
Jun 9, 2026 20w ago | 8-K | $18.40 $18.70 | ▲ +1.63% | ▼ −0.51% | $21.54 (+17.07%) |
Jun 2, 2026 21w ago | 8-K | $17.94 $18.40 | ▲ +2.56% | ▲ +6.38% | $21.54 (+20.07%) |
Apr 28, 2026 26w ago | 8-K | $17.92 $17.94 | ▲ +0.11% | ▼ −3.00% | $21.54 (+20.20%) |
Apr 17, 2026 28w ago | DEFA14A | $18.50 $18.39 | ▼ −0.59% | ▼ −1.15% | $21.54 (+16.43%) |
US Market Status
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