Pebblebrook Hotel Trust - PEB STOCK NEWS

Pebblebrook Hotel Trust (NYSE: PEB) has successfully extended $787 million in debt maturities, enhancing its financial flexibility. The company extended $185.2 million of its 2025 term loan to 2029 and $602 million of its $650 million revolving credit facility to 2029. Following these extensions and a recent $400 million senior notes offering, PEB has executed approximately $1.2 billion in debt financings and extensions. The company's debt profile shows a weighted average interest rate of 4.3% on $2.3 billion outstanding debt, with 91% at fixed rates and 91% unsecured. These refinancing efforts ensure no significant debt maturities until December 2026.

Pebblebrook Hotel Trust (NYSE: PEB) provided an update on hurricane impacts to its properties. LaPlaya Beach Resort & Club in Naples, Florida, was affected by Hurricanes Helene and Milton, with partial reopening scheduled for November 1, 2024. The Beach House building remains closed until Q1 2025. While repair costs are expected to be covered by insurance, the company reports significant operational impacts.

The storms are estimated to impact 2024 performance with: $11.5 million decrease in Net Income, $4.2 million reduction in Same-Property Total Revenue, and $0.10 decrease in Adjusted FFO per share. Other southeastern properties remained operational but experienced cancellations and reduced bookings.

Pebblebrook Hotel Trust (NYSE: PEB) announced the closing of a $400 million private placement of 6.375% Senior Notes due 2029 through its operating partnership. The notes are senior unsecured obligations, initially guaranteed by the Company and its subsidiaries. Approximately $353.3 million of the net proceeds were used to pay down three unsecured term loans, resulting in no meaningful debt maturities until December 2026.

Following the repayments, the remaining outstanding principal amounts of the Operating Partnership's term loans maturing in October 2024, October 2025, and October 2027 are $0, $200.0 million, and $360.0 million, respectively. The notes were offered only to qualified institutional buyers and certain non-U.S. persons in offshore transactions.

Pebblebrook Hotel Trust (NYSE: PEB) has released its sixth annual Corporate Sustainability Report, highlighting the company's 2023 performance and efforts towards sustainable business practices. The report aligns with international standards such as GRI, SASB, and TCFD. Key achievements include:

• 38% reduction in greenhouse gas emissions intensity per square foot
• 24% decrease in energy intensity per square foot
• 67% decline in waste intensity per occupied room

The report also showcases asset resiliency improvements, sustainable initiatives, and biodiversity programs at various properties. Pebblebrook demonstrates a strong commitment to diversity, with 52% of its workforce being female and 50% of independent Board members representing diverse backgrounds. The company's ongoing support for charitable organizations and employee volunteerism is also highlighted.

Pebblebrook Hotel Trust (NYSE: PEB) has provided an update on the impact of Hurricane Helene on several of its resorts. The 189-room LaPlaya Beach Resort & Club in Naples, Florida, was affected, with two of its three buildings currently operational. The Beach House, containing 79 guestrooms, is closed for repairs due to water infiltration. The company expects repair costs to be non-material and largely covered by insurance.

The Jekyll Island Club Resort in Georgia experienced minor damage and a temporary power outage but is now operating normally. Other Pebblebrook resorts in southern Florida affected by the hurricane are fully operational. The company anticipates that overall repair and remediation costs, net of insurance payments, will not be material. Pebblebrook's management teams have been praised for their efforts in protecting guests and mitigating property damage during the storm.

Pebblebrook Hotel Trust (NYSE: PEB) announced the pricing of $400 million aggregate principal amount of 6.375% senior notes due 2029 through its operating partnership, Pebblebrook Hotel, L.P., and PEB Finance Corp. The notes, priced on September 23, 2024, will be senior unsecured obligations and initially guaranteed by the Company and its subsidiaries that guarantee existing credit facilities. The private placement is expected to close on October 3, 2024.

The net proceeds will be used to:

• Pay down at least $253.0 million of unsecured term loans
• Use the balance (up to $137.4 million) to pay down other unsecured term loans and/or repurchase convertible senior notes

Pebblebrook Hotel Trust (NYSE: PEB) announced that its operating partnership, Pebblebrook Hotel, L.P., and PEB Finance Corp. intend to offer $350 million in senior notes due 2029 through a private placement. The notes will be senior unsecured obligations guaranteed by the company and its subsidiaries. The net proceeds will be used to pay down unsecured term loans (at least $253 million) and potentially repurchase a portion of convertible senior notes (up to $87.4 million).

The notes will not be registered under the Securities Act and will be offered only to qualified institutional buyers and certain non-U.S. persons in offshore transactions. This announcement does not constitute an offer to sell or a solicitation of an offer to buy the notes.

Pebblebrook Hotel Trust (NYSE: PEB) has released an update on its recent operating trends. The company, which is the largest owner of urban and resort lifestyle hotels and resorts in the United States, has made an updated presentation available on its investor relations website for more detailed information.

Pebblebrook Hotel Trust is a publicly traded real estate investment trust (REIT) that owns 46 hotels and resorts, comprising approximately 12,000 guest rooms across 13 urban and resort markets. Investors and interested parties can find additional information or receive press releases via email by visiting the company's website at www.pebblebrookhotels.com.

Pebblebrook Hotel Trust (NYSE: PEB) has declared dividends for the third quarter of 2024. The company will pay a quarterly cash dividend of $0.01 per common share on October 15, 2024, to shareholders of record as of September 30, 2024. Additionally, the Board of Trustees has authorized regular quarterly cash dividends on the company's preferred shares:

• $0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share
• $0.39375 per 6.3% Series F Cumulative Redeemable Preferred Share
• $0.39844 per 6.375% Series G Cumulative Redeemable Preferred Share
• $0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share

Pebblebrook Hotel Trust is the largest owner of urban and resort lifestyle hotels in the United States, with 46 hotels and approximately 12,000 guest rooms across 13 markets.