Pebblebrook Hotel Trust Reports 2021 Results

Rhea-AI Summary

Pebblebrook Hotel Trust (NYSE: PEB) reported improved hotel operating trends in 2021, with December being the strongest month compared to 2019 metrics. The company's total revenues for the year increased significantly, driven by robust leisure demand, particularly in resorts. Despite COVID-19 challenges, they completed over $270 million in hotel dispositions and $492 million in resort acquisitions, enhancing liquidity to $730 million. The Q1 2022 outlook predicts net losses of $67.7 to $72.7 million, with an expected positive variance in same-property RevPAR compared to 2021.

Positive

• 2021 Same-Property Hotel Revenues increased by over 65% versus 2020.
• Completed $492 million in leisure-focused resort acquisitions.
• Total liquidity reached $730 million, enhancing financial stability.
• Labor shortages have eased, improving operational capacity.

Negative

• Projected net losses of $67.7 to $72.7 million for Q1 2022.
• Same-Property RevPAR forecasted to be down 30-35% compared to 2019.

BETHESDA, Md.--(BUSINESS WIRE)-- Pebblebrook Hotel Trust (NYSE: PEB):

HOTEL OPERATING TRENDS	Performance improved throughout the year; December 2021 was the strongest month versus 2019 based on RevPAR, Total Revenue, and Hotel EBITDA, led by robust demand at the Company’s resorts and a continuing gradual recovery in business travel Leisure demand remains extremely healthy, with rate premiums expected to continue throughout 2022 Most of the 2022 business groups that canceled in January and February are rebooking in March through June at higher overall average rates Business travel demand is already improving in March and is expected to continue to accelerate its recovery into Q2 Labor shortage challenges have eased, and more open positions have been filled
PORTFOLIO UPDATES & REPOSITIONINGS	In 2021, the Company completed over $270 million of hotel dispositions and reallocated $492 million into leisure-focused resorts with meaningful upside opportunities from operating changes, redevelopment projects and remerchandising underutilized indoor and outdoor spaces/areas The Company’s acquisitions of Jekyll Island Club Resort, Margaritaville Hollywood Beach Resort, Estancia La Jolla Hotel & Spa and the two Key West B&Bs far exceeded the Company’s underwriting for 2021 Completed $83.8 million of capital investments during 2021, including the transformative repositioning of L’Auberge Del Mar and the comprehensive guestroom renovation of Southernmost Beach Resort in Key West, all geared to increase quality, enhance guest experiences and drive higher average rates, revenues, cash flow and value On target to complete the transformation and redevelopment of Hotel Grafton on Sunset into Hotel Ziggy in Q1 2022 and Hotel Vitale into 1 Hotel San Francisco in Q2 2022
BALANCE SHEET & LIQUIDITY	As of December 31, 2021, total liquidity of $730 million, including $92.2 million of cash on hand No significant debt maturities until November 2023; 89% of total debt at fixed rates Net debt to depreciated book value at the end of Q4 2021: 42%
Q1 2022 OUTLOOK	Net income/(loss): ($67.7) to ($72.7) million Same-Property RevPAR variance vs. 2019: (30%) to (35%); vs. 2021: +120% to +137% Adjusted EBITDAre: $14.0 to $19.0 million Adjusted FFO per diluted share: ($0.11) to ($0.15)

⁽¹⁾ See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures used in the table above and elsewhere in this press release.

“While we faced many challenges in 2021 due to the pandemic, we nonetheless made significant progress in our recovery. Our Same-Property Hotel Revenues increased by over $280 million, or 65%, versus 2020. Same-Property Hotel EBITDA was a positive $132.1 million, compared with negative ($27.5) million in 2020. Our resorts led the recovery, amazingly surpassing 2019 levels in room rates, RevPAR, and Hotel EBITDA. We also successfully sold several urban hotels and reinvested this capital into four leisure-focused resort acquisitions. Each of these new investments offers unique upside opportunities through our redevelopment and remerchandising expertise, operator changes, and enhancements to guest experiences. This should allow us to achieve healthy revenue growth while attracting the best employees in our markets to provide elevated hotel experiences. As we look forward to 2022, we are encouraged by the rebooking of business travel from January and February to later in the first half of 2022, which indicates a high level of pent-up business travel.” -Jon E. Bortz, Chairman, President, and Chief Executive Officer of Pebblebrook Hotel Trust

Fourth Quarter and Full-Year Highlights

	Fourth Quarter						Year Ended December 31,
Same-Property and Corporate Highlights	2021		2020 (‘21 vs. ‘20)		2019 (‘21 vs.‘19)		2021		2020 (‘21 vs.‘20)		2019 (‘21 vs.‘19)
	($ in millions except per share and RevPAR data)
Net income (loss)	($42.8)		($173.2)		$19.6		($186.4)		($392.6)		$115.7
Same-Property Room Revenues(1)	$157.9		$54.0		$224.9		$482.2		$286.5		$973.6
Same-Property Room Revenues variance			192.6%		(29.8%)				68.3%		(50.5%)
Same-Property Total Revenues(1)	$245.4		$85.0		$345.3		$730.2		$441.7		$1,434.5
Same-Property Total Revenues variance			188.9%		(28.9%)				65.3%		(49.1%)
Same-Property Total Expenses(1)	$192.1		$100.1		$248.7		$598.2		$469.2		$977.4
Same-Property Total Expenses variance			91.9%		(22.8%)				27.5%		(38.8%)
Same-Property EBITDA(1)	$53.4		($15.1)		$96.6		$132.1		($27.5)		$457.2
Same-Property EBITDA variance			NM		(44.8%)				NM		(71.1%)
Adjusted EBITDAre(1)	$41.0		($27.9)		$100.1		$88.3		($69.7)		$478.7
Adjusted EBITDAre variance			NM		(59.1%)				NM		(81.5%)
Adjusted FFO(1)	$7.9		($65.4)		$71.3		($42.0)		($191.4)		$344.1
Adjusted FFO per diluted share(1)	$0.06		($0.50)		$0.54		($0.32)		($1.46)		$2.63
Adjusted FFO per diluted share variance			NM		(88.9%)				NM		(112.2%)

	2021 Monthly Results
Total Portfolio(2,3)	Jan				Feb				Mar				Apr				May				Jun				Jul				Aug				Sep				Oct			Nov			Dec
	($ in millions except ADR and RevPAR data)
Occupancy	14%				20%				26%				32%				37%				47%				56%				50%				48%				55%			51%			48%
ADR	$226				$241				$245				$239				$246				$254				$281				$270				$264				$264			$250			$256
RevPAR	$31				$48				$64				$76				$92				$120				$157				$134				$127				$144			$128			$123
Total Revenues	$19.2				$25.7				$37.9				$43.0				$53.6				$66.3				$86.7				$76.9				$72.4				$90.3			$76.6			$80.4
Total Revenues variance (‘21 vs. ‘19)	(80%)				(74%)				(68%)				(65%)				(59%)				(50%)				(33%)				(39%)				(43%)				(36%)			(33%)			(20%)
Hotel EBITDA	($10.5)				($5.4)				$2.0				$3.5				$8.5				$15.9				$27.0				$23.5				$13.9				$23.7			$13.5			$15.5

	NM = Not Meaningful
(1)	See tables later in this press release for a description of same-property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share.
	For the details as to which hotels are included in Same-Property Room Revenues, Total Revenues, Expenses and EBITDA appearing in the table above and elsewhere in this press release, refer to the Same-Property Statistical Data table footnotes later in this press release.
(2)	Includes information for all of the hotels the Company owned as of December 31, 2021, which excludes Sir Francis Drake, The Roger New York and Villa Florence San Francisco on Union Square for January-December for 2021 and 2019 given the properties’ dispositions on April 1, June 10 and September 9, 2021, respectively.
(3)	Jekyll Island Club Resort is excluded from January-July for 2021 and 2019 given the property’s acquisition on July 22, 2021, Margaritaville Hollywood Beach Resort is excluded from January-September for 2021 and 2019 given the property’s acquisition on September 23, 2021, Southernmost Beach Resort’s 31 additional rooms following the acquisition of Avalon Bed & Breakfast and Duval Gardens are excluded from January-September for 2021 and 2019 given the properties’ acquisition on October 20, 2021, and Estancia La Jolla Hotel & Spa is excluded from January-November for 2021 and 2019 given the property’s acquisition on December 1, 2021.

“Leisure demand at our resorts was exceptionally strong in 2021,” continued Mr. Bortz. “For our 11 resorts, compared with 2019, ADR increased 37% while RevPAR improved 7.4% due to a 21.6% decline in occupancy, yet Hotel EBITDA was up 14%. These results demonstrate the benefits of our new hotel operating models, increased efficiencies, best practices, and the power of price increases. Despite increased wage pressures in certain markets, we remain confident in our ability to generate portfolio-wide Hotel EBITDA profit margins 100 to 200 basis points better than our pre-pandemic profit levels. For 2022, assuming we have no further significant waves of COVID-19, we expect that portfolio-wide ADR will exceed 2019 ADR levels due to continued healthy leisure rate premiums, as well as an acceleration in the recovery of business travel, including both group and transient.”

Capital Investments and Strategic Property Redevelopments

In the fourth quarter, the Company completed $31.0 million of capital investments throughout its portfolio. The Company completed $83.8 million of capital investments and projects in 2021, including significant renovations and property improvements at L’Auberge Del Mar and Southernmost Beach Resort. In 2022, the Company intends to complete or commence the following redevelopments:

• Hotel Vitale (estimated at $28.0 million), a total transformation into the sustainability-focused, mission-driven, and experiential luxury 1 Hotel San Francisco, which will offer nature-inspired designs and environmentally focused services and aesthetics throughout guestrooms and suites, public areas, and meeting and event venues. The redevelopment began in the third quarter of 2021, and the hotel will remain closed until the redevelopment’s targeted completion in the second quarter of 2022;

• Grafton on Sunset (estimated at $6.0 million), a comprehensive redevelopment of the hotel’s indoor and outdoor public areas and suites, and a refresh of the guestrooms. The renovation began in the fourth quarter of 2021 and is expected to be completed in the first quarter of 2022, when the hotel will be renamed and repositioned as Hotel Ziggy and become part of the Company’s Unofficial Z Collection;

• Skamania Lodge (estimated at $10.0 to $12.0 million), phase one of a multi-phase, multi-year master plan that will add guestrooms through the creation of treehouses, glamping units, cabins and villas, and will provide additional outdoor meeting venues and experiential guest amenities. The first phase of the multi-phase plan will be implemented in 2022 and 2023 and currently includes three additional treehouses, five glamping units, a four-bedroom villa, and an additional outdoor event pavilion;

• Solamar Hotel (estimated at $20.0 million), a comprehensive redevelopment and repositioning, which when relaunched, will open as Margaritaville Hotel San Diego Gaslamp Quarter, a lifestyle hotel featuring the Margaritaville offerings and state of mind. The Company expects to commence the renovation in the fourth quarter of 2022 and complete it in the first quarter of 2023;

• Hilton San Diego Gaslamp Quarter (estimated at $20.0 to $22.0 million), a comprehensive redevelopment and renovation of the hotel’s guestrooms and public areas, including remerchandising outdoor areas, reconcepting the restaurant/bar, and emphasizing the hotel’s California casual modern elegance with an elevated lifestyle hotel experience. The Company expects to commence the renovation in the third quarter of 2022 and complete it in the first quarter of 2023;

• Jekyll Island Club Resort (estimated at $20.0 to $22.0 million), a comprehensive redevelopment and renovation bringing southern luxury to this historic and iconic resort. The Company expects to commence the renovation in the third quarter of 2022 and complete it in the third quarter of 2023;

• Viceroy Santa Monica (estimated at $9.0 million), a comprehensive guestroom renovation to complement the recently completed public area transformation that together repositions this iconic property into a luxury lifestyle experience. The Company expects to commence the renovation of the guestrooms in the fourth quarter of 2022 and complete it by the second quarter of 2023;

• Estancia La Jolla Hotel & Spa (estimated at $18.0 to $21.0 million), a comprehensive two-phase renovation of the guestrooms, lobby, spa, pool, bars, restaurants and indoor and outdoor meeting and wedding venues. The Company expects to commence the renovation in the fourth quarter of 2022 and complete it in the first quarter of 2024; and

• Paradise Point Resort & Spa (estimated at $40.0 million), once approved by governmental authorities, including the California Coastal Commission, the project will include a comprehensive redevelopment and repositioning of this unique 44-acre Mission Bay resort as Paradise Point, a Margaritaville Island Resort San Diego.

The Company expects to invest $100.0 to $120.0 million in capital improvements during 2022.

Update on Strategic Acquisitions and Dispositions

The Company completed $276.1 million of dispositions in 2021. This included the 416-room Sir Francis Drake in San Francisco, the 194-room The Roger New York, and the 189-room Villa Florence San Francisco on Union Square.

Pebblebrook completed $492.0 million of acquisitions in 2021. This included the 200-room Jekyll Island Club Resort, the 369-room Margaritaville Hollywood Beach Resort, the 19-room Avalon Bed & Breakfast and 12-room Duval Gardens in Key West, and the 210-room Estancia La Jolla Hotel & Spa.

Balance Sheet and Liquidity

As of December 31, 2021, the Company had $92.2 million of consolidated cash, cash equivalents, and restricted cash in addition to $637.9 million of undrawn availability on its senior unsecured revolving credit facility, for total liquidity of $730 million.

The Company had $2.5 billion in consolidated debt and convertible notes at an effective weighted-average interest rate of 3.2 percent. $2.2 billion, or 89 percent of the Company’s total outstanding debt and convertible notes, was at a weighted-average fixed interest rate of 3.3 percent, and $0.3 billion, or 11 percent, was at a weighted-average floating interest rate of 2.5 percent. The Company had $1.4 billion of unsecured term loans, and there was no outstanding balance on its $650.0 million senior unsecured revolving credit facility. The Company has no material loans maturing until 2023.

In December 2021, the Company completed loan amendments with its banking and lending partners, which waived all its financial covenants until the second quarter 2022, (with substantially less-restrictive covenants through the end of the first quarter of 2023) and extended maturities of more than $1.0 billion of debt. Furthermore, the Company increased the amount of reinvestment proceeds available for new acquisitions from $500.0 million to $1.0 billion and the amount of additional secured non-recourse indebtedness that it is permitted to incur.

Common and Preferred Dividends

On December 15, 2021, the Company declared a quarterly cash dividend of $0.01 per share on its common shares as well as a quarterly cash dividend for the following preferred shares of beneficial interest:

• $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; and
• $0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.

Update on Curator Hotel & Resort Collection

Curator Hotel & Resort Collection (“Curator”) is a distinct collection of experientially focused small brands and independent lifestyle hotels and resorts worldwide founded by Pebblebrook and several industry-leading independent lifestyle hotel operators. As of year-end 2021, Curator had grown to 85 member hotels. In the fourth quarter of 2021, Curator announced strategic partnerships with numerous leading travel and technology companies, including UniFocus, ReviewPro, Aireus, Silverware, LEFCON, and VENZA. As of year-end 2021, Curator had 80 programs with preferred vendor partners, providing Curator member hotels with preferred pricing and enhanced operating terms.

Q1 2022 Outlook

Based on current trends, and assuming no new disruptions to travel caused by the COVID-19 pandemic, the Company’s outlook for Q1 2022 is as follows:

		Q1 2022 Outlook
		Low	High
		($ and shares/units in millions, except per share and RevPAR data)
	Net income (loss)	($72.7)	($67.7)
	Adjusted EBITDAre	$14.0	$19.0
	Adjusted FFO	($19.2)	($14.2)
	Adjusted FFO per diluted share	($0.15)	($0.11)

This Q1 2022 Outlook is based, in part, on the following estimates and assumptions:

	Same-Property RevPAR	$122	$131
	Same-Property RevPAR variance vs. 2019	(35.0%)	(30.0%)
	Same-Property RevPAR variance vs. 2021	120.0%	137.0%
	Same-Property EBITDA	$25.0	$30.0
	Same-Property EBITDA variance vs. 2019	(72.8%)	(67.4%)

The Company continues to be unable to provide a full-year outlook for 2022 due to the uncertainties caused by the COVID-19 pandemic. The Company intends to issue new full-year guidance when it has more clarity on the economy, travel demand, and more predictable overall operating fundamentals and trends.

Fourth Quarter 2021 Earnings Call

The Company will conduct its quarterly analyst and investor conference call on Wednesday, February 23, 2022, at 9:00 AM ET. Please dial (877) 705-6003 approximately ten minutes before the call begins to participate. Additionally, a live webcast of the conference call will be available through the Investor Relations section of www.pebblebrookhotels.com. To access the webcast, click on https://investor.pebblebrookhotels.com/news-and-events/webcasts/default.aspx ten minutes before the conference call. A replay of the conference call webcast will be archived and available online.

About Pebblebrook Hotel Trust

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. The Company owns 53 hotels, totaling approximately 13,200 guest rooms across 15 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. Examples of forward-looking statements include the following: descriptions of the Company’s plans or objectives for future capital investment projects, operations or services; forecasts of the Company’s future economic performance; forecasts of hotel industry performance; and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information about the Company’s business and financial results, please refer to the "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of February 22, 2022. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.

Pebblebrook Hotel Trust
Consolidated Balance Sheets
($ in thousands, except share and per-share data)
	December 31, 2021				December 31, 2020
ASSETS
Assets:
Investment in hotel properties, net	$	6,079,333			$	5,882,022
Cash and cash equivalents		58,518				124,274
Restricted cash		33,729				12,026
Hotel receivables (net of allowance for doubtful accounts of $1,142 and $183, respectively)		37,045				10,225
Prepaid expenses and other assets		52,565				47,819
Total assets	$	6,261,190			$	6,076,366
LIABILITIES AND EQUITY
Liabilities:
Unsecured revolving credit facilities	$	-			$	40,000
Unsecured term loans, net of unamortized deferred financing costs		1,427,256				1,766,545
Convertible senior notes, net of unamortized debt premium and discount and deferred financing costs		745,401				374,333
Senior unsecured notes, net of unamortized deferred financing costs		49,838				99,593
Mortgage loans, net of unamortized debt discount and deferred financing costs		219,393				-
Accounts payable, accrued expenses and other liabilities		250,584				226,446
Lease liabilities - operating leases		319,426				255,106
Deferred revenues		69,064				36,057
Accrued interest		4,567				4,653
Distribution payable		11,756				9,307
Total liabilities		3,097,285				2,812,040
Commitments and contingencies
Shareholders' Equity:
Preferred shares of beneficial interest, $0.01 par value (liquidation preference $740,000 and
$510,000 at December 31, 2021 and December 31, 2020, respectively), 100,000,000 shares
authorized; 29,600,000 shares issued and outstanding at December 31, 2021 and 20,400,000
shares issued and outstanding at December 31, 2020		296				204
Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized;
130,813,750 shares issued and outstanding at December 31, 2021 and 130,673,300
shares issued and outstanding at December 31, 2020		1,308				1,307
Additional paid-in capital		4,268,042				4,169,870
Accumulated other comprehensive income (loss)		(19,442	)			(60,071	)
Distributions in excess of retained earnings		(1,094,023	)			(853,973	)
Total shareholders' equity		3,156,181				3,257,337
Non-controlling interests		7,724				6,989
Total equity		3,163,905				3,264,326
Total liabilities and equity	$	6,261,190			$	6,076,366

Pebblebrook Hotel Trust
Consolidated Statements of Operations
($ in thousands, except share and per-share data)
	Three months ended December 31,								Year ended December 31,
		2021				2020				2021				2020
	(Unaudited)
Revenues:
Room	$	158,577			$	48,160			$	483,191			$	287,439
Food and beverage		62,625				13,257				157,848				95,892
Other operating		26,075				12,792				92,005				59,557
Total revenues	$	247,277			$	74,209			$	733,044			$	442,888
Expenses:
Hotel operating expenses:
Room	$	41,328			$	16,381			$	127,105			$	91,771
Food and beverage		43,807				11,554				111,928				77,698
Other direct and indirect		83,478				38,501				257,547				209,957
Total hotel operating expenses		168,613				66,436				496,580				379,426
Depreciation and amortization		58,615				56,516				224,251				224,560
Real estate taxes, personal property taxes, property insurance, and ground rent		27,445				29,160				111,675				114,333
General and administrative		11,363				6,899				38,166				45,158
Transaction costs		37				70				100				10,544
Impairment loss		-				53,986				14,856				74,556
(Gain) loss on sale of hotel properties		-				-				(64,729	)			(117,401	)
Other operating expenses		485				668				1,936				4,421
Total operating expenses		266,558				213,735				822,835				735,597
Operating income (loss)		(19,281	)			(139,526	)			(89,791	)			(292,709	)
Interest expense		(23,568	)			(28,902	)			(96,633	)			(104,098	)
Other		28				75				113				517
Income (loss) before income taxes		(42,821	)			(168,353	)			(186,311	)			(396,290	)
Income tax (expense) benefit		(1	)			(4,834	)			(61	)			3,697
Net income (loss)		(42,822	)			(173,187	)			(186,372	)			(392,593	)
Net income (loss) attributable to non-controlling interests		(429	)			(329	)			(1,514	)			(864	)
Net income (loss) attributable to the Company		(42,393	)			(172,858	)			(184,858	)			(391,729	)
Distributions to preferred shareholders		(11,344	)			(8,139	)			(42,105	)			(32,556	)
Issuance costs of redeemed preferred shares		(12	)			-				(8,055	)			-
Net income (loss) attributable to common shareholders	$	(53,749	)		$	(180,997	)		$	(235,018	)		$	(424,285	)
Net income (loss) per share available to common shareholders, basic	$	(0.41	)		$	(1.39	)		$	(1.80	)		$	(3.25	)
Net income (loss) per share available to common shareholders, diluted	$	(0.41	)		$	(1.39	)		$	(1.80	)		$	(3.25	)
Weighted-average number of common shares, basic		130,813,750				130,673,300				130,804,354				130,610,015
Weighted-average number of common shares, diluted		130,813,750				130,673,300				130,804,354				130,610,015

Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO
($ in thousands, except share and per-share data)
(Unaudited)
	Three months ended December 31,												Year ended December 31,
		2021				2020				2019				2021				2020				2019
Net income (loss)	$	(42,822	)		$	(173,187	)		$	19,572			$	(186,372	)		$	(392,593	)		$	115,725
Adjustments:
Real estate depreciation and amortization		58,512				56,408				57,396				223,813				224,124				234,591
(Gain) loss on sale of hotel properties		-				-				(2,819	)			(64,729	)			(117,401	)			(2,819	)
Impairment loss		-				53,986				-				14,856				74,556				-
FFO	$	15,690			$	(62,793	)		$	74,149			$	(12,432	)		$	(211,314	)		$	347,497
Distribution to preferred shareholders		(11,344	)			(8,139	)			(8,139	)			(42,105	)			(32,556	)			(32,556	)
Issuance costs of redeemed preferred shares		(12	)			-				-				(8,055	)			-				-
FFO available to common share and unit holders	$	4,334			$	(70,932	)		$	66,010			$	(62,592	)		$	(243,870	)		$	314,941
Transaction costs		37				70				1,103				100				10,544				8,679
Non-cash ground rent		1,960				910				701				4,729				3,730				3,975
Management/franchise contract transition costs		136				196				1,143				271				814				5,927
Interest expense adjustment for acquired liabilities		811				1,205				213				2,127				1,981				902
Finance lease adjustment		719				808				1,000				3,037				3,213				3,193
Non-cash amortization of acquired intangibles		(543	)			607				(290	)			(1,593	)			(322	)			(1,340	)
Non-cash interest expense		442				1,380				1,379				2,063				5,502				6,140
One-time operation suspension expenses		-				(707	)			-				132				9,997				-
Non-cash canceled share-based compensation		-				-				-				-				16,001				-
Early extinguishment of debt		-				1,024				-				1,700				1,024				1,698
Issuance costs of redeemed preferred shares		12				-				-				8,055				-				-
Adjusted FFO available to common share and unit holders	$	7,908			$	(65,439	)		$	71,259			$	(41,971	)		$	(191,386	)		$	344,115
FFO per common share - basic	$	0.03			$	(0.54	)		$	0.50			$	(0.48	)		$	(1.86	)		$	2.41
FFO per common share - diluted	$	0.03			$	(0.54	)		$	0.50			$	(0.48	)		$	(1.86	)		$	2.40
Adjusted FFO per common share - basic	$	0.06			$	(0.50	)		$	0.54			$	(0.32	)		$	(1.46	)		$	2.63
Adjusted FFO per common share - diluted	$	0.06			$	(0.50	)		$	0.54			$	(0.32	)		$	(1.46	)		$	2.63
Weighted-average number of basic common shares and units		131,674,563				130,934,016				130,854,912				131,665,167				130,870,731				130,841,626
Weighted-average number of fully diluted common shares and units		131,674,563				130,934,016				131,039,450				131,665,167				130,870,731				131,088,262

This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented.

The Company also evaluates its performance by reviewing Adjusted FFO because it believes that adjusting FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO:

- Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.
- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities assumed in connection with acquisitions, because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company.
- Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company.
- Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company.
- Non-cash interest expense, one-time operation suspension expenses, non-cash canceled share-based compensation, early extinguishment of debt, and issuance costs of redeemed preferred shares: The Company excludes these items because the Company believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels.

The Company’s presentation of FFO in accordance with the Nareit White Paper, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.

Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre
($ in thousands)
(Unaudited)
	Three months ended December 31,												Year ended December 31,
		2021				2020				2019				2021				2020				2019
Net income (loss)	$	(42,822	)		$	(173,187	)		$	19,572			$	(186,372	)		$	(392,593	)		$	115,725
Adjustments:
Interest expense		23,568				28,902				23,962				96,633				104,098				108,474
Income tax expense (benefit)		1				4,834				(752	)			61				(3,697	)			5,172
Depreciation and amortization		58,615				56,516				57,504				224,251				224,560				234,880
EBITDA	$	39,362			$	(82,935	)		$	100,286			$	134,573			$	(67,632	)		$	464,251
(Gain) loss on sale of hotel properties		-				-				(2,819	)			(64,729	)			(117,401	)			(2,819	)
Impairment loss		-				53,986				-				14,856				74,556				-
EBITDAre	$	39,362			$	(28,949	)		$	97,467			$	84,700			$	(110,477	)		$	461,432
Transaction costs		37				70				1,103				100				10,544				8,679
Non-cash ground rent		1,960				910				701				4,729				3,730				3,975
Management/franchise contract transition costs		136				196				1,143				271				814				5,927
Non-cash amortization of acquired intangibles		(543	)			607				(290	)			(1,593	)			(322	)			(1,340	)
One-time operation suspension expenses		-				(707	)			-				132				9,997				-
Non-cash canceled share-based compensation		-				-				-				-				16,001				-
Adjusted EBITDAre	$	40,952			$	(27,873	)		$	100,124			$	88,339			$	(69,713	)		$	478,673

This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).

Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with Nareit guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

The Company also evaluates its performance by reviewing Adjusted EBITDAre because it believes that adjusting EBITDAre to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre:

- Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.
- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- One-time operation suspension expenses and non-cash canceled share-based compensation: The Company excludes these items because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.

The Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.

Pebblebrook Hotel Trust
Reconciliation of Q1 2022 Outlook Net Income (Loss) to FFO and Adjusted FFO
($ in millions, except per share data)
(Unaudited)
		Three months ending March 31, 2022
		Low				High
Net income (loss)		$	(73	)		$	(68	)
Adjustments:
Real estate depreciation and amortization			60				60
(Gain) loss on sale of hotel properties			-				-
FFO		$	(13	)		$	(8	)
Distribution to preferred shareholders			(11	)			(11	)
FFO available to common share and unit holders		$	(24	)		$	(19	)
Non-cash ground rent			1				1
Non-cash interest expense			-				-
Amortization of share-based compensation expense			3				3
Other			1				1
Adjusted FFO available to common share and unit holders		$	(19	)		$	(14	)
FFO per common share - diluted		$	(0.18	)		$	(0.14	)
Adjusted FFO per common share - diluted		$	(0.15	)		$	(0.11	)
Weighted-average number of fully diluted common shares and units			131.9				131.9

To supplement the Company’s consolidated financial statements presented in accordance with U.S. GAAP, this press release includes certain non-GAAP financial measures as defined under SEC rules.

These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented.

The Company also evaluates its performance by reviewing Adjusted FFO because it believes that adjusting FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO for the following items, which may occur in any period, and refers to this measure as Adjusted FFO:

- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.
- Non-cash interest expense: The Company excludes non-cash interest expense because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Amortization of share-based compensation expense: The Company excludes the amortization of share-based compensation expense because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Other: The Company excludes other expenses, which include transaction costs, management/franchise contract transition costs, interest expense adjustment for acquired liabilities, capital lease adjustment and non-cash amortization of acquired intangibles because the Company believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels.

The Company’s presentation of FFO in accordance with the Nareit White Paper, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.

Any differences are a result of rounding.

Pebblebrook Hotel Trust
Reconciliation of Q1 2022 Outlook Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre
($ in millions)
(Unaudited)
		Three months ending March 31, 2022
		Low				High
Net income (loss)		$	(73	)		$	(68	)
Adjustments:
Interest expense and income tax expense			23				23
Depreciation and amortization			60				60
EBITDA		$	10			$	15
(Gain) loss on sale of hotel properties			-				-
EBITDAre		$	10			$	15
Non-cash ground rent			1				1
Amortization of share-based compensation expense			3				3
Other			-				-
Adjusted EBITDAre		$	14			$	19

To supplement the Company’s consolidated financial statements presented in accordance with U.S. GAAP, this press release includes certain non-GAAP financial measures as defined under SEC rules.

These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).

Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses of on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

The Company also evaluates its performance by reviewing Adjusted EBITDAre because it believes that adjusting EBITDAre to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre:

- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.
- Amortization of share-based compensation expense: The Company excludes amortization of share-based compensation expense because the Company believes that including this non-cash adjustment in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Other: The Company excludes other expenses, which include transaction costs, management/franchise contract transition costs, non-cash amortization of acquired intangibles and estimated hurricane related repairs and cleanup costs because the Company believes that including these non-cash adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.

The Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.

Any differences are a result of rounding.

Pebblebrook Hotel Trust
Same-Property Statistical Data
(Unaudited)
				Three months ended December 31,						Year ended December 31,
				2021		2020		2019		2021		2020		2019
Same-Property Occupancy				52.0%		22.7%		78.3%		40.4%		26.5%		81.9%
	2021 vs. 2020 Increase/(Decrease)			128.9%						52.6%
	2021 vs. 2019 Increase/(Decrease)			(33.7%)						(50.7%)
Same-Property ADR				$257.28		$201.27		$243.60		$257.86		$233.25		$257.10
	2021 vs. 2020 Increase/(Decrease)			27.8%						10.6%
	2021 vs. 2019 Increase/(Decrease)			5.6%						0.3%
Same-Property RevPAR				$133.67		$45.68		$190.82		$104.12		$61.72		$210.46
	2021 vs. 2020 Increase/(Decrease)			192.6%						68.7%
	2021 vs. 2019 Increase/(Decrease)			(30.0%)						(50.5%)
Same-Property Total RevPAR				$207.82		$71.94		$293.03		$157.69		$95.15		$310.10
	2021 vs. 2020 Increase/(Decrease)			188.9%						65.7%
	2021 vs. 2019 Increase/(Decrease)			(29.1%)						(49.1%)

Notes:

While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended December 31 includes information from all of the hotels the Company owned as of December 31, 2021, except for Hotel Vitale for Q4 2021, 2020 and 2019 because it was closed for renovation during Q4 in 2021 as well as Estancia La Jolla Hotel & Spa for Q4 2021, 2020 and 2019.

This schedule of hotel results for the year ended December 31 includes information from all of the hotels the Company owned as of December 31, 2021 but excludes: Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 and Q2 in 2021, 2020 and 2019 because it was closed for renovation during Q1 and Q2 in 2020; Hotel Vitale for Q3 and Q4 in 2021, 2020 and 2019 because it was closed for renovation during Q3 and Q4 in 2021; Jekyll Island Club Resort for Q1 and Q2 in 2021, 2020 and 2019; Margaritaville Hollywood Beach Resort for Q1, Q2 and Q3 in 2021, 2020 and 2019; Southernmost Beach Resort's 31 additional rooms following the acquisition of Avalon Bed & Breakfast and Duval Gardens for Q1, Q2 and Q3 in 2021, 2020 and 2019; and Estancia La Jolla Hotel & Spa for Q1, Q2, Q3 and Q4 in 2021, 2020 and 2019. Also included in this schedule is information for Sir Francis Drake and The Roger New York for Q1 in 2021, 2020 and 2019 as well as Villa Florence San Francisco on Union Square for Q1 and Q2 in 2021, 2020 and 2019.

These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust
Same-Property Statistical Data - by Market
(Unaudited)
				Three months ended December 31,		Year ended December 31,
				2021 vs. 2019		2021 vs. 2019
Same-Property RevPAR variance:
Southern Florida/Georgia				29.2%		23.7%
San Diego				(11.3%)		(30.4%)
Other				(24.7%)		(40.2%)
Los Angeles				(25.0%)		(49.8%)
Boston				(25.2%)		(51.5%)
Portland				(39.1%)		(49.6%)
Chicago				(51.9%)		(70.5%)
Washington DC				(53.4%)		(70.1%)
Seattle				(58.5%)		(71.3%)
San Francisco				(75.0%)		(86.6%)
East Coast				(12.7%)		(35.3%)
West Coast				(39.3%)		(57.0%)

Notes:

While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended December 31 includes information from all of the hotels the Company owned as of December 31, 2021, except for Hotel Vitale for Q4 2021, 2020 and 2019 because it was closed for renovation during Q4 in 2021 as well as Estancia La Jolla Hotel & Spa for Q4 2021, 2020 and 2019.

This schedule of hotel results for the year ended December 31 includes information from all of the hotels the Company owned as of December 31, 2021 but excludes: Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 and Q2 in 2021, 2020 and 2019 because it was closed for renovation during Q1 and Q2 in 2020; Hotel Vitale for Q3 and Q4 in 2021, 2020 and 2019 because it was closed for renovation during Q3 and Q4 in 2021; Jekyll Island Club Resort for Q1 and Q2 in 2021, 2020 and 2019; Margaritaville Hollywood Beach Resort for Q1, Q2 and Q3 in 2021, 2020 and 2019; Southernmost Beach Resort's 31 additional rooms following the acquisition of Avalon Bed & Breakfast and Duval Gardens for Q1, Q2 and Q3 in 2021, 2020 and 2019; and Estancia La Jolla Hotel & Spa for Q1, Q2, Q3 and Q4 in 2021, 2020 and 2019. Also included in this schedule is information for Sir Francis Drake and The Roger New York for Q1 in 2021, 2020 and 2019 as well as Villa Florence San Francisco on Union Square for Q1 and Q2 in 2021, 2020 and 2019.

"Other" includes New York City, NY; Philadelphia, PA; and Santa Cruz, CA.

These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust
Hotel Operational Data
Schedule of Same-Property Results
($ in thousands)
(Unaudited)
				Three months ended December 31,												Year ended December 31,
					2021				2020				2019				2021				2020				2019
Same-Property Revenues:
	Room			$	157,861			$	53,953			$	224,882			$	482,161			$	286,496			$	973,608
	Food and beverage				61,781				17,622				90,506				157,049				95,997				334,082
	Other				25,791				13,382				29,956				91,022				59,162				126,847
		Total hotel revenues			245,433				84,957				345,344				730,232				441,655				1,434,537
Same-Property Expenses:
	Room			$	40,973			$	17,079			$	58,037			$	126,425			$	89,959			$	239,500
	Food and beverage				43,200				14,638				60,947				111,029				78,480				232,918
	Other direct				6,195				3,245				6,438				18,752				12,214				23,865
	General and administrative				24,758				9,568				27,977				74,921				54,172				110,570
	Information and telecommunication systems				4,112				3,333				5,213				14,145				14,568				20,355
	Sales and marketing				18,122				8,433				27,381				55,561				45,115				107,123
	Management fees				7,038				2,069				10,610				20,055				10,882				43,440
	Property operations and maintenance				11,598				7,135				11,623				35,791				29,356				45,644
	Energy and utilities				8,326				5,878				8,452				28,642				23,459				33,907
	Property taxes				16,131				18,315				18,626				70,142				72,988				71,770
	Other fixed expenses				11,626				10,399				13,430				42,711				37,983				48,289
		Total hotel expenses			192,079				100,092				248,734				598,174				469,176				977,381
		Same-Property EBITDA		$	53,354			$	(15,135	)		$	96,610			$	132,058			$	(27,521	)		$	457,156
		Same-Property EBITDA Margin			21.7	%			(17.8	%)			28.0	%			18.1	%			(6.2	%)			31.9	%

Notes:

While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended December 31 includes information from all of the hotels the Company owned as of December 31, 2021, except for Hotel Vitale for Q4 2021, 2020 and 2019 because it was closed for renovation during Q4 in 2021 as well as Estancia La Jolla Hotel & Spa for Q4 2021, 2020 and 2019.

This schedule of hotel results for the year ended December 31 includes information from all of the hotels the Company owned as of December 31, 2021 but excludes: Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 and Q2 in 2021, 2020 and 2019 because it was closed for renovation during Q1 and Q2 in 2020; Hotel Vitale for Q3 and Q4 in 2021, 2020 and 2019 because it was closed for renovation during Q3 and Q4 in 2021; Jekyll Island Club Resort for Q1 and Q2 in 2021, 2020 and 2019; Margaritaville Hollywood Beach Resort for Q1, Q2 and Q3 in 2021, 2020 and 2019; Southernmost Beach Resort's 31 additional rooms following the acquisition of Avalon Bed & Breakfast and Duval Gardens for Q1, Q2 and Q3 in 2021, 2020 and 2019; and Estancia La Jolla Hotel & Spa for Q1, Q2, Q3 and Q4 in 2021, 2020 and 2019. Also included in this schedule is information for Sir Francis Drake and The Roger New York for Q1 in 2021, 2020 and 2019 as well as Villa Florence San Francisco on Union Square for Q1 and Q2 in 2021, 2020 and 2019.

These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust
2021 Same-Property Inclusion Reference Table
Hotels					Q1		Q2		Q3		Q4
Sir Francis Drake					X
Hotel Monaco Washington DC					X		X		X		X
Skamania Lodge					X		X		X		X
Le Méridien Delfina Santa Monica					X		X		X		X
Sofitel Philadelphia at Rittenhouse Square					X		X		X		X
Argonaut Hotel					X		X		X		X
The Westin San Diego Gaslamp Quarter					X		X		X		X
Hotel Monaco Seattle					X		X		X		X
Mondrian Los Angeles					X		X		X		X
W Boston					X		X		X		X
Hotel Zetta San Francisco					X		X		X		X
Hotel Vintage Seattle					X		X		X		X
Hotel Vintage Portland					X		X		X		X
W Los Angeles - West Beverly Hills					X		X		X		X
Hotel Zelos San Francisco					X		X		X		X
Embassy Suites San Diego Bay - Downtown					X		X		X		X
The Hotel Zags					X		X		X		X
Hotel Zephyr Fisherman's Wharf					X		X		X		X
Hotel Zeppelin San Francisco					X		X		X		X
The Nines, a Luxury Collection Hotel, Portland					X		X		X		X
Hotel Colonnade Coral Gables, Autograph Collection					X		X		X		X
Hotel Palomar Los Angeles Beverly Hills					X		X		X		X
Revere Hotel Boston Common					X		X		X		X
LaPlaya Beach Resort & Club					X		X		X		X
Hotel Zoe Fisherman's Wharf					X		X		X		X
Villa Florence San Francisco on Union Square					X		X
Hotel Vitale					X		X
The Marker San Francisco					X		X		X		X
Hotel Spero					X		X		X		X
Harbor Court Hotel San Francisco					X		X		X		X
Chaminade Resort & Spa					X		X		X		X
Viceroy Santa Monica Hotel					X		X		X		X
Le Parc Suite Hotel					X		X		X		X
Montrose West Hollywood					X		X		X		X
Chamberlain West Hollywood Hotel					X		X		X		X
Grafton on Sunset					X		X		X		X
The Westin Copley Place, Boston					X		X		X		X
The Liberty, a Luxury Collection Hotel, Boston					X		X		X		X
Hyatt Regency Boston Harbor					X		X		X		X
George Hotel					X		X		X		X
Viceroy Washington DC					X		X		X		X
Hotel Zena Washington DC									X		X
Paradise Point Resort & Spa					X		X		X		X
Hilton San Diego Gaslamp Quarter					X		X		X		X
L'Auberge Del Mar					X		X		X		X
San Diego Mission Bay Resort					X		X		X		X
Solamar Hotel					X		X		X		X
The Heathman Hotel					X		X		X		X
Southernmost Beach Resort					X		X		X		X
The Marker Key West Harbor Resort					X		X		X		X
The Roger New York					X
Hotel Chicago Downtown, Autograph Collection					X		X		X		X
The Westin Michigan Avenue Chicago					X		X		X		X
Jekyll Island Club Resort									X		X
Margaritaville Hollywood Beach Resort											X
Avalon Bed & Breakfast and Duval Gardens											X
Estancia La Jolla Hotel & Spa

Notes:

A property marked with an "X" in a specific quarter denotes that the same-property operating results of that property are included in the Same-Property Statistical Data and in the Schedule of Same-Property Results.

This schedule of results for Same-Property RevPAR, RevPAR Growth, Total RevPAR, Total RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin for the year ended December 31, 2021 includes information from all of the hotels the Company owned as of December 31, 2021 but excludes: Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1 and Q2 in 2021, 2020 and 2019 because it was closed for renovation during Q1 and Q2 in 2020; Hotel Vitale for Q3 and Q4 in 2021, 2020 and 2019 because it was closed for renovation during Q3 and Q4 in 2021; Jekyll Island Club Resort for Q1 and Q2 in 2021, 2020 and 2019; Margaritaville Hollywood Beach Resort for Q1, Q2 and Q3 in 2021, 2020 and 2019; Southernmost Beach Resort's 31 additional rooms following the acquisition of Avalon Bed & Breakfast and Duval Gardens for Q1, Q2 and Q3 in 2021, 2020 and 2019; and Estancia La Jolla Hotel & Spa for Q1, Q2, Q3 and Q4 in 2021, 2020 and 2019. Also included in this schedule is information for Sir Francis Drake and The Roger New York for Q1 in 2021, 2020 and 2019 as well as Villa Florence San Francisco on Union Square for Q1 and Q2 in 2021, 2020 and 2019.

Operating statistics and financial results may include periods prior to the Company’s ownership of the hotels.

Pebblebrook Hotel Trust
Historical Operating Data
($ in millions except ADR and RevPAR data)
(Unaudited)
Historical Operating Data:
				First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
				2019		2019		2019		2019		2019
Occupancy				75%		87%		87%		78%		82%
ADR				$252		$269		$263		$246		$258
RevPAR				$190		$234		$228		$192		$211
Hotel Revenues				$344.5		$420.4		$407.3		$362.1		$1,534.4
Hotel EBITDA				$93.3		$149.7		$136.9		$100.1		$480.1
Hotel EBITDA Margin				27.1%		35.6%		33.6%		27.6%		31.3%
				First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
				2020		2020		2020		2020		2020
Occupancy				56%		4%		22%		22%		26%
ADR				$252		$260		$220		$202		$235
RevPAR				$142		$11		$48		$45		$61
Hotel Revenues				$266.4		$26.9		$89.4		$87.1		$469.8
Hotel EBITDA				$44.0		($41.7)		($17.4)		($17.5)		($32.7)
Hotel EBITDA Margin				16.5%		(155.1%)		(19.5%)		(20.1%)		(7.0%)
				First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
				2021		2021		2021		2021		2021
Occupancy				22%		41%		52%		51%		42%
ADR				$250		$255		$276		$257		$262
RevPAR				$54		$105		$145		$132		$109
Hotel Revenues				$104.5		$197.0		$266.1		$252.8		$820.5
Hotel EBITDA				($8.6)		$39.9		$73.3		$54.2		$158.8
Hotel EBITDA Margin				(8.2%)		20.2%		27.5%		21.5%		19.4%

Notes:

These historical hotel operating results include information for all of the hotels the Company owned as of December 31, 2021, which include the acquisitions of Jekyll Island Club Resort, Margaritaville Hollywood Beach Resort, Southernmost Beach Resort's 31 additional rooms following the acquisition of Avalon Bed & Breakfast and Duval Gardens and Estancia La Jolla Hotel & Spa as if they were owned as of January 1, 2019. 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. Any differences are a result of rounding.

The information above has not been audited and is presented only for comparison purposes.

Pebblebrook Hotel Trust
Historical Hotel Same-Property Hotel EBITDA by Property
(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)
(Unaudited)
				Hotel EBITDA																								2021 Hotel EBITDA per Key
Market / Hotel				2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
Unique Lifestyle Resorts
	LaPlaya Beach Resort & Club			$5.7		$7.6		$8.7		$10.7		$12.4		$15.7		$16.2		$11.8		$16.5		$17.7		$14.0		$27.4		$145.0
	Southernmost Beach Resort			9.0		10.4		10.8		14.1		17.6		19.9		21.1		17.9		19.3		21.4		13.1		24.4		83.3
	The Marker Key West Harbor Resort			N/A		N/A		N/A		N/A		N/A		4.8		5.8		4.6		5.6		6.0		3.1		7.9		82.3
	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		70.2
	Margaritaville Hollywood Beach Resort			N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		17.8		0.4		22.1		59.9
	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		43.5
	Paradise Point Resort & Spa			8.3		11.8		13.7		14.8		16.1		16.7		14.7		16.8		17.5		15.3		4.6		14.1		30.5
	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		29.6
	Estancia La Jolla Hotel & Spa			N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		8.1		(0.3)		4.6		21.9
	Chaminade Resort & Spa			3.3		3.6		3.7		4.3		4.7		5.0		4.8		5.2		5.4		4.4		(1.1)		3.3		21.2
	San Diego 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		19.3
	Unique Lifestyle Resorts Total			$39.7		$48.3		$52.9		$63.1		$72.7		$87.6		$88.3		$83.5		$91.4		$118.8		$36.2		$135.6		$50.0
Boston Urban
	The Liberty, a Luxury Collection Hotel, Boston			$6.1		$9.6		$13.3		$15.8		$17.2		$18.2		$18.5		$19.0		$21.4		$21.2		$0.3		$10.5		$35.2
	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		10.1
	Revere Hotel Boston Common			3.3		6.1		5.7		9.2		11.7		13.3		12.2		12.6		12.4		11.8		(6.1)		2.8		7.9
	Hyatt Regency Boston Harbor			6.2		6.7		7.3		7.7		9.3		11.1		10.8		10.8		10.7		10.1		(2.2)		1.6		5.9
	The Westin Copley Place, Boston			21.3		23.5		24.4		25.8		28.7		32.7		33.3		31.5		28.5		32.9		(4.4)		3.0		3.7
	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		$10.3
Chicago Urban
	Hotel Chicago Downtown, Autograph Collection			$5.5		$5.3		$7.3		$8.4		$8.5		$10.4		$12.4		$12.3		$12.6		$12.2		($1.4)		$0.6		$1.7
	The Westin Michigan Avenue Chicago			14.7		15.8		16.7		16.0		18.0		19.4		17.9		13.1		12.0		9.9		(9.5)		(3.3)		(4.4)
	Chicago Total			$20.2		$21.1		$24.0		$24.4		$26.5		$29.8		$30.3		$25.4		$24.6		$22.1		($10.9)		($2.7)		($2.4)
Los Angeles Urban
	Le Parc Suite Hotel			$4.2		$4.5		$4.7		$5.3		$5.6		$6.1		$7.0		$6.1		$6.1		$5.8		($0.1)		$2.8		$18.2
	Viceroy Santa Monica Hotel			3.0		5.8		6.9		7.6		8.2		8.4		7.8		7.0		6.6		6.2		(2.9)		1.8		10.7
	Chamberlain West Hollywood Hotel			1.0		3.4		3.8		4.1		4.8		4.8		5.2		4.4		3.1		3.7		(0.2)		1.2		10.4
	Grafton on Sunset			1.9		2.2		2.2		2.0		1.5		0.9		2.8		2.8		2.8		2.8		0.0		1.1		10.2
	Mondrian Los Angeles			7.9		8.9		7.4		8.2		11.0		12.2		12.6		11.8		8.6		7.6		(2.0)		2.1		8.9
	Montrose West Hollywood			3.9		4.3		4.2		5.5		5.9		5.9		6.5		5.9		3.9		4.7		0.3		1.0		7.5
	Le Méridien Delfina Santa Monica			5.3		6.8		6.9		8.0		9.9		11.7		13.8		13.4		12.7		11.2		(0.8)		2.2		7.1
	W Los Angeles - West Beverly Hills			5.6		6.9		8.0		8.7		8.9		9.5		12.3		11.5		10.2		8.4		(2.0)		0.7		2.4
	Hotel Palomar Los Angeles Beverly Hills			2.3		2.9		3.9		3.8		4.5		4.2		6.2		4.0		7.4		5.7		(4.2)		(1.2)		(4.5)
	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		$6.6
Miami Urban
	Hotel Colonnade Coral Gables, Autograph Collection			$1.9		$2.1		$1.8		$3.1		$3.4		$3.6		$3.9		$4.0		$4.5		$4.1		($0.3)		$3.0		$19.1
	Miami Total			$1.9		$2.1		$1.8		$3.1		$3.4		$3.6		$3.9		$4.0		$4.5		$4.1		($0.3)		$3.0		$19.1
Philadelphia Urban
	Sofitel Philadelphia at Rittenhouse Square			$4.3		$6.0		$6.7		$6.5		$7.4		$8.6		$9.2		$8.6		$8.3		$8.0		($1.5)		$1.6		$5.2
	Philadelphia Total			$4.3		$6.0		$6.7		$6.5		$7.4		$8.6		$9.2		$8.6		$8.3		$8.0		($1.5)		$1.6		$5.2
Portland Urban
	The Nines, a Luxury Collection Hotel, Portland			$6.2		$8.0		$8.9		$10.8		$12.8		$15.2		$15.6		$15.8		$15.6		$13.0		($0.6)		$3.8		$11.5
	The Heathman Hotel			1.5		1.6		1.9		2.4		3.0		5.7		4.4		4.3		3.4		4.2		(0.9)		0.4		2.6
	Hotel Vintage Portland			1.3		1.9		1.8		2.7		3.4		3.1		4.2		4.1		3.1		2.8		(0.9)		0.2		1.7
	The 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)		(3.4)
	Portland Total			$11.7		$14.8		$16.5		$20.4		$24.8		$30.5		$30.9		$29.6		$25.9		$23.3		($3.4)		$3.8		$4.9
San Diego Urban
	Embassy Suites San Diego Bay - Downtown			$7.6		$8.2		$8.8		$8.9		$9.5		$11.3		$11.3		$11.1		$11.7		$10.4		($0.2)		$4.5		$13.2
	Solamar Hotel			5.2		6.3		6.5		6.3		6.5		7.4		7.7		7.3		7.3		7.0		(0.4)		2.1		8.9
	The Westin San Diego Gaslamp Quarter			8.4		8.2		9.7		11.2		12.7		14.6		16.9		16.0		14.4		14.2		(1.3)		2.2		4.9
	Hilton San Diego Gaslamp Quarter			7.6		8.5		8.8		8.9		9.5		10.5		10.9		11.1		11.6		10.5		(0.4)		0.6		2.1
	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		$7.2
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		$6.0
	Hotel Zephyr Fisherman's Wharf			7.3		8.7		11.2		12.1		12.1		12.6		16.2		13.1		13.7		16.8		(1.1)		0.5		1.4
	Harbor Court Hotel San Francisco			2.7		4.0		3.7		4.9		5.8		6.1		5.6		3.9		4.3		5.6		(0.3)		(1.0)		(7.6)
	Hotel Zoe Fisherman's Wharf			N/A		N/A		5.2		6.6		7.9		8.2		7.8		3.6		7.7		8.9		(1.5)		(1.7)		(7.7)
	Hotel Zeppelin San Francisco			N/A		2.3		2.7		3.4		4.0		4.0		3.3		6.3		7.5		7.7		(1.2)		(1.6)		(8.2)
	The Marker San Francisco			3.3		5.3		5.7		6.9		7.7		7.6		5.9		6.8		7.5		7.7		(0.1)		(2.2)		(10.6)
	Hotel Spero			0.4		1.9		3.5		4.4		6.3		6.2		6.5		5.7		6.6		7.8		(1.5)		(2.6)		(11.0)
	Hotel Zetta San Francisco			N/A		N/A		N/A		2.8		5.4		6.2		5.6		5.5		6.0		6.0		(0.3)		(1.4)		(12.1)
	Hotel Zelos San Francisco			1.3		3.0		3.8		4.6		6.2		7.3		5.9		7.2		6.9		8.4		(2.5)		(4.6)		(22.8)
	Hotel Vitale			4.0		6.0		7.4		7.3		8.6		11.0		10.3		9.8		8.0		7.5		(4.0)		(4.9)		(24.5)
	San Francisco Total			$24.2		$37.7		$51.7		$63.2		$75.8		$82.2		$80.1		$73.6		$81.1		$91.0		($14.0)		($18.0)		($8.5)
Seattle Urban
	Hotel Monaco Seattle			$2.2		$2.9		$3.4		$5.2		$6.2		$6.7		$6.1		$6.1		$6.4		$5.6		($1.7)		($0.6)		($3.2)
	Hotel Vintage Seattle			1.8		2.2		2.4		2.7		2.6		3.5		3.4		3.5		3.5		3.0		(1.5)		(0.6)		(4.8)
	Seattle Total			$4.0		$5.1		$5.8		$7.9		$8.8		$10.2		$9.5		$9.6		$9.9		$8.6		($3.2)		($1.2)		($3.8)
Washington DC Urban
	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		$0.0
	Hotel Monaco Washington DC			5.5		6.9		7.6		7.9		7.9		8.1		8.1		9.9		8.6		7.9		(1.4)		(0.5)		(2.7)
	Viceroy Washington 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)		(7.3)
	Hotel Zena Washington DC			4.0		4.6		3.8		4.3		5.2		5.8		6.1		6.4		5.1		3.8		(2.3)		(2.7)		(14.1)
	Washington 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)		($6.5)
	Urban Total			$187.9		$233.7		$263.7		$298.2		$340.8		$379.4		$392.5		$374.7		$366.5		$361.3		($69.0)		$23.4		$2.2
		Total Hotel EBITDA		$227.6		$282.0		$316.6		$361.3		$413.5		$467.0		$480.8		$458.2		$457.9		$480.1		($32.8)		$159.0		$12.0

Notes:

These historical Same-Property Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of February 22, 2022. 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.

The parking garage at Revere Hotel Boston Common was sold on June 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact of excluding the parking-related income.

Border indicates Hotel EBITDA for the year in which the hotel was acquired by the Company. The information above has not been audited and is presented only for comparison purposes. Any differences are a result of rounding.

Pebblebrook Hotel Trust
Recent Operating Trends
($ in millions except ADR and RevPAR data)
(Unaudited)
Monthly Update
		Occupancy		ADR		RevPAR		Hotel EBITDA		Total hotel revenue				Total revenue variance to 2019
Same-Property Portfolio(1):
	January 2022 Estimate	34%		$269		$91		($3.1)		$57.0				(44%)
Weekly Operating Trends - Total Portfolio(2)													Weekly Operating Trends - Resort Portfolio(3)
Week ended		Open properties		2021 or 2022 occupancy		2021 or 2022 ADR		2019 ADR		2021 or 2022 hotel room revenue			Week ended			Open properties		2021 or 2022 occupancy		2021 or 2022 ADR		2019 ADR		2021 or 2022 hotel room revenue
	Dec 5	52		51%		$228		$226		$10.6				Dec 5		11		51%		$317		$221		$3.0
	Dec 12	52		55%		$228		$220		$11.4				Dec 12		11		57%		$304		$208		$3.3
	Dec 19	52		46%		$218		$173		$9.2				Dec 19		11		43%		$337		$228		$2.8
	Dec 26(4)	52		38%		$254		$205		$8.8				Dec 26(4)		11		52%		$441		$349		$4.4
	Jan 2(4)	52		50%		$318		$215		$14.4				Jan 2(4)		11		64%		$588		$295		$7.1
	Jan 9	52		32%		$251		$233		$7.4				Jan 9		11		44%		$411		$264		$3.5
	Jan 16(4)	52		36%		$253		$231		$8.2				Jan 16(4)		11		47%		$417		$279		$3.7
	Jan 23	52		33%		$249		$235		$7.4				Jan 23		11		39%		$432		$280		$3.2
	Jan 30	52		35%		$263		$240		$8.4				Jan 30		11		39%		$473		$298		$3.5
	Feb 6	52		37%		$267		$257		$8.9				Feb 6		11		43%		$479		$308		$3.9
	Feb 13(4)	52		50%		$343		$258		$15.6				Feb 13(4)		11		61%		$440		$334		$5.1
	Feb 20(4)	52		59%		$290		$244		$15.6				Feb 20(4)		11		70%		$479		$324		$6.4
Weekend Operating Trends - Total Portfolio(2)													Weekend Operating Trends - Resort Portfolio(3)
Weekend started		Open properties		2021 or 2022 occupancy		2021 or 2022 ADR		2019 ADR		2021 or 2022 hotel room revenue			Weekend started			Open properties		2021 or 2022 occupancy		2021 or 2022 ADR		2019 ADR		2021 or 2022 hotel room revenue
	Dec 3	52		61%		$238		$202		$3.9				Dec 3		11		64%		$359		$234		$1.2
	Dec 10	52		60%		$234		$187		$3.8				Dec 10		11		66%		$351		$224		$1.3
	Dec 17	52		54%		$226		$166		$3.3				Dec 17		11		53%		$379		$246		$1.1
	Dec 24(4)	52		37%		$267		$216		$2.7				Dec 24(4)		11		57%		$464		$381		$1.4
	Dec 31(4)	52		56%		$342		$196		$5.2				Dec 31(4)		11		68%		$613		$273		$2.3
	Jan 7	52		37%		$257		$202		$2.6				Jan 7		11		54%		$425		$273		$1.3
	Jan 14(4)	52		44%		$263		$222		$3.1				Jan 14(4)		11		58%		$464		$300		$1.5
	Jan 21	52		41%		$262		$230		$2.9				Jan 21		11		52%		$466		$303		$1.3
	Jan 28	52		40%		$274		$219		$3.0				Jan 28		11		52%		$493		$330		$1.4
	Feb 4	52		45%		$273		$248		$3.3				Feb 4		11		58%		$482		$349		$1.5
	Feb 11(4)	52		59%		$385		$251		$6.1				Feb 11(4)		11		68%		$487		$380		$1.8
	Feb 18(4)	52		71%		$310		$238		$5.9				Feb 18(4)		11		86%		$532		$330		$2.5

Notes:

The above table 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 table includes estimates and the Company makes no representation as to the accuracy of these estimates. Additionally, this table 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.

(1) This schedule of hotel results for the month of January includes information from all of the hotels the Company owned as of January 31, 2022, except for Hotel Vitale for 2022 and 2019 because it was closed for renovation during Q1 in 2022.
(2) Includes information for all of the hotels the Company owned as of February 22, 2022.
(3) Includes Chaminade Resort & Spa, Estancia La Jolla Hotel & Spa, Jekyll Island Club Resort, LaPlaya Beach Resort & Club, L’Auberge Del Mar, Margaritaville Hollywood Beach Resort, Paradise Point Resort & Spa, San Diego Mission Bay Resort, Skamania Lodge, Southernmost Beach Resort and The Marker Key West Harbor Resort.
(4) Holiday impact.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220222006064/en/

Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330

For additional information or to receive press releases via email, please visit our website at www.pebblebrookhotels.com

Source: Pebblebrook Hotel Trust

FAQ

What were Pebblebrook Hotel Trust's financial results for 2021?

In 2021, Pebblebrook Hotel Trust reported a 65% increase in Same-Property Hotel Revenues compared to 2020.

What is the Q1 2022 outlook for Pebblebrook Hotel Trust?

The Q1 2022 outlook indicates net losses of $67.7 to $72.7 million, with same-property RevPAR expected to decline 30-35% from 2019.

How much liquidity does Pebblebrook Hotel Trust have as of December 31, 2021?

As of December 31, 2021, Pebblebrook Hotel Trust had total liquidity of $730 million.

What significant acquisitions did Pebblebrook Hotel Trust make in 2021?

In 2021, Pebblebrook acquired several resorts for a total of $492 million, including Jekyll Island Club Resort and Margaritaville Hollywood Beach Resort.

What challenges did Pebblebrook Hotel Trust face in 2021?

Pebblebrook faced challenges due to the pandemic, impacting overall business travel and revenue performance.