Pebblebrook Hotel Trust Files 2023 Annual Report on Form 10-K

TL;DR

<b>Pebblebrook Hotel Trust has submitted its 2023 10-K report detailing financial performance and operational data for the fiscal year.</b>

AI Summary

Pebblebrook Hotel Trust (PEB-PH) filed a Annual Report (10-K) with the SEC on February 21, 2024. Pebblebrook Hotel Trust filed its 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points such as common stock, preferred stock (Series E, F, G, H), and additional paid-in capital are detailed. The report includes occupancy and food & beverage revenue data for 2023, 2022, and 2021. The company is incorporated in Maryland and operates under the Real Estate Investment Trusts SIC code.

Why It Matters

For investors and stakeholders tracking Pebblebrook Hotel Trust, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pebblebrook Hotel Trust's financial health and operational results for the full fiscal year 2023, allowing investors to assess performance trends and compare against prior periods. The detailed breakdown of revenue segments and equity components offers insights into the company's asset management strategy and capital structure, crucial for understanding its long-term value and risk profile.

Risk Assessment

Risk Level: — Pebblebrook Hotel Trust shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial and operational information, but lacks specific forward-looking guidance or immediate material events that would elevate the risk level beyond medium.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Pebblebrook Hotel Trust's performance and potential challenges in the current real estate market.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date of submission)
• 001-34571 — SEC File Number (SEC registration)

Key Players & Entities

• Pebblebrook Hotel Trust (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-21 (date) — Filing date
• Maryland (location) — State of incorporation
• 6798 (industry_code) — Standard Industrial Classification

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date Pebblebrook Hotel Trust submitted its 10-K.

Key Financial Figures

• $0.01 — nge on Which Registered Common Shares, $0.01 par value per share PEB New York Stock

Filing Documents

• peb-20231231.htm (10-K) — 2674KB
• peb-20231231ex41registered.htm (EX-4.1) — 205KB
• peb-20231231ex211subsidiar.htm (EX-21.1) — 172KB
• peb-20231231ex231kpmgconse.htm (EX-23.1) — 2KB
• peb-20231231ex311execcert.htm (EX-31.1) — 11KB
• peb-20231231ex312execcert.htm (EX-31.2) — 11KB
• peb-20231231ex321execcert.htm (EX-32.1) — 6KB
• peb-20231231ex322execcert.htm (EX-32.2) — 6KB
• peb-20231231ex971clawbackp.htm (EX-97.1) — 29KB
• peb-20231231_g1.jpg (GRAPHIC) — 155KB
• 0001474098-24-000040.txt (&nbsp;) — 13777KB
• peb-20231231.xsd (EX-101.SCH) — 76KB
• peb-20231231_cal.xml (EX-101.CAL) — 97KB
• peb-20231231_def.xml (EX-101.DEF) — 416KB
• peb-20231231_lab.xml (EX-101.LAB) — 973KB
• peb-20231231_pre.xml (EX-101.PRE) — 634KB
• peb-20231231_htm.xml (XML) — 2283KB

Forward-Looking Statements 4

Forward-Looking Statements 4 PART I 1. Business 5 1A. Risk Factors 8 1B. Unresolved Staff Comments 31 1C. Cybersecurity 31 2. Properties 32 3. Legal Proceedings 34 4. Mine Safety Disclosures 34 PART II 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 35 6. [Reserved] 37 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37 7A. Quantitative and Qualitative Disclosures About Market Risk 45 8. Financial Statements and Supplementary Data 45 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 45 9A. Controls and Procedures 46 9B. Other Information 46 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 46 PART III 10. Trustees, Executive Officers and Corporate Governance 47 11. Executive Compensation 47 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 47 13. Certain Relationships and Related Transactions, and Trustee Independence 47 14. Principal Accountant Fees and Services 47 PART IV 15. Exhibits and Financial Statement Schedules 48 3

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report, together with other statements and information publicly disseminated by us, contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "should", "potential", "could", "seek", "assume", "forecast", "believe", "expect", "intend", "anticipate", "estimate", "project" or similar expressions. Forward-looking statements in this report include, among others, statements about our business strategy, including acquisition and development strategies, industry trends, estimated revenues and expenses, estimated costs and durations of renovation or restoration projects, timing and extent of debt refinancings, estimated insurance recoveries, our ability to realize deferred tax assets and expected liquidity needs and sources (including capital expenditures and our ability to obtain financing or raise capital). You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and which could materially affect actual results, performance or achievements. These factors include, but are not limited to, the following: the COVID-19 pandemic has had, and may continue to have, a significant negative impact on our financial condition and operations, which may impact our ability to obtain acceptable financing. The current and

Business

Item 1. Business. General Pebblebrook Hotel Trust is an internally managed hotel investment company, formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities and resort properties located near our primary target urban markets and select destination resort markets, with an emphasis on major gateway coastal markets. As of December 31, 2023, the Company owned interests in 46 hotels with a total of 11,924 guest rooms. Substantially all of the Company's assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (our "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. At December 31, 2023, the Company owned 99.3% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.7% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to maintain its qualification as a REIT under the Code, it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), our taxable REIT subsidiary ("TRS"), which in turn engage third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company's financial statements. Business Objectives and Strategies Acquisitions/Investments We invest in hotel properties located primarily within major United States cities and resort properties located near our primary target urban markets and select destination resort markets, with an emphasis on major gateway coastal markets and leisure destinations. Our hotel properties are located in Boston, Massachusetts; Chicago, Illinois; Hollywood, Florida; Jekyll Island, Georgia; Key West, Florida; Los Angeles, California (Beve

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View this 10-K filing on SEC EDGAR