Pebblebrook Hotel Trust Enters Material Definitive Agreement

TL;DR

**Pebblebrook Hotel Trust just signed a big deal, watch for details.**

AI Summary

Pebblebrook Hotel Trust filed an 8-K on January 4, 2024, reporting an "Entry into a Material Definitive Agreement" on January 3, 2024. This filing indicates that the company has entered into a significant new contract or agreement, which could impact its future operations and financial performance. For investors, this matters because material agreements can lead to new revenue streams, changes in operational costs, or shifts in strategic direction, potentially affecting the stock's value.

Why It Matters

This filing signals a new, significant business agreement for Pebblebrook Hotel Trust, which could alter its financial outlook and strategic direction. Investors should monitor for details of this agreement as it could impact future earnings and stock performance.

Risk Assessment

Risk Level: medium — The filing indicates a material agreement but lacks specific details, creating uncertainty about its potential positive or negative impact.

Analyst Insight

A smart investor would await further disclosures from Pebblebrook Hotel Trust regarding the specifics of this material definitive agreement before making any investment decisions, as the impact is currently unknown.

Key Players & Entities

• Pebblebrook Hotel Trust (company) — the registrant filing the 8-K
• January 3, 2024 (date) — date of the earliest event reported (entry into material definitive agreement)
• January 4, 2024 (date) — date the 8-K was filed

Forward-Looking Statements

• Pebblebrook Hotel Trust will release further details about the material definitive agreement within the next quarter. (Pebblebrook Hotel Trust) — medium confidence, target: 2024-04-04

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Shares, $0.01 par value per share PEB New York Stock
• $1.38 billion — ent, the Operating Partnership borrowed $1.38 billion in the form of three $460-million term
• $460 — owed $1.38 billion in the form of three $460-million term loans, maturing on October
• $356.7 million — Amendment extended the maturity date of $356.7 million borrowed under the 2024 Term Loan until
• $60.0 million — dment, the Operating Partnership repaid $60.0 million that had been outstanding under the 202
• $400.0 m — outstanding under the 2024 Term Loan is $400.0 million, $43.3 million of which will matu
• $43.3 million — r the 2024 Term Loan is $400.0 million, $43.3 million of which will mature on October 11, 202
• $50.0 million — , the Operating Partnership also repaid $50.0 million that had been outstanding under the 202
• $410.0 million — outstanding under the 2025 Term Loan is $410.0 million. The foregoing description of the Cre

Filing Documents

• peb-20240103.htm (8-K) — 41KB
• a010324debtamendmentprex991.htm (EX-9.1) — 11KB
• a010324debtamendmentex101.htm (EX-10.1) — 1637KB
• image0a25.jpg (GRAPHIC) — 24KB
• 0001474098-24-000026.txt ( ) — 2154KB
• peb-20240103.xsd (EX-101.SCH) — 3KB
• peb-20240103_def.xml (EX-101.DEF) — 17KB
• peb-20240103_lab.xml (EX-101.LAB) — 34KB
• peb-20240103_pre.xml (EX-101.PRE) — 18KB
• peb-20240103_htm.xml (XML) — 6KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On January 3, 2024, Pebblebrook Hotel Trust (the " Company "), as parent guarantor, Pebblebrook Hotel, L.P. (the " Operating Partnership "), as borrower , and certain subsidiaries of the Operating Partnership, as guarantors, Bank of America, N.A. (" BofA ") , as administrative agent and L/C issuer, and certain other lenders named therein, entered into the First Amendment to Fifth Amended and Restated Credit Agreement (the " Credit Agreement Amendment ") to amend the Fifth Amended and Restated Credit Agreement, dated October 13, 2022, among the Company, the Operating Partnership, certain subsidiaries of the Operating Partnership, BofA, and certain other lenders named therein (the " Credit Agreement "). As previously disclosed, on October 13, 2022, under the Credit Agreement, the Operating Partnership borrowed $1.38 billion in the form of three $460-million term loans, maturing on October 11, 2024 (the " 2024 Term Loan "), October 13, 2025 (the " 2025 Term Loan ") and October 13, 2027, respectively. Each term loan bears interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus the SOFR Adjustment plus a margin that is based upon the Company's leverage ratio or (ii) the Base Rate plus a margin that is based on the Company's leverage ratio. The margins for term loans range in amount from 1.40% to 2.45% for SOFR-based loans and 0.40% to 1.45% for Base Rate-based loans, depending on the Company's leverage ratio. The Credit Agreement Amendment extended the maturity date of $356.7 million borrowed under the 2024 Term Loan until January 20, 2028. In connection with entering into the amendment, the Operating Partnership repaid $60.0 million that had been outstanding under the 2024 Term Loan. As a result of the amendment and the repayment, the total amount outstanding under the 2024 Term Loan is $400.0 million, $43.3 million of which will mature on October 11, 2024 and $356.7 million of which

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. The Company issued a press release on January 4, 2024, announcing, among other things, the debt repayments and maturity extension set forth under Item 1.01 of this Current Report on Form 8-K. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 First Amendment to Fifth Amended and Restated Credit Agreement, dated as of January 3, 2024, among Pebblebrook Hotel, L.P., as the borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the borrower, as guarantors, Bank of America, N.A., as administrative agent and L/C issuer, and the other lenders party thereto. 99.1 Press release, issued January 4, 2024, announcing debt repayments and maturity extension. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PEBBLEBROOK HOTEL TRUST January 4, 2024 By: /s/ Raymond D. Martz Name: Raymond D. Martz Title: Co-President, Chief Financial Officer, Treasurer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR