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Sep 30, 2025
Pebblebrook Q3 2025 Earnings Report
Pebblebrook Hotel Trust reported a net loss in Q3 2025, with declines in Same-Property RevPAR and Adjusted FFO per diluted share, despite strong performance in San Francisco and Chicago.
Key Takeaways
Pebblebrook Hotel Trust experienced a net loss of $32.4 million in the third quarter of 2025, a significant decrease from a net income of $45.1 million in the same period last year. Same-Property RevPAR declined by 3.1%, and Adjusted FFO per diluted share decreased by 13.6% to $0.51. However, the company highlighted strong operating execution and outperformance in San Francisco and Chicago, along with resilient leisure demand.
Pebblebrook Hotel Trust reported a net loss of $32.4 million in Q3 2025, a substantial decline from a net income of $45.1 million in Q3 2024.
Same-Property RevPAR decreased by 3.1% to $232, and Same-Property Total RevPAR decreased by 1.5% to $362.
Adjusted FFO per diluted share fell by 13.6% to $0.51, compared to $0.59 in the prior year's quarter.
The company successfully completed a $400 million convertible notes offering at a 1.625% rate, extending maturities and enhancing financial flexibility.
Revenue by Segment
Forward Guidance
Pebblebrook Hotel Trust has made modest adjustments to its 2025 outlook due to the negative impact of the federal government shutdown, but remains optimistic about renewed growth in 2026, driven by major events, an improving convention calendar, and favorable holiday timing.
Positive Outlook
- Increasing optimism for renewed growth in 2026.
- Uniquely robust list of major events in 2026.
- Improving convention calendar across most markets in 2026.
- More favorable holiday calendar in 2026.
- Easier comparisons in Los Angeles and Washington D.C. in 2026.
Challenges Ahead
- Modest reductions to 2025 outlook midpoints due to federal government shutdown.
- Negative impact on travel demand, particularly in Washington, D.C. and San Diego, from the shutdown.
- Outlook assumes a very near-term resolution to the federal government shutdown; a longer shutdown would be an incremental negative headwind.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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