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- **Q3 performance resilient**: EBITDA beat midpoints, San Francisco and Newport Harbor lead with RevPAR gains. 
- **2026 outlook bullish**: Favorable calendar, World Cup matches, easier comps in L.A. and D.C. 
- **Balance sheet strength**: $232M cash, $100M+ free cash flow, $350M convertible notes remaining. 
- **AI and cost efficiency**: Operating expenses per room down 2%, piloting AI tools for productivity. 
- **Key risks**: Government shutdown (1-2% demand loss), international inbound lag.

**【Management Opening Remarks】**
- Q3 2025: Same-property hotel EBITDA of $105.4 million (midpoint), adjusted EBITDA of $99.2 million (+$2.2M vs. midpoint), adjusted FFO per share of $0.51 (+$0.03). 
- Key markets: San Francisco (+8.3% RevPAR), Chicago (+2.3% RevPAR), Newport Harbor Island Resort (+29% RevPAR). 
- Challenges: Los Angeles (-10.4% RevPAR due to weather, political disruption), Washington, D.C. (-16.4% RevPAR from reduced government travel). 
- Strengths: 190 bps occupancy growth, out-of-room revenue up 1.7%, operating expenses per occupied room down 2%.

**【CEO Commentary】**
- Industry trends: Demand down YoY, pricing competition, group demand weak (government, international). 
- Standout properties: Newport Harbor EBITDA up $2.9M YoY, Jekyll Island RevPAR +8%, Estancia La Jolla RevPAR +5.7%. 
- 2026 outlook: Favorable holiday calendar, World Cup matches in L.A. (8), San Francisco (6), easier comps in L.A. and D.C. 
- Q4 guidance: RevPAR -1.25% to +2%, expenses +0.8% at midpoint. 
- AI adoption: Piloting tools for hiring, service delivery, energy efficiency. 

**【CFO Financial Commentary】**
- Balance sheet: $232M cash, $100M+ free cash flow expected by end-2026. 
- Capital allocation: $65-75M capex, $72M hotel sale pending. 
- Debt management: Retired $400M convertible notes at 2% discount, $350M remaining. 
- Share buybacks: $50M repurchased at NAV discount. 

**【Q&A Highlights】**
- **San Francisco recovery**: AI-driven corporate demand, 44 sellout days in Q3, Super Bowl 2026 boost. 
- **L.A. outlook**: 2026 comps easier, film production incentives expected to resume. 
- **Transaction market**: Buyers waiting for macro clarity, public-private arbitrage opportunities. 
- **Government shutdown impact**: 1-2% demand loss, leisure travel hesitation. 
- **World Cup 2026**: 8 matches in L.A., 6 in SF, potential 30-40bps RevPAR uplift. 
- **Expense management**: Labor costs down 2% per occupied room, wage growth expected to moderate in 2026.

Pebblebrook Hotel Trust (PEB) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Operating Income

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Income (Loss) from Associates

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Gain (Loss) on Change in Fair Value

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Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

PEB

PEB fundamentals

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