Quarterly ResultApr 28, 2026, 04:38 PM
PEB Q1 Adj FFO $0.32, +100%; Same-Prop Hotel EBITDA $82.2M; Raises 2026 Outlook
AI Summary
Pebblebrook Hotel Trust reported strong first-quarter 2026 results, with Adjusted FFO per diluted share doubling to $0.32 and Same-Property Hotel EBITDA increasing 27.6% to $82.2 million, both significantly exceeding outlook. The company also completed the rebranding of Mondrian Los Angeles to The Valorian Los Angeles. Due to the strong Q1 performance, PEB raised its full-year 2026 outlook for Adjusted EBITDAre and Adjusted FFO per diluted share, while maintaining caution regarding macroeconomic uncertainties.
Key Highlights
- Q1 Adjusted FFO per diluted share doubled to $0.32, exceeding outlook by $0.09.
- Q1 Same-Property Hotel EBITDA increased 27.6% to $82.2 million, above outlook.
- Q1 Same-Property Total Revenue grew 10.2%, while expenses rose 5.6%, expanding EBITDA margins by 327 bps.
- Same-Property RevPAR increased 11.8%, led by San Francisco (+44.5%) and Los Angeles (+31.5%).
- Rebranded Mondrian Los Angeles to The Valorian Los Angeles, Curio Collection by Hilton on April 1, 2026.
- Reduced net debt to trailing 12-month corporate EBITDA to 5.5x from 5.9x.
- Raised 2026 Adjusted FFO per diluted share outlook midpoint by $0.09 to $1.60-$1.70.
- Raised 2026 Adjusted EBITDAre outlook midpoint by $10.0 million to $336.0-$348.0 million.