Pebblebrook Hotel (PEB) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the Pebble Brook Hotel Trust second quarter earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Raymond Martz, co-president and chief financial officer. Thank you. You may begin. Thank you, Christine, and good morning, everyone. Welcome to our second quarter 2026 earnings call. Joining me today is Jon Bortz, our chairman and chief executive officer, and Tom Fisher, our co-president and chief investment officer. But before we begin, I'd like to remind everyone that our comments today are as of July 30th, 2026. Today's comments may include forward-looking statements that are subject to various risks and uncertainties. Please refer to our SEC filings for a detailed discussion of these risk factors and visit our website for reconciliations of non-GAAP financial measures mentioned today. Now, let's head into the second quarter results. We delivered another excellent quarter, exceeding the high end of our outlook across every key earnings metric for the second consecutive quarter. Same property hotel EBITDA increased 7.1% to $123.3 million, $6.6 million above the high end of our outlook Adjusted EBITDA was $116.2 million, $6.2 million above the high end. And adjusted FFO per diluted share was $0.68, $0.06 above the high end. The story of the quarter was straightforward. Our resorts and San Francisco led the portfolio. Stronger pricing drove total revenue growth. Our teams expanded margins and disciplined capital allocation activities am...