Pebblebrook Hotel (PEB) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings, and welcome to the Pebble Brook Hotel Trust third 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, sir. You may begin. All right. Thank you, Christine. And good morning, everyone. Welcome to our third quarter 2025 earnings call. Joining me today is John Warts, our chairman and chief executive officer, and Tom Fisher, our co-president and chief investment officer. But before we start, I'd like to remind everyone that our remarks are effective as of today, November 6th, 2025. Our comments may include four looking statements that are subject to various risk and uncertainties. Please refer to our SEC filings for a detailed discussion of these risk factors and visit our website for reconciliations of any non-GAAP financial measures mentioned today. Now let's jump into the quarter. We're pleased to report that our third quarter performance was in line with our outlook. In a challenging quarter shaped by heightened geopolitical and macroeconomic uncertainty, as well as an unfavorable holiday calendar shift, we again delivered solid operating results in industry-leading cost controls. This execution sets us up well for 2026 given the robust convention and major event calendars across our markets. Same property hotel EBITDA totaled $105.4 million in line with our midpoint, while adjusted EBITDA came in at $99.2 million, exceeding our midpoint by $2.2 million. Adjusted FFO per...