The company maintains a strained capital structure with a debt-to-equity ratio of 0.96 as of 2025Q4, which limits financial flexibility in the current high-interest-rate environment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Assets | 5.3B | 5.35B | 5.69B | 5.82B | 6.13B | 6.26B | 6.08B | 6.5B | 6.97B | 2.59B | 2.81B | 3.06B | 2.77B | 2.12B | 1.85B | 1.42B | 855.51M | 389.4M |
| Asset Growth % | -16.03% | -6.06% | -2.26% | -5.03% | -2.04% | 3.04% | -6.5% | -6.76% | 169.01% | -7.77% | -8.28% | 10.56% | 30.87% | 14.67% | 30.32% | 65.59% | 119.7% | - |
| Real Estate & Other Assets | 0 | 5.12B | 5.44B | 5.59B | 6.04B | 6.13B | 5.88B | 6.33B | 6.53B | 2.46B | 2.67B | 2.68B | 2.35B | 1.72B | 1.42B | 20.42M | 30.59M | 284K |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 199.75M | 29.04M | 29.63M | 30.22M | 30.89M | 19.22M | 10.28M | 1.13B | 599.71M | 0 |
| Investment Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K |
| Total Current Assets | 235.9M | 230.39M | 256.72M | 237.55M | 97.53M | 129.29M | 194.34M | 165.97M | 244.41M | 105.38M | 106.98M | 103.19M | 130.83M | 115.06M | 129.89M | 86.47M | 225.21M | 319.12M |
| Cash & Equivalents | 196.21M | 184.19M | 206.65M | 183.75M | 41.04M | 58.52M | 124.27M | 30.1M | 83.37M | 25.41M | 33.41M | 26.34M | 52.88M | 55.14M | 85.9M | 65.68M | 221.54M | 319.12M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Current Assets | 0 | 12.02M | 10.94M | 9.89M | 11.23M | -18.84M | 12.03M | 26.78M | 101.15M | 50.77M | 45.88M | 54.47M | 56.63M | 43.08M | 12.03M | 9.47M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 199.75M | 29.04M | 29.63M | 30.22M | 30.89M | 19.22M | 10.28M | 10.5M | 0 | 0 |
| Total Liabilities | 2.77B | 2.79B | 2.91B | 2.97B | 3.05B | 3.1B | 2.81B | 2.87B | 3.21B | 1.09B | 1.2B | 1.3B | 988.07M | 641.85M | 533.07M | 300.28M | 167.06M | 9.98M |
| Total Debt | 0 | 2.46B | 2.57B | 2.64B | 2.71B | 2.76B | 2.79B | 2.74B | 2.75B | 885.24M | 996.25M | 1.11B | 843.99M | 554.25M | 468.51M | 251.54M | 143.57M | 0 |
| Net Debt | -196.21M | 2.27B | 2.36B | 2.46B | 2.67B | 2.7B | 2.67B | 2.71B | 2.66B | 859.83M | 962.84M | 1.08B | 791.1M | 499.11M | 382.61M | 185.85M | -77.97M | -319.12M |
| Long-Term Debt | 0 | 2.12B | 2.23B | 1.4B | 1.88B | 2.44B | 2.28B | 2.23B | 2.75B | 885.24M | 926.21M | 1.11B | 783.78M | 554.25M | 468.51M | 251.54M | 143.57M | 0 |
| Short-Term Borrowings | 0 | 0 | 17.18M | 922.4M | 507.6M | 0 | 0 | 0 | 0 | 0 | 70.04M | 165M | 50.73M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 986.91M | 333.07M | 320.74M | 320.62M | 320.4M | 319.43M | 510.21M | 512.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 113.8M | 328.28M | 355.17M | 1.26B | 848.9M | 335.97M | 276.46M | 381.13M | 461.52M | 182.72M | 184.78M | 174.32M | 132.5M | 79.17M | 59.97M | 48.74M | 23.49M | 9.98M |
| Accounts Payable | 0 | 199.63M | 222.23M | 238.64M | 250.52M | 250.58M | 226.45M | 260.17M | 360.28M | 141.29M | 149.28M | 141.9M | 106.83M | 61.43M | 47.36M | 33.33M | 20.71M | 0 |
| Deferred Revenue | 113.8M | 104.9M | 92.35M | 76.87M | 73.6M | 69.06M | 36.06M | 57.7M | 54.74M | -45M | -82M | -165M | -50M | 8.43M | 4.6M | 4.38M | 0 | 0 |
| Other Liabilities | 2.66B | 0 | 0 | 0 | 0 | 0 | 0 | -57.7M | 352.04M | 7.53M | 0 | -85.95M | 60.21M | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 2.53B | 2.56B | 2.79B | 2.85B | 3.08B | 3.16B | 3.26B | 3.63B | 3.76B | 1.5B | 1.61B | 1.76B | 1.78B | 1.48B | 1.31B | 1.12B | 688.45M | 379.43M |
| Equity Growth % | -27.11% | -8.08% | -2.19% | -7.59% | -2.51% | -3.08% | -10.12% | -3.44% | 150.17% | -6.56% | -8.62% | -1.21% | 20.83% | 12.34% | 17.62% | 62.15% | 81.45% | - |
| Shareholders Equity | 2.44B | 2.47B | 2.7B | 2.76B | 3B | 3.16B | 3.26B | 3.62B | 3.75B | 1.5B | 1.61B | 1.76B | 1.78B | 1.47B | 1.31B | 1.11B | 686.91M | 379.43M |
| Minority Interest | 94.3M | 94.12M | 90.45M | 86.84M | 88.03M | 7.72M | 6.99M | 10.73M | 10.1M | 4.63M | 3.43M | 2.44M | 1.32M | 1.75M | 141K | 3.1M | 1.54M | 0 |
| Common Stock | 1.13M | 1.13M | 1.19M | 1.2M | 1.26M | 1.31M | 1.31M | 1.3M | 1.3M | 688K | 719K | 717K | 716K | 637K | 610K | 508K | 398K | 203K |
| Additional Paid-in Capital | 0 | 3.97B | 4.07B | 4.08B | 4.18B | 4.27B | 4.17B | 4.07B | 4.07B | 1.69B | 1.78B | 1.87B | 1.86B | 1.54B | 1.36B | 1.14B | 698.1M | 379.37M |
| Retained Earnings | -1.53B | -1.5B | -1.39B | -1.34B | -1.22B | -1.09B | -853.97M | -425M | -308.81M | -191.01M | -169.23M | -105.77M | -84.16M | -69.65M | -49.8M | -30.25M | -11.59M | -147K |
| Preferred Stock | 0 | 271K | 276K | 276K | 286K | 296K | 204K | 204K | 204K | 100K | 100K | 140K | 140K | 130K | 90K | 90K | 0 | 0 |
| Return on Assets (ROA) | -1.14% | -1.19% | -0.07% | -1.3% | -1.41% | -3% | -6.23% | 1.71% | 0.28% | 3.7% | 2.51% | 3.25% | 2.98% | 2.17% | 1.6% | 1.31% | -1.07% | -0.04% |
| Return on Equity (ROE) | -2.4% | -2.46% | -0.15% | -2.63% | -2.79% | -5.75% | -11.36% | 3.12% | 0.51% | 6.42% | 4.37% | 5.34% | 4.47% | 3.08% | 2.15% | 1.65% | -1.24% | -0.04% |
| Debt / Assets | 0% | 45.94% | 45.1% | 45.33% | 44.15% | 44.1% | 45.93% | 42.19% | 39.41% | 34.17% | 35.46% | 36.24% | 30.46% | 26.18% | 25.38% | 17.76% | 16.78% | - |
| Debt / Equity | 0.00x | 0.96x | 0.92x | 0.93x | 0.88x | 0.87x | 0.85x | 0.75x | 0.73x | 0.59x | 0.62x | 0.63x | 0.47x | 0.38x | 0.36x | 0.23x | 0.21x | - |
| Net Debt / EBITDA | -0.71x | 7.50x | 7.53x | 8.82x | 10.49x | 20.10x | - | 5.84x | 3.48x | 1.12x | 1.18x | 4.85x | 4.96x | 4.40x | 4.78x | 3.07x | -18.33x | - |
| Book Value per Share | 22.34 | 21.90 | 23.28 | 23.40 | 23.64 | 24.19 | 24.99 | 27.78 | 50.63 | 21.48 | 22.23 | 24.33 | 26.90 | 23.85 | 23.47 | 23.27 | 24.01 | 94.59 |
High Leverage and Refinancing Risk
As reported in financial statements, Pebblebrook maintains a debt-to-equity ratio hovering near 0.96 as of 2025Q4, a level that suggests limited capacity for further balance sheet expansion without risking a credit profile deterioration in the current high-interest-rate environment.
The company's reliance on debt to fund its portfolio transition appears to leave little room for error, particularly as urban gateway markets face prolonged recovery timelines. Investors should monitor whether the current debt load necessitates further asset sales to maintain covenant compliance, as the leverage profile remains elevated compared to more conservatively capitalized peers.
Based on recent SEC filings, cash reserves fluctuated from a low of $56.7M in 2024Q1 to $196.2M by 2026Q1, indicating that liquidity is highly sensitive to the timing of property dispositions and the ongoing capital requirements of the firm's aggressive renovation pipeline.
While the recent increase in cash suggests a temporary improvement in liquidity, this appears to be a function of capital recycling rather than organic cash flow generation. The reliance on these non-recurring inflows to fund operations may indicate a structural vulnerability if the pace of asset sales slows or market conditions for hotel dispositions weaken.
According to historical balance sheet data, total equity has remained relatively stagnant near $2.4B to $2.8B over the last ten quarters, reflecting the impact of persistent net losses and the lack of meaningful retained earnings growth to bolster the company's net asset value.
The erosion of equity through consistent negative ROE figures suggests that the company's capital allocation strategy has yet to yield the expected returns on its lifestyle-oriented asset investments. This trend warrants further investigation into whether the current valuation of the portfolio is supported by underlying cash flows or if future impairment charges may be necessary.
As indicated by the absence of net property, plant, and equipment values in the provided data, the company's reliance on complex, non-prototypical hotel assets may obscure the true economic value of its real estate holdings during periods of market stress.
The lack of transparency regarding the carrying value of these specialized assets may mask deferred maintenance or the need for significant future capital expenditures to remain competitive. Investors should be wary that the book value of the portfolio may not accurately reflect the liquidation value in a distressed scenario, particularly given the geographic concentration in high-cost urban markets.
Quick answers to the most common questions about buying PEB stock.
As of 2025, Pebblebrook Hotel Trust (PEB) had total assets of $5.35B including $230.4M in current assets.
Pebblebrook Hotel Trust (PEB) carries total debt of $2.46B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pebblebrook Hotel Trust (PEB) has total shareholders' equity (book value) of $2.47B ($21.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pebblebrook Hotel Trust (PEB) reported a current ratio of 0.70x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.