Company: PEB
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001474098-25-000062
Chunk: 73

Company: Pebblebrook Hotel Trust
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 73
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1,188,791 |     | $ |  3,540,561 |     | $ |  2,189,874 |

(6) In accordance with SEC rules, amounts in this column represent, as of December 31 of each year presented, the cumulative value of a $100 investment made on January 1, 2020 in Common Shares.

(7) In accordance with SEC rules, amounts in this column represent, as of December 31 of each year presented, the cumulative value of a $100 investment made on January 1, 2020 in the common equity of the FTSE Nareit All Equity REITs Index.

(8) We have presented Hotel EBITDA per Keybecause it is the only financial measure among the performance metrics used for determining compensation actually paid to our NEOs for 2021, 2022, 2023 and 2024. We did not include a financial measure among the performance metrics for our 2020 compensation program. Hotel EBITDA per Key, which is a non-GAAP financial measure, is calculated by dividing (a) the total net income generated by our hotel properties for the period plus the total depreciation and amortization of those hotel properties for the period by (b) the total number of guest rooms of those hotel properties for the period. We believe that Hotel EBITDA per Key is a useful financial measure for evaluating the operating performance of our hotels because it excludes the impact of depreciation and amortization and is, in effect, a proxy for cash flow from the hotel properties.

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#### Relationship to Compensation Actually Paid
The following chart illustrates the compensation actually paid (as computed in accordance with SEC rules, the “CAP”) of our CEO, the average CAP of the two other NEOs, and the values of $100 investments made in Common Shares and the Nareit Equity REITs Index on January 1, 2020 as of December 31, 2020, 2021, 2022, 2023 and 2024 (as computed in accordance with SEC rules, “Company TSR” and “Peer Group TSR,” respectively).

One of our primary objectives for our compensation program is to align the financial interests of our NEOs with those of our shareholders. As shown in the chart above, our NEOs’ CAPs increased when the Company’s TSR increased and our NEOs’ CAPs decreased when the Company’s TSR decreased. This is in