Company: PEB
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001474098-25-000070
Chunk: 62

Company: Pebblebrook Hotel Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 62
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 provide investors useful financial measures to evaluate our operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).

24

The following table reconciles net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Hotel EBITDA for the three months ended March 31, 2025 and 2024 (in thousands):

 For the three months ended March 31, 20252024Net income (loss)$(32,180)$(27,520)Adjustments:Interest expense27,133 26,421 Income tax expense (benefit)(3,162)46 Depreciation and amortization57,543 57,209 EBITDA and EBITDAre$49,334 $56,156 Transaction costs2 4 Non-cash ground rent on operating and capital leases1,839 1,873 Management/franchise contract transition costs5 44 Non-cash amortization of acquired intangibles(472)(482)Amortization of share-based compensation expense3,219 3,060 Hurricane-related costs— 150 Unrealized loss on investment2,662 — Adjusted EBITDAre$56,589 $60,805 Business interruption insurance income(4,303)(3,980)Corporate general and administrative and other8,541 9,279 Hotel EBITDA$60,827 $66,104 

FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDAre and Hotel EBITDA do not represent cash generated from operating activities as determined by U.S. GAAP and should not be considered as alternatives to U.S. GAAP net income (loss), as indications of our financial performance, or to U.S. GAAP cash flow from operating activities, as measures of liquidity. In addition, FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDAre and Hotel EBITDA are not indicative of funds available to fund cash needs, including the ability to make cash distributions.

Results of Operations

At March 31, 2025 and 2024, our consolidated financial statements included the operations of 46 hotel properties, which have been included in our results of operations during the respective periods since their dates of acquisition or through their dates of disposition. Based on