Company: PEB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001474098-25-000039
Chunk: 59

Company: Pebblebrook Hotel Trust
Filing Date: 2025-02-26
Form: 10-K
Item: Item 15
Chunk 59
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att Regency Boston HarborOperating leaseApril 2077The Westin Copley Place, BostonOperating leaseDecember 2077(2)The Liberty, a Luxury Collection Hotel, BostonOperating leaseMay 2080Jekyll Island Club Resort and RestaurantOperating leaseJanuary 2089Hotel Zeppelin San FranciscoOperating and finance leaseJune 2089(4)Hotel Zelos San FranciscoOperating leaseJune 2097Hotel Palomar Los Angeles Beverly HillsOperating leaseJanuary 2107(3)Margaritaville Hollywood Beach ResortOperating leaseJuly 2112______________________(1)     The expiration date assumes the exercise of a 14-year extension option.(2)     No payments are required through maturity.(3)     The expiration date assumes the exercise of all 19 five-year extension options.(4)     The expiration date assumes the exercise of a 30-year extension option. The Company's leases may require minimum fixed rent payments, percentage rent payments based on a percentage of revenues in excess of certain thresholds or rent payments equal to the greater of a minimum fixed rent or percentage rent. Minimum fixed rent may be adjusted annually by increases in the consumer price index and may be subject to minimum and maximum increases. Some leases also contain certain restrictions on modifications that can be made to the hotel structures due to their status as national historic landmarks.The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's accompanying consolidated statements of operations and comprehensive income. The components of ground rent expense for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):For the year ended December 31,202420232022Fixed ground rent $19,187 $19,133 $18,538 Variable ground rent20,288 20,252 18,931 Total ground rent$39,475 $39,385 $37,469 

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Table of Contents

Future maturities of lease liabilities for the Company's operating leases at December 31, 2024 were as follows (in thousands):2025$20,735 202621,031 202720,983 202821,077 202920,941 Thereafter1,542,673 Total lease payments$