Company: PEB
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001474098-25-000119
Chunk: 11

Company: Pebblebrook Hotel Trust
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 11
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 and Series Z Cumulative Perpetual Preferred Units on or before June 30, 2026 and in future years until the shares/units are redeemed. For further discussion on our preferred shares and preferred units, see Note 7. Equity to our consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Sources and Uses of Cash

Our principal sources of cash are cash from operations, draws on our credit facilities, net proceeds from equity and debt offerings, and net proceeds from property sales. Our principal uses of cash are asset acquisitions, debt service payments, the redemption of equity securities, capital investments, operating costs, corporate expenses and dividends.

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Operating Activities. Our net cash provided by operating activities was $140.9 million for the six months ended June 30, 2025 and $129.7 million for the six months ended June 30, 2024. Fluctuations in our net cash provided by (used in) operating activities are primarily the result of changes in hotel revenues, operating cash requirements and corporate expenses. 

Investing Activities. Our net cash used in investing activities was $47.5 million for the six months ended June 30, 2025 and $61.7 million for the six months ended June 30, 2024. Fluctuations in our net cash provided by (used in) investing activities are primarily the result of capital improvements and additions to our properties. 

•During the six months ended June 30, 2025, we invested $49.5 million in improvements to our hotel properties. 

•During the six months ended June 30, 2024, we invested $82.7 million in improvements to our hotel properties and received $21.5 million in property insurance proceeds.

Financing Activities. Our net cash used in financing activities was $43.8 million for the six months ended June 30, 2025 and $150.4 million for the six months ended June 30, 2024. Fluctuations in our net cash provided by (used in) financing activities are primarily the result of our issuance and repurchase of debt and equity securities and distributions paid on our preferred and common shares. 

•During the six months ended June 30, 2025, we repurchased $15.6 million of common shares through our common share repurchase program and for tax withholding purposes in connection with vestings of share-based equity awards and paid $26.0 million in preferred and