Company: PEB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001474098-25-000039
Chunk: 138

Company: Pebblebrook Hotel Trust
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 138
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arily interest expense) and our asset base (primarily depreciation and amortization).

40

The following table reconciles net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Hotel EBITDA for the years ended December 31, 2024, 2023 and 2022 (in thousands):

 For the year ended December 31, 202420232022Net income (loss)$16 $(74,276)$(84,981)Adjustments:Interest expense112,432 115,660 99,988 Income tax expense (benefit)(25,628)655 277 Depreciation and amortization229,531 240,645 239,583 EBITDA$316,351 $282,684 $254,867 Gain on sale of hotel properties— (30,375)(6,194)Impairment48,146 81,788 89,633 EBITDAre$364,497 $334,097 $338,306 Transaction costs44 688 430 Non-cash ground rent7,476 7,608 7,737 Management/franchise contract transition costs163 359 817 Non-cash amortization of acquired intangibles(1,927)(5,494)(2,149)Gain on insurance settlement(24,824)— — Amortization of share-based compensation expense13,602 12,545 11,349 Hurricane-related costs183 6,598 249 Adjusted EBITDAre$359,214 $356,401 $356,739 Business interruption insurance income(23,751)(32,985)— Corporate general and administrative and other33,706 27,871 27,686 Hotel EBITDA$369,169 $351,287 $384,425 

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