Pebblebrook Hotel Trust (PEB)
Market Price (9/21/2026): $18.11 | Market Cap: $2.0 BilSector: Real Estate | Industry: Hotel & Resort REITs
Pebblebrook Hotel Trust (PEB)
Market Price (9/21/2026): $18.11Market Cap: $2.0 BilSector: Real EstateIndustry: Hotel & Resort REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Attractive yieldFCF Yield is 14% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more. | Weak multi-year price returns3Y Excs Rtn is -43% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.52, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 106% Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.1% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% Key risksPEB key risks include [1] heightened earnings volatility from its portfolio concentration in the upscale and luxury segments, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Attractive yieldFCF Yield is 14% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -43% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.52, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 106% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.1% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% |
| Key risksPEB key risks include [1] heightened earnings volatility from its portfolio concentration in the upscale and luxury segments, Show more. |
Qualitative Assessment
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Pebblebrook Hotel Trust (PEB) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Exceptional Second Quarter 2026 Earnings Beat and Raised Guidance.
Pebblebrook Hotel Trust announced robust financial results for its fiscal second quarter 2026 (ended June 30, 2026), with Adjusted Funds From Operations (FFO) per diluted share reaching $0.68, significantly surpassing analysts' consensus estimates of $0.12 by $0.56. Additionally, the company's Same-Property Hotel EBITDA increased 7.1% to $123.3 million, exceeding the high end of its outlook by $6.6 million. Following these strong results, management raised its full-year 2026 Adjusted FFO guidance to $1.69-$1.76 per share.
2. Robust Demand and Strong Performance in Key Urban and Resort Markets.
The company's performance was significantly boosted by strong demand in its key urban and resort markets during fiscal Q2 2026. Resorts reported a 12.0% increase in Revenue per Available Room (RevPAR) and an 18.5% rise in Hotel EBITDA, while San Francisco properties saw RevPAR grow by 16.0% and Hotel EBITDA by 24.6%. This growth was driven by healthy business transient and leisure demand, along with robust citywide convention activity.
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Pebblebrook Hotel Trust (PEB) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Exceptional Second Quarter 2026 Earnings Beat and Raised Guidance.
Pebblebrook Hotel Trust announced robust financial results for its fiscal second quarter 2026 (ended June 30, 2026), with Adjusted Funds From Operations (FFO) per diluted share reaching $0.68, significantly surpassing analysts' consensus estimates of $0.12 by $0.56. Additionally, the company's Same-Property Hotel EBITDA increased 7.1% to $123.3 million, exceeding the high end of its outlook by $6.6 million. Following these strong results, management raised its full-year 2026 Adjusted FFO guidance to $1.69-$1.76 per share.
2. Robust Demand and Strong Performance in Key Urban and Resort Markets.
The company's performance was significantly boosted by strong demand in its key urban and resort markets during fiscal Q2 2026. Resorts reported a 12.0% increase in Revenue per Available Room (RevPAR) and an 18.5% rise in Hotel EBITDA, while San Francisco properties saw RevPAR grow by 16.0% and Hotel EBITDA by 24.6%. This growth was driven by healthy business transient and leisure demand, along with robust citywide convention activity.
3. Improved Financial Health and Deleveraging Efforts.
Pebblebrook Hotel Trust demonstrated improved financial health through successful deleveraging, with its net debt-to-trailing 12-month corporate EBITDA declining to 5.3x as of fiscal Q2 2026 (ended June 30, 2026), down from 5.9x at the end of 2025. The company also executed disciplined capital allocation, repurchasing $12.9 million of common shares during the six-month period ended June 30, 2026. This enhanced balance sheet and strategic capital management contributed positively to investor confidence.
4. Favorable Broad US Lodging Sector Recovery.
The overall U.S. lodging sector entered a new growth phase in 2026, with RevPAR projected to increase by 2.9% year-over-year. This recovery is characterized by demand growth (3.2%) outpacing supply growth (2.3%), creating a healthier market balance. The momentum in the sector, particularly benefiting high-end and upper-upscale properties, provided a supportive macroeconomic backdrop for Pebblebrook Hotel Trust's stock performance.
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Stock Movement Drivers
Fundamental Drivers
The 18.4% change in PEB stock from 5/31/2026 to 9/20/2026 was primarily driven by a 17.8% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.24 | 18.04 | 18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,501 | 1,501 | 0.0% |
| P/S Multiple | 1.2 | 1.4 | 17.8% |
| Shares Outstanding (Mil) | 113 | 113 | 0.5% |
| Cumulative Contribution | 18.4% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| PEB | 18.4% | |
| Market (SPY) | 0.9% | 22.1% |
| Sector (XLRE) | -3.3% | 24.7% |
Fundamental Drivers
The 40.8% change in PEB stock from 2/28/2026 to 9/20/2026 was primarily driven by a 37.9% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.81 | 18.04 | 40.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,476 | 1,501 | 1.7% |
| P/S Multiple | 1.0 | 1.4 | 37.9% |
| Shares Outstanding (Mil) | 113 | 113 | 0.4% |
| Cumulative Contribution | 40.8% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| PEB | 40.8% | |
| Market (SPY) | 11.6% | 37.3% |
| Sector (XLRE) | -2.3% | 30.4% |
Fundamental Drivers
The 62.4% change in PEB stock from 8/31/2025 to 9/20/2026 was primarily driven by a 51.8% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.11 | 18.04 | 62.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,470 | 1,501 | 2.1% |
| P/S Multiple | 0.9 | 1.4 | 51.8% |
| Shares Outstanding (Mil) | 118 | 113 | 4.8% |
| Cumulative Contribution | 62.4% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| PEB | 62.4% | |
| Market (SPY) | 19.4% | 34.3% |
| Sector (XLRE) | 3.1% | 37.2% |
Fundamental Drivers
The 25.8% change in PEB stock from 8/31/2023 to 9/20/2026 was primarily driven by a 10.8% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.34 | 18.04 | 25.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,426 | 1,501 | 5.2% |
| P/S Multiple | 1.2 | 1.4 | 10.8% |
| Shares Outstanding (Mil) | 122 | 113 | 7.9% |
| Cumulative Contribution | 25.8% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| PEB | 25.8% | |
| Market (SPY) | 75.6% | 58.6% |
| Sector (XLRE) | 26.2% | 51.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PEB Return | 19% | -40% | 20% | -15% | -16% | 59% | -3% |
| Peers Return | 19% | -13% | 29% | 1% | -11% | 35% | 62% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| PEB Win Rate | 50% | 42% | 50% | 17% | 50% | 56% | |
| Peers Win Rate | 50% | 42% | 57% | 48% | 47% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| PEB Max Drawdown | -24% | -51% | -32% | -29% | -45% | -12% | |
| Peers Max Drawdown | -23% | -30% | -22% | -19% | -31% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HST, RHP, PK, APLE, SHO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | PEB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.4% | -18.8% |
| % Gain to Breakeven | 62.2% | 23.1% |
| Time to Breakeven | 308 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.1% | -9.5% |
| % Gain to Breakeven | 20.6% | 10.5% |
| Time to Breakeven | 34 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.7% | -6.7% |
| % Gain to Breakeven | 26.1% | 7.1% |
| Time to Breakeven | 278 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -74.4% | -33.7% |
| % Gain to Breakeven | 290.2% | 50.9% |
| Time to Breakeven | 357 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -44.5% | -12.2% |
| % Gain to Breakeven | 80.0% | 13.9% |
| Time to Breakeven | 619 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -40.6% | -6.8% |
| % Gain to Breakeven | 68.5% | 7.3% |
| Time to Breakeven | 598 days | 15 days |
In The Past
Pebblebrook Hotel Trust's stock fell -38.4% during the 2025 US Tariff Shock. Such a loss loss requires a 62.2% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PEB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.4% | -18.8% |
| % Gain to Breakeven | 62.2% | 23.1% |
| Time to Breakeven | 308 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.7% | -6.7% |
| % Gain to Breakeven | 26.1% | 7.1% |
| Time to Breakeven | 278 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -74.4% | -33.7% |
| % Gain to Breakeven | 290.2% | 50.9% |
| Time to Breakeven | 357 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -44.5% | -12.2% |
| % Gain to Breakeven | 80.0% | 13.9% |
| Time to Breakeven | 619 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -40.6% | -6.8% |
| % Gain to Breakeven | 68.5% | 7.3% |
| Time to Breakeven | 598 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.8% | -17.9% |
| % Gain to Breakeven | 44.5% | 21.8% |
| Time to Breakeven | 118 days | 123 days |
In The Past
Pebblebrook Hotel Trust's stock fell -38.4% during the 2025 US Tariff Shock. Such a loss loss requires a 62.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Pebblebrook Hotel Trust (PEB)
Pebblebrook Hotel Trust (PEB) is a publicly traded real estate investment trust (REIT) that specializes in owning a substantial portfolio of hotel properties. As a REIT, its core business model revolves around generating income from the real estate assets it holds. Specifically, PEB is a leading owner of urban and resort lifestyle hotels throughout the United States, making it a significant player in the hospitality real estate sector.
The company's main offerings are the 53 hotel properties it owns, which collectively provide approximately 13,200 guestrooms. These hotels are strategically situated across 14 distinct urban and resort markets, with a particular concentration on high-demand gateway cities along the west coast. Its primary customers are diverse travelers, including leisure guests, business professionals, and groups, who seek premium, lifestyle-oriented accommodations in these desirable and dynamic locations.
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Here are 1-3 brief analogies for Pebblebrook Hotel Trust (PEB):
A "Simon Property Group for high-end urban and resort hotels," owning a vast collection of prime hotel properties rather than shopping malls.
An "LVMH for hotel real estate," owning a portfolio of distinct luxury urban and resort properties instead of luxury brands.
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- Hotel Accommodation: Offering guestrooms for rent to travelers and visitors across its urban and resort properties.
- Meeting and Event Facilities: Providing venues and associated services for corporate functions, social gatherings, and conventions.
- Food and Beverage Services: Supplying diverse dining options, bars, and catering services within its hotel properties.
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Pebblebrook Hotel Trust (NYSE: PEB) owns and operates hotels, and therefore sells primarily to individuals and groups, rather than to other companies as major customers in a traditional B2B sense. Its customers are the guests staying at its hotels. The major categories of customers it serves include:
- Individual Leisure Travelers: Guests staying for personal vacations, tourism, family trips, or other non-business-related travel.
- Business Travelers: Individuals traveling for corporate purposes, attending meetings, conferences, or working remotely.
- Groups and Events: Organizations or individuals booking blocks of rooms or event spaces for corporate meetings, conventions, social events (such as weddings), and other functions.
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- Marriott International, Inc. (MAR)
- Hilton Worldwide Holdings Inc. (HLT)
- Hyatt Hotels Corporation (H)
- InterContinental Hotels Group PLC (IHG)
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The key risks to Pebblebrook Hotel Trust (PEB) are primarily driven by the cyclical nature of the lodging industry and its operational and financial structure as a real estate investment trust (REIT) focused on urban and resort luxury hotels.
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Sensitivity to Economic Cycles and Consumer Demand: As a hospitality REIT, Pebblebrook Hotel Trust is highly susceptible to economic cycles and fluctuations in corporate and leisure travel demand. Its revenues, derived from daily or weekly room rentals, are directly impacted by consumer confidence, business travel budgets, and overall economic conditions. During economic downturns or periods of high inflation, discretionary spending on travel often decreases, leading to lower occupancy rates and average daily rates (ADR). This risk is amplified by Pebblebrook's concentration in the luxury and upper-upscale segments, where pricing tends to compress most significantly during economic contractions. External disruptions, such as pandemics, can also cause sharp reductions in occupancy and cash flows.
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High Debt Load and Interest Rate Risk: REITs, by their nature, often utilize significant leverage to acquire and operate properties. Pebblebrook Hotel Trust carries a substantial debt load, which exposes it to significant bankruptcy risk if travel demand falters. Additionally, like other REITs, Pebblebrook is vulnerable to interest rate fluctuations. Rising interest rates can increase the cost of borrowing, impacting the company's profitability and making other low-risk investments more attractive, potentially leading to selling pressure on REIT stocks.
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Geographical Concentration and Event Risk: Pebblebrook's portfolio exhibits some geographical concentration, particularly in Southern California, which accounted for over 30% of its hotel EBITDA in 2023. This concentration exposes the company to localized weather-related disruptions, natural disasters, or other event-specific risks within that region. Such events could disproportionately affect the company's overall financial performance and earnings due to the significant reliance on a specific geographical market.
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The sustained and structural shift towards remote and hybrid work models, potentially leading to a permanent reduction in business travel demand for urban hotels.
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Pebblebrook Hotel Trust (NYSE: PEB) operates within the U.S. hotel industry, focusing on urban and resort lifestyle hotels in the upper-upscale and luxury segments. The addressable markets for their main products and services are substantial within the United States.
The overall U.S. hotels market was estimated at approximately $263.21 billion in 2024 and is projected to reach $280.63 billion in 2025. This market is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2025 to 2030, potentially reaching $395.69 billion by 2030. Another estimate places the U.S. hotels and motels market size at $285.1 billion in 2024, growing to $286.5 billion in 2025.
Focusing on Pebblebrook's specific segments:
- The luxury and upscale segment accounted for approximately 61% of the total U.S. hotel market in 2024.
- The United States luxury hotel market alone was valued at $28.59 billion in 2025 and is projected to grow to $45.43 billion by 2034, with a CAGR of 5.28% from 2026-2034.
- For lifestyle hotels, the North American market, which includes the United States, was approximately $22.7 billion in 2024. Another source indicates the North American lifestyle hotel market was $28.5 billion in 2024.
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- Urban Market Recovery and Major Event Catalysts: The company anticipates significant revenue growth from the continued recovery of its urban markets, particularly San Francisco. This recovery is fueled by increasing business transient, group, convention, and leisure demand. Additionally, a robust calendar of major events, including the World Cup, Super Bowl, and Olympics, in its urban markets is expected to significantly boost occupancy, average daily rates (ADR), and overall revenue.
- Strategic Redevelopments and Enhanced Out-of-Room Revenue: Pebblebrook Hotel Trust's ongoing strategic reinvestment program in its properties is projected to drive growth in non-room revenues. This includes increased spending on food and beverage and greater utilization of event spaces, leading to an overall uplift in revenue and strong returns on capital investments.
- LaPlaya Resort's Continued Stabilization and Recovery: The LaPlaya resort is expected to continue its recovery and stabilization from previous disruptions. This stabilization is anticipated to contribute meaningfully to the company's hotel EBITDA and overall revenue in the coming years.
- Same-Property Total RevPAR Growth: The company's forward outlook includes projected growth in Same-Property Total Revenue Per Available Room (RevPAR). This growth will be primarily driven by occupancy gains and healthy weekend demand, complemented by the increase in out-of-room revenues.
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Share Repurchases
- Pebblebrook Hotel Trust repurchased $72.647 million in common shares during 2025. Since October 2022, the company has repurchased nearly 18.5 million common shares, representing approximately 14% of outstanding shares, at an average price of $13.37 per share.
- In October 2025, a new $150 million common share repurchase program was authorized by the Board of Trustees, replacing a previous program.
- During 2025, the company also repurchased 0.5 million preferred shares at an average discount of 24.3% to liquidation preference, reducing total outstanding preferred equity securities to $754.3 million.
Share Issuance
- In May 2022, Pebblebrook Hotel Trust issued approximately $77.6 million of perpetual preferred operating partnership units and about $400,000 of common units to partially fund the $156 million acquisition of the Inn on Fifth.
Outbound Investments
- In 2025, Pebblebrook completed the sale of two hotels, generating $116.3 million in gross proceeds, primarily utilized for debt reduction.
- In May 2022, the company acquired the 119-room Inn on Fifth in Naples, Florida, for $156 million.
- In October 2021, Pebblebrook acquired the 19-room Avalon Bed & Breakfast and the 12-room Duval Gardens in Key West, Florida, for $20.0 million, integrating them into its Southernmost Beach Resort.
Capital Expenditures
- Pebblebrook Hotel Trust invested $74.6 million in capital improvements across its portfolio in 2025.
- For 2026, the company anticipates capital investments ranging from $65 million to $75 million, focused on normal hotel refurbishments and repositioning projects.
- The majority of its multi-year $525 million strategic redevelopment program has been completed.
Peer Outperformance in Hotel & Resort REITs
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PEB | Pebblebrook Hotel Trust | 1.7% | -43.6x | 51.3% | 33.5% | -18.6% | — |
| DRH | Diamondrock Hospitality | 2.4% | 16.3x | 53.5% | 73.1% | 52.8% | +71pp |
| PK | Park Hotels & Resorts | -1.9% | -18.4x | 36.4% | 74.7% | 14.8% | +33pp |
| SHO | Sunstone Hotel Investors | 0.0% | 38.5x | 17.2% | 36.3% | 6.2% | +25pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 17.4% | 59.5% | 59.7% | WELL 200% · DHC 153% · CTRE 123% |
| Retail REITs | 22 | 7.8% | 34.8% | 33.0% | IVT 1505% · SKT 161% · SPG 105% |
| Real Estate Development | 6 | -21.0% | 17.4% | 18.5% | JOE 59% · AXR 55% · FOR 37% |
| Other Specialized REITs | 11 | 5.3% | 20.9% | 16.6% | IRM 211% · EPR 64% · OUT 64% |
| Hotel & Resort REITs ← | 16 | 29.1% | 33.3% | 7.2% | HST 71% · RHP 71% · DRH 53% |
| Industrial REITs | 11 | 11.7% | 24.4% | 4.0% | EGP 38% · FR 33% · PLD 21% |
| Diversified REITs | 12 | 8.3% | 30.9% | -5.8% | CTO 71% · LXP 18% · WPC 18% |
| Single-Family Residential REITs | 4 | -5.2% | -1.1% | -18.4% | AMH -10% · ELS -16% · INVH -21% |
| Multi-Family Residential REITs | 13 | -7.6% | 4.0% | -21.5% | AIV 6% · ESS 0% · BRT -6% |
| Real Estate Services | 27 | -23.0% | -2.3% | -26.0% | REAX 798% · MDRR 580% · CHCI 322% |
| Office REITs | 18 | -12.7% | 21.9% | -31.6% | PSTL 70% · CDP 56% · SLG 6% |
| Telecom Tower REITs | 3 | -8.0% | -7.2% | -45.2% | AMT -30% · SBAC -45% · CCI -50% |
Latest Trefis Analyses
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| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.81 |
| Mkt Cap | 3.3 |
| Rev LTM | 2,021 |
| Op Inc LTM | 280 |
| FCF LTM | 277 |
| FCF 3Y Avg | 251 |
| CFO LTM | 395 |
| CFO 3Y Avg | 410 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.5% |
| Rev Chg 3Y Avg | 2.4% |
| Rev Chg Q | 4.1% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 17.7% |
| Op Inc Chg 3Y Avg | 2.2% |
| Op Mgn LTM | 13.2% |
| Op Mgn 3Y Avg | 12.7% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 22.5% |
| CFO/Rev 3Y Avg | 21.8% |
| FCF/Rev LTM | 17.5% |
| FCF/Rev 3Y Avg | 16.9% |
Price Behavior
| Market Price | $18.04 | |
| Market Cap ($ Bil) | 2.0 | |
| First Trading Date | 12/09/2009 | |
| Distance from 52W High | -8.7% | |
| 50 Days | 200 Days | |
| DMA Price | $18.47 | $14.86 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -2.3% | 21.4% |
| 3M | 1YR | |
| Volatility | 25.9% | 31.9% |
| Downside Capture | 100.80 | 47.38 |
| Upside Capture | 61.22 | 87.80 |
| Correlation (SPY) | 18.7% | 34.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.01 | 0.26 | 0.59 | 0.89 | 0.90 | 1.48 |
| Up Beta | -0.41 | -1.03 | -0.32 | 0.56 | 1.07 | 1.69 |
| Down Beta | -3.60 | -0.08 | 0.05 | 0.99 | 1.17 | 1.54 |
| Up Capture | 13% | 67% | 159% | 133% | 96% | 181% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 41 | 77 | 132 | 374 |
| Down Capture | 162% | 112% | 76% | 73% | 59% | 108% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 18 | 23 | 50 | 117 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PEB | |
|---|---|---|---|---|
| PEB | 53.6% | 32.2% | 1.36 | - |
| Sector ETF (XLRE) | 3.8% | 14.0% | 0.03 | 37.1% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 34.0% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 7.7% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -16.6% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 41.7% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 10.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PEB | |
|---|---|---|---|---|
| PEB | -2.8% | 38.8% | 0.02 | - |
| Sector ETF (XLRE) | 1.2% | 19.1% | -0.04 | 52.8% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 61.0% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 6.9% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 12.8% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 58.1% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 28.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PEB | |
|---|---|---|---|---|
| PEB | -2.6% | 42.6% | 0.08 | - |
| Sector ETF (XLRE) | 5.8% | 20.4% | 0.24 | 51.5% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 56.1% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 2.0% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 21.2% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 58.8% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 19.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/15/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -2.8% | -0.8% | -5.0% |
| 4/28/2026 | 1.5% | 1.5% | 10.2% |
| 2/25/2026 | 7.7% | 6.0% | 3.8% |
| 11/5/2025 | 1.3% | 9.3% | 4.4% |
| 7/29/2025 | -4.8% | -6.5% | 6.6% |
| 5/1/2025 | 0.0% | 3.7% | -0.9% |
| 2/26/2025 | 4.3% | 1.0% | -12.2% |
| 11/7/2024 | -2.3% | -7.3% | 11.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 8 |
| # Negative | 12 | 13 | 16 |
| Median Positive | 1.4% | 2.2% | 5.8% |
| Median Negative | -2.6% | -6.0% | -3.9% |
| Max Positive | 7.7% | 12.4% | 46.2% |
| Max Negative | -10.1% | -8.6% | -14.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -2.8% | -0.8% | -5.0% |
| 4/28/2026 | 1.5% | 1.5% | 10.2% |
| 2/25/2026 | 7.7% | 6.0% | 3.8% |
| 11/5/2025 | 1.3% | 9.3% | 4.4% |
| 7/29/2025 | -4.8% | -6.5% | 6.6% |
| 5/1/2025 | 0.0% | 3.7% | -0.9% |
| 2/26/2025 | 4.3% | 1.0% | -12.2% |
| 11/7/2024 | -2.3% | -7.3% | 11.2% |
| 7/24/2024 | 0.9% | 1.4% | -3.9% |
| 4/23/2024 | 1.0% | -6.0% | -5.0% |
| 2/21/2024 | -2.5% | -5.2% | -3.5% |
| 10/26/2023 | -10.1% | -6.3% | -4.3% |
| 7/27/2023 | 7.7% | 2.6% | -2.8% |
| 4/26/2023 | -0.2% | 0.6% | -3.2% |
| 2/21/2023 | -0.9% | -2.5% | -12.4% |
| 10/27/2022 | -0.2% | -8.6% | -1.9% |
| 7/26/2022 | 1.7% | 1.6% | 2.6% |
| 4/26/2022 | 0.9% | -2.7% | -14.6% |
| 2/22/2022 | -4.5% | -6.9% | -0.4% |
| 10/28/2021 | 2.8% | 12.4% | -1.5% |
| 7/29/2021 | -1.3% | -2.9% | -3.9% |
| 4/29/2021 | -4.0% | -6.6% | -10.2% |
| 2/23/2021 | 1.3% | -1.4% | 5.0% |
| 10/29/2020 | -5.3% | 2.2% | 46.2% |
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 8 |
| # Negative | 12 | 13 | 16 |
| Median Positive | 1.4% | 2.2% | 5.8% |
| Median Negative | -2.6% | -6.0% | -3.9% |
| Max Positive | 7.7% | 12.4% | 46.2% |
| Max Negative | -10.1% | -8.6% | -14.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Adjusted FFO | Reported | 55.00 Mil | 57.00 Mil | 59.00 Mil | -17.4% | Lower New | Guidance: 69.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted FFO per diluted share | Reported | 0.48 | 0.5 | 0.52 | -16.7% | Lower New | Guidance: 0.6 for Q2 2026 | |
| Q3 2026 Adjusted EBITDAre | Reported | 92.50 Mil | 94.50 Mil | 96.50 Mil | -12.5% | Lower New | Guidance: 108.00 Mil for Q2 2026 | |
| Q3 2026 Net income | Reported | 9.00 Mil | 11.00 Mil | 13.00 Mil | -48.8% | Lower New | Guidance: 21.50 Mil for Q2 2026 | |
| 2026 Same-Property Total RevPAR Growth Rate | Reported | 4.1% | 4.7% | 5.3% | ||||
| 2026 Adjusted FFO per diluted share | Reported | 1.69 | 1.73 | 1.76 | 4.5% | Raised | Guidance: 1.65 for 2026 | |
| 2026 Adjusted EBITDAre | Reported | 345.00 Mil | 349.00 Mil | 353.00 Mil | 2.0% | Raised | Guidance: 342.00 Mil for 2026 | |
| 2026 Net income | Reported | -1.70 Mil | 2.05 Mil | 6.30 Mil | Raised | Guidance: 0 for 2026 | ||
| 2026 Free Cash Flow per diluted share | Reported | 1.04 | 1.07 | 1.11 | Raised | |||
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Adjusted FFO | Reported | 67.00 Mil | 69.00 Mil | 71.00 Mil | ||||
| Q2 2026 Adjusted FFO per diluted share | Reported | 0.58 | 0.6 | 0.62 | 185.7% | Higher New | Actual: 0.21 for Q1 2026 | |
| Q2 2026 Adjusted EBITDAre | Reported | 106.00 Mil | 108.00 Mil | 110.00 Mil | 74.2% | Higher New | Actual: 62.00 Mil for Q1 2026 | |
| Q2 2026 Net income (loss) | Reported | 19.50 Mil | 21.50 Mil | 23.50 Mil | Higher New | Actual: -18.30 Mil for Q1 2026 | ||
| 2026 Adjusted FFO | Reported | 184.00 Mil | 190.00 Mil | 196.00 Mil | ||||
| 2026 Adjusted FFO per diluted share | Reported | 1.6 | 1.65 | 1.7 | 5.8% | Raised | Guidance: 1.56 for 2026 | |
| 2026 Adjusted EBITDAre | Reported | 336.00 Mil | 342.00 Mil | 348.00 Mil | 3.0% | Raised | Guidance: 332.00 Mil for 2026 | |
| 2026 Net income (loss) | Reported | -6.00 Mil | 0 | 6.00 Mil | Raised | Guidance: -3.40 Mil for 2026 | ||
| 2026 Free Cash Flow | Reported | 114.50 Mil | 115.50 Mil | 116.50 Mil | ||||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted FFO per diluted share | Reported | 0.19 | 0.21 | 0.23 | -4.5% | Lower New | Actual: 0.22 for Q4 2025 | |
| Q1 2026 Adjusted EBITDAre | Reported | 60.00 Mil | 62.00 Mil | 64.00 Mil | -3.4% | Lower New | Actual: 64.20 Mil for Q4 2025 | |
| Q1 2026 Net income/(loss) | Reported | -20.30 Mil | -18.30 Mil | -16.30 Mil | 3.4% | Lower New | Actual: -17.70 Mil for Q4 2025 | |
| 2026 Same-Property Total RevPAR Growth Rate | Reported | 2.25% | 3.25% | 4.25% | ||||
| 2026 Adjusted FFO per diluted share | Reported | 1.5 | 1.56 | 1.62 | 1.6% | Higher New | Actual: 1.53 for 2025 | |
| 2026 Adjusted EBITDAre | Reported | 325.00 Mil | 332.00 Mil | 339.00 Mil | -1.5% | Lower New | Actual: 337.00 Mil for 2025 | |
| 2026 Net income/(loss) | Reported | -10.40 Mil | -3.40 Mil | 3.60 Mil | -94.6% | Higher New | Actual: -63.00 Mil for 2025 | |
| 2026 Capital Expenditures | Reported | 65.00 Mil | 70.00 Mil | 75.00 Mil | ||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Net loss | Reported | -22.20 Mil | -17.70 Mil | -13.20 Mil | ||||
| Q4 2025 Adjusted FFO per diluted share | Reported | 0.18 | 0.22 | 0.26 | -54.2% | Lower New | Actual: 0.48 for Q3 2025 | |
| Q4 2025 Adjusted EBITDAre | Reported | 59.70 Mil | 64.20 Mil | 68.70 Mil | -33.8% | Lower New | Actual: 97.00 Mil for Q3 2025 | |
| 2025 Net loss | Reported | -67.50 Mil | -63.00 Mil | -58.50 Mil | 227.3% | Lowered | Guidance: -19.25 Mil for 2025 | |
| 2025 Adjusted FFO per diluted share | Reported | 1.5 | 1.53 | 1.57 | 0.3% | Raised | Guidance: 1.53 for 2025 | |
| 2025 Adjusted EBITDAre | Reported | 332.50 Mil | 337.00 Mil | 341.50 Mil | -0.9% | Lowered | Guidance: 340.00 Mil for 2025 | |
Insider Activity
Updated 8/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fisher, Thomas Charles | Co-President, C Investmt Ofcr | Direct | Sell | 8042026 | 19.25 | 40,000 | 770,120 | 5,490,243 | Form |
| 2 | Bortz, Jon E | Chairman and CEO | Direct | Buy | 6152026 | 18.18 | 20,000 | 363,600 | 30,126,260 | Form |
| 3 | Bortz, Jon E | Chairman and CEO | Direct | Buy | 6122026 | 17.73 | 20,000 | 354,600 | 29,025,960 | Form |
| 4 | Bortz, Jon E | Chairman and CEO | Direct | Buy | 6122026 | 17.23 | 20,000 | 344,600 | 27,862,805 | Form |
| 5 | Bortz, Jon E | Chairman and CEO | Direct | Buy | 6092026 | 17.09 | 20,000 | 341,800 | 27,294,610 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fisher, Thomas Charles | Co-President, C Investmt Ofcr | Direct | Sell | 8042026 | 19.25 | 40,000 | 770,120 | 5,490,243 | Form |
| 2 | Bortz, Jon E | Chairman and CEO | Direct | Buy | 6152026 | 18.18 | 20,000 | 363,600 | 30,126,260 | Form |
| 3 | Bortz, Jon E | Chairman and CEO | Direct | Buy | 6122026 | 17.73 | 20,000 | 354,600 | 29,025,960 | Form |
| 4 | Bortz, Jon E | Chairman and CEO | Direct | Buy | 6122026 | 17.23 | 20,000 | 344,600 | 27,862,805 | Form |
| 5 | Bortz, Jon E | Chairman and CEO | Direct | Buy | 6092026 | 17.09 | 20,000 | 341,800 | 27,294,610 | Form |
| 6 | Bortz, Jon E | Chairman and CEO | Direct | Buy | 6092026 | 16.84 | 20,000 | 336,800 | 26,558,532 | Form |
| 7 | Bortz, Jon E | Chairman and CEO | Direct | Sell | 12162025 | 11.26 | 50,000 | 563,150 | 17,537,730 | Form |
| 8 | Schall, Michael J | Direct | Buy | 11202025 | 10.85 | 10,000 | 108,500 | 1,298,669 | Form | |
| 9 | Schall, Michael J | Direct | Buy | 8212025 | 10.08 | 10,000 | 100,800 | 1,105,705 | Form |
Investor Activity (13F)
Updated Sep 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Hotel & Resort REITs Resources |
| Hotel News Now |
| Hospitality Net |
| Lodging Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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