Investor Presentation November 2023

INVESTOR PRESENTATION NOVEMBER 2023 San Francisco: Challenges but Recovery Underway The improvement of hotel demand has been slower to recover than in other major cities due to work-from-home policies, particularly with technology companies, international travel restrictions, crime and issues with street cleanliness and quality of life. San Francisco is making significant progress in addressing these challenges though, and demand is expected to rebound further. • • Recent Key Initiatives to Improve Living Conditions $14.6 Billion City Budget invests in public safety, businesses, and addressing homelessness: • ⚫ $25M for over 400 additional police officers and other support Incentives to keep and encourage businesses to relocate to vacant retail/office space - positive momentum demonstrated by Aug 2023 opening of 52,000 SF IKEA store located on Market Street • Increased funding to expand homeless shelters and drug treatment beds • Increased funding for successful Street Ambassador Program Newly appointed DA committed to prosecuting street crimes Mayor London Breed announced safter San Francisco ballot measure to support public safety San Francisco announced a new initiative to spur conversions of underutilized office buildings XE Source: SF.gov TRUST pebblebrook 20 20

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