Investor Presentation November 2023
INVESTOR PRESENTATION NOVEMBER 2023
Currently Trading at a Significant Discount to NAV
The Company's NAV and value of the individual properties are constantly being evaluated as comparable
property and market transactions and capital markets change. The Company's public market valuation of
~$12.00/share is currently roughly 50% lower than its recently updated private market valuation, which is based
on individual valuations for each property.
TTM 3Q23 Cap
Hotel NOI
2019 Cap Rate
Hotel NOI
Estimated Value
Rate(1)
2019
High
Low
TTM 3Q23(1)
High
Low
Mid/Key High
Mid
Low
Resorts
Boston
$107.2
4.3%
3.8%
144.2
5.8%
5.1%
852
$2,821
$2,633
$2,469
73.4
7.1%
6.6%
66.6
6.4%
6.0%
546
1,113
1,073
1,034
San Diego
37.4
6.0%
5.5%
28.3
4.5%
4.2%
498
682
654
625
Los Angeles
48.3
6.0%
5.5%
33.9
4.2%
3.8%
470
883
841
805
Washington DC
19.4
6.8%
6.3%
8.6
3.0%
2.8%
431
310
298
287
San Francisco
64.1
11.1%
10.6%
17.2
3.0%
2.8%
354
607
594
577
Portland
14.2
9.7%
9.2%
4.3
3.0%
2.8%
295
154
149
146
Chicago
14.9
8.2%
7.7%
12.5
6.9%
6.5%
169
193
187
181
Club/Retail Space (2)
11.6
9.7%
9.3%
11.6
9.7%
9.3%
N/A
125
122
119
Total Portfolio
$390.6
6.3%
5.7%
$336.4
5.4%
4.9%
$540
$6,888
$6,551
$6,243
Private Valuation
Public Valuation
Low
High
Mid
Mid
Comparison to Public
Low
High
Mid
Enterprise Value
$6,243 $6,888 $6,551
Enterprise Value
$4,432
Net Debt (3)
(1,436)
(1,436) (1,436)
Net Debt (3)
(1,436)
Convertible Notes (4)
(750)
(750) (750)
Convertible Notes (4)
(750)
Preferred Equity
(793)
(793) (793)
Preferred Equity
(793)
NAV
$3,264
Shares Outstanding
NAV Per Share
121.1
$27.00
$3,909 $3,572
121.1 121.1
$32.00 $29.50
Equity Market Cap
$1,453
Shares Outstanding
121.1
Share Price
$12.00
(56%)
($15.00)
(63%)
($20.00)
(59%)
($17.50)
pebblebrook
HOTEL TRUST
Note: Dollars in millions, except estimated value per key, which is in thousands; differences due to rounding; includes all hotels owned by the Company as of September 30, 2023.
(1) Reflects Trailing Twelve Months as of September 30, 2023,with the exception of LaPlaya Beach Resort & Club, which reflects 2022 actual achievement for Q1-Q3 and its pre-hurricane
forecast for Q4 2022.
(2) Includes the private LaPlaya Beach & Golf Club and -206,000 square feet of retail space at Hotel Chicago Downtown and Hotel Zephyr Fisherman's Wharf.
(3) Net Debt is net of cash, cash equivalents and liquid securities assumed as of September 30, 2023.
(4) Assumes convertible notes are settled with cash.
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