Investor Presentation November 2023
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INVESTOR PRESENTATION NOVEMBER 2023
Balance Sheet and Liquidity
As of September 30, 2023, the Company had estimated total liquidity of $829.0 million, which included cash
on hand of $191.6 million with $637.4 million available on the Company's credit facility.
The Company has no meaningful loan maturities until November 2024; approximately 92% of the Company's
outstanding debt is unsecured.
On September 7, the Company refinanced the mortgage on Margaritaville Hollywood Beach Resort,
extending the debt maturity and preserving liquidity. The $140.0 million loan has a three-year initial term with
two one-year extension options.
The Company's balance sheet, with staggered maturities, high percentage of fixed rates and low weighted
average cost of debt reduces risk, provides flexibility to pursue investments, acquisitions, redevelopments and
renovations, and allows access to a lower cost of capital.
Debt and Convertible Notes Maturity Schedule(1)
Weighted
Debt
Amount
$750.0
Fixed
Convertible Notes
$1,113.0
750.0
Interest Rate
3.5%
% of
Total Debt
46.8%
1.8%
31.5%
Floating
515.0
7.6%
21.7%
Total/Wtd. Avg
$2,378.0
4.4%
100.0%
$460.0
$462.4
$460.0
% Of
Debt Type
Amount
Total Debt
Unsecured Bank Debt
$1,380.0
58.0%
Convertible Notes
750.0
31.5%
$198.0
Secured Property Debt
Unsecured Notes
220.0
8.3%
50.0
2.1%
Preferred Equity
Redeemable
Amount
Yield
$47.6
Starting
Series E
$110.0
6.375%
Redeemable
2023
2024
2025
2026
2027
2028(2)
Series F
150.0
6.300%
Redeemable
Series G
230.0
6.375%
May 2026
■Bank Term Loans
■Mortgage Debt
Series H
225.0
5.700%
Jul 2026
Unsecured Notes
■Convertible Notes (3)
Series Z
77.6
6.000%
May 2027
Total / Wtd. Avg
$792.6
6.132%
(1) Debt balances shown in millions; current as of September 30, 2023.
pebblebrook
TRUST
(2) Maturity date of September 2028 assumes the Company chooses to exercise its two one year options to extend the maturity of the loan on Margaritaville Hollywood Beach Resort.
(3) The Convertible Notes have an initial conversion rate in December 2026 of 39.2549 per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $25.47 per 30
common share of the Company and a conversion premium of approximately 35.0% based on the closing price of $18.87 per common hare on the date of issuance).View entire presentation