Investor Presentation November 2023
INVESTOR PRESENTATION NOVEMBER 2023
Balance Sheet and Liquidity, Continued
A snapshot of the Company's credit statistics demonstrates a strong balance sheet and a reasonable leverage
level given its size and profile.
Year-End
Floating
Rate Debt
Fixed
Rate Debt
% Fixed of Total
at Year-End
Debt to Asset Value Comparison
2023
$413
$1,965
83%
$6.5B
$539K/Key
2024
713
1,665
70%
2025
915
1,463
62%
$5.2B
$427K/Key
$4.8B
$392K/Key
2026
2,155
223
9%
2027
2,320
58
2%
$3.2B
$261K/Key
2028
2,378
Convertible Notes
$0.8B
Preferred Equity
$0.8B
Debt
$1.6B
(3)
Estimated Gross
Asset Value (2)
Net Book Value³) Public Enterprise Debt, Pfd Equity
Value (4)
and Converts
2022
Q3 2023
5.7x
6.9x
Net Debt/EBITDA Ratio
Net Debt/EBITDA Ratio
(Assuming Convertible Notes
3.9x
4.8x
Settled With Equity)
Fixed Charge Ratio
2.3x
1.7x
Net Debt/Net Book Value
43%
46%
Net Debt to Gross Asset Value %
34%
36%
Secured Property Debt % of Total Debt
9%
8%
Liquidity
$690M
$829M(4)
pebblebrook
(1) Mid-point estimate of $750-$800K per key estimate
(2) Based on $29.50 per share and assumptions detailed on slide 25.
(3) Represents GAAP defined investment in hotel properties, net of accumulated depreciation and amortized right of-use assets.
TRUST
(4) Based on $12.00 per share and assumptions detailed on slide 25.
(5) Reflects liquidity as of September 30, 2023.
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