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  "documentTitle": "2026 02 Investor Presentation",
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      "text": "Accretive common share repurchases funded by 2025 disposition proceeds support per-share performance and largely offset the modest nominal decline in Adjusted EBITDAre, resulting in only a $0.01 decline at the midpoint of Adjusted EBITDAre per share.",
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      "text": "As of February 25, 2026, the midpoint of Pebblebrook's 2026 Outlook implies: Same-Property operating growth is offset by the roll-off of La Playa BI proceeds, EBITDA from hotels sold in 2025, and non-recurring 2025 tax credits. Accretive common share repurchases funded by 2025 disposition proceeds support per-share performance and largely offset the modest nominal decline in Adjusted EBITDAre, resulting in only a $0.01 decline at the midpoint of Adjusted EBITDAre per share.",
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      "text": "2026 is a transition year, as La Playa's business interruption insurance (\"BI\") proceeds conclude with the final settlement in 2025 and as capital is deployed to address 2026 debt maturities.",
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      "text": "Note: Dollars and shares are in millions, except per-share data.",
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      "text": "Adjusted EBITDAre Bridge: 2025 Actual -> 2026 Outlook (Midpoint) ... 2026 Adjusted EBITDAre (Midpoint) $332.0 ... 2026 Weighted Average Diluted Shares Outstanding 115.8 ... 2026 vs. 2025 Per-Share Variance ($0.01)",
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