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  "documentTitle": "2026 02 Investor Presentation",
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  "notes": "Includes detailed footnotes regarding debt instruments and peer comparison methodology.",
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      "text": "Pebblebrook has the lowest weighted-average cost of debt among lodging REIT peers. A 130-bps cost advantage translates to approximately $25M+ in annual interest expense savings—representing over $100M in cumulative savings versus peers since the pandemic.",
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      "text": "Debt Maturities as of February 11, 2026",
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      "text": "Note: Dollars in millions; Any differences are due to rounding. (1)-(7) Footnotes.",
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      "text": "Weighted-average cost of debt: 4.1%",
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      "text": "In 2026, Pebblebrook closed a $450M delayed draw 2031 term loan, deploying $360M to retire its 2027 debt maturity and retaining $90M for incremental flexibility to address the 2026 convertible notes alongside cash on hand. Concurrently, the Company paid off the remaining $40M balance on its Margaritaville mortgage loan.",
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      "text": "Currently, consolidated debt and convertible notes carry a 4.1% weighted-average interest rate and 3.1-year weighted-average maturity, with approximately 98% effectively fixed and 98% unsecured.",
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      "text": "In 2025, Pebblebrook paid down $100M of upcoming debt maturities and extended $400M of convertible notes by five years at a lower rate. The Company also repurchased 0.5 million preferred shares at an attractive ~24% average discount to par value, reducing outstanding preferred equity securities by ~$13.3M.",
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      "text": "Company Stated Wtd. Avg. Cost of Debt vs Interest Cost/Adj. EBITDA",
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