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  "documentTitle": "2026 02 Investor Presentation",
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  "authorName": "Pebblebrook Hotel Trust",
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  "notes": "Includes a waterfall-style comparison of asset values and a detailed table of financial ratios and preferred equity series.",
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      "text": "A snapshot of the Company's credit statistics demonstrates a strong balance sheet and a reasonable leverage level given its size and profile.",
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      "text": "(1) Based on $23.50 per share and assumptions detailed on page 5. (2) Net Book Value as of December 31, 2025. Reflects GAAP-defined investment in hotel properties, net of accumulated depreciation and amortized right-of-use assets. (3) Based on $12.00 per share and assumptions detailed on page 5. (4) Reflects estimated balances as of February 11, 2026.",
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      "text": "Net Debt/EBITDA Ratio: 5.9x",
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