Pebblebrook Hotel Trust 8-K

What Happened
Pebblebrook Hotel Trust announced a Fourth Amendment to its Fifth Amended and Restated Credit Agreement dated February 11, 2026 (filed on Form 8‑K Feb 13, 2026). The amendment extends the maturity of the $360.0 million Term Loan A‑3 and adjusts the maturity schedule for the company’s revolving credit facility; Bank of America, N.A. serves as administrative agent and L/C issuer. The company issued a press release on February 12, 2026 announcing these debt maturity extensions.

Key Details

• As of January 31, 2026, the Operating Partnership had three term loans outstanding: $360.0M (Term Loan A‑3), $356.7M (maturing Jan 20, 2028), and $185.2M (maturing Jan 19, 2029).
• Term Loan A‑3 maturity extended from October 13, 2027 to February 11, 2031. The company may borrow up to an additional $90.0M to add to Term Loan A‑3 if drawn before December 15, 2026.
• The initial maturity date for $48.0M of the Revolver was extended from October 13, 2026 to October 13, 2028; the full Revolver capacity ($650.0M) now has an initial maturity date of October 13, 2028. The Revolver includes two six‑month extension options that could push maturity to October 13, 2029 (subject to conditions and an extension fee).
• Interest continues to be at the borrower’s option of Daily Simple SOFR or Term SOFR plus a leverage‑based margin (unchanged), which ranges from 1.40% to 2.45% per annum.

Why It Matters
The amendment pushes out near‑term debt maturities and gives Pebblebrook more flexibility on liquidity timing, reducing immediate refinancing pressure on Term Loan A‑3 and part of the Revolver. The optional $90M add‑on to Term Loan A‑3 and extension features on the Revolver also provide additional optional borrowing capacity and runway. Interest pricing and margins were not changed, so borrowing costs remain tied to SOFR plus the same leverage‑based spread. These are material capital‑structure developments investors should watch when assessing the company’s debt profile and near‑term liquidity.