Lodging REIT Pebblebrook Hotel Trust (PEB) will be selling a new issue of preferred stock.
The issue will be unrated, cumulative and nonqualified.
The company has 4 outstanding preferred issues–which can be seen here. 2 of the issues are currently redeemable and the other 2 are redeemable within 6 weeks. The company does NOT indicate they will be redeeming any of these issues.
PEB is one of the stronger lodging REITs as their debt levels are modest (relative to other lodging REITs).
Eugene was right on this one and EarlyBird chirped in yield talk in the 6.375% area for 4 million shares.