Lodging REIT Pebblebrook Hotel Trust to Sell New Preferred

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).

The preliminary prospectus can be read here.

Eugene was right on this one and EarlyBird chirped in yield talk in the 6.375% area for 4 million shares.

3 thoughts on “Lodging REIT Pebblebrook Hotel Trust to Sell New Preferred”

  1. Rob in Vegas; Have you ever asked yourself when you see all of these very low quality issues firing out of the cannon like a blitzkrieg, just who is buying all this garbage??? The last thing I bought was TDS+U and that was after reading everything on their website including the annual and most recent quarterly. I would have bought some FGBIL but there’s just not enough volume for me to be able to get into it. Plus now its been bid up too high anyway.

  2. My goodness. The first dividend payment on PEB+G won’t even be made until October 15th – 5+ months from now!

    Only in this yield-hungry environment can a hotel REIT still burning $12 million/month get away with that.

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