Lodging REITs are owners of many of the hotels and resorts throughout the United States and the world.
The companies have issued some of the most lucrative of all REIT preferreds . Of course the reason the coupons are some of the highest of all REITs is because there is substantial risk in the business of hotels and lodging–in a bad economy these share can fall hard. Occupancy of hotel rooms can move sharply lower during a recession and because many of the REITs have fairly high debt they sustain substantial losses needing to pay high debt service
So like everything the coupon is all about the risk/reward–the higher the coupon the higher the risk (typically)
Dividends which are ‘painted’ RED have suspended dividends.