2024-06-27 10:30:00 ET
Summary
- Pebblebrook Hotel Trust's preferred shares offer yields ranging from 7.4% to 7.6%, slightly lower than competitors.
- The REIT's performance in the first quarter shows strong FFO and AFFO results, with capex exceeding $30M.
- Full-year guidance suggests AFFO will cover capital expenditures, indicating strong preferred dividend coverage.
Introduction
After discussing some series of preferred shares issued by other companies I wanted to have a closer look at the preferred shares issued by Pebblebrook Hotel Trust ( PEB ). I already have a long position in the Chatham and RLJ Lodging Trust preferred shares and I don’t mind exposure to the hospitality sector as long as I can rely on the (preferred) dividend income....
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Pebblebrook Hotel Trust: 7.5% Preferred Yield Acceptable, But Better Opportunities Elsewhere