Terms

Series

Series G Cumulative Redeemable Preferred Shares of Beneficial Interest

Liquidation Preference

$25.00

Coupon Rate

6.375%

Rate Type

Fixed

Annual Dividend

$1.59

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

May 13, 2026

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Existing And Future Indebtedness, Any Equity Securities That Rank Senior To Series G Preferred Shares; Pari Passu With: Series C Preferred Shares, Series D Preferred Shares, Series E Preferred Shares, Series F Preferred Shares, Any Future Parity Preferred Shares; Senior To: Common Shares, Any Other Future Equity Securities That Rank Junior To Series G Preferred Shares

Regulatory (Basel III) Call

Yes

Tax Classification

Reit Passthrough

Shares Offered

8,000,000

Prospectus Summary

Pebblebrook Hotel Trust is offering 8,000,000 Series G Cumulative Redeemable Preferred Shares with a $25.00 liquidation preference per share and a fixed 6.375% annual dividend rate (equivalent to $1.59375 per share per annum), payable quarterly on January 15, April 15, July 15, and October 15. The shares are cumulative, meaning unpaid dividends accrue and must be paid before any distributions to common shareholders, and the issuer may redeem them at $25.00 per share on or after May 13, 2026, subject to applicable notice requirements. The Series G Preferred Shares rank senior to all common shares and junior preferred securities, but are pari passu with existing Series C, D, E, and F Preferred Shares (collectively representing $510 million of liquidation preference). Critically, all debt of Pebblebrook Hotel Trust ranks senior to these preferred shares, meaning debtholders must be paid before preferred shareholders in any liquidation. As a REIT holding company structure, the preferred shares are senior to the common equity but subordinate to all borrowings. The shares are subject to a REIT-related redemption right to preserve the issuer's tax qualification status, which could trigger an unscheduled redemption. At the $25.00 offering price, the Series G Preferred Shares yield 6.375% (approximately 159.375 basis points annually, or about 39.84 basis points quarterly). Distributions are not eligible for the preferential 15%/20% qualified dividend income rate or the corporate dividends-received deduction, as they are REIT distributions taxed as ordinary income. Record dates follow a flexible rule—typically the first day of the payment month, but no more than 90 days and no fewer than 10 days before payment. A strict dividend stopper prevents any distributions on common shares or junior preferred shares unless Series G cumulative distributions are fully current; failure to pay distributions for six or more quarterly periods grants shareholders limited voting rights to elect two additional trustees.

Summarized from the SEC prospectus filing.

Distribution History

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

No distributions may be paid on common shares or junior/parity preferred shares unless full cumulative distributions on Series G Preferred Shares have been declared and paid or set apart for payment for all past periods

Other Preferreds from Pebblebrook Hotel Trust

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 45 (Average)