Terms

Series

5.700% Series H Cumulative Redeemable Preferred Shares of Beneficial Interest

Liquidation Preference

$25.00

Coupon Rate

5.7%

Rate Type

Fixed

Annual Dividend

$1.43

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

July 27, 2026

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Existing And Future Indebtedness, Any Future Equity Securities Ranking Senior To Series H Preferred Shares; Pari Passu With: Series C Preferred Shares (6.50%), Series D Preferred Shares (6.375%), Series E Preferred Shares (6.375%), Series F Preferred Shares (6.30%), Series G Preferred Shares (6.375%), Any Future Parity Preferred Shares; Senior To: Common Shares, Any Future Equity Securities Ranking Junior To Series H Preferred Shares

Regulatory (Basel III) Call

No

Tax Classification

Reit Passthrough

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

10,000,000

Prospectus Summary

Pebblebrook Hotel Trust is offering 10,000,000 Series H Cumulative Redeemable Preferred Shares of Beneficial Interest at a $25.00 liquidation preference, paying a fixed 5.700% annual rate ($1.4250 per share per year, or $0.35625 quarterly). The shares are perpetual with no maturity date. Because the shares are cumulative, any distributions that Pebblebrook fails to declare or pay do not disappear — they accrue and must be paid in full before any common dividends can resume, providing holders meaningful protection against temporary earnings disruptions. The Series H Preferred Shares sit above common equity and below all debt in Pebblebrook's capital stack. They rank pari passu with five existing series of preferred shares (Series C through G, representing roughly $740 million in aggregate liquidation preference) and are junior to all existing and future indebtedness. As a holding company, Pebblebrook conducts operations through its operating partnership, creating structural subordination: debt at the operating partnership level is effectively senior to preferred holders at the trust level. There is no bank-style regulatory capital call; however, the issuer retains a limited right to redeem shares to preserve REIT qualification, and a special optional redemption right exists if a Change of Control causes the common shares to be delisted. At par, the Series H Preferred Shares yield 5.70%, paid quarterly on January 15, April 15, July 15, and October 15, with a record date of the first calendar day of the payment month. As a REIT, Pebblebrook's distributions are generally not eligible for the qualified dividend income (QDI) preferential 15%/20% tax rate or the corporate dividends-received deduction (DRD) — most distributions are taxed as ordinary income or return of capital. The dividend stopper prevents any payment on common or junior/parity equity unless all accumulated Series H distributions have been paid or set aside, protecting preferred holders from being subordinated in practice to equity distributions.

Summarized from the SEC prospectus filing.

Distribution History

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If Pebblebrook Hotel Trust has not paid full cumulative distributions on the Series H Preferred Shares for all past periods, it cannot pay dividends on or repurchase its common shares or any junior/parity equity securities.

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 63 (Strong)