Distributions on the Series B Preferred Shares will be payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. The distribution rate is 8.00% per annum of the $25.00 liquidation preference, which is equivalent to $2.00 per annum per Series B Preferred Share. The first distribution on the Series B Preferred Shares sold in this offering will be paid on October 17, 2011 and will be in the amount of $0.13333 per share.
Generally, we may not redeem the Series B Preferred Shares until September 21, 2016. On and after September 21, 2016, we may, at our option, redeem the Series B Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. In addition, upon the occurrence of a change of control the result of which our common shares of beneficial interest, par value $0.01 per share (Ùcommon sharesˆ), and the common securities of the acquiring or surviving entity (or American Depositary Receipts (ÙADRsˆ) representing such securities) are not listed on the New York Stock Exchange (the ÙNYSEˆ), the NYSE Amex Equities (the ÙNYSE Amexˆ) or the NASDAQ Stock Market (ÙNASDAQˆ) or listed or quoted on a successor exchange or quotation system, we may, at our option, redeem the Series B Preferred Shares, in whole or in part and within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the Series B Preferred Shares, the holders of Series B Preferred Shares will not have the conversion right described below. The Series B Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed by us or converted in connection with a change of control by the holders of Series B Preferred Shares.
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Pebblebrook Hotel Trust is a real estate investment trust. Co. acquires and invests in hotel properties located primarily in main U.S. cities. Co.'s hotel properties are located in Boston, MA; Chicago, IL; Hollywood, FL; Jekyll Island, GA; Key West, FL; Miami, FL; Los Angeles, CA; Naples, FL; Philadelphia, PA; Portland, OR; San Diego, CA; San Francisco, CA; Santa Cruz, CA; Seattle, WA; Stevenson, WA; and Washington, D.C. In addition, Co. also targets investments in resort properties located near its primary urban target markets and select destination resort markets such as southern Florida and southern California. Co. focuses on both branded and independent full-service hotels. Preferreds: LHO.PRG, LHO.PRH, PEB.PRA, PEB.PRB, PEB.PRE, PEB.PRC, PEB.PRF, PEB.PRF, PEB.PRD, PEB.PRG, PEB.PRH Open the PEB Information Page » |
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