Distributions on the Series I 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 6.375% per annum of the $25.00 liquidation preference, which is equivalent to $1.59375 per annum per Series I Preferred Share. The first distribution on the Series I Preferred Shares sold in this offering will be paid on April 15, 2013, and will be in the amount of $0.1815104 per share.
Generally, we may not redeem the Series I Preferred Shares until March 4, 2018. On or after March 4, 2018, we may, at our option, redeem the Series I Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid distributions to and including the date of redemption. In addition, upon the occurrence of a change of control the result of which is that neither our common securities nor the common securities of the acquiring or surviving entity (or American Depositary Receipts (ÙADRsˆ) representing such securities) are listed on the New York Stock Exchange (the ÙNYSEˆ), the NYSE MKT 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 I 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 and including the date of redemption. If we exercise our redemption right, you will not have the conversion right described below. The Series I 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 you. Holders of shares of the Series I Preferred Shares will generally have no voting rights except for limited voting rights if we fail to pay distributions for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.
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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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