Pebblebrook Hotel Trust Declares Dividends for Fourth Quarter 2024

Rhea-AI Summary

Pebblebrook Hotel Trust (NYSE: PEB) has declared its quarterly dividends for Q4 2024. The company will pay $0.01 per common share on January 15, 2025, to shareholders of record as of December 31, 2024. Additionally, the company declared preferred share dividends: $0.39844 for Series E (6.375%), $0.39375 for Series F (6.3%), $0.39844 for Series G (6.375%), and $0.35625 for Series H (5.7%) shares.

Pebblebrook is the largest owner of urban and resort lifestyle hotels in the United States, with a portfolio of 46 hotels comprising approximately 12,000 guest rooms across 13 urban and resort markets.

Positive

• Consistent dividend payment maintained for common shareholders
• Regular preferred share dividend payments maintained across all series
• Strong market position as largest urban and resort lifestyle hotel owner in the US
• Substantial portfolio of 46 hotels with 12,000 guest rooms

Negative

• Low common share dividend of $0.01 indicates conservative cash distribution policy

Insights

Financial Analyst

The dividend declaration of $0.01 per common share maintains Pebblebrook's minimal distribution policy, reflecting the challenging environment in the hotel REIT sector. The preferred share dividends remain unchanged, providing steady income for preferred shareholders. This conservative dividend approach helps preserve capital while the hotel industry continues to recover. With 46 hotels in urban and resort markets, maintaining this minimal dividend allows PEB to retain cash for operations and potential property improvements. The $0.01 quarterly dividend translates to a nominal annual yield, significantly below historical levels and peer averages, indicating management's priority on financial flexibility over shareholder distributions in the current market environment.

BETHESDA, Md.--(BUSINESS WIRE)-- Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that its Board of Trustees has authorized, and the Company has declared, a quarterly cash dividend of $0.01 per common share of beneficial interest, to be paid on January 15, 2025, to shareholders of record as of December 31, 2024 (the “Record Date”).

The Board of Trustees also authorized, and the Company has declared, regular quarterly cash dividends on the Company’s preferred shares of beneficial interest as follows, each of which will be paid on January 15, 2025, to shareholders of record as of the Record Date:

• $0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share;
• $0.39375 per 6.3% Series F Cumulative Redeemable Preferred Share;
• $0.39844 per 6.375% Series G Cumulative Redeemable Preferred Share; and
• $0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 46 hotels, totaling approximately 12,000 guest rooms across 13 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow @PebblebrookPEB.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. These forward-looking statements relate to the payment of the dividends. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of December 16, 2024. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241216739457/en/

Raymond D. Martz, Co-President and Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330

For additional information or to receive press releases via email, please visit

www.pebblebrookhotels.com

Source: Pebblebrook Hotel Trust

FAQ

What is Pebblebrook Hotel Trust's (PEB) Q4 2024 dividend amount?

Pebblebrook Hotel Trust declared a quarterly dividend of $0.01 per common share for Q4 2024, payable on January 15, 2025.

When is the record date for PEB's Q4 2024 dividend payment?

The record date for Pebblebrook Hotel Trust's Q4 2024 dividend is December 31, 2024.

What are the preferred share dividend rates for PEB's different series?

PEB's preferred share dividends are: Series E (6.375%) at $0.39844, Series F (6.3%) at $0.39375, Series G (6.375%) at $0.39844, and Series H (5.7%) at $0.35625.

How many hotels does Pebblebrook Hotel Trust (PEB) currently own?

Pebblebrook Hotel Trust owns 46 hotels with approximately 12,000 guest rooms across 13 urban and resort markets.

When will PEB pay its Q4 2024 dividends for both common and preferred shares?

Both common and preferred share dividends will be paid on January 15, 2025.