Pebblebrook Hotel Trust Declares Dividends for Third Quarter 2024

Rhea-AI Summary

Pebblebrook Hotel Trust (NYSE: PEB) has declared dividends for the third quarter of 2024. The company will pay a quarterly cash dividend of $0.01 per common share on October 15, 2024, to shareholders of record as of September 30, 2024. Additionally, the Board of Trustees has authorized regular quarterly cash dividends on the company's preferred shares:

• $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
• $0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share

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

Positive

• Consistent dividend payments for common and preferred shareholders
• Largest owner of urban and resort lifestyle hotels in the US
• Diverse portfolio of 46 hotels with approximately 12,000 guest rooms
• Presence in 13 urban and resort markets

Negative

• Low common share dividend of $0.01 per share

Insights

Financial Analyst

Pebblebrook Hotel Trust's dividend declaration for Q3 2024 signals financial stability but growth. The $0.01 per common share dividend is minimal, suggesting a conservative approach to cash management. This could be interpreted as the company prioritizing financial flexibility over shareholder returns in the near term.

The consistent preferred share dividends indicate the company is meeting its obligations to these shareholders. However, the low common dividend yield may disappoint income-focused investors. This strategy could be a response to ongoing challenges in the hospitality sector or a move to preserve capital for future opportunities.

Investors should consider this dividend in the context of Pebblebrook's overall financial health, market position and growth prospects in the evolving hospitality landscape.

REIT Specialist

As the largest owner of urban and resort lifestyle hotels in the U.S., Pebblebrook's dividend policy reflects its strategic positioning in the REIT sector. The nominal $0.01 common share dividend maintains its REIT status while retaining cash for potential market opportunities or debt management.

The company's portfolio of 46 hotels with 12,000 guest rooms across 13 markets suggests a diversified asset base, which could provide resilience in varying market conditions. However, the low dividend might indicate cautious outlook on the urban and resort hotel market recovery.

Investors should monitor Pebblebrook's occupancy rates, RevPAR trends and potential acquisitions or dispositions to gauge the company's trajectory in the competitive hospitality REIT landscape.

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 October 15, 2024 to shareholders of record as of September 30, 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 October 15, 2024 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 September 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.

For additional information or to receive press releases via email, please visit www.pebblebrookhotels.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20240916657966/en/

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

Source: Pebblebrook Hotel Trust

FAQ

What is the dividend amount for Pebblebrook Hotel Trust (PEB) common shares in Q3 2024?

Pebblebrook Hotel Trust (PEB) has declared a quarterly cash dividend of $0.01 per common share for the third quarter of 2024.

When will Pebblebrook Hotel Trust (PEB) pay its Q3 2024 dividends?

Pebblebrook Hotel Trust (PEB) will pay its third quarter 2024 dividends on October 15, 2024, to shareholders of record as of September 30, 2024.

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

Pebblebrook Hotel Trust (PEB) owns 46 hotels, totaling approximately 12,000 guest rooms across 13 urban and resort markets in the United States.

What are the dividend rates for Pebblebrook Hotel Trust's (PEB) preferred shares?

Pebblebrook Hotel Trust (PEB) has declared quarterly dividends of $0.39844 for Series E, $0.39375 for Series F, $0.39844 for Series G, and $0.35625 for Series H preferred shares.