Maryland’s Pebblebrook Hotel Trust issuing additional 1 million shares of 6.5% preferreds

By Christine Van Dusen

Atlanta, Sept. 29 – Maryland’s Pebblebrook Hotel Trust is issuing an additional 1 million shares of its 6.5% series C cumulative redeemable preferred shares at a liquidation preference of $25.00 per share, according to a company filing.

Wells Fargo Securities is the underwriter for the Securities and Exchange Commission-registered deal.

In April the company said underwriters fully exercised the over-allotment option for another 400,000 shares of its 6.5% series C cumulative redeemable preferred shares, bringing the total deal size to $100 million.

Pebblebrook priced $90 million of the preferreds on March 11 with Raymond James & Associates Inc. and Citigroup Global Markets Inc. as the joint bookrunners, as previously reported.

The deal settled on March 18.

The issuer sold 4 million of the preferreds at $25.00 per share.

Dividends will be payable on the 15th day of January, April, July and October, beginning April 15. The preferreds become redeemable on or after March 15, 2018 at par plus accrued dividends or in the event of a change of control.

Proceeds from the offering will be contributed to the operating partnership, which will then use the funds for general corporate purposes, including acquiring and investing in hotel properties and reducing debt.

Pebblebrook is a Bethesda, Md.-based real estate investment trust focused on hotel management.

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