Pebblebrook's Preferred Shares Yield 8.15%. The Common Trades at a 33% Discount to NAV.
Pebblebrook's Series E preferred shares are paying 6.375% with a yield north of 8%, while the common stock sits a third below net asset value. That gap between what the preferred holders are getting and what the common holders are enduring tells you everything about where hotel REIT capital structures get uncomfortable.