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Name | Symbol | Market | Type |
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Pebblebrook Hotel Trust 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest | NYSE:PEBPC | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
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Date of Report (Date of Earliest Event Reported):
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February 13, 2019
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(Exact name of registrant as specified in its charter)
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Maryland
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001-34571
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27-1055421
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_____________________
(State or other jurisdiction
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_____________
(Commission
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______________
(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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7315 Wisconsin Avenue, 1100 West, Bethesda, Maryland
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20814
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______________________________
(Address of principal executive offices)
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___________
(Zip Code)
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Registrant’s telephone number, including area code:
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(240) 507-1300
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Former name or former address, if changed since last report
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10% of the target cash amount will be determined by the degree of success of the integration of the Company and LaSalle Hotel Properties (“LaSalle”), whose merger was completed on November 30, 2018 (the “Merger”);
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•
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30% of the target cash amount will be determined by:
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•
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the percentage growth of the Company’s comparable hotel-level earnings before interest, taxes, depreciation and amortization (“EBITDA”) from December 31, 2018 to December 31, 2019 (the “Measurement Period”) compared to the average percentage growth in the same measure for a group of six peer companies in the full service hotel sector, Chesapeake Lodging Trust, DiamondRock Hospitality Company, Host Hotels & Resorts, Inc., Park Hotels & Resorts Inc., Sunstone Hotel Investors, Inc. and Xenia Hotels & Resorts, Inc.;
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•
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the growth of the Company’s adjusted funds from operations (“Adjusted FFO”) per Common Share for the Measurement Period compared to the same measure per share provided in the Company’s budget for 2018;
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•
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the growth in the Company’s RevPAR penetration index for the Measurement Period compared to the competitive sets for the Company’s portfolio;
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•
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the amount of annualized hotel-level EBITDA improvements that can be made based on asset management enhancements identified during the Measurement Period; and
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•
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30% of the target cash amount will be determined by the degree to which the Company achieves certain asset management initiatives during the Measurement Period, including successfully completing renovations of, or developing strategic repositioning plans for, certain hotel properties;
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30% of the target cash amount will be determined by the degree to which the Company achieves certain other business objectives, including meeting acquisition/disposition goals and complying with internal controls and compliance.
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Mr. Bortz - 35,055 shares;
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•
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Mr. Martz - 14,398 shares; and
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•
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Mr. Fisher - 14,398 shares.
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upon a change in control of the Company, unvested awards vest;
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•
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upon termination of the executive’s employment with the Company because of his death or disability, unvested awards vest;
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•
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upon resignation of the executive for good reason (which must be in connection with or within one year after a change in control), unvested awards vest;
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•
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upon termination of the executive’s employment with the Company without cause, unvested awards vest; and
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upon termination of the executive’s employment with the Company for cause, unvested awards are forfeited.
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65% is determined by the Company’s total shareholder return (Common Share price appreciation/depreciation plus paid dividends) (“TSR”) measured from December 31, 2018 through December 31, 2021 compared to the TSR of each member of the Peer Group (the “2019 Relative TSR Objective”); and
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•
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35% is determined by the Company’s TSR from December 31, 2018 through December 31, 2021 (the “2019 Absolute TSR Objective”).
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Mr. Bortz - 52,582 target (105,164 maximum);
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•
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Mr. Martz - 21,596 target (43,192 maximum); and
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Mr. Fisher - 21,596 target (43,192 maximum).
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•
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upon a change in control of the Company;
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•
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upon termination of the executive’s employment with the Company because of his death or disability;
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•
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upon resignation of the executive for good reason (which must be in connection with or within one year after a change in control); and
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•
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upon termination of the executive’s employment with the Company without cause.
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Exhibit No.
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Description
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Press release, issued February 14, 2019, regarding disposition of Liaison Capitol Hill
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PEBBLEBROOK HOTEL TRUST
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February 20, 2019
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By:
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/s/ Raymond D. Martz
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Name: Raymond D. Martz
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Title: Executive Vice President, Chief Financial Officer, Treasurer and Secretary
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1 Year Pebblebrook Hotel Trust 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest Chart |
1 Month Pebblebrook Hotel Trust 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest Chart |
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