Pebblebrook Closes Loan Financing - Analyst Blog
January 12 2012 - 11:46AM
Zacks
Pebblebrook Hotel Trust (PEB) recently executed
a non-recourse secured loan worth $46.0 million through Cornerstone
Real Estate Advisers, one of the world's largest real estate
investment advisers.
The loan carries a fixed interest rate of 4.36% with a term of
five years secured by a first mortgage on the company’s 183-room
Hotel Monaco Washington, DC. The proceeds from the loan will be
used to repay the existing $35.0 million mortgage loan on the Hotel
Monaco Washington, DC. This apart, the company expects to utilize
the proceeds to fund future acquisitions and for general business
purposes.
Pebblebrook reported third quarter 2011 FFO (funds from
operations) of 34 cents per share compared with 11 cents per share
in the year-earlier quarter. Funds from operations, a widely used
metric to gauge the performance of REITs, is obtained after adding
depreciation and amortization and other non-cash expenses to net
income.
As of September 30, 2011, the company had $251.8 million in
consolidated debt and $291.7 million in non-recourse debt at
weighted average interest rates of 4.4% and 3.2%, respectively. The
company had no outstanding balance on its $200.0 million senior
unsecured credit facility. As of September 30, 2011, the company
had $84.0 million of consolidated cash, cash equivalents and
restricted cash.
Pebblebrook, through Pebblebrook Hotel, L.P., operates as a real
estate investment trust (REIT). The company acquires and invests in
hotel properties located primarily in major U. S. cities, with an
emphasis on the major coastal markets. The company intends to focus
on full-service hotel properties in the upscale segment of the
lodging industry.
Pebblebrook currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating. We are also maintaining our
long-term Neutral recommendation on the stock. One of its
competitors, Host Hotels & Resorts Inc (HST)
also holds a Zacks #3 Rank.
HOST HOTEL&RSRT (HST): Free Stock Analysis Report
PEBBLEBROOK HTL (PEB): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Host Hotels and Resorts (NYSE:HST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Host Hotels and Resorts (NYSE:HST)
Historical Stock Chart
From Jul 2023 to Jul 2024