Hey Bryan,Thanks for the shout-out.Bryan and I sit next to each other, so we're constantly shooting ideas back and forth. Bryan has been giving me feedback and thoughts as I developed my thesis around Pebblebrook, so he is already well in the loop on the company.Attaining REIT status will definitely be a catalyst for Pebblebrook. To get REIT status, PEB will have to be at least 75% invested and pay out more than 90% of its earnings to shareholders, among other things. I estimate that PEB can qualify within 12-18 months. The reason this is a good thing, and a catalyst, is that REITs are exempt from federal income tax--so the day they get REIT status, tax expenses go away.Another, related catalyst is yield. As Pebblebrook starts paying out a dividend to qualify for REIT status, the stock's yield will rise, and a new group of investors will pick up on the stock. These yield investors invest primarily on (surprise) yield, and since, by my calculations, Pebblebrook will be capable of paying out 2-3x the going yield for similar companies, these investors should bid the stock price up.If you have any questions about Pebblebrook, I am confident that Bryan can help you out--and I'll be here as well. You can also check out my boards for further PEB discussion: http://boards.fool.com/rs-alex-pape-119865.aspx?source=irnsi...Cheers,Alex
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