Martin, the new PEBpA is a tougher one than most to assess. I am certainly looking at it. It's got a good yield, of course (as we'd expect from a hotel REIT), and Jon Bortz, the CEO, has a VERY good reputation as a REIT industry leader. The latter fact is what has me interested in considering this one. However, because PEB is such a new company and doesn't have much of a track record, it's difficult to assess the safety of this new pfd. Green Street follows the company, but has no earnings estimates nor leverage ratios on it. It is busy acquiring assets, hopefully at attractive returns, but it's impossible to know what its balance sheet will look like a year from now.That said, I will consider adding a very small position in PEBpA to my collection, making the leap of faith that Bortz, as he did when running LHO, won't excessively lever the company...and hotel owners, at least up until recently, have been enjoying better space market conditions. It's impossible, of course, to consider this a blue-chip REIT pfd, but may be worth a modest investment. I expect it will trade on the NYSE shortly so we won't have to deal with in the pinks.Ralph
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