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Good questions.

You are right on Harvard's ownership. I actually made some snarky comments on my Twitter feed about their investment when they made it towards the end of December and posted one of the SEC filings on these boards.

In your view, is the PEB story becoming more generally understood and accepted? Has your opinion on the merits of this investment changed at all recently, in either direction?

Generally, no, not yet. The one change that has drawn additional investor attention was the initiation of a dividend. The stock yielding something has it showing up on yield-investors' radars, but the current yield around 2.2% is still low - really, starting the dividend has more to do with qualifying for REIT status than paying out meaningful amounts to shareholders at this point.

We still have confusing and somewhat meaningless financials, and Pebblebrook is still a small company. The following things, in my view, will make up our catalyst stew on Pebblebrook in the next year or so:

i) Meaningful full-year financials
ii) Higher yield
iii) Market cap breaking $1 billion (they have shelf registrations, and that arbitrary company size will have the stock entering more money managers' universes)
iv) Growth in demand for hotel rooms outstripping new supply coming online for at least the next couple years

Hope this helps clarify my thoughts and what I'm looking for in the next 12 months or so. If you have any more questions, please don't hesitate.

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