Pebblebrook just raised FY26 FFO guidance above consensus after a Q1 beat, but a company trading at 5.5x leverage with a penny dividend is telling you exactly where the cash is going... and it's not to shareholders.
Chatham sold hotels averaging 25 years old at 27% EBITDA margins and bought hotels averaging 10 years old at 42% margins. The per-key math on that swap tells you everything about where this REIT is headed.
Choice declared its first quarterly dividend at $0.2875 per share, yielding 1.1%, while swapping general counsels. One of these things matters for shareholders. The other is a press release.
