Why the large SG&A expense and the stock-based compensation?
I just read Pebblebrook Hotel Trust's latest 10k and they have $8.3M in "general and administrative" expenses that's OUTSIDE hotel operating expenses....and it resulted in net income -$6.6M. So without the sky-high G&A (for a company this size that is), net income was actually a positive $1.7M. Total revenues were only $57.7M, how is such a high G&A justified?
I haven't read HT's yet but I skimmed over it and they had high stock-based compensation. Seems to me like a way to get easy "financing" from the market and just satisfy the market with a puny 5% dividend, even that is only "promised."