We will pay quarterly cumulative distributions on the Series C preferred stock underlying the depositary shares, from the date of original issuance, in the amount of $1.71875 per depositary share each year, which is equivalent to 6.875% of the $25.00 liquidation preference per depositary share. Dividends will be payable quarterly in arrears, on January 15, April 15, July 15 and October 15, beginning on April 15, 2013.
Generally, we may not redeem the Series C preferred stock underlying the depositary shares until February 12, 2018, except as intended to preserve our qualification as a real estate investment trust (a ÙREITˆ) for federal income tax purposes and except as described below upon the occurrence of a Change of Control (as defined herein) or Delisting Event (as defined herein). On and after February , 2018, we may, at our option, redeem the shares of the Series C preferred stock underlying the depositary shares, in whole or from time to time in part, by paying $2,500.00 per share ($25.00 per depositary share), plus any accumulated and unpaid dividends to, but not including, the redemption date. In addition, upon the occurrence of a Change of Control or Delisting Event, we may, at our option, redeem the Series C preferred stock underlying the depositary shares, in whole or in part and within 120 days after the first date on which such Change of Control occurred, or within 90 days after the date of the Delisting Event, by paying $2,500.00 per share ($25.00 per depositary share), plus any accumulated and unpaid dividends to, but not including, the redemption date. If we exercise any of our redemption rights relating to the Series C preferred stock underlying the depositary shares, the holders of the depositary shares representing the Series C preferred stock will not have the conversion right described below.
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Saul Centers operates as a real estate investment trust. Co., which conducts all of its activities through its subsidiaries, its limited partnership, Saul Holdings Limited Partnership, and two subsidiary limited partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties, primarily in the Washington, DC/Baltimore, MD metropolitan area. Preferreds: BFS.PRA, BFS.PRB, BFS.PRC, BFS.PRD, BFS.PRE Open the BFS Information Page » |
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