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SITE Centers Corp | 6.50% Class J Cumulative Redeemable Preferred Shares (DDR.PRJ)

Prospectus excerpt:  Each of the depositary shares offered hereby represents a 1/20 fractional interest in a share of our 6.50% Class J Cumulative Redeemable Preferred Shares, without par value, which we refer to as ŁNew Class J Preferred Shares,ˆ deposited with Computershare Shareowner Services LLC, Jersey City, New Jersey, as depositary. Each depositary share entitles the holder to a proportionate share of all rights and preferences of the New Class J Preferred Shares (including dividend, voting, redemption and liquidation rights and preferences). The liquidation preference of each New Class J Preferred Share is $500.00 (equivalent to $25.00 per depositary share), plus an amount equal to accrued and unpaid dividends to, but not including, the date of payment.

The New Class J Preferred Shares and the depositary shares will generally not be redeemable before August 1, 2017, except in limited circumstances to preserve our status as a real estate investment trust, or REIT, and except as described below upon the occurrence of a Change of Control (as defined in this prospectus supplement). Beginning August 1, 2017, we may redeem New Class J Preferred Shares, in whole or in part, at $500.00 per share (equivalent to $25.00 per depositary share) plus accrued and unpaid dividends to, but not including, the date of redemption. Dividends on the New Class J Preferred Shares will be cumulative from the date of original issuance and will be payable quarterly, starting October 15, 2012. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem the New Class J Preferred Shares (and the depositary shares), in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $500.00 per share (equivalent to $25.00 per depositary share), plus accrued and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the New Class J Preferred Shares (and depositary shares), the holders will not have the conversion right described below. The New Class J Preferred Shares will not have a stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased or converted into common shares in connection with a Change of Control.

Full Prospectus PDF », Secondary Prospectus PDF », DDR Page »

Series:J
Alternate symbology:DDR-J, DDR-PJ, DDRprJ
Redeemable?:Yes
Call Date:8/1/2017 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:8,000,000
Liquidation Preference:$25.00
Original Coupon:6.50%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CDx3 Compliance Rating: Learn DDR.PRJ's Rating
SITE Centers is a self-administered and self-managed real estate investment trust (REIT), engaged in the business of acquiring, owning, developing, redeveloping, expanding, leasing, financing and managing shopping centers. Co.'s portfolio consisted of shopping centers (including shopping centers owned through joint ventures). These centers are principally in the Southeast and Midwest, with significant concentrations in Florida, Georgia, Ohio and North Carolina, as well as Puerto Rico.

Preferreds: DDR.PRH, DDR.PRJ, DDR.PRK, DDR.PRA


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Name: 
SITE Centers Corp
Website: 
www.ddr.com
Sector: 
REITs

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