Hersha Hospitality Trust | 6.50% Series E Cumulative Redeemable Preferred Shares (HT.PRE)
Prospectus excerpt: We will pay quarterly cumulative dividends, in arrears, on the Series E Preferred Shares from, and including, the date of original issue, payable on or about January 15th, April 15th, July 15th and October 15th of each year, when and as declared, beginning on January 15, 2017, at a yearly rate of 6.50% of the $25.00 liquidation preference, or $1.625 per Series E Preferred Share per year. The first dividend payment will be for less than a full quarter and will cover the period from, and including, November 7, 2016 to, but excluding, January 15, 2017. Generally, we may not redeem the Series E Preferred Shares until November 7, 2021. On and after, November 7, 2021, we may, at our option, redeem the Series E Preferred Shares, in whole or in part, by paying $25.00 per share, plus all accrued and unpaid dividends to, but excluding, the redemption date. In addition, upon the occurrence of a Change of Control (as defined herein), we may, at our option, redeem the Series E Preferred Shares, in whole or in part and within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus all accrued and unpaid dividends to, but excluding, the redemption date. If we exercise any of our redemption rights, holders of the Series E Preferred Shares will not have the conversion rights described below. The Series E Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed by us or converted in connection with a Change of Control by holders of the Series E Preferred Shares.
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