7.125% Series B Cumulative Redeemable Preferred Stock (HTIBP)
Prospectus excerpt: We are offering shares of our 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”). Holders of Series B Preferred Stock will be entitled to cumulative dividends in the amount of $1.78125 per share each year, which is equivalent to the rate of 7.125% of the $25.00 liquidation preference per share per annum. Dividends on the Series B Preferred Stock will be payable quarterly in arrears on the 15th day of each January, April, July and October of each year (or, if not a business day, the next succeeding business day) to holders of record on the applicable record date. The first quarterly dividend for the Series B Preferred Stock sold in this offering will be paid on January 18, 2022 in an amount equal to $0.42057 per share, covering the period from October 6, 2021 to December 31, 2021. The Series B Preferred Stock ranks senior to our common stock, par value $0.01 per share (the “common stock”), and on parity with our 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), with respect to dividend rights and rights upon our voluntary or involuntary liquidation, dissolution or winding up. The Series B Preferred Stock will have no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. Except in limited circumstances relating to our qualification as a real estate investment trust for U.S. federal income tax purposes (“REIT”), and as described below, the Series B Preferred Stock is not redeemable prior to October 6, 2026. On and after October 6, 2026, at any time and from time to time, the Series B Preferred Stock will be redeemable in whole or in part, at our option, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined herein), we will have the option, subject to certain conditions, to redeem the Series B Preferred Stock, in whole or in part, after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. If we exercise any of our redemption rights, the holders of Series B Preferred Stock will not have the conversion right described below.
|
|
Free Email Alerts: Get Dividend Alerts Get SEC Filing Alerts |
|