Centerspace | 8.25% Series A Cumulative Redeemable Preferred (IRET.PR)
Prospectus excerpt: We are offering and selling 1,000,000 of our 8.25% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, which we refer to in this prospectus supplement as our Series A preferred shares. We will pay quarterly cumulative distributions, in arrears, on our Series A preferred shares from and including the date of original issue. These distributions will be payable in arrears on March 31, June 30, September 30 and December 31 of each year, when, as and if declared, beginning on June 30, 2004, at a yearly rate of 8.25% of the $25.00 liquidation preference, or $2.0625 per Series A preferred share per year. Our Series A preferred shares are subject to redemption as described in this prospectus supplement. Our Series A preferred shares have no stated maturity, are not subject to any sinking fund and will remain outstanding indefinitely unless redeemed. Our Series A preferred shares are not convertible into, or exchangeable for, any of our other securities or property. Owners of our Series A preferred shares will generally have no voting rights, but will have limited voting rights if we fail to pay distributions for six or more quarters and under certain other circumstances. Our Series A preferred shares are subject to restrictions on ownership and transfer designed to preserve our qualification as a real estate investment trust, or REIT. See ÙDescription of Series A Preferred Shares ? Restrictions on Ownershipˆ beginning on page S-31 of this prospectus supplement.
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Centerspace is a real estate investment trust focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. Co. conducts a majority of its business activities through its consolidated operating partnership, Centerspace, LP, as well as through a number of other subsidiary entities. Preferreds: IRET.PR, IRET.PRB, CSR.PRC Open the CSR Information Page » |
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