RAIT Financial Trust | 7.75% Series A Cumulative Redeemable Preferred Shares (RAS.PRA)
Prospectus excerpt: We are offering 2,400,000 of our 7.75% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share. We will pay cumulative dividends on the Series A preferred shares from and including the date of original issuance in the amount of $1.9375 per share each year, which is equivalent to 7.75% of the $25.00 liquidation preference per share. Dividends will be payable quarterly in arrears. The first dividend, to be paid on March 31, 2004, will be for less than a full quarter and pro rated accordingly. Holders of the Series A preferred shares will generally have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters and in certain other events.
We may not redeem the Series A preferred shares before March 19, 2009, except to preserve our tax status as a real estate investment trust. On or after March 19, 2009, we may, at our option, redeem the Series A preferred shares, in whole or in part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to and including the redemption date. The Series A preferred shares have no stated maturity date, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any of our other securities.
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RAIT Financial Trust is a real estate investment trust (REIT), focused on providing commercial real estate financing throughout the U.S. Co. also owns and manage a portfolio of commercial real estate properties and manage real estate assets for third parties. Co. is focus on its core CRE lending business line. Co. provides customized lending solutions to meet borrower needs and internal credit goals. Co. provides tailored middle-market financing solutions and a full complement of lending products for stabilized and light transition CRE. Co. also managed its own REO portfolio, managed third-party properties and assets. Preferreds: RASFP, RASFO, RASFN Open the RAS Information Page » |
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