PreferredStockChannel
Sunstone Hotel Investors Inc | 8.0% Series D Cumulative Redeemable Preferred Stock (SHO.PRD)

Prospectus excerpt:  We are offering 4,000,000 shares of our 8.0% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share, which we refer to in this prospectus supplement as our series D preferred. We will pay cumulative dividends on our series D preferred in the amount of $2.00 per share each year, which is equivalent to 8.0% of the $25.00 liquidation preference per share. Dividends on our series D preferred sold in this offering will be payable quarterly in arrears on the 15th day of each of January, April, July and October of each year, commencing July 15, 2011. Our series D preferred is not subject to any sinking fund. Upon liquidation, dissolution or winding up, our series D preferred will rank senior to our common stock, par value $0.01 per share (the ˘common stock÷), with respect to the payment of distributions and amounts.

We are not allowed to redeem our series D preferred prior to April 6, 2016, except as described in the immediately following paragraph and in limited circumstances to preserve our status as a real estate investment trust, or REIT. On or after April 6, 2016, we may, at our option, redeem our series D preferred, in whole or from time to time in part, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series D preferred up to, but not including, the redemption date.

In addition, upon the occurrence of a Change of Control (as defined herein), we may, at our option, redeem the series D preferred, 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 any accrued and unpaid dividends to, but not including, the date of redemption.

If we exercise any of our redemption rights relating to the series D preferred, the holders of series D preferred will not have the conversion right described below. The series D preferred have no maturity date and will remain outstanding indefinitely unless redeemed by us or converted in connection with a Change of Control by the holders of series D preferred. Holders of our series D preferred will generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other events.

Full Prospectus PDF », SHO Page »

Series:D
Alternate symbology:SHO-D, SHO-PD, SHOprD
Redeemable?:Yes
Call Date:4/6/2016 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:4,000,000
Overallotment:600,000
Liquidation Preference:$25
Original Coupon:8.00%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CDx3 Compliance Rating: Learn SHO.PRD's Rating
Sunstone Hotel Investors is a real estate investment trust. Co., through its 100% controlling interest in Sunstone Hotel Partnership, LLC (the Operating Partnership), of which Co. is the sole managing member, and the subsidiaries of the Operating Partnership, including Sunstone Hotel TRS Lessee, Inc. (the TRS Lessee) and its subsidiaries, is engaged in acquiring, owning, asset managing and renovating or repositioning hotel properties, and may also selectively sell hotels. Most of Co.'s hotels are operated under brands such as Marriott, Hilton and Hyatt. Also, Co.'s hotels are operated by third-party managers under long-term management agreements with the TRS Lessee or its subsidiaries.

Preferreds: SHO.PRA, SHO.PRD, SHO.PRE, SHO.PRF


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Name: 
Sunstone Hotel Investors Inc
Website: 
www.sunstonehotels.com
Sector: 
REITs
Number of ETFs Holding SHO: 
33 (see which ones)
Total Market Value Held by ETFs: 
$442,375,527.3
Total Market Capitalization: 
$2,573,000,000
% of Market Cap. Held by ETFs: 
17.19%

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