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.
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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 it is the sole managing member, and the subsidiaries of the Operating Partnership, including Sunstone Hotel TRS Lessee, Inc. (the TRS Lessee) and its subsidiaries, engages in acquiring, owning, asset managing and renovating or repositioning hotel properties, and may also selectively sell hotels. All but two (the Boston Park Plaza and the Oceans Edge Resort & Marina) of Co.'s Hotels are operated under various brands. Co.'s portfolio consists of hotels located in primary convention, resort destination and urban markets. Preferreds: SHO.PRA, SHO.PRD, SHO.PRE, SHO.PRF, SHO.PRH, SHO.PRI Open the SHO Information Page » |
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