PreferredStockChannel
Condor Hospitatlity Trust Inc | 10.0% Series B Cumulative Preferred Stock (SPPRO)

Prospectus excerpt:  We are offering 320,000 shares of our 10.0% Series B Cumulative Preferred Stock, par value $.01 per share, referred to as our Series B preferred stock. We will pay cumulative dividends on the Series B preferred stock from and including the date of original issuance in the amount of $ 2.50 per share each year, which is equivalent to 10.0% of the $25.00 liquidation preference per share. Dividends on the Series B preferred stock will be payable quarterly in arrears, on March 31, June 30, September 30 and December 31, beginning on June 30, 2008.

Generally, we may not redeem the Series B preferred stock before June 3, 2013, except to preserve our status as a real estate investment trust, or REIT, or in connection with a change of control of our company. On or after June 3, 2013, we may, at our option, redeem the Series B preferred stock, in whole or in part, by paying $25.00 per share, plus any accrued and unpaid dividends to and including the date of redemption. Our Series B preferred stock has no stated maturity, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any of our other securities. Investors in our Series B preferred stock generally will have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters (whether or not consecutive) and under certain other circumstances.

Full Prospectus PDF », SPPR Page »

Series:B
Redeemable?:Yes
Call Date:6/3/2013 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:320,000
Overallotment:48,000
Liquidation Preference:$25
Original Coupon:10.00%
Pay Period:Quarterly
Pay Dates:31-Mar, 30-Jun, 30-Sep, 31-Dec
Condor Hospitality Trust is a self-administered real estate investment trust. Through its subsidiaries, Co. is engaged primarily in the business of owning equity interests in hotel properties. As of Dec 31 2013, Co. owned 69 limited service hotels in 21 states. Co.'s hotels operate under several franchise and independent brands. Co.'s 69 hotels owned at Dec 31 2013 operate under the following brands: Super 8, Comfort Inn/Comfort Suites, Days Inn, Savannah Suites, Quality Inn, Baymont Inn, Clarion, Hilton Garden Inn, Key West Inn, Rodeway Inn, Sleep Inn and Supertel Inn.

Preferreds: SPPRP, SPPRO


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Name: 
Condor Hospitatlity Trust Inc
Website: 
www.supertelinc.com
Sector: 
REITs

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