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Industry Discussions / Real Estate Inv. Trusts: REITs


Subject:  Re: REIT Dividend Increases Announced This Week Date:  2/23/2013  6:22 PM
Author:  annedonc Number:  73743 of 83689

This is not an increase, but the first full quarterly dividend. The first dividend on 12/17 was for a partial quarter. See below from the prospectus.

Holders of Series B Preferred Shares will be entitled to receive cumulative cash dividends on the Series B Preferred Shares at the rate of 7.375% per annum of the $25.00 per share liquidation preference, which is equivalent to $1.84375 per annum per share. Dividends on the Series B Preferred Shares are payable quarterly in arrears on or about the 15th day of March, June, September and December of each year (or, if the 15th day of any such month is not a business day, on the next business day), commencing December 17, 2012 (because December 15, 2012 is not a business day). Dividends will accrue and be cumulative from, and including, the date of original issuance, which is expected to be October 11, 2012. Because the first date on which dividends are payable after the date of original issuance will be December 17, 2012, the dividend payable on each Series B Preferred Share on that date will be less than the full amount of a regular quarterly dividend per share. The dividend payable on December 17, 2012 will be paid to the persons who are the holders of record of the Series B Preferred Shares at the close of business on the corresponding record date, which will be November 30, 2012.
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