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No. of Recommendations: 2
Yes.

But it repeats quarterly once the dividend exceeds the reference level, so it might add up over time to modest rather than miniscule on a cumulative basis. I always think of conversion ratios as static (barring stock splits or fundamental changes in the company), so I was intrigued to discover this provision letting convertible holders participate in growth of the common dividend thru an escalating conversion ratio.

We get excited when a common stock ups its dividend by a few pennies. In the same spirit, if and when ARE's dividend exceeds the 78 cents reference level we can get excited knowing our conversion ratio will be inching (millimetering?) ahead every quarter.
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