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Associated Estates Realty Corp., 9 3/4% Dep Shares Preferred Shares A
Ticker Symbol: AEC-A* CUSIP: 045604303 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/06/2005
Security has been Called for: Thursday, January 6, 2005
Dec. 6, 2004 -- Associated Estates Realty Corporation announced today its intention to redeem all outstanding shares of its 9.75% Class A Preferred Shares on or about January 6, 2005, subject to completion of a new offering of Class B Preferred Shares. The 9.75% Class A Preferred Shares, aggregating $56.3 million, will be redeemed at a redemption price of $250.00 per share (equivalent to $25.00 per depositary share) plus an amount equal to accrued and unpaid dividends after December 15, 2004 up to and including the redemption date. After the redemption date, the Class A Preferred Shares will no longer be outstanding, and holders of the 9.75% Class A Preferred Shares will have only the right to receive payment of the redemption price in exchange for their Class A certificates. The Company intends to redeem all of the 9.75% Class A Preferred Shares from proceeds of a $58 million offering of Class B Series II Cumulative Redeemable Preferred Shares. The net effect of the issuance of the Class B Preferred Shares and the redemption of the Class A Preferred Shares will be a negative impact to net income applicable to common shares and funds from operations ("FFO") per share of approximately $0.01 in the fourth quarter of 2004.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Associated Estates Realty Corp., Depositary Shares each representing 1/10 of a share of 9 3/4% Class A Cumulative Redeemable Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 7/25/2000 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 9 3/4% per annum paid quarterly on 3/15, 6/15, 9/15 & 12/15.
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Go to Parent Company's Record (AEC)
IPO - 7/25/1995 - 2.00 Million Shares @ $25.00/share.
Market Value $56.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 5025 Swetland Court, Richmond Heights, OH 44143 |
Main Phone Number |
216-261-5000 |
Fax Number |
216-289-9600 |
Investor Relations
Barbara Hasenstab
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216-797-8798
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Toll Free Phone Number |
800-440-2372 |
CEO - Jeffrey I. Friedman |
CFO - Lou Fatica |
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