Business: Lexington Realty Trust, formerly Lexington Corporate Properties Trust, 6.50% Series C Cumulative Convertible Preferred Stock, liquidation preference $50 per share, and with no stated maturity. <p> Distributions of 6.50% ($3.25) per annum are paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by preferreds issued by REITs are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> The preferred shares are convertible any time at the holder's option into 1.8643 common shares of Lexington Corporate Properties Trust (NYSE: LXP), an initial conversion price of $26.82 per common share. On or after 11/16/2009, if the price of the common stock exceeds 125% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, force the preferred shares to be converted into common shares at the then prevailing conversion price. <p> In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.