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Strategic Hotels & Resorts, 8.50% Series A Cumul Redeem Preferred Stock
Ticker Symbol: BEE-A* CUSIP: 86272T304 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/03/2014
Security has been Called for: Thursday, April 3, 2014
March 3, 2014 -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that it intends to redeem all of the outstanding 4,148,141 shares of its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: BEE-PA) on April 3, 2014. The Series A Preferred Shares will be redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to and including the Call Date in the amount of $0.54896 per share, for a total redemption cost of $105,980,688.48. From and after the Call Date, dividends will cease to accrue and the only remaining rights of holders of Series A Preferred Shares will be to receive payment of the redemption price, plus accrued and unpaid dividends up to and including the Call Date. Questions relating to the notice of redemption of the Series A Preferred Shares should be directed to Computershare Trust Company, N.A. at 1-855-396-2084._______________6/29/12 -- A QOL user has reported that BEE has paid 14 deferred payments as of 6/29/12. ____________ 11/7/2011 -- The Company's board of directors has authorized, and the Company has declared, the payment on the Preferred Shares of accrued and unpaid dividends through September 30, 2011 and dividends for the quarter ending December 31, 2011, and a sum sufficient for the payment of the Unpaid Dividends has been set apart for payment on the Company's books through the recording of a liability in accordance with the terms of its charter. In addition, the Unpaid Dividends are not payable until June 29, 2012, will be payable to holders of record, as of the close of business on June 15, 2012 and are contingent upon (i) the satisfaction or waiver of all of the conditions of the Offers. ____________ Excerpt from the news release dated 2/26/08 -- The Board of Directors previously declared on December 11, 2008 a quarterly dividend to shareholders of record on December 19, 2008 of $0.53125 per share of 8.50 percent Series A Cumulative Redeemable Preferred Stock, $0.51563 per share of 8.25 percent Series B Cumulative Redeemable Preferred Stock, and $0.51563 per share of 8.25 percent Series C Cumulative Redeemable Preferred Stock. The preferred stock dividends were paid on December 31, 2008. The Board of Directors elected to suspend the quarterly dividend to holders of Series A, B and C Cumulative Redeemable Preferred Stock to preserve liquidity due to the declining economic environment for hotel operations and no projected taxable distribution requirement. Elimination of preferred dividends equates to approximately $7.7 million in cash flow savings per quarter. The company had previously announced the Board of Directors elected to suspend dividends on common stock beginning in the fourth quarter of 2008, which is estimated to save approximately $90 million through the end of 2009.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Strategic Hotels & Resorts, Inc., 8.50% Series A Cumuative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 3/16/2010 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8.50% ($2.125) per annum paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the last day of the month prior to the payment date or on the date fixed by the board, not more than 50 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. 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 preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (BEE)
IPO - 9/26/2007 - 425,000 Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $112.0 Million
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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: 77 West Wacker Drive, Suite 4600, Chicago, IL 60601 |
| Main Phone Number |
312-658-5000 |
| Fax Number |
312-658-5799 |
| Investor Contact (CFO)
James Mead
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312-658-5740
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Toll Free Phone Number |
Unknown |
| CEO - Laurence S. Geller |
CFO - James E. Mead |
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