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Investors Real Estate Trust, 6.625% Series C Cumulative Redeem Preferred Shares
Ticker Symbol: CSR-C* CUSIP: 461730400 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/31/2023
Security has been Called for: Monday, September 30, 2024
September 3, 2024 -- Centerspace also announced that it intends to redeem all shares outstanding of the Company’s 6.625% Series C Cumulative Redeemable Preferred Stock on September 30, 2024. The shares will be redeemed at $25.00 per share, plus the aforementioned accrued and unpaid dividends to September 30, 2024, in an amount equal to approximately $0.4140625 per share, for a total payment of approximately $25.4140625 per share. The total payment to redeem these shares is approximately $98.64 million.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Investors Real Estate Trust, 6.625% Series C Cumulative Redeemable Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 10/2/2022 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.625% per annum ($1.65625 per annum or $0.4140625 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be the fifteenth day of the calendar month in which the dividend payment date falls or fixed by the board, not more than 90 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). Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). 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. This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, 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 (CSR)
IPO - 9/25/2017 - 4.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: IRET-C Changed: 12/21/2020
Market Value $ 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: 1400 31st Ave SW, Suite 60, Minot, ND 58702 |
| Main Phone Number |
701-837-4738 |
| Fax Number |
701-838-7785 |
| Investor Relations
Emily Miller
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701-837-7104
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| Toll Free Phone Number |
888-478-4738 |
| CEO - Mark O. Decker Jr. |
CFO - John Kirchmann |
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