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Drive Shack, 8.375% Series D Cumul Redeem Preferred Stock
Ticker Symbol: DSHKN CUSIP: 65105M405 Exchange: OTOTC
Security's Distribution is Suspended!
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Drive Shack Inc, formerly Newcastle Investment Corp., 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 3/15/2012 at $25 per share plus accrued and unpaid dividends, with no stated maturity. Cumulative distributions of 8.375% ($2.09375) per annum will be paid quarterly on 1/31, 4/30, 7/31 & 10/31 to holders of record on the first day of the month in which the payment is due or 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). 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 (DSHK)
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Notes: December 13, 2022 -- Drive Shack Inc. (the “Company”) delivered written notice to the New York Stock Exchange (the “NYSE”) of its intention to voluntarily delist its securities from NYSE and deregister its securities under the Section 12(b) and Section 12(g) of Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and suspend its reporting obligations under Section 15(d) of the Exchange Act. On December 13, 2022, the Company issued a press release announcing the decision to voluntarily delist and deregister its securities.
The Company intends to file a Form 25 with the Securities and Exchange Commission (“SEC”) or about December 23, 2022 to effect the voluntary withdrawal of the listing of its securities from NYSE and the deregistration of its securities under Section 12(b) of the Exchange Act. The Company anticipates that the delisting from NYSE and deregistration under Section 12(b) of its securities will become effective on or about January 3, 2023. Following the effectiveness of the Form 25, the Company intends to file with the SEC a Form 15 to deregister the Company’s securities under Section 12(g) of the Exchange Act and suspend its reporting obligations under Section 15(d) of the Exchange Act. March 12. 2021 -- The Board of Directors of the Company declared dividends on the Company’s preferred stock for the period beginning February 1, 2021 and ending April 30, 2021. The dividends are payable on April 30, 2021, to holders of record of preferred stock on April 1, 2021, in an amount equal to $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively. April 30, 2020 -- In order to preserve cash savings, the Company furloughed over 4,000 employees across operations and the corporate office, deferred the payment of 2019 annual employee bonuses, temporarily suspended the quarterly cash dividend on the Company’s preferred stock and halted new construction. In addition, the Company is in discussion with all of its landlords relating to rent deferral and forgiveness. _____________ 12/7/2016 -- The change from a REIT to a C Corporation will make the preferred dividends a tax advantaged qualified dividend eligible for the reduced rate on dividends. ____________ December 7, 2016 -- Newcastle Investment Corp.(NYSE:NCT) announced today that its Board of Directors has decided that the Company will not be a Real Estate Investment Trust (“REIT”) beginning in 2017. This decision was made to further support the Company’s transformation to a leisure company, led by its traditional and entertainment golf businesses. The Company anticipates that the conversion to a C–Corporation (“C-Corp”) will help provide transparency for stockholders. Furthermore, the Company has a substantial amount of net operating losses (“NOLs”) available to offset a large portion of U.S. federal income tax related to future earnings from the go-forward business. In response to the changes in the business, the Company will change its name to Drive Shack Inc. and will be publicly traded on the New York Stock Exchange under a new ticker “DS”. The Company will begin trading under the ticker “DS” on December 29, 2016. The Company intends to maintain REIT status through the end of 2016, and the conversion to a C-Corp will be effective as of January 1, 2017. ____________ 1/6/2011 -- Newcastle Investment Corp. announced today that its Board of Directors has declared dividends on the Company’s Series B, Series C and Series D Preferred Stock for the period beginning May 1, 2010 and ending January 31, 2011. The dividends are payable on January 31, 2011 to holders of record on January 20, 2011. The Company will pay total dividends of $1.828125, $1.509375 and $1.570313 per share on the 9.75% Series B, 8.05% Series C and 8.375% Series D preferred stock, respectively. As of January 31, 2011, there will be no unpaid dividends with respect to any of Newcastle’s Preferred Stock. ____________ June 30, 2010 -- Newcastle Investment Corp. announced today that its Board of Directors has elected not to pay a common stock or preferred stock dividend for the second quarter of 2010. The Company decided to retain capital for liquidity, investment and working capital purposes. ____________ March 31, 2010 -- Newcastle Investment Corp. announced today that its Board of Directors has declared dividends on the Company’s remaining outstanding 9.75% Series B, 8.05% Series C and 8.375% Series D Cumulative Redeemable Preferred Stock. The Company will pay dividends of $0.236979, $0.195660 and $0.203559 per share on the Series B, Series C and Series D preferred stock, respectively. The dividends for the preferred stock cover the period from and including March 26, 2010 to and including April 30, 2010. These dividends are payable on April 30, 2010 to holders of record on April 9, 2010. Newcastle’s Board of Directors elected not to pay a common stock dividend for the first quarter of 2010 in order to further retain capital for liquidity, investment and working capital purposes. ____________ Dec. 19, 2008 -- Newcastle Investment Corp. announced today that its Board of Directors has elected not to pay a common stock or preferred stock dividend in the fourth quarter of 2008. The Company decided to retain capital to further reduce recourse debt and for working capital purposes. For the first three quarters of 2008, the Company paid common dividends totaling $0.75 per share. The Company believes the dividends paid year to date fully satisfy our 2008 REIT distribution requirements.
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IPO - 3/14/2007 - 2.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: DS-D Changed: 1/03/2023
Previous Name: Newcastle Investment Corp., 8.375% Series D Cumul Redeem Preferred Stock Changed: 12/29/2016
Market Value $50.0 Million
Click for current DSHKN price quote from the PINK SHEETS
Click for current DSHKN price quote from the NASDAQ
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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: 10670 N. Central Expressway, Suite 700, Dallas, TX 75231 |
| Main Phone Number |
646-585-5591 |
| Fax Number |
Not Available |
| Investor Contact (CFO)
Kelley Buchhorn
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646-585-5591
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| CEO - Mike Compton |
CFO - Kelley Buchhorn |
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