Sunstone Hotel Investors Inc | 8.0% Series A Cumulative Redeemable Preferred Stock (SHO.PRA)

Prospectus excerpt:  We are offering 3,700,000 shares of our 8.0% series A cumulative redeemable preferred stock, which we refer to in this prospectus as our series A preferred stock. We will pay cumulative dividends on our series A preferred stock from (and including) the date of original issuance in the amount of $2.00 per share each year, which is equivalent to 8.0% of the $25.00 liquidation preference per share. Dividends on our series A preferred stock will be payable quarterly in arrears, beginning on July 15, 2005. Our series A preferred stock does not have a stated maturity and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, our series A preferred stock will rank senior to our common stock with respect to the payment of distributions and amounts. We are not allowed to redeem our series A preferred stock before March 17, 2010, except in limited circumstances to preserve our status as a real estate investment trust. On or after March 17, 2010, we may, at our option, redeem our series A preferred stock, in whole or from time to time in part, for cash at a redemption price of $25.00 per share, plus all accumulated and unpaid dividends on such series A preferred stock up to and including the redemption date. Holders of our series A preferred stock will generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other events. Our series A preferred stock will not be convertible into or exchangeable for any other property or securities of our company.