Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”), the owner of Long-Term Relevant Real Estate® in the hospitality sector, announced today it intends to redeem all 3,000,000 outstanding shares of its 6.450% Series F Cumulative Redeemable Preferred Stock (CUSIP: 867892-70-5). Series F Preferred Stock held through the Depository Trust Company will be redeemed in accordance with the applicable procedures of the Depository Trust Company.
The redemption date will be August 12, 2021. The Series F Preferred Stock will be redeemed for $25.00 per share, plus all accrued and unpaid dividends to, but not including, the redemption date in an amount equal to $0.183646 per share, for a total payment of $25.183646 per share, which will be payable in cash, without interest, on the redemption date. After the redemption date, Series F Preferred Stock will no longer be deemed outstanding and all the rights of the holders of Series F Preferred Stock will terminate, except the right to receive the redemption price. In addition, because all the issued and outstanding shares of Series F Preferred Stock are being redeemed, the Series F Preferred Stock will no longer trade on the New York Stock Exchange after the redemption date. The Series F Preferred Stock currently trades on the NYSE under the symbol SHO.PRF.
The notice of redemption and related materials are being delivered to holders of record of Series F Preferred Stock as of July 13, 2021. As specified in the notice of redemption, payment of the applicable redemption price, plus any accrued and unpaid dividends payable on the redemption date, without interest, will be made only upon presentation and surrender of the Series F Preferred Stock to the redemption agent, American Stock Transfer & Trust Company, LLC.
Questions regarding the redemption of the Series F Preferred Stock may be directed to American Stock Transfer & Trust Company, LLC at:
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Attention: Reorganization Department
Tel.: (877) 248-6417
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (“REIT”) that as of the date of this release has interests in 18 hotels comprised of 9,147 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s business is to acquire, own, asset manage and renovate or reposition hotels considered to be Long-Term Relevant Real Estate®.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including opinions, references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. All forward-looking information provided herein is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
This release should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q.
SOURCE Sunstone Hotel Investors, Inc.