Name Changed to Centerspace (csr) effective 12/21/2020 from Investors Real Estate Trust (IRET)
Formerly Post Properties. $50/share issue.
Effective 7/19/2023 the coupon will be increased 2% and will be increased 2% on each anniversery date to a maximum of 14% unless redeemed
If the company fails to maintain an asset coverage ratio of 200% the company must redeem enough shares (which may include some of these preferred shares) to cause the company to meet the asset coverage ratio.
Shares are perpetual, but are puttable (require the company to redeem) to the company, at the option of the holder beginning 10/21/2022 for $25 plus accrued dividends. Company may redeem with cash or common shares at their option.
Commencing 10/21/2022, if shares have not been redeemed the coupon rate will increase by 2% (50 cents) of the liquidation preference ($25/share) per annum. The coupon will increase by 2% on each anniversary date thereafter to a maximum of 14%.
If the company fails to maintain an asset coverage ratio of 200% the company must redeem enough shares (which may include some of these preferred shares) to cause the company to meet the asset coverage ratio.
9/21/2020 the company announced they are redeeming 1,393,294 shares on 10/21/2020