NEW YORK--(BUSINESS WIRE)--DRA CRT Acquisition Corp. (OTC:DCAQP.PK) (the “Company”) announced today that the Company is redeeming all of the outstanding shares (the “Shares”) of its 8-1/2% Series A Cumulative Redeemable Preferred Stock (the “Preferred Stock”) on January 2, 2015 (the “Redemption Date”). Pursuant to the terms of the Preferred Stock, the redemption price of $25.00 per Share (the “Redemption Price”), plus all accrued and unpaid or accumulated dividends through the Redemption Payment Date in the amount of $0.10625 per Share, will be paid in cash on January 2, 2015 (the “Redemption Payment Date”) to holders of the Shares who properly deliver their Shares on or before the Redemption Date.
Payment of the Redemption Price (together with accrued and unpaid or accumulated dividends as aforesaid) of the redeemed Shares will be made on the Redemption Payment Date upon presentation and surrender of the certificates representing the redeemed Shares on or before the Redemption Date to Wells Fargo Bank, N.A. (the “Redemption Agent”). If delivered by mail, certificates should be sent to P.O. Box 64858, St. Paul, MN 55164-0858, Attn: Corporate Actions Department.
The redeemed Shares will no longer be deemed outstanding on and after the Redemption Date and all rights with respect to the Shares will cease, except only the right of the holders thereof to receive the Redemption Price (together with accrued and unpaid or accumulated dividends).
Unless the Company defaults in the deposit of the Redemption Price (together with accrued and unpaid or accumulated dividends) with the Redemption Agent, dividends on the Shares called for redemption will cease to accrue on and after the Redemption Date and the only remaining right of the holder thereof is to receive payment of the Redemption Price (together with accrued and unpaid or accumulated dividends) upon surrender to the Redemption Agent of the certificates representing the redeemed Shares.
About DRA CRT Acquisition Corp.
DRA CRT Acquisition Corp. is a Delaware real estate investment trust (“REIT”). As of September 30, 2014, the Company owned 6 real estate investments consisting of office investments and land parcels, totaling approximately 3.4 million rentable square feet, located in 6 suburban office areas in Florida, Georgia and Tennessee.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Factors that impact such forward-looking statements include, among others, real estate conditions and markets; performance of the Company’s affiliates or companies in which the Company has made investments; changes in operating costs; legislative or regulatory decisions; the Company’s ability to continue to maintain its status as a REIT for federal income tax purposes; the Company’s ability to pay the Redemption Price and preferred stock dividends; the Company’s ability to service or repay its current debt obligations; the cost and availability of new debt financings; volatility of interest rates or capital market conditions; effect of any terrorist activity; or other factors affecting the real estate industry generally. Except as otherwise required by law, the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.