Starwood 2004 Annual Report Download - page 28

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Distributions Made/Declared
The following table sets forth the frequency and amount of distributions made by the Trust to holders of
Shares for the years ended December 31, 2004 and 2003:
Distributions
Made
2004
Annual distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 0.84(a)
2003
Annual distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 0.84(a)
(a) The Trust declared distributions in the fourth quarter of 2004 and 2003 to shareholders of record on December 31, 2004 and 2003,
respectively. The distributions were paid in January 2005 and 2004, respectively.
The Corporation has not paid any cash dividends since its organization and does not anticipate that it will
pay any dividends in the foreseeable future.
Holders of Class B Shares are entitled, subject to certain conditions, to receive a non-cumulative annual
distribution, which was set at an initial rate of $0.60 per Share for 1999, to the extent the distribution is
authorized by the Board of Trustees of the Trust. The distribution was increased to an annual rate of $0.80 in
2001. In the beginning of 2002, we shifted from paying a quarterly distribution to paying an annual distribution
(and intend to continue our distributions on an annual basis for 2005). For 2003 and 2004, the Trust paid a
distribution of $0.84 per Share. Unless distributions for the then current distribution period have been paid on
the Class B Shares, the Trust is not permitted to pay a distribution on the Class A Shares (except in certain
circumstances). At this time, we anticipate that the 2005 distributions will be held constant at $0.84 per
Share. The Ñnal determination of the amount of the distribution will be subject to economic and Ñnancial
conditions, as well as approval by the Board of Trustees of the Trust.
Conversion of Securities; Sale of Unregistered Securities
During 2004, approximately 109,000 shares of Class B Exchangeable Preferred Shares (""Class B EPS'')
were converted into 119,000 shares of Class A Exchangeable Preferred Shares (""Class A EPS''). No shares of
Class A EPS were exchanged for Shares during 2004. In accordance with the terms of the Class B EPS,
approximately 567,000 shares of Class B EPS were redeemed for approximately $22 million in cash in 2004.
As of December 31, 2004 approximately 53,000 Class B EPS remained outstanding.
Issuer Purchases of Equity Securities
Pursuant to the Share Repurchase Program, Starwood repurchased 7.0 million Shares in the open market
for an aggregate cost of $310 million during 2004. The Company repurchased the following Shares during the
three months ended December 31, 2004:
Maximum Number (or
Approximate Dollar
Total Average Total Number of Shares Value) of Shares that
Number of Price Purchased as Part May Yet Be Purchased
Shares Paid for of Publicly Announced Under the Plans or
Period Purchased Share Plans or Programs Programs (in millions)
October ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì $ Ì Ì $374
November ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 816,600 $51.22 816,600 $332
December ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 670,000 $53.81 670,000 $296
TotalÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,486,600 $52.38 1,486,600
20