Starwood 2007 Annual Report Download - page 88
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(c) In connection with the Host Transaction, the Trust declared a distribution of $0.21 per Share in March 2006 to
shareholders of record on March 27, 2006, which was paid in April 2006.
(d) In connection with the Host Transaction, the Trust declared a distribution of $0.21 per Share in February 2006
to shareholders of record on February 28, 2006, which was paid in March 2006.
Conversion of Securities; Sale of Unregistered Securities
In 2006, we completed the redemption of the remaining 25,000 outstanding shares of Class B Exchangeable
Preferred Shares of the Trust (“Class B EPS”) for approximately $1 million in cash. Also in 2006, in connection
with the Host Transaction, we redeemed all of the Class A Exchangeable Preferred Shares of the Trust (“Class A
EPS”) (approximately 562,000 shares) and Realty Partnership units (approximately 40,000 units) for approximately
$34 million in cash. SLC Operating Limited Partnership units are convertible into Corporation Shares at the unit
holder’s option, provided that the Company has the option to settle conversion requests in cash or Corporation
Shares. In 2006, we redeemed approximately 926,000 SLC Operating Limited Partnership units for approximately
$56 million in cash, and there were approximately 179,000 of these units outstanding at December 31, 2007 and
2006.
Issuer Purchases of Equity Securities
Pursuant to the Share Repurchase Program, Starwood repurchased 29.6 million Corporation Shares in the open
market for an aggregate cost of $1.787 billion during 2007. The Company repurchased the following Corporation
Shares during the three months ended December 31, 2007:
Period
Total Number of
Shares Purchased
Average
Price Paid
for Share
Total Number of Shares
Purchased as Part of
Publicly Announced Plans
or Programs
Maximum Number (or
Approximate Dollar
Value) of Shares
that May Yet Be
Purchased Under the
Plans or Programs
(In millions)
October ........... 2,325,000 $59.16 2,325,000 $ 18
November ......... 6,103,600 $52.59 6,103,600 $697
December ......... 1,968,600 $53.13 1,968,600 $593
Total ............. 10,397,200 $54.16 10,397,200
In November 2007, the Board of Directors of the Company authorized an additional $1 billion of Share
repurchases under our existing Share repurchase authorization.
Information relating to securities authorized for issuance under equity compensation plans is provided under
Item 12 of this Annual Report and is incorporated herein by reference.
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