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Excel Legacy is Converting Preferred Stock to Common Stock

SAN DIEGO-REIT gets ready for final conversion of preferred stock into common shares, as its strategy for streamlining and repurchasing common stock moves forward.

By Randyl J. Drummer | Updated on November 28, 2000

SAN DIEGO—Excel Legacy Corp. has announced it is in the process of converting all outstanding shares of its convertible preferred stock into common shares.

All shares of the REIT’s Series B preferred stock will convert on Dec. 4 into common shares of the company, based on a formula of one share of common stock for each outstanding share of Series B preferred. There are 21.3 million shares of Series B Preferred outstanding.

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