Item 1.01 Entry into a Material Definitive Agreement.
On
Under the terms of the Sales Agreement, the Company may also sell Primary Shares to an Agent as principal for its own account at a price agreed upon at the time of such sale. If the Company sells Primary Shares to an Agent as principal, it will enter into a separate terms agreement with the Agent, and it will describe such agreement in a separate prospectus supplement or pricing supplement.
The Sales Agreement contemplates that, in addition to the issuance and sale of
Primary Shares to or through the Agents as principal or our sales agents, the
Company may enter into separate forward sale agreements with any of
Subject to the terms and conditions of the Sales Agreement, the Agents will use their commercially reasonable efforts to sell the Shares. The sales, if any, of the Shares made under the Sales Agreement will be made by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Actual sales of Primary Shares will depend on a variety of factors to be determined by the Company from time to time.
The Sales Agreement provides that each Agent will be entitled to compensation for its services of up to 2.0% of the gross sales price of all Primary Shares sold through it as sales agent. In connection with each forward sale agreement, the Company will pay the relevant Forward Seller, in the form of a reduced initial forward sale price under the related forward sale agreement with the related Forward Purchaser, commissions at a mutually agreed rate that will not exceed, but may be lower than, 2% of the gross sales price of all Forward Hedge Shares sold through such Forward Seller. In addition, the Company may agree with any Agent to sell Primary Shares or with the relevant Forward Seller to sell Forward Hedge Shares other than through ordinary brokers' transactions using sales efforts and methods that may constitute "distributions" within the meaning of Rule 100 of Regulation M under the Securities Exchange Act of 1934, as amended, and for which the Company may agree to pay such Agent a commission that may exceed 2% of the gross sales price of such Primary Shares or Forward Hedge Shares. The Company has no obligation to sell any of the Shares under the Sales Agreement, and may at any time suspend solicitation and offers under the Sales Agreement.
The Company intends to contribute the net proceeds from the offering to the
The Shares will be issued pursuant to the Company's shelf registration statement
on Form S-3 (Registration Nos. 333-231088 and 333-231088-01). The Company filed
a prospectus supplement (the "Prospectus Supplement"), dated
The Sales Agreement contains customary representations, warranties, and agreements of the Company, the Agents and the Forward Purchasers, indemnification rights and obligations of the parties and termination provisions. A copy of the Sales Agreement, including the form of forward sales agreement, is filed as Exhibit 1.1 to this Current Report on Form 8-K, and the descriptions of the material terms of the Sales Agreement and the form of forward sales agreement in this Item 1.01 are qualified in their entirety by reference to such Exhibit, which is incorporated herein by reference.
This Current Report shall not constitute an offer to sell or the solicitation of an offer to buy any security nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description
1.1 Sales Agreement, datedFebruary 20, 2020 , by and among the Company, theOperating Partnership , the Agents and the Forward Purchasers. 5.1 Opinion ofClifford Chance US LLP regarding the legality of the Shares. 8.1 Opinion ofClifford Chance US LLP regarding certain tax matters. 23.1 Consent ofClifford Chance US LLP (included in Exhibit 5.1). 23.2 Consent ofClifford Chance US LLP (included in Exhibit 8.1). 99.1 Form of forward sale agreement (included as part of Exhibit 1.1). 101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (and contained in Exhibit 101)
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