Prospectus excerpt: We are offering 7,000,000 shares of our 7.875% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share, which we refer to in this prospectus supplement as our Series A Preferred Stock. This is our original issuance of our Series A Preferred Stock, and we have no other preferred stock outstanding as of the date hereof.
Dividends on our Series A Preferred Stock will be cumulative from the date of original issue and payable quarterly on or about the 15th day of each January, April, July and October, beginning on or about January 15, 2011, at the rate of 7.875% per annum of its liquidation preference, which is equivalent to $1.96875 per annum per share. If following a change of control of our company our Series A Preferred Stock is not listed on the New York Stock Exchange, or NYSE, or quoted on the NASDAQ Stock Market, or NASDAQ (or listed or quoted on a successor exchange or quotation system), holders of our Series A Preferred Stock will be entitled to receive cumulative cash dividends from, and including, the first date on which both the change of control occurred and our Series A Preferred Stock is not so listed or quoted, at the increased rate of 11.875% per annum of its liquidation preference (equivalent to $2.96875 per annum per share) for as long as our Series A Preferred Stock is not so listed or quoted. The first dividend on our Series A Preferred Stock sold in this offering is payable on January 15, 2011 (in the amount of $0.503125 per share).
Except in instances relating to preservation of our qualification as a real estate investment trust, or REIT, or in connection with a change of control of our company, our Series A Preferred Stock is not redeemable prior to October 15, 2015. On and after October 15, 2015, we may redeem our Series A Preferred Stock in whole, at any time, or in part, from time to time, for cash at a redemption price of $25 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If at any time following a change of control our Series A Preferred Stock is not listed on the NYSE or quoted on NASDAQ (or listed or quoted on a successor exchange or quotation system), we will have the option to redeem our Series A Preferred Stock, in whole but not in part, within 90 days after the first date on which both the change of control has occurred and our Series A Preferred Stock is not so listed or quoted, for cash at $25 per share, plus accrued and unpaid dividends, if any, to, but not including, the redemption date. Our Series A Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed by us, and it is not subject to any sinking fund or mandatory redemption and is not convertible into any of our other securities.