Prospectus excerpt: We are offering 6,000,000 of our 7.375% Series L Cumulative Preferred Shares, par value $0.01 per share, which we refer to in this prospectus supplement as the Series L Preferred Shares. We will pay quarterly cumulative dividends, in arrears, on the Series L Preferred Shares from, and including, the date of original issue. These dividends will be payable on January 15, April 15, July 15 and October 15 of each year, when and as declared, beginning on October 15, 2012, at a yearly rate of 7.375% of the $25.00 liquidation preference, or $1.84375 per Series L Preferred Share per year.
Except as set forth below and as necessary to preserve our status as a real estate investment trust, we may not redeem the Series L Preferred Shares prior to June 27, 2017. On and after June 27, 2017, we may, at our option, redeem the Series L Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption.
In addition, upon the occurrence of a change of control that as a result of which our shares of common shares of beneficial interest, par value $0.01 per share ("common shares"), and the common securities of the acquiring or surviving entity (or American Depositary Receipts ("ADRs") representing such securities) are not listed on the New York Stock Exchange (the "NYSE"), the NYSE Amex Equities (the "NYSE Amex"), or the NASDAQ Stock Market ("NASDAQ"), or listed or quoted on a successor exchange or quotation system, we may, at our option, redeem the Series L Preferred Shares, in whole or in part and within 120 days after the date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the Series L Preferred Shares, the holders of Series L Preferred Shares will not have the conversion right described below. The Series L Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed or repurchased by us or converted in connection with a change of control by the holders of the Series L Preferred Shares.