Prospectus excerpt: WE ARE OFFERING TO THE PUBLIC 7,000,000 OF OUR 6.625% SERIES I CUMULATIVE REDEEMABLE PREFERRED SHARES. THE UNDERWRITERS NAMED IN THIS PROSPECTUS SUPPLEMENT MAY PURCHASE UP TO 1,050,000 ADDITIONAL SERIES I PREFERRED SHARES FROM US UNDER CERTAIN CIRCUMSTANCES.
DIVIDENDS ON THE SERIES I PREFERRED SHARES WILL BE CUMULATIVE FROM THE DATE OF ORIGINAL ISSUE AND PAYABLE QUARTERLY, BEGINNING ON OCTOBER 1, 2005, AT THE RATE OF 6.625% OF THE LIQUIDATION PREFERENCE PER ANNUM, OR $1.65625 PER SERIES I PREFERRED SHARE PER ANNUM.
EXCEPT IN INSTANCES RELATING TO PRESERVATION OF OUR STATUS AS A REAL ESTATE INVESTMENT TRUST, THE SERIES I PREFERRED SHARES ARE NOT REDEEMABLE UNTIL AUGUST 31, 2010. ON AND AFTER AUGUST 31, 2010, WE MAY REDEEM THE SERIES I PREFERRED SHARES IN WHOLE AT ANY TIME OR IN PART FROM TIME TO TIME AT A REDEMPTION PRICE OF $25.00 PER SHARE, PLUS ANY ACCRUED AND UNPAID DIVIDENDS THROUGH THE DATE OF REDEMPTION. THE SERIES I PREFERRED SHARES HAVE NO MATURITY DATE AND WILL REMAIN OUTSTANDING INDEFINITELY UNLESS REDEEMED.
WE INTEND TO FILE AN APPLICATION TO LIST THE SERIES I PREFERRED SHARES ON THE NEW YORK STOCK EXCHANGE. IF THIS APPLICATION IS APPROVED, TRADING OF THE SERIES I PREFERRED SHARES ON THE NEW YORK STOCK EXCHANGE IS EXPECTED TO BEGIN WITHIN 30 DAYS FOLLOWING INITIAL DELIVERY OF THE SERIES I PREFERRED SHARES.