We are offering 2,000,000 shares of our 8.55% Series A Cumulative Preferred Stock, par value $.01 per share, referred to as our Series A Preferred Stock. We will pay cumulative dividends on the Series A Preferred Stock from and including September 22, 2004, in the amount of $2.1375 per share each year, which is equivalent to 8.55% of the $25.00 liquidation preference per share. Dividends on the Series A Preferred Stock will be payable quarterly in arrears, beginning on January 18, 2005.
We may not redeem the Series A Preferred Stock before September 22, 2009, except to preserve our status as a real estate investment trust. On or after September 22, 2009, we may, at our option, redeem the Series A Preferred Stock, in whole or in part, by paying $25.00 per share, plus any accrued and unpaid dividends to and including the date of redemption. Our Series A Preferred Stock has no stated maturity, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any of our other securities. Investors in our Series A Preferred Stock generally will have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters and under certain other circumstances.