We are offering 8,000,000 shares of our 8.45% Series D Cumulative Preferred Stock, par value $.01 per share, referred to as our Series D Preferred Stock. We will pay cumulative dividends on the Series D Preferred Stock from and including the date of original issuance in the amount of $2.1125 per share each year, which is equivalent to 8.45% of the $25.00 liquidation preference per share. Dividends on the Series D Preferred Stock will be payable quarterly in arrears, beginning on October 15, 2007.
Generally, we may not redeem the Series D Preferred Stock before July 18, 2012, except to preserve our status as a real estate investment trust. On or after July 18, 2012, we may, at our option, redeem the Series D 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. Whenever both (i) the Series D Preferred Stock is not listed on the New York Stock Exchange, the American Stock Exchange or the NASDAQ Global Market, or a successor exchange, and (ii) we are not subject to the reporting requirements of the Securities Exchange Act of 1934, we are required to pay a dividend rate on the outstanding Series D Preferred Stock of 9.45% of the liquidation preference per annum. In that event, we may redeem the Series D Preferred Stock, whether before or after July 18, 2012. Our Series D 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 D 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.