Prospectus excerpt:  We are offering 4,000,000 shares of our 7.375% Series D cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share, or the Series D Preferred Shares, in this offering. We will pay cumulative distributions on the Series D Preferred Shares from and including the date of original issuance in the amount of $1.84375 per year per share, which is equivalent to 7.375% of the $25.00 liquidation preference per share. However, during any period of time that both (i) the Series D Preferred Shares are not listed on the New York Stock Exchange (ÙNYSEˆ), the American Stock Exchange (ÙAMEXˆ) or the NASDAQ Stock Market (ÙNASDAQˆ), and (ii) we are not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (ÙExchange Actˆ), but Series D Preferred Shares are outstanding, we will increase the cumulative cash distributions payable on the Series D Preferred Shares to a rate of 8.375% per year of the $25.00 liquidation preference (equivalent to $2.09375 per year per share). Distributions on the Series D Preferred Shares will be payable quarterly in arrears, beginning on July 16, 2007. The Series D Preferred Shares will rank on parity with our Series A cumulative redeemable preferred shares, or Series A Preferred Shares, Series B cumulative redeemable preferred shares, or Series B Preferred Shares, and Series C cumulative convertible preferred shares, or Series C Preferred Shares.

If at any time both (i) the Series D Preferred Shares cease to be listed on the NYSE, the AMEX or the NASDAQ, and (ii) we cease to be subject to the reporting requirements of the Exchange Act, but Series D Preferred Shares are outstanding, we will have the option to redeem the Series D Preferred Shares, in whole but not in part, within 90 days of the date upon which the Series D Preferred Shares cease to be listed and we cease to be subject to such reporting requirements, for cash at $25.00 per share, plus any accumulated and unpaid distributions up to and including the date of redemption. We may not redeem the Series D Preferred Shares before May 25, 2012, except as described above or in limited circumstances to preserve our status as a real estate investment trust. On and after May 25, 2012, we may, at our option, redeem the Series D Preferred Shares in whole at any time or in part from time to time, by paying $25.00 per share, plus any accumulated and unpaid distributions up to and including the date of redemption.

The Series D Preferred Shares have 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. Owners of the Series D Preferred Shares generally will have no voting rights, but will have limited voting rights if we fail to pay distributions for six or more quarters (whether or not consecutive) and in certain other events. The Series D Preferred Shares are subject to certain restrictions on ownership and transfer designed to preserve our qualification as a real estate investment trust for federal income tax purposes. See ÙDescription of Series D Preferred Shares ? Restrictions on Ownership and Transferˆ on page S-19 of this prospectus supplement and ÙDescription of Certain Provisions of Maryland Law and EPR?s Declaration of Trust and Bylaws ? Restrictions on Ownership and Transfer of Sharesˆ on page 29 of the accompanying prospectus for more information about these restrictions.