Prospectus excerpt: We are offering to the public 2,200,000 shares of our 8.75% Series A Cumulative Redeemable Preferred Stock, which we refer to in this prospectus supplement as the Series A Preferred Stock. Dividends on the Series A Preferred Stock will be cumulative from the date of original issue and payable quarterly, beginning on or about November 15, 2006, at the rate of 8.75% of the liquidation preference per annum, or $2.1875 per share of Series A Preferred Stock per annum. However, if following a “change of control,” the Series A Preferred Stock is not listed on the New York Stock Exchange or the American Stock Exchange or quoted on NASDAQ, investors will be entitled to receive cumulative cash dividends from, but excluding, the first date on which both the change of control has occurred and the Series A Preferred Stock is not so listed or quoted at the increased rate of 9.75% per annum of the $25.00 liquidation preference (equivalent to $2.4375 per annum per share) for as long as the Series A Preferred Stock is not so listed or quoted.
Except in instances relating to preservation of our qualification as a real estate investment trust for federal income tax purposes or in connection with a “change of control,” the Series A Preferred Stock is not redeemable prior to September 14, 2011. On and after September 14, 2011, we may redeem the Series A Preferred Stock 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. If at any time following a “change of control,” the Series A Preferred Stock is not listed on the New York Stock Exchange or the American Stock Exchange or quoted on NASDAQ, we will have the option to redeem the Series A Preferred Stock, in whole but not in part, within 90 days after the first date on which both the change of control has occurred and the Series A Preferred Stock is not so listed or quoted, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. The Series A Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed.