We are offering 3,000,000 of our 8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share (the ˘Series B Preferred Shares÷).
Distributions on the Series B Preferred Shares will be payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. The distribution rate is 8.00% per annum of the $25.00 liquidation preference, which is equivalent to $2.00 per annum per Series B Preferred Share. The first distribution on the Series B Preferred Shares sold in this offering will be paid on October 17, 2011 and will be in the amount of $0.13333 per share.
Generally, we may not redeem the Series B Preferred Shares until September 21, 2016. On and after September 21, 2016, we may, at our option, redeem the Series B Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. In addition, upon the occurrence of a change of control the result of which our common shares of beneficial interest, par value $0.01 per share (˘common shares÷), and the common securities of the acquiring or surviving entity (or American Depositary Receipts (˘ADRs÷) representing such securities) are not listed on the New York Stock Exchange (the ˘NYSE÷), the NYSE Amex Equities (the ˘NYSE Amex÷) or the NASDAQ Stock Market (˘NASDAQ÷) or listed or quoted on a successor exchange or quotation system, we may, at our option, redeem the Series B Preferred Shares, in whole or in part and within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the Series B Preferred Shares, the holders of Series B Preferred Shares will not have the conversion right described below. The Series B Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed by us or converted in connection with a change of control by the holders of Series B Preferred Shares.