We are offering 3,600,000 of our 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the ˘Series C Preferred Shares÷).
Distributions on the Series C 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 6.50% per annum of the $25.00 liquidation preference, which is equivalent to $1.625 per annum per Series C Preferred Share. The first distribution on the Series C Preferred Shares sold in this offering will be paid on April 15, 2013 and will be in the amount of $0.121875 per share.
We may not redeem the Series C Preferred Shares before March 18, 2018 except in limited circumstances to preserve our status as a real estate investment trust (˘REIT÷) for federal income tax purposes and except as described below upon the occurrence of a Change of Control (as defined in ˘Description of the Series C Preferred Shares¨Special Optional Redemption÷). On and after March 18, 2018, we may, at our option, redeem the Series C 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, $0.01 par value 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 MKT LLC (the ˘NYSE MKT÷) 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 C 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 C Preferred Shares, the holders of Series C Preferred Shares will not have the conversion right described below. The Series C 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 C Preferred Shares.