We are offering 4,000,000 shares of our 8.0% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share, which we refer to in this prospectus supplement as our series D preferred. We will pay cumulative dividends on our series D preferred in the amount of $2.00 per share each year, which is equivalent to 8.0% of the $25.00 liquidation preference per share. Dividends on our series D preferred sold in this offering will be payable quarterly in arrears on the 15th day of each of January, April, July and October of each year, commencing July 15, 2011. Our series D preferred is not subject to any sinking fund. Upon liquidation, dissolution or winding up, our series D preferred will rank senior to our common stock, par value $0.01 per share (the ˘common stock÷), with respect to the payment of distributions and amounts.
We are not allowed to redeem our series D preferred prior to April 6, 2016, except as described in the immediately following paragraph and in limited circumstances to preserve our status as a real estate investment trust, or REIT. On or after April 6, 2016, we may, at our option, redeem our series D preferred, in whole or from time to time in part, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series D preferred up to, but not including, the redemption date.
In addition, upon the occurrence of a Change of Control (as defined herein), we may, at our option, redeem the series D preferred, 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 dividends to, but not including, the date of redemption.
If we exercise any of our redemption rights relating to the series D preferred, the holders of series D preferred will not have the conversion right described below. The series D preferred 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 D preferred. Holders of our series D preferred will generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other events.