We are offering 320,000 shares of our 10.0% Series B Cumulative Preferred Stock, par value $.01 per share, referred to as our Series B preferred stock. We will pay cumulative dividends on the Series B preferred stock from and including the date of original issuance in the amount of $ 2.50 per share each year, which is equivalent to 10.0% of the $25.00 liquidation preference per share. Dividends on the Series B preferred stock will be payable quarterly in arrears, on March 31, June 30, September 30 and December 31, beginning on June 30, 2008.
Generally, we may not redeem the Series B preferred stock before June 3, 2013, except to preserve our status as a real estate investment trust, or REIT, or in connection with a change of control of our company. On or after June 3, 2013, we may, at our option, redeem the Series B preferred stock, in whole or in part, by paying $25.00 per share, plus any accrued and unpaid dividends to and including the date of redemption. Our Series B preferred stock has 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. Investors in our Series B preferred stock generally will have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters (whether or not consecutive) and under certain other circumstances.