We are offering to the public 7,000,000 of our 6.875% Series J Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, which we refer to as the ˘Series J Preferred Shares÷. The underwriters named in this prospectus supplement may purchase up to 1,050,000 additional Series J Preferred Shares from us to cover over-allotments, if any.
Dividends on the Series J Preferred Shares will be cumulative from the date of original issue and payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing on July 1, 2011, at the rate of 6.875% of the liquidation preference per annum, or $1.71875 per Series J Preferred Share per annum.
Except in instances relating to preservation of our status as a real estate investment trust, the Series J Preferred Shares are not redeemable until April 20, 2016. On and after April 20, 2016, we may redeem the Series J Preferred Shares 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. The Series J Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed.