Prospectus excerpt: We are offering up to 800,000 shares of our 7.00% Class Z Cumulative Preferred Stock.
Dividends on the Class Z Cumulative Preferred Stock will be payable quarterly on January 15, April 15, July 15 and October 15 of each year to the holders of record at the close of business on the preceding January 1, April 1, July 1 and October 1. We will pay cumulative dividends on the Class Z Cumulative Preferred Stock in an amount per share equal to $1.75 per year, or $0.4375 per quarter, equivalent to 7.00% of the $25 liquidation preference. The first dividend on the Class Z Cumulative Preferred Stock sold in this offering will be paid on October 15, 2011 on a prorated basis from the initial date of issuance of the Class Z Cumulative Preferred Stock.
The liquidation preference of each share of Class Z Cumulative Preferred Stock is $25.00.
The Class Z Preferred Stock is not redeemable prior to July 29, 2016, except in limited circumstances relating to the ownership limitation necessary to preserve our qualification as a real estate investment trust for federal income tax purposes. On or after July 29, 2016, we have the option to redeem all or a portion of the Class Z Cumulative Preferred Stock at any time in whole, or from time to time in part, for cash at $25.00 per share, plus accumulated, accrued and unpaid dividends.
Holders of shares of Class Z Cumulative Preferred Stock 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 as otherwise required by applicable law.
The Class Z Cumulative Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption provisions except in certain circumstances to preserve our qualification as a real estate investment trust for federal income tax purposes.