Prospectus excerpt: We are offering 425,000 shares of our 8.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, which we refer to in this prospectus supplement as the Series A Preferred Stock. The shares being offered by this prospectus supplement are a further issuance of, form a single series with, and have the same terms as, our outstanding shares of 8.50% Series A Cumulative Redeemable Preferred Stock. We pay cumulative dividends on the Series A Preferred Stock in the amount of $2.125 per share each year, which is equivalent to 8.50% of the $25.00 liquidation preference per share. Dividends on the Series A Preferred Stock offered hereby will be payable quarterly in arrears, beginning on December 31, 2007.
Investors in our Series A Preferred Stock generally have no voting rights but will have limited voting rights if we fail to pay dividends for six or more quarters and under certain other circumstances.
We may not redeem the Series A Preferred Stock before March 16, 2010, except in limited circumstances to preserve our status as a real estate investment trust, or REIT. On or after March 16, 2010, we may, at our option, redeem the Series A Preferred Stock, in whole or in part, by paying $25.00 per share, plus any accrued and unpaid dividends to the redemption date. Our Series A 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.