Prospectus excerpt: We are selling 8,000,000 depositary shares, or Depositary Shares, each of which represents 1/100th of a share of our 5.25% Series B Cumulative Redeemable Preferred Stock, par value $.01 per share, which we refer to in this prospectus supplement as our Series B Preferred Stock. The Series B Preferred Stock represented by the Depositary Shares will be deposited with Computershare Trust Company, N.A., as Depositary. As a holder of a Depositary Share, you will be entitled to proportional rights and preferences as if you held 1/100th of a share of our Series B Preferred Stock. The following is a summary of the Series B Preferred Stock:
We will pay cumulative cash dividends on the Series B Preferred Stock from, and including, the date of original issuance, at a rate of 5.25% per annum of the $2,500 liquidation preference per share of the Series B Preferred Stock (equivalent to a fixed annual amount of $131.25 per share of the Series B Preferred Stock or $1.3125 per Depositary Share).
We will pay cash dividends on the Series B Preferred Stock quarterly, commencing on May 15, 2013, with the payment on that date being based pro rata on the number of days from and including the original issuance date through and including May 15, 2013, computed on the basis of a 360-day year consisting of twelve 30-day months.
Except in certain circumstances relating to the preservation of our status as a real estate investment trust, or REIT, for United States federal income tax purposes we may not redeem the Series B Preferred Stock prior to March 27, 2018.
On and after March 27, 2018, we, at our option, may redeem the Series B Preferred Stock (and cause the redemption of the Depositary Shares) for a cash redemption price of $2,500 per share of Series B Preferred Stock (equivalent to $25.00 per Depositary Share), plus all accrued and unpaid dividends.
The Series B Preferred Stock has no maturity date and no sinking fund has been established for the retirement or redemption thereof and is not convertible into or exchangeable for any other property or securities.