Prospectus excerpt: We are a self-administered and self-managed real estate investment trust. We are offering and selling our depositary shares, each of which represents a 1/10th interest in a Series L Preferred Share, which we have deposited with American Stock Transfer & Trust Company, as depositary. We will receive the proceeds from the sale of the depositary shares. As a holder of a depositary share, you will be entitled to proportional rights and preferences as if you held 1/10th of a Series L Preferred Share.
Distributions on the Series L Preferred Shares represented by the depositary shares will be cumulative from the date of original issue and payable quarterly, beginning on or about February 28, 2005, at the rate of 6.6% of the liquidation preference per annum, or $16.50 per Series L Preferred Share (equal to $1.65 per annum per depositary share).
The Series L Preferred Shares and the depositary shares representing the Series L Preferred Shares are not redeemable until November 30, 2009, after which date we may redeem such shares at a redemption price of $250.00 per Series L Preferred Share (equal to $25.00 per depositary share), plus any accrued and unpaid dividends through the date of redemption. The Series L Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed.