Prospectus excerpt: Each of the 6,000,000 depositary shares offered hereby represents ownership of 1/10,000 of a share of our 7.25% Series J Cumulative Redeemable Preferred Stock (sometimes referred to in this prospectus supplement as the Series J Preferred Shares or the preferred shares) deposited with Computershare Trust Company, N.A., as depositary, and entitles the holder to all proportional rights, preferences and privileges of the preferred shares represented thereby (including dividend, voting, redemption and liquidation rights and preferences). The proportionate liquidation preference of each depositary share is $25.00.
Dividends on the preferred shares represented by the depositary shares will be cumulative from (and including) the date of original issuance and will be payable quarterly in arrears, commencing on March 31, 2006, at the rate of 7.25% of the liquidation preference per year (equivalent to $1.8125 per depositary share per year). However, during any period that both (i) the depositary shares are not listed on the New York Stock Exchange, or NYSE, or the American Stock Exchange, or AMEX, or quoted on the National Association of Securities Dealers Automatic Quotation System, or NASDAQ, and (ii) we are not subject to the reporting requirements of the Securities and Exchange Act of 1934, or the Exchange Act, but the preferred shares are outstanding, we will increase the cash dividend payable on the preferred shares to a rate of 8.25% of the liquidation preference per year (equivalent to $2.0625 per depositary share per year).
If at any time both (i) the depositary shares cease to be listed on the NYSE or the AMEX, or quoted on NASDAQ, and (ii) we cease to be subject to the reporting requirements of the Exchange Act, but the preferred shares are outstanding, then the preferred shares will be redeemable in whole but not in part at our option, within 90 days of the date upon which the depositary shares cease to be listed and we cease to be subject to such reporting requirements, at a cash redemption price of $250,000 per preferred share (equivalent to $25.00 per depositary share), plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.
Except as set forth above and in limited circumstances relating to our qualification as a real estate investment trust, or REIT, the preferred shares will not be redeemable prior to January 15, 2011. On and after January 15, 2011, at any time and from time to time the preferred shares (and, therefore the depositary shares) will be redeemable in whole or in part at our option, at a cash redemption price of $250,000 per preferred share (equivalent to $25.00 per depositary share), plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.