We are offering 2,400,000 shares of our 8.75% Series F Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share (the "Series F Preferred Shares"). We will pay cumulative distributions on the Series F Preferred Shares from the date of original issue at the rate of 8.75% per annum of the $25.00 liquidation preference, or $2.1875 per share per annum. Distributions on the Series F Preferred Shares will be payable quarterly on or about the 15th day of January, April, July and October of each year, beginning on October 15, 2003.
Except in limited circumstances to preserve our status as a real estate investment trust, or REIT, for Federal income tax purposes, we may not redeem the Series F Preferred Shares until August 25, 2008. On or after August 25, 2008, we may, at our option, redeem the Series F Preferred Shares, in whole or in part, for cash at a redemption price of $25.00 per share, plus accrued and unpaid distributions, if any, to the redemption date. The Series F Preferred Shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption and will not be convertible or exchangeable for any other property or securities. Holders of Series F Preferred Shares will generally have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters (whether or not consecutive) and in certain other events.