Prospectus excerpt:  Securities Offered: 1,000,000 shares of our 8.25% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, no par value.

Offering Price:$25.00 per Series A preferred share.

Distributions:You will be entitled to receive cash distributions at a rate of 8.25% of the $25.00 liquidation preference per Series A preferred share per year, or $2.0625 per share per year. Distributions are cumulative and will be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, when, as and if declared. The first distribution will be payable on June 30, 2004. Distributions will accrue from and including the date of initial issuance and will accrue regardless of whether we have earnings, whether we have funds legally available for payment and whether the distributions are authorized.

No Maturity: Series A preferred shares have no stated maturity date and will not be subject to any sinking fund. Accordingly, Series A preferred shares will remain outstanding unless redeemed.

Redemption at Company's Option: Series A preferred shares will not be redeemable at company's option prior to April 26, 2009, except under limited circumstances intended to preserve status as a REIT for federal income tax purposes. On or after April 26, 2009, at company's option, they may redeem Series A preferred shares, in whole or in part, for cash in the amount of $25.00 per share, plus accrued and unpaid distributions, if any, to and including the date of redemption.

Redemption at HolderĘs Option: In the event of a change of control, you will have the right, for a period of 90 days from the date of the change of control, to require company to redeem your Series A preferred shares at a price of $25.00 per share, plus accrued and unpaid distributions, if any, to and including the date of redemption.