Prospectus excerpt: We are offering and selling 9,000,000 of our depositary shares, each of which represents a 1/1000 interest in a share of our Class J cumulative redeemable preferred stock that we have deposited with Wells Fargo Bank, N.A. as depositary. We will receive the net 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 1/1000 of a share of our Class J preferred stock.
Dividends on the Class J preferred stock represented by the depositary shares will be cumulative from, and including, the date of original issue and will be payable, subject to authorization by our Board of Directors, quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing October 15, 2012, at the rate of 5.50% of the $25,000.00 liquidation preference per year, or $1,375.00 per share of our Class J preferred stock (equal to $1.375 per year per depositary share).
Except in certain circumstances relating to the preservation of our status as a real estate investment trust (ÙREITˆ), the Class J preferred stock and the depositary shares representing the Class J preferred stock are not redeemable until July 25, 2017. On or after July 25, 2017, we may redeem the Class J preferred stock (and cause the redemption of the depositary shares) for cash at our option, in whole or in part, at a redemption price of $25,000.00 per share of Class J preferred stock (equal to $25.00 per depositary share), plus any accrued and unpaid dividends, if any, to, but excluding, the date of redemption. The Class J preferred stock and the depositary shares have no maturity date and will remain outstanding indefinitely unless redeemed or otherwise repurchased by us.
Ownership of more than 9.8% of the outstanding depositary shares or Class J preferred stock is generally restricted in our Charter in order to preserve our status as a REIT for federal income tax purposes.