We are offering 5,600,000 shares of our 77/8% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share, which we refer to as our "Series E Preferred Stock." We will pay to investors cumulative dividends on the Series E Preferred Stock from July 18, 2003 in the amount of $1.96875 per share each year, which is equivalent to 77/8% of the $25.00 liquidation preference per share. Dividends on the Series E Preferred Stock will be payable quarterly in arrears, beginning on September 15, 2003. The shares of Series E Preferred Stock have no stated maturity, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any other securities. Holders of shares of Series E Preferred Stock will generally have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters and in certain other events.
Except in limited circumstances to preserve our status as a real estate investment trust, we may not redeem the Series E Preferred Stock until July 18, 2008. On or after July 18, 2008, we may, at our option, redeem the Series E Preferred Stock, in whole or in part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to and including the redemption date. Any partial redemption will generally be on a pro rata basis.