Prospectus excerpt: We are offering and selling 4,200,000 depositary shares, each representing a 1/10th fractional interest of a share of our 7.75% Series C cumulative redeemable preferred stock, par value $.01 per share. 420,000 shares of Series C preferred stock underlying the depositary shares will be deposited with SunTrust Bank, as depositary. As a record holder of depositary shares, you will be entitled to all proportional rights, preferences and privileges of the Series C preferred stock underlying the depositary shares. We will receive all of the net proceeds from the sale of the depositary shares.
We will pay cumulative dividends on the shares of Series C preferred stock underlying the depositary shares, from and including the date of original issuance, in the amount of $1.9375 per depositary share each year, which is equivalent to 7.75% of the $25.00 liquidation preference per depositary share. Dividends will be payable quarterly in arrears, beginning on September 30, 2003.
We may not redeem the shares of Series C preferred stock underlying the depositary shares before August 22, 2008, except to preserve our status as a real estate investment trust. On or after August 22, 2008, we may, at our option, redeem the shares of Series C preferred stock, in whole or in part, by paying $250.00 per share ($25.00 per depositary share), plus any accrued and unpaid dividends up to and including the date of redemption. The shares of Series C preferred stock have no stated maturity, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any of our other securities. Owners of the depositary shares will generally have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters and under certain other circumstances.