Prospectus excerpt: Each of the depositary shares offered hereby represents a 1/20 fractional interest in a share of our 6.50% Class J Cumulative Redeemable Preferred Shares, without par value, which we refer to as ŁNew Class J Preferred Shares, deposited with Computershare Shareowner Services LLC, Jersey City, New Jersey, as depositary. Each depositary share entitles the holder to a proportionate share of all rights and preferences of the New Class J Preferred Shares (including dividend, voting, redemption and liquidation rights and preferences). The liquidation preference of each New Class J Preferred Share is $500.00 (equivalent to $25.00 per depositary share), plus an amount equal to accrued and unpaid dividends to, but not including, the date of payment.
The New Class J Preferred Shares and the depositary shares will generally not be redeemable before August 1, 2017, except in limited circumstances to preserve our status as a real estate investment trust, or REIT, and except as described below upon the occurrence of a Change of Control (as defined in this prospectus supplement). Beginning August 1, 2017, we may redeem New Class J Preferred Shares, in whole or in part, at $500.00 per share (equivalent to $25.00 per depositary share) plus accrued and unpaid dividends to, but not including, the date of redemption. Dividends on the New Class J Preferred Shares will be cumulative from the date of original issuance and will be payable quarterly, starting October 15, 2012. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem the New Class J Preferred Shares (and the depositary shares), in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $500.00 per share (equivalent to $25.00 per depositary share), plus accrued and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the New Class J Preferred Shares (and depositary shares), the holders will not have the conversion right described below. The New Class J Preferred Shares will not have a stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased or converted into common shares in connection with a Change of Control.