We are offering for sale 6,000,000 depositary shares each representing a 1/10 fractional interest in a Series N cumulative redeemable preferred share, liquidation preference $250.00 per share (equivalent to $25.00 per depositary share) that we have deposited with EquiServe Trust Company, N.A. as depositary. We will receive all of the net proceeds from the sale of the depository shares. As a holder of a depositary share, you will be entitled to proportional rights and preferences as if you held 1/10 of a Series N preferred share.
Distributions on the Series N preferred shares represented by the depositary shares will be cumulative from the date of original issue and will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing October 15, 2003, at the rate of 6.48% of the $250.00 liquidation preference per year, or $16.20 per Series N preferred share (equivalent to $1.62 per year per depositary share).
The Series N preferred shares represented by the depositary shares are not redeemable until June 19, 2008, except to preserve our status as a real estate investment trust. On or after June 19, 2008, we may redeem the shares at a redemption price of $250.00 per Series N preferred share (equivalent to $25.00 per depositary share), plus any accrued and unpaid distributions to, and including, the date of redemption. The Series N preferred shares and the depositary shares have no maturity date and will remain outstanding indefinitely unless redeemed.