Prospectus excerpt: We are offering 4,000,000 of our 7.750% Series A Cumulative Redeemable Perpetual Preferred Shares, par value $0.001 per share, which we refer to as our Series A Preferred Shares. This is our original issuance of our Series A Preferred Shares, and we have no other preferred shares outstanding as of the date hereof. Dividends on our Series A Preferred Shares will be cumulative from January 18, 2011 and payable quarterly in arrears on or about the 15th day of each February, May, August and November, beginning on or about February 15, 2011, at the rate of 7.750% per annum of their liquidation preference, which is equivalent to $1.9375 per annum per share. The first dividend on our Series A Preferred Shares sold in this offering is payable on February 15, 2011 (in the amount of $0.1453125 per share).
Except in instances relating to preservation of our qualification as a REIT or in connection with a change of control the result of which our common shares of beneficial interest, par value $0.001 per share, and the common securities of the acquiring or surviving entity, are not listed on the NYSE or other stock exchange, our Series A Preferred Shares are not redeemable prior to January 18, 2016. On and after January 18, 2016, we may, at our option, redeem our Series A Preferred Shares in whole, at any time, or in part, from time to time, for cash at a redemption price of $25 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date. In addition, upon the occurrence of a change of control the result of which our common shares and the common securities of the acquiring or surviving entity are not listed on the NYSE or other stock exchange, we will have the special option to redeem our Series A Preferred Shares, in whole or in part, within 120 days after the first date on which such change of control has occurred for cash at a redemption price of $25 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date. If we exercise this special optional redemption right in connection with a change of control the result of which our common shares and the common securities of the acquiring or surviving entity are not listed on the NYSE or other stock exchange, you will not have the conversion right described in the following paragraph. Our Series A Preferred Shares have no maturity date and will remain outstanding indefinitely unless converted by you in connection with a change of control the result of which our common shares and the common securities of the acquiring or surviving entity are not listed on the NYSE or other stock exchange or are redeemed by us, and they are not subject to any sinking fund or mandatory redemption.