Prospectus excerpt: We are offering 850,000 shares of our 7.25% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, which we refer to as the Series C Preferred Stock. This is the original issuance of the Series C Preferred Stock.
Dividends on the Series C Preferred Stock will be payable quarterly on or about the 15th day of January, April, July and October of each year, commencing April 15, 2013. The dividend rate is 7.25% per annum of the $25.00 liquidation preference, which is equivalent to $1.8125 per annum per share of Series C Preferred Stock.
Except in instances relating to preservation of our qualification as a real estate investment trust (ÙREITˆ) or in connection with a Change of Control (as defined herein) of our company, the Series C Preferred Stock is not redeemable prior to January 25, 2018. At any time on and after January 25, 2018, we may, at our option, redeem the Series C Preferred Stock, in whole or from time to time in part, by paying $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date of redemption. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem the Series C Preferred Stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date of redemption. Further, upon a Change of Control each holder of Series C Preferred Stock will have the right (subject to our right to redeem the Series C Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined herein)) to convert some or all of the Series C Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of our common stock, par value $0.01 per share (the Ùcommon stockˆ), per share of Series C Preferred Stock (or the equivalent value of alternative consideration) as described in this prospectus supplement. If we exercise any of our redemption rights relating to the Series C Preferred Stock, the holders of Series C Preferred Stock will not be permitted to exercise the conversion right described above in respect of their shares called for redemption. The Series C Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed by us or converted in connection with a Change of Control by the holders of Series C Preferred Stock. The shares of Series C Preferred Stock are subject to certain ownership and transfer restrictions designed to preserve our REIT qualification for federal income tax purposes. See ÙDescription of the Series C Preferred Stock ? Restrictions on Ownership and Transfer.ˆ