Prospectus excerpt: We are offering 3,000,000 of our 7.625% Series J Cumulative Redeemable Preferred Shares, par value $0.01 per share, which we refer to in this prospectus supplement as the Series J Preferred Shares. We will pay quarterly cumulative dividends, in arrears, on the Series J Preferred Shares from the date of original issue. These dividends will be payable on January 15, April 15, July 15 and October 15 of each year, when and as declared, beginning on October 15, 2006, at a yearly rate of 7.625% of the $25.00 liquidation preference, or $1.90625 per Series J Preferred Share per year. However, during any period that both (i) the Series J Preferred Shares are not listed on the New York Stock Exchange, or NYSE, or the American Stock Exchange, or AMEX, or quoted on the National Association of Securities Dealers Automatic Quotation System, or NASDAQ, and (ii) we are not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, but the Series J Preferred Shares are outstanding, we will increase the cash dividend payable on the preferred shares to a rate of 8.625% of the liquidation preference, or $2.15625 per Series J Preferred Share per year.
If at any time both (i) the Series J Preferred Shares cease to be listed on the NYSE or the AMEX, or quoted on NASDAQ, and (ii) we cease to be subject to the reporting requirements of the Exchange Act, but the Series J Preferred Shares are outstanding, then the Series J Preferred Shares will be redeemable in whole but not in part at our option, within 90 days of the date upon which the Series J Preferred Shares cease to be listed and we cease to be subject to such reporting requirements, at a cash redemption price of $25.00 per Series J Preferred Share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.
Except as set forth above and as necessary to preserve our status as a real estate investment trust, we may not redeem the Series J Preferred Shares prior to July 20, 2011, except as necessary to preserve our status as a real estate investment trust. On or after July 20, 2011, we may, at our option, redeem the Series J Preferred Shares, in whole or from time to time in part, for $25.00 per Series J Preferred Share in cash plus any accrued and unpaid dividends through the date of redemption. The Series J Preferred Shares have no stated maturity, are not subject to any sinking fund and will remain outstanding indefinitely unless we redeem them.
Holders of the Series J Preferred Shares will generally have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarterly periods, whether or not consecutive, and in certain other events.