Prospectus excerpt: We are offering 3,000,000 shares of our 7.00% Series O Cumulative Redeemable Preferred Stock, par value $0.01 per share. We will pay cumulative dividends on the series O preferred stock from December 13, 2005 at the rate of 7.00% per annum of the $25.00 liquidation preference per share, which is equivalent to $1.75 per share per year. Dividends on the series O preferred stock will be payable quarterly in arrears, beginning on April 15, 2006. The shares of series O preferred stock have no stated maturity, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any other securities. Holders of shares of series O preferred stock will generally have no voting rights, except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other events.
Except in limited circumstances to preserve our status as a real estate investment trust, we may not redeem the series O preferred stock until December 13, 2010. On or after December 13, 2010, we may, at our option, redeem the series O preferred stock, in whole or from time to time in part, for cash at a redemption price of $25.00 per share, plus all accumulated and unpaid dividends on such series O preferred stock to the redemption date. Any partial redemption will be on a pro rata basis, by lot or by any other equitable method that we determine.
We are organized and conduct our operations to qualify as a real estate investment trust for federal income tax purposes. To assist us in complying with certain federal income tax requirements applicable to real estate investment trusts, our charter contains certain restrictions relating to the ownership and transfer of our stock, including an ownership limit of 9.8% of the series O preferred stock. See ÙDescription of Series O Preferred Stockˆ and ÙDescription of Capital Stockˆ in this prospectus supplement for a discussion of these restrictions.