Prospectus excerpt:  Preferred Stock............... 1,000,000 shares

Use of Proceeds............... We expect the proceeds from the sale of our Series D preferred stock, after deducting the underwriters' discounts and commissions and our expenses of the offering, to be approximately $23.95 million. We intend to use approximately $19.5 million of the net proceeds to repay indebtedness and approximately $4.45 million to fund a portion of the purchase price of a pending property acquisition. We expect to fund the $15.85 million remaining portion of the purchase price by reborrowing under our credit lines. Pending such uses of the net proceeds, we may use the net proceeds to make investments in short-term income-producing securities.

Maturity...................... Our Series D preferred stock has no stated maturity and is not subject to any sinking fund or mandatory redemption.

Rank.......................... Our Series D preferred stock ranks, with respect to dividend rights and rights upon our liquidation, dissolution or winding up (a) senior to our common stock and Class A common stock and to all other equity securities we issue ranking junior to our Series D preferred stock with respect to dividend rights or rights upon our liquidation, dissolution or winding up, including the Series A preferred stock, if and when issued, (b) on a parity with our Series B preferred stock, Series C preferred stock and with all other equity securities we issue the terms of which specifically provide that such equity securities rank on a parity with our Series D preferred stock with respect to dividend rights or rights upon our liquidation, dissolution or winding up, and (c) junior to all our existing and future indebtedness.

Dividends..................... Holders of shares of our Series D preferred stock are entitled to receive, when and as declared by our board of directors, out of our funds legally available for the payment of dividends, preferential cumulative cash dividends at the rate of 7.5% per annum of the $25 per share liquidation preference. These dividends are cumulative from the date of original issue and are payable quarterly in arrears on or about January 31, April 30, July 31 and October 31 of each year beginning on July 31, 2005.

Redemption.................... Except in certain circumstances relating to the preservation of our qualification as a REIT under the Internal Revenue Code or a change of control of our company, our Series D preferred stock is not redeemable before April 12, 2010. On and after such date, we may, at our option, redeem shares of our Series D preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25 per share, plus all accrued and unpaid dividends to the date fixed for redemption.