Shareholders' Equity

9 Months Ended

Sep. 30, 2016

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

The following table provides a summary of dividends declared and paid per share:

	Nine Months Ended September 30,
	2016				2015
	Declared		Paid		Declared		Paid
Common shares	$	2.860	$	2.820	$	2.680	$	2.610
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.016	$	1.016	$	1.016	$	1.016

We have an at the market (“ATM”) equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $300.0 million. We intend to use the net proceeds to fund potential acquisition opportunities fund our development and redevelopment pipeline, repay amounts outstanding under our revolving credit facility and/or for general corporate purposes. For the three months ended September 30, 2016, we issued 346,555 common shares at a weighted average price per share of $159.38 for net cash proceeds of $54.6 million and paid $0.6 million in commissions and less than $0.1 million in additional offering expenses related to the sales of these common shares. For the nine months ended September 30, 2016, we issued 950,171 common shares at a weighted average price per share of $155.48 for net cash proceeds of $146.1 million and paid $1.5 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. As of September 30, 2016, we had the capacity to issue up to $42.4 million in common shares under our ATM equity program.

On March 7, 2016, we issued 1.0 million common shares at $149.43 per share, in an underwritten public offering, for cash proceeds of $149.3 million, net of expenses.