Shareholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

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

	Six Months Ended June 30,
	2022				2021
	Declared		Paid		Declared		Paid
Common shares	$	2.140	$	2.140	$	2.120	$	2.120
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.677	$	0.677	$	0.677	$	0.677
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.625	$	0.625	$	0.625	$	0.625

(1)Amount represents dividends per depository share, each representing 1/1000th of a share.

On February 14, 2022, we replaced our existing ATM equity program with a new ATM equity program under which we may from time to time offer and sell common shares having an aggregate offering price of up to $500.0 million. The ATM equity program also allows shares to be sold through forward sales contracts. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.

For the three and six months ended June 30, 2022, we settled forward sales agreements by issuing 1,473,904 and 2,203,655 common shares, respectively, for net proceeds of $176.7 million and $259.4 million, respectively. We have no outstanding forward sales agreements as of June 30, 2022. We have the full remaining capacity to issue up to $500.0 million in common shares under our ATM equity program as of June 30, 2022.

On June 15, 2022, one of our 5.417% Series 1 Cumulative Convertible Preferred shareholders converted 7,018 preferred shares to 1,675 common shares.