Shareholders' Equity

6 Months Ended

Jun. 30, 2011

Shareholders' Equity

Shareholders' Equity

Note 8.  Shareholders’ Equity

On May 10, 2011, we issued 2,000 common shares, valued at $26.57 per share, the closing price of our common shares on the New York Stock Exchange, or NYSE, on that day, to each of our five trustees as part of their annual compensation.

In June 2011, we issued 11,000,000 series E cumulative redeemable preferred shares in a public offering, raising net proceeds of $265,804.  Each series E preferred share has a liquidation preference of $25.00 and requires dividends of $1.8125, 7 ¼% of the liquidation preference per annum, payable in equal quarterly payments.  Our series E preferred shares are redeemable, at our option, for $25.00 each plus accrued and unpaid dividends at any time on or after May 15, 2016.  Net proceeds from this offering were used to reduce amounts outstanding under our revolving credit facility.

In July 2011, we issued 11,500,000 common shares in a public offering, raising net proceeds of approximately $263,900.  Net proceeds from this offering were used to repay amounts outstanding under our revolver credit facility and for general business purposes, including funding acquisitions.

Other comprehensive income includes unrealized gains or losses on the fair value of our interest rate swap agreements, other investments, and foreign currency translation adjustments.  Our interest rate swap agreements qualify as cash flow hedges and convert the floating interest rate on a $175,000 mortgage note payable to a fixed interest rate.  The following is a reconciliation of net income to total comprehensive income for the three and six months ended June 30, 2011 and 2010:

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Comprehensive income:
Net income	$	19,964		$	9,998		$	66,576		$	47,295
Unrealized loss on derivative instrument	(4,119		)	(7,941		)	(2,074		)	(10,815		)
Realized gain on sale of investment in available for sale securities	—			—			(18		)	—
Foreign currency translation adjustments	11,343			—			15,705			—
Increase in share of investees other comprehensive income	40			—			44			—
Total comprehensive income	$	27,228		$	2,057		$	80,233		$	36,480