Common Shares of Beneficial Interest

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Common Shares of Beneficial Interest

Common Shares of Beneficial Interest

In February 2015, we established an at-the-market ("ATM") equity offering program. This program authorizes us to sell up to $200 million of common shares of beneficial interest ("common shares"), in amounts and at times as we determine, at prices determined by the market at the time of sale. Actual sales may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the net proceeds for general trust purposes, which may include reducing borrowings under our $500 million unsecured revolving credit facility, repaying other indebtedness, repurchasing outstanding debt or equity securities. As of March 31, 2015, $170.6 million of common shares remained available for sale under this ATM equity program.

The following shares were sold under the ATM equity program (in thousands, except share data):

	Three Months Ended   March 31, 2015
Shares sold	809,100
Weighted average price per share	$	36.29
Gross proceeds	$	29,360

Subsequent to March 31, 2015, an additional 319,600 common shares were sold with gross proceeds totaling $11.4 million.