Common Shares Of Beneficial Interest

9 Months Ended

Sep. 30, 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 from future sales for general trust purposes, which may include reducing borrowings under our $500 million unsecured revolving credit facility, repaying other indebtedness or repurchasing outstanding debt. As of September 30, 2015, $159.2 million of common shares remained available for sale under this ATM equity offering program.

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

	Nine Months Ended   September 30, 2015
Shares sold (1)	1,129
Weighted average price per share	$	36.18
Gross proceeds	$	40,836

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(1) No common shares were sold during the three months ended September 30, 2015.

Subsequent to September 30, 2015, our Board of Trust Managers approved a $200 million share repurchase plan. Under this plan, we may repurchase shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. As of the date of this filing, we have not repurchased any shares under this plan.