Common Shares of Beneficial Interest

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Common Shares of Beneficial Interest

Common Shares of Beneficial Interest

In August 2016, we established a new at-the-market ("ATM") equity offering program under which we may, but are not obligated to, sell up to $250 million of common shares, in amounts and at times as we determine, at prices determined by the market at the time of sale. The common shares under this new program include common shares having an aggregate gross sales price of up to $34.1 million previously registered but unsold under the February 2015 ATM equity offering agreement. 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 acquisitions and reducing borrowings under our $500 million unsecured revolving credit facility, repaying other indebtedness or repurchasing outstanding debt.

In February 2015, we entered into an ATM equity offering agreement under which we may, but were not obligated to, sell up to $200 million of common shares. No shares remain available for sale under this agreement.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Shares sold	188		—		3,465		1,129
Weighted average price per share	$	41.67	$	—	$	38.35	$	36.18
Gross proceeds	$	7,827	$	—	$	132,884	$	40,836

As of the date of this filing, $242.2 million of common shares remained available for sale under the ATM equity program.

In October 2015, our Board of Trust Managers approved a $200 million share repurchase plan. Under this plan, we may repurchase common 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.