Shareholders' Equity

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Underwritten public offerings

During 2013, we completed two separate underwritten public offerings of newly issued common shares of beneficial interest, specifically:

• On November 13, 2013, we issued 4.5 million shares at $15.90 per share. Our total net proceeds, after deducting expenses, were approximately $70.4 million; and

• On March 18, 2013, we issued 8.05 million shares at $15.55 per share.  Our total net proceeds, after deducting expenses, were approximately $122.2 million.

In May 2012 we completed an underwritten public offering of 5.5 million newly issued common shares of beneficial interest at $12.10 per share.  The underwriters were granted an option to purchase an additional 0.825 million common shares and they fully exercised that option on June 1, 2012.  Our total net proceeds, after deducting expenses, were approximately $73.2 million.

Controlled equity offerings

In 2013, through our controlled equity offerings we issued 5.4 million common shares, at an average share price of $15.10, and received approximately $81.7 million in net proceeds, after sales commissions and fees of $1.2 million. 

In 2012, we issued 3.1 million common shares through our controlled equity offerings generating $38.1 million in net proceeds, after sales commissions and fees of $0.8 million.  The average share price of shares issued under the controlled equity offering in 2012 was $12.79 per share.  

Our controlled equity offerings were issued under offerings registered in 2012 and 2013. In the third quarter 2012 we registered a new controlled equity offering whereby we may sell up to 6.0 million common shares of beneficial interest.  As of December 31, 2013 all shares under this offering had been issued. In the third quarter 2013, we entered into agreements related to a new controlled equity offering whereby we may sell up to 8.0 million common shares of beneficial interest once the remaining shares of the previous offering have been issued. As of December 31, 2013 we had 7.8 million shares available for issuance.

We have a dividend reinvestment plan that allows for participating shareholders to have their dividend distributions automatically invested in additional shares of beneficial interest based on the average price of the shares acquired for the distribution.