Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Shareholders' Equity

17. Shareholders’ Equity

On April 6, 2011, we completed an $80.0 million (1,600,000 shares) offering of 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of beneficial interest (the “Series D Preferred Shares”). The annual dividend on each Series D Preferred Share is $3.625 per share and is payable quarterly as declared by our board of trustees.  Each preferred share has a liquidation preference of $50.00 per share and is convertible, at the holder’s option at any time.  The Series D Preferred Shares are not redeemable by us for seven years, and then only upon the occurrence of certain events.  On April 29, 2011, we closed on an additional $20.0 million, or 400,000 preferred shares, through a re-opening of the same security.  Net proceeds from the two offerings of $96.6 million were used to repay our $30.0 million secured bridge loan and reduce borrowings on our secured revolving credit facility.

Additionally, during  2011, we issued 683,000 common shares through a controlled equity offering generating $8.8 million in net proceeds.

In May 2010, we completed an equity offering of 6.9 million common shares, which included 0.9 million shares purchased pursuant to an over-allotment option granted to the underwriters.  The offering price was $11.50 per common share (par value $0.01 per share) generating net proceeds of approximately $75.7 million.  The net proceeds from the offering were used to repay debt and for other corporate purposes.

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.