Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests

10.Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests

Preferred Shares

The depositary shares, representing the Class A Cumulative Redeemable Preferred Shares (“Class A Preferred Shares”), each represent 1/20 of a Class A Preferred Share and have a liquidation value of $500 per share. The Class A depositary shares are redeemable by the Company.

The Company’s authorized preferred shares consist of the following:

•750,000 of each: Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J and Class K Cumulative Redeemable Preferred Shares, without par value

•750,000 Non-Cumulative Preferred Shares, without par value

•2,000,000 Cumulative Voting Preferred Shares, without par value

In 2021, the Company redeemed all $150.0 million aggregate liquidation preference of its 6.250% Class K Cumulative Redeemable Preferred Shares (the “Class K Preferred Shares”) at a redemption price of $500 per Class K Preferred Share (or $25.00 per depositary share) plus accrued and unpaid dividends of $7.2049 per Class K Preferred Share (or $0.3602 per depositary share). The Company recorded a charge of $5.1 million to net income attributable to common shareholders, which represents the difference between the redemption price and the carrying amount immediately prior to redemption, which was recorded to additional paid-in capital upon original issuance.

Common Share Dividends

	For the Year Ended December 31,
	2023		2022		2021
Common share dividends declared per share	$	0.68	$	0.52	$	0.47

The Company’s aggregate cash dividends declared in 2023 of $0.68 per common share included a special cash dividend of $0.16 per common share attributable to significant dispositions activity consummated in 2023, which was paid on January 12, 2024.

Common Shares Issuance

In the first six months of 2022, the Company settled 2.4 million common shares which were sold on a forward basis under its $250 million continuous equity program, at a weighted-average price of $15.79 per share before issuance costs resulting in gross proceeds of $38.3 million. In 2021, the Company issued and sold 17.25 million common shares at a weighted-average price of $13.06 per share before issuance costs resulting in net proceeds of $225.3 million.

Common Shares in Treasury

On December 20, 2022, the Company announced that its Board of Directors authorized a new common share repurchase program. Under the terms of the new program, the Company is authorized to purchase up to a maximum value of $100 million of its common shares. In 2023 and late December 2022, the Company repurchased 1.5 million and 0.5 million common shares, respectively, in open market transactions at an aggregate cost of $20.0 million and $6.6 million, respectively, under this new program, all of which settled in 2023 at an aggregate weighted-average price of $13.44 per share. In 2018, the Company’s Board of Directors authorized a $100 million common share repurchase program all of which was utilized as of December 20, 2022. In 2022, the Company repurchased 3.2 million shares under this program at an aggregate cost of $42.3 million, or a weighted-average price of $13.04 per share. These shares were recorded as Treasury Shares on the Company’s consolidated balance sheets.

Non-Controlling Interests

The Company had 140,633 Operating Partnership Units (“OP Units”) outstanding with respect to one partnership at December 31, 2022. In 2023, the Company redeemed these OP Units for cash at an aggregate cost of $1.7 million. The gain on the transaction was reflected as Additional Paid-in Capital in the Company’s Statement of Equity. The OP Units were classified on the Company’s consolidated balance sheets as Non-Controlling Interests.

In 2021, the Company acquired its partner’s 33% interest in Paradise Village Gateway (Phoenix, Arizona), which had a value of non-controlling interest of negative $2.1 million for $7.1 million and, in 2022, the Company paid an additional $1.4 million in earnouts, which are reflected as Additional Paid-in Capital in the Company’s Statement of Equity.