EQUITY

27 Months Ended

Sep. 30, 2012

EQUITY

10. EQUITY

Issuance and Redemption of Preferred Shares

In August 2012, the Company issued $200.0 million of its newly designated 6.50% Class J cumulative redeemable preferred shares at a price of $500.00 per share (or $25.00 per depositary share). In addition, in August 2012, the Company redeemed all of its outstanding shares of its 7.50% Class I Preferred Shares at a redemption price of $25.1875 per Class I depositary share (the sum of $25.00 per depositary share and dividends per depositary share of $0.1875 prorated to the redemption date). The Company recorded a charge of $5.8 million to net loss available to common shareholders in the third quarter of 2012 related to the write-off of the Class I Preferred Shares’ original issuance costs.

Common Shares

In the first nine months of 2012, the Company sold 12.7 million of its common shares of which 7.9 million shares were sold in the three-month period ended September 30, 2012, through its continuous equity program. The Company generated gross proceeds of $120.0 million and $190.0 million for the three- and nine-month periods ended September 30, 2012, respectively, at an average price of $15.14 per share and $14.95 per share, respectively. The net proceeds were used to acquire the Company’s unconsolidated joint venture partners’ ownership interests in four shopping centers (Notes 2 and 3).

In January 2012, the Company entered into forward equity agreements, which were settled in June 2012, with respect to 19.0 million of its common shares and received net proceeds of $231.2 million. The Company used the net proceeds to fund its investment in the BRE DDR Retail Holdings, LLC joint venture (Note 2) and for other corporate purposes.

Common share dividends declared were as follows:

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2012		2011		2012		2011
Common share dividends declared	$	0.12	$	0.06	$	0.36	$	0.14