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

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

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

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

Non-Controlling Interests

The Company had 140,633 OP Units outstanding to one partnership at December 31, 2020 and 2019.  These OP Units are exchangeable at the election of the OP Unit holder and, under certain circumstances at the option of the Company, exchangeable into an equivalent number of the Company’s common shares or for the equivalent amount of cash.  These OP Units are subject to registration rights agreements covering shares equivalent to the number of OP Units held by the holder if the Company elects to settle in its common shares.  The OP Units are classified on the Company’s consolidated balance sheets as Non-Controlling Interests.

Common Shares

In 2019, the Company issued 13.225 million common shares resulting in net proceeds of $194.6 million.  The Company’s common shares have a $0.10 per share par value.  Common share dividends declared were as follows:

	For the Year Ended December 31,
	2020		2019		2018
Common share dividends declared per share	$	0.25	$	0.80	$	1.16

Common Shares in Treasury

In 2018, the Company’s Board of Directors authorized a $100 million common share repurchase program.  In 2020 and 2019, the Company repurchased 0.8 million shares and 1.2 million shares at an aggregate cost of $7.5 million and $14.1 million, respectively.  These shares were recorded as Treasury Shares on the Company’s consolidated balance sheets.  

Preferred Shares

The depositary shares, representing the Class A Cumulative Redeemable Preferred Shares (“Class A Shares”) and the Class K Cumulative Redeemable Preferred Shares (“Class K Shares”), represent 1/20 of a Class A Share and Class K Share, respectively, and have a liquidation value of $500 per share.  The Class K depositary shares are redeemable by the Company.  The Class A depositary shares are not redeemable by the Company prior to June 5, 2022, except in certain circumstances relating to the preservation of the Company’s status as a REIT.

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