Common Shares

3 Months Ended

Mar. 31, 2012

Stockholders' Equity Note [Abstract]

Common Shares

4. Common Shares

In March 2010, we announced the creation of an at-the-market (“ATM”) share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $250 million (“2010 ATM program”), in amounts and at times as we determined, into the existing trading market at current market prices as well as through negotiated transactions. The 2010 ATM program terminated in the second quarter of 2011, and no further common shares are available for sale under the 2010 ATM program.

The following table presents activity under our 2010 ATM program for the period presented (in thousands, except per share amount):

	Three Months Ended
	March 31, 2011
Total net consideration	$	3,794.6
Common shares sold	71.3
Average price per share	$	54.06

In May 2011, we created a second ATM share offering program through which we can sell common shares having an aggregate offering price of up to $300 million (“2011 ATM program”) from time to time into the existing trading market at current market prices as well as through negotiated transactions. We may, but have no obligation to, sell common shares through the 2011 ATM program in amounts and at times as we determine. Actual sales from time to time may depend on a variety of factors, including, among others, market conditions, the trading price of our common shares, and determination of the appropriate sources of funding for us.

The following table presents activity under our 2011 ATM program for the period presented (in thousands, except per share amount):

	Three Months Ended
	March 31, 2012
Total net consideration	$	44,291.7
Common shares sold	704.2
Average price per share	$	63.89

As of March 31, 2012, we had common shares having an aggregate offering price of up to $160.6 million remaining available for sale under the 2011 ATM program. In April 2012, we issued 0.4 million common shares at an average price of $65.23 per share for total net consideration of approximately $27.6 million. As of the date of this filing, we had common shares having an aggregate offering price of up to $132.6 million remaining available for sale under the 2011 ATM program. The registration statement under which the shares to be sold under the 2011 ATM program expires on May 20, 2012 and we cannot, therefore, sell shares under the 2011 ATM program after this date. We intend to create a new ATM program prior to the expiration of the 2011 ATM program under which we can sell common shares having an aggregate offering price of up to $300 million including the shares that remain unsold under the 2011 ATM program.

We currently have an automatic shelf registration statement on file with the Securities and Exchange Commission which allows us to offer, from time to time, an unlimited amount of common shares, preferred shares, debt securities, or warrants. Our declaration of trust provides we may issue up to 110.0 million shares of beneficial interest, consisting of 100.0 million common shares and 10.0 million preferred shares. In January 2012, we issued 6,612,500 common shares in a public equity offering and received approximately $391.6 million in net proceeds. We utilized these proceeds to fund the acquisition of the remaining 80% interest in twelve real estate joint ventures. See Note 6, “Property Acquisitions, Discontinued Operations, and Assets Held for Sale” for further discussion of this transaction.