Common Shares

9 Months Ended

Sep. 30, 2011

Common Shares

Common Shares

4. Common Shares

We currently have an automatic shelf registration statement on file with the SEC 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. As of September 30, 2011, we had approximately 71.4 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.

In March 2010, we originated 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 has been terminated and no further common shares are available for sale under the 2010 ATM program.

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

	Three Months Ended September 30, 2011		Nine Months Ended September 30, 2011
Total net consideration	$	—	$	13,847.0
Common shares sold		—		252.5
Average price per share	$	—	$	55.81

In May 2011, we originated an 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 share offering 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 periods presented (in thousands, except per share amounts):

	Three Months Ended September 30, 2011		Nine Months Ended September 30, 2011
Total net consideration	$	32,736.8	$	56,015.9
Common shares sold		506.2		875.4
Average price per share	$	65.76	$	65.24

As of September 30, 2011, we had common shares having an aggregate offering price of up to $242.9 million remaining available for sale under the 2011 ATM program. No additional shares were sold through the date of this filing.