Equity

6 Months Ended

Jun. 30, 2011

Equity [Abstract]

Equity

Note 6. Equity

Common Shares

     The Company is authorized to issue up to 500,000,000 common shares of beneficial interest (“common shares”), $.01 par value per share. Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by our board of trustees.

     On April 6, 2011, the Company issued 10,925,000 common shares and raised $226.5 million, net of underwriting discounts and offering costs, in a follow-on offering of common shares.

     On April 13, 2011, the Company filed a shelf registration statement on Form S-3 with the SEC. Under this shelf registration statement, the Company may issue common shares, preferred shares, debt securities, warrants and units from time to time.

Common Dividends

     The Company paid or will pay the following dividends on common shares/units during the six months ended June 30, 2011:

Dividend per	For the quarter
Share/Unit	ended	Record Date	Payable Date
$0.12	March 31, 2011	March 31, 2011	April 15, 2011
$0.12	June 30, 2011	June 30, 2011	July 15, 2011

Preferred Shares

     The Company is authorized to issue up to 100,000,000 preferred shares, $.01 par value per share.

     The Company had no preferred shares outstanding as of December 31, 2010. On March 11, 2011, the Company issued 5,000,000 shares of its 7.875% Series A Cumulative Redeemable Preferred Shares (“Series A Preferred Shares”) at a public offering price of $25.00 per share, for a total of approximately $120.9 million of net proceeds, after deducting the underwriting discount and other offering-related costs.

     On July 14, 2011, the Company issued 600,000 Series A Preferred Shares at a price of $25.25 per share for a total of approximately $15.1 million in net proceeds.

Preferred Dividends

     The Company paid or will pay the following dividends on preferred shares/units during the six months ended June 30, 2011:

Dividend per	For the quarter
Share/Unit	ended	Record Date	Payable Date
$0.19 (1)	March 31, 2011	March 31, 2011	April 15, 2011
$0.49	June 30, 2011	June 30, 2011	July 15, 2011

⁽¹⁾  Pro-rata payment for the partial quarter from the date of issuance.

Non-controlling Interest of Common Units in Operating Partnership

     Holders of Operating Partnership units have certain redemption rights which enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares, at the time of redemption or for the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of our limited partners or our shareholders.

     As of June 30, 2011 and December 31, 2010, the Operating Partnership had 929,099 and 0 units, respectively, outstanding, all of which are long-term incentive partnership units that have reached parity with other common Operating Partnership units. As of June 30, 2011, 185,820 of these LTIP units have vested. Only vested LTIP units may be converted to common units of the Operating Partnership which in turn can be redeemed for an equal number of common shares in the Company. As of June 30, 2011, no LTIP units have been converted to common shares.