Shareholders' Equity

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

The following table provides a summary of dividends declared and paid per share:

	Six Months Ended June 30,
	2014				2013
	Declared		Paid		Declared		Paid
Common shares	$	1.560	$	1.560	$	1.460	$	1.460
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.677	$	0.677	$	0.677	$	0.677

On February 12, 2014 we replaced our existing at the market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $300.0 million. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay amounts outstanding under our revolving credit facility and/or for general corporate purposes. For the three months ended June 30, 2014, we issued 440,778 common shares at a weighted average price per share of $119.66 for net cash proceeds of $52.2 million and paid $0.5 million in commissions and less than $0.1 million in additional offering expenses related to the sales of these common shares. For the six months ended June 30, 2014, we issued 896,490 common shares at a weighted average price per share of $115.44 for net cash proceeds of $102.3 million and paid $1.0 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. As of June 30, 2014, we had the capacity to issue up to $196.5 million in common shares under our ATM equity program.