Shareholders' Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

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


	Three Months Ended March 31,
	2021				2020
	Declared		Paid		Declared		Paid
Common shares	$	1.060	$	1.060	$	1.050	$	1.050
5.417% Series 1 Cumulative Convertible Preferred shares	$	0.339	$	0.339	$	0.339	$	0.339
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.313	$	0.313	$	0.313	$	0.313

(1)Amount represents dividends per depository share, each representing 1/1000th of a share.

On February 24, 2021, we replaced our existing 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 $500.0 million. The new ATM equity program also allows shares to be sold through forward sales agreements. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.

For the three months ended March 31, 2021, we issued 847,471 common shares at a weighted average price per share of $104.19 for net cash proceeds of $87.2 million including paying $0.9 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. We also entered into forward sales agreements for 331,318 shares under our ATM equity program at an average initial offering price of $106.43, which is net of approximately $0.4 million of commissions. The forward price that we will receive upon physical settlement of the agreements is subject to the adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers' stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreements. The open forward shares may be settled at any time on or before multiple required settlement dates in March 2022. We have remaining capacity to issue up to $404.4 million in common shares under our ATM equity program as of March 31, 2021.