Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

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

	Three Months Ended March 31,
	2024				2023
	Declared		Paid		Declared		Paid
Common shares	$	1.090	$	1.090	$	1.080	$	1.080
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 March 8, 2024, we amended our existing at-the-market ("ATM") equity program under which we may from time to time offer and sell common shares. This amendment reset the aggregate offering price of the program to $500.0 million. Our ATM equity program also allows shares to be sold through forward sales contracts. 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, 2024, we issued 62,895 common shares (which were sold during 2023 under our previous ATM equity program), at a weighted average price per share of $105.04 for net cash proceeds of $6.4 million including paying $0.1 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. There were no sales during the three months ended March 31, 2024 under the amended ATM equity program, and therefore we have the capacity to issue up to $500.0 million in common shares under this program as of March 31, 2024.