Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

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

	Nine Months Ended September 30,
	2024				2023
	Declared		Paid		Declared		Paid
Common shares	$	3.280	$	3.270	$	3.250	$	3.240
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.016	$	1.016	$	1.016	$	1.016
5.0% Series C Cumulative Redeemable Preferred shares (1)	$	0.938	$	0.938	$	0.938	$	0.938

(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 September 30, 2024, we issued 1,282,938 common shares at a weighted average price per share of $113.27 for net cash proceeds of $143.8 million including paying $1.5 million in commissions and $0.1 million in additional offering expenses related to the sales of these common shares. For the nine months ended September 30, 2024, we issued 2,059,654 common shares (of which, 62,895 were sold during 2023 under our previous ATM equity program) at a weighted average price per share of $109.20 for net cash proceeds of $222.4 million, including paying $2.2 million in commissions and $0.3 million in additional offering expenses related to the sales of these common shares.

We also entered into forward sales contracts for the three and nine months ended September 30, 2024 for 709,925 common shares under our ATM equity program at a weighted average offering price of $115.91. The forward price that we will receive upon physical settlement of the agreements is subject to the adjustment for (i) commissions, (ii) floating interest rate factor equal to a specified daily rate less a spread, (iii) the forward purchasers' stock borrowing costs and (iv) 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 ranging from September 2025 to December 2025. As of September 30, 2024, we have the capacity to issue up to $199.4 million in common shares under our ATM equity program.