Dividends and Equity Issuance Program

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Dividends and Equity Issuance Program

(3) Dividends and Equity Issuance Program

Dividends:

We declared and paid dividends of $8.6 million, or $.645 per share, during the first quarter of 2016 and $8.4 million, or $.635 per share, during the first quarter of 2015.

Equity Issuance Program:

Subsequent to the first quarter of 2016, we recommenced our at-the-market (“ATM”) equity issuance program, pursuant to the terms of which we may sell, from time-to-time, common shares of our beneficial interest up to an aggregate sales price of approximately  $23.3 million to or through Merrill Lynch, Pierce, Fenner and Smith, Incorporated (“Merrill Lynch”), as sales agent and/or principal. The common shares will be offered pursuant to the Registration Statement filed with the Securities and Exchange Commission, which became effective in December, 2015.

There were no shares issued pursuant to the ATM program during the first three months of 2016. Since inception of this ATM program, we have issued 580,900 shares at an average price of $45.97 per share, which generated approximately $25.6 million of net proceeds (net of approximately $1.1 million, consisting of compensation of $667,000 to Merrill Lynch as well as $391,000 of other various fees and expenses). Included in cash received for the issuance of shares of beneficial interest, net, on the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2015, was approximately $1.1 million received in connection with shares issued in late December, 2014.