Common Shares Of Beneficial Interest

12 Months Ended

Dec. 31, 2015

Class of Stock Disclosures [Abstract]

Common Shares Of Beneficial Interest

Common Shares of Beneficial Interest

In February 2015, we established an ATM equity offering program under which we may, but are not obligated to, sell up to $200 million of common shares, in amounts and at times as we determine, at prices determined by the market at the time of sale. Actual sales may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the net proceeds from future sales for general trust purposes, which may include reducing borrowings under our $500 million unsecured revolving credit facility, repaying other indebtedness or repurchasing outstanding debt. As of the date of this filing, $159.2 millionof common shares remained available for sale under this ATM equity offering program.

The following shares were sold under the ATM equity offering program (in thousands, except per share amounts):

	Year Ended December 31, 2015
Shares sold	1,129
Weighted average price per share	$	36.18
Gross proceeds	$	40,836

In October 2015, our Board of Trust Managers approved a $200 million share repurchase plan. Under this plan, we may repurchase common shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. As of the date of this filing, we have not repurchased any shares under this plan.

Common dividends declared per share were $1.38, $1.55 and $1.22 for the year ended December 31, 2015, 2014 and 2013, respectively. The regular dividend rate per share for our common shares for each quarter of 2015 and 2014 was $.345 and $.325, respectively. Also in December 2014, we paid a special dividend on our common shares in the amount of $.25 per share, which was due to the significant gains on dispositions of property. Subsequent to December 31, 2015, our Board of Trust Managers approved an increase to our 2016 first quarter dividend to $.365 per share.