Common Shares Of Beneficial Interest

12 Months Ended

Dec. 31, 2016

Class of Stock Disclosures [Abstract]

Common Shares Of Beneficial Interest

 Common Shares of Beneficial Interest

In August 2016, we established a new ATM equity offering program under which we may, but are not obligated to, sell up to $250 million of common shares, in amounts and at times as we determine, at prices determined by the market at the time of sale. The common shares under this new program include common shares having an aggregate gross sales price of up to $34.1 million previously registered but unsold under the February 2015 ATM equity offering agreement. 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 acquisitions and reducing borrowings under our $500 million unsecured revolving credit facility, repaying other indebtedness or repurchasing outstanding debt.

In February 2015, we entered into an ATM equity offering agreement under which we may, but were not obligated to, sell up to $200 million of common shares. No shares remain available for sale under this agreement.

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

	Year Ended December 31,
	2016		2015
Shares sold	3,465		1,129
Weighted average price per share	$	38.35	$	36.18
Gross proceeds	$	132,884	$	40,836

As of the date of this filing, $242.2 million of common shares remained available for sale under the ATM equity program.

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 $1.46, $1.38 and $1.55 for the year ended December 31, 2016, 2015 and 2014, respectively. The regular dividend rate per share for our common shares for each quarter of 2016 and 2015 was $.365 and $.345, respectively. Also in December 2014, we paid a special dividend on our common shares in the amount of $0.25 per share, which was due to the significant gains on dispositions of property. Subsequent to December 31, 2016, our Board of Trust Managers approved a first quarter dividend of $.385 per common share, an increase from $.365 per common share in 2016.