Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury

10. Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury

Non-Controlling Interests

Non-controlling interests relate to the following (in millions):

	December 31,
	2014		2013
OP Units	$	25.6	$	7.4
Consolidated joint venture interests		1.7		15.8
	$	27.3	$	23.2

In 2014, the Company issued 1.0 million OP Units in conjunction with the purchase of an asset in Chicago, Illinois (Note 3).  The Company had 1,412,366 and 369,176 OP Units outstanding at December 31, 2014 and 2013, respectively.  These OP Units, issued to different partnerships, are exchangeable at the election of the OP Unit holder and, under certain circumstances at the option of the Company, into an equivalent number of the Company’s common shares or for the equivalent amount of cash.  Most of these OP Units are subject to registration rights agreements coverning shares equivalent to the number of OP Units held by the holder if the Company elects to settle in its common shares.  The OP Units are classified on the Company’s balance sheet as Non-Controlling Interests.

Preferred Shares

The Company’s preferred shares outstanding at December 31 are as follows (in thousands):

	December 31,
	2014		2013
Class H—7.375% cumulative redeemable preferred shares, without par value, $500 liquidation    value; 750,000 shares authorized; 110,000 shares issued and outstanding at December 31, 2013	$	—	$	55,000
Class J—6.5% cumulative redeemable preferred shares, without par value, $500 liquidation    value; 750,000 shares authorized; 400,000 shares issued and outstanding at December 31,    2014 and 2013		200,000		200,000
Class K—6.25% cumulative redeemable preferred shares, without par value, $500 liquidation    value; 750,000 shares authorized; 300,000 shares issued and outstanding at December 31,    2014 and 2013		150,000		150,000
	$	350,000	$	405,000

In May 2014, the Company redeemed the remaining $55.0 million of its Class H Cumulative Redeemable Preferred Shares (“Class H Preferred Shares”) at a redemption price of $504.6094 per Class H Preferred Share (the sum of $500.00 per Class H Preferred Share and dividends per Class H Preferred Share of $4.6094 prorated to the redemption date of May 30, 2014) or $25.2305 per depositary share (the sum of $25.00 per depositary share and dividends per depositary share of $0.2305 prorated to the redemption date of May 30, 2014).  The Company recorded a charge of $1.9 million related to the write-off of the Class H Preferred Shares’ original issuance costs.  In 2013 and 2012, the Company also recorded charges of $5.2 million and $5.8 million, respectively, to net loss attributable to common shareholders related to the write-off of preferred share original issuance costs triggered by the redemption of preferred shares in the respective year.  Total fees paid by the Company for the issuance of preferred shares were $0.4 million and $0.8 million in 2013 and 2012, respectively.

The depositary shares, representing the Class J Cumulative Redeemable Preferred Shares (“Class J Shares”) and the Class K Cumulative Redeemable Preferred Shares (“Class K Shares”) represent 1/20 of a Class J Share and Class K Share, respectively, and have a stated value of $500 per share.  The Class J depositary shares are not redeemable by the Company prior to August 1, 2017, and the Class K depositary shares are not redeemable by the Company prior to April 9, 2018, except in certain circumstances relating to the preservation of the Company’s status as a REIT.  

The Company’s authorized preferred shares consist of the following:

· 750,000 of each: Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J and Class K Cumulative Redeemable Preferred Shares, without par value

· 750,000 Non-Cumulative Preferred Shares, without par value

· 2,000,000 Cumulative Voting Preferred Shares, without par value

Common Shares

The Company’s common shares have a $0.10 per share par value.  Common share dividends declared per share were as follows:

	For the Year Ended December 31,
	2014		2013		2012
Common share dividends declared per share	$	0.62	$	0.54	$	0.48

The Company issued common shares, including through the use of its continuous equity programs, for the years ended December 31, 2014, 2013 and 2012, and paid fees of $0.2 million, $0.7 million $1.1 million, respectively, as follows (amounts in millions, except per share):

Year	Number of Shares Sold		Average Price Per Share		Net Proceeds
2014		0.7	$	18.15	$	11.6
2013		44.1	$	18.76	$	788.0
2012		36.5	$	13.98	$	492.1