Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Equity

9. Equity

Common Share Dividend

	Three Months				Nine Months
	Ended September 30,				Ended September 30,
	2021		2020		2021		2020
Common share dividends declared per share	$	0.12	$	—	$	0.35	$	0.20

Common Shares Issuance

In March 2021, the Company issued 17.25 million common shares resulting in net proceeds of $225.2 million.  

Common Shares – Continuous Equity Program

In the second quarter of 2021, the Company offered and sold 980,396 common shares on a forward basis under its $250 million continuous equity program at a weighted-average forward price of $15.09 per share before issuance costs generating expected gross proceeds before issuance costs of $14.8 million.  In the third quarter of 2021, the Company offered and sold 720,076 common shares on a forward basis at a weighted-average forward price of $15.89 per share before issuance costs generating expected gross proceeds before issuance costs of $11.4 million.  Year to date, the Company has offered and sold 1,700,472 shares on a forward basis at a weighted average price of $15.43 per share before issuance costs generating expected gross proceeds before issuance costs of $26.2 million with no shares settled to date.

The actual proceeds to be received by the Company will vary depending upon the settlement date, the number of shares designated for settlement on that settlement date and the method of settlement. The forward equity sale agreements provide that the forward price will be subsequently adjusted for a floating interest rate factor equal to a specified daily rate plus a spread and scheduled dividends during the term of the applicable agreement. The second quarter transactions may be settled at any time before the July 1, 2022 settlement date and the third quarter transactions may be settled at any time before the September 9, 2022 settlement date. Under limited circumstances or certain unanticipated events, the forward purchaser also has the ability to require the Company to physically settle the forward equity sale agreement in shares prior to the settlement date. The Company intends to use proceeds received upon settlement of the transaction to fund acquisitions and capital expenditures and for general corporate purposes. As of September 30, 2021, the Company has not settled any portion of the second quarter or third quarter transactions. The agreement to offer and sell shares on a forward basis is accounted for as an equity instrument. The fair value will not be adjusted so long as the Company continues to meet the accounting requirements for equity instruments.

Preferred Shares

In April 2021, the Company redeemed all $150.0 million aggregate liquidation preference of its Class K Cumulative Redeemable Preferred Shares (the “Class K Preferred Shares”) at a redemption price of $500 per Class K Preferred Share (or $25.00 per depositary share) plus accrued and unpaid dividends of $7.2049 per Class K Preferred Share (or $0.3602 per depositary share).  The Company recorded a charge of $5.1 million to net income attributable to common shareholders in the second quarter of 2021, which represents the difference between the redemption price and the carrying amount immediately prior to redemption, which was recorded to additional paid in capital upon original issuance.