Shareholders Equity

12 Months Ended

Dec. 31, 2013

Shareholders' Equity [Abstract]

Shareholders' Equity

12. Shareholders' Equity

Common Shares

As of December 31, 2013, there were 187,284,688common shares outstanding. During 2013, we paid an aggregate of $545,913,000 of common dividends comprised of quarterly common dividends of $0.73 per share.

Preferred Shares

On January 25, 2013, we sold 12,000,000 5.40% Series L Cumulative Redeemable Preferred Shares at a price of $25.00 per share in an underwritten public offering pursuant to an effective registration statement. We retained aggregate net proceeds of $290,306,000, after underwriters' discounts and issuance costs and contributed the net proceeds to the Operating Partnership in exchange for 12,000,000 Series L Preferred Units (with economic terms that mirror those of the Series L Preferred Shares). Dividends on the Series L Preferred Shares are cumulative and payable quarterly in arrears. The Series L Preferred Shares are not convertible into, or exchangeable for, any of our properties or securities. On or after five years from the date of issuance (or sooner under limited circumstances), we may redeem the Series L Preferred Shares at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the date of redemption. The Series L Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed by us.

On February 19, 2013, we redeemed all of the outstanding 6.75% Series F Cumulative Redeemable Preferred Shares and 6.75% Series H Cumulative Redeemable Preferred Shares at par, for an aggregate of $262,500,000 in cash, plus accrued and unpaid dividends through the date of redemption.

The following table sets forth the details of our preferred shares of beneficial interest as of December 31,2013and2012.

(Amounts in thousands, except share and		Balance as of				Shares Outstanding at		Per Share		Annual
per share amounts)		December 31,				December 31,		Liquidation		Dividend
Preferred Shares		2013		2012		2013	2012	Preference		Rate(1)
Convertible Preferred:
	6.5% Series A: authorized 83,977 shares(2)	$	1,592	$	1,682	32,807	34,609	$	50.00	$	3.25
Cumulative Redeemable:
	6.625% Series G: authorized 8,000,000 shares(3)		193,135		193,135	8,000,000	8,000,000	$	25.00	$	1.65625
	6.625% Series I: authorized 10,800,000 shares(3)		262,379		262,379	10,800,000	10,800,000	$	25.00	$	1.65625
	6.875% Series J: authorized 9,850,000 shares(3)		238,842		238,842	9,850,000	9,850,000	$	25.00	$	1.71875
	5.70% Series K: authorized 12,000,000 shares(3)		290,971		290,971	12,000,000	12,000,000	$	25.00	$	1.425
	5.40% Series L: authorized 12,000,000 shares(3)		290,306		-	12,000,000	-	$	25.00	$	1.35
	6.75% Series F: authorized 6,000,000 shares		-		144,720	-	6,000,000	$	25.00	$	1.6875
	6.75% Series H: authorized 4,500,000 shares		-		108,549	-	4,500,000	$	25.00	$	1.6875
		$	1,277,225	$	1,240,278	52,682,807	51,184,609
(1)	Dividends on preferred shares are cumulative and are payable quarterly in arrears.
(2)	Redeemable at our option under certain circumstances, at a redemption price of 1.4334 common shares per Series A Preferred Share plus accrued and unpaid dividends through the date of redemption, or convertible at anytime at the option of the holder for 1.4334 common shares per Series A Preferred Share.
(3)	Redeemable at our option at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the date of redemption.

12. Shareholders' Equity – continued

Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated comprehensive income (loss) by component.

			For the Year Ended December 31, 2013
					Securities			Pro rata share of		Interest
					available-			nonconsolidated		rate
(Amounts in thousands)			Total		for-sale			subsidiaries' OCI		swap		Other
Balance as of December 31, 2012			$	(18,946)	$	19,432		$	11,313	$	(50,065)	$	374
	OCI before reclassifications			132,887		142,281			(22,814)		18,183		(4,763)
	Amounts reclassified from AOCI			(42,404)		(42,404)	(1)		-		-		-
Net current period OCI				90,483		99,877			(22,814)		18,183		(4,763)
Balance as of December 31, 2013			$	71,537	$	119,309		$	(11,501)	$	(31,882)	$	(4,389)
(1)		Reclassified to "net gain on disposition of wholly owned and partially owned assets" on our consolidated statements of income.