Shareholders Equity

6 Months Ended

Jun. 30, 2012

Shareholders' Equity [Abstract]

Stockholders Equity Note Disclosure Text Block

13. Shareholders' Equity

On July 11, 2012, we sold 12,000,0005.70% Series K 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 $291,923,000, after underwriters' discounts and issuance costs. Dividends on the Series K Preferred Shares are cumulative and payable quarterly in arrears. The Series K 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 K Preferred Shares at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the date of redemption. The Series K Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed by us.

On July 17, 2012, we issued a notice of redemption to the holders of our7.0% Series E Cumulative Redeemable Preferred Shares. The preferred shares will be redeemed at par on August 16, 2012, for an aggregate of $75,000,000 in cash, plus accrued and unpaid dividends through the date of redemption.