Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Shareholders' Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

During the years ended December 31, 2014, 2013 and 2012, individuals acquired 3,000, 157,285 and 94,895 common shares, respectively, in exchange for the same number of common units. These individuals acquired these common units in connection with their contributions to the Operating Partnership of certain assets in prior years. The exchange of common shares for the common units is exempt from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(2) thereunder.

During the years ended December 31, 2014, 2013 and 2012, distributions per common share were $1.90 for each period.

SHAREHOLDERS' EQUITY - TRUST

Common Shares

The Company paid to holders of its common shares and holders of its common units distributions of $286.9 million, $247.4 million and $229.7 million during the years ended December 31, 2014, 2013 and 2012, respectively. On a per share basis, the Company paid common share and common unit distributions of $1.90 during each of the years ended December 31, 2014, 2013 and 2012.

The following unaudited table summarizes the taxability of common share distributions (taxability for 2014 is estimated):

	2014		2013		2012
Ordinary dividend	$	1.2556	$	1.4312	$	1.5036
Capital gain - 20%	—		0.0016		—
IRC Sec 1250 unrecapture gain - 25%	0.3712		0.4672		0.0164
Return of capital	0.2732		—		0.3800
Total	$	1.9000	$	1.9000	$	1.9000

The Company's tax return for the year ended December 31, 2014 has not been filed. The taxability information presented for the 2014 distributions is based upon the best available data. The Company's prior federal income tax returns are subject to examination by taxing authorities. Because the application of tax laws and regulations is susceptible to varying interpretations, the taxability of distributions could be changed at a later date upon final determination by taxing authorities.

Common units

The common units of the Operating Partnership not held by the Trust outstanding as of December 31, 2014 have the same economic characteristics as common shares of the Trust. The 3,553,566 outstanding common units of the Operating Partnership not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,553,566 outstanding common units based on the closing price of the common shares of the Company at December 31, 2014 was $133.7 million.

No common units were issued in connection with acquisitions during 2014, 2013 or 2012.

Preferred units

The Operating Partnership had no outstanding cumulative redeemable preferred units of the Operating Partnership as of December 31, 2014. During the year ended December 31, 2013, the Company redeemed or repurchased $20.0 million of outstanding 7.00% Series E Cumulative Redeemable Preferred Units, $17.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units and $27.0 million of outstanding 6.70% Series G Cumulative Redeemable Preferred Units, all at par. In connection with these redemptions and repurchases, the Company wrote off $1.2 million in origination costs. This amount was included in noncontrolling interest - operating partnership in the Trust's consolidated statements of comprehensive income.

During the year ended December 31, 2012, the Company redeemed $32.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million. Also, the Company redeemed $95.0 million of outstanding 7.45% Series B Cumulative Redeemable Preferred Units and $100.0 million of outstanding 7.40% Series H Cumulative Redeemable Preferred Units at par. In connection with these redemptions, during the year ended December 31, 2012, the Company recognized a $3.7 million net gain relating to the excess of preferred unit carrying amount over redemption price net of certain costs. This amount was included in noncontrolling interest - operating partnership in the Trust's consolidated statements of comprehensive income.

The Company paid the following Equity Preferred Unit distributions for the years ended December 31:

	2013	2012
Distributions (in millions)	$1.6	$9.9
Distribution per unit:
Series B	—	$0.45
Series E	$1.21	$3.50
Series F	$1.32	$1.43
Series G	$1.33	$3.35
Series H	—	$0.77

As of December 31, 2014, the Company had 16,013,000 authorized but unissued preferred shares.

Dividend Reinvestment and Share Purchase Plan

The Company has a Dividend Reinvestment and Share Purchase Plan under which holders of common shares may elect to automatically reinvest their distributions in additional common shares and may make optional cash payments for additional common shares. The Company may issue additional common shares or repurchase common shares in the open market for purposes of satisfying its obligations under the Dividend Reinvestment and Share Purchase Plan. During the years ended December 31, 2014, 2013, and 2012, 1,643,536, 1,248,842, and 1,037,712 common shares, respectively, were issued through the Dividend Reinvestment and Share Purchase Plan. The Company used the proceeds to pay down outstanding borrowings under the Company's Credit Facility and for general corporate purposes.

Continuous Equity Offering

The Company has a continuous equity offering program in place for up to $200 million of equity. During the year ended December 31, 2013, the Company sold 1.9 million common shares through this program. The aggregate proceeds from the offering of $75.0 million were used to pay down outstanding borrowings under the Company's unsecured credit facility and for general corporate purposes. The Company did not sell any common shares pursuant to its continuous offering program during 2014 or 2012.

Noncontrolling Interest - Consolidated Joint Ventures

Noncontrolling interest - consolidated joint ventures includes third-party ownership interests in consolidated joint venture investments.