Shareholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Shareholders' Equity

13. SHAREHOLDERS’ EQUITY

The following is a reconciliation of the changes in total shareholders’ equity for the period:

(dollars in thousands)	Three Months Ended March 31, 2014
Beginning balance of total shareholders’ equity	$	870,709
Net proceeds from the issuance of common stock		29,321
Exercise of stock options		39
Earned portion of non-vested stock		1,193
Stock option expense		36
Deferred compensation outside directors		30
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		(1,628	)
Net income attributable to common shareholders		16,673
Change in fair value of derivatives		(1,929	)
Dividends		(22,111	)
Ending balance of total shareholders’ equity	$	892,333

On February 27, 2013, the Company entered into a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC (“Wells Fargo”), Jefferies LLC fka Jefferies & Company, Inc. (“Jefferies”) and SunTrust Robinson Humphrey, Inc. (“SunTrust”) pursuant to which the Company may sell from time to time up to $175 million in aggregate offering price of shares of the Company’s common stock. Actual sales under the Equity Program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to continue to offer, sell, and issue shares of common stock under the Equity Program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under the Equity Program.

During the three months ended March 31, 2014, the Company issued 359,102 shares of common stock under this Equity Program at a weighted average issue price of $74.32 per share, generating net proceeds of $26.4 million after deducting $0.3 million of sales commissions payable to SunTrust. In addition to sales commissions, the Company incurred expenses of $0.1 million in connection with the Equity Program during 2014. The Company used the proceeds from the Equity Program to fund a portion of the acquisition of seven storage facilities. As of March 31, 2014, the Company had $38.8 million available for issuance under the Equity Program.

In 2013, the Company implemented a new Dividend Reinvestment Plan in which replaced the Company’s previous plan which was suspended in November 2009. The Company issued 47,583 shares under the new plan in 2014.