Shareholders' Equity

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Shareholders' Equity

12. SHAREHOLDERS’ EQUITY

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

(dollars in thousands)	Six Months Ended June 30, 2015
Beginning balance of total shareholders’ equity	$	975,869
Net proceeds from the issuance of common stock		144,111
Exercise of stock options		855
Earned portion of non-vested stock		3,191
Stock option expense		117
Deferred compensation—directors		17
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		27
Net income attributable to common shareholders		50,983
Change in fair value of derivatives		(1,566	)
Dividends		(52,281	)
Ending balance of total shareholders’ equity	$	1,121,323

On March 3, 2015, the Company completed the public offering of 1,380,000 shares of its common stock at $90.40 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $119.5 million. The Company used the net proceeds from the offering to repay a portion of the indebtedness outstanding on the Company’s unsecured line of credit.

For the six months ended June 30, 2015, 15,000 shares of common stock were issued upon the exercise of stock options.

On May 12, 2014, the Company entered into a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC (“Wells Fargo”), Jefferies LLC (“Jefferies”), SunTrust Robinson Humphrey, Inc. (“SunTrust”), Piper Jaffray & Co. (“Piper”), HSBC Securities (USA) Inc. (“HSBC”), and BB&T Capital Markets, a division of BB&T Securities, LLC (“BB&T”), pursuant to which the Company may sell from time to time up to $225 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 six months ended June 30, 2015, the Company issued 199,700 shares of common stock under the Equity Program at a weighted average issue price of $91.53 per share, generating net proceeds of $18.0 million after deducting $0.2 million of sales commissions paid to Jefferies. The Company used the proceeds from the Equity Program to fund a portion of the acquisition of 15 storage facilities. As of June 30, 2015, the Company had $133.0 million available for issuance under the Equity Program.

During the six months ended June 30, 2014, the Company issued 250,000 shares of common stock under the Equity Program and 359,102 shares of common stock under a previous equity program at a weighted average issue price of $75.45 per share, generating net proceeds of $45.4 million after deducting $0.3 million of sales commissions payable to SunTrust and $0.3 million of sales commissions payable to Piper.

In 2013, the Company implemented a Dividend Reinvestment Plan. The Company issued 73,186 shares under the plan during the six months ended June 30, 2015.