Shareholders' Equity

9 Months Ended

Sep. 30, 2020

13. SHAREHOLDERS’ EQUITY

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2020:

(dollars in thousands)	Common Stock		Additional Paid-in Capital			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance December 31, 2019	$	467	$	2,376,723		$	(238,338	)	$	(5,958	)	$	2,132,894
Net proceeds from issuance of common stock		2		21,464			—			—			21,466
Earned portion of non-vested stock		—		1,124			—			—			1,124
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—		—			5,542			—			5,542
Net income attributable to common shareholders		—		—			36,433			—			36,433
Amortization of terminated hedge included in AOCL		—		—			—			229			229
Dividends		—		—			(49,969	)		—			(49,969	)
Balance March 31, 2020		469		2,399,311			(246,332	)		(5,729	)		2,147,719
Earned portion of non-vested stock		—		1,071			—			—			1,071
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—		—			(2,609	)		—			(2,609	)
Net income attributable to common shareholders		—		—			36,457			—			36,457
Amortization of terminated hedge included in AOCL		—		—			—			229			229
Dividends		—		—			(50,186	)		—			(50,186	)
Balance June 30, 2020		469		2,400,382			(262,670	)		(5,500	)		2,132,681
Net proceeds from issuance of common stock		13		134,213			—			—			134,226
Earned portion of non-vested stock		—		1,107			—			—			1,107
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—		—			(2,948	)		—			(2,948	)
Purchases of equity in consolidated subsidiary from noncontrolling interests		—		(2,300	)		—			—			(2,300	)
Net income attributable to common shareholders		—		—			37,095			—			37,095
Amortization of terminated hedge included in AOCL		—		—			—			230			230
Dividends		—		—			(50,203	)		—			(50,203	)
Balance September 30, 2020	$	482	$	2,533,402		$	(278,726	)	$	(5,270	)	$	2,249,888

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2019:

(dollars in thousands)	Common Stock		Additional Paid-in Capital		Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance December 31, 2018	$	466	$	2,372,157	$	(308,011	)	$	(6,875	)	$	2,057,737
Earned portion of non-vested stock		—		1,396		—			—			1,396
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—		—		(294	)		—			(294	)
Net income attributable to common shareholders		—		—		34,454			—			34,454
Amortization of terminated hedge included in AOCL		—		—		—			229			229
Dividends		—		—		(46,631	)		—			(46,631	)
Balance March 31, 2019		466		2,373,553		(320,482	)		(6,646	)		2,046,891
Issuance of non-vested stock		1		—		—			—			1
Earned portion of non-vested stock		—		839		—			—			839
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—		—		(150	)		—			(150	)
Net income attributable to common shareholders		—		—		40,742			—			40,742
Amortization of terminated hedge included in AOCL		—		—		—			229			229
Dividends		—		—		(46,632	)		—			(46,632	)
Balance June 30, 2019		467		2,374,392		(326,522	)		(6,417	)		2,041,920
Exercise of stock options		—		469		—			—			469
Earned portion of non-vested stock		—		955		—			—			955
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—		—		(1,606	)		—			(1,606	)
Net income attributable to common shareholders		—		—		140,002			—			140,002
Amortization of terminated hedge included in AOCL		—		—		—			229			229
Dividends		—		—		(46,651	)		—			(46,651	)
Balance September 30, 2019	$	467	$	2,375,816	$	(234,777	)	$	(6,188	)	$	2,135,318

On June 14, 2018, the Company entered into a continuous equity offering program (“Equity Program”) with multiple sales agents, pursuant to which the Company may sell up to $300 million in aggregate offering price of shares of the Company’s common stock. Actual sales under this continuous equity offering 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 offer, sell and issue shares of common stock under this equity program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under this equity program.

During the nine-month period ended September 30, 2020, the Company issued 1,475,949 shares of common stock under the Equity Program at a weighted average issue price of $106.64 per share, generating net proceeds of $155.8 million after deducting $1.6 million of sales commissions paid to the sales agents, as well as other expenses of $0.2 million. The Company used such proceeds primarily to fund a portion of the acquisition of the 31 storage facilities during the nine months ended September 30, 2020.

During the nine months ended September 30, 2019, the Company did not issue any shares of common stock under the Equity Program.

On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s outstanding common shares (“Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time. The Company did not repurchase any outstanding common shares under the Buyback Program during the nine months ended September 30, 2020 or during 2019.

In 2013, the Company implemented a Dividend Reinvestment Plan which was suspended by the Company’s Board of Directors in 2017. As a result, the Company did not issue any shares under the Dividend Reinvestment Plan during the nine months ended September 30, 2020 and 2019.