The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2021:

(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, 2020	$	495	$	2,671,311		$	(288,667	)	$	(5,041	)	$	2,378,098
Net proceeds from issuance of common stock		18		180,511			—			—			180,529
Earned portion of non-vested stock		—		1,453			—			—			1,453
Stock dividend		252		(252	)		—			—			—
Carrying value less than redemption value on redeemed noncontrolling interest		—		(4	)		—			—			(4	)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—		—			(2,358	)		—			(2,358	)
Net income attributable to common shareholders		—		—			47,383			—			47,383
Amortization of terminated hedge included in AOCL		—		—			—			229			229
Dividends		—		—			(55,840	)		—			(55,840	)
Balance March 31, 2021	$	765	$	2,853,019		$	(299,482	)	$	(4,812	)	$	2,549,490

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 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

On June 14, 2018, the Company entered into a continuous equity offering program (“2018 Equity Program”) with multiple sales agents, pursuant to which the Company was permitted to sell up to $300 million in aggregate offering price of shares of the Company’s common stock. This continuous equity offering program was replaced on December 29, 2020, when the Company entered into a new continuous equity offering program (“2020 Equity Program”) with multiple sales agents, pursuant to which the Company may sell up to $500 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 three-month period ended March 31, 2021, the Company issued 2,220,559 shares of common stock under the 2020 Equity Program at a weighted average issue price of $82.23 per share, generating net proceeds of $180.5 million after deducting $1.8 million of sales commissions paid to the sales agents, as well as other expenses of $0.3 million. The Company used such proceeds primarily to fund a portion of the acquisition of the 16 storage facilities during the three months ended March 31, 2021.

During the three months ended March 31, 2020, the Company issued 285,605 shares of common stock under the 2018 Equity Program at a weighted average issue price of $76.17 per share, generating net proceeds of $21.5 million after deducting $0.2 million of sales commissions paid to the sales agents, as well as other expenses of $0.1 million. The Company used such proceeds to fund a portion of the acquisition of the six storage facilities during the three months ended March 31, 2020.

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 three months ended March 31, 2021 or during the three months ended March 31, 2020.

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 three months ended March 31, 2021 and 2020.

On January 4, 2021, the Company announced a three-for-two stock split of the Company’s common stock, to be made in the form of a 50% stock dividend. Shareholders of record at the close of business on January 15, 2021 received on additional share of Company stock for every two shares owned. These additional shares were distributed on January 27, 2021, with cash distributed in lieu of fractional shares based on the closing price on the record date.