Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

Shareholders' Equity
3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Shareholders' Equity

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


(dollars in thousands)

   Three Months
March 31, 2016

Beginning balance of total shareholders’ equity

   $ 1,202,315   

Net proceeds from the issuance of common stock


Exercise of stock options


Earned portion of non-vested stock


Stock option expense


Deferred compensation - directors


Adjustment to redemption value on noncontrolling redeemable Operating Partnership units


Net income attributable to common shareholders


Change in fair value of derivatives







Ending balance of total shareholders’ equity

   $ 1,462,003   




On January 20, 2016, the Company completed the public offering of 2,645,000 shares of its common stock at $105.75 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $269.7 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.

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 three months ended March 31, 2016 and 2015, the Company did not issue any shares of common stock under the Equity Program. As of March 31, 2016, the Company had $59.3 million available for issuance under the Equity Program.

In 2013, the Company implemented a Dividend Reinvestment Plan. The Company issued 44,018 shares under the plan during the three months ended March 31, 2016.