Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

Shareholders' Equity
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Shareholders' Equity


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


(dollars in thousands)


Nine Months


September 30, 2018


Beginning balance of total  shareholders’ equity





Exercise of stock options





Earned portion of non-vested stock





Stock option expense





Carrying value less than redemption value on redeemed

   noncontrolling interest





Adjustment to redemption value on noncontrolling

   redeemable Operating Partnership units





Net income attributable to common shareholders





Amortization of terminated hedge included in AOCL





Change in fair value of derivatives










Ending balance of total shareholders’ equity





On June 14, 2018, the Company entered into a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC, Jefferies LLC, SunTrust Robinson Humphrey, Inc., HSBC Securities (USA) Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, and BTIG, LLC, 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 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 nine months ended September 30, 2018, the Company did not issue any shares of common stock under the Equity Program and as of September 30, 2018, the entire $300 million authorized under the Equity Program remains available for issuance.  

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, 2018.

In 2013, the Company implemented a Dividend Reinvestment Plan. The Company issued 199,809 shares under the plan during the nine months ended September 30, 2017. On August 2, 2017, the Company’s Board of Directors suspended the Dividend Reinvestment Plan.