Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.19.1
Shareholders' Equity
3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Shareholders' Equity

13. SHAREHOLDERS’ EQUITY

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

 

 

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2018:

 

(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, 2017

 

$

466

 

 

$

2,363,171

 

 

$

(327,727

)

 

$

(7,587

)

 

$

2,028,323

 

Forfeiture of non-vested stock

 

 

(1

)

 

 

1

 

 

 

 

 

 

 

 

 

 

Earned portion of non-vested stock

 

 

 

 

 

1,495

 

 

 

 

 

 

 

 

 

1,495

 

Stock option expense

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Adjustment to redemption value on

   noncontrolling redeemable Operating

   Partnership units

 

 

 

 

 

 

 

 

1,470

 

 

 

 

 

 

1,470

 

Net income attributable to common shareholders

 

 

 

 

 

 

 

 

33,889

 

 

 

 

 

 

33,889

 

Amortization of terminated hedge included in

   AOCL

 

 

 

 

 

 

 

 

 

 

 

229

 

 

 

229

 

Change in fair value of derivatives, net of

   reclassifications

 

 

 

 

 

 

 

 

 

 

 

48

 

 

 

48

 

Dividends

 

 

 

 

 

 

 

 

(46,121

)

 

 

 

 

 

(46,121

)

Balance March 31, 2018

 

$

465

 

 

$

2,364,671

 

 

$

(338,489

)

 

$

(7,310

)

 

$

2,019,337

 

 

On June 14, 2018, the Company entered into a continuous equity offering program with Wells Fargo Securities, LLC, Jeffries 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 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 continue 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 2019 and 2018, the Company did not issue any shares of common stock under this 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 three months ended March 31, 2019 or the three months ended March 31, 2018.

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, 2019 and 2018.