Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.20.2
Shareholders' Equity
6 Months Ended
Jun. 30, 2020
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 six months ended June 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

 

 

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the six months ended June 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

 

 

On June 14, 2018, the Company entered into a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC, Jeffries LLC, SunTrust Robinson Humphrey, Inc. (“SunTrust”), 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 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 six month period ended June 30, 2020, the Company issued 190,403 shares of common stock under the Equity Program at a weighted average issue price of $114.26 per share, generating net proceeds of $21.5 million after deducting $0.2 million of sales commissions paid to SunTrust, 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 first quarter.

 

During the six months ended June 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 six months ended June 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 six months ended June 30, 2020 and 2019.