Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.22.1
Shareholders' Equity
3 Months Ended
Mar. 31, 2022
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, 2022:

 

(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, 2021

 

$

836

 

 

$

3,697,000

 

 

$

(314,713

)

 

$

(4,124

)

 

$

3,378,999

 

Net proceeds from issuance of common stock

 

 

7

 

 

 

92,764

 

 

 

 

 

 

 

 

 

92,771

 

Exercise of stock options

 

 

 

 

 

173

 

 

 

 

 

 

 

 

 

173

 

Earned portion of non-vested stock

 

 

 

 

 

1,661

 

 

 

 

 

 

 

 

 

1,661

 

Adjustment to redemption value on
   noncontrolling redeemable Operating
   Partnership units

 

 

 

 

 

 

 

 

10,924

 

 

 

 

 

 

10,924

 

Net income attributable to common
   shareholders

 

 

 

 

 

 

 

 

73,575

 

 

 

 

 

 

73,575

 

Amortization of terminated hedge included in
   AOCL

 

 

 

 

 

 

 

 

 

 

 

229

 

 

 

229

 

Dividends

 

 

 

 

 

 

 

 

(83,637

)

 

 

 

 

 

(83,637

)

Balance March 31, 2022

 

$

843

 

 

$

3,791,598

 

 

$

(313,851

)

 

$

(3,895

)

 

$

3,474,695

 

 

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

 

 

On December 29, 2020, the Company entered into a continuous equity offering program (“2020 Equity Program”) with multiple sales agents, pursuant to which the Company was permitted to sell up to $500 million in aggregate offering price of shares of the Company’s common stock. The 2020 Equity Program was replaced on June 15, 2021 when the Company entered into a new continuous equity offering program ("2021 Equity Program") with multiple sales agents pursuant to which the Company is permitted to sell up to $500 million in aggregate offering price of shares of the Company's 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, 2022, the Company issued 686,712 shares of common stock under the 2021 Equity Program at a weighted average issue price of $136.48 per share, generating net proceeds of $92.8 million after deducting $0.9 million of sales commissions paid to the sales agents (all other related expenses were minor during the period). The Company used such proceeds primarily to fund a portion of the 18 storage facilities acquired during the three months ended March 31, 2022.

 

During the three months 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 to fund a portion of the 16 storage facilities acquired during the three months ended March 31, 2021.

 

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, 2022 or during the three months ended March 31, 2021.

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, 2022 and 2021.

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 one 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.