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Dividends | 9 Months Ended
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Sep. 30, 2023
Dividends [Abstract] |
Dividends | DIVIDENDS Following is a summary of our common and preferred share dividends that were declared and/or paid during the nine months ended September 30, 2023 and 2022:
(millions, except per share amounts) | Amount
Declared | Payable | Per Share | Accrued/Paid 1 |
Common – Quarterly Dividends: |  |  |  |
August 2023 | October 2023 | $ | 0.10 |  | $ | 58.5 |  |
May 2023 | July 2023 | 0.10 |  | 58.5 |  |
March 2023 | April 2023 | 0.10 |  | 58.5 |  |
December 2022 | January 2023 | 0.10 |  | 58.5 |  |
August 2022 | October 2022 | 0.10 |  | 58.5 |  |
May 2022 | July 2022 | 0.10 |  | 58.5 |  |
March 2022 | April 2022 | 0.10 |  | 58.5 |  |
December 2021 | January 2022 | 0.10 |  | 58.5 |  |
Preferred Dividends: |  |  |  |
August 2023 | September 2023 | 20.67700 |  | 10.3 |  |
May 2023 | June 2023 | 18.92463 |  | 9.5 |  |
December 2022 | March 2023 | 26.875 |  | 13.4 |  |
August 2022 | September 2022 | 26.875 |  | 13.4 |  |
December 2021 | March 2022 | 26.875 |  | 13.4 |  |
1 The accrual is based on an estimate of shares outstanding as of the record date and recorded as a component of accounts payable, accrued expenses, and other liabilities on our consolidated balance sheets until paid. Beginning March 15, 2023, the annual dividend rate for our Series B Preferred Shares switched to a floating rate equal to the three-month London Interbank Offered Rate (LIBOR) plus a spread of 2.539% applied to the stated amount per share. We, as calculation agent under our Series B Preferred Shares, determined that the reference rate for the Series B Preferred Shares, for any determination date after June 30, 2023, shall be the sum of (i) 3-Month CME Term SOFR plus (ii) a tenor spread adjustment of 0.26161%, and (iii) a spread of 2.539%. The new reference rate became effective for the dividend period determination date commencing September 15, 2023. The reference rate was determined in accordance with the successor base rate provisions of the Series B Preferred Shares and the Adjustable Interest Rate (LIBOR) Act and the regulation issued by the Board of Governors of the Federal Reserve System on December 16, 2022, implementing the LIBOR Act. During the floating rate period, dividends on the Series B Preferred Shares will be payable quarterly, if and when declared by the Board of Directors. See Note 14 – Dividends in our 2022 Annual Report to Shareholders for a discussion of our quarterly and annual common share dividends and our preferred share dividend policies.

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