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Dividends
 9 Months Ended
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
DeclaredPayablePer Share
Accrued/Paid1
Common – Quarterly Dividends:
August 2023October 2023$0.10 $58.5 
May 2023July 20230.10 58.5 
March 2023April 20230.10 58.5 
December 2022January 20230.10 58.5 
August 2022October 20220.10 58.5 
May 2022July 20220.10 58.5 
March 2022April 20220.10 58.5 
December 2021January 20220.10 58.5 
Preferred Dividends:
August 2023September 202320.67700 10.3 
May 2023June 202318.92463 9.5 
December 2022March 202326.875 13.4 
August 2022September 202226.875 13.4 
December 2021March 202226.875 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.