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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2022
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders’ Equity Preferred Shares At September 30, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:
|  |  |  |  |  | At September 30, 2022 |  | At December 31, 2021
Series |  | Earliest Redemption Date |  | Dividend Rate |  | Shares Outstanding |  | Liquidation Preference |  | Shares Outstanding |  | Liquidation Preference
|  |  |  |  |  | (Dollar amounts in thousands)
Series F |  | 6/2/2022 |  | 5.150 | % |  | 11,200 |  |  | $ | 280,000 |  |  | 11,200 |  |  | $ | 280,000 |
Series G |  | 8/9/2022 |  | 5.050 | % |  | 12,000 |  |  | 300,000 |  |  | 12,000 |  |  | 300,000 |
Series H |  | 3/11/2024 |  | 5.600 | % |  | 11,400 |  |  | 285,000 |  |  | 11,400 |  |  | 285,000 |
Series I |  | 9/12/2024 |  | 4.875 | % |  | 12,650 |  |  | 316,250 |  |  | 12,650 |  |  | 316,250 |
Series J |  | 11/15/2024 |  | 4.700 | % |  | 10,350 |  |  | 258,750 |  |  | 10,350 |  |  | 258,750 |
Series K |  | 12/20/2024 |  | 4.750 | % |  | 9,200 |  |  | 230,000 |  |  | 9,200 |  |  | 230,000 |
Series L |  | 6/17/2025 |  | 4.625 | % |  | 22,600 |  |  | 565,000 |  |  | 22,600 |  |  | 565,000 |
Series M |  | 8/14/2025 |  | 4.125 | % |  | 9,200 |  |  | 230,000 |  |  | 9,200 |  |  | 230,000 |
Series N |  | 10/6/2025 |  | 3.875 | % |  | 11,300 |  |  | 282,500 |  |  | 11,300 |  |  | 282,500 |
Series O |  | 11/17/2025 |  | 3.900 | % |  | 6,800 |  |  | 170,000 |  |  | 6,800 |  |  | 170,000 |
Series P |  | 6/16/2026 |  | 4.000 | % |  | 24,150 |  |  | 603,750 |  |  | 24,150 |  |  | 603,750 |
Series Q |  | 8/17/2026 |  | 3.950 | % |  | 5,750 |  |  | 143,750 |  |  | 5,750 |  |  | 143,750 |
Series R |  | 11/19/2026 |  | 4.000 | % |  | 17,400 |  |  | 435,000 |  |  | 17,400 |  |  | 435,000 |
Series S |  | 1/13/2027 |  | 4.100 | % |  | 10,000 |  |  | 250,000 |  |  | — |  |  | — |
Total Preferred Shares |  |  |  | 174,000 |  |  | $ | 4,350,000 |  |  | 164,000 |  |  | $ | 4,100,000 |
The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At September 30, 2022, there were no dividends in arrears. The affirmative vote of at least 66.67% of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67% of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital. On January 13, 2022, we issued 10.0 million depositary shares, each representing 0.001 of a share of our 4.100% Series S Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $250.0 million in gross proceeds, and we incurred $7.2 million in issuance costs. Dividends Common share dividends paid, including amounts paid to our restricted share unitholders, totaled $2.7 billion ($15.15 per share) and $351.2 million ($2.00 per share) for the three months ended September 30, 2022 and 2021, respectively, and $3.4 billion ($19.15 per share) and $1.05 billion ($6.00 per share) for the nine months ended September 30, 2022 and 2021, respectively. Included in common share dividends paid for the three and nine months ended September 30, 2022 is $2.3 billion of a special cash dividend (“Special Dividend”) of $13.15 per common share paid on August 4, 2022 in connection with the sale of our equity investment in PSB on July 20, 2022. Preferred share dividends paid totaled $48.7 million and $46.2 million for the three months ended September 30, 2022 and 2021, respectively, and $145.7 million and $138.5 million for the nine months ended September 30, 2022 and 2021, respectively.

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