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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2022
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders’ Equity Preferred Shares At December 31, 2022 and 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:
|  |  |  |  |  | At December 31, 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 December 31, 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. During 2022, 2021, and 2020, we issued the following series of Preferred Shares at an issuance price of $25.00 per depository share with each depository share representing 0.001 of a share of Preferred Share (amounts in thousands):
Year |  | Series |  | Shares |  | Gross Proceeds |  | Issuance Costs
2022 |  | S |  | 10,000 |  |  | $ | 250,000 |  |  | $ | 7,168 |
2021 |  | P, Q and R |  | 47,300 |  |  | 1,182,500 |  |  | 35,045 |
2020 |  | L, M, N and O |  | 49,900 |  |  | 1,247,500 |  |  | 39,294 |
During 2021 and 2020, we redeemed the following series of Preferred Shares at par (none in 2022) (amounts in thousands):
Year |  | Series |  | Aggregate Redemption Amount |  | Allocation of Income to Preferred Shares Holders in Connection with Redemption
2021 |  | C, D and E |  | $ | 875,000 |  |  | $ | 28,914 |
2020 (a) |  | V, W, X and B |  | 1,520,000 |  |  | 48,265 |
(a)On December 14, 2020, we called for redemption of, and on January 20, 2021, we redeemed Series B Preferred Shares. The liquidation value (at par) was reclassified as a liability as of December 31, 2020 and we recorded allocation of income to the holders of our Preferred Shares in 2020 in connection with this redemption. Common Shares During 2022, 2021, and 2020, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands):
| 2022 |  | 2021 |  | 2020
| Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount
Employee stock-based compensation and exercise of stock options (Note 11) | 283,190 |  |  | $ | 35,405 |  |  | 552,713 |  |  | $ | 95,860 |  |  | 163,127 |  |  | $ | 12,664 |
Our Board previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions. Through December 31, 2022, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2022. The unaudited characterization of dividends for U.S. federal corporate income tax purposes is made based upon earnings and profits of the Company, as defined by the Code. Common share dividends paid, including amounts paid to our restricted share unitholders, totaled $3.714 billion ($21.15 per share), $1.402 billion ($8.00 per share), and $1.399 billion ($8.00 per share) for the years ended December 31, 2022, 2021, and 2020, respectively. Included in common share dividends paid during 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 totaled $194.4 million, $186.6 million and $207.1 million for the years ended December 31, 2022, 2021, and 2020, respectively. For the tax year ended December 31, 2022, distributions for the common shares and all the various series of preferred shares were classified as follows:
| 2022 (unaudited)
| 1st Quarter |  | 2nd Quarter |  | 8/4/2022 Special |  | 3rd Quarter |  | 4th Quarter
Ordinary Dividends | 29.61 | % |  | 29.61 | % |  | 39.66 | % |  | — | % |  | 100.00 | %
Capital Gain Distributions | 70.39 | % |  | 70.39 | % |  | 60.34 | % |  | 100.00 | % |  | 0.00 | %
Total | 100.00 | % |  | 100.00 | % |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
The ordinary income dividends distributed for the tax year ended December 31, 2022 are not qualified dividends under the Internal Revenue Code; however, they are subject to the 20% deduction under IRS Section 199A.

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