4. Common Shares

In March 2010, we announced the creation of an at-the-market ("ATM") share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $250 million ("2010 ATM program"), in amounts and at times as we determined, into the existing trading market at current market prices as well as through negotiated transactions. The 2010 ATM program has been terminated and no further common shares are available for sale under the 2010 ATM program.

The following table presents activity under our 2010 ATM share offering program for the periods presented (in thousands, except per share amounts):

		September 30,		September 30,
	Year Ended December 31,
	2011		2010

Total net consideration	$	13,847.0	$	231,650.5
Common shares sold		252.5		4,867.7
Average price per share	$	55.81	$	48.37

In May 2011, we created a second ATM share offering program through which we can sell common shares having an aggregate offering price of up to $300 million ("2011 ATM program") from time to time into the existing trading market at current market prices as well as through negotiated transactions. We may, but have no obligation to, sell common shares through the 2011 ATM share offering program in amounts and at times as we determine. Actual sales from time to time may depend on a variety of factors, including, among others, market conditions, the trading price of our common shares, and determination of the appropriate sources of funding for us.

The following table presents activity under our 2011 ATM program for the period presented (in thousands, except per share amounts):

		September 30,
	Year Ended December 31, 2011

Total net consideration	$	92,723.6
Common shares sold		1,498.5
Average price per share	$	62.98

During January of 2012, we sold approximately 0.1 million common shares under the 2011 ATM program at an average price of $62.41 per share for total net consideration of approximately $3.2 million. As of the date of filing, we had common shares having an aggregate offering price of up to $202.4 million remaining available for sale under the 2011 ATM program.

In January 2008, our Board of Trust Managers approved an increase of the April 2007 repurchase plan to allow for the repurchase of up to $500 million of our common equity securities through open market purchases, block purchases, and privately negotiated transactions. Under this program, we have repurchased 4.3 million shares for a total of approximately $230.2 million from April 2007 through December 31, 2011. The remaining dollar value of our common equity securities authorized to be repurchased under the program was approximately $269.8 million as of December 31, 2011. There were no repurchases of our equity securities during the years ended December 31, 2011, 2010 and 2009.

We currently have an automatic shelf registration statement on file with the Securities and Exchange Commission which allows us to offer, from time to time, an unlimited amount of common shares, preferred shares, debt securities, or warrants. Our declaration of trust provides we may issue up to 110.0 million shares of beneficial interest, consisting of 100.0 million common shares and 10.0 million preferred shares. As of December 31, 2011, we had approximately 72.0 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding. In January 2012, we issued 6,612,500 common shares in a public equity offering and received approximately $391.6 million in net proceeds. We utilized these proceeds to fund the acquisition of the 80% interest not owned by us in twelve related joint ventures. See Note 8 "Investments in Joint Ventures" for further discussion of this transaction.