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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 12 Months Ended
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Dec. 31, 2022
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 17. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL ​ Earnings per common share and shareholders’ equity ​ The following is a summary of the elements used in calculating basic and diluted earnings per common share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | (dollars and shares in thousands, except per share amounts)
Net income |  | $ | 292,472 | ​ | ​ | $ | 230,813 | ​ | ​ | $ | 167,611
Noncontrolling interests in the Operating Partnership | ​ |  | (1,931) | ​ | ​ |  | (7,873) | ​ | ​ |  | (1,825)
Noncontrolling interest in subsidiaries | ​ |  | 722 | ​ | ​ |  | 542 | ​ | ​ |  | (165)
Net income attributable to the Company’s common shareholders | ​ | $ | 291,263 | ​ | ​ | $ | 223,482 | ​ | ​ | $ | 165,621
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic shares outstanding | ​ |  | 224,928 | ​ | ​ |  | 203,832 | ​ | ​ |  | 194,147
Share options and restricted share units | ​ |  | 953 | ​ | ​ |  | 1,177 | ​ | ​ |  | 796
Weighted average diluted shares outstanding (1) | ​ |  | 225,881 | ​ | ​ |  | 205,009 | ​ | ​ |  | 194,943
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share attributable to common shareholders | ​ | $ | 1.29 | ​ | ​ | $ | 1.10 | ​ | ​ | $ | 0.85
Diluted earnings per share attributable to common shareholders (2) | ​ | $ | 1.29 | ​ | ​ | $ | 1.09 | ​ | ​ | $ | 0.85
​ Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | (dollars and units in thousands, except per unit amounts)
Net income |  | $ | 292,472 | ​ | ​ | $ | 230,813 | ​ | ​ | $ | 167,611
Operating Partnership interests of third parties | ​ |  | (1,931) | ​ | ​ |  | (7,873) | ​ | ​ |  | (1,825)
Noncontrolling interest in subsidiaries | ​ |  | 722 | ​ | ​ |  | 542 | ​ | ​ |  | (165)
Net income attributable to common unitholders | ​ | $ | 291,263 | ​ | ​ | $ | 223,482 | ​ | ​ | $ | 165,621
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic units outstanding | ​ |  | 224,928 | ​ | ​ |  | 203,832 | ​ | ​ |  | 194,147
Unit options and restricted share units | ​ |  | 953 | ​ | ​ |  | 1,177 | ​ | ​ |  | 796
Weighted average diluted units outstanding (1) | ​ |  | 225,881 | ​ | ​ |  | 205,009 | ​ | ​ |  | 194,943
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per unit attributable to common unitholders | ​ | $ | 1.29 | ​ | ​ | $ | 1.10 | ​ | ​ | $ | 0.85
Diluted earnings per unit attributable to common unitholders (2) | ​ | $ | 1.29 | ​ | ​ | $ | 1.09 | ​ | ​ | $ | 0.85
​
| (1) | For the years ended December 31, 2022, 2021 and 2020, the Company declared cash dividends per common share/unit of $1.78, $1.45 and $1.33, respectively.
​
| (2) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit as the exercise price was higher than the average share price of the Company for the years ended December 31, 2022 and 2020 were 0.3 million and 0.8 million, respectively. There were no anti-dilutive options for the year ended December 31, 2021.
​ The OP units and common units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. An OP unit may be redeemed for cash, or at the Company’s option, common units on a one-for-one basis. The following is a summary of OP and common units outstanding: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
Outstanding OP units |  | 1,426,549 | ​ | 1,901,595 | ​ | 7,420,828
Outstanding common units | ​ | 224,603,462 | ​ | 223,917,993 | ​ | 197,405,989
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ Common Shares ​ On November 19, 2021, the Company closed an underwritten offering of 15.5 million common shares at a public offering price of $51.00 per share, resulting in net proceeds of $765.6 million, after deducting offering costs. ​ The Company maintains an at-the-market equity program that enables it to offer and sell up to 60.0 million common shares through sales agents pursuant to equity distribution agreements (the “Equity Distribution Agreements”). The Company’s sales activity under the program for the years ended December 31, 2022, 2021 and 2020 is summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | (dollars and shares in thousands, except per share amounts)
Number of shares sold | ​ | ​ | 102 | ​ | ​ | 4,982 | ​ | ​ | 3,627
Average sales price per share | ​ | $ | 50.64 | ​ | $ | 40.57 | ​ | $ | 33.69
Net proceeds after deducting offering costs | ​ | $ | 4,936 | ​ | $ | 199,977 | ​ | $ | 120,727
​ The proceeds from the sales of common shares under the program during the years ended December 31, 2022, 2021 and 2020 were used to fund the acquisition and development of self-storage properties and for general corporate purposes. As of December 31, 2022, 2021 and 2020, 5.8 million common shares, 5.9 million common shares and 10.9 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements.

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