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Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury

10.

Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury

Non-Controlling Interests

The Company had 369,176 and 1,412,366 OP Units outstanding at December 31, 2015 and 2014, respectively.  These OP Units, issued to different partnerships, are exchangeable at the election of the OP Unit holder and, under certain circumstances at the option of the Company, into an equivalent number of the Company’s common shares or for the equivalent amount of cash.  Most of these OP Units are subject to registration rights agreements covering shares equivalent to the number of OP Units held by the holder if the Company elects to settle in its common shares.  The OP Units are classified on the Company’s balance sheet as Non-Controlling Interests.

In 2014, the Company issued 1.0 million OP Units in conjunction with the purchase of an asset in Chicago, Illinois (Note 3).  In 2015, these OP Units were converted into an equivalent number of common shares of the Company.  This transaction was treated as a purchase of a non-controlling interest and a non-cash transaction.  

Preferred Shares

The Company’s preferred shares outstanding are as follows (in thousands):

 

 

December 31,

 

 

2015

 

 

2014

 

Class J—6.5% cumulative redeemable preferred shares, without par value, $500 liquidation

   value; 750,000 shares authorized; 400,000 shares issued and outstanding at December 31,

   2015 and 2014

$

200,000

 

 

$

200,000

 

Class K—6.25% cumulative redeemable preferred shares, without par value, $500 liquidation

   value; 750,000 shares authorized; 300,000 shares issued and outstanding at December 31,

   2015 and 2014

 

150,000

 

 

 

150,000

 

 

$

350,000

 

 

$

350,000

 

In 2014 and 2013, the Company recorded charges of $1.9 million and $5.2 million, respectively, related to the write-off of preferred share original issuance costs triggered by the redemption of preferred shares in the respective year.  Total fees paid by the Company for the issuance of preferred shares were $0.4 million in 2013.

The depositary shares, representing the Class J Cumulative Redeemable Preferred Shares (“Class J Shares”) and the Class K Cumulative Redeemable Preferred Shares (“Class K Shares”) represent 1/20 of a Class J Share and Class K Share, respectively, and have a liquidation value of $500 per share.  The Class J depositary shares are not redeemable by the Company prior to August 1, 2017, and the Class K depositary shares are not redeemable by the Company prior to April 9, 2018, except in certain circumstances relating to the preservation of the Company’s status as a REIT.

The Company’s authorized preferred shares consist of the following:

 

·

750,000 of each: Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J and Class K Cumulative Redeemable Preferred Shares, without par value

 

·

750,000 Non-Cumulative Preferred Shares, without par value

 

·

2,000,000 Cumulative Voting Preferred Shares, without par value

Common Shares

The Company’s common shares have a $0.10 per share par value.  Common share dividends declared per share were as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

Common share dividends declared per share

 

$

0.69

 

 

$

0.62

 

 

$

0.54

 

The Company issued common shares, including through the use of its continuous equity programs, and paid fees of $0.2 million and $0.7 million, respectively, for the years ended December 31, 2014 and 2013 and none in 2015.  The issuances are as follows:

 

Year

 

Number of

Shares Sold

(Millions)

 

 

Average Price

Per Share

 

 

Net Proceeds

(Millions)

 

2014

 

 

0.7

 

 

$

18.15

 

 

$

11.6

 

2013

 

 

44.1

 

 

 

18.76

 

 

 

788.0