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Non-Controlling Interests, Common Shares and Common Shares in Treasury and Preferred Shares | 12 Months Ended
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Dec. 31, 2019
Equity [Abstract] |
Non-Controlling Interests, Common Shares and Common Shares in Treasury and Preferred Shares |
12. | Non-Controlling Interests, Common Shares and Common Shares in Treasury and Preferred Shares
Non-Controlling Interests The Company had 140,633 OP Units outstanding at December 31, 2019 and 2018. 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, exchangeable 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 consolidated balance sheets as Non-Controlling Interests. Common Shares In 2019, the Company issued 13.225 million common shares resulting in net proceeds of $194.6 million. The Company’s common shares have a $0.10 per share par value. Common share dividends declared were as follows:
|  | For the Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Common share dividends declared per share |  | $ | 0.80 |  |  | $ | 1.16 |  |  | $ | 1.52 |
Common Shares in Treasury In 2018, the Company’s Board of Directors authorized a $100 million common share repurchase program. In 2019 and 2018, the Company repurchased 1.2 million shares and 3.1 million shares at an aggregate cost of $14.1 million and $36.3 million, respectively. These shares were recorded as Treasury Shares on the Company’s consolidated balance sheets. Preferred Shares In 2019, the Company redeemed all $200.0 million aggregate liquidation preference of its 6.50% Class J Cumulative Redeemable Preferred Shares (the “Class J Preferred Shares”) at a redemption price of $500 per Class J Preferred Share (or $25.00 per depositary share) plus accrued and unpaid dividends of $3.7917 per Class J Preferred Share (or $0.1896 per depositary share). The Company recorded a non-cash charge of approximately $7.2 million to net income attributable to common shareholders, which represents the difference between the redemption price and the carrying amount immediately prior to redemption, which was recorded to additional paid in capital upon original issuance. The depositary shares, representing the Class A Cumulative Redeemable Preferred Shares (“Class A Shares”) and the Class K Cumulative Redeemable Preferred Shares (“Class K Shares”), represent 1/20 of a Class A Share and Class K Share, respectively, and have a liquidation value of $500 per share. The Class K depositary shares are redeemable by the Company. The Class A depositary shares are not redeemable by the Company prior to June 5, 2022, 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

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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