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Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests | 9. Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests Preferred Shares In 2024, the Company redeemed all $175.0 million aggregate liquidation preference of its 6.375% Class A Cumulative Redeemable Preferred Shares (the “Class A Preferred Shares”) at a redemption price of $500.00 per Class A Preferred Share (or $25.00 per depositary share) plus accrued and unpaid dividends of $3.6302 per Class A Preferred Share (or $0.1815 per depositary share). The Company recorded a charge of $6.2 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 Company’s authorized preferred shares consist of the following: • 750,000 of ea ch: 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 Share Dividends
| For the Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Common share cash dividends declared per share | $ | 1.04 |  |  | $ | 2.72 |  |  | $ | 2.08 |
Curbline Properties spin-off stock dividend per share |  | 44.58 |  |  |  | — |  |  |  | — |
The Company’s aggregate cash dividends declared in 2024 represent $0.52 per common share for each of the first and second quarters prior to the completion of the spin-off of Curbline. The aggregate cash dividends declared in 2023 of $2.72 per common share included a special cash dividend of $0.64 per common share attributable to significant dispositions activity consummated in 2023, which was paid on January 12, 2024. On the spin-off date of October 1, 2024, holders of the Company’s common shares received two shares of common stock of Curbline for every one common share of the Company held on the record date of September 23, 2024. Each Curbline share was valued at $22.29, representing a total stock dividend of $44.58 per common share. Common Shares in Treasury The Company’s Board of Directors authorized a common share repurchase program. Under the terms of the program, the Company is authorized to purchase up to a maximum value of $100.0 million of its common shares. In 2023 and late December 2022, the Company repurchased 0.4 million and 0.1 million common shares, respectively, in open market transactions at an aggregate cost of $20.0 million and $6.6 million, respectively, all of which settled in 2023 at an aggregate weighted-average price of $53.76 per share. The foregoing information regarding share repurchases is adjusted to reflect the one-for-four reverse split of the Company’s common shares in August 2024. As part of the reverse stock split in August 2024, 1.2 million treasury shares with a cost basis of $64.0 million were cancelled resulting in a corresponding decrease in additional paid in capital, outstanding shares and par value. Non-Controlling Interests In 2023, the Company redeemed all of is outstanding operating partnership units (“OP Units”) for cash at an aggregate cost of $1.7 million. The gain on the transaction was reflected as Additional Paid-in Capital in the Company’s consolidated statements of equity. In 2022, the Company paid $1.4 million in earnouts, related to the prior acquisition of its partner’s interest in Paradise Village Gateway (Phoenix, Arizona) which are reflected as Additional Paid-in Capital in the Company’s consolidated statements of equity.

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