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Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On October 14, 2021, the Company announced the completion of its debt capital structure transition to primarily investment grade unsecured borrowings. In conjunction with this planned transition, the Company amended and restated its revolving credit facility and its $1.2 billion term loan facility to represent unsecured financings. In addition, the Company's $2.3 billion outstanding senior notes became unsecured under the terms of the relevant governing indentures. The Company also increased the borrowing limit on its revolving facility to $2.0 billion and extended the maturity to 2026.

On October 20, 2021, the Company's Board of Directors approved and declared a quarterly cash dividend of $0.65 per share on its issued and outstanding common shares, payable on December 23, 2021 to holders of record at the close of business on December 9, 2021.

On October 20, 2021, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on December 15, 2021 to holders of record at the close of business on December 8, 2021 as follows:

Preferred Share Offering						Dividend Rate						Dividend Per Share
Series A						8.500%						$0.5312500
Series B						8.000%						$0.5000000
Series C						7.375%						$0.4609375
Series D						6.875%						$0.4296875
Series E						5.750%						$0.3593750

On October 20, 2021, the Company's Board of Directors increased the share repurchase authorization to $200.0 million. The revised authorization may be used by the Company to repurchase common or preferred shares.

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- References

No definition available.

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-URI http://asc.fasb.org/topic&trid=2122774

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662

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