Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.20.1
Shareholders' Equity
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Shareholders' Equity SHAREHOLDERS' EQUITY

On May 4, 2018, we entered into eight separate equity distribution agreements (collectively, the “Equity Distribution Agreements”) with each of Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey, Inc. relating to the issuance of up to $250.0 million of our common shares from time to time. Issuances of our common shares are made at market prices prevailing at the time of issuance. We may use net proceeds from the issuance of common shares under this program for general corporate purposes, including, without limitation, working capital, the acquisition, renovation, expansion, improvement, development or redevelopment of income producing properties or the repayment of debt. During the 2020 Quarter, we issued 46,500 common shares at a weighted average price of $31.07 for net proceeds of $1.2 million. We did not issue common shares during the 2019 Quarter.

We have a dividend reinvestment program, whereby shareholders may use their dividends and optional cash payments to purchase common shares. The common shares sold under this program may either be common shares issued by us or common shares purchased in the open market. Net proceeds under this program were used for general corporate purposes.

Our issuances and net proceeds on the dividend reinvestment program for the 2020 Quarter and 2019 Quarter were as follows (in thousands, except per share data):
 
Three Months Ended March 31,
 
2020
 
2019
Issuance of common shares
35

 
43

Weighted average price per share
$
26.96

 
$
25.84

Net proceeds
$
921

 
$
1,097