Stockholders’ Equity |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Stockholders’ Equity [Abstract] | |
| Stockholders’ Equity | 9. Stockholders’ equity Preferred stock As of September 30, 2021 and December 31, 2020, the Company had the following series of preferred stock outstanding: Earliest Potential Dividend Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands)Series W October 2016 October 2021 5.200% 7,590 $ 189,750 Series X September 2017 September 2022 5.250% 9,200 230,000 Series Y December 2017 December 2022 5.200% 8,000 200,000 Series Z November 2019 November 2024 4.875% 13,000 325,000 Total 37,790 $ 944,750 On October 4, 2021, the Company announced that it is calling for redemption all outstanding depositary shares representing interests in its 5.20% Cumulative Preferred Stock, Series W on November 3, 2021, at $25.00 per share plus accrued dividends from October 1, 2021, through the date of redemption. The aggregate redemption amount, inclusive of prorated dividends, to be paid to the holders of the depositary shares is $190.7 million. We paid $12.0 million and $36.1 million in distributions to our preferred stockholders for each of the three and nine months ended September 30, 2021 and 2020, respectively. The holders of our preferred stock have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Holders of our preferred stock will not be entitled to vote on most matters, except under certain conditions. In the event of a cumulative arrearage equal to six quarterly dividends, the holders of our preferred stock will have the right to elect two additional members to serve on the Company’s Board of Directors (the “Board”) until all events of default have been cured. At September 30, 2021, there were no dividends in arrears. Except under certain conditions relating to the Company’s qualification as a REIT, our preferred stock is not redeemable prior to the redemption dates noted above. On or after the respective redemption dates, the respective series of preferred stock will be redeemable, at the option of the Company, in whole or in part, at $25.00 per depositary share, plus any accrued and unpaid dividends. Common stock and units We paid $28.9 million ($1.05 per share of common stock) in distributions to our common stockholders for each of the three months ended September 30, 2021 and 2020, and $86.7 million ($3.15 per share of common stock) and $86.5 million ($3.15 per share of common stock) in distributions to our common stockholders for the nine months ended September 30, 2021 and 2020, respectively. We paid $7.7 million ($1.05 per common unit) in distributions to our common unit holders for each of the three months ended September 30, 2021 and 2020, and $23.0 million ($3.15 per common unit) in distributions to our common unit holders for each of the nine months ended September 30, 2021 and 2020. Equity stock The Company is authorized to issue 100.0 million shares of equity stock. Our articles of incorporation provide that equity stock may be issued from time to time in one or more series and give the Board broad authority to fix the dividend and distribution rights, conversion and voting rights, redemption provisions and liquidation rights of each series of equity stock. As of September 30, 2021 and December 31, 2020, no equity stock had been issued. |