Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity

v3.22.0.1
Stockholders’ Equity
12 Months Ended
Dec. 31, 2021
Stockholders’ Equity [Abstract]  
Stockholders’ Equity 9. Stockholders’ equity Preferred stock As of December 31, 2021 and 2020, the Company had the following series of preferred stock outstanding: December 31, 2021 December 31, 2020 Earliest Potential Dividend Shares Amount Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands) Outstanding (in thousands)Series X September 2017 September 2022 5.250% 9,200  230,000  9,200  230,000 Series Y December 2017 December 2022 5.200% 8,000  200,000  8,000  200,000 Series Z November 2019 November 2024 4.875% 13,000  325,000  13,000  325,000 Series W October 2016 November 2021 (Redeemed) 5.200% — — 7,590  189,750 Total 30,200  $ 755,000  37,790  $ 944,750  On November 3, 2021, the Company completed the redemption of its 5.20% Cumulative Preferred Stock, Series W, at par of $189.8 million. The Company recorded a Preferred Redemption Allocation of $6.4 million for the year ended December 31, 2021. On December 30, 2019, the Company completed the redemption of its 5.75% Cumulative Preferred Stock, Series U, at par of $230.0 million as well as its 5.70% Cumulative Preferred Stock, Series V, at par of $110.0 million. The Company recorded a Preferred Redemption Allocation of $11.0 million for the year ended December 31, 2019. On November 4, 2019, we issued $325.0 million or 13,000,000 depositary stock representing interests in our 4.875% Cumulative Preferred Stock, Series Z, at $25.00 per depositary share. The 4.875% Series Z Cumulative Redeemable Preferred Units are non-callable for five years and have no mandatory redemption. We received $316.0 million in net issuance proceeds. We paid $46.6 million, $48.2 million, and $54.3 million in distributions to our preferred stockholders for the years ended December 31, 2021, 2020, and 2019, 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 December 31, 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 Dividends declared for the three months ended December 31, 2021 included a one-time Special Cash Dividend along with the fourth quarter regular dividend of $1.05 per share. The Special Cash Dividend was declared to distribute a portion of the excess income attributable to gains on sales from asset dispositions during 2021, as discussed in Note 3. We paid $242.6 million ($8.80 per share of common stock), $115.4 million ($4.20 per share of common stock), and $115.2 million ($4.20 per share of common stock) in distributions to our common stockholders for the years ended December 31, 2021, 2020, and 2019, respectively. We paid $64.3 million ($8.80 per common unit), $30.7 million ($4.20 per common unit), and $30.7 million ($4.20 per common unit) in distributions to our common unit holders for the years ended December 31, 2021, 2020, and 2019, respectively. The portion of the distributions classified as ordinary income was 35.0%, 100.0% and 100.0% for the years ended December 31, 2021, 2020, and 2019, respectively. The portion of the distributions classified as long-term capital gain income was 65.0%, 0.0% and 0.0% for the years ended December 31, 2021, 2020, and 2019, respectively. The percentages in the two preceding sentences are unaudited. 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 December 31, 2021 and 2020, no equity stock had been issued.