Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? equity

v3.22.1
Stockholders’ equity
 3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
Stockholders’ equity Stockholders’ equity
Preferred stock
As of March 31, 2022 and December 31, 2021, the Company had the following series of preferred stock outstanding:
Series Issuance Date Earliest Potential
Redemption Date 		Dividend
Rate 		Shares
Outstanding 		Amount
(in thousands)
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     30,200  $ 755,000 
We paid $9.6 million and $12.0 million in distributions to our preferred stockholders for the three months ended March 31, 2022 and 2021, 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 March 31, 2022, 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 depository share, plus any accrued and unpaid dividends.
Common stock and units
We paid $29.0 million and $28.9 million ($1.05 per share of common stock) in distributions to our common stockholders for each of the three months ended March 31, 2022 and 2021, 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 March 31, 2022 and 2021, respectively.
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 March 31, 2022 and December 31, 2021, no equity stock had been issued.