Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.19.3
Shareholders' Equity
9 Months Ended
Sep. 30, 2019
Shareholders' Equity [Abstract]  
Shareholders' Equity 8. Shareholders’ equity

Preferred stock

As of September 30, 2019 and December 31, 2018, 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 U

September, 2012

September, 2017

5.75%

9,200 

$

230,000 

Series V

March, 2013

March, 2018

5.70%

4,400 

110,000 

Series W

October, 2016

October, 2021

5.20%

7,590 

189,750 

Series X

September, 2017

September, 2022

5.25%

9,200 

230,000 

Series Y

December, 2017

December, 2022

5.20%

8,000 

200,000 

Total

38,390 

$

959,750 

On January 3, 2018, we completed the redemption of our remaining 6.00% Cumulative Preferred Stock, Series T, at par of $130.0 million.

We paid $13.0 million in distributions to our preferred shareholders for each of the three months ended September 30, 2019 and 2018, and $38.9 million and $39.6 million in distributions to our preferred shareholders for the nine months ended September 30, 2019 and 2018, 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 the 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, 2019, there were no dividends in arrears.


Except under certain conditions relating to the Company’s qualification as a REIT, the 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 $28.8 million ($1.05 per common share) and $28.7 million ($1.05 per common share) in distributions to our common shareholders for the three months ended September 30, 2019 and 2018, respectively, and $86.3 million ($3.15 per common share) and $75.1 million ($2.75 per common share) in distributions to our common shareholders for the nine months ended September 30, 2019 and 2018, 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, 2019 and 2018, respectively, and $23.0 million ($3.15 per common unit) and $20.1 million ($2.75 per common unit) in distributions to our common unit holders for the nine months ended September 30, 2019 and 2018, respectively.

Equity stock

The Company is authorized to issue 100.0 million shares of Equity Stock. The 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, 2019 and December 31, 2018, no equity stock had been issued.