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Issuance and Redemption of Preferred Stock | 12 Months Ended
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Dec. 31, 2014
Issuance and Redemption of Preferred Stock |
Issuance and Redemption of Preferred Stock | 9. Issuance and Redemption of Preferred Stock A. In 2006, we issued 8,800,000 shares of 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, or Class E preferred stock, at a price of $25.00 per share. In October 2014, we redeemed all of the 8,800,000 shares of our Class E preferred stock for $25.00 per share, plus accrued dividends. We incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006. B. In February 2012, we issued 14,950,000 shares of our 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, or Class F preferred stock, at a price of $25.00 per share, including 1,950,000 shares purchased by the underwriters upon the exercise of their overallotment option. In April 2012, we issued an additional 1,400,000 shares of our Class F preferred stock at a price of $25.2863 per share. After aggregate underwriting discounts and other offering costs totaling $13.8 million, we received total net proceeds of $395.4 million for the February and April offerings combined, of which $127.5 million was used to redeem all of our outstanding 7.375% Monthly Income Class D Cumulative Redeemable Preferred Stock, or Class D preferred stock, and the balance was used to repay a portion of the borrowings under our credit facility. Beginning February 15, 2017, the shares of Class F preferred stock are redeemable at our option, for $25.00 per share. The initial dividend of $0.1702257 per share was paid on March 15, 2012 and covered 37 days. Thereafter, dividends of $0.138021 per share are paid monthly in arrears on the Class F preferred stock. C. We redeemed all of the 5,100,000 shares of our Class D preferred stock in March 2012 for $25.00 per share, plus accrued dividends. We incurred a charge of $3.7 million for 2012, representing the Class D preferred stock original issuance costs that we paid in 2004.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References No definition available. + Details
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