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Stockholders' Equity Matters | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Stockholders' Equity Matters | STOCKHOLDERS’ EQUITY MATTERS Our board of directors has adopted a dividend policy under which we have paid, and in the future intend to pay, quarterly cash dividends on our common stock. The amount and timing of future dividends will continue to be subject to the approval of our board of directors, in its sole discretion, and to applicable legal requirements. In 2018, 2019 and 2020, our board of directors declared the following dividends:
DECLARATION DATE |  | DIVIDEND PER SHARE |  | RECORD DATE |  | TOTAL AMOUNT |  | PAYMENT DATE
February 14, 2018 |  | $ | 0.5875 |  |  | March 15, 2018 |  | $ | 167,969 |  |  | April 2, 2018
May 24, 2018 |  | 0.5875 |  |  | June 15, 2018 |  | 168,078 |  |  | July 2, 2018
July 24, 2018 |  | 0.5875 |  |  | September 17, 2018 |  | 168,148 |  |  | October 2, 2018
October 25, 2018 |  | 0.6110 |  |  | December 17, 2018 |  | 174,935 |  |  | January 3, 2019
February 7, 2019 |  | 0.6110 |  |  | March 15, 2019 |  | 175,242 |  |  | April 2, 2019
May 22, 2019 |  | 0.6110 |  |  | June 17, 2019 |  | 175,389 |  |  | July 2, 2019
July 26, 2019 |  | 0.6110 |  |  | September 16, 2019 |  | 175,434 |  |  | October 2, 2019
October 31, 2019 |  | 0.6185 |  |  | December 16, 2019 |  | 177,687 |  |  | January 2, 2020
February 13, 2020 |  | 0.6185 |  |  | March 16, 2020 |  | 178,047 |  |  | April 6, 2020
May 5, 2020 |  | 0.6185 |  |  | June 15, 2020 |  | 178,212 |  |  | July 2, 2020
August 5, 2020 |  | 0.6185 |  |  | September 15, 2020 |  | 178,224 |  |  | October 2, 2020
November 4, 2020 |  | 0.6185 |  |  | December 15, 2020 |  | 178,290 |  |  | January 6, 2021
On February 24, 2021, we declared a dividend to our stockholders of record as of March 15, 2021 of $0.6185 per share, payable on April 6, 2021. During the years ended December 31, 2020, 2019 and 2018, we declared dividends in an aggregate and per share amount, based on the weighted average number of common shares outstanding during each respective year, as follows:
| YEAR ENDED DECEMBER 31,
| 2020 |  | 2019 |  | 2018
Declared distributions | $ | 712,773 |  |  | $ | 703,752 |  |  | $ | 679,130 |
Amount per share each distribution represents based on weighted average number of common shares outstanding | 2.47 |  |  | 2.45 |  |  | 2.38 |
8. STOCKHOLDERS’ EQUITY MATTERS (CONTINUED) For federal income tax purposes, distributions to our stockholders are generally treated as nonqualified ordinary dividends (potentially eligible for the lower effective tax rates available for “qualified REIT dividends”), qualified ordinary dividends or return of capital. The United States Internal Revenue Service requires historical C corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to our stockholders, including whether and to what extent each distribution is characterized as a qualified or nonqualified ordinary dividend. In addition, certain of our distributions qualify as capital gain distributions. For the years ended December 31, 2020, 2019, and 2018, the dividends we paid on our common shares were classified as follows:
| YEAR ENDED DECEMBER 31,
| 2020 |  | 2019 |  | 2018
Nonqualified ordinary dividends | 43.0 | % |  | 54.8 | % |  | 83.0 | %
Qualified ordinary dividends | — | % |  | 4.5 | % |  | 4.8 | %
Capital gains | 49.5 | % |  | 14.7 | % |  | 5.8 | %
Return of capital | 7.5 | % |  | 26.0 | % |  | 6.4 | %
| 100.0 | % |  | 100.0 | % |  | 100.0 | %
Dividends paid during the years ended December 31, 2020, 2019, and 2018 which were classified as qualified ordinary dividends for federal income tax purposes primarily related to the distribution of historical C corporation earnings and profits related to certain acquisitions completed during the years ended December 31, 2020, 2019, and 2018. In 2020, the percentage of our dividend that was classified as a capital gain was 49.5% and primarily related to the sale of land and buildings in the United States. In 2019, the percentage of our dividend that was classified as a capital gain was 14.7% and primarily related to the sale of land and buildings in the United States and United Kingdom. In 2018, the percentage of our dividend that was classified as a capital gain was 5.8% and primarily related to the sale of land and buildings in the United Kingdom. EQUITY OFFERING In December 2017, we entered into an underwriting agreement (the “Underwriting Agreement”) with a syndicate of 16 banks (the “Underwriters”) related to the public offering by us of 14,500,000 shares of our common stock. In January 2018, the Underwriters, pursuant to the Underwriting Agreement, exercised an option to purchase an additional 2,175,000 shares of common stock, which after deducting underwriters’ commissions and the per share value of the dividend we declared on our common stock on October 24, 2017, resulted in net proceeds of approximately $76,200.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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