Equity

3 Months Ended

Mar. 31, 2020

Note 8—Stockholders' Equity

As of March 31, 2020, we have issued 543,767,445 shares of common stock. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets and statements of equity. As of March 31, 2020, 3,463,285 outstanding OP Units are redeemable.

During the three months ended March 31, 2020, we issued 2,124,720 shares of common stock.

Dividends

To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our stockholders, which in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors.

The following table summarizes our dividends declared from January 1, 2019 through March 31, 2020:

Record Date

Amount

per Share

Pay Date

Total Amount Declared

Q1-2020

February 12, 2020

0.15

February 28, 2020

81,673

Q4-2019

November 13, 2019

0.13

November 27, 2019

70,693

Q3-2019

August 15, 2019

0.13

August 30, 2019

70,465

Q2-2019

May 15, 2019

0.13

May 31, 2019

68,334

Q1-2019

February 13, 2019

0.13

February 28, 2019

67,965

On April 24, 2020, our board of directors declared a dividend of $0.15 per share to stockholders of record on May 13, 2020, which is payable on May 29, 2020 (see Note 15).

At the Market Equity Program

On August 22, 2019, we entered into distribution agreements with a syndicate of banks (the “Agents”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $800,000 of our common stock through the Agents (the “ATM Equity Program”). During the three months ended March 31, 2020, we sold 1,872,066 shares of our common stock under our ATM Equity Program, generating net proceeds of $55,921 after giving effect to Agent commissions and other costs totaling $911. As of March 31, 2020, $686,209 remains available for future offerings under the ATM Equity Program.