16.	Preferred Stock, Common Stock and Convertible Unit Transactions :

Preferred Stock

The Company

’s outstanding Preferred Stock is detailed below (in thousands, except share information and par values):

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares I ssued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate	Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000	6.000%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000	5.625%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000	5.125%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000	5.250%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

As of December 31, 201 6
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate	Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		16,000	$	400,000	6.000%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000	5.625%	$	1.40625	$	1.00	12/7/2017
				32,000	$	800,000

The following Preferred Stock classes w

ere issued during the year ended

December 31, 2017:

Class of Preferred Stock	Date Issued	Depositary Shares Issued	Fractional Interest per Share	Net Proceeds, Before Expenses (in millions)		Offering Price
Class L	8/16/2017	9,000,000	1/1000	$	218.1		25.00
Class M	12/20/2017	9,200,000	1/1000	$	222.8		25.00

During

January 2018,

the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional

1,380,000

Class M Depositary Shares, each representing a

one

-thousandth fractional interest in a share of the Company's

5.250%

Class M Cumulative Redeemable Preferred Stock,

$1.00

par value per share. The Company received net proceeds before expenses of

$33.4

million from this offering.

The following Preferred Stock classes were redeemed or partially redeemed during the years ended

December 31, 2017,

2016

and

2015:

Classes of Preferred Stock	Redemption Date	Depositary Shares Redeemed	Redemption Price		Redemption Amount (in millions)		Redemption Charges (in millions) (1)
Class I ( 2)	9/6/2017	9,000,000	$	25.00	$	225.0	$	7.0
Class H	11/25/2015	7,000,000	$	25.00	$	175.0	$	5.8

(

)

Redemption charges

resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock class on the Company’s Consolidated Balance Sheets are accounted for in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. These charges were subtracted from net income/(loss) attributable to the Company to arrive at net income/(loss) available to the Company’s common shareholders and used in the calculation of earnings per share.

(

)

he Company partially redeemed

9,000,000

depositary shares of its issued and outstanding Class I Preferred Stock, representing

56.25%

of the issued and outstanding Class I Preferred Stock.

The Company

’s Preferred Stock Depositary Shares for all classes are

not

convertible or exchangeable for any other property or securities of the Company.

Voting Rights - The

Class I, J, K, L and M Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

As to any matter on which the

Class I, J, K, L or M Preferred Stock

may

vote, including any actions by written consent, each share of the Class I, J, K, L or M Preferred Stock shall be entitled to

1,000

votes, each of which

1,000

votes

may

be directed separately by the holder thereof. With respect to each share of Class I, J, K, L or M Preferred Stock, the holder thereof

may

designate up to

1,000

proxies, with each such proxy having the right to vote a whole number of votes (totaling

1,000

votes per share of Class I, J, K, L, or M Preferred Stock). As a result, each Class I, J, K, L or M Depositary Share is entitled to

one

vote.

Liquidation Rights

In the event of any liquidation, dissolution or winding up of the affairs of the Company, preferred stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of

$25,000.00

Class I Preferred Stock per share,

$25,000.00

Class J Preferred Stock per share,

$25,000.00

Class K Preferred Stock per share,

$25,000.00

Class L Preferred Stock per share and

$25,000.00

Class M Preferred Stock per share (

$25.00

per each Class I, Class J, Class K, Class L and Class M Depositary Share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the preferred stock as to liquidation rights.

Common Stock

During

February 2018,

the Company’s Board of Directors authorized a share repurchase program, pursuant to which the Company

may

repurchase shares of its common stock, par value

$0.01

per share, with an aggregate gross purchase price of up to

$300.0

million.

During

February 2015,

the Company established an

at the market continuous offering program (the “ATM program”), which is effective for a term of

three

years, pursuant to which the Company

may

offer and sell shares of its common stock, par value

$0.01

per share, with an aggregate gross sales price of up to

$500.0

million through a consortium of banks acting as sales agents. Sales of the shares of common stock

may

be made, as needed, from time to time in “at the market” offerings as defined in Rule

415

of the Securities Act of

1933,

including by means of ordinary brokers’ transactions on the New York Stock Exchange (the “NYSE”) or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During the year ended

December 31, 2016,

the Company issued

9,806,377

shares and received proceeds of

$285.2

million, net of commissions and fees of

$2.9

million. The Company did

not

offer for sale any shares of common stock under the ATM program during the year ended

December 31, 2017.

As of

December 31, 2017,

the Company had

$211.9

million available under this ATM program.

The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common shares

relating to the exercise of stock options or the issuance of restricted stock awards. These repurchases

may

occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During

2017,

2016

and

2015,

the Company repurchased

232,304

shares,

257,477

shares and

179,696

shares, respectively, relating to common shares surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to the vesting of restricted stock awards under the Company’s equity-based compensation plans.

Convertible Units

The

Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote

of the Notes to Consolidated Financial Statements). The amount of consideration that would be paid to unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are

not

mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on

December 31, 2017,

$18.3

million. The Company has the option to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in common stock, the unit holders would receive

1.0

million shares of common stock.