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CAPITAL STOCK
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
CAPITAL STOCK
14. CAPITAL STOCK
(A)    Common Stock

The following table provides a summary of the Company’s common shares authorized, and issued and outstanding at September 30, 2020 and December 31, 2019.
Shares authorizedShares issued and outstanding
September 30, 2020December 31, 2019September 30, 2020December 31, 2019Par Value
Common stock
2,914,850,000 2,914,850,000 1,402,928,317 1,430,106,199 $0.01
During the nine months ended September 30, 2019, the Company closed the public offering of an original issuance of 75.0 million shares of common stock for proceeds of $730.5 million before deducting offering expenses. In connection with the offering, the Company granted the underwriters a thirty-day option to purchase up to an additional 11.3 million shares of common stock, which the underwriters exercised in full resulting in an additional $109.6 million in proceeds before deducting offering expenses.
In June 2019, the Company announced that its board of directors (“Board”) had authorized the repurchase of up to $1.5 billion of its outstanding shares of common stock through December 31, 2020. During the three and nine months ended September 30, 2020, the Company repurchased 4.8 million and 27.7 million shares of its common stock, respectively, for an aggregate amount of $31.3 million and $174.7 million, respectively, excluding commission costs, pursuant to this authorization. All common shares were purchased in open-market transactions. During the three and nine months ended September 30, 2019, the Company repurchased 18.3 million shares of its common stock for an aggregate amount of $155.0 million, excluding commission costs. All common shares purchased pursuant to this authorization were in open-market transactions.
The following table provides a summary of activity related to the Company’s Direct Purchase and Dividend Reinvestment Program.
Nine Months Ended
September 30, 2020September 30, 2019
(dollars in thousands)
Shares issued through direct purchase and dividend reinvestment program
154,000 180,000 
Amount raised from direct purchase and dividend reinvestment program
$1,075 $1,795 
In January 2018, the Company entered into separate Distribution Agency Agreements (as amended and restated on August 6, 2020, collectively, the “Sales Agreements”) with each of Wells Fargo Securities, LLC, BofA Securities, Inc. (formerly known as Merrill Lynch, Pierce, Fenner & Smith, Incorporated), Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC and UBS Securities LLC (the “Sales Agents”). The Company may offer and sell shares of its common stock, having an aggregate offering price of up to $1.5 billion from time to time through any of the Sales Agents. No shares were issued under the at-the-market sales program during the nine months ended September 30, 2020. During the nine months ended
September 30, 2019, the Company issued 56.0 million shares for proceeds of $569.1 million, net of commissions and fees, under the at-the-market sales program.

(B)    Preferred Stock

The following is a summary of the Company’s cumulative redeemable preferred stock outstanding at September 30, 2020 and December 31, 2019. In the event of a liquidation or dissolution of the Company, the Company’s then outstanding preferred stock takes precedence over the Company’s common stock with respect to payment of dividends and the distribution of assets.
Shares AuthorizedShares Issued And OutstandingCarrying ValueContractual Rate
Earliest Redemption Date (1)
Date At Which Dividend Rate Becomes FloatingFloating Annual Rate
September 30, 2020December 31, 2019September 30, 2020December 31, 2019September 30, 2020December 31, 2019
Fixed-rate(dollars in thousands)
Series D18,400,000 18,400,000 18,400,000 18,400,000 445,457 445,457 7.50%9/13/2017NANA
Fixed-to-floating rate
Series F28,800,000 28,800,000 28,800,000 28,800,000 696,910 696,910 6.95%9/30/20229/30/2022
3M LIBOR + 4.993%
Series G19,550,000 19,550,000 17,000,000 17,000,000 411,335 411,335 6.50%3/31/20233/31/2023
3M LIBOR + 4.172%
Series I18,400,000 18,400,000 17,700,000 17,700,000 428,324 428,324 6.75%6/30/20246/30/2024
3M LIBOR + 4.989%
Total85,150,000 85,150,000 81,900,000 81,900,000 $1,982,026 $1,982,026 
(1) Subject to the Company’s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.

Each series of preferred stock has a par value of $0.01 per share and a liquidation and redemption price of $25.00, plus accrued and unpaid dividends through their redemption date. Through September 30, 2020, the Company had declared and paid all required quarterly dividends on the Company’s preferred stock.
During the three and nine months ended September 30, 2019, the Company redeemed all 7.0 million of its issued and outstanding shares of 7.625% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”) for $175.0 million. The cash redemption amount for each share of Series C Preferred Stock was $25.00 plus accrued and unpaid dividends to, but not including, the redemption date of July 21, 2019.
During the nine months ended September 30, 2019, the Company redeemed all 2.2 million of its issued and outstanding shares of 8.125% Series H Cumulative Redeemable Preferred Stock (“Series H Preferred Stock”) for $55.0 million. The cash redemption amount for each share of Series H Preferred Stock was $25.00 plus accrued and unpaid dividends to, but not including, the redemption date of May 31, 2019.
During the nine months ended September 30, 2019, the Company issued 17.7 million shares of its 6.750% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series I Preferred Stock”) for gross proceeds of $442.5 million before deducting the underwriting discount and other estimated offering expenses.
The Series D Cumulative Redeemable Preferred Stock, Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, Series G Preferred Stock and Series I Preferred Stock rank senior to the common stock of the Company.

(C)    Distributions to Stockholders

The following table provides a summary of the Company’s dividend distribution activity for the periods presented:
 For the Three Months EndedFor the Nine Months Ended
 September 30, 2020September 30, 2019September 30, 2020September 30, 2019
 (dollars in thousands, except per share data)
Dividends and dividend equivalents declared on common stock and share-based awards$309,175 $359,736 $976,966 $1,158,629 
Distributions declared per common share$0.22 $0.25 $0.69 $0.80 
Distributions paid to common stockholders after period end$308,644 $359,491 $308,644 $359,491 
Distributions paid per common share after period end$0.22 $0.25 $0.22 $0.25 
Date of distributions paid to common stockholders after period endOctober 30, 2020October 31, 2019October 30, 2020October 31, 2019
Dividends declared to series C preferred stockholders$— $742 $— $7,414 
Dividends declared per share of series C preferred stock$— $0.106 $— $1.060 
Dividends declared to series D preferred stockholders$8,625 $8,625 $25,875 $25,875 
Dividends declared per share of series D preferred stock$0.469 $0.469 $1.406 $1.407 
Dividends declared to series F preferred stockholders$12,510 $12,510 $37,530 $37,530 
Dividends declared per share of series F preferred stock$0.434 $0.434 $1.303 $1.303 
Dividends declared to series G preferred stockholders$6,906 $6,906 $20,718 $20,718 
Dividends declared per share of series G preferred stock$0.406 $0.406 $1.219 $1.219 
Dividends declared to series H preferred stockholders$— $— $— $1,862 
Dividends declared per share of series H preferred stock$— $— $— $0.846 
Dividends declared to series I preferred stockholders$7,468 $7,668 $22,404 $7,668 
Dividends declared per share of series I preferred stock$0.422 $0.436 $1.266 $0.436