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CAPITAL STOCK
 12 Months Ended
Dec. 31, 2021
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 December 31, 2021 and 2020.
Shares authorizedShares issued and outstanding
December 31, 2021December 31, 2020December 31, 2021December 31, 2020Par Value
Common stock
2,936,500,000 2,914,850,000 1,459,736,258 1,398,240,618 $0.01
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, which expired on December 31, 2020 (the “2019 - 2020 Share Repurchase Program”). In December 2020, the Company announced that its Board authorized the repurchase of up to $1.5 billion of its outstanding common shares through December 31, 2021 (the “2021 Share Repurchase Program”). The 2021 Share Repurchase Program replaced the Prior Share Repurchase Program. In January 2022, we announced that our Board authorized the repurchase of up to $1.5 billion of our outstanding shares of common stock through December 31, 2024 (the “Current Share Repurchase Program”). The Current Share Repurchase Program replaced the 2019 - 2020 Share Repurchase Program, which had replaced the Prior Share Repurchase Program.
During the year ended December 31, 2021, no shares were repurchased under the 2021 Share Repurchase Program. During the year ended December 31, 2020, the Company repurchased 32.4 million shares of its common stock for an aggregate amount of $208.9 million, excluding commission costs. All common shares purchased were part of a publicly announced plan in open-market transactions.
The following table provides a summary of activity related to the Company’s Direct Purchase and Dividend Reinvestment Program.
December 31, 2021December 31, 2020
(dollars in thousands)
Shares issued through direct purchase and dividend reinvestment program
— 166,000 
Amount raised from direct purchase and dividend reinvestment program
$— $1,175 
In January 2018, the Company entered into separate Distribution Agency Agreements (as amended and restated on August 6, 2021 and 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.
During the year ended December 31, 2021, the Company issued 60.9 million shares of common stock for proceeds of $552.4 million, net of commissions and fees, under the at-the-market sales program. No shares were issued under the at-the-market sales program during the year ended December 31, 2020.

(B)    Preferred Stock
The following is a summary of the Company’s cumulative redeemable preferred stock outstanding at December 31, 2021 and 2020. 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
December 31, 2021December 31, 2020December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Fixed-rate(dollars in thousands)
Series D— 18,400,000 — — — — 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 G17,000,000 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 I17,700,000 18,400,000 17,700,000 17,700,000 428,324 428,324 6.75%6/30/20246/30/2024
3M LIBOR + 4.989%
Total63,500,000 85,150,000 63,500,000 63,500,000 $1,536,569 $1,536,569 
(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 December 31, 2021, the Company had declared and paid all required quarterly dividends on the Company’s preferred stock.
During the year ended December 31, 2020, the Company redeemed all 18.4 million of its issued and outstanding shares of 7.50% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) for $460.0 million. The cash redemption amount for each share of Series D Preferred Stock was $25.00.
The Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, Series G Fixed-to-Floating Rate Cumulative Preferred Stock and Series I Fixed-to-Floating Rate Cumulative 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 Years Ended
 December 31, 2021December 31, 2020
 (dollars in thousands, except per share data)
Dividends and dividend equivalents declared on common stock and share-based awards$1,268,558 $1,285,124 
Distributions declared per common share (1)
$0.88 $0.91 
Distributions paid to common stockholders after period end$321,142 $307,613 
Distributions paid per common share after period end$0.22 $0.22 
Date of distributions paid to common stockholders after period endJanuary 31, 2022January 29, 2021
Dividends declared to series D preferred stockholders$— $34,500 
Dividends declared per share of series D preferred stock (2)
$— $1.875 
Dividends declared to series F preferred stockholders$50,040 $50,040 
Dividends declared per share of series F preferred stock (2)
$1.738 $1.738 
Dividends declared to series G preferred stockholders$27,624 $27,625 
Dividends declared per share of series G preferred stock (2)
$1.625 $1.625 
Dividends declared to series I preferred stockholders$29,868 $29,871 
Dividends declared per share of series I preferred stock (2)
$1.688 $1.688 
(1) For the year ended December 31, 2021, 100% of common stock dividend distributions of $0.87 per share was taxable as a return of capital. For the year ended December 31, 2020, 74% and 26% of common stock dividend distributions of $0.95 per share were taxable as ordinary income and capital gains, respectively.
(2) For the year ended December 31, 2021, 100% of the preferred stock dividend distributions per share was taxable as a return of capital. For the year ended December 31, 2020, 74% and 26% of the preferred stock dividend distributions per share were taxable as ordinary income and capital gains, respectively.