(13) Equity

Common Stock

On January 30, 2014, the Company announced that its Board declared a quarterly cash dividend of $0.545 per share. The common stock cash dividend will be paid on February 25, 2014 to stockholders of record as of the close of business on February 10, 2014.

On October 19, 2012, the Company completed a public offering of 22 million shares of common stock and received net proceeds of $979 million, which were primarily used to acquire the 129 senior housing communities from the Blackstone JV.

In June 2012, the Company completed a $376 million offering of 8.97 million shares of common stock at a price of $41.88 per share, which were primarily used to repay $250 million of maturing senior unsecured notes, which accrued interest at a rate of 6.45%.

In March 2012, the Company completed a $359 million offering of 9.0 million shares of common stock at a price of $39.93 per share, which were primarily used to redeem all outstanding shares of the Company's preferred stock.

In March 2011, the Company completed a $1.273 billion public offering of 34.5 million shares of common stock at a price of $36.90 per share. The Company received total net proceeds of $1.235 billion, which were primarily used to finance part of the aggregate purchase price of the HCR ManorCare Acquisition. The following is a summary of the Company's other issuances of common stock:

	Year Ended December 31,

	2013		2012		2011
	(shares in thousands)
Dividend Reinvestment and Stock Purchase Plan		2,441		1,064		1,910
Conversion of DownREIT units		100		736		80
Exercise of stock options		876		2,455		1,157
Vesting of restricted stock units⁽¹⁾		471		707		228

(1): Issued under the Company's 2006 Performance Incentive Plan, as amended and restated.

Preferred Stock

On April 23, 2012, the Company redeemed all of its outstanding preferred stock consisting of 4,000,000 shares of its 7.25% Series E preferred stock and the 7,820,000 shares of its 7.10% Series F preferred stock. The shares of Series E and Series F preferred stock were redeemed at a price of $25 per share, or $295.5 million in aggregate, plus all accrued and unpaid dividends to the redemption date. As a result of the redemption, the Company incurred a charge of $10.4 million related to the original issuance costs of the preferred stock (this charge is presented as an additional preferred stock dividend in the Company's consolidated statements of income).

Accumulated Other Comprehensive Loss

The following is a summary of the Company's accumulated other comprehensive loss (in thousands):

	December 31,

	2013			2012
Unrealized gains on available for sale securities	$	—		$	7,776
Unrealized losses on cash flow hedges, net		(10,797	)		(18,452	)
Supplemental Executive Retirement Plan minimum liability		(2,910	)		(3,150	)
Cumulative foreign currency translation adjustment		(780	)		(827	)

Total accumulated other comprehensive loss	$	(14,487	)	$	(14,653	)

Noncontrolling Interests

At December 31, 2013, there were 4 million non-managing member units (6 million shares of HCP common stock are issuable upon conversion) outstanding in four DownREIT LLCs, in all of which the Company is the managing member. At December 31, 2013, the carrying and market values of the 4 million DownREIT units were $184 million and $217 million, respectively.