NOTE 13. Equity

Common Stock

On January 28, 2016, the Company announced that its Board declared a quarterly cash dividend of $0.575 per share. The common stock cash dividend will be paid on February 23, 2016 to stockholders of record as of the close of business on February 8, 2016.

During the years ended December 31, 2015, 2014 and 2013, the Company declared and paid common stock cash dividends of $2.26, $2.18 and $2.10 per share.

In June 2015, the Company established an at-the-market equity offering program (“ATM Program”). Under this program, the Company may sell shares of its common stock from time to time having an aggregate gross sales price of up to $750 million through a consortium of banks acting as sales agents or directly to the banks acting as principals. During the year ended December 31, 2015, the Company issued 1.8 million shares of common stock at a weighted average price of $40.14 for proceeds of $73 million, net of fees and commissions of $1 million.

The following is a summary of the Company’s other common stock activities (shares in thousands):


	Year Ended
	December 31,
	2015	2014	2013
Dividend Reinvestment and Stock Purchase Plan	2,762	2,299	2,441
Conversion of DownREIT units	104	27	100
Exercise of stock options	823	169	876
Vesting of restricted stock units	409	614	471
Repurchase of common stock	198	323	242

Accumulated Other Comprehensive Loss

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


	December 31,
	2015		2014
Cumulative foreign currency translation adjustment	$	(19,485)	$	(10,747)
Unrealized losses on cash flow hedges, net		(7,582)		(9,624)
Supplemental Executive Retirement Plan minimum liability		(3,411)		(3,537)
Unrealized gains on available for sale securities		8		13
Total accumulated other comprehensive loss	$	(30,470)	$	(23,895)

Noncontrolling Interests

On October 7, 2015, the Company issued a 49% noncontrolling interest in HCP Ventures V to an institutional capital investor for $110 million. HCP Ventures V owns a portfolio of 11 on-campus MOBs located in Texas acquired through a sale-leaseback transaction with Memorial Hermann in June 2015 (see Note 4).

At December 31, 2015, there were four million non-managing member units (six million shares of HCP common stock are issuable upon conversion) outstanding in five DownREIT LLCs, in all of which the Company is the managing member. At December 31, 2015, the carrying and market values of the four million DownREIT units were $186 million and $229 million, respectively.

See Note 20 for the supplemental schedule of non-cash financing activities.