Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders’ Equity

Our authorized capital stock consists of 450,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2019, 153,537,296 shares of common stock were issued and outstanding, and 6,770,393 shares of Series B Preferred Stock were issued and outstanding.

On June 10, 2019, we redeemed all 6,900,000 shares of Series C Preferred Stock outstanding. Holders of the Series C Preferred Stock received the redemption price of $25.00 plus accumulated but unpaid dividends to the redemption date of $0.2223 per share.

In October 2017, we concurrently entered into a common stock purchase agreement and a preferred stock repurchase agreement with QH RE Assets Company, LLC ("QHREAC"). Pursuant to the agreements, (i) QHREAC purchased 1,670,000 shares of our common stock, par value $0.01 per share, for cash at an aggregate purchase price of $30.8 million ($18.44 per share), and (ii) we repurchased from QHREAC 1,229,607 shares of our Series B Preferred Stock, par value $0.01 per share, for

an aggregate purchase price of $30.8 million (approximately $25.04 per share, made up of $25.00 liquidation value per share, plus $0.04 per share of accumulated and unpaid dividends to, but not including, the closing date of the transaction).

In August 2017, we redeemed all 3,450,000 shares of Series A Preferred Stock. Holders of the Series A Preferred Stock received the redemption price of $25.00 plus accumulated but unpaid dividends to the redemption date of $0.1079 per share.

Dividends. During 2019, 2018 and 2017, we declared the following dividends:



Dividend declared per share of:	2019	2018	2017
Common Stock ⁽¹⁾	$1.84	$1.84	$1.84
Series A Preferred Stock ⁽²⁾	N/A	N/A	1.19
Series B Preferred Stock	2.00	2.00	2.00
Series C Preferred Stock ⁽³⁾	0.72	2.00	2.00

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(1)	As our aggregate 2019 distributions exceeded our earnings and profits, $0.46 of the January 2020 distribution declared in the fourth quarter of 2019 are payable to common stockholders of record as of December 31, 2019 will be treated as a 2020 distribution for U.S. federal income tax purposes.


(2)	The Series A Preferred Stock shares were redeemed in full in August 2017.


(3)	The Series C Preferred Stock shares were redeemed in full in June 2019.

Common Stock Offerings. During the second quarter of 2019, we completed a follow-on public offering of 17,250,000 shares of our common stock, including shares issued pursuant to the underwriters' option to purchase additional shares, at a price of $18.27 per share. The aggregate net proceeds from the offering were $314.8 million after deducting offering expenses. During the first quarter of 2018, we completed a follow-on public offering of 15,525,000 shares of our common stock, including shares issued pursuant to the underwriters' option to purchase additional shares at a price of $17.77 per share. The aggregate net proceeds from the offering were $275.9 million after deducting offering expenses.

During the first quarter of 2019, we issued 1,967,361 shares of our common stock, at a per share conversion price of $17.17, related to conversions of the 2019 Notes, the remainder of which matured on March 15, 2019. We recorded a $33.8 million increase in additional paid in capital in the consolidated statement of changes in stockholders' equity. Refer to "Note 9 - Convertible Senior Notes, Net" for a further discussion on the conversions of the 2019 Notes.

During 2018, we issued 10,828,475 shares of our common stock related to exchanges and conversions of the 2019 Notes. Refer to "Note 9 - Convertible Senior Notes, Net" for a further discussion on the exchanges and conversions of the 2019 Notes.

During the second quarter of 2017, we completed a follow-on public offering of 13,800,000 shares of our common stock, including shares issued pursuant to the underwriters' option to purchase additional shares, at a price of $18.05 per share. The aggregate net proceeds from the offering were $248.9 million after deducting estimated offering expenses.