DISTRIBUTIONS

In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company.

The Company paid common stock distributions of $1.56 per share in 2014 and $1.44 per share during each of 2013 and 2012, Series A preferred stock dividends of $2.41 per share in 2014 and $2.00 per depositary share during each of 2013 and 2012, Series B preferred stock dividends of $0.99 and $2.25 per share during 2013 and 2012, respectively, and Series C preferred stock dividends of $1.72 and $1.09 per depository share during 2014 and 2013, respectively. Of the common stock dividends paid, $1.56 per share, $0.96 per share, and $0.95 per share, represented ordinary dividend income in 2014, 2013, and 2012, respectively and $0.48 per share and $0.49 per share, represented return of capital to the shareholders in 2013 and 2012, respectively. All of the preferred stock dividends paid were considered ordinary dividend income.

The following summarizes distributions paid during the years ended December 31, 2014, 2013, and 2012, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions:



	Total Distributions to						Dividend Reinvestments
(Dollars in thousands, except per share amounts)	Preferred Stockholders		Common Stockholders		Limited Partnership Unitholders		Common Stock Shares Issued	Discounted Share Price		Limited Partnership Units Issued	Average Unit Price
Distributions during 2014
October 31	$	3,856	$	8,348	$	2,879	40,142	$	52.71
July 31	3,206		8,314		2,879		57,696	46.79
April 30	3,206		8,269		2,838		60,212	44.14		104,831	$	44.77
January 31	3,206		7,415		2,521		39,588	45.15		91,352	45.80
Total 2014	$	13,474	$	32,346	$	11,117	197,638			196,183
Distributions during 2013
October 31	$	3,206	$	7,388	$	2,489	48,836	$	46.27	88,309	$	46.93
July 31	3,206		7,327		2,489		138,019	45.21
April 30	4,364		7,272		2,489		142,839	42.85
January 31	3,785		7,218		2,489		145,468	41.67
Total 2013	$	14,561	$	29,205	$	9,956	475,162			88,309
Distributions during 2012
October 31	$	3,785	$	7,120	$	2,489	141,960	42.23
July 31	3,785		7,063		2,489		144,881	40.43
April 30	3,785		7,005		2,489		145,118	38.93
January 31	3,785		6,947		2,489		163,429	34.44
Total 2012	$	15,140	$	28,135	$	9,956	595,388

In December 2014, the Board of Directors of the Company authorized a distribution of $0.40 per common share payable in January 2015, to holders of record on January 16, 2015. As a result, $8.4 million was paid to common shareholders on January 30, 2015. Also, $2.9 million was paid to limited partnership unitholders on January 30, 2015 ($0.40 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of $0.4297 per Series C depositary share to holders of record on January 7, 2015. As a result, $3.1 million was paid to preferred shareholders on January 15, 2015. These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements.