Distributions

12 Months Ended

Dec. 31, 2020

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 $2.12 per share in 2020, $2.12 per share in 2019, and $2.08 per share in 2018, Series C preferred stock dividends of $1.80 and $1.72, respectively, per depositary share in 2019 and 2018, Series D preferred stock dividends of $1.53, $1.53 and $1.05, respectively, per depositary share in 2020, 2019, and 2018, and Series E preferred stock dividends of $1.50 and $0.06, respectively, per depositary share in 2020 and 2019. Of the common stock dividends paid, $1.43 per share, $2.00 per share, and $1.61 per share, represented ordinary dividend income in 2020, 2019, and 2018, respectively, and $0.69 per share, $0.12 per share, and $0.47 per share represented return of capital to the shareholders in 2020, 2019, and 2018, respectively. All of the preferred dividends paid represented ordinary dividend income.

The following summarizes distributions paid during the years ended December 31, 2020, 2019, and 2018, 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 2020
4th Quarter	$	2,798	$	12,371	$	4,195	117,368	$	24.08	23,370	$	24.35
3rd Quarter	2,798		12,373		4,188		14,525	28.98		13,108	29.47
2nd Quarter	2,799		12,364		4,188		12,627	32.22		—	—
1st Quarter	2,799		12,275		4,180		83,978	48.59		15,101	49.40
Total 2020	$	11,194	$	49,383	$	16,751	228,498			51,579
Distributions during 2019
4th Quarter	$	3,531	$	12,251	$	4,173	104,558	$	52.84	13,747	$	53.73
3rd Quarter	2,953		12,195		4,166		105,753	53.66		13,406	54.56
2nd Quarter	2,953		12,116		4,155		99,804	51.38		20,041	51.99
1st Quarter	2,953		12,006		4,148		120,347	51.28		13,742	52.16
Total 2019	$	12,390	$	48,568	$	16,642	430,462			60,936
Distributions during 2018
4th Quarter	$	2,953	$	11,706	$	4,062	216,476	$	49.34	13,867	$	50.20
3rd Quarter	2,953		11,590		4,055		201,500	51.68		13,107	52.60
2nd Quarter	2,672		11,545		3,942		85,202	47.54		42,422	47.83
1st Quarter	3,824		11,465		3,922		69,750	52.71		38,037	53.03
Total 2018	$	12,402	$	46,306	$	15,981	572,928			107,433

In December 2020, the Board of Directors of the Company authorized a distribution of $0.53 per common share payable in January 2021 to holders of record on January 15, 2021. As a result, $12.4 million was paid to common shareholders on January 29, 2021. Also, $4.2 million was paid to limited partnership unitholders on January 29, 2021 ($0.53 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of (a) $0.3750 per Series E depositary share and (b) $0.3828 per Series D depositary share to holders of record on January 4, 2021. As a result, $2.8 million was paid to preferred shareholders on January 15, 2021. 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.