XML 50 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Preferred Stock Issued and Outstanding
The following table summarizes the Company’s Preferred Stock issued and outstanding as of September 30, 2020 and December 31, 2019 (dollar amounts in thousands):
Class of Preferred StockShares AuthorizedShares Issued and OutstandingCarrying ValueLiquidation Preference
Contractual Rate (1)
Redemption Date (2)
Fixed-to-Floating Rate Conversion Date (1)(3)
Floating Annual Rate (4)
Fixed Rate
Series B6,000,000 3,156,087 $76,180 $78,902 7.750 %June 4, 2018
Series C6,600,000 4,181,807 101,102 104,545 7.875 %April 22, 2020
Fixed-to-Floating Rate
Series D8,400,000 6,123,495 148,134 153,087 8.000 %October 15, 2027October 15, 2027
3M LIBOR + 5.695%
Series E9,900,000 7,411,499 179,349 185,288 7.875 %January 15, 2025January 15, 2025
3M LIBOR + 6.429%
Total30,900,000 20,872,888 $504,765 $521,822 

(1)Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date.
(2)Each series of Preferred Stock is not redeemable by the Company prior to the respective redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, respectively).
(3)Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnote (4) below.
(4)On and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference.
Schedule of Dividends Declared The following table presents the relevant information with respect to quarterly cash dividends declared on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock commencing January 1, 2019 through September 30, 2020 and on the Series E Preferred Stock from its time of original issuance through September 30, 2020:
Cash Dividend Per Share
Declaration DateRecord DatePayment DateSeries B Preferred StockSeries C Preferred StockSeries D Preferred StockSeries E Preferred Stock
September 14, 2020October 1, 2020October 15, 2020$0.484375 $0.4921875 $0.50 $0.4921875 
June 15, 2020July 1, 2020July 15, 20200.96875 
(1)
0.984375 
(1)
1.00 
(1)
0.984375 
(1)
December 10, 2019January 1, 2020January 15, 20200.484375 0.4921875 0.50 0.47578 
(2)
September 9, 2019October 1, 2019October 15, 20190.484375 0.4921875 0.50 — 
June 14, 2019July 1, 2019July 15, 20190.484375 0.4921875 0.50 — 
March 19, 2019April 1, 2019April 15, 20190.484375 0.4921875 0.50 — 

(1)Preferred Stock dividends declared on June 15, 2020 included cash dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020 and cash dividends for the quarterly period that began on April 15, 2020 and ended on July 14, 2020.
(2)Cash dividend for the partial quarterly period that began on October 18, 2019 and ended on January 14, 2020.
On March 23, 2020, the Company announced that it had suspended its quarterly dividend on common stock for the first quarter of 2020 to focus on conserving capital during the difficult market conditions resulting from the COVID-19 pandemic. As a result, the Company did not declare a cash dividend on its common stock during the three months ended March 31, 2020. The Company declared a regular quarterly cash dividend on common stock for the second and third quarters of 2020. The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2019 and ended September 30, 2020:
PeriodDeclaration DateRecord DatePayment DateCash Dividend Per Share
Third Quarter 2020September 14, 2020September 24, 2020October 26, 2020$0.075 
Second Quarter 2020June 15, 2020July 1, 2020July 27, 20200.050 
Fourth Quarter 2019December 10, 2019December 20, 2019January 27, 20200.200 
Third Quarter 2019September 9, 2019September 19, 2019October 25, 20190.200 
Second Quarter 2019June 14, 2019June 24, 2019July 25, 20190.200 
First Quarter 2019March 19, 2019March 29, 2019April 25, 20190.200 
Schedule of Public Offerings of Common Stock
The following table details the Company's public offerings of common stock during the nine months ended September 30, 2020 (dollar amounts in thousands):
Share Issue MonthShares Issued
Net Proceeds (1)
February 202050,600,000 $305,274 
January 202034,500,000 206,650 

(1)    Proceeds are net of underwriting discounts and commissions and offering expenses.