Stockholders' Equity (Tables)
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3 Months Ended |
Mar. 31, 2020 |
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| Equity [Abstract] |
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| Preferred Stock |
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of March 31, 2020. In the event of a voluntary or involuntary liquidation, dissolution or winding up of the Company, each series of preferred stock will rank on parity with one another and rank senior to the Company's common stock with respect to the payment of the dividends and the distribution of assets.
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As of March 31, 2020 |
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(in thousands) |
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Class of Stock |
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Issuance Date |
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Shares Issued and Outstanding |
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Carrying Value |
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Contractual Rate |
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Redemption Date (1)
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Fixed to Floating Rate Conversion Date (2)
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Floating Annual Rate (3)
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Fixed-to-Floating Rate |
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Series A |
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March 14, 2017 |
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5,750 |
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$ |
138,872 |
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8.125 |
% |
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April 27, 2027 |
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April 27, 2027 |
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3M LIBOR + 5.660% |
Series B |
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July 19, 2017 |
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11,500 |
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278,094 |
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7.625 |
% |
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July 27, 2027 |
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July 27, 2027 |
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3M LIBOR + 5.352% |
Series C |
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November 27, 2017 |
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11,800 |
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285,585 |
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7.250 |
% |
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January 27, 2025 |
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January 27, 2025 |
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3M LIBOR + 5.011% |
Fixed Rate |
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Series D |
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July 31, 2018 |
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3,000 |
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74,964 |
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7.750 |
% |
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July 31, 2018 |
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N/A |
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N/A |
Series E |
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July 31, 2018 |
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8,000 |
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199,986 |
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7.500 |
% |
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July 31, 2018 |
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N/A |
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N/A |
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Total |
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40,050 |
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$ |
977,501 |
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____________________
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(1) |
Subject to the Company’s right under limited circumstances to redeem the preferred stock earlier than the redemption date disclosed in order to preserve its qualification as a REIT or following a change in control of the Company. |
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(2) |
For the fixed-to-floating rate redeemable preferred stock, the dividend rate will remain at an annual fixed rate of the $25.00 per share liquidation preference from the issuance date up to but not including the transition date disclosed within. Effective the conversion date and onward, dividends will accumulate on a floating rate basis according to the terms disclosed within (3) below.
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(3)
On and after the fixed to floating rate conversion date, the dividend will accumulate and be payable quarterly at a percentage of the $25.00 per share liquidation preference equal to an annual floating rate of three-month LIBOR plus the spread indicated within each preferred class.
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| Arrearages in Cumulative Preferred Dividends |
The following table details the aggregate and per-share amounts of arrearages in cumulative preferred dividends as of March 31, 2020:
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(in thousands) |
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Class of Stock |
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Dividend Per Preferred Share in Arrears |
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Amount of Preferred Dividends in Arrears |
Series A |
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$ |
0.507810 |
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$ |
2,920 |
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Series B |
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$ |
0.476560 |
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5,480 |
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Series C |
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$ |
0.453130 |
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5,347 |
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Series D |
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$ |
0.484375 |
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1,453 |
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Series E |
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$ |
0.468750 |
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3,750 |
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$ |
18,950 |
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| Preferred Dividends Declared |
The following table presents cash dividends declared by the Company on its preferred stock stock from December 31, 2018 through March 31, 2020:
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Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Preferred Share |
Series A Preferred Stock: |
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December 17, 2019 |
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January 10, 2020 |
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January 27, 2020 |
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$ |
0.507810 |
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September 19, 2019 |
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October 11, 2019 |
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October 28, 2019 |
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$ |
0.507810 |
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June 19, 2019 |
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July 12, 2019 |
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July 29, 2019 |
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$ |
0.507810 |
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March 19, 2019 |
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April 12, 2019 |
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April 29, 2019 |
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$ |
0.507810 |
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Series B Preferred Stock: |
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December 17, 2019 |
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January 10, 2020 |
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January 27, 2020 |
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$ |
0.476560 |
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September 19, 2019 |
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October 11, 2019 |
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October 28, 2019 |
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$ |
0.476560 |
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June 19, 2019 |
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July 12, 2019 |
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July 29, 2019 |
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$ |
0.476560 |
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March 19, 2019 |
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April 12, 2019 |
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April 29, 2019 |
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$ |
0.476560 |
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Series C Preferred Stock: |
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December 17, 2019 |
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January 10, 2020 |
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January 27, 2020 |
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$ |
0.453130 |
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September 19, 2019 |
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October 11, 2019 |
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October 28, 2019 |
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$ |
0.453130 |
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June 19, 2019 |
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July 12, 2019 |
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July 29, 2019 |
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$ |
0.453130 |
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March 19, 2019 |
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April 12, 2019 |
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April 29, 2019 |
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$ |
0.453130 |
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Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Preferred Share |
Series D Preferred Stock: |
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December 17, 2019 |
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January 1, 2020 |
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January 15, 2020 |
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$ |
0.484375 |
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September 19, 2019 |
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October 1, 2019 |
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October 15, 2019 |
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$ |
0.484375 |
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June 19, 2019 |
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July 1, 2019 |
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July 15, 2019 |
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$ |
0.484375 |
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March 19, 2019 |
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April 1, 2019 |
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April 15, 2019 |
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$ |
0.484375 |
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Series E Preferred Stock: |
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December 17, 2019 |
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January 1, 2020 |
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January 15, 2020 |
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$ |
0.468750 |
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September 19, 2019 |
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October 1, 2019 |
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October 15, 2019 |
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$ |
0.468750 |
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June 19, 2019 |
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July 1, 2019 |
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July 15, 2019 |
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$ |
0.468750 |
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March 19, 2019 |
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April 1, 2019 |
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April 15, 2019 |
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$ |
0.468750 |
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On April 6, 2020, the Company announced that its board of directors declared an interim common stock dividend of $0.05 per share. The interim dividend was paid on April 29, 2020 to common stockholders of record as of April 16, 2020. On the same date, the Company’s board of directors also declared the following first quarter 2020 preferred stock dividends:
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Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Preferred Share |
Series A Preferred Stock: |
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April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.507810 |
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Series B Preferred Stock: |
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April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.476560 |
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Series C Preferred Stock: |
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April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.453130 |
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Series D Preferred Stock: |
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April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.484375 |
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Series E Preferred Stock: |
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April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.468750 |
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| Schedule of Stock by Class |
The following table presents a reconciliation of the common shares outstanding for the three months ended March 31, 2020 and 2019:
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Number of common shares |
Common shares outstanding, December 31, 2018 |
248,085,721 |
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Issuance of common stock |
24,377,530 |
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Issuance of restricted stock (1)
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363,353 |
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Common shares outstanding, March 31, 2019 |
272,826,604 |
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Common shares outstanding, December 31, 2019 |
272,935,731 |
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Issuance of common stock |
16,498 |
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Issuance of restricted stock (1)
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681,314 |
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Repurchase of common stock |
(105,300 |
) |
Common shares outstanding, March 31, 2020 |
273,528,243 |
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____________________
(1)
Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, net of forfeitures, of which 1,242,812 restricted shares remained subject to vesting requirements at March 31, 2020.
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| Common Dividends Declared |
The following table presents cash dividends declared by the Company on its common stock from December 31, 2018 through March 31, 2020:
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Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Common Share |
December 17, 2019 |
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December 31, 2019 |
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January 24, 2020 |
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$ |
0.400000 |
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September 19, 2019 |
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September 30, 2019 |
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October 28, 2019 |
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$ |
0.400000 |
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June 19, 2019 |
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July 1, 2019 |
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July 29, 2019 |
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$ |
0.400000 |
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March 19, 2019 |
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March 29, 2019 |
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April 29, 2019 |
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$ |
0.470000 |
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
Accumulated other comprehensive income at March 31, 2020 and December 31, 2019 was as follows:
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(in thousands) |
March 31,
2020 |
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December 31,
2019 |
Available-for-sale securities |
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Unrealized gains |
$ |
505,389 |
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$ |
730,043 |
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Unrealized losses |
(14,059 |
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(40,643 |
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Accumulated other comprehensive income |
$ |
491,330 |
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$ |
689,400 |
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| Reclassification out of Accumulated Other Comprehensive Income |
The following table summarizes reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2020 and 2019:
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Affected Line Item in the Statements of Comprehensive (Loss) Income |
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Amount Reclassified out of Accumulated Other Comprehensive Income |
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Three Months Ended |
(in thousands) |
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March 31, |
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2020 |
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2019 |
Other-than-temporary impairments on AFS securities |
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Total other-than-temporary impairment losses |
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$ |
— |
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$ |
206 |
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Realized (gains) losses on sales of certain AFS securities, net of tax |
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Loss on investment securities |
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(432,996 |
) |
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28,106 |
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Provision for credit losses on AFS securities |
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Loss on investment securities |
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41,390 |
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— |
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Total |
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$ |
(391,606 |
) |
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$ |
28,312 |
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