| Preferred Stock |
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of September 30, 2021. 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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| (dollars 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 Eligible 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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| Series A |
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March 14, 2017 |
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5,750,000 |
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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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11,500,000 |
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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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11,800,000 |
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285,584 |
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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% |
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| Total |
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29,050,000 |
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$ |
702,550 |
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____________________
(1)Subject to the Company’s right under limited circumstances to redeem the preferred stock earlier than the redemption eligible date disclosed in order to preserve its qualification as a REIT or following a change in control of the Company.
(2)The dividend rate on the fixed-to-floating rate redeemable preferred stock 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 as of the fixed-to-floating rate conversion date and onward, dividends will accumulate on a floating rate basis according to the terms disclosed within (3) below.
(3)On and after the fixed-to-floating rate conversion date, the dividend will accumulate and be payable quarterly at a percentage of the $25.00 per share liquidation preference equal to an annual floating rate of three-month LIBOR plus the spread indicated within each preferred class.
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| Preferred Dividends Declared |
The following table presents cash dividends declared by the Company on its preferred stock from December 31, 2019 through September 30, 2021:
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| Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Preferred Share |
| Series A Preferred Stock: |
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| September 21, 2021 |
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October 13, 2021 |
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October 27, 2021 |
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$ |
0.507810 |
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| June 17, 2021 |
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July 12, 2021 |
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July 27, 2021 |
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$ |
0.507810 |
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| March 18, 2021 |
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April 12, 2021 |
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April 27, 2021 |
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$ |
0.507810 |
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| December 17, 2020 |
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January 12, 2021 |
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January 27, 2021 |
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$ |
0.507810 |
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| September 21, 2020 |
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October 12, 2020 |
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October 27, 2020 |
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$ |
0.507810 |
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| June 18, 2020 |
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July 10, 2020 |
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July 27, 2020 |
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$ |
0.507810 |
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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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| September 21, 2021 |
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October 13, 2021 |
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October 27, 2021 |
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$ |
0.476560 |
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| June 17, 2021 |
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July 12, 2021 |
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July 27, 2021 |
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$ |
0.476560 |
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| March 18, 2021 |
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April 12, 2021 |
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April 27, 2021 |
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$ |
0.476560 |
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| December 17, 2020 |
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January 12, 2021 |
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January 27, 2021 |
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$ |
0.476560 |
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| September 21, 2020 |
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October 12, 2020 |
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October 27, 2020 |
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$ |
0.476560 |
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| June 18, 2020 |
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July 10, 2020 |
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July 27, 2020 |
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$ |
0.476560 |
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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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| September 21, 2021 |
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October 13, 2021 |
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October 27, 2021 |
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$ |
0.453130 |
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| June 17, 2021 |
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July 12, 2021 |
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July 27, 2021 |
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$ |
0.453130 |
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| March 18, 2021 |
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April 12, 2021 |
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April 27, 2021 |
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$ |
0.453130 |
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| December 17, 2020 |
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January 12, 2021 |
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January 27, 2021 |
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$ |
0.453130 |
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| September 21, 2020 |
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October 12, 2020 |
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October 27, 2020 |
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$ |
0.453130 |
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| June 18, 2020 |
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July 10, 2020 |
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July 27, 2020 |
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$ |
0.453130 |
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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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February 4, 2021(1)
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March 15, 2021 |
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March 15, 2021 |
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$ |
0.322920 |
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| December 17, 2020 |
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January 1, 2021 |
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January 15, 2021 |
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$ |
0.484375 |
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| September 21, 2020 |
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October 1, 2020 |
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October 15, 2020 |
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$ |
0.484375 |
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| June 18, 2020 |
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July 1, 2020 |
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July 15, 2020 |
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$ |
0.484375 |
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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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February 4, 2021(1)
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March 15, 2021 |
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March 15, 2021 |
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$ |
0.312500 |
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| December 17, 2020 |
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January 1, 2021 |
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January 15, 2021 |
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$ |
0.468750 |
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| September 21, 2020 |
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October 1, 2020 |
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October 15, 2020 |
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$ |
0.468750 |
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| June 18, 2020 |
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July 1, 2020 |
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July 15, 2020 |
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$ |
0.468750 |
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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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____________________
(1)On February 4, 2021, the Company announced the redemption of all outstanding shares of the Company’s Series D Preferred Stock and Series E Preferred Stock. The redemption date for each series was March 15, 2021 and holders of record as of such date received the redemption payment of $25.00, plus any accumulated and unpaid dividends thereon up to, but excluding, the redemption date. The cash dividend payment amount identified in this row represents the per share accrued and unpaid dividends paid on the redemption date.
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| Schedule of Stock by Class |
The following table presents a reconciliation of the common shares outstanding for the nine months ended September 30, 2021 and 2020:
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Number of common shares |
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| Common shares outstanding, December 31, 2019 |
272,935,731 |
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| Issuance of common stock |
50,729 |
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| Repurchase of common stock |
(105,300) |
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Non-cash equity award compensation (1)
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813,251 |
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| Common shares outstanding, September 30, 2020 |
273,694,411 |
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| Common shares outstanding, December 31, 2020 |
273,703,882 |
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| Issuance of common stock |
40,051,592 |
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| Repurchase of common stock |
— |
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Non-cash equity award compensation (1)
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144,753 |
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| Common shares outstanding, September 30, 2021 |
313,900,227 |
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____________________
(1)See Note 17 - Equity Incentive Plans for further details regarding the Company’s Equity Incentive Plans.
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| Common Dividends Declared |
The following table presents cash dividends declared by the Company on its common stock from December 31, 2019 through September 30, 2021:
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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 |
| September 21, 2021 |
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October 1, 2021 |
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October 29, 2021 |
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$ |
0.170000 |
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| June 17, 2021 |
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June 29, 2021 |
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July 29, 2021 |
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$ |
0.170000 |
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| March 18, 2021 |
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March 29, 2021 |
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April 29, 2021 |
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$ |
0.170000 |
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| December 17, 2020 |
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December 30, 2020 |
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January 29, 2021 |
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$ |
0.170000 |
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| September 21, 2020 |
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October 1, 2020 |
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October 29, 2020 |
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$ |
0.140000 |
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| June 18, 2020 |
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June 30, 2020 |
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July 29, 2020 |
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$ |
0.140000 |
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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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$ |
0.050000 |
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