Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

As of March 31, 2014, the Company had 153,017,311 shares of Common Stock outstanding.

As of March 31, 2014, approximately $305.3 million remained available for issuance under the Company's $600 million “at the market” stock offering program. No shares were issued under the “at the market” stock offering program during the three months ended March 31, 2014.

During the three months ended March 31, 2014, the Company issued 18,528 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from third parties.

On January 29, 2014, the Company paid a special cash dividend and regular quarterly dividend aggregating$2.90 per share of Common Stock to shareholders of record as of the close of business on December 31, 2013. On March 18, 2014, the Company's Board of Directors declared a dividend of $0.65 per share of Common Stock payable on April 30, 2014 to shareholders of record as of the close of business on March 31, 2014.

As of March 31, 2014, the Company had 80,000 shares (8,000,000 depositary shares each representing 1/100th of a share) outstanding of its 5.25% Series B Cumulative Redeemable Preferred Stock with a liquidation preference of $2,500.00 per share ($25.00 per depositary share). The Company will pay cumulative cash dividends on the Series B Preferred Stock at a rate of 5.25% per annum of the $2,500.00 liquidation preference per share. The Company may not redeem the Series B Preferred Stock prior to March 27, 2018, except in certain circumstances relating to the preservation of the Company's REIT status. On or after March 27, 2018, the Company, at its option, may redeem the Series B Preferred Stock for a cash redemption price of $2,500.00 per share ($25.00 per depositary share), plus all accrued and unpaid dividends. The Series B Preferred Stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of the Company or its affiliates.

On February 18, 2014, the Company paid a dividend on its outstanding Series B Preferred Stock of $32.8125 per share. On March 18, 2014, the Company's Board of Directors declared a dividend of $32.8125 per share of Series B Preferred Stock payable on May 15, 2014 to shareholders of record as of the close of business on May 5, 2014.