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CAPITAL STOCK
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
CAPITAL STOCK
14. CAPITAL STOCK
(A)    Common Stock

The following table provides a summary of the Company’s common shares authorized, and issued and outstanding at September 30, 2021 and December 31, 2020.
Shares authorizedShares issued and outstanding
September 30, 2021December 31, 2020September 30, 2021December 31, 2020Par Value
Common stock
2,936,500,000 2,914,850,000 1,449,935,017 1,398,240,618 $0.01
In June 2019, the Company announced that its board of directors (“Board”) had authorized the repurchase of up to $1.5 billion of its outstanding shares of common stock, which expired on December 31, 2020 (the “Prior Share Repurchase Program”). In December 2020, the Company announced that its Board authorized the repurchase of up to $1.5 billion of its outstanding common shares through December 31, 2021 (the “Current Share Repurchase Program”). The Current Share Repurchase
Program replaced the Prior Share Repurchase Program. During the three and nine months ended September 30, 2021, no shares were purchased under the Current Share Repurchase Program. During the three and nine months ended September 30, 2020, the Company repurchased 4.8 million and 27.7 million shares of its common stock, respectively, for an aggregate amount of $31.3 million and $174.7 million, respectively, excluding commission costs, under the Prior Share Repurchase Program. All common shares were purchased in open-market transactions.
In January 2018, the Company entered into separate Distribution Agency Agreements (as amended and restated on August 6, 2021 and August 6, 2020, collectively, the “Sales Agreements”) with each of Wells Fargo Securities, LLC, BofA Securities, Inc. (formerly known as Merrill Lynch, Pierce, Fenner & Smith, Incorporated), Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC and UBS Securities LLC (the “Sales Agents”). The Company may offer and sell shares of its common stock, having an aggregate offering price of up to $1.5 billion from time to time through any of the Sales Agents. During the three and nine months ended September 30, 2021, the Company issued 5.6 million and 51.1 million shares, respectively, for proceeds of $49.0 million and $469.5 million, respectively, net of commissions and fees, under the at-the-market sales program. No shares were issued under the at-the-market sales program during the three and nine months ended September 30, 2020.

(B)    Preferred Stock

The following is a summary of the Company’s cumulative redeemable preferred stock outstanding at September 30, 2021 and December 31, 2020. In the event of a liquidation or dissolution of the Company, the Company’s then outstanding preferred stock takes precedence over the Company’s common stock with respect to payment of dividends and the distribution of assets.
Shares AuthorizedShares Issued And OutstandingCarrying ValueContractual Rate
Earliest Redemption Date (1)
Date At Which Dividend Rate Becomes FloatingFloating Annual Rate
September 30, 2021December 31, 2020September 30, 2021December 31, 2020September 30, 2021December 31, 2020
Fixed-rate(dollars in thousands)
Series D— 18,400,000 — — — — 7.50%9/13/2017NANA
Fixed-to-floating rate
Series F28,800,000 28,800,000 28,800,000 28,800,000 696,910 696,910 6.95%9/30/20229/30/2022
3M LIBOR + 4.993%
Series G17,000,000 19,550,000 17,000,000 17,000,000 411,335 411,335 6.50%3/31/20233/31/2023
3M LIBOR + 4.172%
Series I17,700,000 18,400,000 17,700,000 17,700,000 428,324 428,324 6.75%6/30/20246/30/2024
3M LIBOR + 4.989%
Total63,500,000 85,150,000 63,500,000 63,500,000 $1,536,569 $1,536,569 
(1) Subject to the Company’s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.

Each series of preferred stock has a par value of $0.01 per share and a liquidation and redemption price of $25.00, plus accrued and unpaid dividends through their redemption date. Through September 30, 2021, the Company had declared and paid all required quarterly dividends on the Company’s preferred stock.
The Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, Series G Fixed-to-Floating Rate Cumulative Preferred Stock and Series I Fixed-to-Floating Rate Cumulative Preferred Stock rank senior to the common stock of the Company.
(C)    Distributions to Stockholders

The following table provides a summary of the Company’s dividend distribution activity for the periods presented:
 For the Three Months Ended
For the Nine Months Ended
 September 30, 2021September 30, 2020September 30, 2021September 30, 2020
 (dollars in thousands, except per share data)
Dividends and dividend equivalents declared on common stock and share-based awards$319,768 $309,175 $946,648 $976,966 
Distributions declared per common share$0.22 $0.22 $0.66 $0.69 
Distributions paid to common stockholders after period end$318,986 $308,644 $318,986 $308,644 
Distributions paid per common share after period end$0.22 $0.22 $0.22 $0.22 
Date of distributions paid to common stockholders after period endOctober 29, 2021October 30, 2020October 29, 2021October 30, 2020
Dividends declared to series D preferred stockholders$— $8,625 $— $25,875 
Dividends declared per share of series D preferred stock$— $0.469 $— $1.406 
Dividends declared to series F preferred stockholders$12,510 $12,510 $37,530 $37,530 
Dividends declared per share of series F preferred stock$0.434 $0.434 $1.303 $1.303 
Dividends declared to series G preferred stockholders$6,906 $6,906 $20,718 $20,718 
Dividends declared per share of series G preferred stock$0.406 $0.406 $1.219 $1.219 
Dividends declared to series I preferred stockholders$7,467 $7,468 $22,401 $22,404 
Dividends declared per share of series I preferred stock$0.422 $0.422 $1.266 $1.266