Subsequent Events

The following events occurred subsequent to March 31, 2016:

Real Estate Investment Activity

From April 1, 2016 through May 3, 2016, the Company disposed of 28 properties for an aggregate gross sales price of $48.2 million and an estimated gain of $3.8 million.

Common Stock Dividend

On May 4, 2016, the Company’s board of directors declared a quarterly cash dividend of $0.1375 per share of common stock (equaling an annualized dividend rate of $0.55 per share) for the second quarter of 2016 to stockholders of record as of June 30, 2016, which will be paid on July 15, 2016. An equivalent distribution by the Operating Partnership is applicable per OP unit.

Preferred Stock Dividend

On May 4, 2016, the Company’s board of directors declared a monthly cash dividend to holders of the Series F Preferred Stock for July 2016 through September 2016 in respect to the periods included in the table below. The corresponding record and payment dates for each month's Series F Preferred Stock dividend are also shown in the table below. The dividend for the Series F Preferred Stock accrues daily on a 360-day annual basis equal to an annualized dividend rate of $1.675 per share, or $0.1395833 per 30-day month.



Period	Record Date	Payment Date
June 15, 2016 - July 14, 2016	July 1, 2016	July 15, 2016
July 15, 2016 - August 14, 2016	August 1, 2016	August 15, 2016
August 15, 2016 - September 14, 2016	September 1, 2016	September 15, 2016

New Cole REIT Share Class

Commencing on April 29, 2016, two of the Cole REITs, CCIT II and CCPT V, began offering Class T shares of common stock (the “Class T Shares”) in addition to the class of shares of common stock already being offered (now referred to as Class A shares). The Class T Shares are subject to selling commissions of 3.0% of the respective Cole REIT’s gross offering proceeds in their primary offering and dealer manager fees of 2.0% of the respective Cole REIT’s gross offering proceeds in their primary offering, before reallowance of commissions earned by participating broker-dealers. In addition, Class T Shares purchased in the respective Cole REIT’s primary offering will pay a distribution and stockholder servicing fee, which accrues daily in the amount of 1/365th of 0.8% of the respective Cole REIT’s estimated net asset value of Class T Shares and will be paid monthly in arrears.