Subsequent Events

The following events occurred subsequent to December 31, 2016:

Real Estate Investment Activity

From January 1, 2017 through February 17, 2017, the Company sold 19 properties for an aggregate gross sales price of $67.2 million, of which our share was $62.3 million and an estimated gain of $5.1 million. In addition, the Company acquired one property for a purchase price of $46.0 million and consolidated the fee and leasehold interest of three properties with the accompanying land purchases for $20.4 million.

Mortgage Loan Agreements

Subsequent to December 31, 2016, the Company received two notices of default from the lenders of two non-recourse loans each secured by one property, which had an aggregate outstanding balance of $41.8 million on the notice date, due to the Company’s non-repayment of the respective loan balances at maturity.

Common Stock Dividend

On February 22, 2017, 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 first quarter of 2017 to stockholders of record as of March 31, 2017, which will be paid on April 17, 2017. An equivalent distribution by the Operating Partnership is applicable per OP unit.

Preferred Stock Dividend

On February 22, 2017, the Company’s board of directors declared a monthly cash dividend to holders of the Series F Preferred Stock for April 2017 through June 2017 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
March 15, 2017 - April 14, 2017	April 1, 2017	April 17, 2017
April 15, 2017 - May 14, 2017	May 1, 2017	May 15, 2017
May 15, 2017 - June 14, 2017	June 1, 2017	June 15, 2017