Subsequent Events

The following events occurred subsequent to March 31, 2018:

Real Estate Investment Activity

From April 1, 2018 through April 27, 2018, the Company disposed of 14 properties for an aggregate gross sales price of $27.8 million, of which the Company’s share was $24.8 million and an estimated gain of $1.7 million. In addition, the Company acquired one property for an aggregate purchase price of $5.2 million, excluding capitalized external acquisition-related expenses.

Mortgage Loan Agreements

Subsequent to March 31, 2018, the Company entered into a deed-in-lieu of foreclosure agreement with the lender of a mortgage loan secured by one property, with an outstanding balance of $16.2 million on the date of agreement and conveyed its interest in the property to satisfy the mortgage loan. The Company estimates a $5.2 million gain on forgiveness of debt, as a result of the deed-in-lieu of foreclosure transaction.

Share Repurchase Program

On May 3, 2018, the Company’s board of directors terminated the Share Repurchase Program and authorized a new program that permits the Company to repurchase up to $200.0 million of its outstanding Common Stock through May 3, 2019, as market conditions warrant. This new program has similar terms as the Share Repurchase Program.

Common Stock Dividend

On May 3, 2018, 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 2018 to stockholders of record as of June 29, 2018, which will be paid on July 16, 2018. An equivalent distribution by the Operating Partnership is applicable per OP unit.

Preferred Stock Dividend

On May 3, 2018, the Company’s board of directors declared a monthly cash dividend to holders of the Series F Preferred Stock for July 2018 through September 2018 with 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, 2018 - July 14, 2018	July 1, 2018	July 16, 2018
July 15, 2018 - August 14, 2018	August 1, 2018	August 15, 2018
August 15, 2018 - September 14, 2018	September 1, 2018	September 17, 2018