Subsequent Events

3 Months Ended

Mar. 31, 2019

The following events occurred subsequent to March 31, 2019:

Real Estate Investment Activity

From April 1, 2019 through May 1, 2019 the Company disposed of 14 properties for an aggregate gross sales price of $175.8 million, of which nine were held for sale with an aggregate carrying value of $22.4 million as of March 31, 2019. The Company’s share of the aggregate sales price was $173.0 million with an estimated gain of $69.3 million. In addition, the Company acquired three properties for an aggregate purchase price of $44.2 million, excluding capitalized external acquisition-related expenses.

Common Stock Dividend

On May 6, 2019, 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 2019 to stockholders of record as of June 28, 2019, which will be paid on July 15, 2019. An equivalent distribution by the Operating Partnership is applicable per OP Unit.

Preferred Stock Dividend

On May 6, 2019, the Company’s Board of Directors declared a monthly cash dividend to holders of the Series F Preferred Stock for July 2019 through September 2019 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, 2019 - July 14, 2019	July 1, 2019	July 15, 2019
July 15, 2019 - August 14, 2019	August 1, 2019	August 15, 2019
August 15, 2019 - September 14, 2019	September 1, 2019	September 16, 2019

Continuous Equity Offering Program

On April 15, 2019, the Company established a new continuous equity offering program pursuant to which the Company may sell shares of Common Stock having an aggregate offering price of up to $750.0 million from time to time through April 15, 2022 in “at-the-market” offerings or certain other transactions (collectively, the “Offering”). The proceeds from any sale of shares in the Offering will be used for general corporate purposes, which may include funding potential acquisitions and repurchasing or repaying outstanding indebtedness. The Offering replaced the Prior Program. Aggregate shares issued under the Prior Program, including those issued subsequent to the three months ended March 31, 2019, totaled 5.0 million, at a weighted average price per share of $8.42, for gross proceeds of $42.5 million. The weighted average price per share, net of offering costs, was $8.30, for net proceeds of $41.8 million.

Share Repurchase Program

On May 6, 2019, the Company’s Board of Directors authorized a new share repurchase program that permits the company to repurchase up to $200.0 million of its outstanding Common Stock through May 6, 2022. This new program has similar terms to the 2018 Share Repurchase Program.