Subsequent Events

6 Months Ended

Jun. 30, 2019

The following events occurred subsequent to June 30, 2019:

Real Estate Investment Activity

From July 1, 2019 through July 31, 2019 the Company disposed of 11 properties for an aggregate gross sales price of $30.7 million, of which four were held for sale with an aggregate carrying value of $9.1 million as of June 30, 2019. The Company’s share of the aggregate sales price was $27.5 million with an estimated gain of $4.2 million. Additionally, on July 2, 2019, the foreclosure sale of one property occurred to settle the related mortgage note obligation for which the Company was in default as of June 30, 2019.

From July 1, 2019 through July 31, 2019 the Company acquired three properties for an aggregate purchase price of $21.8 million, excluding capitalized external acquisition-related expenses.

Debt Activity

Subsequent to June 30, 2019, the Company entered into forward starting interest rate swaps with a total notional amount of $400.0 million and an average effective treasury rate of approximately 2.10%. The swaps are structured to hedge the 10-year Treasury interest rate risk component associated with the expected issuance of 10-year public debt between May 1, 2020 and December 31, 2021.

Common Stock Dividend

On August 5, 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 third quarter of 2019 to stockholders of record as of September 30, 2019, which will be paid on October 15, 2019. An equivalent distribution by the Operating Partnership is applicable per OP Unit.

Preferred Stock Dividend

On August 5, 2019, the Company’s Board of Directors declared a monthly cash dividend to holders of the Series F Preferred Stock for October 2019 through December 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
September 15, 2019 - October 14, 2019	October 1, 2019	October 15, 2019
October 15, 2019 - November 14, 2019	November 1, 2019	November 15, 2019
November 15, 2019 - December 14, 2019	December 1, 2019	December 16, 2019

Series F Preferred Stock

On July 5, 2019, the Company redeemed 4.0 million shares of its Series F Preferred Stock, representing approximately 9.33% of its issued and outstanding shares. The shares of Series F Preferred Stock were redeemed at a redemption price of $25.00 per share.