NOTE 13. Equity

Common Stock

On February 2, 2017, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.37 per share. The common stock cash dividend will be paid on March 2, 2017 to stockholders of record as of the close of business on February 15, 2017.

During the years ended December 31, 2016, 2015 and 2014, the Company declared and paid common stock cash dividends of $2.095, $2.26 and $2.18 per share, respectively.

In June 2015, the Company established an at-the-market equity offering program (“ATM Program”). Under this program, the Company may sell shares of its common stock from time to time having an aggregate gross sales price of up to $750 million through a consortium of banks acting as sales agents or directly to the banks acting as principals. During the year ended December 31, 2015, the Company issued 1.8 million shares of common stock at a weighted average price of $40.14 for proceeds of $73 million, net of fees and commissions of $1 million. There was no activity during the year ended December 31, 2016.

The following table summarizes the Company’s other common stock activities (shares in thousands):


	Year Ended
	December 31,
	2016	2015	2014
Dividend Reinvestment and Stock Purchase Plan	2,021	2,762	2,299
Conversion of DownREIT units	145	104	27
Exercise of stock options	133	823	169
Vesting of restricted stock units	529	409	614
Repurchase of common stock	237	198	323

Accumulated Other Comprehensive Loss

The following table summarizes the Company’s accumulated other comprehensive loss (in thousands):


	December 31,
	2016		2015
Cumulative foreign currency translation adjustment	$	(22,817)	$	(19,485)
Unrealized losses on cash flow hedges, net		(3,642)		(7,582)
Supplemental Executive Retirement Plan minimum liability		(3,129)		(3,411)
Unrealized (losses) gains on available for sale securities		(54)		8
Total accumulated other comprehensive loss	$	(29,642)	$	(30,470)

Noncontrolling Interests

On October 7, 2015, the Company issued a 49% noncontrolling interest in HCP Ventures V to an institutional capital investor for $110 million. HCP Ventures V owns a portfolio of 11 on-campus MOBs located in Texas and acquired through a sale-leaseback transaction with Memorial Hermann in June 2015.

At December 31, 2016, there were 4 million non-managing member units (7 million shares of HCP common stock are issuable upon conversion) outstanding in five DownREIT LLCs, all of which the Company is the managing member of. At December 31, 2016, the carrying and market values of the four million DownREIT units were $179 million and $199 million, respectively.

See Note 20 for the supplemental schedule of non-cash financing activities.