Note 14 - Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

14. Stockholders’ Equity

Preferred Stock -

The Company’s outstanding Preferred Stock is detailed below:

As of June 30, 2020 and December 31, 2019
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate		Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		9,000	$	225,000		5.125%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,580		264,500		5.250%	$	1.31250	$	1.00	12/20/2022
				19,580	$	489,500

Common Stock -

During February 2020, the Company extended its share repurchase program for a term of two years, which will expire in February 2022, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. The Company did not repurchase any shares under the share repurchase program during the six months ended June 30, 2020. As of June 30, 2020, the Company had $224.9 million available under this share repurchase program.

During September 2019, the Company established an at the market continuous offering program (“ATM program”), pursuant to which the Company may offer and sell from time to time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. The Company did not offer for sale any shares of common stock under the ATM program during the six months ended June 30, 2020.

Dividends Declared -

The following table provides a summary of the dividends declared per share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Common Shares (1)	$	-	$	0.28000	$	0.28000	$	0.56000
Class I Depositary Shares (2)	$	-	$	0.37500	$	-	$	0.75000
Class J Depositary Shares (2)	$	-	$	0.34375	$	-	$	0.68750
Class K Depositary Shares (2)	$	-	$	0.35156	$	-	$	0.70312
Class L Depositary Shares	$	0.32031	$	0.32031	$	0.64062	$	0.64062
Class M Depositary Shares	$	0.32813	$	0.32813	$	0.65626	$	0.65626

(1) For the three months ended June 30, 2020, as a result of the COVID-19 pandemic and the future economic uncertainties, out of an abundance of caution, the Company’s Board of Directors has temporarily suspended the dividend on its common shares. The Company’s Board of Directors will continue to monitor the Company’s financial performance and economic outlook, as well as the Company’s compliance with REIT taxable income distribution requirements.

(2) Shares were fully redeemed during 2019.