STOCKHOLDERS' EQUITY

Dividends

Cash dividends per share of Common Stock declared during the nine months ended September 30, 2019 and 2018 consist of the following:



Declaration Date	Payment Date	Type	Cash Dividend Per Common Share (1)
August 8, 2019	September 18, 2019	Regular Quarterly	$	0.07500
August 8, 2019	August 30, 2019	Special Cash	$	42.00000
June 4, 2019	June 27, 2019	Regular Quarterly	$	0.37500
February 20, 2019	March 25, 2019	Regular Quarterly	$	0.37500

August 22, 2018	September 25, 2018	Regular Quarterly	$	0.37500
June 4, 2018	June 28, 2018	Regular Quarterly	$	0.37500
March 6, 2018	March 29, 2018	Regular Quarterly	$	0.37500


(1)	Amounts have been adjusted to give retroactive effect to the Reverse Stock Split.

On December 18, 2017, we declared a special cash dividend of $2.19 per share of Common Stock ($0.73 per share prior to the Reverse Stock Split), or $1,575,000 in the aggregate, which was paid on January 11, 2018 to stockholders of record on December 29, 2017. This special cash dividend allowed common stockholders that did not participate in the December 18, 2017 private repurchase to receive the economic benefit of such repurchase. Pursuant to the December 18, 2017 private repurchase, the Company repurchased in a privately negotiated transaction, canceled and retired 4,696,969 shares of Common Stock from Urban Partners II, LLC ("Urban II"), a fund managed by an affiliate of CIM Group, the Administrator and the Operator of CIM Commercial (each as defined in Note 14), and an affiliate of CIM REIT and CIM Urban, for an aggregate purchase price of $310,000,000, or $66.00 per share. Urban II waived its right to receive the January 11, 2018 special cash dividend.

On August 30, 2019, in connection with the Program to Unlock Embedded Value in Our Portfolio and Improve Trading Liquidity of Our Common Stock, as defined in "Item 2 —Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Quarterly Report on Form 10-Q, we paid a special cash dividend of $42.00 per share of Common Stock ($14.00 per share of Common Stock prior to the Reverse Stock Split) (the “Special Dividend”), or $613,294,000 in the aggregate, to stockholders of record at the close of business on August 19, 2019. The Special Dividend was funded primarily by the net proceeds (after the repayment of debt) received from the sale of ten properties during 2019 (Note 3) and borrowings on our revolving credit facility.

Series A Preferred Warrants

Each Series A Preferred Unit consists of (i) one share of Series A Preferred Stock (Note 10) and (ii) one Series A Preferred Warrant (Note 10) which allows the holder to purchase 0.25 of a share of Common Stock. The Series A Preferred Warrants are exercisable beginning on the first anniversary of the date of their original issuance until and including the fifth anniversary of the date of such issuance. The exercise price of each Series A Preferred Warrant is at a 15.0% premium to the per share estimated NAV of our Common Stock (as most recently published and designated as the Applicable NAV by us at the time of each issuance of Series A Preferred Warrants). The exercise price of each Series A Preferred Warrant issued prior to the Reverse Stock Split has been amended to account for the effect of the Reverse Stock Split and the Special Dividend.

Proceeds and expenses from the sale of the Series A Preferred Units are allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance. As of September 30, 2019, we had issued 4,104,867 Series A Preferred Warrants in connection with our offering of Series A Preferred Units and allocated net proceeds of $496,000, after specifically identifiable offering costs and allocated general offering costs, to the Series A Preferred Warrants in permanent equity.