STOCKHOLDERS' EQUITY

Dividends

Cash dividends per share of Common Stock paid in respect of the years ended December 31, 2019 and 2018 consist of the following:



Declaration Date	Payment Date	Type	Cash Dividend Per Common Share (1)
December 3, 2019	December 27, 2019	Regular Quarterly	$	0.075
August 8, 2019	September 18, 2019	Regular Quarterly	$	0.075
August 8, 2019	August 30, 2019	Special Cash	$	42.000
June 4, 2019	June 27, 2019	Regular Quarterly	$	0.375
February 20, 2019	March 25, 2019	Regular Quarterly	$	0.375
December 4, 2018	December 27, 2018	Regular Quarterly	$	0.375
August 22, 2018	September 25, 2018	Regular Quarterly	$	0.375
June 4, 2018	June 28, 2018	Regular Quarterly	$	0.375
March 6, 2018	March 29, 2018	Regular Quarterly	$	0.375


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

On March 2, 2020, we declared a cash dividend of $0.075 per share of our Common Stock, to be paid on March 25, 2020 to stockholders of record at the close of business on March 13, 2020.

We declared the special cash dividends detailed below to allow the common stockholders that did not participate in the share repurchases as described below to receive the economic benefit of such repurchases. 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, waived its right to receive the April 5, 2017, June 12, 2017, and December 18, 2017 special cash dividends.

On April 5, 2017, we declared a special cash dividend of $0.84 per share of Common Stock ($0.28 per share prior to the Reverse Stock Split), or $601,000 in the aggregate, that was paid on April 24, 2017 to stockholders of record on April 17, 2017.

On June 12, 2017, we declared a special cash dividend of $5.94 per share of Common Stock ($1.98 per share prior to the Reverse Stock Split), or $4,271,000 in the aggregate, that was paid on June 27, 2017 to stockholders of record on June 20, 2017.

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.

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 1—Business" of this Annual Report on Form 10-K, 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.

Share Repurchases

On June 12, 2017, we repurchased, in a privately negotiated transaction, canceled and retired 8,727,272 shares of Common Stock from Urban II (26,181,818 shares of Common Stock prior to the Reverse Stock Split). The aggregate purchase price was $576,000,000, or $66.00 per share of Common Stock ($22.00 per share of Common Stock prior to the Reverse Stock Split). We funded the repurchase using available cash from asset sales and short-term borrowings on our unsecured credit facility. As a result of the repurchase, our stockholders' equity was reduced by the amount we paid for the repurchased shares and the related expenses. The Company paid a special cash dividend, as described above, on June 27, 2017 that allowed stockholders that did not participate in the June 12, 2017 private repurchase to receive the economic benefit of such repurchase.

On December 18, 2017, we repurchased, in a privately negotiated transaction, canceled and retired 4,696,969 shares of Common Stock from Urban II (14,090,909 shares of Common Stock prior to the Reverse Stock Split). The aggregate purchase price was $310,000,000, or $66.00 per share of Common Stock ($22.00 per share of Common Stock prior to the Reverse Stock Split). We funded the repurchase using available cash from asset sales. As a result of the repurchase, our stockholders' equity was reduced by the amount we paid for the repurchased shares and the related expenses. The Company paid a special cash dividend, as described above, on January 11, 2018 that allowed stockholders that did not participate in the December 18, 2017 private repurchase to receive the economic benefit of such repurchase.

Series A Preferred Warrants

Prior to February 2020, the Series A Preferred Stock was sold as a unit that included one share of Series A Preferred Stock (Note 10) and one Series A Preferred Warrant (Note 10) which allowed holders of Series A Preferred Warrants to purchase 0.25 of a share of Common Stock depending on when such warrants were issued. 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. At the time of 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 most recently published and designated as the Applicable NAV by us at the time of issuance of such Series A Preferred Warrants. However, in accordance with the terms of the Series A Preferred Warrants, the exercise price of each Series A Preferred Warrant issued prior to the Reverse Stock Split was automatically adjusted to reflect the effect of the Reverse Stock Split and, in the discretion of our Board of Directors, the exercise price and the number of shares issuable upon exercise of each Series A Preferred Warrant issued prior to the Special Dividend was adjusted to reflect the effect of 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 December 31, 2019, we had issued 4,484,376 Series A Preferred Warrants in connection with our offering of Series A Preferred Units and allocated net proceeds of $586,000, after specifically identifiable offering costs and allocated general offering costs, to the Series A Preferred Warrants in permanent equity.