AIR Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

AIR Equity

AIR Equity

Common Stock

During the years ended December 31, 2023, 2022, and 2021, we declared regular, recurring cash dividends per common share of $1.80, $1.80, and $1.74, respectively.

Share Repurchases

During the year ended December 31, 2023, we repurchased 4.3 million shares of Common Stock for $149.0 million, at an average price of $34.48. Subsequent to year ended December 31, 2023, AIR's Board of Directors authorized an additional $500 million of share repurchases, which replaced the remaining $34.3 million balance under the previous share repurchase authorization. We consider share buybacks as part of a balanced investment program.

Equity Issuance

On April 23, 2021, we issued and sold 7.8 million shares of our Class A Common Stock for $43.77 per share in a private placement to a large global real estate-focused investment firm and received cash proceeds of $342.2 million, net of fees. Proceeds raised were used to repay $318.4 million of property debt with a weighted-average interest rate of 4.6%.

Preferred Stock

As of December 31, 2023 and 2022, we had a single class of perpetual Preferred Stock outstanding, our Class A Preferred Stock, with 20 shares issued and outstanding and a balance of $2.0 million.

Our Class A Preferred Stock has a $0.01 per share par value, is senior to our Common Stock, has a liquidation preference per share of $100,000, and is redeemable at our option on or after December 15, 2025. The holders of our Class

A Preferred Stock are generally not entitled to vote on matters submitted to stockholders. Dividends in an amount per share equal to 8.5% per annum are subject to declaration by our Board of Directors.