Equity

12 Months Ended

Dec. 31, 2019

Common Stock Issuances

At December 31, 2019, the Company had 96.2 million remaining shares of Common Stock authorized to be issued under its charter.

Common Stock Dividends

Dividends of the Company declared per share of Common Stock aggregated $1.90, $1.85 and $1.76 for the years ended December 31, 2019, 2018 and 2017, respectively.

The following table sets forth the Company's estimated taxability to the common stockholders of dividends per share for federal income tax purposes:



	Year Ended December 31,
	2019		2018		2017
Ordinary dividend	$	1.64	$	1.48	$	1.50
Capital gains	0.13		0.31		0.32
Return of capital	0.13		0.06		—
Total	$	1.90	$	1.85	$	1.82

The Company's tax returns have not been examined by the Internal Revenue Service (“IRS”) and, therefore, the taxability of dividends is subject to change.

Preferred Stock

The following table sets forth the Company's Preferred Stock:



	Issue Date	Number of Shares Outstanding	Carrying Value		Liquidation Preference Per Share		Optional Redemption Date	Annual Dividends Payable Per Share
		(in thousands)
December 31, 2019
8.625% Series A Cumulative Redeemable	2/12/1997	29	$	28,859	$	1,000	2/12/2027	$	86.25
December 31, 2018
8.625% Series A Cumulative Redeemable	2/12/1997	29	$	28,877	$	1,000	2/12/2027	$	86.25

The following table sets forth the Company's estimated taxability to the preferred stockholders of dividends per share for federal income tax purposes:



	Year Ended December 31,
	2019		2018		2017
8.625% Series A Cumulative Redeemable:
Ordinary dividend	$	79.90	$	71.22	$	71.00
Capital gains	6.35		15.03		15.25
Total	$	86.25	$	86.25	$	86.25

The Company's tax returns have not been examined by the IRS and, therefore, the taxability of dividends is subject to change.

Warrants

At December 31, 2019 and 2018, we had 15,000 warrants outstanding with an exercise price of $32.50 per share. Upon exercise of a warrant, the Company will contribute the exercise price to the Operating Partnership in exchange for Common Units. Therefore, the Operating Partnership accounts for such warrants as if issued by the Operating Partnership. These warrants have no expiration date.

Common Unit Distributions

Distributions of the Operating Partnership declared per Common Unit aggregated $1.90, $1.85 and $1.76 for the years ended December 31, 2019, 2018 and 2017, respectively.

Redeemable Common Units

Generally, the Operating Partnership is obligated to redeem each Redeemable Common Unit at the request of the holder thereof for cash equal to the value of one share of Common Stock based on the average of the market price for the 10 trading days immediately preceding the notice date of such redemption, provided that the Company, at its option, may elect to acquire any such Redeemable Common Unit presented for redemption for cash or one share of Common Stock. When a holder redeems a Redeemable Common Unit for a share of Common Stock or cash, the Company’s share in the Operating Partnership will be increased. The Common Units owned by the Company are not redeemable.

Preferred Units

The following table sets forth the Operating Partnership's Preferred Units:



	Issue Date	Number of Units Outstanding	Carrying Value		Liquidation Preference Per Unit		Optional Redemption Date	Annual Distributions Payable Per Unit
		(in thousands)
December 31, 2019
8.625% Series A Cumulative Redeemable	2/12/1997	29	$	28,859	$	1,000	2/12/2027	$	86.25
December 31, 2018
8.625% Series A Cumulative Redeemable	2/12/1997	29	$	28,877	$	1,000	2/12/2027	$	86.25