CAPITAL STOCK (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Schedule of Stock by Class

The following table provides a summary of the Company’s common shares authorized and issued and outstanding at September 30, 2018 and December 31, 2017.

	Shares authorized		Shares issued and outstanding
	September 30, 2018	December 31, 2017	September 30, 2018	December 31, 2017	Par Value
Common stock	1,924,050,000	1,929,300,000	1,303,079,555	1,159,585,078	$0.01

The following is a summary of the Company’s cumulative redeemable preferred stock outstanding at September 30, 2018 and December 31, 2017. In the event of a liquidation or dissolution of the Company, the Company’s then outstanding preferred stock takes precedence over the Company’s common stock with respect to payment of dividends and the distribution of assets.

	Shares authorized		Shares issued and outstanding		Carrying value				Contractual rate	Earliest redemption date (1)	Date at which dividend rate becomes floating	Floating annual rate
	September 30, 2018	December 31, 2017	September 30, 2018	December 31, 2017	September 30, 2018		December 31, 2017
Fixed-rate:		(dollars in thousands)
Series C	7,000,000	12,000,000	7,000,000	12,000,000	$	169,466	$	290,514	7.625%	5/16/2017	NA	NA
Series D	18,400,000	18,400,000	18,400,000	18,400,000	445,457		445,457		7.50%	9/13/2017	NA	NA
Series E	—	11,500,000	—	11,500,000	—		287,500		7.625%	8/27/2017	NA	NA
Series H	2,200,000	—	2,200,000	—	55,000		—		8.125%	5/22/2019	NA	NA
Fixed-to-floating rate:
Series F	28,800,000	28,800,000	28,800,000	28,800,000	696,910		696,910		6.95%	9/30/2022	9/30/2022	3M LIBOR + 4.993%
Series G	19,550,000	—	17,000,000	—	411,335		—		6.50%	3/31/2023	3/31/2023	3M LIBOR + 4.172%
Total	75,950,000	70,700,000	73,400,000	70,700,000	$	1,778,168	$	1,720,381

⁽¹⁾ Subject to the Company’s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.

Summary of Dividend Reinvestment Plan

The following table provides a summary of activity related to the Company’s Direct Purchase and Dividend Reinvestment Program.

	Nine Months Ended
	September 30, 2018		September 30, 2017
	(dollars in thousands)
Shares issued through direct purchase and dividend reinvestment program	245,000		169,000
Amount raised from direct purchase and dividend reinvestment program	$	2,584	$	1,949

Summary of Dividend Distribution Activity

The following table provides a summary of the Company’s dividend distribution activity for the periods presented:

	Nine Months Ended
	September 30, 2018		September 30, 2017
	(dollars in thousands, except per share data)
Distributions declared to common stockholders	$	1,062,685	$	937,825
Distributions declared per common share	$	0.90	$	0.90
Distributions paid to common stockholders after period end	$	102,811	$	326,425
Distributions paid per common share after period end	$	0.08	$	0.30
Date of distributions paid to common stockholders after period end	October 31, 2018		October 31, 2017
Dividends declared to Series A Preferred stockholders	$	—	$	9,527
Dividends declared per share of Series A Preferred Stock	$	—	$	1.477
Dividends declared to Series C Preferred stockholders	$	10,987	$	17,157
Dividends declared per share of Series C Preferred Stock (1)	$	1.430	$	1.430
Dividends declared to Series D Preferred stockholders	$	25,875	$	25,875
Dividends declared per share of Series D Preferred Stock	$	1.406	$	1.406
Dividends declared to Series E Preferred stockholders	$	2,253	$	16,441
Dividends declared per share of Series E Preferred Stock	$	0.196	$	1.430
Dividends declared to Series F Preferred stockholders	$	37,530	$	—
Dividends declared per share of Series F Preferred Stock (2)	$	1.303	$	—
Dividends declared to Series G Preferred stockholders	$	19,875	$	—
Dividends declared per share of Series G Preferred Stock	$	1.169	$	—
Dividends declared to Series H Preferred stockholders	$	298	$	—
Dividends declared per share of Series H Preferred Stock	$	0.135	$	—

⁽¹⁾ Includes dividends declared per share for shares outstanding at September 30, 2018.

⁽²⁾ Includes cumulative and undeclared dividends on the Company’s Series F Preferred Stock of $8.3 million for the nine

months ended September 30, 2017.