DISTRIBUTIONS

The Company has declared distributions for the months of January 2017 through December 2017 at an amount equal to $0.65 per share, per year. For the months of January 2018 through June 2018, the Company declared distributions at an amount equal to $0.0541667 per share, per month ($0.65 per share on an annualized basis). Of this amount, $0.02 of the per share, per month distribution will be designated by the Company as a return of a portion of the stockholders’ invested capital and, as such, will reduce the stockholders’ remaining investment in the Company.

Additionally, on December 29, 2017, the Company declared a distribution to stockholders of $1.05 (the “Special Distribution”) per share that was paid in cash to all stockholders of record as of December 30, 2017 in January 2018. This distribution has been designated by the Company as a special distribution, which represents a return of a portion of the stockholders’ invested capital from sales of investment property and, as such, will reduce their remaining investment in the Company. The Special Distribution represents a portion of the net proceeds received from the strategic sale of six assets during 2017. The Special Distribution was not subject to reinvestment pursuant to the Company’s dividend reinvestment plan.

The table below outlines the Company’s total distributions declared to stockholders and noncontrolling interests for each of the quarters ended during 2018 and 2017, including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). The Company declared distributions to the Company’s stockholders as of daily record dates through December 2017, and as of monthly record dates from January 2018 to May 2018 and aggregates and pays such distributions monthly.



	Stockholders							Noncontrolling Interests
Distributions for the three months ended	Cash Distributions			Distributions Reinvested		Total Declared		Total Declared
2018
March 31, 2018	$	22,126		$	22,294	$	44,420	$	60
Total	$	22,126		$	22,294	$	44,420	$	60
2017
December 31, 2017	$	310,078	⁽¹⁾	$	22,890	$	332,968	$	1,064
September 30, 2017	22,224			23,031		45,255		1,786
June 30, 2017	21,935			22,953		44,888		21,053		⁽²⁾
March 31, 2017	21,614			22,883		44,497		2,804
Total	$	375,851		$	91,757	$	467,608	$	26,707


(1)	Includes $288.0 million related to the Special Distribution described above.


(2)	For the three months ended June 30, 2017, distributions declared to the noncontrolling interests included a distribution totaling $21.0 million to the Company’s JV partner in the Aviva Coral Gables JV, as a result of the sale of Aviva Coral Gables.