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Common Stock
9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Common Stock
Common Stock
The Company listed its Common Stock on the NYSE under the symbol "GNL" on June 2, 2015. As of September 30, 2016 and December 31, 2015, the Company had 170,242,113 and 168,936,633, respectively, shares of Common Stock outstanding, including shares issued under the DRIP, but not including unvested restricted shares, the OP Units issued to limited partners other than the Company or long-term incentive units issued in accordance with the OPP which are currently, or may be in the future, convertible into shares of Common Stock. On September 2, 2016, 1,264,148 OP Units were converted to Common Stock, of which 916,231 were issued to individual investors, 347,903 were issued to the Service Provider, and 14 were issued to the Special Limited Partner. The Company had 545,530 of OP Units outstanding as of September 30, 2016.
In addition, pursuant to the Merger Agreement, if the Merger is consummated, each outstanding share of Global II Common Stock, including restricted shares, other than shares owned by the Company, any subsidiary of the Company or any wholly owned subsidiary of Global II, will be converted into the right to receive 2.27 shares of Common Stock of the Company in connection with the Mergers. Additionally, each outstanding unit of limited partnership interest, including the Class B Units, of the Global II OP will be converted into the right to receive 2.27 shares of the Company's Common Stock. Based on the closing price of the Company's Common Stock on October 31, 2016 of $7.41 and the number of shares of outstanding Global II Common Stock on September 30, 2016, the aggregate value of the Merger Consideration to be received by Global II stockholders would be approximately $212.6 million.
In connection with Merger, the Company incurred Merger related costs of $2.5 million and $2.7 million which are reflected in the acquisition and transaction costs during the three and nine months ended September 30, 2016, respectively.
Monthly Dividends and Change to Payment Dates
The Company pays dividends on the 15th day of each month at a rate of $0.059166667 per share to stockholders of record as of close of business on the 8th day of such month. The Company's board of directors may alter the amounts of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured. For purposes of the presentation of information herein, the Company may refer to distributions by the OP on OP Units, Class B Units and LTIP Units (as defined in Note 12 — Share-Based Compensation) as dividends.