8. SHAREHOLDERS’ EQUITY

Public Offering

On July 24, 2013, the Company commenced an initial public offering of up to $2.0 billion in common shares at $10.00 per share, including up to $500.0 million in shares offered under the Company’s distribution reinvestment plan. On June 30, 2017, the Company terminated the primary portion of the public offering. Beginning with the third quarter of 2019, the Company suspended the offering of shares pursuant to its distribution reinvestment plan in connection with the Company’s original announcement of the Merger Agreement described in “Note 1.” The Company registered $311.9 million in common shares to be sold pursuant to its distribution reinvestment plan and immediately prior to suspending the distribution reinvestment plan, offered the shares at a price equal to the net asset value (“NAV”) per share most recently disclosed by the Company, which was $12.33 as of November 30, 2018. Following the closing of the Asset Sale, the Company terminated the distribution reinvestment plan.

Common Stock

The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below:



(in thousands)	Class A Shares		Class T Shares		Total Shares
Balance as of December 31, 2016	99,374		58,032		157,406
Issuance of common stock:
Primary shares	3,696		10,468		14,164
DRIP	2,910		1,794		4,704
Stock grants	151		—		151
Redemptions	(1,537	)	(369	)	(1,906	)
Forfeitures	(5	)	—		(5	)
Balance as of December 31, 2017	104,589		69,925		174,514
Issuance of common stock:
DRIP	2,601		1,736		4,337
Stock grants	180		—		180
Redemptions	(1,678	)	(381	)	(2,059	)
Forfeitures	(18	)	—		(18	)
Balance as of December 31, 2018	105,674		71,280		176,954
Issuance of common stock:
DRIP	1,719		1,133		2,852
Stock grants	158		—		158
Redemptions	(1,588	)	(370	)	(1,958	)
Forfeitures	(6	)	—		(6	)
Balance as of December 31, 2019	105,957		72,043		178,000

Distributions

The following table summarizes the Company’s distribution activity (including distributions reinvested in the Company’s common shares) for the quarters ended below:



	Amount
(in thousands, except per share data)	Declared per Common Share (1)		Paid in Cash		Reinvested in Shares		Distribution Fees (2)		Gross Distributions (3)
2019
December 31	$	0.14250	$	23,268	$	—	$	2,071	$	25,339
September 30	0.14250		23,266		—		2,070		25,336
June 30	0.14250		11,641		11,601		2,052		25,294
March 31	0.14250		11,490		11,699		2,033		25,222
Total	$	0.57000	$	69,665	$	23,300	$	8,226	$	101,191
2018
December 31	$	0.14250	$	11,433	$	11,863	$	1,900	$	25,196
September 30	0.14250		11,350		11,897		1,880		25,127
June 30	0.14250		11,262		11,980		1,864		25,106
March 31	0.14250		11,092		12,086		1,845		25,023
Total	$	0.57000	$	45,137	$	47,826	$	7,489	$	100,452
2017
December 31	$	0.14250	$	10,923	$	12,222	$	1,781	$	24,926
September 30	0.14250		10,820		12,242		1,764		24,826
June 30	0.14250		10,349		11,868		1,630		23,847
March 31	0.14250		9,902		11,447		1,495		22,844
Total	$	0.57000	$	41,994	$	47,779	$	6,670	$	96,443


(1)	Amounts reflect the quarterly distribution rate authorized by the Company’s board of trustees per Class A share and per Class T share of common stock. The quarterly distribution on Class T shares of common stock is reduced by the distribution fees that are payable monthly with respect to such Class T shares (as calculated on a daily basis).


(2)	Distribution fees are paid monthly to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to Class T shares issued in the primary portion of the public offering only. Refer to “Note 10” for further detail regarding distribution fees.


(3)	Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares.

Redemptions

In connection with the Company’s original announcement of the Merger Agreement described in “Note 1,” the Company suspended its share redemption program, effective as of the third quarter of 2019. Prior to the suspension and subject to certain restrictions and limitations, the Company’s common shares were redeemed for cash at a price that reflected up to a 7.5% discount from the purchase price paid for the shares being redeemed. Prior to the limited reinstatement of the share redemption program, as described below, in order to be eligible for redemption, shares must have been held for a minimum of one year, subject to certain exceptions. The Company was not obligated to redeem shares under the share redemption program. The discount from the purchase price paid for the redeemed shares varied based upon the length of time that the shares had been held, as follows:



Share Purchase Anniversary		Redemption Price as a Percentage of Purchase Price
Less than one year		No redemption allowed
One year		92.5%
Two years		95.0%
Three years		97.5%
Four years and longer		100.0%

The following table summarizes the Company’s redemption activity for the periods presented below:



	For the Year Ended December 31,
(in thousands, except per share data)	2019		2018		2017
Number of eligible shares redeemed	1,155		2,862		1,906
Aggregate dollar amount of shares redeemed	$	11,440	$	28,097	$	18,345
Average redemption price per share	$	9.90	$	9.82	$	9.62

Following the closing of the Asset Sale, the Company reinstated the share redemption program solely with respect to redemptions requested in connection with the death of a shareholder. The aggregate dollar amount of redemptions that can be made under the program is capped at $1.0 million.