Distributions Paid and Payable

9 Months Ended

Sep. 30, 2014

Distributions Paid and Payable

Distributions Paid and Payable

16.   Distributions Paid and Payable

A. Common Stock

We pay monthly distributions to our common stockholders. The following is a summary of the monthly distributions paid per common share for the first nine months of 2014 and 2013:

Month	2014		2013
January	$	0.1821667	$	0.1517500
February	0.1821667		0.1809167
March	0.1821667		0.1809167
April	0.1824792		0.1812292
May	0.1824792		0.1812292
June	0.1824792		0.1812292
July	0.1827917		0.1815417
August	0.1827917		0.1815417
September	0.1827917		0.1815417
Total	$	1.6423128	$	1.6018961

At September 30, 2014, a distribution of $0.1831042 per common share was payable and was paid in October 2014.

B. Class E Preferred Stock

In 2006, we issued 8.8 million shares of our 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, or Class E preferred stock, at a price of $25.00 per share.  Since December 7, 2011, the shares of Class E preferred stock were redeemable, at our option, for $25.00 per share. During each of the first nine months of 2014 and 2013, we paid nine monthly dividends to holders of our Class E preferred stock totaling $1.265625 per share, or $11.1 million, and at September 30, 2014, a monthly dividend of $0.140625 per share was payable and was paid in October 2014.  As discussed in note 9, during October 2014 we redeemed all 8.8 million shares of our Class E preferred stock for $25 per share, plus accrued dividends.  Dividends that accrued subsequent to the September 2014 notice of redemption date for the Class E preferred stock were recorded to interest expense.

C. Class F Preferred Stock

In February 2012, we issued 14.95 million shares of 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, or Class F preferred stock, at a price of $25.00 per share. In April 2012, we issued an additional 1.4 million shares of our Class F preferred stock at a price of $25.2863 per share.  Beginning February 15, 2017, the shares of Class F preferred stock will be redeemable, at our option, for $25.00 per share, plus any accrued and unpaid dividends. During each of the first nine months of 2014 and 2013, we paid nine monthly dividends to holders of our Class F preferred stock totaling $1.242189 per share, or $20.3 million, and at September 30, 2014, a monthly dividend of $0.138021 per share was payable and was paid in October 2014.

We are current in our obligations to pay dividends on our Class F preferred stock.