NOTE 13. Equity

Common Stock

On January 29, 2015, the Company announced that its Board declared a quarterly cash dividend of $0.565 per share. The common stock cash dividend will be paid on February 24, 2015 to stockholders of record as of the close of business on February 9, 2015.

On October 19, 2012, the Company completed a $979 million offering of 22 million shares of common stock, which was primarily used to acquire the 129 senior housing communities from the Blackstone JV.

In June 2012, the Company completed a $376 million offering of 9 million shares of common stock, which was primarily used to repay $250 million of maturing senior unsecured notes, which accrued interest at a rate of 6.45%.

In March 2012, the Company completed a $359 million offering of 9 million shares of common stock, which was primarily used to redeem all outstanding shares of the Company’s preferred stock.

During the years ended December 31, 2014, 2013 and 2012, the Company declared and paid common stock cash dividends of $2.18, $2.10 and $2.00 per share.

The following is a summary of the Company’s other issuances of common stock (shares in thousands):


	Year Ended
	December 31,
	2014	2013	2012
Dividend Reinvestment and Stock Purchase Plan	2,299	2,441	1,064
Conversion of DownREIT units	27	100	736
Exercise of stock options	169	876	2,455
Vesting of restricted stock units(1)	614	471	707
Repurchase of common stock	323	242	361

(1)

Issued under the Company’s 2006 Performance Incentive Plan, as amended and restated.

Preferred Stock

On April 23, 2012, the Company redeemed all of its outstanding preferred stock consisting of 4,000,000 shares of its 7.25% Series E preferred stock and 7,820,000 shares of its 7.10% Series F preferred stock. The shares of Series E and Series F preferred stock were redeemed at a price of $25 per share, or $295.5 million in aggregate, plus all accrued and unpaid dividends to the redemption date. As a result of the redemption, the Company incurred a charge of $10.4 million related to the original issuance costs of the preferred stock (this charge is presented as an additional preferred stock dividend in the Company’s consolidated statements of income).

Accumulated Other Comprehensive Loss

The following is a summary of the Company’s accumulated other comprehensive loss (in thousands):


	December 31,
	2014		2013
Cumulative foreign currency translation adjustment	$	(10,747)	$	(780)
Unrealized losses on cash flow hedges, net		(9,624)		(10,797)
Supplemental Executive Retirement Plan minimum liability		(3,537)		(2,910)
Unrealized gains on available for sale securities		13		—
Total accumulated other comprehensive loss	$	(23,895)	$	(14,487)

Noncontrolling Interests

At December 31, 2014, there were 4 million non-managing member units (6 million shares of HCP common stock are issuable upon conversion) outstanding in five DownREIT LLCs, in all of which the Company is the managing member. At December 31, 2014, the carrying and market values of the 4 million DownREIT units were $189 million and $268 million, respectively.