NOTE 13. Equity

Common Stock

The following table lists the common stock cash dividends declared by the Company in 2015:


		Amount		Dividend
Declaration Date	Record Date	Per Share		Payable Date
January 29	February 9	$	0.565	February 24
April 30	May 11		0.565	May 26
July 30	August 10		0.565	August 25
October 29	November 9		0.565	November 24

In June 2015, the Company established an at-the-market equity offering program (“ATM Program”). Under this program, the Company may sell shares of its common stock from time to time having an aggregate gross sales price of up to $750 million through a consortium of banks acting as sales agents or directly to the banks acting as principals. During the three and nine months ended September 30, 2015, the Company issued 1.25 million shares of common stock at a weighted average price of $40.58 for proceeds of $50 million, net of fees and commissions of $1 million.

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


	Nine Months Ended September 30,
	2015	2014
Dividend Reinvestment and Stock Purchase Plan	2,345	1,775
Conversion of DownREIT units(1)	75	2
Exercise of stock options	820	131
Vesting of restricted stock units	382	575
Repurchase of common stock	178	297

(1)

Non-managing member LLC units.

Subsequent Event. During October 2015, the Company issued 589,000 shares of common stock under its ATM Program at a weighted average price of $39.20 for proceeds of $23 million, net of fees and commissions of $350,000.

Accumulated Other Comprehensive Loss

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


	September 30,		December 31,
	2015		2014
Cumulative foreign currency translation adjustment	$	(18,844)	$	(10,747)
Unrealized losses on cash flow hedges, net		(9,932)		(9,624)
Supplemental Executive Retirement Plan minimum liability		(3,329)		(3,537)
Unrealized (losses) gains on available for sale securities		(345)		13
Total accumulated other comprehensive loss	$	(32,450)	$	(23,895)

Noncontrolling Interests

At September 30, 2015, non-managing members held an aggregate of 4 million units in five limited liability companies (“DownREITs”), for which the Company is the managing member. At September 30, 2015, the carrying and fair values of these DownREIT units were $186 million and $224 million, respectively.

See Note 17 for the supplemental schedule of non-cash financing activities.

Subsequent Event. On October 7, 2015, the Company issued a 49% noncontrolling interest in HCP Ventures V to an institutional capital investor for $110 million. HCP Ventures V owns a portfolio of 11 on-campus MOBs located in Texas acquired through a sale-leaseback transaction with Memorial Hermann in June 2015 (see Note 4).