Equity

Common Stock

On February 1, 2018, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.37 per share. The common stock cash dividend will be paid on March 2, 2018 to stockholders of record as of the close of business on February 15, 2018.

During the years ended December 31, 2017, 2016 and 2015, the Company declared and paid common stock cash dividends of $1.480, $2.095 and $2.260 per share, respectively.

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 year ended December 31, 2015, the Company issued 1.8 million shares of common stock at a weighted average price of $40.14 for proceeds of $73 million, net of fees and commissions of $1 million. There was no activity during the years ended December 31, 2017 and 2016.

The following table summarizes the Company’s other common stock activities (shares in thousands):



	Year Ended December 31,
	2017	2016	2015
Dividend Reinvestment and Stock Purchase Plan	983	2,021	2,762
Conversion of DownREIT units	78	145	104
Exercise of stock options	32	133	823
Vesting of restricted stock units	419	529	409
Repurchase of common stock	157	237	198

Accumulated Other Comprehensive Loss

The following table summarizes the Company’s accumulated other comprehensive loss (in thousands):



	December 31,
	2017			2016
Cumulative foreign currency translation adjustment	$	(6,955	)	$	(22,817	)
Unrealized gains (losses) on cash flow hedges, net	(13,950		)	(3,642		)
Supplemental Executive Retirement plan minimum liability and other	(3,119		)	(3,183		)
Total accumulated other comprehensive loss	$	(24,024	)	$	(29,642	)

Noncontrolling Interests

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 and acquired through a sale-leaseback transaction with Memorial Hermann in June 2015.

At December 31, 2017, there were four million DownREIT units (seven million shares of HCP common stock are issuable upon conversion) outstanding in five DownREIT LLCs, all of which the Company is the managing member. At December 31, 2017, the carrying and market values of the four million DownREIT units were $177 million and $173 million, respectively.

See Note 5 for the deconsolidation of RIDEA II and Note 19 for the supplemental schedule of non-cash financing activities.