Equity

Dividends

On January 31, 2019, 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 February 28, 2019 to stockholders of record as of the close of business on February 19, 2019.

During the years ended December 31, 2018, 2017 and 2016, the Company declared and paid common stock cash dividends of $1.480, $1.480 and $2.095 per share, respectively.

At-The-Market Equity Offering Program

In June 2015, the Company established an at-the-market equity offering program (“ATM Program”). In May 2018, the Company renewed its 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, 2018, the Company issued 5.4 million shares of common stock at a weighted average net price of $28.27 for net proceeds of $154 million. At December 31, 2018, $594 million of our common stock remained available for sale under the ATM Program. There was no activity during the years ended December 31, 2017 and 2016.

Forward Equity Offering

In December 2018, the Company entered into a forward equity sales agreement to sell up to an aggregate of 15.25 million shares of its common stock (including shares issued through the exercise of underwriters’ options) at an initial net price of $28.60 per share, after underwriting discounts and commissions. The agreement has a one year term and expires on December 13, 2019. The forward sale price that the Company expects to receive upon settlement of the agreement will be subject to adjustments for: (i) the forward purchasers’ stock borrowing costs and (ii) certain fixed price reductions during the term of the agreement. At December 31, 2018, no shares have been issued under the forward equity sales agreement.

In December 2018, contemporaneous with the forward equity offering discussed above, the Company completed an offering of two million shares of common stock at a net price of $28.60 per share, resulting in net proceeds of $57 million.

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



	Year Ended December 31,
	2018	2017	2016
Dividend Reinvestment and Stock Purchase Plan	237	983	2,021
Conversion of DownREIT units	3	78	145
Exercise of stock options	120	32	133
Vesting of restricted stock units	401	419	529
Repurchase of common stock	141	157	237

Accumulated Other Comprehensive Loss

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



	December 31,
	2018			2017
Cumulative foreign currency translation adjustment⁽¹⁾	$	(1,683	)	$	(6,955	)
Unrealized gains (losses) on derivatives, net	(467		)	(13,950		)
Supplemental Executive Retirement plan minimum liability and other	(2,558		)	(3,119		)
Total accumulated other comprehensive income (loss)	$	(4,708	)	$	(24,024	)

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(1)	See Notes 5 and 19 for a discussion of the U.K. JV transaction.

Noncontrolling Interests

At December 31, 2018, 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 of. At December 31, 2018, the carrying and market values of the four million DownREIT units were $177 million and $185 million, respectively.

See Notes 3, 4 and 5 for transactions involving noncontrolling interests.