Shareholders' Equity

6 Months Ended

Jun. 30, 2015

Shareholders' Equity [Abstract]

Shareholders' Equity

9. Shareholders’ equity

Preferred stock

As of June 30, 2015 and December 31, 2014, the Company had the following series of preferred stock outstanding:

		Earliest Potential	Dividend	Shares	Amount
Series	Issuance Date	Redemption Date	Rate	Outstanding	(in thousands)
Series R	October, 2010	October, 2015	6.875%	3,000	$	75,000
Series S	January, 2012	January, 2017	6.450%	9,200		230,000
Series T	May, 2012	May, 2017	6.000%	14,000		350,000
Series U	September, 2012	September, 2017	5.750%	9,200		230,000
Series V	March, 2013	March, 2018	5.700%	4,400		110,000
Total				39,800	$	995,000

The Company paid $15.1 million and $30.2 million in distributions to its preferred shareholders for each of the threeand sixmonths ended June 30, 2015 and 2014, respectively.

Holders of the Company’s preferred stock will not be entitled to vote on most matters, except under certain conditions. In the event of a cumulative arrearage equal to six quarterly dividends, the holders of the preferred stock will have the right to elect two additional members to serve on the Company’s Board of Directors until all events of default have been cured. At June 30, 2015, there were no dividends in arrears.

Except under certain conditions relating to the Company’s qualification as a REIT, the preferred stock is not redeemable prior to the previously noted redemption dates. On or after the respective redemption dates, the respective series of preferred stock will be redeemable, at the option of the Company, in whole or in part, at $25.00 per depositary share, plus any accrued and unpaid dividends. The Company had $31.8 million of deferred costs in connection with the issuance of preferred stock as of June 30, 2015 and December 31, 2014, which the Company will report as additional non-cash distributions upon notice of its intent to redeem such shares.

Common stock

No shares of common stock were repurchased under the board approved common stock repurchase program during either of the six months ended June 30, 2015 and 2014.

The Company paid $13.5 million ($0.50 per common share) and $26.9 million ($1.00 per common share) in distributions to its common shareholders for each of the threeand six months ended June 30, 2015 and 2014,  respectively.

Equity stock

In addition to common and preferred stock, the Company is authorized to issue 100.0 million shares of Equity Stock. The Articles of Incorporation provide that Equity Stock may be issued from time to time in one or more series and give the Board of Directors broad authority to fix the dividend and distribution rights, conversion and voting rights, redemption provisions and liquidation rights of each series of Equity Stock.