STOCKHOLDERS'/OWNERS' EQUITY

12 Months Ended

Dec. 31, 2019

Stockholders' / Owners' Equity [Abstract]

STOCKHOLDERS'/OWNERS' EQUITY

NOTE 17 – STOCKHOLDERS’/OWNERS’ EQUITY

Forward Equity Sales Agreement

In connection with a $300 million underwritten public offering, we entered into a forward equity sales agreement on September 9, 2019 to sell 7.5 million shares of our common stock at an initial net price of $40.01 per share, after underwriting discounts and commissions.  On December 27, 2019, we settled the forward equity sale agreement by physical delivery of 7.5 million shares of common stock at $39.45 per share, net of dividends paid and interest received, for net proceeds of approximately $295.9 million.

$500 Million Equity Shelf Program

On September 3, 2015, we entered into separate Equity Distribution Agreements (collectively, the “Equity Shelf Agreements”) to sell shares of our common stock having an aggregate gross sales price of up to $500 million (the “2015 Equity Shelf Program”) with several financial institutions, each as a sales agent and/or principal (collectively, the “Managers”). Under the terms of the Equity Shelf Agreements, we may sell shares of our common stock, from time to time, through or to the Managers having an aggregate gross sales price of up to $500 million. Sales of the shares, if any, are made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, or as otherwise agreed with the applicable Manager. We pay each Manager compensation for sales of the shares equal to 2% of the gross sales price per share for shares sold through such Manager under the applicable Equity Shelf Agreements.

For the year ended December 31, 2017, we issued approximately 0.7 million shares under the 2015 Equity Shelf Program, at an average price of $30.81 per share, net of issuance costs, generating net proceeds of approximately $22.1 million.  For the year ended December 31, 2018, we issued approximately 2.3 million shares under the 2015 Equity Shelf Program, at an average price of $33.18 per share, net of issuance costs, generating net proceeds of approximately $75.5 million.  For the year ended December 31, 2019, we issued approximately 3.1 million shares under the 2015 Equity Shelf Program, at an average price of $34.79 per share, net of issuance costs, generating net proceeds of approximately $109.0 million.

Dividend Reinvestment and Common Stock Purchase Plan

We have a Dividend Reinvestment and Common Stock Purchase Plan (the “DRSPP”) that allows for the reinvestment of dividends and the optional purchase of our common stock.  For the year ended December 31, 2017, we issued 1.2 million shares of common stock for gross proceeds of approximately $36.7 million.  For the year ended December 31, 2018, we issued 1.5 million shares of common stock for gross proceeds of approximately $46.8 million.  For the year ended December 31, 2019, we issued 3.0 million shares of common stock for gross proceeds of approximately $115.1 million.

Accumulated Other Comprehensive Loss

The following is a summary of our accumulated other comprehensive loss, net of tax where applicable:

	As of and For the
	Year Ended December 31,
	2019		2018		2017
	(in thousands)
Foreign Currency Translation:
Beginning balance	$	(47,704)	$	(26,033)	$	(54,948)
Translation gain (loss)		12,646		(21,703)		28,604
Realized (loss) gain		(42)		32		311
Ending balance		(35,100)		(47,704)		(26,033)
Derivative Instruments:
Cash flow hedges:
Beginning balance		3,994		1,463		(1,420)
Unrealized (loss) gain		(7,071)		2,593		5,221
Realized gain (loss) (1)		708		(62)		(2,338)
Ending balance		(2,369)		3,994		1,463
Net investment hedge:
Beginning balance		70		(7,070)		—
Unrealized (loss) gain		(4,490)		7,140		(7,070)
Ending balance		(4,420)		70		(7,070)
Total accumulated other comprehensive loss for Omega OP(2)		(41,889)		(43,640)		(31,640)
Add: portion included in noncontrolling interest		2,031		1,988		1,490
Total accumulated other comprehensive loss for Omega	$	(39,858)	$	(41,652)	$	(30,150)

(1) Recorded in interest expense on the Consolidated Statements of Operations.

(2) These amounts are included in owners’ equity.