DISTRIBUTIONS

In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company.

The Company paid common stock distributions of $2.04 per share in 2017, $1.84 per share in 2016, and $1.69 per share during 2015 and Series C preferred stock dividends of $1.72 per depositary share during each of 2017, 2016, and 2015. Of the common stock dividends paid, $1.70 per share, $1.75 per share, and $1.69 per share, represented ordinary dividend income in 2017, 2016, and 2015, respectively, and $0.34 per share and $0.09 per share represented return of capital to the shareholders in 2017 and 2016, respectively. All of the preferred stock dividends paid were considered ordinary dividend income.

The following summarizes distributions paid during the years ended December 31, 2017, 2016, and 2015, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions:



	Total Distributions to						Dividend Reinvestments
(Dollars in thousands, except per share amounts)	Preferred Stockholders		Common Stockholders		Limited Partnership Unitholders		Common Stock Shares Issued	Discounted Share Price		Limited Partnership Units Issued	Average Unit Price
Distributions during 2017
October 31	$	3,094	$	11,221	$	3,838	82,991	$	59.33	15,596	$	60.08
July 31	3,094		11,160		3,830		85,731	57.40		16,021	58.13
April 30	3,094		11,119		3,810		51,003	59.64		40,623	59.96
January 31	3,093		11,076		3,790		46,286	61.85		39,111	62.15
Total 2017	$	12,375	$	44,576	$	15,268	266,011			111,351
Distributions during 2016
October 31	$	3,094	$	10,168	$	3,478	44,176	$	57.18	30,891	$	57.18
July 31	3,094		10,133		3,465		39,487	65.64		26,897	65.64
April 30	3,094		10,029		3,449		48,854	51.59		34,201	51.59
January 31	3,093		9,142		3,141		54,280	49.24		32,769	49.24
Total 2016	$	12,375	$	39,472	$	13,533	186,797			124,758
Distributions during 2015
October 31	$	3,094	$	9,106	$	3,129	47,313	$	55.73	28,936	$	55.73
July 31	3,094		9,081		3,115		56,003	50.30		32,041	50.30
April 30	3,094		9,055		3,104		54,921	50.21		25,264	50.21
January 31	3,093		8,403		2,880		42,975	56.74		20,796	56.74
Total 2015	$	12,375	$	35,645	$	12,228	201,212			107,037

In December 2017, the Board of Directors of the Company authorized a distribution of $0.52 per common share payable in January 2018, to holders of record on January 17, 2018. As a result, $11.5 million was paid to common shareholders on January 31, 2018. Also, $3.9 million was paid to limited partnership unitholders on January 31, 2018 ($0.52 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of $0.4297 per Series C depositary share to holders of record on January 2, 2018. As a result, $3.1 million was paid to preferred shareholders on January 15, 2018. These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements.