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Management’s Discussion and Analysis of Financial Condition and Results of Operations, of this Form 10-K, for information regarding the sources of funds used for dividends and for a discussion of factors, if any, which may adversely affect our ability to pay dividends.
−Removed: See Note 11 of the audited financial statements in this Form 10-K for details of our dividends declared in 2020 and 2019.
+Added: See Note 11 to our audited financial statements in this Form 10-K for details of our dividends declared in 2021 and 2020.
Additionally, as we are subject to the REIT requirements to distribute at least 90% of our REIT taxable income, there is a minimum amount of distributions that we are required to make.
The taxable income of the REIT can vary from our GAAP earnings due to a number of different factors, including, the book to tax timing differences of income and expense recognition from our transactions as well as the amount of taxable income of our TRSs distributed to the REIT.
−Removed: See Note 10 regarding the amount of our distributions that are taxed as ordinary income to our stockholders.
+Added: See Note 10 to our audited financial statements in this Form 10-K regarding the amount of our distributions that are taxed as ordinary income to our stockholders.
Stockholder Return Performance
The stock performance graph and table below shall not be deemed, under the Securities Act or the Exchange Act, to be (i) “soliciting material” or “filed” or (ii) incorporated by reference by any general statement into any filing made by us with the SEC, except to the extent that we specifically incorporate such stock performance graph and table by reference.
−Removed: The following graph is a comparison of the cumulative total stockholder return from December 31, 2015 to December 31, 2020 on our shares of common stock, the Standard & Poor’s 500 Index (the “S&P 500 Index”), and peer group indices, including the SNL Finance REIT Index, FTSE NAREIT All Equity REIT Index, Dow Jones Utility Average and Global X Renewable Energy Producers ETF.
+Added: The following graph is a comparison of the cumulative total stockholder return from December 31, 2016 to December 31, 2021 on our shares of common stock, the Standard & Poor’s 500 Index (the “S&P 500 Index”), and peer group indices, including the FTSE NAREIT All Equity REIT Index, and Global X Renewable Energy Producers ETF.
The graph assumes that $100 was invested at closing on December 31, 2016, in our shares of common stock, the S&P 500 Index, and the peer group indices and that all dividends were reinvested without the payment of any commissions.
There can be no assurance that the performance of our common stock will continue in line with the same or similar trends depicted in the graph below.
−Removed: In this Form 10-K we have added both the FTSE NAREIT All Equity REIT Index and the Global X Renewable Energy Producers ETF, which beginning with the 2021 Form 10-K will replace the SNL Finance REIT Index and the Dow Jones Utility Average as indices in this graph.
−Removed: As a growing, US-based, well-diversified, mid-cap REIT, we believe these indices are well positioned to serve as peer group indices.
−Removed: The FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of US equity REITs.
−Removed: Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
−Removed: The Global X Renewable Energy Producers ETF is comprised of companies who generally own or operate assets similar to our investments in renewable energy projects.
Company or Index 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
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S&P 500 Index 100.00 121.82 116.47 153.13 181.29 233.28
−Removed: SNL Finance REIT Index (1)
−Removed: 100.00 123.18 143.73 138.16 166.57 135.75
FTSE NAREIT All Equity REIT Index 100.00 108.67 104.25 134.12 127.31 179.85
−Removed: Dow Jones Utility Average 100.00 118.18 133.95 136.61 173.90 176.83
Global X Renewable Energy Producers ETF 100.00 121.14 113.57 155.66 197.12 171.90
Bloomberg L.P.
−Removed: and S&P Global Market Intelligence, a division of S&P Global
−Removed: (1) As of December 31, 2020, the SNL Finance REIT Index comprised of the following companies:
−Removed: AG Mortgage Investment Trust Inc.;
−Removed: AGNC Investment Corp.;
−Removed: American Church Mortgage Company;
−Removed: Annaly Capital Management Inc.;
−Removed: Anworth Mortgage Asset Corporation;
−Removed: Apollo Commercial Real Estate Finance, Inc.;
−Removed: Arbor Realty Trust Inc.;
−Removed: Ares Commercial Real Estate Corporation.;
−Removed: Arlington Asset Investment Corporation.;
−Removed: ARMOUR Residential REIT Inc.;
−Removed: Blackstone Mortgage Trust, Inc.;
−Removed: Broadmark Realty Capital Inc.;
−Removed: Capstead Mortgage Corporation.;
−Removed: Cherry Hill Mortgage Investment Corporation.;
−Removed: Chimera Investment Corporation.;
−Removed: Colony Credit Real Estate;
−Removed: CV Holdings Inc.;
−Removed: Dynex Capital Inc.;
−Removed: Ellington Financial Inc.;
−Removed: Ellington Residential Mortgage REIT;
−Removed: Exantas Capital Corp.;
−Removed: Granite Point Mortgage Trust;
−Removed: Great Ajax Corp.;
−Removed: Hannon Armstrong Sustainable Infrastructure Capital, Inc.;
−Removed: Hunt Companies Finance Trust;
−Removed: Invesco Mortgage Capital Inc.;
−Removed: KKR Real Estate Finance Trust, Inc.;
−Removed: Ladder Capital Corp.;
−Removed: Manhattan Bridge Capital, Inc.;
−Removed: MFA Financial Inc.;
−Removed: New Residential Investment Corp.;
−Removed: New York Mortgage Trust Inc.;
−Removed: NexPoint Real Estate Finance, Inc.;
−Removed: Orchid Island Capital Inc.;
−Removed: PennyMac Mortgage Investment Trust;
−Removed: Ready Capital Corp.;
−Removed: Redwood Trust Inc.;
−Removed: Sachem Capital Corp.;
−Removed: Starwood Property Trust Inc.;
−Removed: TPG RE Finance Trust Inc;
−Removed: Tremont Mortgage Trust;
−Removed: Two Harbors Investment Corporation.;
−Removed: and Western Asset Mortgage Capital Corporation.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
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under the plans or
−Removed: February 1 - February 29, 2020 165,090 $ 38.13 N/A N/A
March 1 - March 31, 2021 195,700 $ 53.08 N/A N/A
+Added: April 1 - April 30, 2021 6,484 56.31 N/A N/A
May 1 - May 31, 2021 67,593 48.30 N/A N/A
(1) During the year ended December 31, 2021, certain of our employees surrendered common stock owned by them to satisfy their tax and other compensation related withholdings associated with the vesting of restricted stock and restricted stock units.
−Removed: 57,400 OP units were exchanged for shares of common stock during the year ended December 31, 2020.
+Added: No OP units were exchanged for shares of common stock during the year ended December 31, 2021.
The price paid per share is based on the closing price of our common stock as of the date of the exchange and withholding.
−Removed: Selected Financial Data
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.