Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
In order to provide common stockholders with interim liquidity, the Board has adopted the SRP, which enables our common stockholders to sell their shares back to us after they have been held for at least one year, subject to significant conditions and limitations. In August 2020, repurchases under the SRP were suspended. For additional information on the SRP, see Note 17 — Subsequent Events and Note 8 — Stockholders’ Equity to our consolidated financial statements included in this Quarterly Report on Form 10-Q.
The following table summarizes our SRP activity for the periods presented (retroactively adjusted for the Stock Dividend). Repurchases are currently consummated using the most recently published Estimated Per-Share NAV at the time of the repurchase.
Number of Shares Repurchased Average Price per Share
Cumulative repurchases as of December 31, 2019 (1)
4,450,761 $ 20.67
Nine months ended September 30, 2020 (2)
511,915 17.27
Cumulative repurchases as of September 30, 2020 4,962,676 20.32
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(1) Repurchases made in 2019 include: (i) 665,288 common shares repurchased on April 30, 2019 with respect to 100% of repurchase requests made in good order following the death or qualifying disability of stockholders during the period commencing March 13, 2018 up to and including December 31, 2018 for $13.3 million at an average price per share of $19.98 and (ii) 452,858 shares of common stock repurchased for $7.8 million at an average price per share of $17.27 on October 30, 2019 with respect to 100% of repurchase requests made in good order following the death or qualifying disability of common stockholders during the period commencing January 1, 2019 up to and including June 30, 2019.
(2) Includes 511,915 shares of common stock repurchased on February 26, 2020 with respect to requests received during the period commencing July 1, 2019 up to and including December 31, 2019 for $8.8 million at an average price per share of $17.27. We rejected all repurchase requests received from January 1, 2020 until suspension of the SRP effective August 14, 2020, including repurchase requests for 250,074 shares of our common stock during the six months ended June 30, 2020 and 59,175 shares of our common stock after July 1, 2020.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
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