filings.toolsItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is listed on the New York Stock Exchange. It has been our policy to declare quarterly dividends to common stockholders so as to comply with applicable provisions of the Code governing REITs. For the fiscal quarters indicated below are the reported high and low sales prices per share of our common stock on the New York Stock Exchange and the cash dividends paid per common share:
| High | Low | Per Share Distribution | ||||||||
| 2014 | ||||||||||
| Fourth Quarter | $ | 46.07 | $ | 39.66 | $ | 0.545 | ||||
| Third Quarter | 43.86 | 39.34 | 0.545 | |||||||
| Second Quarter | 42.82 | 38.49 | 0.545 | |||||||
| First Quarter | 39.59 | 35.95 | 0.545 | |||||||
| 2013 | ||||||||||
| Fourth Quarter | 43.29 | 35.50 | 0.525 | |||||||
| Third Quarter | 47.45 | 38.93 | 0.525 | |||||||
| Second Quarter | 56.06 | 41.50 | 0.525 | |||||||
| First Quarter | 49.91 | 45.22 | 0.525 |
At January 30, 2015, we had approximately 10,259 stockholders of record, and there were approximately 312,913 beneficial holders of our common stock.
Dividends (Distributions)
Distributions with respect to our common stock can be characterized for federal income tax purposes as taxable ordinary dividends, capital gain dividends, nondividend distributions or a combination thereof. Following is the characterization of our annual common stock distributions per share:
| Year Ended December 31, | ||||||||||
| 2014 | 2013 | 2012 | ||||||||
| Ordinary dividends | $ | 1.9992 | $ | 1.8127 | $ | 1.4618 | ||||
| Capital gain dividends | 0.0890 | 0.1516 | 0.0495 | |||||||
| Nondividend distributions | 0.0918 | 0.1357 | 0.4887 | |||||||
| $ | 2.1800 | $ | 2.1000 | $ | 2.0000 |
On January 29, 2015, we announced that our Board of Directors declared a quarterly common stock cash dividend of $0.565 per share. The common stock dividend will be paid on February 24, 2015 to stockholders of record as of the close of business on February 9, 2015.
Distributions with respect to our preferred stock can be characterized for federal income tax purposes as taxable ordinary dividends, capital gain dividends, nondividend distributions or a combination thereof. We redeemed all of our outstanding preferred stock on April 23, 2012. Following is the characterization of our annual preferred stock distributions per share:
| Series E | Series F | ||||||
| December 31, 2012 | December 31, 2012 | ||||||
| Ordinary dividends | $ | 0.4383 | $ | 0.4292 | |||
| Capital gain dividends | 0.0148 | 0.0145 | |||||
| $ | 0.4531 | $ | 0.4437 |
Issuer Purchases of Equity Securities
The table below sets forth the information with respect to purchases of our common stock made by or on our behalf during the quarter ended December 31, 2014.
| Total Number of Shares | Maximum Number (or | |||||||||
| Purchased as | Approximate Dollar Value) | |||||||||
| Total Number | Part of Publicly | of Shares that May Yet | ||||||||
| of Shares | Average Price | Announced Plans | be Purchased Under | |||||||
| Period Covered | Purchased(1) | Paid per Share | or Programs | the Plans or Programs | ||||||
| October 1-31, 2014 | 19,343 | $ | 41.10 | — | — | |||||
| November 1-30, 2014 | 106 | 43.97 | — | — | ||||||
| December 1-31, 2014 | 6,759 | 45.06 | — | — | ||||||
| Total | 26,208 | 42.14 | — | — |
| (1) | Represents restricted shares withheld under our equity incentive plans to offset tax withholding obligations that occur upon vesting of restricted shares. The value of the shares withheld is based on the closing price of our common stock on the last trading day prior to the date the relevant transaction occurred. |
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Performance Graph
The graph below compares the cumulative total return of HCP, the S&P 500 Index and the Equity REIT Index of the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), from January 1, 2010 to December 31, 2014. Total cumulative return is based on a $100 investment in HCP common stock and in each of the indices on January 1, 2010 and assumes quarterly reinvestment of dividends before consideration of income taxes. Stockholder returns over the indicated periods should not be considered indicative of future stock prices or stockholder returns.
COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN
AMONG S&P 500, EQUITY REITS AND HCP, INC.
RATE OF RETURN TREND COMPARISON
JANUARY 1, 2010–DECEMBER 31, 2014
(JANUARY 1, 2010 = 100)
Performance Graph Total Stockholder Return
| December 31, | ||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||
| FTSE NAREIT Equity REIT Index | $ | 127.95 | $ | 138.55 | $ | 165.84 | $ | 170.58 | $ | 218.38 | ||||||
| S&P 500 | 115.08 | 117.47 | 136.24 | 180.33 | 204.96 | |||||||||||
| HCP, Inc. | 127.60 | 151.10 | 172.56 | 145.56 | 185.79 |
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