XML 27 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholder Equity And Non-Controlling Interest
 12 Months Ended
Dec. 31, 2011
Shareholder Equity And Non-Controlling Interest [Abstract]  
Shareholder Equity And Non-Controlling Interest

NOTE 5: Stockholder Equity and Non-Controlling Interest

Stockholder Equity

On April 8, 2011, we filed with the Securities and Exchange Commission, or the SEC, a Registration Statement on Form S-11 (SEC File No. 333-173391) to register our new offering of shares of common stock to the public at $10.00 per share and shares of common stock at $9.50 per share pursuant to our distribution reinvestment plan, which we refer to as our new registration statement. Our new registration statement was declared effective by the SEC on June 10, 2011.

On July 28, 2011, our board of directors authorized and declared a special dividend for July 2011, paid to the stockholder of record on July 29, 2011, in an amount equal to $0.0509589 per share, for a total of $1. Additionally, our board of directors declared dividends for the months of August, September, October, November and December 2011, paid to the stockholders at a rate of $0.0016438 per share per day, for a total of $5.

Non-controlling Interest

In connection with the acquisition of the initial portfolio, our operating partnership issued $39,215 of limited partnership interests, or 3,921,500 limited partnership units, to our sponsor. We recorded the issuance of these limited partnership units at $37,158 as the six properties were recorded at our sponsor's historical carrying amount at the time of contribution to us. In addition, our sponsor purchased an additional 125,000 limited partner units for $1,250 in cash on April 29, 2011.

Our operating partnership issued $12,282 of limited partnership interests, or 12,282,000 limited partnership units to our sponsor in connection with the acquisition of the Centrepoint Apartments. We recorded the issuance of these limited partnership units at $10,075 as the property was recorded at our sponsor's historical carrying amount at the time of acquisition.

On July 28, 2011, our board of directors authorized and declared a special distribution for July 2011, paid to partnership unit holders of record on July 29, 2011, in an amount equal to $0.0509589 per share, for a total of $206. Additionally, our board of directors declared distributions for the months of August, September, October, November and December 2011, at a rate of $0.0016438 per share per day on each partnership unit outstanding at the close of business on each day, for a total of $1,050.