Stockholder Equity and NonControlling Interest

12 Months Ended

Dec. 31, 2016

Stockholder Equity and NonControlling Interest

NOTE 7: Stockholder Equity and Non-Controlling Interest

Stockholder Equity

Common Shares

On October 5, 2016, we completed an underwritten public offering. We issued and sold 25,000,000 common shares, par value $0.01 per share, at a public offering price of $9.00 per common share. We received $213,389 of net proceeds of the public offering, after deducting underwriting discounts and commissions and offering expenses paid by us.

On October 5, 2016, we used these proceeds as follows: (i) $40,000 of the proceeds were used to prepay in full and terminate our $40,000 senior secured term loan facility; (ii) $62,156 of the proceeds were used to repurchase and retire 7,269,719 shares of our common stock from certain of RAIT’s subsidiaries at a purchase price of $8.55 per share; (iii) $47,335 of the proceeds were used to partially pay down the $325,000 senior secured credit facility; (iv) $43,000 of the proceeds were reserved to consummate the management internalization; and (v) the remaining $20,898 was held for general corporate purposes.

As part of the offering, we granted the underwriters an option, exercisable for 30 days from the date of the underwriting agreement, to purchase up to an additional 3,750,000 common shares. On October 21, 2016, the underwriters exercised their option to purchase an additional 3,750,000 common shares at a purchase price of $9.00 per common share. We received $32,062 of net proceeds, after deducting underwriting discounts and commissions.

IRT also incurred $142 of expenses associated with equity awards that vested in 2016.

On September 17, 2015, we completed the TSRE merger. As a result of the Merger, each outstanding share of TSRE common stock was converted automatically into the right to receive (a) $3.80 in cash and (b) 0.4108 shares of our common stock, plus cash in lieu of fractional shares. We issued 15,110,994 shares of our common stock as equity consideration in the merger.

Our board of directors declared the following dividends in 2016:

Month

Declaration Date

Record Date

Payment Date

Dividend

Declared

Per Share

January 2016

January 14, 2016

January 29, 2016

February 16, 2016

0.06

February 2016

January 14, 2016

February 29, 2016

March 15, 2016

0.06

March 2016

January 14, 2016

March 31, 2016

April 15, 2016

0.06

April 2016

April 14, 2016

April 29, 2016

May 16, 2016

0.06

May 2016

April 14, 2016

May 31, 2016

June 15, 2016

0.06

June 2016

April 14, 2016

June 30, 2016

July 15, 2016

0.06

July 2016

July 14, 2016

July 29, 2016

August 15, 2016

0.06

August 2016

July 14, 2016

August 31, 2016

September 15, 2016

0.06

September 2016

July 14, 2016

September 30, 2016

October 17, 2016

0.06

October 2016

October 12, 2016

October 31, 2016

November 15, 2016

0.06

November 2016

October 12, 2016

November 30, 2016

December 15, 2016

0.06

December 2016

October 12, 2016

December 30, 2016

January 17, 2017

0.06

Our board of directors declared the following dividends during the beginning of 2017:

Month	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
January 2017	January 12, 2017	January 31, 2017	February 15, 2017	$	0.06
February 2017	January 12, 2017	February 28, 2017	March 15, 2017	$	0.06
March 2017	January 12, 2017	March 31, 2017	April 17, 2017	$	0.06

Our board of directors declared the following dividends in 2015:

Month	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
January 2015	January 19, 2015	January 30, 2015	February 17, 2015	$	0.06
February 2015	January 19, 2015	February 27, 2015	March 16, 2015	$	0.06
March 2015	January 19, 2015	March 31, 2015	April 15, 2015	$	0.06
April 2015	April 13, 2015	April 30, 2015	May 15, 2015	$	0.06
May 2015	April 13, 2015	May 29, 2015	June 15, 2015	$	0.06
June 2015	April 13, 2015	June 30, 2015	July 15, 2015	$	0.06
July 2015	July 1, 2015	July 31, 2015	August 17, 2015	$	0.06
August 2015	July 1, 2015	August 31, 2015	September 15, 2015	$	0.06
September 2015	September 4, 2015	September 15, 2015	October 15, 2015	$	0.034
September 2015	September 4, 2015	September 30, 2015	October 15, 2015	$	0.026
October 2015	October 19, 2015	October 30, 2015	November 16, 2015	$	0.06
November 2015	October 19, 2015	November 30, 2015	December 15, 2015	$	0.06
December 2015	October 19, 2015	December 31, 2015	January 15, 2016	$	0.06

Noncontrolling Interest

On February 1, 2016 holders of IROP units exchanged an additional 204,115 units for 204,113 shares of our common stock with fractional units being settled in cash. On August 1, 2016, holders of IROP units exchanged 35,808 units for 35,808 shares of our common stock. On October 31, 2016, holders of IROP units exchanged 6,059 units for 6,059 shares of our common stock.

As of December 31, 2016, 2,908,949 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $25,948, based on IRT’s stock price of $8.92 as of December 30, 2016.

During 2015, IROP exchanged 52,937 units for 52,933 shares of our common stock with fractional units being settled in cash.

On September 17, 2015, immediately prior to the TSRE merger, the sole third party holder of units of TSR OP units contributed all of their TSR OP units to IROP in exchange for 1,925,419 of IROP units, plus cash in lieu of fractional IROP units, valued at $13,998.

Our board of directors declared the following distributions on our operating partnership’s LP units during 2016:

Month	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
January 2016	January 14, 2016	January 29, 2016	February 16, 2016	$	0.06
February 2016	January 14, 2016	February 29, 2016	March 15, 2016	$	0.06
March 2016	January 14, 2016	March 31, 2016	April 15, 2016	$	0.06
April 2016	April 14, 2016	April 29, 2016	May 16, 2016	$	0.06
May 2016	April 14, 2016	May 31, 2016	June 15, 2016	$	0.06
June 2016	April 14, 2016	June 30, 2016	July 15, 2016	$	0.06
July 2016	July 14, 2016	July 29, 2016	August 15, 2016	$	0.06
August 2016	July 14, 2016	August 31, 2016	September 15, 2016	$	0.06
September 2016	July 14, 2016	September 30, 2016	October 17, 2016	$	0.06
October 2016	October 12, 2016	October 31, 2016	November 15, 2016	$	0.06
November 2016	October 12, 2016	November 30, 2016	December 15, 2016	$	0.06
December 2016	October 12, 2016	December 30, 2016	January 17, 2017	$	0.06

Our board of directors declared the following distributions on our operating partnership’s LP units during the beginning of 2017:

Month	Record Date	Payment Date	Dividend Declared Per Share
January 2017	January 31, 2017	February 15, 2017	$	0.06
February 2017	February 28, 2017	March 15, 2017	$	0.06
March 2017	March 31, 2017	April 17, 2017	$	0.06

Our board of directors declared the following distributions on our operating partnership’s LP units during 2015:

Month	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
January 2015	January 19, 2015	January 30, 2015	February 17, 2015	$	0.06
February 2015	January 19, 2015	February 27, 2015	March 16, 2015	$	0.06
March 2015	January 19, 2015	March 31, 2015	April 15, 2015	$	0.06
April 2015	April 13, 2015	April 30, 2015	May 15, 2015	$	0.06
May 2015	April 13, 2015	May 29, 2015	June 15, 2015	$	0.06
June 2015	April 13, 2015	June 30, 2015	July 15, 2015	$	0.06
July 2015	July 1, 2015	July 31, 2015	August 17, 2015	$	0.06
August 2015	July 1, 2015	August 31, 2015	September 15, 2015	$	0.06
September 2015	September 4, 2015	September 15, 2015	October 15, 2015	$	0.034
September 2015	September 4, 2015	September 30, 2015	October 15, 2015	$	0.026
October 2015	October 19, 2015	October 30, 2015	November 16, 2015	$	0.06
November 2015	October 19, 2015	November 30, 2015	December 15, 2015	$	0.06
December 2015	October 19, 2015	December 31, 2015	January 15, 2016	$	0.06

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
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-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
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-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details