NOTE 6: Shareholder Equity and Noncontrolling Interests

Stockholder Equity

Common Shares

Our board of directors has declared the following dividends:

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
April 2017	April 12, 2017	April 28, 2017	May 15, 2017	$	0.06
May 2017	April 12, 2017	May 31, 2017	June 15, 2017	$	0.06
June 2017	April 12, 2017	June 30, 2017	July 17, 2017	$	0.06
July 2017	July 14, 2017	July 31, 2017	August 15, 2017	$	0.06
August 2017	July 14, 2017	August 31, 2017	September 15, 2017	$	0.06
September 2017	July 14, 2017	September 29, 2017	October 13, 2017	$	0.06

During the three and six months ended June 30, 2017, we also paid $0 and $126, respectively, of dividends on restricted common share awards that vested during the period.

On August 4, 2017, we entered into an At-the-Market Issuance Sales Agreement (the “Sales Agreement”) with various sales agents. Pursuant to the Sales Agreement, we may offer and sell shares of our common stock, $0.01 par value per share, having an aggregate offering price of up to $150,000, from time to time through the sales agents. The sales agents are entitled to compensation in an agreed amount not to exceed 2.0% of the gross sales price per share for any shares sold from time to time under the Sales Agreement. We have no obligation to sell any of the shares under the Sales Agreement and may at any time suspend solicitations and offers under the Sales Agreement.

Noncontrolling Interest

In June 2017, we issued 166,604 IROP units in connection with our acquisition of South Terrace. The IROP units were valued at $1,654 based on the stock price of our common stock. See Note 3: Investments in Real Estate for details on the property acquisition.

As of June 30, 2017, 3,035,654 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $29,962, based on IRT’s stock price of $9.87 as of June 30, 2017.

Our board of directors has declared the following distributions on IROP’s LP units:

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
April 2017	April 12, 2017	April 28, 2017	May 15, 2017	$	0.06
May 2017	April 12, 2017	May 31, 2017	June 15, 2017	$	0.06
June 2017	April 12, 2017	June 30, 2017	July 17, 2017	$	0.06
July 2017	July 14, 2017	July 31, 2017	August 15, 2017	$	0.06
August 2017	July 14, 2017	August 31, 2017	September 15, 2017	$	0.06
September 2017	July 14, 2017	September 29, 2017	October 13, 2017	$	0.06