NOTE 6: Stockholder Equity and Noncontrolling Interest

Stockholder Equity

On August 4, 2017, we entered into an At-the-Market Issuance Sales Agreement (the “ATM Sales Agreement”) with various sales agents. Pursuant to the ATM 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 ATM Sales Agreement. We have no obligation to sell any of the shares under the ATM Sales Agreement and may at any time suspend solicitations and offers under the ATM Sales Agreement. During the year ended December 31, 2017, 1,164,900 shares were issued at an average price of $10.38 per share, resulting in $11,851 of net proceeds, after deducting $242 of commissions.

On September 11, 2017, we issued 12,500,000 shares of our common stock at a public offering price of $9.25 per share. We also closed on the underwriters’ option to purchase an additional 1,875,000 shares of common stock at the public offering price. As a result of the offering and exercise or the underwriters’ option, we received approximately $126,100 in net proceeds, after deducting the underwriting discount and offering expenses.

Effective the first quarter of 2018, we will be transitioning to a quarterly distribution of cash dividends on our common stock.

Our board of directors declared the following dividends in 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
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
October 2017	October 12, 2017	October 31, 2017	November 15, 2017	$	0.06
November 2017	October 12, 2017	November 30, 2017	December 15, 2017	$	0.06
December 2017	October 12, 2017	December 29, 2017	January 15, 2018	$	0.06

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

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 price of our common stock. See Note 3: Investments in Real Estate for details on the property acquisition.

During 2017, holders of IROP units exchanged 64,202 units for 64,202 shares of our common stock.

During 2016, holders of IROP units exchanged 245,982 units for 245,980 shares of our common stock.

As of December 31, 2017, 3,011,351 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $30,385, based on IRT’s stock price of $10.09 as of December 29, 2017. In January 2018, holders of IROP units exchanged 186,717 units for 186,717 shares of our common stock.

Effective the first quarter of 2018, we will be transitioning to a quarterly distribution of cash dividends on our operating partnership’s LP units.

Our board of directors declared the following distributions on our operating partnership’s LP units during 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
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
October 2017	October 12, 2017	October 31, 2017	November 15, 2017	$	0.06
November 2017	October 12, 2017	November 30, 2017	December 15, 2017	$	0.06
December 2017	October 12, 2017	December 29, 2017	January 15, 2018	$	0.06

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