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Stockholder Equity and Noncontrolling Interests
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Stockholder Equity and Noncontrolling Interests

NOTE 6: Stockholder Equity and Noncontrolling Interests

Stockholder Equity

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

On March 13, 2018, our board of directors declared a distribution of $0.18 per share, which was paid on April 20, 2018 to common shareholders of record as of April 4, 2018.

During the three months ended March 31, 2018 and 2017, we also paid $181 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.  For the quarter ended March 31, 2018, no shares were issued pursuant to the Sales Agreement and $137,907 remained available for issuance as of March 31, 2018.  

Noncontrolling Interest

During the three months ended March 31, 2018, holders of IROP units exchanged 2,112,136 units for 2,112,136 shares of our common stock. Based on the cost basis of the IROP units on the dates of these exchanges, $14,308 was reclassified from noncontrolling interests to stockholders’ equity.

As of March 31, 2018, 899,215 IROP units held by unaffiliated third parties remain outstanding.

On March 13, 2018, our board of directors declared a distribution of $0.18 per unit, which was paid on April 20, 2018 to IROP LP unitholders of record as of April 4, 2018.