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Shareholder Equity and Noncontrolling Interests
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Shareholder 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.

On June 13, 2018, our board of directors declared a distribution of $0.18 per share, which was paid on July 20, 2018 to common shareholders of record as of July 6, 2018.

On September 17, 2018, our board of directors declared a distribution of $0.18 per share, which was paid on October 19, 2018 to common shareholders of record as of October 5, 2018.

During the three and nine months ended September 30, 2018, we also paid $0 and $181, 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 three months ended September 30, 2018, 1,861,508 shares were issued at a weighted average price of $10.32, resulting in $18,823 of net proceeds, after deducting $384 of commissions. For the nine months ended September 30, 2018, 1,923,164 shares were issued at a weighted average price of $10.32, resulting in $19,445 of net proceeds, after deducting $397 of commissions. Pursuant to the Sales Agreement $118,065 remained available for issuance as of September 30, 2018.

 

Noncontrolling Interest

During the three months ended September 30, 2018, holders of IROP units exchanged 18,108 units for 18,108 shares of our common stock. Based on the cost basis of the IROP units on the dates of these exchanges, $198 was reclassified from noncontrolling interests to stockholders’ equity. During the nine months ended September 30, 2018, holders of IROP units exchanged 2,130,244 units for 2,130,244 shares of our common stock. Based on the cost basis of the IROP units on the dates of these exchanges, $14,506 was reclassified from noncontrolling interests to stockholders’ equity.

As of September 30, 2018, 881,107 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.

On June 13, 2018, our board of directors declared a distribution of $0.18 per unit, which was paid on July 20, 2018 to  IROP LP unitholders of record as of July 6, 2018.

On September 17, 2018, our board of directors declared a distribution of $0.18 per unit, which was paid on October 19, 2018 to IROP LP unitholders of record as of October 5, 2018.