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Stockholder Equity and Noncontrolling Interest | 12 Months Ended
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Dec. 31, 2018
Equity [Abstract] |
Stockholder Equity and Noncontrolling Interest | 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, 2018, 2,196,164 shares were issued at an average price of $10.32 per share, resulting in $22,213 of net proceed, after deducting $453 of commissions. Pursuant to the Sales Agreement $115,241 remained available for issuance as of December 31, 2018. 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 transitioned to a quarterly distribution of cash dividends on our common stock. Prior to this, we paid monthly distributions of cash dividends on our common stock. Our board of directors declared the following dividends in 2018:
Quarter |  | Declaration Date |  | Record Date |  | Payment Date |  | Dividend Declared Per Share |
First quarter 2018 |  | March 13, 2018 |  | April 4, 2018 |  | April 20, 2018 |  | $ | 0.18 |
Second quarter 2018 |  | June 13, 2018 |  | July 7, 2018 |  | July 20, 2018 |  | $ | 0.18 |
Third quarter 2018 |  | September 17, 2018 |  | October 5, 2018 |  | October 19, 2018 |  | $ | 0.18 |
Fourth quarter 2018 |  | December 13, 2017 |  | December 27, 2018 |  | January 24, 2019 |  | $ | 0.18 |
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 17, 2018 |  | $ | 0.06 |
Noncontrolling Interest During 2018, holders of IROP units exchanged 2,130,244 units for 2,130,244 shares of our common stock. During 2017, holders of IROP units exchanged 64,202 units for 64,202 shares of our common stock. In June 2017, we issued 166,604 IROP units in connection with our acquisition of Village at Auburn (formerly known as 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. As of December 31, 2018, 881,107 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $8,089, based on IRT’s stock price of $9.18 as of December 31, 2018. Effective the first quarter of 2018, we transitioned to a quarterly distribution of cash dividends on our operating partnership’s LP units. Prior to this, we paid monthly distributions 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 2018:
Quarter |  | Declaration Date |  | Record Date |  | Payment Date |  | Dividend Declared Per Share |
First quarter 2018 |  | March 13, 2018 |  | April 4, 2018 |  | April 20, 2018 |  | $ | 0.18 |
Second quarter 2018 |  | June 13, 2018 |  | July 7, 2018 |  | July 20, 2018 |  | $ | 0.18 |
Third quarter 2018 |  | September 17, 2018 |  | October 5, 2018 |  | October 19, 2018 |  | $ | 0.18 |
Fourth quarter 2018 |  | December 13, 2017 |  | December 27, 2018 |  | January 24, 2019 |  | $ | 0.18 |
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 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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