Stockholder Equity and Noncontrolling Interest

12 Months Ended

Dec. 31, 2018

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