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, 2019, 1,717,291 shares were issued at an average price of $12.82 per share, resulting in $21,258 of net proceed, after deducting $434 of commissions. Pursuant to the Sales Agreement $93,549 remained available for issuance as of December 31, 2019.

On September 11, 2017 in connection with the acquisition of the HPI Portfolio, 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.

Quarter	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
First quarter 2019	March 18, 2019	March 29 2019	April 25, 2019	$	0.18
Second quarter 2019	June 17, 2019	June 28, 2019	July 25, 2019	$	0.18
Third quarter 2019	September 12, 2019	September 27, 2019	October 25, 2019	$	0.18
Fourth quarter 2019	December 16, 2019	December 26, 2019	January 24, 2020	$	0.18

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, 2018	December 27, 2018	January 24, 2019	$	0.18

During 2019, holders of IROP units exchanged 9,616 units for 9,616 shares of our common stock. As of December 31, 2019, 871,491 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $12,271, based on IRT’s stock price of $14.08 as of December 31, 2019.

During 2018, holders of IROP units exchanged 2,130,244 units for 2,130,244 shares of our common stock. 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.

Our board of directors declared the following distributions on our operating partnership’s LP units during 2019:

Quarter	Declaration Date	Record Date	Payment Date	Dividend Declared Per Share
First quarter 2019	March 18, 2019	March 29 2019	April 25, 2019	$	0.18
Second quarter 2019	June 17, 2019	June 28, 2019	July 25, 2019	$	0.18
Third quarter 2019	September 12, 2019	September 27, 2019	October 25, 2019	$	0.18
Fourth quarter 2019	December 16, 2019	December 26, 2019	January 24, 2020	$	0.18

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, 2018	December 27, 2018	January 24, 2019	$	0.18