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Capital Stock
 3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Capital Stock
Capital Stock

Common Shares

We are authorized to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors.

We have an “at-the-market” equity offering program (the “ATM program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200 million. During the three months ended March 31, 2015, we sold 524,606 shares of our common stock at an average price of $15.18 for net proceeds of $7.8 million. As of May 8, 2015, we have not sold any additional shares under the ATM program subsequent to March 31, 2015.

We have paid the following dividends to holders of our common stock during 2015 as follows:
Payment Date
 
Record Date
 
Dividend
per Share
January 12, 2015

December 31, 2014

$
0.1025

April 10, 2015

March 31, 2015

$
0.1250



Preferred Shares

We are authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of March 31, 2015 and December 31, 2014, there were no shares of preferred stock outstanding.

Operating Partnership Units

Holders of operating partnership units have certain redemption rights, which would enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option for shares of our common stock on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the limited partners or our stockholders. As of March 31, 2015 and December 31, 2014, there were no operating partnership units held by unaffiliated third parties.