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Subsequent Events | 9 Months Ended
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Sep. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On October 15, 2014, the Company paid a dividend of $0.30 per common share to shareholders of record at September 30, 2014. On October 17, 2014, the Company originated four mortgage loans totaling $143.0 million and used the proceeds to retire five mortgage loans that had an aggregate principal balance of $142.0 million and were scheduled to mature in October 2014. The four new individual mortgage loans have an aggregate principal balance of $143.0 million, which bear interest at LIBOR plus 2.25% and have three-year initial terms. The maturity dates may be extended for four one-year terms at the Company's option, subject to the satisfaction of certain lender requirements. For the initial terms and first two extension periods, only payments of interest are required. On October 24, 2014, the Company hedged $50.0 million of the aggregate principal balance of the above mentioned mortgage loans with an interest rate swap that effectively fixes LIBOR at 1.80%. The interest rate swap has a maturity date of October 24, 2020 and is designated as a cash flow hedge.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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