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Public Offering
6 Months Ended
Jun. 30, 2011
Public Offering  
Public Offering

Note 10 — Public Offering

 

On February 11, 2011, the Company sold 2,700,000 shares of its common stock for net proceeds of approximately $40,569,000.  The proceeds were used to repay two mortgages in aggregate amount of $7,700,000 having a weighted average interest rate of 7.9% and to reduce the amount outstanding under the line of credit by $26,200,000.  The remaining balance of the proceeds was used for general corporate purposes, including the purchase of a property in March 2011.