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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2015
Equity [Abstract] |
Stockholders' Equity | NOTE 6. STOCKHOLDERS’ EQUITY 2013 Initial Public Offering On January 29, 2013, we completed our initial public offering (“IPO”) of 3,333,334 shares of our common stock at a public offering price of $15.00 per share, which issuance settled on January 31, 2013. Including the underwriters’ option to cover over-allotments, which was exercised on February 15, 2013, we issued a total of 3,780,264 shares, resulting in gross proceeds of $56.7 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $51.3 million. Approximately $37.9 million of these proceeds were invested in new property acquisitions, and an additional $1.7 million was expended or accrued for capital improvements on existing properties. In addition, $10.3 million was used to pay distributions to our stockholders, and the remainder was used for other general corporate purposes. 2014 Equity Issuances On September 25, 2014, we completed a public offering of 1,150,000 shares of our common stock at a public offering price of $12.28 per share. This issuance settled on September 29, 2014, and resulted in gross proceeds of approximately $14.1 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $13.2 million. On October 24, 2014, the underwriters exercised a portion of their over-allotment option in connection with this offering, and, as a result, we issued an additional 73,453 shares. This issuance settled on October 29, 2014, and resulted in gross proceeds of approximately $902,000 and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $838,000. We used the proceeds received from this offering to repay existing indebtedness, to fund new property acquisitions and for other general corporate purposes. 2015 Equity Issuances On May 13, 2015, we completed a public offering of 1,250,000 shares of our common stock at a public offering price of $11.40 per share. This issuance settled on May 15, 2015, and resulted in gross proceeds of approximately $14.3 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $13.2 million. On June 10, 2015, the underwriters exercised a portion of their over-allotment option in connection with this offering, and, as a result, we issued an additional 56,597 shares. This issuance settled on June 15, 2015, and resulted in gross proceeds of approximately $645,000 and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $606,000. We used the proceeds received from this offering to repay existing indebtedness, to fund new property acquisitions and for other general corporate purposes. On December 11, 2015, we completed a public offering of 900,000 shares of our common stock at a public offering price of $8.82 per share. This issuance settled on December 16, 2015, and resulted in gross proceeds of approximately $7.9 million and net proceeds, after deducting underwriting discounts and offering expenses borne by us, of approximately $7.4 million. The underwriters did not exercise their over-allotment option in connection with this offering. We used the proceeds received from this offering to repay existing indebtedness, to fund new property acquisitions and for other general corporate purposes. At-the-Market Program On August 7, 2015, we entered into equity distribution agreements (commonly referred to as “at-the-market agreements” or our “Sales Agreements”) with Cantor Fitzgerald & Co. and Ladenburg Thalmann & Co., Inc., each a “Sales Agent,” under which we may issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $30.0 million (the “ATM Program”). As of December 31, 2015, we have issued and sold 32,627 shares of our common stock at an average sales price of $9.19 per share under the ATM Program for gross proceeds of approximately $300,000 and net proceeds of $295,000. We used these proceeds for general corporate purposes. Distributions The distributions to common stockholders declared by our Board of Directors and paid by us during the years ended December 31, 2015, 2014 and 2013 are reflected in the table below.
Fiscal Year |  | Declaration Date |  | Record Date |  | Payment Date |  | Distributions per Common Share |
2015 |  | January 13, 2015 |  | January 23, 2015 |  | February 3, 2015 |  | $ | 0.035 |
|  | January 13, 2015 |  | February 18, 2015 |  | February 27, 2015 |  |  | 0.035 |
|  | January 13, 2015 |  | March 20, 2015 |  | March 31, 2015 |  |  | 0.035 |
|  | April 14, 2015 |  | April 24, 2015 |  | May 4, 2015 |  |  | 0.040 |
|  | April 14, 2015 |  | May 19, 2015 |  | May 28, 2015 |  |  | 0.040 |
|  | April 14, 2015 |  | June 19, 2015 |  | June 30, 2015 |  |  | 0.040 |
|  | July 14, 2015 |  | July 24, 2015 |  | August 4, 2015 |  |  | 0.040 |
|  | July 14, 2015 |  | August 20, 2015 |  | August 31, 2015 |  |  | 0.040 |
|  | July 14, 2015 |  | September 21, 2015 |  | September 30, 2015 |  |  | 0.040 |
|  | October 13, 2015 |  | October 26, 2015 |  | October 29, 2015 |  |  | 0.040 |
|  | October 13, 2015 |  | November 17, 2015 |  | November 24, 2015 |  |  | 0.040 |
|  | October 13, 2015 |  | December 18, 2015 |  | December 31, 2015 |  |  | 0.040 |
Year ended December 31, 2015 |  | $ | 0.465 |
2014 |  | January 7, 2014 |  | January 22, 2014 |  | January 31, 2014 |  | $ | 0.03 |
|  | January 7, 2014 |  | February 19, 2014 |  | February 28, 2014 |  |  | 0.03 |
|  | January 7, 2014 |  | March 17, 2014 |  | March 31, 2014 |  |  | 0.03 |
|  | April 8, 2014 |  | April 21, 2014 |  | April 30, 2014 |  |  | 0.03 |
|  | April 8, 2014 |  | May 20, 2014 |  | May 30, 2014 |  |  | 0.03 |
|  | April 8, 2014 |  | June 19, 2014 |  | June 30, 2014 |  |  | 0.03 |
|  | July 15, 2014 |  | July 25, 2014 |  | August 5, 2014 |  |  | 0.03 |
|  | July 15, 2014 |  | August 20, 2014 |  | August 29, 2014 |  |  | 0.03 |
|  | July 15, 2014 |  | September 19, 2014 |  | September 30, 2014 |  |  | 0.03 |
|  | October 7, 2014 |  | October 22, 2014 |  | October 31, 2014 |  |  | 0.03 |
|  | October 7, 2014 |  | November 17, 2014 |  | November 26, 2014 |  |  | 0.03 |
|  | October 7, 2014 |  | December 19, 2014 |  | December 31, 2014 |  |  | 0.03 |
Year ended December 31, 2014 |  | $ | 0.36 |
2013 |  | February 5, 2013 |  | February 15, 2013 |  | February 28, 2013 |  | $ | 0.04 |
|  | February 5, 2013 |  | March 15, 2013 |  | March 28, 2013 |  |  | 0.04 |
|  | April 9, 2013 |  | April 22, 2013 |  | April 30, 2013 |  |  | 0.12 |
|  | April 9, 2013 |  | May 20, 2013 |  | May 31, 2013 |  |  | 0.12 |
|  | April 9, 2013 |  | June 19, 2013 |  | June 28, 2013 |  |  | 0.12 |
|  | July 9, 2013 |  | July 19, 2013 |  | July 31, 2013 |  |  | 0.12 |
|  | July 9, 2013 |  | August 21, 2013 |  | August 30, 2013 |  |  | 0.12 |
|  | July 9, 2013 |  | September 18, 2013 |  | September 30, 2013 |  |  | 0.12 |
|  | October 8, 2013 |  | October 22, 2013 |  | October 31, 2013 |  |  | 0.12 |
|  | October 8, 2013 |  | November 14, 2013 |  | November 29, 2013 |  |  | 0.12 |
|  | October 8, 2013 |  | December 16, 2013 |  | December 31, 2013 |  |  | 0.12 |
|  | December 3, 2013 |  | December 16, 2013 |  | December 31, 2013 |  |  | 0.33 | (1)
Year ended December 31, 2013 |  | $ | 1.49 |
(1) | Represents a one-time declaration to distribute the final amount of remaining earnings and profits from prior years.
During the years ended December 31, 2015, 2014 and 2013, we paid aggregate distributions to stockholders of approximately $4.1 million, $2.5 million and $9.7 million, respectively. Approximately $9.6 million of the distributions paid to stockholders during the year ended December 31, 2013, related to the distribution of accumulated earnings and profits from prior years that we were required to pay out by December 31, 2013, in order to qualify as a REIT for our taxable year ended December 31, 2013. For federal income tax characterization purposes, distributions paid to stockholders may be characterized as ordinary income, capital gains, return of capital or a combination thereof. The characterization of distributions on our common stock during each of the last three years is reflected in the following table:
For the Years Ended December 31, |  | Ordinary Income |  |  | Return of Capital |  |  | Long-term Capital Gain |
2015 |  |  | 62.29540 | % |  |  | 37.34781 | % |  |  | 0.35679 | %
2014 |  |  | 95.66078 | % |  |  | 4.33922 | % |  |  | 0.00000 | %
2013 |  |  | 100.00000 | % (1) |  |  | 0.00000 | % |  |  | 0.00000 | %
(1) | 98.53746% of this amount was classified as a Qualified Dividend.
Registration Statement We filed a universal registration statement on Form S-3 (File No. 333-194539) with the SEC on March 13, 2014, which the SEC declared effective on April 2, 2014. This universal registration statement permits us to issue up to an aggregate of $300.0 million in securities, consisting of common stock, senior common stock, preferred stock, subscription rights, debt securities and depository shares, including through separate, concurrent offerings of two or more of such securities. As of December 31, 2015, we have issued 2,156,080 shares of common stock for gross proceeds of $23.3 million under this universal registration statement. On November 5, 2014, we filed a registration statement on Form S-11 (File No. 333-199896) with the SEC, and on each of April 27 and May 11, 2015, we filed pre-effective amendments to such registration statement, which the SEC declared effective on May 13, 2015. Pursuant to this registration statement, we completed the offering in May 2015 discussed above.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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