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Preferred Stock and Units | 6 Months Ended
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Jun. 30, 2017
Preferred Stock And Units [Abstract] |
Preferred Stock and Units | 7. Preferred Stock and Units Preferred Stock and Units. As of June 30, 2017, and December 31, 2016, there were 1,610,000 shares, respectively, of the Preferred Stock issued and outstanding. The Company has increased its authorized shares of preferred stock to 11,000,000. On August 23, 2016, the Company issued 1,610,000 shares, $0.01 par value per share, of its 8% Series B Cumulative Redeemable Perpetual Preferred Stock for net proceeds after all expenses of approximately $37.8 million, which it contributed to the Operating Partnership for an equivalent number of preferred partnership units. Holders of the Company’s preferred stock are entitled to receive distributions when authorized by the Company’s board of directors out of assets legally available for the payment of distributions. The Company pays cumulative cash distributions on the preferred stock at a rate of 8.00% per annum of the $25.00 liquidation preference per share. The preferred stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of the Company or its affiliates. The Company is the holder of the preferred partnership units issued by the Operating Partnership. As of June 30, 2017, and December 31, 2016, there were 1,610,000 units of the preferred partnership units issued and outstanding, respectively. Preferred Unit Distributions – The Company is the holder of the Operating Partnership’s preferred partnership units, and is entitled to receive distributions, when authorized by the general partner of the Operating Partnership out of assets legally available for the payment of distributions. The Operating Partnership pays cumulative cash dividends on the preferred partnership units at a rate of 8.00% per annum of the $25.00 liquidation preference per unit. For each of the quarters ended March 31, 2017 and June 30, 2017, the Operating Partnership has declared and has paid $0.50 per preferred unit, respectively, with no preferred distributions during the year ended December 31, 2016.

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