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Shareholders' Equity
 9 Months Ended
Sep. 30, 2014
Shareholders' Equity [Abstract]  
Shareholders' Equity

 

Note 8. Shareholders’ Equity

 

Common Stock

 

On January 13, 2014, the Company concluded a public offering of 6,900,000 shares of its common stock (including 900,000 shares relating to the exercise of an over-allotment option by the underwriters), and realized net proceeds, after offering expenses, of approximately $41.3 million.

 

The Company has an at-the-market offering program under which it may offer and sell, from time-to-time, up to 10 million shares of its common stock. Through September 30, 2014,  no shares had been sold under this program.

 

 

OP Units

 

On July 1, 2014, the Company redeemed 69,000 OP Units from one of its executive officers for a total cash outlay of $424,000, based on the market value of the Company’s common stock.

 

Dividends

 

The following table provides a summary of dividends declared and paid per share:

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

2014

 

2013

 

2014

 

2013

Common stock

$                     0.050 

 

$                     0.050 

 

$                     0.150 

 

$                     0.150 

Cumulative Redeemable Preferred Stock:

 

 

 

 

 

 

 

8.875% Series A

$                             - 

 

$                             - 

 

$                             - 

 

$                     0.555 

7.250% Series B

$                     0.453 

 

$                     0.453 

 

$                     1.359 

 

$                     1.359 

 

 

On October 28, 2014, the Company’s Board of Directors declared a dividend of $0.05 per share with respect to its common stock. At the same time, the Board declared a dividend of $0.453125 per share with respect to the Company’s Series B Preferred Stock. The distributions are payable on November 20, 2014 to shareholders of record on November 10, 2014.