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Shareholders' Equity
 9 Months Ended
Sep. 30, 2015
Shareholders' Equity [Abstract]  
Shareholders' Equity

 

Note 8.  Shareholders’ Equity

 

On January 12, 2015, the Company concluded a public offering of 5,750,000 shares of its common stock (including 750,000 shares relating to the exercise of an over-allotment option by the underwriters), and realized net proceeds, after offering expenses, of approximately $41.9 million.

 

On April 25, 2015, the demand registration rights afforded to the holders of the mezzanine OP Units expired and, accordingly, such OP Units now meet the requirements for equity classification.

 

The Company had at-the-market offering programs, which expired on May 29, 2015, under which it could offer and sell, from time-to-time, shares of its common and preferred stock. Prior to the expiration of these programs, there were no shares sold during 2015.

 

Dividends

 

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

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

2015

 

2014

 

2015

 

2014

Common stock

$                   0.050

 

$                   0.050

 

$                   0.150

 

$                   0.150

7.250% Series B Preferred Stock

$                   0.453

 

$                   0.453

 

$                   1.359

 

$                   1.359

 

On October 20, 2015, 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, 2015 to shareholders of record on November 10, 2015.