Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v2.4.0.8
Subsequent Events
 3 Months Ended
Mar. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events

10. Subsequent Events

On April 4, 2014, our tenant occupying our Newburyport, Massachusetts property notified us of their intention not to exercise their renewal option. The tenant will continue paying rent and operating expenses through the lease termination date of April 30, 2015.

On April 8, 2014, our Board of Directors declared the following monthly distributions:

 

Record Date

   

Payment Date

    Common Stock
Distributions per Share		      Series A Preferred
Distributions per Share		      Series B Preferred
Distributions per Share		      Series C Preferred
Distributions per Share		  
April 21, 2014    April 30, 2014    $ 0.125       $ 0.1614583       $ 0.15625       $ 0.1484375   
May 20, 2014    May 30, 2014      0.125         0.1614583         0.15625         0.1484375   
June 19, 2014    June 30, 2014      0.125         0.1614583         0.15625         0.1484375   
     

 

 

     

 

 

     

 

 

     

 

 

  

Total

       $ 0.375       $ 0.4843749       $ 0.46875       $ 0.4453125   
     

 

 

     

 

 

     

 

 

     

 

 

  

 

Senior Common Stock Distributions

  

Payable to the

Holders of Record

During the Month of:

   

Payment Date

   

Distribution per Share

  
April    May 7, 2014    $ 0.0875   
May    June 6, 2014      0.0875   
June    July 8, 2014      0.0875   
     

 

 

  
Total       $ 0.2625   
     

 

 

  

On April 22, 2014, we acquired a 61,358 square foot office building located in Rancho Cordova, California for $8.2 million, excluding related acquisition expenses of $0.05 million. We funded this acquisition with existing cash on hand and the issuance of $4.9 million of mortgage debt on the property. The tenant has leased the property for 10 years and has 1 option to renew the lease for an additional 5 years. The lease provides for prescribed rent escalations over the life of the lease, with annualized straight line rents of $0.7 million.